MT · ArcelorMittal S.A.

ArcelorMittal reported first quarter 2026 results demonstrating resilience amid an unsettled macroeconomic backdrop. Consolidated sales increased 3.2% sequentially to $15.5 billion, driven by higher average steel prices. Operating income improved to $753 million from $327 million in Q4 2025, which had included $194 million of exceptional charges. EBITDA rose 5.4% to $1,679 million, with EBITDA per tonne improving to $131 from $123 in the prior quarter and $116 in the year-ago period, reflecting the benefits of strategic investments, asset optimization, and diversified market exposures. Net income attributable to equity holders was $575 million ($0.76 per share), compared to $177 million ($0.23 per share) in Q4 2025. Adjusted net income was $575 million, versus $654 million in the prior quarter which benefited from higher deferred tax benefits. The company experienced a typical seasonal working capital investment of $1.5 billion, leading to a free cash outflow of $1.3 billion and an increase in net debt to $9.3 billion from $7.9 billion at year-end 2025. Liquidity remained robust at $9.9 billion. Management highlighted the favorable structural reset in the European policy environment, including CBAM and the new tariff rate quota (TRQ) expected to reduce imports from July 1, 2026. CEO Aditya Mittal commented: 'Performance in the first quarter was resilient... profitability of $131/t EBITDA reflecting the benefits of our global diversified asset portfolio.' The company maintained its 2026 capex guidance of $4.5-$5.0 billion, including $1.7-$2.0 billion of strategic capex on high-return projects expected to add incremental $1.8 billion EBITDA. ArcelorMittal paid its first quarterly interim dividend of $0.15 per share in March 2026, part of a proposed annual dividend of $0.60 per share, and continues to target returning a minimum of 50% of post-dividend free cash flow to shareholders through buybacks.