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, owing to an uncertain macroeconomic environment. This is partly mitigated by what we view as the group's moderate financial policy, to which management is committed, as evidenced by its medium-term maturity profile and its recent decision not to pursue
