ArcelorMittal S.A.
Built from real-time financials, refreshed daily. For a full Analyst Grade with bull/bear case, price targets, and qualitative risk analysis, generate a MT research report →
Range $62 – $82
Price Chart
About the company
ArcelorMittal S. A. and its subsidiaries operate as a comprehensive, globally integrated steel production and mining enterprise, with operations spanning Europe, North and South America, Asia, and Africa.
- CEO
- Aditya Mittal
- IPO
- 1997
- Employees
- 125,554
- HQ
- Luxembourg City, LU, LU
AI snapshot
Six angles, distilled from the data.
The stock is in a recovery phase, still below its 50-day average but above the 200-day line, which keeps the longer-term trend constructive. It remains well under the 52-week high, so the setup is more of a rebound than a full breakout.
Street sentiment is constructive: consensus sits at Buy with a $73 target, above the current trading level. Recent action has been mostly reaffirmations and target raises, with only one notable downgrade, suggesting analysts still see upside but are not chasing the name aggressively.
Expect a mixed setup into the next report. The company has beaten in 4 of the last 7 quarters, but the most recent quarter missed by 24.6%, so shareholders should watch whether margins and pricing stabilize enough to support the 2026 EPS step-up to 4.28 from 2.81 in 2024.
No notable insider activity. With no recent transactions, there is no clear signal from management buying or selling to frame the near-term setup.
Profitability is modest but improving on the top line: revenue grew 5.2% year over year, while net margin is 2.88% and operating margin is 6.29%. Cash generation is strong, with $9.145 billion of free cash flow and an 18.83% FCF yield, though leverage remains meaningful with $7.934 billion of net debt.
ArcelorMittal’s scale and integrated mining footprint give it more diversification than many pure steel peers, but margins remain thin for the industry. At 18.17x earnings, it trades at a richer multiple than a typical cyclical steel name, so execution matters.
Similar companies
Peers in the same neighborhood.
- Market Cap
- $49.27B
- P/E
- 27.72
- Fwd P/E
- 15.12
- PEG
- -1.04
- P/S
- 0.79
- P/B
- 0.92
- EV/EBITDA
- 9.16
- Div Yield
- 1.05%
- Gross Margin
- 9.58%
- Op Margin
- 4.26%
- Net Margin
- 2.88%
- ROE
- 3.31%
- ROIC
- 3.02%
Latest fiscal year · YoY change
- Revenue
- $61.35B-1.7%
- Gross Profit
- $5.91B+2.0%
- Op Income
- $3.63B
- Net Income
- $3.15B+135.4%
- EPS
- $4.13+142.9%
- OCF Growth
- -0.9%
- FCF Growth
- +5.4%
- 52W High
- $79.68
- 52W Low
- $36.70
- 50D MA
- $72.41
- 200D MA
- $62.12
- Beta
- 1.74
- RSI (14)
- 29
- Avg Volume
- 1.46M
Earnings call summaries
Pick a quarter — each call distilled into takeaways, results, and a bull vs bear read.
ArcelorMittal said Q2 momentum improved across segments, with Europe showing early policy-driven recovery and management expecting higher shipments and profits in Q3.· July 30, 2026
- Q2 EBITDA improved to $2.1 billion, equal to $155 per ton, with Europe at $98 per ton, a three-year high.
- Management said Europe is seeing stronger orders, better pricing trends, and lower import pressure from TRQ, supporting a stable-to-higher Q3 shipment outlook.
- Underlying free cash flow in H1 annualized at $2.5 billion, excluding seasonal working capital and strategic growth capex.
- Strategic growth projects are expected to add $1.8 billion of incremental EBITDA from 2026 onward, with $700 million targeted in 2025/2026 and $300 million already captured in H1.
- The company reiterated a strong investment-grade balance sheet and continued shareholder returns through a growing base dividend and share buybacks.
Reported Q2 EBITDA was $2.1 billion, or $155 per ton, which management said was well above prior through-the-cycle averages. Europe delivered $98 EBITDA per ton, a three-year high, and Q3 shipments are guided to be stable to higher than Q2. Underlying free cash flow in the first half annualized at $2.5 billion, excluding seasonal working capital investments and strategic growth capex. Management said all steel segments should improve sequentially into Q3, with higher average selling prices expected and some offset from higher carbon costs as European production rises.
Genuino Christino framed the quarter as evidence of improving momentum across the business and said the operating environment strengthened through the first half. He emphasized that the recent policy backdrop in Europe is already helping, but that the full benefits of TRQ have not yet shown up in results. His tone was constructive and confident, centered on structural growth, regionalization of steel markets, and capital allocation discipline.
Christino highlighted record-low lost-time injury frequency over the first six months and said safety remains the top priority. Financially, he pointed to $2.1 billion of Q2 EBITDA, $155 per ton margins, and H1 underlying free cash flow annualizing at $2.5 billion, while noting that strategic growth projects are expected to contribute $1.8 billion of incremental EBITDA from 2026 onward. He also said $700 million of the 2025/2026 project contribution is expected this year, with $300 million already captured in H1 and another $400 million expected in H2.
Analysts focused heavily on Europe: order books, inventories, price direction, TRQ, and the impact of higher carbon costs. Management said inventories are not excessively high, imports should fall under TRQ, and the Q3 shipment guide reflects stronger customer engagement and market share gains rather than a big demand rebound. Questions on Section 232, a possible second EAF at Calvert, and North American tariff policy drew a response that ArcelorMittal is moving ahead with detailed engineering and supports greater regional policy alignment, while any policy savings remain uncertain.
The call suggested Europe may be entering an upside phase, with order books improving, prices not showing typical seasonal weakness, and furnaces being restarted as imports come under pressure. Management also pointed to multiple long-duration growth engines—India, Brazil, Calvert, Liberia, and sustainable solutions—that could lift earnings and returns over time.
Management acknowledged that Europe still lacks a real demand upturn, and higher production there will also raise carbon costs. The company also said it is still early to quantify some policy benefits, including any savings tied to a second EAF or future tariff changes, and that DRI in Europe is not yet part of the plan because conditions remain challenging.
AI summary of the company's earnings call · Paraphrased · Not investment advice
- Free Float
- 100.0%
- Shares Outstanding
- 761.10M
- Float Shares
- 760.97M
of shares held by institutions
328 13F filers
Congressional trading
Senate and House stock disclosures for MT, newest first.
Source: public STOCK Act disclosures. Filed weeks after the trade — a lagging signal, not a real-time one.
Top institutional holders
Largest 13F positions, with quarter-over-quarter change.
| Holder | Shares | Δ Quarter |
|---|---|---|
| Fmr LLC | 11.39M | ▲ 9.83M |
| Dimensional Fund Advisors LP | 3.25M | ▲ 20.87K |
| Maple Rock Capital Partners Inc. | 2.19M | ▲ 776.60K |
| Morgan Stanley | 1.50M | ▼ 503.84K |
| Blackrock, Inc. | 1.47M | ▲ 41.70K |
| Goldman Sachs Group Inc | 1.30M | ▼ 23.42K |
| Castle Hook Partners LP | 1.29M | ▲ 1.29M |
| Bank Of New York Mellon Corp | 942.04K | ▼ 162.36K |
| Connor, Clark & Lunn Investment Management Ltd. | 934.17K | ▲ 43.71K |
| American Century Companies Inc | 828.04K | ▲ 81.13K |
| Man Group PLC | 756.33K | ▲ 178.16K |
| Retirement Systems Of Alabama | 674.15K | 0 |
Held by 80 ETFs
Biggest fund positions in MT by dollar value.
Our MT coverage
Recent articles, reports, and earnings notes.

Trasteel Holding Is Going Public via SPAC — Here’s the Setup
Trasteel Holding, a global steel, metals, and energy trading and processing group, is going public through a merger with Sizzle Acquisition Corp. II (NYSE: SZZL). The deal is expected to close by the end of 2026 and list the combined company on Nasdaq under TSTL. The setup offers real operating scale, but shareholders should watch redemption risk, dilution, and whether the financing package fully comes together.

ArcelorMittal’s breakout has a real catalyst: Europe just changed the steel game
ArcelorMittal’s 7% jump looks tied to a real catalyst, not just another steel bounce. Europe’s new import regime started this week, tightening quotas and slapping a 50% duty above quota, which directly supports pricing for a major European producer like MT.
Want a deeper read on MT?
Generate a full analyst-grade report — bull/bear case, price targets, valuation depth, and a complete financial breakdown.
Travel + Leisure Co. Expands Eddie Bauer Adventure Club with New Trail Partner Network
gurufocus.com · Oct 2
ArcelorMittal unable to restart Ukraine plant after missile strikes
proactiveinvestors.com · Sep 25
ArcelorMittal announces that it is unable to safely and sustainably restart operations at ArcelorMittal Kryvyi Rih following multiple recent missile strikes
globenewswire.com · Sep 25
Two killed in missile strike on ArcelorMittal Ukraine plant, company says
reuters.com · Sep 14
ArcelorMittal Shares Surge 69% YTD: Can It Sustain the Rally?
zacks.com · Sep 10
4 Steel Producer Stocks to Watch Amid Industry Challenges
zacks.com · Sep 9
Here's Why You Should Hold Onto ArcelorMittal Stock for Now
zacks.com · Aug 31
ArcelorMittal: Regionalization Is Creating A Structurally Better Steel Company
seekingalpha.com · Aug 27
Headlines from third-party outlets — TickerSpark isn't affiliated with these sources.
AI analysis · Last refreshed October 2, 2026 · Live quote · Not investment advice