ArcelorMittal SA (MEX:MT)

Q2 2026 ArcelorMittal SA Earnings Call Transcript

Jul 30, 2026 / 02:00 PM GMT

Transcript

Key Points

Positve

ArcelorMittal SA (MT) reported a strong Q2 2026 EBITDA of $2.1 billion, with a margin of $155 per ton, well above previous cycle averages.
The European segment achieved a three-year high EBITDA per ton of $98, driven by early benefits from improved policy backdrops like the new TRQ trade tool.
The company guided for Q3 2026 shipments to be stable to higher than Q2, a counter-seasonal outcome, supported by a stronger order book and higher customer engagement.
Underlying free cash flow in the first half of 2026 annualized at $2.5 billion, excluding seasonal working capital and strategic growth capex, providing a strong foundation for investments and shareholder returns.
ArcelorMittal SA (MT) has a differentiated portfolio of strategic growth projects expected to contribute $1.8 billion in incremental EBITDA from 2026 onwards, with unique exposure to high-growth markets like India and downstream opportunities in Brazil and the US.

Negative

The positive European results do not yet fully reflect the benefits of the new TRQ trade tool, with imports still elevated in Q2 2026, indicating potential lag in margin improvement.
Increasing production in Europe will lead to higher carbon costs, which could partially offset the benefits of fixed cost absorption from restarting blast furnaces.
The company noted that real demand in Europe remains stable rather than growing, and the improved outlook is primarily driven by reduced imports rather than organic demand recovery.
Decarbonization plans in Europe, such as DRI projects, remain economically unviable due to high gas and hydrogen prices, limiting near-term green investment opportunities.
The mining segment faced shipment delays in Liberia due to a heavy rainy season, requiring a catch-up in Q3 2026 to meet the full-year guidance of 18 million tons.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

MT.AS - ArcelorMittal SA
Q2 2026 ArcelorMittal SA Earnings Call
Jul 30, 2026 / 02:00PM GMT

=====================
Presentation
--------------------------------------------------------------------------------
Unidentified_1 [1]
--------------------------------------------------------------------------------
Good afternoon, everyone.

This is Daniel Fairclough from the ArcelorMittal Investor relations team, thank you for joining this call today to discuss our performance and progress in the second quarter and first half of 2026.

Leading today's call will be our group CFO, Mr.

Gina Cristina.

Before we begin, I would like to

Mention a few housekeeping items as usual, we will not be going through the results presentation, which was published this morning on our website, however, I do want to draw your attention to the disclaimers on slide 21 of that presentation.

And following opening remarks from Jim, we know, we will be moving directly to the Q&A session.

If you'd like to ask a

Already have an account? Log in

Get the full story

Subscribe Now

	Access to All Earning Calls and Stock Analysis
	30-Year Financial on one screen
	All-in-one Stock Screener with unlimited filters
	Customizable Stock Dashboard
	Real Time Insider Trading Transactions
	8,000+ Institutional investors’ 13F holdings
	Powerful Excel Add-in and Google sheets Add-on
	All data downloadable
	Quick customer support
	And much more...

7-Day Free Trial · Cancel Anytime

Subscription fee may be tax deductible.

Excellent

4.6 out of 5

Trustpilot

Research Tools

All-In-One Screener Stock Ideas Stock List Guru List Guru Real-Time Picks Insider List Insider Trades Economic Indicators Sector & Industry Performance DCF Calculator Calculators Discussion Board

Product

Pricing Plans Excel Add-In Google Sheets Add-on Data API Stock Comparison Table Manual of Stocks Instant Alerts Mobile App Newsletters Signup 中文

Education

Financial Glossary Tutorials FAQ Buffett Indicator Shiller P/E Yield Curve Today U.S. Inflation Rate Global Market Valuation Fed Net Liquidity Buffett Assets Allocation

Company

About GuruFocus Career Contact Us Advertise Term of Use Privacy Policy Referral Program Partner Program

Survey

We'd love to learn more about your experiences on GuruFocus.com and how we can improve!

Take Survey

Disclaimers

GuruFocus.com is not operated by a broker or a dealer. Under no circumstances does any information posted on GuruFocus.com represent a recommendation to buy or sell a security. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute investment advice or recommendations. The individuals or entities selected as "gurus" may buy and sell securities before and after any particular article and report and information herein is published, with respect to the securities discussed in any article and report posted herein. Gurus may be added or dropped from the GuruFocus site at any time. In no event shall GuruFocus.com be liable to any member, guest or third party for any damages of any kind arising out of the use of any content or other material published or available on GuruFocus.com, or relating to the use of, or inability to use, GuruFocus.com or any content, including, without limitation, any investment losses, lost profits, lost opportunity, special, incidental, indirect, consequential or punitive damages. Past performance is a poor indicator of future performance. The information on this site, and in its related newsletters, is not intended to be, nor does it constitute investment advice or recommendations. The information on this site is in no way guaranteed for completeness, accuracy or in any other way. The gurus listed in this website are not affiliated with GuruFocus.com, LLC. Stock quotes are provided by QuoteMedia, Inc. (CSI). Company fundamental data is provided by Morningstar. Analyst estimates data is sourced from both Refinitiv and Morningstar, with priority given to Refinitiv data. Data is updated daily.