ArcelorMittal's Q2 revenue rises on higher steel prices

ArcelorMittal SA

30/07/2026 06:11

Overview
Steel and mining company's Q2 revenue rose yr/yr on higher steel prices
Q2 EBITDA rose 11% yr/yr, reflecting improved margins from strategic investments
Net income dropped yr/yr due to higher FX losses and interest expense

Outlook
ArcelorMittal maintains 2026 capex guidance at $4.5bn-$5.0bn, including $1.7bn-$1.9bn strategic capex
Company expects European shipments in 3Q 2026 to be stable to slightly higher versus 2Q 2026
ArcelorMittal expects 2H 2026 shipments to exceed 1H 2026 levels across all segments

Result Drivers
HIGHER STEEL PRICES AND SHIPMENTS - Q2 sales and EBITDA growth were driven by higher average steel prices and increased steel shipments across all segments
EUROPEAN MARKET RECOVERY - Improved performance in Europe reflected higher prices, capacity restarts, and stronger order books following new trade measures
MIXED SEGMENTAL PERFORMANCE - Mining EBITDA fell due to lower iron ore shipments and higher freight costs, while joint ventures, especially in India, saw improved results from positive price-cost effects

Company press release: ID:nGNE2kZx0T

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
Q2 Sales
 
$16.76 bln
 
Q2 Net Income
 
$683 mln
 
Q2 EBITDA
 
$2.06 bln
 
Q2 Operating income
 
$1.06 bln
 

Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 10 "strong buy" or "buy", 7 "hold" and no "sell" or "strong sell"
Wall Street's median 12-month price target for ArcelorMittal SA is €61.00, about 5.6% above its July 29 closing price of €57.78
The stock recently traded at 11 times the next 12-month earnings vs. a P/E of 9 three months ago

Reuters Recommended Reads
July 29 - Canada's Algoma Steel Q2 revenue falls
July 27 - Nucor beats quarterly results on strong pricing, demand
July 28 - Kumba Iron Ore first-half profit drops 41%, targets more ex-China sales

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)