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    Cole Hathorn • Jefferies

    Cole Hathorn's questions to ArcelorMittal SA (MT) leadership

    Cole Hathorn's questions to ArcelorMittal SA (MT) leadership • Q1 2025

    Question

    Cole Hathorn of Jefferies asked about the European market outlook, including plans to increase volumes and how competitors with idle capacity might react to improved spreads. He also inquired about the dynamics driving the expected Q2 improvement in the India JV, particularly regarding safeguard actions.

    Answer

    Group CFO Genuino Christino stated that European demand is being supported by a reduction in imports due to trade actions, which should allow domestic players to regain market share. He noted that restarting idle capacity is not simple for competitors due to high CO2 costs. For India, he cited strong demand growth, new safeguards supporting prices, and the completion of Q1 maintenance as key factors for an expected improvement in Q2 profitability.

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    Cole Hathorn's questions to ArcelorMittal SA (MT) leadership • Q4 2024

    Question

    Cole Hathorn asked for an outlook on the Indian market, whether new CapEx projects support structurally higher margins, and for a summary of actions taken over the past five years that have improved the business's margin profile.

    Answer

    CEO Aditya Mittal described the short-term Indian market as challenging due to a flood of imports but expressed confidence that the government will take appropriate safeguard action. He affirmed that the company's growth strategy is focused on value-accretive projects, not just crude steel capacity, to drive structurally higher margins. He cited portfolio optimization, high-quality acquisitions like Pecém, and downstream investments as key actions that have transformed the company's profitability.

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    Cole Hathorn's questions to ArcelorMittal SA (MT) leadership • Q2 2024

    Question

    Cole Hathorn asked about the impact of new trade barriers in Brazil and requested a recap of the portfolio changes that have improved the company's EBITDA per tonne. He also sought commentary on the political discussion around steel shipments from Mexico to the U.S.

    Answer

    Group CFO Genuino Christino noted that new quotas in Brazil are helpful but more action is needed against high import levels. He attributed the improved EBITDA per tonne to exiting lower-margin commodity businesses in Europe and acquiring higher-profitability assets in Brazil. Regarding Mexico, he clarified that all of ArcelorMittal's steel is smelted and poured in Mexico, placing it outside the circumvention debate.

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