ArcelorMittal's first-quarter results showed robust performance and leverage reduction. This follows strengthened steel pricing and margins that are resulting in current and forecast free cash flow and credit metrics in line with our guidance for a potential upgrade to 'BB+'. We are therefore raising our long-term corporate credit rating on ArcelorMittal to 'BB+' from 'BB'. The stable outlook reflects our view that ArcelorMittal is increasing its resilience to future industry downturns through continued debt reduction, supplemented by operational improvements. On May 24, 2017, S&P Global Ratings raised its long-term corporate credit rating on global integrated steel producer ArcelorMittal to 'BB+' from 'BB'. At the same time, we affirmed our 'B' short-term corporate rating on the company. The outlook is stable.
