Global footprint and diversification, with strong positions on a number of regional markets High free cash flow generation Relatively favorable industry fundamentals so that high raw-material costs are passed through to the customer Ambitious growth strategy Cyclical and capital intensive nature of the steel industry The ratings on Luxembourg-incorporated steel group ArcelorMittal are supported by its strong business profile and cash flow generation, tempered by steel industry risks and uncertainties posed by the group's growth ambitions. ArcelorMittal is the world's largest and most diversified steelmaker, with about 10% of global steel production (about 20% excluding Asia). It enjoys leading positions in the key European and North American markets, and a strong presence in the low-cost, high-growth markets of Latin America,
