Arcelor Mittal (ADR), $36.78, symbol MT on New York (ADRs outstanding: 1.5 billion; Market cap: $55.6 billion; www.arcelormittal.com), is one of the world’s largest integrated steel companies.
Arcelor makes and sells a range of finished and semi-finished carbon-steel products. It mainly offers flat product, including sheet and plate; long products, such as bars, rod, and structural shapes; and stainless-steel products. The company’s clients are in various industries, including automotive, construction, household appliances and packaging.
The stock trades at just 13.1 times the $2.80 a share that Arcelor is forecast to earn this year, and 5.6 times its forecast cash flow per share of $6.60. However, those low multiples reflect the risk that rising iron-ore costs and slower steel demand in the U.S., Europe and Brazil could offset savings from the company’s aggressive cost-cutting measures.
Arcelor Mittal is okay to hold, but for aggressive investors only.
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