Arcelormittal S.a Stock Earnings Reports

Q1 2026 highlights: ArcelorMittal reported structurally stronger performance with first-quarter EBITDA of $131/tonne (up $15/tonne YoY and ~50% above historical average margins). Underlying free cash flow, excluding seasonal working capital and strategic growth CapEx, annualized at over $2 billion. Management expects Q2 to be stronger as recent price improvements flow through and volumes recover across Europe, North America and Brazil. Strategic capital allocation is focused on high-return projects—notably EAF conversions (Sestao, Gijón and the newly approved Dunkirk project)—with strategic projects now expected to add an incremental ~$1.8 billion of EBITDA from 2026 onward. Safety performance is improving via a multiyear transformation with analytics and AI support. Trade-policy developments (CBAM and a new European Tariff Rate Quota effective 1 July 2026) are viewed as meaningful tailwinds that regionalize markets, reduce unfair imports and should support European price/spread improvement and higher domestic shipments. Operational notes: iron ore (Liberia) production remains strong with a target of ~80 Mt shipments; India is largely hedged on gas exposure and seen as resilient; Calvert EAF is ramping and Mexico production is returning to full capacity in Q2. Ukraine was a drag in Q1 due to very high energy costs but energy has moderated and Q2 is expected to improve. Capital allocation: management expects to remain cash-generative for the year and to resume/continue shareholder returns under its policy (dividends and buybacks) once visibility on free cash improves; balance sheet remains investment grade.