ArcelorMittal has announced second- and third-quarter results markedly ahead of the weak preceding quarters. The recent results and bond tender offers imply stronger full-year 2016 performance, free operating cash flow, and credit metrics at least in line with our guidance for the ratings. We are therefore revising the outlook to positive from negative on ArcelorMittal and affirming the 'BB' long-term and 'B' short-term corporate credit ratings. The positive outlook reflects our view that the rating is likely to be increasingly comfortably positioned over the coming quarters and we see a one-in-three likelihood of an upgrade if deleveraging and solid performance are sustained. On Nov. 17, 2016, S&P Global Ratings revised its outlook on global integrated steel producer ArcelorMittal to positive
