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 Standard&Poor's Ratings Services view of the group's "satisfactory" business risk and "significant" financial risk profiles, according to our criteria. The business risk profile is supported by the group's leading global market positions, with about 20% of EBITDA coming from Europe, 17% from North America, and 33% from emerging markets. ArcelorMittal also has greater product diversity than other steel companies, as 30% of its profits come from profitable and growing mining operations.
