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.
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
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
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3284423 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 15, 2026 17d ago | 6-K | $73.30 $72.53 | ▼ −1.05% | ▼ −1.87% | $64.51 (−11.99%) |
Aug 17, 2026 6w ago | Press Release | $73.80 $72.64 | ▼ −1.57% | ▼ −0.38% | $64.51 (−12.59%) |
Aug 3, 2026 8w ago | 6-K | $71.83 $73.90 | ▲ +2.88% | ▲ +0.85% | $64.51 (−10.19%) |
Aug 3, 2026 8w ago | Press Release | $71.83 $73.90 | ▲ +2.88% | ▲ +0.85% | $64.51 (−10.19%) |
Jul 31, 2026 9w ago | Press Release | $70.14 $73.29 | ▲ +4.49% | ▲ +0.98% | $64.51 (−8.03%) |
Jul 30, 2026 9w ago | Press Release | $69.34 $73.22 | ▲ +5.60% | ▲ +1.97% | $64.51 (−6.97%) |
Jul 24, 2026 10w ago | 6-K | $66.88 $69.34 | ▲ +3.68% | ▲ +3.30% | $64.51 (−3.54%) |
Jul 24, 2026 10w ago | Press Release | $66.88 $69.34 | ▲ +3.68% | ▲ +3.30% | $64.51 (−3.54%) |
Jul 6, 2026 12w ago | 6-K | $65.35 $66.08 | ▲ +1.12% | ▲ +0.63% | $64.51 (−1.29%) |
Jun 30, 2026 13w ago | 6-K | $60.22 $65.35 | ▲ +8.52% | ▲ +7.91% | $64.51 (+7.12%) |
US Market Status
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