** Shares in ArcelorMittal MT.LU are up 4.8% after the world's second-largest steelmaker reported Q3 EBITDA above consensus and reiterated capex and FCF targets for 2024
** Q3 EBITDA falls 15% to $1.58 billion, but beats consensus estimate of $1.49 billion
** Capital expenditures are expected to remain within the announced $4.5-5.0 billion range in 2024
** The company also guided for a FCF greater than $1 billion, which J.P.Morgan describes as "reassuring"
** Both Jefferies and JPM point to the EBITDA beat and FCF expectations in a challenging market as positive points
** "We expect low single digit percentage upgrades to 2024E EBITDA due to the Q3 beat, and we expect a similarly modest share price reaction but very high China steel exports remain a depressive force on European Steel prices," JPM adds
** If gains hold, the shares will see their best day since December 2023
(Reporting by Anna Peverieri)
((Anna.peverieri@thomsonreuters.com))
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