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    Maxime Kogge • ODDO BHF

    Maxime Kogge's questions to ArcelorMittal SA (MT) leadership

    Maxime Kogge's questions to ArcelorMittal SA (MT) leadership • Q2 2025

    Question

    Maxime Kogge asked about procurement for the Texas HBI unit under new tariffs, potential M&A in the U.S., and the rationale for expanding in India despite depressed local prices.

    Answer

    EVP & CFO Genuino Christino and Head of IR Daniel Fairclough noted they have procurement flexibility by sourcing from Canada for the HBI unit. Mr. Christino declined to comment on specific M&A but affirmed the U.S. is a key growth market. Regarding India, he stressed the long-term structural growth of the market (7-8% annually) makes continued investment necessary to maintain relevance, despite short-term price weakness.

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    Maxime Kogge's questions to ArcelorMittal SA (MT) leadership • Q2 2025

    Question

    Maxime Kogge of ODDO BHF questioned the raw material sourcing for the Texas HBI plant under new tariffs, the company's appetite for U.S. M&A, and the strategy of expanding in India amid currently depressed steel prices.

    Answer

    EVP & CFO Genuino Christino and Head of IR Daniel Fairclough explained they have sourcing flexibility for the HBI plant, including from their Canadian mines. Mr. Christino declined to comment on specific M&A but reiterated the U.S. is a strategic growth market. He defended the India expansion by emphasizing the market's strong long-term growth prospects and the improving profitability of the AM/NS India venture, which will be enhanced by new value-added capacity.

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    Maxime Kogge's questions to ArcelorMittal SA (MT) leadership • Q1 2025

    Question

    Maxime Kogge of ODDO BHF asked about ArcelorMittal's exposure to the defense sector. He also inquired about the specific triggers, such as energy costs or trade rules like 'melt and pour', that would be needed for the company to reactivate its decarbonization investment plans in Europe.

    Answer

    Executive Daniel Fairclough explained that the company's defense exposure is primarily through its Industeel unit, but noted that defense is not a large steel consumer overall. He suggested the renewed focus on defense is more indicative of Europe's strategic thinking about domestic industry. Group CFO Genuino Christino confirmed that the triggers for decarbonization investments are 'all of the above,' including effective safeguards, CBAM implementation, and access to competitive energy.

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    Maxime Kogge's questions to ArcelorMittal SA (MT) leadership • Q4 2024

    Question

    Maxime Kogge asked for insight into the Q4 to Q1 EBITDA bridge and for an update on the Canadian decarbonization project, questioning its economic viability and timeline.

    Answer

    CFO Genuino Christino guided for higher shipments in the U.S. and Europe in Q1, with relatively stable prices and costs, except for slightly lower prices in Europe. CEO Aditya Mittal stated that significant progress on the Canadian decarbonization project is unlikely until there is more clarity on the regulatory environment and the upcoming 2025 Canadian elections. He reiterated that all decarbonization must be economic, which has become more challenging due to Europe's energy crisis and slow policy action.

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    Maxime Kogge's questions to ArcelorMittal SA (MT) leadership • Q2 2024

    Question

    Maxime Kogge asked about the risk of wildfires impacting Canadian operations and whether railway issues in Liberia are fully resolved. He also inquired about the business outlook for Argentina, given the changing economic climate.

    Answer

    Group CFO Genuino Christino confirmed that Canadian operations were impacted by wildfires but the issue is now resolved. He stated that railway issues in Liberia are also 'basically resolved' and capacity should normalize in Q3. Regarding Argentina, he acknowledged a very challenging Q2 due to economic reforms but expressed optimism for a recovery if the government succeeds in stabilizing the economy.

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    Maxime Kogge's questions to Outokumpu Oyj (OUTKY) leadership

    Maxime Kogge's questions to Outokumpu Oyj (OUTKY) leadership • Q1 2024

    Question

    Maxime Kogge inquired about the status of the decision for U.S. cold rolling capacity expansion, the long-term profitability outlook for Mexican operations given competitive pressures, and the company's plans for further share buybacks to cover dilution from its convertible bond.

    Answer

    CFO Pia Aaltonen-Forsell confirmed the early 2025 timeline for a decision on U.S. cold rolling expansion remains relevant. CEO Heikki Malinen strongly countered the idea of Mexico being a disadvantage, highlighting long-term strategic advantages from near-shoring and being the only local producer, despite current import pressures. Regarding buybacks, Aaltonen-Forsell stated that no further programs have been announced and that any future decision would be made by the next CFO.

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