Moody’s has increased the outlook for ArcelorMittal’s creditworthiness from stable to positive, based on the strong first quarter of the steel giant and the favourable market environment.

“The outlook change recognises the very strong results in the first quarter of 2021 and our expectation of a very helpful market environment during 2021, at least, suggesting a further significant improvement in credit measures,” said Goetz Grossman of Moody’s.

If ArcelorMittal achieves financial values that are appropriate to an investment grade credit rating and handles it wisely, especially by not buying too many of its own shares, this could lead to a higher credit rating in the coming quarters, the evaluator promised.

For the time being, the rating for ArcelorMittal remains at Ba1.