ArcelorMittal reported first‑quarter 2026 results that included a net income of $575 million, a basic earnings per share of $0.76, and revenue of $15.46 billion. The company’s EBITDA per tonne rose to $131, up $15 from the same period a year earlier, while the loss‑injury‑frequency‑rate fell to 0.45 incidents per 1,000 hours worked. The company’s free‑cash‑flow outflow was $1.3 billion, but its liquidity—cash plus available credit lines—stood at $9.9 billion.
Revenue fell 4% to $15.46 billion, missing consensus estimates of $16.03–$16.22 billion. The shortfall was driven by weaker demand in the core steel segments and a modest decline in pricing, offset by a rebound in iron‑ore output in Liberia and a return to normalized operating levels in North America. Compared with the prior year, revenue was down 2.5%, while net income fell 28% to $575 million from $800 million in Q1 2025.
EPS of $0.76 beat analyst expectations of $0.65–$0.71, a beat of $0.05–$0.11. The upside was largely a result of disciplined cost management, a favorable product mix that increased the share of high‑margin segments, and the $131/mt EBITDA that reflected the benefits of a diversified asset portfolio and consistent strategy implementation. The company’s operating margin expanded to 9.9% from 9.6% in the prior year, driven by higher pricing power in the European market and improved operational leverage.
The company’s free‑cash‑flow outflow of $1.3 billion was largely attributable to a $1.5 billion seasonal working‑capital build and a $9.3 billion increase in net debt. Despite the outflow, the $9.9 billion liquidity cushion provides a buffer against short‑term market volatility and supports ongoing capital allocation plans.
Management highlighted the positive impact of new European trade policies—CBAM and the tariff‑rate quota—on the company’s outlook, and reiterated its commitment to strategic growth projects such as the Dunkirk electric arc furnace and expansions in Liberia and India. The company maintained its guidance for the remainder of the year, signaling confidence in improving pricing and volume conditions as the industry cycle moves into a more favorable phase.
Pre‑market trading showed a 3.9% rise in the company’s shares, driven by the EPS beat and the optimistic outlook, while investors remained cautious about the revenue miss and the short‑term cash strain from working‑capital needs.
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