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    Bastian Synagowitz • Deutsche Bank

    Bastian Synagowitz's questions to ArcelorMittal SA (MT) leadership

    Bastian Synagowitz's questions to ArcelorMittal SA (MT) leadership • Q2 2025

    Question

    Bastian Synagowitz asked about recent project delays and the strategy for the company's Brazilian slab capacity, given the increasing self-sufficiency of the U.S. market.

    Answer

    EVP & CFO Genuino Christino clarified that the project delays in France and Mexico were minor and did not significantly impact the overall EBITDA growth outlook. Regarding Brazil, he explained that the assets are well-positioned to serve growing domestic demand and that their high-quality slabs will always be marketable globally.

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    Bastian Synagowitz's questions to ArcelorMittal SA (MT) leadership • Q2 2025

    Question

    Bastian Synagowitz of Deutsche Bank asked about the reasons for recent project delays, the potential for further shifts, and the long-term strategy for the company's Brazilian slab capacity in light of growing U.S. production.

    Answer

    EVP & CFO Genuino Christino explained that minor project delays in France and Mexico were due to permitting and site-specific issues and do not significantly alter the company's growth pipeline. He stated that for its Brazilian slab assets, the focus is on serving Brazil's growing domestic market and leveraging the high quality of the slabs for the global export market, ensuring their continued value.

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    Bastian Synagowitz's questions to ArcelorMittal SA (MT) leadership • Q1 2025

    Question

    Bastian Synagowitz of Deutsche Bank asked about the Calvert EAF startup, seeking a production target for the year and details on slab supply from Brazil, including where tariff costs are booked. He also inquired about the ramp-up timeline for the new EAF.

    Answer

    Group CFO Genuino Christino explained that the EAF commissioning is underway and timely given the trade environment. He expects a full 12-month ramp-up to reach full run rate, with the first slab anticipated by the end of Q2. He clarified that tariff costs for slabs imported from Brazil will be booked at the Calvert level, not in the Brazilian segment, and that higher U.S. prices will more than offset this cost.

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    Bastian Synagowitz's questions to ArcelorMittal SA (MT) leadership • Q4 2024

    Question

    Bastian Synagowitz asked about the drivers behind Europe's resilient margins despite falling spreads and questioned if the company was considering further footprint changes like restructuring or M&A.

    Answer

    CFO Genuino Christino attributed the strong European performance to excellent cost control, improved production, and better fixed cost management. CEO Aditya Mittal added that future footprint actions in Europe depend on policy outcomes. If supportive action is taken on trade, energy, and CBAM, major restructuring will be limited. If not, the company will act to restore competitiveness as it has in the past.

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    Bastian Synagowitz's questions to ArcelorMittal SA (MT) leadership • Q2 2024

    Question

    Bastian Synagowitz asked for an early indication of decarbonization-related CapEx for 2025, questioning whether it would see a significant step-up to a range of $0.5 billion to over $1 billion as project pace accelerates.

    Answer

    Executive Daniel Fairclough responded that the current focus remains on engineering studies and securing government support for decarbonization projects. He stated that he does not expect a material step-up in decarbonization CapEx in 2025 compared to the current year's level of $300-$400 million, which is primarily for these studies.

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    Bastian Synagowitz's questions to Outokumpu Oyj (OUTKY) leadership

    Bastian Synagowitz's questions to Outokumpu Oyj (OUTKY) leadership • Q1 2024

    Question

    Bastian Synagowitz asked for the financial impact of the new hot rolling agreement in the Americas, whether European customer commitments were fulfilled from the Americas during the strike, the outlook for Americas EBITDA reaching its $170 million run rate, clarification on whether the CRONIMET investment is included in CapEx guidance, and the free cash flow outlook for the year.

    Answer

    CFO Pia Aaltonen-Forsell stated that the full commercial impact of the hot rolling agreement is not disclosed but reiterated the new sustainable EBITDA target for the Americas is $170 million. She confirmed no deliveries were made from the U.S. to Europe to cover strike shortfalls. She also confirmed the CRONIMET investment is included in the EUR 220 million CapEx guidance for the year. Regarding cash flow, she expects a slight working capital investment in the second half and noted that positive free cash flow for the year is possible but depends heavily on market recovery.

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