This report does not constitute a rating action. LONDON (S&P Global Ratings) Nov. 25, 2024--The Industrial Development Authority of Mobile County in Alabama, United States, in November issued $480 million U.S. tax-exempt bonds for AM/NS Calvert LLC, the Alabama-based joint venture of ArcelorMittal S.A. and Nippon Steel Corp. We rate the bonds ?BBB-?, in line with our issuer credit rating on ArcelorMittal. Like the previous AM/NS Calvert transaction in June 2024, the bonds are issued by the local authority (in this case, The Industrial Development Authority of Mobile County in Alabama, United States), while the borrower (via a loan agreement) is AM/NS Calvert. We understand that the bonds will be fully and unconditionally guaranteed by ArcelorMittal (100%), while the guarantee
