- ArcelorMittal shares have rocketed higher on record steel prices and steel spreads, as well as meaningful progress on self-improvement.
- Management has laid out clear goals and expectations for capital allocation, capacity growth, and expense management, all of which point to a more efficient, higher-quality, higher-return model.
- Improved quality will drive a higher long-term multiple on ArcelorMittal shares, but it's hard to see value in today's price unless current spreads will last more than two years.
For further details see:
Operational Leverage And Improved Clarity Have Catapulted ArcelorMittal Shares