ArcelorMittal Q2 2026 Earnings Recap

The 5.1% stock gain reflects investor approval of ArcelorMittal’s better-than-expected near-term momentum, strengthened European segment margins, and optimistic third-quarter shipment guidance signaling resilience against typical seasonality.

Key Takeaways

• Q2 EBITDA rose to $2.1 billion, translating to a margin of $155 per ton, well above the company’s historical through-the-cycle averages.
• European segment posted EBITDA per ton of $98, the highest in three years, supported by improving policy conditions and stronger order books.
• Production restarts in Spain, Poland, and France, with all blast furnaces operational going into August, underpinning guidance for stable to higher third-quarter shipments.
• First half underlying free cash flow annualized at $2.5 billion, excluding seasonal working capital and strategic growth CapEx, supporting capital returns and investments.
• Strategic growth projects expected to add incremental EBITDA of $1.8 billion from 2026 onwards, with long-term demand drivers in electrification, renewables, and infrastructure sustaining optimism.