Global market leader in the steel sector. Partial integration in raw materials. Broad diversity of operations. Moderate financial policy. Medium-term maturity profile. The cyclicality and volatility of the global steel industry. Uncertain macroeconomic and steel industry outlook. High debt. The ratings on Luxembourg-registered steel group ArcelorMittal reflect our view of the group's "satisfactory" business risk and "significant" financial risk profiles, according to our criteria. Its leading global market positions and partial supply of its own raw materials support the group's business risk profile. The key constraint of its business risk profile is the cyclicality of the global steel industry. ArcelorMittal's financial risk profile is constrained by the group's substantial adjusted debt and reduced probability of deleveraging in the upcoming quarters,
