ArcelorMittal Receives a Hold from Merrill Lynch

By Jason Carr

Merrill Lynch analyst Jason Fairclough reiterated a Hold rating on ArcelorMittal (NYSE: MT) today and set a price target of $7.70. The company’s shares opened today at $6.82, close to its 52-week high of $6.90.

According to TipRanks.com, Fairclough is a 4-star analyst with an average return of 14.8% and a 75.0% success rate. Fairclough covers the Basic Materials sector, focusing on stocks such as Randgold Resources Limited, BHP Billiton Ltd, and Anglo American.

ArcelorMittal has an analyst consensus of Moderate Buy, with a price target consensus of $7.70.

The company has a one year high of $6.90 and a one year low of $2.93. Currently, ArcelorMittal has an average volume of 16.84M.

ArcelorMittal SA is engaged in steelmaking and mining activities. It operates through the following segments: NAFTA, Europe, Brazil, ACIS and Mining. The NAFTA segment produces flat products such as slabs, hot-rolled coil, cold-rolled coil, coated steel and plate. It produces long products such as wire rod, sections, rebar, billets, blooms and wire drawing, and tubular products. The Europe segment produces hot-rolled coil, cold-rolled coil, coated products, tinplate, plate and slab. The Brazil segment includes the flat operations of Brazil and the long and tubular operations of Brazil and neighboring countries including Argentina, Costa Rica, Trinidad and Tobago and Venezuela. The ACIS segment produces a combination of flat, long products and tubular products. The Mining segment comprises all mines owned by ArcelorMittal in the Americas, Asia, Europe and Africa. It supplies the Company and third party customers with iron ore and coal. The company was founded on June 25, 2006 and is headquartered in Luxembourg.