We are maintaining our Underperform recommendation on ArcelorMittal (NYSE:MT) following our assessment of its first-quarter 2012 results. Earnings missed the Zacks Consensus Estimate while revenues beat the forecast.
The company’s net debt climbed by roughly $1.1 billion in the quarter. ArcelorMittal also reduced its growth outlook for steel and announced a few divestments including the sale of its steel foundation distribution business to Nucor Corporation. These divestments are a part of the … [visit site to read more] or compare Credit Card Rewards and Best Credit Cards