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MarketScreener Homepage  >  Equities  >  Euronext Amsterdam  >  ArcelorMittal    MT   LU1598757687

ARCELORMITTAL

(MT)
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Real-time Estimate Quote. Real-time Estimate Tradegate - 06/02 06:30:38 am
9.436 EUR   +4.58%
05/28ArcelorMittal resumes output at Bosnia steel plant
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05/25ARCELORMITTAL : Designated person notification
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ArcelorMittal halts output in Bosnia for 10 days as demand drops

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05/20/2020 | 07:50am EDT
FILE PHOTO: General view of the interior of ArcelorMittal steel factory in Zenica

ArcelorMittal said on Wednesday it had halted output at its Bosnia steel plant and at mines that supply it with iron ore for 10 days due to a drop in demand caused by the coronavirus crisis, a move that angered its workforce.

Steel end-users, including automakers, shut down operations in March when Bosnia imposed a lockdown in response to the coronavirus pandemic, which has infected 2,338 people in the country and led to 136 deaths.

The ArcelorMittal plant in the central town of Zenica said that since the beginning of the outbreak its management had taken measures to trim costs, procure protection equipment and renegotiate gas and power prices with its suppliers.

The plant said it had proposed a wage cut of between 10% and 20% for managerial positions, which account for 25% of the workforce, but the company's unions rejected the proposal.

"Unfortunately all these measures were not sufficient to provide for the continuation of production," it said.

The Omarska iron ore mines in northwestern Bosnia also said operations had been hit by the crisis and the company had taken a number of measures in response, including temporarily laying off workers.

The steelmaker employs around 1,400 workers in Zenica and 800 at Omarska.

The Zenica plant's unions denied there had been a drop in demand and accused management of trying to secure subsidies and minimum wage payments from the regional government under a special law introduced to cushion the economy from the coronavirus impact.

Zuhdija Kapetanovic, head of the unions, said that 800 out of a planned 1,000 workers had already been furloughed, calling on them not to sign voluntary-layoff documents. He said their wages would be nearly halved and they would seek legal protection.

The world's largest steelmaker said last July it planned to slash output and jobs at the Omarska mines but subsequently postponed those plans.

(Reporting by Maja Zuvela; Editing by Kirsten Donovan)

Stocks mentioned in the article
ChangeLast1st jan.
ARCELORMITTAL 4.58% 9.413 Delayed Quote.-42.32%
GOLD -0.23% 1737.598 Delayed Quote.14.67%
NORTHWESTERN CORPORATION 0.55% 60.45 Delayed Quote.-15.66%
SILVER -0.41% 18.245 Delayed Quote.1.31%
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Latest news on ARCELORMITTAL
05/28ArcelorMittal resumes output at Bosnia steel plant
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Financials (USD)
Sales 2020 54 458 M - -
Net income 2020 -2 003 M - -
Net Debt 2020 8 170 M - -
P/E ratio 2020 -5,63x
Yield 2020 0,63%
Capitalization 11 065 M 11 067 M -
EV / Sales 2019
EV / Sales 2020 0,35x
Nbr of Employees 191 248
Free-Float 69,6%
Chart ARCELORMITTAL
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ArcelorMittal Technical Analysis Chart | MT | LU1598757687 | MarketScreener
Technical analysis trends ARCELORMITTAL
Short TermMid-TermLong Term
TrendsNeutralNeutralBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 18
Average target price 13,88 $
Last Close Price 10,04 $
Spread / Highest target 112%
Spread / Average Target 38,3%
Spread / Lowest Target -63,2%
EPS Revisions
Managers
NameTitle
Lakshmi Niwas Mittal Chairman & Chief Executive Officer
Aditya Mittal President & Chief Financial Officer
Brian Edward Aranha CTO, Executive VP, Head-Research & Development
Michel Wurth Non-Independent Non-Executive Director
Vanisha Mittal Bhatia Non-Independent Non-Executive Director
Sector and Competitors
1st jan.Capitalization (M$)
ARCELORMITTAL-42.32%11 067
NUCOR-24.56%12 786
POSCO-22.83%11 939
NIPPON STEEL CORPORATION-38.39%8 717
MAGNITOGORSK IRON & STEEL WORKS-2.26%6 585
STEEL DYNAMICS, INC.-21.09%5 650