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Bond Market News
ArcelorMittal Upgraded to BBB; Outlook Stable
June 10, 2025
Steel producer ArcelorMittal was upgraded to BBB from BBB- by S&P. ArcelorMittal has been active in the reshaping of its portfolio of assets while rationalising its European footprint. This includes recent acquisition of a slab factory in Pecem, Brazil, acquisition of 28% in Vallourec, initiating a 1GW solar and wind project in India and many more. Cashflows from its ArcelorMittal-Nippon Steel India joint venture will be reinvested to strengthen its capital expenditure. Despite weak demand in global steel industry in 2024, ArcelorMittal achieved an EBITDA of $7.05bn, higher than the company’s historical average. S&P forecasts this number to rise beyond $8bn in 2025. The company also remains dedicated to its decarbonisation goals and aims to cut its carbon footprint by 25%, which S&P believes is achievable by 2030.
ArcelorMittal’s 4.25% dollar bond due 2029 was trading stable at 97.29, yielding 4.99%.
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