Latest results

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Quarterly results

Key figures for 1Q 2026

  • $2.1bn

    EBITDA

  • 13.4Mt

    Steel Shipments

  • $9.5bn

    Net Debt

Commenting, Aditya Mittal, ArcelorMittal Chief Executive Officer, said:

Today’s results, with second quarter EBITDA per tonne of $155, demonstrate the continued evolution of our business towards structurally higher levels of profitability. A key element is the improved outlook for our European business. The implementation of the new tariff rate quota alongside CBAM is creating a more balanced competitive environment. With Europe volumes in the third quarter projected to be stable to higher compared with the second quarter - counter to normal seasonal trends - and positive momentum across our other businesses, we anticipate higher shipments in both the third quarter and the second half of the year, with all segments expected to outperform first‑half volumes.

On safety, we are making encouraging progress. While there is more work to do, we are reporting a record low LTIF for the first half of the year, reflecting the growing impact of our safety transformation programme and the strong commitment of teams across the Group to create safer workplaces every day.

On 1st August, ArcelorMitttal will celebrate its 20th anniversary. Over the past two decades, we have expanded into some of the world’s most attractive steel and mining markets, including India and Southern United States, enhancing the quality of our earnings and increasing our exposure to long-term growth drivers. Our strategic growth initiatives are a key differentiator and position us to create value well beyond the current cycle. From 2026 onwards, this project portfolio is expected to add a collective US$1.8 billion of incremental EBITDA. These projects increase our exposure to long-term growth themes including electrification, renewable energy and grid infrastructure.

Our growing pipeline of future growth opportunities, strengthening contributions from our strategic JV portfolio, and focus on disciplined capital allocation – all backed by an investment grade balance sheet – mean ArcelorMittal is well positioned to deliver structurally higher quality earnings and continue to provide attractive shareholder returns over the long-term. With steel reaffirming its critical importance as a material that supports not only economic growth, but also the energy transition and AI led infrastructure build out, we look forward to further growth, innovation and digitalization in the next decade and beyond.

Aditya Mittal

CEO ArcelorMittal

2Q 2026 key highlights:

Safety focus: Protecting employee health and safety is a core Company value. The multi-year safety transformation continues to deliver measurable improvements, with LTIF rate of 0.60x in 2Q'26.

Delivering structurally improved margins: The Group’s results continue to demonstrate resilience; 2Q 2026 EBITDA of $2.1bn, which represents a margin of $155/t, significantly higher than historical per tonne averages, reflecting the benefits of strategic investments, optimized assets and diversified market exposures. Europe EBITDA per tonne improved by $28/t sequentially, with further upside expected as the benefits of the new TRQ trade tool are realized. Net income in 2Q 2026 was $0.7bn (basic EPS of $0.90/sh).

Financial strength: After returning $0.6bn to shareholders and net working capital investment, net debt increased modestly compared with the prior quarter to $9.5bn4. Liquidity7 remains robust at $10.4bn, and the Company’s free cash flow outlook for 2026 and beyond remains unchanged.

Strong underlying cash generation, supporting shareholder returns and growth investment: The business generated $0.5bn of underlying free cash flow in 1H 2026, after investing $0.8bn in strategic growth projects and excluding the seasonal $2.0bn working capital investment. Given the positive prospects for 2H 2026 profitability, healthy cash generation in 2H 2026 should support continued returns to shareholders and lower net debt.

Capital return policy is creating significant value for shareholders: During 1H 2026, the Company returned $0.7bn to shareholders ($0.2bn dividends and $0.5bn share buybacks). Following the partial monetization of its Vallourec stake, the proceeds of which have been allocated to share buybacks, shareholder returns in 2026 are expected to exceed the policy minimum (i.e. quarterly base dividend of $0.15/sh plus 50% of post-dividend FCF allocated to buybacks). The fully diluted share count has been reduced by 38% since September 20205.

Strategic focus:

Positive outlook across the near, medium and long term: ArcelorMittal is well positioned to deliver value-accretive growth, with robust shareholder returns, whilst maintaining a strong investment-grade balance sheet. Our medium and long-term growth prospects are underpinned by a unique portfolio of opportunities. Alongside the next phase of our growth in India, the world's fastest-growing major steel market, the Company is currently reviewing potential downstream expansions in Brazil (leveraging our low-cost assets and long slab position), and further capacity growth in Liberia (leveraging existing infrastructure). Electrical steels is a core growth focus globally, with projects underway in the US and Europe, and opportunities under development in other key regions. We also see significant opportunities to further expand our renewable energy portfolio, generating more resilient, non-cyclical earnings while enhancing the competitiveness and sustainability of our steel business. Renewables is a key pillar of the Sustainable Solutions segment which remains on track to double its EBITDA by 2028 (vs. 2023).

Europe business gathering momentum under a more balanced trade framework: The Company believes that CBAM, together with the TRQ trade tool implemented from July 1, 2026, can support higher domestic capacity utilization and restore profitability and returns on capital to healthy, sustainable levels. The introduction of comprehensive and more granular country-specific import quotas represents a meaningful improvement, while the introduction of 'Melt & Pour' requirements could further strengthen the integrity and effectiveness of the system. Activity levels have improved following the implementation of the TRQ measures, with stronger order books supporting capacity restarts across Europe. Consequently, European shipments are expected to be stable to slightly higher in 3Q 2026 versus 2Q 2026, compared with the typical high-single-digit seasonal decline. Furthermore, shipments in 2H 2026 are expected to exceed those in 1H 2026 across all segments.

Strategic growth projects support higher EBITDA and ROCE: The Company’s portfolio of organic growth projects and completed M&A is expected to increase EBITDA potential by approximately $1.8bn6 from 2026 and beyond, unchanged from previous guidance. 2026 capex guidance remains unchanged at $4.5bn-$5.0bn, including $1.7bn-$1.9bn of strategic capex.

Footnotes:

1. The financial information in this press release has been prepared consistently with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) and as adopted by the European Union. The interim financial information included in this announcement has also been prepared in accordance with IFRS applicable to interim periods, however this announcement does not contain sufficient information to constitute an interim financial report as defined in International Accounting Standard 34, “Interim Financial Reporting”. The numbers in this press release have not been audited. The financial information and certain other information presented in a number of tables in this press release have been rounded to the nearest whole number or the nearest decimal. Therefore, the sum of the numbers in a column may not conform exactly to the total figure given for that column. In addition, certain percentages presented in the tables in this press release reflect calculations based upon the underlying information prior to rounding and, accordingly, may not conform exactly to the percentages that would be derived if the relevant calculations were based upon the rounded numbers. Segment information presented in this press release is prior to inter-segment eliminations and certain adjustments made to operating results of the segments to reflect corporate costs, income from non-steel operations (e.g. logistics and shipping services) and the elimination of stock margins between the segments.

2. Impairment charges of $194 million in 2Q 2025 related to announced divestment of Zenica integrated steel plant and Prijedor iron ore mining business in Bosnia.

3. Exceptional gains of $1,162 million in 2Q 2025 includes a $1,742 million gain from acquiring Nippon Steel’s 50% stake in AM/NS Calvert (North America segment), partially offset mainly by final settlement of the purchase price of Votorantim's long business in Brazil ($0.4 billion). One-off tax charges for $0.2 billion relate to the reversal of a deferred tax asset and corresponding deferred tax expense which was partly offset by the positive tax impact relating to the Votorantim settlement (both of which are considered exceptional items for the calculation of adjusted net income).

4. See Appendix 4 for the reconciliation of adjusted net income and adjusted basic earnings per share; see appendix 3 for the reconciliation of gross debt to net debt.

5. September 2020 was the inception date of the ongoing share buyback programs. Following the completion of the first 10 million share buyback tranche during 2Q 2026, the Company launched a new tranche of share buy back up to 10 million shares.

6. The estimate of potential additional contribution to EBITDA is based on assumptions once ramped up to full capacity and assuming prices/spreads generally in line with the averages of 2015-2020. Other projects under development include two potential high-return investments in Brazil to expand higher-value steel capabilities i) the construction of a new high added value finishing line (cold rolling mill) and a continuous coating line at Tubarão facility, and ii) at ArcelorMittal Pecém which announced the approval of the first phase of a strategic project aimed at the developing of a new hot rolled coil production line at the site. We are advancing studies for a potential second 1.5Mt EAF at Calvert, which would expand domestic steelmaking capability at our world-class facility, enhance melt-and-pour capacity, and strengthen participation in the US steel market. The project would leverage existing infrastructure, established customer relationships and downstream assets, supporting attractive capital efficiency and value-added growth opportunities. Future growth optionality in India remains significant, with the announced 8.2Mtpa Andhra Pradesh greenfield project (assuming timely receipt of remaining regulatory approvals, including securing a long-term iron ore supply agreement with NMDC) and the potential expansion of Hazira to 24Mtpa (from 15Mtpa following completion of the current expansion) with detailed engineering underway, supporting a long-term pathway towards 40Mt of steelmaking capacity.

7. Liquidity at the end of June 30, 2026, of $10.4 billion consisted of cash and cash equivalents of $4.9 billion (including cash and cash equivalents held as part of assets held for sale) and $5.5 billion of available credit lines. On April 13, 2026, ArcelorMittal extended its $5.5 billion revolving credit facility. The maturity was extended by one year to May 29, 2031.

8. As of June 30, 2026, assets and liabilities held for sale are related to the ongoing disposal of a downstream long wire rod business in the Brazil segment. As of December 31, 2025, assets and liabilities held for sale related to the announced divestment of Tubular subsidiary.

9. The acquisition of Votorantim’s long steel business in Brazil in 2018 significantly strengthened ArcelorMittal’s market position, adding approximately 2Mt of annual production capacity, increasing market share, and unlocking cost efficiencies alongside substantial operational, logistics, and procurement synergies. As part of the original deal structure, Votorantim and ArcelorMittal retained certain put and call option rights. In March 2022, Votorantim exercised its put option, resulting in a valuation dispute that proceeded to arbitration in Brazil. Following hearings in October 2024, the parties reached a settlement in June 2025, under which ArcelorMittal Brasil will pay approximately $546 million over three years. Net of amounts previously provisioned, ArcelorMittal recorded a net amount of $0.4 billion in 2Q 2025 as an exceptional item. The first instalment of $0.2 billion was paid in 3Q 2025, and second paid in 2Q 2026, with 2 further annual payments of $0.1 billion due in 2027 and 2028.

10. In 1Q 2026, the existing Mineral Development Agreement (MDA) was extended to 2050, with a right to renew for a further 25 years. Under the terms of the agreement, ArcelorMittal paid $200 million to the Government of Liberia for certain rights it acquires per the agreement, namely the mining rights extension and reserved access to railroad capacity the Company is investing in (infrastructure is being expanded so it can transport up to 30Mt of iron ore annually). The Company is undertaking feasibility studies to increase iron ore production capacity beyond the 20Mtpa phase 2 currently in ramp-up.