JPMorgan analyst Dominic O’Kane believes Nippon Steel (NPSCY) receiving approval for acquiring U.S. Steel (X) (STLD) could have “significant, positive consequences” for ArcelorMittal (MT). Under the terms of an October 2024 contract, Mittal will acquire Nippon’s 50% stake in their 50/50 Calvert venture for $1 and will cancel joint venture shareholders loans of $1B, the analyst tells investors in a research note. JPMorgan believes confirmation of ArcelorMittal’s purchase, which remains to be confirmed, would be a major positive for ArcelorMittal. The firm keeps a Neutral rating on the shares.
Confident Investing Starts Here:
- Easily unpack a company's performance with TipRanks' new KPI Data for smart investment decisions
- Receive undervalued, market resilient stocks right to your inbox with TipRanks' Smart Value Newsletter
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on MT:
- Cautious Hold Rating on ArcelorMittal Amid Acquisition Uncertainties and Supply Chain Challenges
- Cleveland-Cliffs down 5% after Trump post about U.S. Steel, Nippon partnership
- ArcelorMittal Announces Share Transaction Notifications for Executives
- UK near trade pact with U.S. with breaks for cars and steel, FT says
- ArcelorMittal Approves Dividend and Buyback at Annual General Meeting
Looking for a trading platform? Check out TipRanks' Best Online Brokers , and find the ideal broker for your trades.
Report an Issue