ArcelorMittal today announces the publication of the Q211 and Q311 EBITDA consensus figures.

The consensus figures are based on sell-side analyst estimates recorded on an external web based tool provided and managed by an independent company called Vuma Financial Services Limited (trade name: Vuma Consensus).

To arrive at the consensus figures VUMA have aggregated the expectations of sell side analysts who cover ArcelorMittal on a continuous basis. Approximately 30 brokers have been consulted who follow ArcelorMittal on their own initiative.

The consensus estimates ArcelorMittal provides have been compiled by Vuma Consensus. ArcelorMittal is neither involved in the collection of the information nor in the compilation of the estimates.

EBITDA consensus estimates

EBITDA $M Broker participation Consensus Average High Low
Q211E 18 3,314 3,414 3,112
Q311E 14 2,603 2,876 2,323

ArcelorMittal does not express any opinion as to the accuracy or relevance of this consensus estimate or any component thereof. Any use of or reliance on this data is purely for the risk of the user.

The consensus data is based on projections made by sell-side analysts. The sell-side analysts who cover ArcelorMittal and whose estimates are included in the group consensus outlined above are the following:

  • Banesto Bolsa – Robert Jackson;
  • Bank of America Merrill Lynch – Cedar Barnes;
  • BBVA – Luis de Toledo;
  • Berenberg Bank – John Klein;
  • BHF Bank – Hermann Reith;
  • Caja Madrid- Iñigo Recio;
  • Cheuvreux – Alexander Haissl;
  • Citigroup – Anindya, Mohinta;
  • Commerzbank, Ingo Schachel;
  • Credit Suisse, Michael Shillaker;
  • Dahlman Rose & Co., Anthony Rizzuto Jr.;
  • Deutsche Bank – David Martin, Bastian Synagowitz;
  • Exane BNP Paribas – Sylvain Brunet, Lux Pez;
  • Goldman Sachs International – Kartik Swaminathan;
  • HSBC – Thorsten Zimmermann;
  • ING – Filip De Pauw;
  • JP Morgan – Alessandro Abate, Ben Defay, Michael Gambardella;
  • Kempen & Co – Sander Van Oort, Erwin Dut;
  • Kepler Capital Markets – Rochus Brauneiser;
  • Longbow Research – Luke Folta;
  • Morgan Stanley – Ephrem Ravi;
  • Natixis – Raoudha Bouzekri;
  • Nomura – Neil Sampat;
  • Oddo Securities – Aurélien Bonneviot;
  • Oppenheim Research – Peter Metzger, Ulrich Scholz;
  • Petercam – Alan Vandenberghe;
  • RBS – Nick Hatch;
  • Rabo Securities – Frank Claassen;
  • Societe Generale – Alain William;
  • UniCredit – Christian Obst.


The consensus estimate is based on estimates, forecasts and predictions made by third party financial analysts. It is not prepared or checked by ArcelorMittal and can only be seen as a consensus view on ArcelorMittal's results from an outside perspective. ArcelorMittal has not provided input on these forecasts, except by referring to past publicly disclosed information. ArcelorMittal does not accept any responsibility for the quality or accuracy of any individual forecast or estimate. This document may contain forward-looking statements based on current assumptions and forecasts made by ArcelorMittal or third parties. Various known and unknown risks, uncertainties and other factors could lead to material differences between ArcelorMittal's actual future results, financial situation, development or performance, and the estimates given here. These factors include those discussed in ArcelorMittal's periodic reports available on"

About ArcelorMittal

ArcelorMittal is the world's leading steel and mining company, with a presence in 60 countries and primary steelmaking facilities in 16 countries. In 2022, ArcelorMittal had revenues of $79.8 billion and crude steel production of 59.0 million metric tonnes, while iron ore production reached 45.3 million metric tonnes. Our purpose is to produce ever smarter steels that have a positive benefit for people and planet. Steels made using innovative processes which use less energy, emit significantly less carbon and reduce costs. Steels that are cleaner, stronger and reusable. Steels for electric vehicles and renewable energy infrastructure that will support societies as they transform through this century. With steel at our core, our inventive people and an entrepreneurial culture at heart, we will support the world in making that change. This is what we believe it takes to be the steel company of the future. ArcelorMittal is listed on the stock exchanges of New York (MT), Amsterdam (MT), Paris (MT), Luxembourg (MT) and on the Spanish stock exchanges of Barcelona, Bilbao, Madrid and Valencia (MTS). For more information about ArcelorMittal please visit:
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