ArcelorMittal reported Q1 2026 revenue of $15.5 billion, a 3.2% increase compared to the previous quarter, driven primarily by higher average steel prices. Earnings per share (EPS) reached $0.76, a substantial rise from $0.23 in Q4 2025, supported by improved margins and a robust performance in the North America segment. EBITDA grew 5.4% sequentially to $1.68 billion, reflecting an EBITDA per ton of $131, up from $123 in the prior quarter. Despite these gains, steel shipments of 12.8 million metric tons were slightly down by 1.5% from the end of 2025 due to seasonal fluctuations.
Note: ArcelorMittal's FY'25 ended on December 31, 2025. Q1 FY'26 ended on March 31, 2026.
In February 2026, ArcelorMittal announced a gross 1.3 billion Euro investment in a 2 million ton Electric Arc Furnace (EAF) at its Dunkirk, France facility. This project is a cornerstone of the company's "disciplined decarbonization" strategy, aiming for a 2029 commissioning. The investment is significantly offset by government funding covering 50% of the cost and is supported by Europe's newly effective Carbon Border Adjustment Mechanism (CBAM), which levels the playing field against high-carbon imports.
Below are key drivers of ArcelorMittal's value that present opportunities for upside or downside to the current Trefis price estimate:
For additional details, select a division from the interactive Trefis split for ArcelorMittal at the top of the page.
ArcelorMittal is one of the world's leading integrated steel and mining companies, maintaining a massive global footprint across Europe, North and South America, and Asia. The company operates a vertically integrated model, sourcing a significant portion of its iron ore requirements from its own mines in Liberia, Canada, and Brazil, which provides a hedge against commodity price volatility. Its strategy centers on high-margin product differentiation—particularly for the automotive sector—and a transition toward low-carbon steelmaking technologies to comply with tightening global environmental regulations.
ArcelorMittal's value is anchored by its vertical integration and its dominant position in the European market which is currently benefiting from protective trade shifts.
The company's mining segment acts as a significant cost advantage and profit center. In 2025, Liberia achieved record iron ore shipments of 10 million tons, with a target to reach 20 million tons annual capacity. This internal supply chain protects steelmaking margins during periods of high raw material prices and ensures supply resilience.
ArcelorMittal maintains a leading market share in the global automotive steel market. Its ability to produce advanced high-strength steels and specialized electrical steels for electric vehicles creates a wide competitive moat, as these products require complex technical certifications and deep customer integration that commodity steel producers cannot easily replicate.
The implementation of the Carbon Border Adjustment Mechanism (CBAM) in January 2026 and new tariff rate quotas are fundamentally reshaping the European steel landscape. These measures impose carbon costs on imports, allowing ArcelorMittal to restart idled blast furnaces in France and Poland and restore domestic capacity utilization to healthier, more profitable levels.
There is a massive strategic shift toward "Green Steel." ArcelorMittal is pivoting from traditional blast furnaces to Direct Reduced Iron (DRI) and Electric Arc Furnaces (EAF). This trend is supported by significant state subsidies and a growing demand from corporate customers for low-embodied-carbon materials to meet their own ESG targets.
The company is maintaining a disciplined capital policy, proposing a 15% increase in the annual base dividend to $0.60 per share for 2026. Despite a rise in net debt to $9.3 billion due to seasonal working capital needs and strategic M&A, the company remains committed to returning at least 50% of post-dividend free cash flow to shareholders.
