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    Boris Bourdet • Kepler Cheuvreux

    Boris Bourdet's questions to ArcelorMittal SA (MT) leadership

    Boris Bourdet's questions to ArcelorMittal SA (MT) leadership • Q2 2025

    Question

    Boris Bourdet sought confirmation of the financial impact of tariffs, asking about mitigation measures. He also questioned the company's confidence in maintaining its €4.5-5.0 billion CapEx envelope given potential new projects like a second EAF.

    Answer

    EVP & CFO Genuino Christino confirmed a Q2 tariff cost of $140 million and stated that mitigation efforts, including cost-sharing with customers, would limit the net increase in Q3 to about $10 million. He expressed confidence in managing the CapEx envelope, noting that the completion of major projects like Liberia in 2025 will create financial room for new investments.

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    Boris Bourdet's questions to ArcelorMittal SA (MT) leadership • Q2 2025

    Question

    Boris Bourdet of Kepler Cheuvreux asked for confirmation of the estimated financial impact from tariffs and the specific mitigation measures being used. He also questioned the company's ability to maintain its CapEx guidance while considering new projects like a second EAF at Calvert.

    Answer

    EVP & CFO Genuino Christino confirmed the Q2 tariff cost was ~$140M and that mitigation efforts, including customer negotiations, are containing the net impact. He expressed confidence in maintaining the €4.5-5.0B CapEx envelope, explaining that the completion of current large projects like Liberia will create capacity for new investments without exceeding the guided range.

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    Boris Bourdet's questions to ArcelorMittal SA (MT) leadership • Q1 2025

    Question

    Boris Bourdet from Kepler Cheuvreux requested more detail on working capital optimization to aid in free cash flow modeling. He also asked for the company's view on the Chinese market, including the potential for stimulus and production cuts, and what further trade measures could be expected in Europe.

    Answer

    Group CFO Genuino Christino reiterated expectations for a full-year working capital release, supported by factors like working through high-cost inventory and slab builds for maintenance. Executive Daniel Fairclough noted the challenging demand in China and stated the company continues to lobby for protection from excess capacity. Genuino Christino added that key future European measures will involve new trade actions to replace expiring safeguards and developments on CBAM.

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    Boris Bourdet's questions to ArcelorMittal SA (MT) leadership • Q4 2024

    Question

    Boris Bourdet asked if management feels the European Commission is taking sufficient action on their concerns and inquired about the future strategy for its 28% stake in Vallourec, including a potential full acquisition.

    Answer

    CEO Aditya Mittal stated that while the European Commission is listening, tangible action on trade and CBAM is needed in the first half of the year to support the industry. Regarding Vallourec, he expressed satisfaction with the investment and the performance of its management team but confirmed that ArcelorMittal has no current intention of increasing its stake further.

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