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Alan

Alan

Research Analyst at Morgan Stanley

London, GB

Alan Dehesa is an Associate Vice President and Financial Advisor at Morgan Stanley Wealth Management, part of The Horizons Group specializing in client-focused financial planning and corporate equity compensation. He provides advisory services covering areas such as defined contribution consulting, nonqualified deferred compensation, and fiduciary investment oversight, assisting both private and public companies elevate their workplace financial benefits. Since joining Morgan Stanley, Alan has focused on delivering customized solutions for executives and employees, managing retirement plans, and guiding complex equity compensation strategies for corporate clients. Alan holds Series 7 and Series 66 securities licenses and is registered with FINRA, leveraging his expertise to deliver tailored financial guidance that aligns with clients’ broader wealth management objectives.

Alan's questions to ArcelorMittal (MT) leadership

Question · Q3 2025

Alan from Morgan Stanley inquired about the unusual or exceptional costs to consider for the 2026 EBITDA bridge, specifically mentioning U.S. tariff costs and Mexico stoppages. He also asked about ArcelorMittal's ability to flex European production and achievable blue sky shipments if new safeguards significantly reduce imports.

Answer

Genuino Christino (CFO) and Daniel Fairclough (Head of Investor Relations) clarified that Mexico's operational issues, which had a $200 million impact, are not expected to recur in 2026. They also highlighted an anticipated $800 million contribution from strategic projects and a potentially improved demand outlook. For Europe, Mr. Christino stated that ArcelorMittal's capacity is well in excess of current production (31 million tons) and they are comfortable supplying the market if imports decline, leveraging existing fixed costs but expecting increased variable costs, including CO2.

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