ArcelorMittal SA (NYSE: MT) stock rose 6.02% after the Bank of America goes from “neutral” to “buy” to target 16 euros.

The Company continues to anticipate certain cash needs of the business to be approximately $3.5bn in 2020 and remains focused on its FY 2020 $1bn working capital efficiency target. The Company’s $2bn asset portfolio optimization program continues to progress, and with suitable and viable buyers having expressed serious interest in certain assets, the Company is still confident in completing the program by mid-2021

Moreover, the total steel shipments for 1H 2020 were 34.3 million metric tonnes (Mt) representing a decline of 23% (and 19.4% on a scope adjusted basis excluding the impact of the remedy asset sales related to the ArcelorMittal Italia acquisition for 1H 2019), as compared to 44.6Mt in 1H 2019, mainly due to the impact of the COVID-19 pandemic. Shipments were lower in Europe (-31%,down -24.6% excluding the impact of the remedy asset sales related to the ArcelorMittal Italia acquisition for 1H 2019), Brazil (-22.2%), ACIS (-14.3%) and NAFTA (-13.2%) The company’s operating loss for 1H 2020 was of $0.6 billion mainly due to the impairment and exceptional items, and is lower as compared to operating income of $0.6 billion in 1H 2019, due to the impact on steel segments from negative price-cost effects, and the loss of profit margin on reduced steel shipments (overall fixed costs were reduced in line with lower shipments), and a weaker mining performance driven by lower market priced iron ore shipments, lower iron ore quality premia and lower coal prices. The company has reported the net loss for 1H 2020 was $1,679 million, as compared to a net loss in 1H 2019 of $33 million. As of June 30, 2020, the Company’s cash and cash equivalents were of total $5.7 billion as compared to $4.3 billion as of March 31, 2020 and $5.0 billion as of December 31, 2019. Gross debt has declined to $13.5 billion as of June 30, 2020, as compared to $13.8 billion as of March 31, 2020 and $14.3 billion as of December 31, 2019. As of June 30, 2020, the Company had liquidity of $11.2 billion, consisting of cash and cash equivalents of $5.7 billion and $5.5 billion of available credit lines. ArcelorMittal has recently published its roadmap to reduce emissions by 30% in Europe by 2030 and were encouraged to see last week’s proposal by the European Council to introduce a carbon border adjustment.