ArcelorMittal SA last = 20 EUR 1w: +0.8 (4.2%)
% vs. spot / Price1M6M12MLT(2Y)LT(3Y)
Target Price (consensus)11%33%---
Upside (Bull Case)11.6%34.8%---
Downside (Bear Case)-2.8%-8.4%---

I bet on ArcelorMittal's positive outlook, due to the Company's new capital allocation framework based on further deleveraging, but with a commitment to return a proportion of FCF when net debt reaches $6 bln. In the process of debt reduction, the Company are also going to invest selectively in opportunities that will provide the sustainable value creation. In addition of ArcelorMittal's US exposure, which I expect will make positive impact, I recommend to buy Company's shares.