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ArcelorMittal (MT) Wraps Up Fifth Share Buyback Program

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ArcelorMittal MT recently completed the fifth share buyback program. The buyback program was announced on Nov 17, 2021, under shareholders’ authorization at the annual general meeting of shareholders held on Jun 8, 2021.

As of Dec 28, 2021, ArcelorMittal had bought back 34,080,049 shares for roughly €885,729,034.96 (approximately $1 billion) at an average price of €25.99 per share by market close on Dec 28, 2021.

Shares of ArcelorMittal have surged 41.6% in the past year compared with a 36.4% rise of the industry.

Zacks Investment Research
Zacks Investment Research

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ArcelorMittal, in its last earnings call, stated that it expects global apparent steel consumption (“ASC”), excluding China, to increase 12-13% in 2021.

Factoring in softening real demand in China, ArcelorMittal now envisions a modest contraction in apparent steel demand in 2021. The company also anticipates a limited impact on ex-China steel markets as production constraints are likely to lead to lower Chinese net exports in the second half of 2021 compared with the first-half levels.

The Zacks Consensus Estimate for earnings for the current quarter and full-year is pegged at $3.38 and $13.09, respectively. While the estimate for quarter’s earnings indicates year-over-year growth of 1,778%, the same for the full year suggests a surge of 1,800%.

Zacks Rank & Key Picks

ArcelorMittal currently carries a Zacks Rank #3 (Hold).

Some better-ranked stocks from the basic materials space are Nutrien Ltd. NTR, The Chemours Company CC and AdvanSix Inc. ASIX.

Nutrien has an expected earnings growth rate of 233.3% for the current year. The Zacks Consensus Estimate for NTR’s current-year earnings has been revised 16.3% upward in the past 60 days.

Nutrien beat the Zacks Consensus Estimate for earnings in three of the last four quarters. The company has a trailing four-quarter earnings surprise of roughly 73.5%, on average. The stock has rallied 57.9% in a year. NTR currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Chemours has an expected earnings growth rate of 104% for the current year. The Zacks Consensus Estimate for CC’s earnings for the current year has been revised 10% upward in the past 60 days.

Chemours beat the Zacks Consensus Estimate for earnings in the last four quarters. The company has a trailing four-quarter earnings surprise of roughly 34.2%, on average. It has rallied 33.9% in a year. CC currently flaunts a Zacks Rank #1.

AdvanSix has a projected earnings growth rate of 194.5% for the current year. The Zacks Consensus Estimate for ASIX’s earnings for the current year has been revised 5.9% upward in the past 60 days.

AdvanSix beat the Zacks Consensus Estimate for earnings in each of the trailing four quarters, the average being 46.9%. ASIX has rallied 131.8% in a year. It currently sports a Zacks Rank #1.


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ArcelorMittal (MT) : Free Stock Analysis Report

The Chemours Company (CC) : Free Stock Analysis Report

AdvanSix (ASIX) : Free Stock Analysis Report

Nutrien Ltd. (NTR) : Free Stock Analysis Report

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