To arrive at the consensus figures below, Vuma Consensus has aggregated the expectations of sell-side analysts who, to the best of our knowledge, cover ArcelorMittal on a continuous basis. This is currently a group of about 20-25 brokers.

The listed analysts follow ArcelorMittal on their own initiative and ArcelorMittal is not responsible for their views. ArcelorMittal is neither involved in the collection of the information nor in the compilation of the estimates.

EBITDA consensus estimates

Period                                                                              1Q 2020     

Number of sell-side analysts participation                          18 

EBITDA consensus average $ million                               $867

The sell-side analysts who cover ArcelorMittal and whose estimates are included in the Group consensus outlined above are the following:

Ahorro – Cesar Bergon

Bank of America Merrill Lynch – Jason Fairclough

BBVA - Luis de Toledo

Citi – Ephrem Ravi

Commerzbank - Ingo-Martin Schachel

Credit Suisse – Carsten Riek 

Deutsche Bank - Bastian Synagowitz

Exane ­– Seth Rosenfeld

Groupo Santander – Robert Jackson

GVC Gaesco Beka - Iñigo Recio Pascual

ING - Stijn Demeester

Jefferies – Alan Spence

JPM – Luke Nelson

KeyBanc – Phil Gibbs

Morgan Stanley - Alain Gabriel

Oddo – Alain Williams

Societe Générale – Christian Georges

UBS – Myles Allsop