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US steel tariffs still cost ArcelorMittal $600 million a year, CFO says
ArcelorMittal said its European operations posted 39% EBITDA growth as new import quotas and carbon measures are expected to shield steelmakers.
- On yesterday, ArcelorMittal Chief Financial Officer Genuino Christino called new European steel curbs 'transformative,' saying the company expects to run most European furnaces from the third quarter as shares rose 2.4%.
- A significant tightening of European steel-import restrictions took effect on July 1, cutting tariff-free quotas and doubling the duty on other shipments to 50% to shield domestic steelmakers from foreign competition.
- ArcelorMittal reported group Ebitda rose to $2.06 billion, while European operations Ebitda jumped 39% to $697 million, bolstered by higher steel prices during the second quarter.
- Oddo BHF Sca analyst Maxime Kogge wrote that ArcelorMittal's Europe division, which weighed on group performance in recent years, now offers substantial upside as the trade environment strengthens.
- Europe has moved to slow its carbon market emissions cap tightening over the next decade, though proposed changes to carbon levies still require approval from EU member states and the European Parliament.
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ArcelorMittal Says European Outlook Improves as Profit Increases
·New York, United States
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ArcelorMittal recorded a lower net profit than the one determined in the same period of the previous year, but stated to observe better prospects for its business in Europe. Exclusive material for subscribers. To have full access, access the link of the subject and register.
·Rio de Janeiro, Brazil
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Coverage Details
Total News Sources10
Leaning Left0Leaning Right3Center3Last UpdatedBias Distribution50% Center, 50% Right
Bias Distribution
- 50% of the sources are Center, 50% of the sources lean Right
50% Right
C 50%
R 50%
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