'Momentum will continue': AlphaValue raises ArcelorMittal to 'add'

ArcelorMittal SA

09/02/2026 12:48

** AlphaValue upgrades Luxembourg-based steel producer ArcelorMittal MT.AS to "add" from "sell", citing a favourable outlook from new EU measures and company capex

** The broker notes new EU rules, like the Carbon Border Adjustment Mechanism (CBAM) and tariffs, will massively benefit the firm as nearly half of its revenue comes from the region

** Expansion projects in mining and new capacity in India and Brazil are expected to deliver an additional USD 1.6bn in EBITDA, a key profit metric, by FY28

** AlphaValue raises its price target by over 40% to EUR 61.1/shr, stating "we believe the momentum will continue to support the share price" despite a recent rally

** The upgrade is also supported by higher long-term earnings forecasts and revised EBITDA multiples for the group's divisions, with net debt expected to fall substantially - add the broker

** The shares have gained 29.9% YTD

** Out of 18 analysts that cover ArcelorMittal, 12 rate the stock "strong buy" or "buy"​ and six rate "hold" - LSEG data

 (Reporting by Clement Martinot)

 ((Clement.Martinot@thomsonreuters.com;))