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ArcelorMittal Submits Proposed Divestment Package to EC
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ArcelorMittal (MT - Free Report) has submitted a proposed divestment package to the European Commission (“EC”). The move is aimed at addressing the concerns raised by the EC during its review into the planned acquisition of Ilva S.p.A by the company.
The divestment package includes assets in Belgium, Romania, Czech Republic, Macedonia and the company’s only galvanized steel plant in Italy, subject to final review and approval by the EC. Moreover, any sales will be conditional upon closure of the Ilva buyout. The EC is expected to give a final decision on the matter by May 23.
In June 2017, ArcelorMittal and its partner Marcegaglia announced that AM Investco has reached a binding agreement with the Italian government regarding the lease and obligation to purchase Ilva. The transaction details of AM Investco’s plans for Ilva include a purchase price of €1.8 billion, with annual leasing costs of €180 million, which will be paid in quarterly installments.
ArcelorMittal believes that Ilva will prove to be a good investment without compromising on the strength of its balance sheet. It will provide an opportunity to expand leadership and product offering in Italy, the second-largest steel producing and consuming market in Europe.
ArcelorMittal’s shares have rallied 48.2% over a year, significantly outperforming the industry’s 28.9% growth.
Zacks Rank & Other Stocks to Consider
ArcelorMittal currently sports a Zacks Rank #1 (Strong Buy).
Steel Dynamics has an expected long-term earnings growth rate of 12%. Its shares have rallied 36.2% over a year.
U.S. Steel has an expected long-term earnings growth rate of 8%. Its shares have soared 23% over the past six months.
CF Industries has an expected long-term earnings growth rate of 6%. Its shares have gained 39.6% over a year.
Investor Alert: Breakthroughs Pending
A medical advance is now at the flashpoint between theory and realization. Billions of dollars in research have poured into it. Companies are already generating substantial revenue, and even more wondrous products are in the pipeline.
Cures for a variety of deadly diseases are in sight, and so are big potential profits for early investors. Zacks names 5 stocks to buy now.
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ArcelorMittal Submits Proposed Divestment Package to EC
ArcelorMittal (MT - Free Report) has submitted a proposed divestment package to the European Commission (“EC”). The move is aimed at addressing the concerns raised by the EC during its review into the planned acquisition of Ilva S.p.A by the company.
The divestment package includes assets in Belgium, Romania, Czech Republic, Macedonia and the company’s only galvanized steel plant in Italy, subject to final review and approval by the EC. Moreover, any sales will be conditional upon closure of the Ilva buyout. The EC is expected to give a final decision on the matter by May 23.
In June 2017, ArcelorMittal and its partner Marcegaglia announced that AM Investco has reached a binding agreement with the Italian government regarding the lease and obligation to purchase Ilva. The transaction details of AM Investco’s plans for Ilva include a purchase price of €1.8 billion, with annual leasing costs of €180 million, which will be paid in quarterly installments.
ArcelorMittal believes that Ilva will prove to be a good investment without compromising on the strength of its balance sheet. It will provide an opportunity to expand leadership and product offering in Italy, the second-largest steel producing and consuming market in Europe.
ArcelorMittal’s shares have rallied 48.2% over a year, significantly outperforming the industry’s 28.9% growth.
Zacks Rank & Other Stocks to Consider
ArcelorMittal currently sports a Zacks Rank #1 (Strong Buy).
Some other stocks worth considering in the basic materials space are Steel Dynamics, Inc. (STLD - Free Report) , United States Steel Corporation (X - Free Report) and CF Industries Holdings, Inc. (CF - Free Report) , each sporting a Zacks Rank #1. You can see the complete list of today’s Zacks #1 Rank stocks here.
Steel Dynamics has an expected long-term earnings growth rate of 12%. Its shares have rallied 36.2% over a year.
U.S. Steel has an expected long-term earnings growth rate of 8%. Its shares have soared 23% over the past six months.
CF Industries has an expected long-term earnings growth rate of 6%. Its shares have gained 39.6% over a year.
Investor Alert: Breakthroughs Pending
A medical advance is now at the flashpoint between theory and realization. Billions of dollars in research have poured into it. Companies are already generating substantial revenue, and even more wondrous products are in the pipeline.
Cures for a variety of deadly diseases are in sight, and so are big potential profits for early investors. Zacks names 5 stocks to buy now.
Click here to see them >>