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    Ephrem Ravi • Citigroup

    Ephrem Ravi's questions to ArcelorMittal SA (MT) leadership

    Ephrem Ravi's questions to ArcelorMittal SA (MT) leadership • Q2 2025

    Question

    Ephrem Ravi requested more specific timing for the decision on the second EAF at Calvert and asked about the ramp-up of iron ore shipments and contribution margins from the Liberia project.

    Answer

    EVP & CFO Genuino Christino indicated that an update on the second Calvert EAF study would likely come with Q4 results, without committing to a decision date. For Liberia, he confirmed the 10 million tonne shipment guidance for the year, explaining that Q3 shipments would be stable with an improved mix, and Q4 shipments would increase as the remaining new lines are commissioned, boosting profitability.

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    Ephrem Ravi's questions to ArcelorMittal SA (MT) leadership • Q2 2025

    Question

    Ephrem Ravi from Citi sought clarity on the timeline for a decision on Calvert's second EAF and requested details on Liberia's iron ore shipment ramp-up, production mix, and expected contribution margin.

    Answer

    EVP & CFO Genuino Christino indicated that studies for Calvert's second EAF are progressing, with a more substantial update expected alongside Q4 results. Regarding Liberia, he confirmed the 10 million tonne shipment guidance for the year, explaining that while Q3 shipments will be stable, the product mix will improve, leading to higher shipment levels and profitability in Q4 as new concentrator lines come online.

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    Ephrem Ravi's questions to ArcelorMittal SA (MT) leadership • Q1 2025

    Question

    Ephrem Ravi of Citigroup asked about the realism of the 2029 and 2033 timelines for the new greenfield steel plant in Visakhapatnam, India, and inquired about any special government support. He also questioned the rationale for canceling the Monlevade expansion project in Brazil after it had already commenced.

    Answer

    Group CFO Genuino Christino described the India project as an exciting new avenue for growth, highlighting the ideal location with sea access and proximity to iron ore pipelines, but noted it's still early days. He explained the Monlevade project was canceled because updated engineering work revealed prohibitive costs, and the team is exploring more cost-effective options to develop the Brazilian business. Daniel Fairclough clarified the Monlevade impairment was a Q4 event.

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    Ephrem Ravi's questions to ArcelorMittal SA (MT) leadership • Q4 2024

    Question

    Ephrem Ravi inquired about the impact of the new electrical steel plant on the Calvert project's timeline, the outlook for strategic and decarbonization CapEx beyond 2026, and the rationale for the modest EBITDA increase from the expanded Liberia project.

    Answer

    CEO Aditya Mittal stated the Calvert electrical steel project won't materially delay the second EAF. He affirmed the overall CapEx envelope is targeted at $4.5-$5 billion, with flexibility to reallocate funds based on market dynamics and policy. Regarding Liberia, he explained the EBITDA uplift is tempered because the volume increase involves blending a lower-quality DSO product with higher-grade sinter feed, impacting the average revenue per tonne.

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    Ephrem Ravi's questions to ArcelorMittal SA (MT) leadership • Q2 2024

    Question

    Ephrem Ravi sought clarification on the Sustainable Solutions EBITDA target, asking if it was solely from Italpannelli and India renewables. He also asked about the working capital build from Mexico and the CapEx for the 5 million tonne DR pellet project.

    Answer

    Group CFO Genuino Christino clarified that Vallourec will be in JVs, not Sustainable Solutions, and the division's growth target requires more projects. He did not quantify the Mexico-specific working capital but expressed confidence in the overall H2 release. Executive Daniel Fairclough stated the DR pellet project CapEx is $200 million, with Mr. Christino adding the output is mostly for internal use.

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    Ephrem Ravi's questions to HOLN leadership

    Ephrem Ravi's questions to HOLN leadership • H1 2025

    Question

    Ephrem Ravi from Citi asked about Holcim's strategy for new Latin American markets like Peru and Guatemala, and whether the faster growth of EcoCycle and EcoPact compared to EcoPlanet indicates a strategic downstream focus.

    Answer

    CEO Miljan Gutovic confirmed Holcim will pursue all growth opportunities in new LatAm markets, from materials to solutions, to scale in these high-margin regions. He advised against misinterpreting the EcoPlanet growth rate, stating its momentum will be boosted by new calcined clay plants coming online soon.

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    Ephrem Ravi's questions to HOLN leadership • Q2 2025

    Question

    Ephrem Ravi from Citigroup asked about Holcim's strategy for new LatAm markets like Peru and whether the faster growth of EcoCycle over EcoPlanet indicates a strategic shift.

    Answer

    CEO Miljan Gutovic affirmed they will pursue all growth opportunities in new LatAm markets to leverage their high-margin potential. He advised against reading into the product growth rates, stating EcoPlanet momentum is strong and will be boosted by new calcined clay capacity coming online.

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    Ephrem Ravi's questions to HOLN leadership • H1 2025

    Question

    Ephrem Ravi from Citigroup asked about Holcim's strategy for new markets like Peru and Guatemala, and whether the faster growth in EcoCycle and EcoPact compared to EcoPlanet indicated a strategic shift towards downstream products.

    Answer

    CEO Miljan Gutovic confirmed Holcim will pursue all growth opportunities in new LatAm markets, from materials to solutions, leveraging their high-margin potential. He clarified that the different growth rates of sustainable products are not a strategic shift, stating that EcoPlanet has great momentum and is being scaled up through new calcined clay plants, such as one being commissioned in the Czech Republic.

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