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    Matt Greene • Goldman Sachs

    Matt Greene's questions to ArcelorMittal SA (MT) leadership

    Matt Greene's questions to ArcelorMittal SA (MT) leadership • Q2 2025

    Question

    Matt Greene asked about the exit margin for the India business in Q2 and its future trajectory, as well as the ramp-up schedule and margin uplift for the new EAF at Calvert.

    Answer

    EVP & CFO Genuino Christino projected that India's Q3 profitability would be stable with Q2, with future growth driven by new value-added downstream products. Head of IR Daniel Fairclough added that doubling capacity in India should increase normalized profitability by 150% due to this richer product mix. For Calvert, Mr. Christino outlined a one-year ramp-up for the EAF, targeting full capacity by mid-2026.

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    Matt Greene's questions to ArcelorMittal SA (MT) leadership • Q2 2025

    Question

    Matt Greene of Goldman Sachs asked about the margin trajectory for the India business following recent tariffs and new capacity commissioning. He also inquired about the ramp-up timeline and margin impact of the new EAF at Calvert.

    Answer

    EVP & CFO Genuino Christino projected stable profitability for the India business in Q3 and detailed the Calvert EAF ramp-up, targeting full capacity by mid-2026. Head of IR Daniel Fairclough added that the full India expansion is expected to increase normalized profitability by 150% due to a richer product mix, and that the new Calvert EAF's cost profile should be comparable to imported Brazilian slab.

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    Matt Greene's questions to Rio Tinto PLC (RIO) leadership

    Matt Greene's questions to Rio Tinto PLC (RIO) leadership • H1 2025

    Question

    Matt Greene from Goldman Sachs asked about the impact of US copper tariffs on Rio's Kennecott smelter, the updated timeline for the Resolution Copper project, the expected incentive pricing for new Chilean lithium projects, and the potential for portfolio streamlining.

    Answer

    CEO Jakob Stausholm explained that US copper tariffs are a positive opportunity that should make the Kennecott smelter significantly more profitable. He noted the Resolution Copper project is now a priority for the US administration, with a land exchange imminent. For lithium, he stated that new Chilean projects will leverage similar DLE technology to achieve competitive costs. Regarding the portfolio, he acknowledged ongoing simplification but did not comment on specific rumors.

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    Matt Greene's questions to Rio Tinto PLC (RIO) leadership • H1 2025

    Question

    Matt Greene from Goldman Sachs asked about the potential impact of US copper tariffs, the development timeline for the Resolution Copper project, the expected incentive pricing for new Chilean lithium projects, and the company's strategy for portfolio streamlining.

    Answer

    CEO Jakob Stausholm stated that US copper tariffs represent a positive opportunity for the Kennecott smelter and that the Resolution Copper project is a priority for the US administration, with the next step being drilling after the land exchange. He noted that Chilean lithium projects would leverage similar DLE technology to be competitive and that while the company is streamlining, he could not comment on specific asset sales like the titanium business.

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