ArcelorMittal

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ArcelorMittal Tubarão reduces workforce despite plant restart
ArcelorMittal Brazil says it has signed a collective agreement with worker representatives to carry out a voluntary dismissal program (VDP) at its Tubarão plant. The company makes the announcement just two days after announcing the restart of blast furnace no.3 following a recovery in the steel sector.
The VDP is a necessary measure to overcome the economic crisis resulting from the coronavirus pandemic, the steelmaker explains. “In addition to payments provided by Brazilian law, ArcelorMittal will guarantee to employees who join the programme a compensation of up to eight salaries, while maintaining their health plan, life insurances and social security contributions for the next 12 months,” according to the collective agreement.
If the take up on the VDP is lower than expected by 20 October, the company will be able to make forced dismissals, ArcelorMittal confirms.
ArcelorMittal Tubarão will continue to operate its three blast furnaces at reduced capacity. The company did not comment on production volumes or further estimates
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ArcelorMittal announces share buyback program

28 September 2020, 07:55 CET

ArcelorMittal today announces a share buyback program (the ‘Program’) under the authorization given by the annual general meeting of shareholders held on June 13, 2020 (the ‘AGM Authorization’).

For the background of this program, reference is made to our press release dated 28 September 2020 relating to the announcement of a definitive agreement pursuant to which Cleveland-Cliffs Inc will acquire 100% of the shares of ArcelorMittal USA for a combination of cash and stock.

The shares acquired under the Program are intended i) to meet ArcelorMittal’s obligations under debt obligations exchangeable into equity securities, and/or ii) to reduce its share capital. ArcelorMittal intends to repurchase, between 28 September 2020 and 31 March 2021, shares for an aggregate maximum amount of US$500 million in accordance with the AGM Authorization and applicable market abuse regulations.

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AMSTERDAM (AFN) - Met de verkoop van zijn Amerikaanse tak handelt ArcelorMittal in lijn met de eerdere belofte om voor 2 miljard dollar aan niet-kernactiviteiten af te stoten. Analisten van ING vinden de deal mede daarom positief nieuws. Ook merken ze op dat de prijs, gelet op de winsten die met het onderdeel werden behaald, beter is dan wat ArcelorMittal doorgaans opstrijkt bij verkoopdeals.

Het onderdeel ArcelorMittal USA wordt overgeheveld naar de Amerikaanse staalproducent Cleveland-Cliffs. De deal heeft een waarde van 1,4 miljard dollar. In combinatie met de verkoop begint ArcelorMittal ook een aandeleninkoopprogramma met een omvang van 500 miljoen dollar.

De marktvorsers van ING merken op dat de transactie de balans versterkt, terwijl ArcelorMittal ook nog blijft meeprofiteren van eventuele sterkprestaties van ArcelorMittal USA. Het in Amsterdam genoteerde staalconcern behoudt namelijk een minderheidsaandeel in de activiteiten. Verder blijft ArcelorMittal in Noord-Amerika actief via zijn bezittingen in Canada, Mexico en de Calvert-joint venture in de Verenigde Staten.

ING handhaaft zijn buy-advies voor ArcelorMittal, met een koersdoel van 18 euro.
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Re: ArcelorMittal

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Gisteren raakte bekend dat ArcelorMittal (Kopen, koersdoel: 14 EUR) het grootste deel van de staalactiviteiten van ArcelorMittal USA verkoopt aan het Amerikaanse Cleveland-Cliffs Inc. Dit voor het bedrag van circa 1,4 miljard USD, waarvan 500 miljoen USD in cash en het resterende bedrag in aandelen van Cleveland-Cliffs Inc. Door deze transactie krijgt ArcelorMittal 25% van de aandelen van Cleveland-Cliffs Inc in handen. Cleveland-Cliffs Inc betaalt dus circa 1,4 miljard USD maar neemt ook de bijhorende nettoschuld van 500 miljoen USD en de pensioenverplichtingen ten belope van 1,5 miljard USD over. De transactie wacht nog op de nodige goedkeuringen maar er worden geen problemen verwacht.

Cleveland-Cliffs Inc wordt zo de grootste producent van vlakstaal in Noord-Amerika. Cleveland-Cliffs Inc is al een tijdje op overnamepad en nam in maart dit jaar nog het Amerikaanse AK Steel over voor 3 miljard USD. De staalmarkt in Noord-Amerika is dus aan het consolideren en dat is positief om de hardnekkige overcapaciteit aan te pakken.

ArcelorMittal USA wordt door deze transactie helemaal uitgehold, er rest enkel nog de staalactiviteiten in Calvert, Kentucky, een 50/50 joint venture met het Japanse Nippon Steel. Enkele weken geleden maakte ArcelorMittal nog bekend te zullen investeren in deze vestiging. Verder blijft ArcelorMittal zijn activiteiten in Canada en Mexico behouden.

Het is ArcelorMittal ondertussen menens wat betreft het vergoeden van de aandeelhouder. De 500 miljoen USD cash van deze transactie wordt onmiddellijk gebruikt om eigen aandelen in te kopen. Daarnaast zal door deze transactie ook de nettoschuldgraad verlagen waardoor het eind dit jaar al mogelijk wordt om de doelstelling van een nettoschuld van 7 miljard USD te behalen. Vanaf dat moment wil het bedrijf met een aantrekkelijke dividendpolitiek op de proppen kopen. Het bedrijf wil ook nog steeds voor 2 miljard USD aan niet-kernonderdelen verkopen om die dividendpolitiek niet in gevaar te brengen. De verkoop van ArcelorMittal USA is wel degelijk een verkoop van een kernonderdeel van het bedrijf.

Hoewel de aankondiging van de verkoop van ArcelorMittal USA een complete verrassing was, is dit achteraf gezien toch een strategisch zinvolle transactie:

De verkochte activiteiten omvatten vooral hoogovens (blast furnace) met hogere productiekosten in een Amerikaanse markt die voornamelijk gedomineerd wordt door vlamboogovens (electric arc furnace) met lagere productiekosten.
ArcelorMittal USA wordt verkocht aan 6 keer de bedrijfskasstroom, terwijl het aandeel ArcelorMittal door de markt gewaardeerd werd (voor de aankondiging) op 5,4 keer de bedrijfskasstroom.
ArcelorMittal wordt een belangrijke aandeelhouder van Cleveland-Cliffs Inc, dat kan profiteren van synergievoordelen alsook van een meer geconsolideerde Noord-Amerikaanse markt.
Zoals al vermeld komt het bedrijf weer een stap dichter bij de eigen doelstelling van een nettoschuld van 7 miljard USD.
Bron:"Bolero"
Go with the flow.

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ArcelorMittal restarts Fos-sur-Mer blast furnace after delay
ArcelorMittal confirms to Kallanish that blast furnace no.1 at its plant in Fos-sur-Mer, southern France, has been restarted. This comes after the company initially postponed the restart planned earlier in September.
The facility was idled in March in response to the slump in demand linked with the coronavirus pandemic. Sources close to the company say the restart is due to improved demand as well as the coil supply shortage in the plant’s target markets, such as southern Europe.
The company announced at the beginning of September its intention to restart the BF. ArcelorMittal has also restarted blast furnace A at its Gijón mill in Spain as a result of the better demand, after it was idle since April.
In recent weeks numerous market observers have called for EU steelmakers to avoid rushing to restart idled blast furnaces as the market remains uncertain.

ArcelorMittal Gijón blast furnace resumes operation
ArcelorMittal tells Kallanish that blast furnace A at its Gijón mill in Spain has begun operations. The equipment was halted in April due to the fall in demand stemming from the coronavirus pandemic.
“The BF is operational by 26 September; the ignition process began without any problems and throughout the day, the furnace produced the first supply of pig iron,” the company says.
As reported, the restart has occurred due to the need to ensure supplies to customers during the revamping of a blast furnace at ArcelorMittal Gent in Belgium. The steelmaker will evaluate at year-end whether to keep the BF active, depending on the evolution of the market.
ArcelorMittal has also restarted blast furnace no.1 at its plant in Fos-sur-Mer, southern France as a result of the better demand.
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ArcelorMittal Zenica cuts dust emissions with upgrades
ArcelorMittal’s Bosnia-based Zenica long steelworks has completed two major environmental overhauls that will contribute to improved air quality, the company says.
A second hybrid filter has been installed in the sinter plant, cutting dust emissions from sinter machine No.6 to below 10 mg/Nm3, a level which is well within EU standards. It is also far below the 50mg/Nm3 legal limit in Bosnia and Herzegovina. The company also marked the completion of the installation of the secondary dedusting system at its oxygen converter.
Total investment amounted to €5.1 million ($6m), Kallanish notes. Putting the entire system into operation and testing the equipment is currently underway, and on course for completion before the end of 2020.
The company is also in the process of installing new gas boilers for a new combined heat and power plant that will provide greener energy to the city of Zenica.
In 2017, ArcelorMittal Zenica became the first steel plant in the world to have industrial-scale hybrid filtration technology installed in its sinter plant, the enterprise claims.
The company resumed production at the end of May after ten days of stoppage due to low demand provoked by the Covid-19 pandemic.
Zenica produced 800,000 tonnes of crude steel in 2019, up 14% on-year. Several new investments are expected in the coming years to continue improving the environmental footprint of the plant by reducing emissions.

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ArcelorMittal targets 2050 global carbon neutrality
ArcelorMittal has announced a new target to make all its global operations carbon neutral by 2050. This builds on its existing target to cut its European units’ emissions by -30% by 2030 and become carbon neutral by 2050.
In a note, the company highlights that it is currently pushing forward the use of the hydrogen-direct reduced iron route to produce steel. It is also looking at a "smart carbon" approach in which blast furnaces produce carbon neutral steel through the use of circular carbon and carbon capture technologies.
"We are working on various pilot technologies which have excellent potential,” says ArcelorMittal Europe chief executive Aditya Mittal.
“In Hamburg, where we own and operate Europe’s only DRI-EAF facility, we will test not only the ability of hydrogen to reduce the iron ore and form DRI, but also then test that carbon-free DRI in the EAF in the actual steelmaking process.”
“Hydrogen has a lot of potential but given the significant transition cost, we also believe in working on solutions for the traditional integrated route,” he continues. “This essentially follows the bio-energy, carbon capture and utilisation and storage route, which as stressed by both the IPCC and the IEA will be critical to achieving net zero by 2050."
ArcelorMittal says it believes the "smart carbon" route can deliver results sooner, to limit CO2 emissions already by 2030. Industrial scale production from the hydrogen-DRI route, though, is unlikely to be significant before 2030 due to the current high costs.
Support from authorities globally will be critical to achieving the 2050 goal, the firm says. "We intend to actively engage with governments to chart a way forward that enables the steel industry to make meaningful progress through carefully designed policy that protects against carbon leakage," Mittal concludes.
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PARIJS (Trivano.com) - Op 1 oktober 2020 hebben de analisten van Kepler Cheuvreux hun beleggingsadvies voor ArcelorMittal (MT; ISIN: LU1598757687) verhoogd van "houden" naar "kopen".

Het koersdoel wordt door de analisten verhoogd van 10,00 EUR naar 13,00 EUR.

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ArcelorMittal wil leningen aflossen

LUXEMBURG (AFN) - ArcelorMittal wil tot 1,5 miljard euro aan obligaties vervroegd aflossen. Dat maakte het staalconcern bekend.

Het gaat om 500 miljoen euro aan leningen met een rente van 6,125 procent. Deze stukken zouden eigenlijk aflopen in 2025. Daarnaast wil ArcelorMittal voor maximaal 1 miljard euro terugkopen van de nog uitstaande 750 miljoen euro aan 3,125 procent-leningen met een looptijd tot januari 2022 en de uitstaande 500 miljoen euro aan 0,95 procent-obligaties die lopen tot januari 2023.

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ArcelorMittal Italia restarts some Taranto rolling lines: unions
ArcelorMittal is restarting a number of rolling lines at the former Ilva site of Taranto, Kallanish learns from trade unions.
According to sources, since the end of last week one zinc-coating line has been restarted. In addition, hot-rolling mill number 2 is also being restarted, after it was stopped in July for market reasons.
In mid-October plate rolling mill number 2 is also expected to return to production; this line was also stopped in July.
These new lines restarting will lift the number of active workers at the plant to 4,000. As in many other plants across Europe, ArcelorMittal Italia used temporary layoffs schemes during the last months due to the pandemic.


Overig:

Tenova secures thyssenkrupp walking beam furnace order
Tenova has been awarded by thyssenkrupp Steel Europe with the supply of a walking beam furnace, designed for the heating of slab. This will be located at the thyssenkrupp Beeckerwerth plant in Duisburg.
The unit replaces an old reheating furnace and will be installed directly next to an existing Tenova walking beam furnace, it is learned from the technology supplier. Tenova, together with subsidiaries Tenova LOI Thermprocess and Tenova Italimpianti, will design and supply the entire walking beam furnace plant. This includes the charging roller table and the charging machine as well as the related electrical, measuring and control systems.
The furnace, with a capacity of 380 tonnes/hour, will be integrated in the existing hot rolling mill infrastructure. It will be used for heating slab made of alloyed or unalloyed steel and charged in one and/or two rows. It features a combustion air pre-heating system to significantly reduce energy consumption and emissions, also thanks to the use of modern low-NOx emission burners, Tenova says. The new furnace is scheduled to start operating in mid-2022.
According to thyssenkrupp, the project involves an investment volume in the mid double-digit million-euro range, and marks the first investment within the scope of its “Strategy 20-30”.


French steel exports continue to fall
French steel exports to non-EU countries fell again in May after declining in the first quarter and April, Kallanish learns from new data released by national steel association Fédération Française de l’Acier (FFA).
French exports of flat and long steel to countries outside the EU28 declined by -34.3% year-on-year in May to 89,000 tonnes. Flats exports decreased by -33.6% to 77,000t, compared to 116,000t in May 2019. Longs exports declined by -36.8% to 12,000t, compared to 19,000t a year earlier, the association reveals.
In January-May French long and flat product exports to non-EU countries also decreased on-year, by -26.6% to 105,000 t/month. Exports of flat products fell by -26% on-year to 91,000 t/m, while long products exports declined by -30% to 14,000 t/m, the association concludes.
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