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 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                    Number of sell-side               EBITDA consensus

                            analysts participation                 average $ million      

3Q 2020                            19                                            $838

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

BancoSabadell - Francisco Rodriguez

Bank of America Merrill Lynch – Jason Fairclough

Citi – Ephrem Ravi

Commerzbank - Ingo-Martin Schachel 

Credit Suisse – Carsten Riek

Deutsche Bank - Bastian Synagowitz

Exane – Seth Rosenfeld

Goldman Sachs – Jack O’Brien

GVC Gaesco Beka - Iñigo Recio Pascual

Groupo Santander – Robert Jackson

ING - Stijn Demeester

Jefferies – Alan Spence

JPM – Luke Nelson

Kepler - Rochus Brauneiser

Keybanc – Phil Gibbs

Morgan Stanley - Alain Gabriel

Oddo – Alain Williams

Societe Générale – Christian Georges

UBS – Myles Allsop