Hints and tips:
...“[This] will of course tie the management team’s hands and make [cost saving] synergies increasingly challenging to secure,” said Seth Rosenfeld, an analyst at Jefferies....
...Seth Rosenfeld, analyst at Jefferies, said: “[ArcelorMittal’s] global footprint is finally paying off with broad-based demand and margin growth driving earnings and [free cash flow] higher and mitigating...
...tariff applied to all US steel imports has morphed into a far more nuanced policy that will be developed over the coming weeks and months, through bilateral negotiations with key trading partners,” says Seth...
...“We think the future is better than the past, but worse than where we are now,” said Seth Rosenfeld, an analyst at the brokerage arm of Jefferies. “The debate is: what’s the new normal?...
...Seth Rosenfeld, analyst at Jefferies, said Chinese steel demand was the “biggest uncertainty” for the wider industry in 2018....
...Seth Rosenfeld, analyst at Jefferies, described the results as “solid”, with the resumption of a “token” dividend reflecting a strong market outlook....
...Seth Rosenfeld, an analyst at Jefferies, says the tariffs threat is “not the death knell” for the European industry....
...profit] margins will expand further in the first half of 2018, the rationale being that because of the lag effect in contracts you still haven’t seen the full impact of robust spot market trends,” says Seth...
...Seth Rosenfeld of Jefferies said ArcelorMittal’s financial results met analysts’ expectations....
...Seth Rosenfeld, an analyst at Jefferies, agreed that in the long term it would be “sensible” for Europe to have fewer steel plants, but said the benign prevailing market conditions had removed the pressures...
...Seth Rosenfeld, an analyst at Jefferies, said he believed that China’s steel production would stagnate in 2018, roughly in sync with domestic demand, as Beijing pressed ahead with plans to shutter unneeded...
...Seth Rosenfeld, analyst at Jefferies, said: “[The] slightly stronger than expected fourth-quarter results . . . reflect [ArcelorMittal’s] ability to manage a volatile steel price and raw materials input...
...Seth Rosenfeld, analyst at Jefferies, described the decision as “a symbolically important step for this previously beleaguered company”....
...Seth Rosenfeld, an analyst at Jefferies, said the brokerage was modelling a recovery in US steel demand next year, driven by strong activity in non-residential building and oil and gas, despite weakness...
...Seth Rosenfeld, analyst at Jefferies, said the quarterly results were “stronger than expected”....
...Despite the headwind from the rally in coking coal, the emergence of reflation in raw materials was a “clear positive” for ArcelorMittal, said Seth Rosenfeld, analyst at Jefferies....
...Mr Mistry’s appointment “was a choice that Mr Tata blessed”, Mr Seth says. “Nothing would have pained him more.”...
...Seth Rosenfeld, analyst at Jefferies, described the results as “robust”....
...But China’s domestic and export steel prices are now at more stable and “acceptable” levels, says Seth Rosenfeld, an analyst at Jefferies....
...both of Port Talbot’s blast furnaces in the event of a European tie-up between Tata and Thyssenkrupp could prevent it falling into the hands of a new entrant who might simply add to the supply glut, says Seth...
...Seth Rosenfeld, analyst at Jefferies, said the call on shareholders for extra capital had been expected by some investors in recent months....
...Seth Rosenfeld of Jefferies said European steelmakers which sell higher value-added products were better placed to withstand import pressures....
...“In the past, [ArcelorMittal] and the broader steel industry have had a bad record of retaining targeted cost savings,” says Seth Rosenfeld, analyst at Jefferies....
...Seth Rosenfeld, analyst at Jefferies, said this showed “sustained stress”. “While Q3 earnings were in-line [with market expectations], the rest is quite bleak,” he wrote in a note....
International Edition