MT ArcelorMittal S.A.
Price Chart
Executive Summary
ArcelorMittal reported 1Q 2026 results with revenue of $15.5B (+4.5% YoY) and net income of $575M (EPS $0.76), down from $805M in 1Q 2025. EBITDA/tonne improved to $131/t from $116/t YoY, but free cash flow was negative $1.3B due to a seasonal $1.5B working capital investment. The company highlighted a favorable European policy reset (CBAM, TRQ) and strategic growth projects, but the YoY earnings decline and cash outflow temper the outlook.
Key Financial Metrics
Actionable Insight
Watch for European steel pricing and volume improvement from CBAM/TRQ effective July 1, 2026, which management expects to boost capacity utilization. The negative free cash flow and rising net debt are near-term headwinds, but the structural policy shift could support margins in H2. Monitor 2Q 2026 for working capital release and EBITDA recovery.
Key Facts
- Revenue $15.5B in 1Q 2026 vs $14.8B in 1Q 2025 (+4.5% YoY)
- Net income $575M (EPS $0.76) vs $805M (EPS $1.05) in 1Q 2025 (-28.6% YoY)
- EBITDA $1,679M vs $1,580M in 1Q 2025 (+6.3% YoY); EBITDA/tonne $131 vs $116 YoY
- Free cash outflow of $1.3B due to seasonal working capital investment of $1.5B
- Net debt increased to $9.3B from $7.9B at Dec 31, 2025
- Quarterly dividend of $0.15/sh initiated; $0.7B returned to shareholders in past 12 months
- 2026 capex guidance unchanged at $4.5B-$5.0B
- AMNS India announced greenfield plant in Andhra Pradesh with Phase 1 capex $7.5B-$8.0B
Financial Impact
Revenue up $0.7B YoY but net income down $230M; EBITDA up $99M; free cash flow negative $1.3B
Risk Factors
- European steel demand recovery may be slower than expected
- High capex and strategic investments pressure free cash flow and leverage
- Global trade tensions and Middle East instability could disrupt operations
- AMNS India greenfield project adds execution risk and long-term capital commitment
Market Snapshot
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3284423 |
Track record builds as more directional reports settle.
Filters
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May 19, 2026
21d ago
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Press Release
| $59.17 $68.60 | ▲ +15.94% | ▲ +13.64% | $66.31 (+12.07%) |
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May 13, 2026
27d ago
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Press Release
| $64.47 $59.17 | ▼ −8.22% | ▼ −7.06% | $66.31 (+2.85%) |
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May 5, 2026
5w ago
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Press Release
| $58.18 $62.34 | ▲ +7.15% | ▲ +5.17% | $66.31 (+13.97%) |
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Apr 30, 2026
5w ago
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Press Release
| $57.07 $60.99 | ▲ +6.87% | ▲ +5.14% | $66.31 (+16.19%) |
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Apr 23, 2026
6w ago
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Press Release
| $59.54 $55.92 | ▼ −6.08% | ▼ −7.56% | $66.31 (+11.37%) |
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Apr 23, 2026
6w ago
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Press Release
| $59.54 $55.92 | ▼ −6.08% | ▼ −7.56% | $66.31 (+11.37%) |
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Apr 3, 2026
9w ago
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Press Release
| $53.34 $61.24 | ▲ +14.81% | ▲ +10.68% | $66.31 (+24.32%) |
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Mar 27, 2026
10w ago
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Press Release
| $49.62 $53.34 | ▲ +7.50% | ▲ +3.63% | $66.31 (+33.64%) |
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Mar 6, 2026
13w ago
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Press Release
| $55.83 $51.54 | ▼ −7.68% | ▼ −6.33% | $66.31 (+18.77%) |
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