Other top-ranked stocks worth considering in the basic materials space include Nucor Corporation ( NUE Quick Quote NUE - Free Report), LyondellBasell Industries N.V. Image Source: Zacks Investment Research Zacks Rank & Key PicksĪrcelorMittal currently carries a Zacks Rank #1 (Strong Buy). Shares of ArcelorMittal have surged 220.2% in a year compared with a 146.5% rise of the industry. A favorable supply demand balance and a low inventory environment are supporting higher utilization levels and healthy steel spreads, the company noted. It now envisions ASC to increase 7.5-8.5% in 2021, up from its earlier growth expectation of 4.5-5.5%. OutlookĪrcelorMittal raised its outlook for global apparent steel consumption (“ASC”) for 2021 as it expects demand to further improve in the second half. The company also announced a new share buyback program worth $2.2 billion, partly funded by the sale of its U.S. Free cash flow was $1.7 billion for the quarter. Net cash from operating activities jumped nearly eightfold year over year to $2.3 billion for the quarter. The company’s long-term debt was $6.6 billion, down roughly 37% on a year over year basis. FinancialsĪt the end of the second quarter, ArcelorMittal had cash and cash equivalents of around $4.2 billion, down around 26.3% year over year. Iron ore shipments fell roughly 32% year over year to 4.6 million metric tons. Iron ore production totaled 4.9 million metric tons, down around 27% from the year-ago quarter’s levels. Mining: Sales climbed around 46% year over year to $889 million. Average selling prices went up around 98% year over year to $806 per ton. Shipments rose 17% year over year to around 2.8 million metric tons. Crude steel production totaled 3 million metric tons, up about 52% year over year. Average steel selling price went up roughly 50% year over year to $948 per ton.ĪCIS: Sales rose around 126% year over year to $2.8 billion. Shipments rose around 22% year over year to 8.3 million metric tons.
Crude steel production rose roughly 33% year over year to 9.4 million metric tons in the reported quarter. Average steel selling price went up roughly 89% year over year to $1,038 per ton.Įurope: Sales increased around 84% year over year to $10.7 billion. Shipments increased around 44% year over year to 3 million metric tons. Crude steel production rose roughly 86% year over year to 3.2 million metric tons. Average steel selling price increased around 59% year over year to $1,062 per ton.īrazil: Sales increased around 171% year over year to $3.3 billion. Steel shipments fell around 32% year over year to 2.6 million metric tons. Crude steel production declined roughly 39% year over year to 2.3 million metric tons. NAFTA: Sales rose roughly 16% year over year to $3.2 billion in the reported quarter. ArcelorMittal Price, Consensus and EPS SurpriseĪrcelorMittal price-consensus-eps-surprise-chart | ArcelorMittal Quote