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Max

Max

Senior Equity Analyst at Oddo BHF

Frankfurt, HE, DE

Max Jousma is a Senior Equity Analyst at Oddo BHF Bank, specializing in healthcare sector research with a primary focus on large-cap European companies such as Merck KGaA. He regularly publishes insights and consensus estimates for Merck, contributing to quarterly and annual forecasts that inform institutional investor strategies. Max began his analyst career prior to joining Oddo BHF, leveraging experience in financial research to establish a reputation for accurate projections and high-impact recommendations; his work is included in independent consensus platforms like VARA Research. He holds recognized industry credentials required for sell-side equity research and is known for his precise, market-moving earnings predictions.

Max's questions to ArcelorMittal (MT) leadership

Question · Q3 2025

Max from Oddo BHF questioned the confidence in the Mexico asset returning to normalized productivity given past issues. He also asked about import pressure in Brazil and India, the authorities' willingness to tackle it, and if ArcelorMittal would scale back investments in Brazil. Finally, he inquired about the commitment to maintaining production in Ukraine despite increasing challenges.

Answer

Genuino Christino (CFO) acknowledged past issues in Mexico, some stemming from a prior blockade, but expressed confidence in avoiding repetition through a comprehensive review of SOPs. For Brazil, he remained bullish mid-to-long term, noting anti-dumping measures expected to impact by year-end/early next year, and a reduction in Q3 imports. In India, demand is strong despite low prices due to new capacity. Regarding Ukraine, Mr. Christino stated they are running two furnaces at available capacity, the plant is slightly positive, and they are engaging with the government on high energy costs, with plans to continue production.

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