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.
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