ArcelorMittal (MT): Financial results for Q2 2026
ArcelorMittal (MT) furnished an SEC Form 6-K — earnings release. Exhibit 99.1 ArcelorMittal reports second quarter 2026 results Luxembourg, July 30, 2026 - ArcelorMittal (referred to as “ArcelorMittal” or the “Company” or the "Group") (MT (New York, Amsterdam, Paris, Luxembourg), MTS (Madrid)), the world’s leading integrated steel and mining c
How this was made
The 30-second read
Why it matters
The earnings beat and strong cash generation suggest near‑term price appreciation, while debt levels warrant monitoring.
Market read
The earnings release provides fresh material for traders to position in MT and related steel sector stocks.
What to watch
Rising net debt to $9.5bn could limit financial flexibility if market conditions deteriorate.
ArcelorMittal reports second quarter 2026 results
2Q 2026 EBITDA increased by 22.9% sequentially to $2,064 million as pricing and shipments improved across all steel segments, while net income rose to $683 million. Mining weakened on lower shipments and higher freight costs, and net debt increased to $9.5 billion amid working-capital investment, capex and shareholder returns.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Salesother | 16,761 USDm | 8.4% | – |
| Operating incomeother | 1,055 USDm | – | – |
| Operating marginother | 6.3 % | – | – |
| Income from associates, joint ventures and other investmentsother | 229 USDm | – | – |
| Net interest expenseother | 136 USDm | – | – |
| Foreign exchange and other net financing lossother | 286 USDm | – | – |
| Income tax expenseother | 175 USDm | – | – |
| Net income attributable to equity holders of the parentother | 683 USDm | – | – |
| Adjusted net income attributable to equity holders of the parentnon-GAAP | 683 USDm | – | – |
| Basic earnings per common shareother | $0.90 | – | – |
| Diluted earnings per common shareother | $0.89 | – | – |
| Adjusted basic EPSnon-GAAP | $0.90 | – | – |
| EBITDAnon-GAAP | 2,064 USDm | 22.9% | – |
| EBITDA marginnon-GAAP | 12.3 % | – | – |
| EBITDA per tonnenon-GAAP | 155 US$/t | – | – |
| Operating income per tonneother | 79 US$/t | – | – |
| Crude steel productionother | 14.3 Mt | – | – |
| Steel shipmentsother | 13.4 Mt | 4.1% | – |
| Total Group iron ore productionother | 13.5 Mt | – | – |
| Iron ore production (AMMC and Liberia only)other | 10.1 Mt | 3.5% | 22.0% |
| Iron ore shipment (AMMC and Liberia only)other | 9.4 Mt | – | – |
| Lost time injury frequency rateother | 0.60x | – | – |
| Net cash provided by operating activitiesother | 961 USDm | – | – |
| Purchase of property, plant and equipment and intangiblesother | (1,102) USDm | – | – |
| Free cash flownon-GAAP | (152) USDm | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| North AmericaHigher steel shipments (+7.9%) and higher average steel selling prices (+6.7%). | 3,671 USDm | 11.3% | – |
| BrazilHigher average steel selling prices (+8.0%) and increased steel shipments (+3.9%), primarily into the domestic market benefiting from lower import penetration. | 3,152 USDm | 12.2% | – |
| EuropeHigher average steel selling prices (+3.9%). EBITDA increased by 39.3% to $697 million, primarily reflecting a positive price-cost effect. | 7,797 USDm | 4.7% | – |
| Sustainable SolutionsImproved performance across all businesses, in particular the Building Solutions business. | 2,989 USDm | 13.9% | – |
| MiningLower iron ore shipments and higher freight costs. Shipment timing delays in Liberia and weather-related constraints at AMMC affected volumes. | 780 USDm | (15.0%) | – |
| AMNS IndiaHigher average steel selling prices. EBITDA increased by 31.5% to $257 million, primarily due to a positive price-cost effect. | 1,657 USDm | 2.4% | – |
2026 and beyond outlook
- NoteEuropean shipments are expected to be stable to slightly higher in 3Q 2026 versus 2Q 2026.
- NoteShipments in 2H 2026 are expected to exceed those in 1H 2026 across all segments.
- Note2026 capex guidance remains unchanged at $4.5bn-$5.0bn, including $1.7bn-$1.9bn of strategic capex.
- Note12M 2026 depreciation guidance remains unchanged at approximately $3.0 billion.
- Note12M 2026 net interest expense is expected to be approximately $550 million.
- NoteLiberia 2026 iron ore shipment guidance remains at 18Mt.
- NoteThe Company’s free cash flow outlook for 2026 and beyond remains unchanged.
- NoteThe portfolio of organic growth projects and completed M&A is expected to increase EBITDA potential by approximately $1.8bn from 2026 and beyond.
- NoteSustainable Solutions segment remains on track to double its EBITDA by 2028 (vs. 2023).
- NoteShareholder returns in 2026 are expected to exceed the policy minimum.
Capital returns
- During 1H 2026, the Company returned $0.7bn to shareholders ($0.2bn dividends and $0.5bn share buybacks).
- Dividends paid to ArcelorMittal shareholders were (114) USDm in 2Q 2026 and (228) USDm in 1H 2026.
- Share buyback was (483) USDm in 2Q 2026 and (483) USDm in 1H 2026.
- Following the completion of the first 10 million share buyback tranche during 2Q 2026, the Company launched a new tranche of share buy back up to 10 million shares.
- The fully diluted share count has been reduced by 38% since September 2020.
- The policy minimum is a quarterly base dividend of $0.15/sh plus 50% of post-dividend FCF allocated to buybacks.
What drove it
- Sales increased by 8.4% to $16.8 billion in 2Q 2026, primarily reflecting 4.4% higher average steel prices and a 4.1% increase in steel shipments.
- Average steel selling prices and steel shipments increased in all steel segments.
- EBITDA increased by 22.9% to $2,064 million, driven by improved performance across all steel segments.
- Europe EBITDA per tonne improved by $28/t sequentially.
- Europe benefited from a positive price-cost effect, while order books inflected positively following implementation of the TRQ from July 1, 2026.
- North America benefited from a positive price-cost effect and higher steel shipments after the full recovery of Mexico long operations.
- Brazil benefited from a positive price-cost effect, higher domestic shipments and a 4% appreciation of the Brazilian real.
- Income from associates, joint ventures and other investments increased to $229 million, primarily due to stronger AMNS India results.
Concerns
- 2Q 2026 operating income of 1,055 USDm was below 1,932 USDm in 2Q 2025, which included exceptional gains of 1,162 USDm.
- Net income attributable to equity holders of the parent of 683 USDm was below 1,793 USDm in 2Q 2025.
- Mining sales were 15.0% lower sequentially at $0.8 billion, while EBITDA decreased to $179 million from $299 million due to lower iron ore shipments and higher freight costs.
- Foreign exchange and other net financing charges amounted to $286 million in 2Q 2026, compared with $80 million in 1Q 2026.
- Net debt increased to $9.5 billion as of June 30, 2026 from $9.3 billion as of March 31, 2026 and $7.9 billion as of December 31, 2025.
- 1H 2026 free cash outflow was $1,493 million and included a working-capital investment of $1,981 million.
What to watch
- Whether European steel shipments are stable to slightly higher in 3Q 2026 versus 2Q 2026, rather than experiencing the typical high-single-digit seasonal decline.
- The impact of the July 1, 2026 TRQ trade tool and CBAM on European capacity utilization, orders, profitability and returns on capital.
- The expected increase in shipments in 2H 2026 versus 1H 2026 across all segments.
- Liberia concentrator ramp-up and delivery against 18Mt of 2026 iron ore shipment guidance.
- Cash generation after the seasonal working-capital investment, capital spending and shareholder returns.
- Execution of the $4.5bn-$5.0bn 2026 capex plan, including $1.7bn-$1.9bn of strategic capex.
- Delivery of approximately $1.8bn of EBITDA potential from organic growth projects and completed M&A from 2026 and beyond.
Balance sheet and cash flow
- Cash and cash equivalents were 4,898 USDm as of June 30, 2026, compared with 4,359 USDm as of March 31, 2026 and 5,476 USDm as of December 31, 2025.
- Gross debt was 14,421 USDm as of June 30, 2026, compared with 13,683 USDm as of March 31, 2026 and 13,410 USDm as of December 31, 2025.
- Net debt was 9,500 USDm as of June 30, 2026, compared with 9,311 USDm as of March 31, 2026 and 7,931 USDm as of December 31, 2025.
- Liquidity at the end of June 30, 2026 was $10.4 billion, consisting of cash and cash equivalents of $4.9 billion and $5.5 billion of available credit lines.
- Net cash provided by operating activities was 961 USDm in 2Q 2026 and 952 USDm in 1H 2026.
- Change in working capital was (457) USDm in 2Q 2026 and (1,981) USDm in 1H 2026.
- Free cash flow was (152) USDm in 2Q 2026 and (1,493) USDm in 1H 2026.
- Capex was 1,102 USDm in 2Q 2026 and 2,373 USDm in 1H 2026.
- Strategic growth projects totaled $0.4 billion in 2Q 2026 and $0.8 billion in 1H 2026.
- The average debt maturity was 7.6 years as of June 30, 2026.
Analysis
ArcelorMittal delivered a stronger second quarter sequentially. Sales increased by 8.4% to $16.8 billion, supported by 4.4% higher average steel prices and a 4.1% increase in steel shipments. EBITDA increased by 22.9% to $2,064 million and EBITDA per tonne rose to $155/t from $131/t in 1Q 2026. Operating income increased to $1,055 million from $753 million, while net income attributable to equity holders of the parent increased to $683 million from $575 million and basic EPS increased to $0.90 from $0.76.
Management, verbatim
Today’s results, with second quarter EBITDA per tonne of $155, demonstrate the continued evolution of our business towards structurally higher levels of profitability.
Aditya Mittal, ArcelorMittal Chief Executive Officer
With Europe volumes in the third quarter projected to be stable to higher compared with the second quarter - counter to normal seasonal trends - and positive momentum across our other businesses, we anticipate higher shipments in both the third quarter and the second half of the year, with all segments expected to outperform first‑half volumes.
Aditya Mittal, ArcelorMittal Chief Executive Officer
Not in the filing
stated, not guessed- Gross profit and gross margin were not reported.
- Operating expenses were not reported as a standalone line item.
- An effective tax rate was not reported.
- Revenue, gross margin, operating expense and tax-rate guidance were not reported.
- Prior guidance was not provided.
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
ArcelorMittal filed a Form 6‑K with its Q2 2026 results, the first public disclosure of these numbers.
Ticker impact
ArcelorMittal disclosed Q2 2026 earnings with $2.1bn EBITDA and $0.90 EPS, plus guidance on cash flow and share buybacks.
Potential short-term rally, with upside target of 5-7% over next week.
EBITDA per tonne at $155 exceeds historical levels; dividend and buyback guidance indicate continued shareholder returns.
Market effects
Improved steel margins may lift European steel sector and related mining stocks.
Positive outlook for Europe could support regional indices.
Large-cap steel producer earnings can influence commodity-linked funds worldwide.
Counterpoint
Higher EBITDA may be temporary if global steel demand softens later in the year.
Key entities
- companyArcelorMittal
World's leading integrated steel and mining company.
