Arcelormittal Stock Earnings Reports

ArcelorMittal reported improved operational and financial momentum in H1 2026 with safety performance at a record low for lost time injuries. Q2 EBITDA rose to $2.1 billion (c.$155/ton), with Europe delivering ~$98/ton (a three‑year high). Management highlighted early benefits from the EU TRQ trade tool (reduced imports, stronger order books, counterseasonal pricing) and announced restarts of furnaces in Spain, Poland and France; all European blast furnaces are planned running into August. They guide Q3 shipments to be stable to higher versus Q2 (counterseasonal) and expect sequential improvement across all steel segments. Underlying free cash flow in H1 annualized at ~$2.5 billion (ex-seasonal working capital and strategic growth CapEx). Strategic growth projects already funded are expected to add incremental EBITDA of $1.8 billion from 2026 onward, with optionality for further high-return projects across India, Brazil, the U.S. (Calvert EAF studies), and Liberia (mining ramp to 18 Mt guidance). Management emphasized a regionalized market structure and supportive policy moves (CBAM, TRQ, ETS changes) as structural tailwinds for higher sustainable profitability, while noting higher carbon costs as production ramps in Europe. Operational notes: Calvert's first EAF is ramping and expected to reach full capacity in H2; Liberia shipments delayed by heavy rains but on track to hit 18 Mt with ~10 Mt needed in H2; India continuing strong growth and capacity expansion plans. Capital allocation focus remains disciplined: invest in projects that exceed cost of capital, maintain investment-grade balance sheet, grow dividends and continue buybacks.