ArcelorMittal SA

ArcelorMittal, based in Luxembourg, is one of the world's largest steelmakers, producing steel for construction, cars, packaging and machinery across the Americas, Europe and beyond, and investing in lower-carbon production. As a commodity producer its profits swing dramatically with steel prices, demand and raw-material costs. The dividend is modest and, together with large share buybacks, follows the ups and downs of the steel cycle, generous in boom years and leaner when prices fall. This is a cyclical steel play whose shareholder returns depend on the metals market rather than steady growth.