MT

National Steel SID reported a loss of 12 cents per share in the second quarter of 2026, missing the Zacks Consensus Estimate of breakeven. The company posted a loss of 2 cents in the year-ago quarter. Higher financial expenses tied to exchange-rate variation outweighed stronger operating performance. National Steel delivered solid top-line growth in the second quarter of 2026, benefiting from stronger commercial activity across its businesses and improving market conditions in the steel segment.Net revenues increased 5.7% year over year to R$11.31 billion ($2.237 billion). Domestic-market net revenues rose 14.7% year over year to R$6.22 billion ($1.19 billion), while foreign-market revenues declined 1.9% to R$5.09 billion ($0.98 billion). National Steel Company price-consensus-eps-surprise-chart | National Steel Company Quote Cost of goods sold increased 5.1% year over year to R$8.38 billion ($1.61 billion) as higher sales volumes and raw-material costs weighed on expenses. Gross profit increased 7.5% to R$2.93 billion ($0.56 billion), while the gross margin improved to 25.9% from 25.5%.Selling, general and administrative expenses increased 8% year over year to R$1.64 billion ($0.31 billion), reflecting higher freight expenses and the recovery in steel sales. National Steel posted a net loss of R$773.1 million ($148 million) in the second quarter of 2026. Adjusted EBITDA, however, increased 4.9% year over year to R$2.77 billion, while the adjusted EBITDA margin was 23.4% compared with 23.5%. Steel: The segment’s revenues totaled R$6.08 billion ($1.17 billion), up 12.7% year over year. Steel sales were 1,182 thousand tons, up 16.7% from 1,013 thousand tons in the second quarter of 2025. Adjusted EBITDA rose 9.5% year over year to R$636.3 million ($122.84 million).Mining: The segment’s adjusted net revenues totaled R$2.90 billion ($0.56 billion), down 14.9% year over year. Iron ore sales were 11,849 thousand tons, up 0.1% from 11,833 thousand tons in the prior-year quarter. Adjusted EBITDA fell 24% year over year to R$929.7 million ($179.48 million).Logistics: The segment’s net revenues were R$1.21 billion ($0.23 billion), up 3.1% year over year. Improved rail and multi-modal logistics performance supported the segment’s results. Adjusted EBITDA increased 5.6% to R$548.2 million ($105 million).Energy: The segment’s revenues surged 94.5% year over year to R$395.5 million ($76.35 million), aided by the retroactive recognition of revenues related to the Jacuí Hydroelectric Power Plant. Adjusted EBITDA increased 173% to R$246 million ($47.5 million).Cement: The segment’s revenues increased 14.3% year over year to R$1.39 billion ($0.27 billion), driven by price adjustments and resilient demand. Adjusted EBITDA jumped 45.5% year over year to a record R$426.9 million ($82.41 million). The free cash flow turned positive at R$808.1 million ($154 million), helped by working-capital release and funding transactions.Adjusted net debt as of June 30, 2026, was R$42.14 billion ($8.08 billion), with leverage at 3.49X compared with 3.36X in the prior quarter. Cash and cash equivalents totaled R$15.4 billion ($2.95 billion). National Steel’s shares have lost 32.4% in the past year against the industry’s 81.6% growth. Image Source: Zacks Investment Research SID currently carries a Zacks Rank #5 (Strong Sell).You can see the complete list of today's Zacks #1 Rank stocks here. Nucor Corporation NUE reported adjusted earnings of $4.84 per share for the second quarter of 2026. The figure beat the Zacks Consensus Estimate of $4.57. On a reported basis, earnings were $5.04 per share, up from $2.60 in the year-ago quarter. Nucor recorded revenues of $10.4 billion, up 23% year over year. The figure beat the Zacks Consensus Estimate of $10.06 billion. ArcelorMittal S.A. MT recorded second-quarter 2026 earnings of 89 cents per share. This compares unfavorably with $2.34 per share in the year-ago quarter. Earnings missed the Zacks Consensus Estimate of $1.18. ArcelorMittal revenues increased around 5% year over year to $16.76 billion in the quarter. The figure missed the consensus estimate of $16.82 billion. Commercial Metals Company CMC reported adjusted earnings per share of $1.73 in third-quarter fiscal 2026 (ended May 31, 2026), beating the Zacks Consensus Estimate of $1.60 by 8.1%. The bottom line surged 147.1% from 70 cents in the year-ago quarter. Commercial Metals’ revenues in the reported quarter were $2.48 billion compared with $2.02 billion in the year-ago quarter. The reported figure beat the Zacks Consensus Estimate of $2.37 billion. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report National Steel Company (SID) : Free Stock Analysis Report ArcelorMittal (MT) : Free Stock Analysis Report Nucor Corporation (NUE) : Free Stock Analysis Report Commercial Metals Company (CMC) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

ArcelorMittal S.A. MT recorded second-quarter 2026 net income of $0.683 billion or 89 cents per share. This compares unfavorably with net income of $1.793 billion or $2.34 per share in the year-ago quarter. Earnings missed the Zacks Consensus Estimate of $1.18. Total sales increased around 5% year over year to $16.76 billion in the quarter. The figure missed the consensus estimate of $16.82 billion. Total steel shipments declined around 3% year over year to 13.4 million metric tons in the reported quarter. ArcelorMittal price-consensus-eps-surprise-chart | ArcelorMittal Quote North America: Sales increased 18% year over year to $3.67 billion in the reported quarter. The figure surpassed the consensus estimate of $3.56 billion. Crude steel production rose 8% year over year to 2.2 million metric tons. Steel shipments increased 12% year over year to 2.83 million metric tons, surpassing the consensus estimate of 2.68 million metric tons. The average steel selling price increased 16% year over year to $1,161 per ton. Brazil: Sales rose 12% year over year to $3.15 billion, surpassing the consensus estimate of $2.98 billion. Crude steel production increased 5% year over year to 3.71 million metric tons. Steel shipments increased 2% year over year to 3.57 million metric tons, exceeding the consensus estimate of 3.52 million metric tons by 1.4%. The average steel selling price increased 7% year over year to $798 per ton. Europe: Sales increased 2% year over year to $7.79 billion. The figure missed the consensus estimate of $8 billion. Crude steel production was broadly flat year over year at 7.55 million metric tons. Steel shipments declined 2% year over year to 7.14 million metric tons, missing the consensus estimate of 7.44 million metric tons. The average steel selling price increased  4% year over year to $967 per ton. Mining: Sales declined 9% year over year to $0.78 billion, missing the consensus estimate of $0.893 billion. Iron ore production increased 22% year over year to 10.1 million metric tons, driven by improved performance in Liberia and the continued ramp-up of the concentrator. Iron ore shipments declined 5% year over year to 9.4 million metric tons. Shipments were affected by heavy rainfall in Liberia and weather-related constraints at port operations in Canada. At the end of the reported quarter, cash and cash equivalents were $4.9 billion compared with $4.36 billion at the end of the prior quarter. Long-term debt, excluding the current portion, was $11.73 billion compared with $ 10.94 billion as of March 31, 2026. The company’s net debt was $9.5 billion at the end of the second quarter. Net cash provided by operating activities was $0.96 billion compared with $1.42 billion in the year-ago quarter. Capital expenditures totaled $1.10 billion. Free cash outflow was $0.15 billion compared with free cash flow of $0.51 million in the prior-year quarter. ArcelorMittal expects shipments in the second half of 2026 to exceed first-half levels across all segments. European steel shipments are projected to be stable to slightly higher sequentially in the third quarter, contrasting with the typical high-single-digit seasonal decline. Per MT, the implementation of the new tariff rate quota mechanism, together with the Carbon Border Adjustment Mechanism, is expected to support higher domestic capacity utilization and improve profitability in Europe. Stronger order books are also supporting the restart of production capacity across the region. ArcelorMittal maintained its 2026 capital expenditure guidance of $4.5-$5 billion, including $1.7-$1.9 billion of strategic capex. Its portfolio of organic growth projects and completed acquisitions is expected to increase EBITDA potential by approximately $1.8 billion from 2026 and beyond. The company maintained its 2026 depreciation guidance at approximately $3 billion and expects net interest expenses of around $550 million. Liberia’s 2026 iron ore shipment guidance remains at 18 million metric tons, supported by the continued ramp-up of the concentrator. ArcelorMittal’s shares have gained 137.5% in the past year compared with the industry's 86.1% rise. Image Source: Zacks Investment Research MT currently carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the Basic Materials space are Avient Corporation AVNT, Neo Performance Materials Inc. NOPMF and Skeena Resources Limited SKE. Avient is scheduled to report second-quarter results on Aug. 6. The Zacks Consensus Estimate for AVNT’s second-quarter earnings is pegged at 89 cents per share. It carries a Zacks Rank #2 (Buy) at present. NOPMF is slated to report second-quarter results on Aug. 11. The Zacks Consensus Estimate for earnings is pegged at 5 cents per share. NOPMF has a Zacks Rank #1 (Strong Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here. Skeena Resourcesbis expected to report second-quarter results on Aug. 13. The Zacks Consensus Estimate for SKE’s second-quarter loss is pegged at 11 cents per share. It currently carries a Zacks Rank #2. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report ArcelorMittal (MT) : Free Stock Analysis Report Avient Corporation (AVNT) : Free Stock Analysis Report Skeena Resources Limited (SKE) : Free Stock Analysis Report Neo Performance Materials Inc. (NOPMF) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Image source: The Motley Fool. Thursday, July 30, 2026 at 11:00 a.m. ET Group Chief Financial Officer - Genuino Christino Investor Relations - Daniel Fairclough Daniel Fairclough: 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. Genuino Christino. 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. Following opening remarks from Genuino, we will be moving directly to the Q&A session. If you'd like to ask a question, please do press star one on your keypad to join the queue. With that, I'll hand over the call to Genuino. Genuino Christino: Thanks, Daniel. Welcome everyone, and thanks for joining today's call. As usual, I will keep my remarks brief. Let me start with safety, which remains our highest priority. ArcelorMittal Safety Transformation continues to deliver measurable progress. The frequency rate of lost time injuries in the first six months of the year was a record low for our company. While we are encouraged by these improvements, we remain firmly focused on driving further progress. Turning now to the business, I would like to focus on three key points. First, we are seeing positive near-term momentum across the business. The operating environment has improved through the first half of the year, driving improved results, and with positive momentum across all segments. There is more improvement to come. EBITDA for the second quarter improved to $2.1 billion. This represents a margin of $155 per ton, which is well above our previous through-the-cycle averages. Our European segment delivered an EBITDA per ton of $98, which is a three-years high, and demonstrates the early signs of the improved policy backdrop. Importantly, these results do not yet reflect the benefits of the new TRQ trade tool, which are becoming increasingly evident. Customer engagement is higher, our order book is getting stronger, and prices are bucking the normal seasonal trends. Reflecting these positive dynamics, we have announced production restarts in Spain, Poland and more recently France. As we head into August, we have our full suite of blast furnaces in operation. As a result, we are guiding to third quarter shipments to be stable to higher than the second quarter, which would represent a powerful counterseasonal outcome. Underlying free cash flow in the first half was strong, annualizing at $2.5 billion, excluding seasonal working capital investments and the strategic growth CapEx. This is a strong outcome at this stage of the cycle and provides the foundation for continued investments and returns of capital to shareholders. This brings me to my second point, our differentiated portfolio of strategic growth projects and the opportunities that we are developing into growth options. The medium- and long-term outlook for our business is supported by a number of powerful megatrends. Steel remains a critical enabler of electrification, renewable energy, and data center infrastructure. At the same time, growing investment in infrastructure and defense is supporting steel demand across many of our core markets. India is expected to remain one of the fastest-growing major steel markets in the world, with demand expected to approximately double over the next decade. ArcelorMittal has the products, people, capabilities, and geographical footprint to capture the opportunities these long-term trends create. For several years now, we have been consistently funding our strategic growth projects. These high-return projects are expected to contribute new incremental EBITDA of $1.8 billion from 2026 onwards, providing a clear pathway to structurally higher earnings and returns through the cycle. What differentiates ArcelorMittal is not only the quality of our growth opportunities, but also the breadth of future options available to us. We have unique exposure to India, where we have a long-term plan to grow capacity to 40 million tons per annum. In Brazil, we are evaluating downstream growth opportunities that leverage our low-cost asset base and long slab position to create higher value products. In the U.S., we are advancing studies for potential second EAF at Calvert, building on the successful execution of the first EAF. In Liberia, our extensive resource base and established infrastructure provide further capital-efficient growth optionality. As with our capital allocation decisions, growth investments must compete for capital and ensure that we are on course to deliver increasing returns on capital employed. My final point is that we have all the elements in place to continue creating shareholders value. The steel industry continues to evolve. Markets are becoming increasingly regionalized, supported by trade measures that promote domestic production. This aligns strongly with ArcelorMittal's business model of local production to serve local demand. We believe this regionalization trend should support higher sustainable profitability and returns across the cycle. At the same time, supporting policy momentum, the earnings contribution from our strategic growth projects, the future growth options that we are developing, and our exposure to powerful long-term demand trends are key drivers of higher earnings, returns on capital and free cash flow over time. Achieving our cost of capital is not a goal, but a minimum expectation for our business. We are allocating capital to projects that can generate returns well in excess of our cost of capital. The value we create for shareholders is then amplified via our consistent capital return policy, progressively growing the base dividend as earnings power of the business grows and consistent share buybacks. As I conclude, the message is simple. I would like everyone to take away three key points from today's call. First, we are seeing positive momentum across the business. Our results are improving, market conditions are strengthening, and the benefits of the recent policy change support the outlook. Second, we have a differentiated portfolio of strategic growth opportunities together with future growth options that provides a clear pathway to structurally higher earnings and returns through the cycle. Third, we clearly have the right elements in place to create a long-term shareholder value. We are focused on improving returns on capital, value creating organic growth, maintaining a strong investment grade balance sheet, and delivering strong shareholder returns. With that, Daniel, I believe we can go to our Q&A. Daniel Fairclough: Thank you, Gino. We have a queue of questions in front of us, and the first one we will take from Alain at Morgan Stanley. Hi, Alain. Alain Gabriel: Thank you for taking my question. Hi, Gino. A couple of questions from my side. First, on Europe, can you talk a bit more about your outlook for that division? You've announced the restart of Fos-sur-Mer. Your order books appear to inflect. How should we expect your pricing dynamic to evolve into Q3 and Q4 after taking into account the lags, and should we expect any incremental ramp-up costs that can hold your margins back for Europe? That's my first question. Thanks. Genuino Christino: Yeah. Thank you, Alain. First of all, I think what we are seeing in Europe, it's all very positive, right? If you look at our guidance for quarter three in terms of shipments being higher or flat to slightly higher than the second quarter, as you know, that's not the usual trend. That speaks for what we are seeing in terms of the order book. We are booking right now already for quarter four. It's all playing out very, very well, I would say, and that's the reason why we have brought back the furnaces, so we have three furnaces running. We will be running, actually, all of our furnaces in Europe from quarter three onwards. We are also seeing, which is also not what you would typically expect just before the summer breaks in Europe, right? Typically, at this point of the year, you would see prices kind of drifting a little bit lower, and that's not what you see, right? Of course, I'm not going to comment on evolution of prices from here, but looking at the indexes right now, they are moving in the right direction. That's very good to see. Import should be lower as a result of TRQ. I would expect the company to continue to now regain market share from imports, as we talked before. When we think about the margins of the production that we're going to be bringing back, I think the message is same, Alain, that we talked about before. As you know, as we bring back this capacity, we benefit from the fixed cost absorption, right? We don't really expect to be adding much in terms of fixed costs as we bring back the capacity. At the same time, you're going to have more carbon costs, right? You need to balance that. Overall, our expectation is that these tons should be even more profitable than what we have today. Alain Gabriel: Thank you. That's very clear. The second question is around Section 232, which is in two parts. Firstly, the U.S. may roll out an on-shoring investment plan for aluminum, where companies become eligible to import aluminum at a reduced tariff if they are building new capacity in the U.S. Are you having similar conversations with policymakers in the U.S. to improve the economics of a potential second EAF at Calvert? That's one. Sticking with Section 232, there are talks about Mexico potentially adopting a Section 232 style tariff framework as part of a revamped USMCA. Essentially, this would push Section 232 to the Mexican border. How would this setup impact your Mexican business if it were to happen? Thank you. Genuino Christino: Daniel, do you want to take this one? Daniel Fairclough: Yes. Thanks, Genuino. Thanks, Alain, for the question. I think starting obviously with North America, Section 232, interesting development with aluminum that you noted. Obviously, in the past couple of quarters, this subject has come up in our results conference calls. I think just to take a step back, I think it's clear that ArcelorMittal is very committed to our franchise in the U.S. and North America more broadly. We have a record of innovation. We have our global R&D resources. We have our leading customer service in terms of quality and delivery. We really have a tremendous amount to offer our customers in the U.S. The U.S. policy objective, I think, is very much around encouraging domestic melt and pour capacity. That's very much aligned with the investments that we have already been making at Calvert. Genuino talked about the EAF at Calvert in his opening remarks. The first EAF, the existing project, that continues to ramp up very well. We expect full capacity to be achieved later in this second half of the year. To remind everybody, that's a state-of-the-art facility, first of its kind, capable of producing the most demanding exposed automotive grades. Similarly, our new electrical steels project at Calvert, that's going to be producing the most sophisticated non-grain-oriented steels, and that's progressing very much to plan. The second EAF, it's a very strong project. It would further increase our domestic U.S. melt and pour capacity. It would make Calvert less dependent on imported sources of slab. It's very consistent with that overall U.S. policy objective of producing steel domestically and having those robust supply chains. Any potential savings from the policy would, I think, ultimately be determined by the Department of Commerce. Consideration would be given to the resources that are committed, the national security benefits of any commitment, and the commercially reasonable time period necessary to complete the project. None of that we can answer at this stage. I think what I can say at this stage is, and just referencing the opening remarks in the presentation, is that we are moving forward with the detailed engineering for the second EAF. We're incorporating the lessons learned from the first EAF project to optimize this. As and when we've got any updates, we will share those with you in due course. Then just on your second question, I think it almost answers itself. I think first of all, we have a strong business in North America. We're focused on producing locally for local demand. I think we've long advocated for a greater policy alignment between the countries of the USMCA and very much broadening out the Section 232 border to the whole region and really creating this steel fortress North America. Mexico continues to have relatively high import penetration compared to many of the other markets. Further improvements really are needed. I think obviously we can't confirm any of what you talked about in your question, but any move in that direction, we would be encouraging. We're really advocating for a greater regional alignment, helping to reduce tariff related costs across the North American business. Let's see what happens, but any progress there would clearly be a positive for our North American business. Alain Gabriel: Thank you. Daniel Fairclough: Great. I think we'll move to the next question, which we'll take from Ephrem at Citigroup. Hi, Ephrem. Ephrem Ravi: Hi. Two questions. Firstly, can you talk about the level of inventories you're seeing in Europe? The messaging from the steel industry was that if TRQ came on, the slightly higher level of inventories carried over from last year will mean volumes will not pick up immediately. Your guidance for 3Q suggests otherwise, with much better seasonal shipments in the third quarter. Is the inventory levels now significantly lower to enable that shipment increase? Secondly, both related, do the extension of free allowances to 2038 by the EU tweak any of your investment or decarbonization plans in Europe? Given the blast furnaces that you are bringing back on right now, do you have enough carbon allowances for it, or is it something that you will have to buy from the market? Thank you. Genuino Christino: Okay, thanks Ephrem. Let me take your first question, and then you will comment on the ETS and the carbon cost. Inventories in Europe, Ephrem, I think what we saw during the quarter was pretty much what we were anticipating and we discussed during our first quarter. Imports were still elevated in the second quarter. However, when you look at on a half-year against half-year of last year, you see that it's relatively stable. As we also talked about in quarter one, we don't really see that inventories are so excessive in Europe. You can see that in our guidance. Perhaps that's because we are also more exposed to south, through France and Spain. As we know, that's the region that is going to be also replacing most of the imports, so a large part of the imports. When we look at our order books and we look how the engagement from customers, it's all developing nicely, I would say. We talked also about how prices are evolving, which typically when you have high inventories, you would not see that happening. That give us confidence to provide this guidance, and we feel good about it. Daniel, do you want to talk about carbon? Daniel Fairclough: Yeah, sure. On the topic of ETS, I think just to take a step back, first of all, I think it's clear that the Commission is now really finally recognizing the challenges facing industry in Europe and really taking concrete actions to support it. For steel, we've seen the new carbon border, the CBAM, that's been in place since the 1st of January. The new TRQ trade tool has been in place since the beginning of this month. These are very important developments, which are really reshaping the outlook for the steel industry in Europe. The ETS review, that's another important component of this. The current proposals really do represent a step in the right direction. It reflects this ongoing recognition and that decarbonization objectives do need to be balanced with industrial competitiveness. We see a number of positive elements, including the extension of the free allocation phase-out, the changes to the ETS cap that improve long-term availability of allowances, and greater support for industrial decarbonization through things like the Industrial Decarbonisation Bank. Our key concern does remain aligning rising carbon costs with the conditions needed for decarbonization at scale. We're going to continue to engage constructively on a framework that supports both decarbonization and maintains industrial competitiveness. Then on your last point, just in terms of incremental carbon costs, I think Genuino referenced it in his earlier remark. I think it's something that we mentioned on the call last quarter as well. As we increase our production in Europe, you should anticipate that this will increase our carbon costs in Europe. That's something that you need to be balancing in your projections. Genuino was very clear in saying that this will be more than outweighed by the operating leverage, the fixed cost absorption. Those new tons that we're bringing on are being incrementally more profitable than what we've just posted today. Ephrem Ravi: Thank you. Daniel Fairclough: Great. Thanks, Ephrem. With that, we will move to the next question, which we will take from Reinhardt at Bank of America. Hi, Reinhardt. Reinhardt Van Der Walt: Hi there, Genuino and Daniel. Thanks for taking my question. First, I just want to ask about your slab network in the Western Hemisphere. To what extent do you have spare capacity in Brazil, and especially now with the Calvert EAF ramping up, how much capacity you think you have to be able to divert into Europe if the market maybe needs some extra tons? Genuino Christino: Hi, Reinhardt. Look, we are running our facilities in Brazil today at full capacity. The flat business is running. All the furnaces are running. Of course, we have plenty of optionality to divert volumes, where we see the opportunities. Of course, the group will always have priority. As you know, we have high quality slabs coming not only from the same 3 million tons of slabs, we have also Tubarão also producing slabs. We have something that I think is unique to ArcelorMittal, and we talked about it in the past that we will see finally what happens and the ability of other mills in Europe to take their market share of the lower imports. ArcelorMittal remain well-positioned here, if necessary, to bring slabs. We have more downstream capacity that we can utilize if we see that opportunity. Yeah. The group is, I would say, in a unique position here to capitalize on its footprint. Reinhardt Van Der Walt: That's very clear. Thank you, Janino. Maybe just a question on your order book comments into 3Q. Can you give us a sense of how much of that stable to up or, I guess, seasonal outperformance is due to market share gains, and how much of that would you estimate is just end market activity being better than expected? Genuino Christino: Well, clearly, the demand picture in Europe has not really changed much compared to what we discussed. The demand in Europe is stable. Which is good, because in the prior years, as we talked about as well, the real demand in Europe was declining. This year, our expectation is for the real demand to stabilize, which I would say it's encouraging. It's a good start. The demand picture is not really changing so much. Then it's a function of the reduced level of imports that we are expecting with TRQ. That's how we are seeing the evolution here. Reinhardt Van Der Walt: Understood. Thank you very much, Januno. I'll hand it over. Daniel Fairclough: Great. I think we'll take the next question now from Tristan at BNP Paribas. Hi, Tristan. Tristan Gresser: Yes. Hi, thank you for taking my questions. Maybe just a quick follow-up on the order book. Were you able to quantify it in Europe? It's up year-over-year, by how much? Is it double digit? Genuino Christino: Tristan, look, I think our guidance is quite clear. If you look at our deck, our slides, we have provided the drop in shipments in 2025 and 2024, Q3 against Q2. You can see that it's mid to high single digit in terms of drop in shipments quarter-over-quarter, Q3 against Q2. The guidance is for stable or slightly higher. I think that's quite specific guidance, I would say. As I talked about also before, we are now really looking at Q4, we are in a good position, in a strong position here. Again, a very good level of engagement from customers. It's all developing, as I said, quite well. Tristan Gresser: Okay. No, that's fair. Another question on Europe. Do you think there is a decent probability that the price setting ton for HRC in Europe could be the tariff paying imports? Do you think that there is going to be sufficient domestic capacity, especially in the near term? Also on the supply side, do you see a risk of seeing some idle facilities in Europe getting purchased by foreign slab producer and transform into rerolling centers? Is that something that you would consider as a risk? Genuino Christino: Yeah. Maybe I will start and then we'll add, Tristan. First part of your question, I think what we are still missing in Europe, to be honest, is the speak up in demand. As we were discussing, demand is now relatively flat, the real demand. If you look at the World Steel Association, they have a positive forecast for next year. We have all these programs announced in various countries that should support. We talked a little bit about the mega trends as well, electrification. I think we remain, in the medium to long term, optimistic that demand in Europe should start to move in the right direction as well. More recently, we have seen PMIs also moving in positive territory, which is encouraging. I think if you get to a scenario where demand improves, why not? It might be that actually imports, the import parity will establish the European prices. I think we are still some time. We have to see how the competition, how the other mills also bring capacity, what they can actually do. I think it's early days really to talk about this. One thing is for sure, as we bring capacity back and competition does the same, the marginal cost of production in Europe should rise, and that should, of course, support prices in Europe. Benny, do you want to talk a little bit about the rerollers and- Daniel Fairclough: Sure. I think it's clear that European policy is there to promote competitiveness of domestic capacity, domestic production. I think it's clear that the commission does not want to see capacity close. They want to see capacity remain competitive. They want the industry to continue to support employment, et cetera. In your scenario, I think it would reinforce further actions from the commission and putting slabs into the TRQ quota tool. I think that it's probably just a question of time before slabs become part of TRQ, just to make sure that's not a long-term risk to steel production in Europe. Tristan Gresser: All right. That's very clear. If I could just squeeze a quick one on China. I noticed you put China restructuring as a potential upside in the presentation. I don't think that was there before. Does that mean you've seen some positive sign or expect anything in the coming year? Am I just reading too much out of it? Genuino Christino: Unfortunately, yes, Tristan. To be honest, we know, and we have discussed that. We know that it has to happen at some point in time. It's just not possible for us to say when and how. I think it's clear that eventually it will need to happen. You still have, as we know, half of the industry in China, at least burning cash. It's not something that we see is sustainable. When and how it happens is difficult to precise. That, of course, when it does, international prices would then normalize. That, of course, would support the industry, not only in Europe, but across the globe, for sure. Tristan Gresser: Okay. Thank you. Daniel Fairclough: Great. Thanks, Tristan. We'll move now to take the next question from Andrew at UBS. Hi, Andy. Andrew Jones: Hey, can you hear me okay? Daniel Fairclough: Yes. Thank you. How are you doing? Andrew Jones: Excellent. Great. I just wanted to follow up on, first of all, just on the CapEx projects that aren't included in the $1.8 billion long-term guidance. I am curious for what the timescale is in terms of steps to implementation. It sounds like Essam is already an approved study, as you put in the presentation. I am kind of curious where we go from here, construction timeline, how certain is this, and maybe just expand out some of those other projects. Then I have a follow-up on the Decarbon Europe. Genuino Christino: Sure, Andrew. Andrew, as you know, we have been investing in a good list of projects now for a couple of years. We are starting to see the benefits. Already in 2025, 2026, we have $700 million out of the $1.8 billion that we should be capturing this year. We captured already $300 million in H1. We have another $400 million that we believe we should be capturing in H2, and there is more to come. What we are trying to do is to show all opportunities and unique opportunities that we have when we look at across our portfolio. I think, again, it is quite unique to ArcelorMittal, given our presence in these five regions that are very attractive from a demand point of view. You see us looking at more investments in Brazil, downstream, which makes a lot of sense for us. We have a low-cost base in Brazil. We are long slabs. The country is short value-added products. It is just something that makes a lot of sense for us, and we are advancing the engineering work. The same is true for Calvert, the second EAF. We are also progressing there with the engineering work. Of course, we have India, where our ambition is very significant. Thinking about the CapEx, for sure, we are going to be completing this year a number of projects. Liberia is a good example. The expansion of Serra Azul is another example. We are going to be also completing the EAF in U.S. We are creating space within our envelope to add some of these other projects. As and when we complete the engineering work and we feel we have a good solution, then we will take that to our board, and we will announce more details, timelines, and contributions, et cetera. I think you should take that this company will continue to grow, and that is something that differentiates us as well. Andrew Jones: Yeah. Okay. That's clear. On the EAF projects, obviously you've advanced on Kirk. Given all the support you've received from the EU around the TRQ and obviously now the ETS phase out and things like that, I'm curious how you're seeing those other potential decarb projects that were talked about a few years ago. What comes next? Is it Ghent? Is it Germany? DRI, you've kind of said that doesn't really make sense in the next few years in the past. With all this support, is DRI potentially becoming more viable? Given the supply chain insecurity, do you need to build DRI capacity in Europe in the future rather than relying on the merchant HBI market when obviously there's growing EAF supply in the European market? Genuino Christino: Yeah. Well, Andrew, to be honest, right now, it's not really part of our plans. You saw what we are doing in Dunkirk. We have already, within the group, DRI capacity. As we know, we still have to see the conditions for DRI in Europe to develop. We know where gas prices are. We know what is the availability of hydrogen. What is the price. Today it's very hard to see. We don't see it yet, that the conditions for DRI are present. It's challenging. We have the only DRI operating in Europe, in Hamburg, and we know how difficult it is. In terms of sequencing, at this point in time, the focus is it's done Kirk. Of course, we have done already. When you think about all the changes that we discussed, that Daniel talked about, the ETS, I think we are in a strong position because we have already done a lot of work on all of these projects. As we learn more from this commission, the changes to the ETS, I think we're going to be in a position to move. What is important, and the message remains the same, that we will invest when it makes economic sense, when we can earn a decent return on our capital. Otherwise, as I talked about in my opening remarks, there is a competition in this group for capital. We will fund the projects that can deliver the highest returns, and that's what we will continue to do. Andrew Jones: Yeah. No, that sounds good. All right. Thanks very much for the response. Daniel Fairclough: Great. Thanks, Andy. We'll move now to take a question from Boris at Kepler Cheuvreux. Hi, Boris. Boris Bourdet: Hi. Thank you for taking my question. I would start with the usual bridge into Q3. If you could share the dynamics you see for Q3, not only for Europe, but the other regions. That's the first question. Genuino Christino: Daniel, do you want to walk them through the bridge? Daniel Fairclough: Sure. I think it's a very simple bridge. Genuino talked about the positive outlook, the positive outlook for the third quarter, the positive outlook for the second half as a whole. It's a very simple bridge. We expect all steel segments to improve sequentially into the third quarter. The key themes for the group as a whole being higher steel shipments. We would expect higher average selling prices to be reflected in the third quarter as well. There will be some additional costs. Genuino referred to it in previous remarks, particularly higher carbon costs as our European production increases. Those are the key themes for the third quarter. I think for the second half as a whole, we obviously would expect that momentum to hopefully continue into the fourth quarter. Normally, fourth quarter is a better quarter from a volume standpoint than the third quarter. In the previous questions, we've been talking about momentum on pricing and spreads right now, which would obviously come through to results with appropriate lags. The other thing just to highlight, I think in terms of the outlook, not part of your question, but we have reiterated again the prospect of positive free cash flow this year. Not just this year, but beyond. I think that should be quite clear in your modeling. We've got working capital unwind higher profitability in the second half of the year, and that combination should be quite powerful from a free cash flow perspective. Boris Bourdet: Very clear. Thank you. My second question is on Europe. There are two questions in one. Where do you see the potential for margins in Europe? We are now sitting at 98, as you mentioned. It's quite a jump from 70 in Q1. What kind of potential do you see? More generally in Europe now that you have better backdrop, more supportive backdrop than trade defense, do you see scope for consolidation? Is it now a place you would look differently in the current setup? Genuino Christino: Boris. Let me take this one. Thank you. Look, in terms of where margins should, what is the potential for margins? I'm very encouraged when I look at, if you look at our profitability in Q2, Europe, very close to $100 already. Right? As we talked about, we have not yet seen the benefits of the TRQ. Clearly there is potential for us to do better. I will not, of course, volunteer a number. I think we have not yet seen the potential. Which is very encouraging. To your second point, in terms of consolidation in Europe, I think we have always seen the benefits of consolidation. As we know, Europe is more fragmented than some other regions. It could benefit from consolidation. ArcelorMittal, as you know, we are already very large. Our focus is on running our assets. We have a lot of opportunities. We have some of the best assets in Europe. That's our focus to run, earn our cost of capital. That's the focus that we have set for ourselves. Boris Bourdet: Very clear. Thank you very much. Daniel Fairclough: Great. Thanks, Boris. We'll move now to take a question from Bastian at Deutsche Bank. Hi, Bastian. Bastian Synagowitz: Yeah. Hi. Good afternoon. Thanks for taking my question. I have one on the mining business. I guess you're holding onto the 18 million tons guidance for Liberia. There's a slide in your pack as well, but it doesn't have the numbers. Can you maybe help us with a shipment number for Liberia for the first half so that we can gauge roughly what you're still expecting in the second? That's my first question. Genuino Christino: Yeah. Sure, Bastian. When you look at the Liberia project, I think it's progressing well. We have two of the lines of the concentrator that are running. We are ramping up the second, getting ready to start the third one. We continue to guide for 18 million tons, as per plan. The production in Liberia is up very significantly already. You can see that year on year. In the second half, we need to ship about 10 million tons to get to this 18 million. We feel that we can achieve that. We have the port, the rail, the infrastructure, it's all in place. As we talked about in our MD&A, in the earnings release, because of the very heavy rainy season that we experienced, we had some delays in shipments, which we expect to catch up in quarter three. All in all, I would expect to see already an improvement in shipments in Q3. Bastian Synagowitz: Got you. Thank you. Then just coming back briefly to, I guess, some of the earlier questions, particularly with regards to the re-rolling capacity and the implications of slabs coming in. Slabs are obviously not yet part of these safeguards. Is there a number you have in mind how much capacity European re-rollers could potentially ramp up here? Is there a number you would put out there as to how much of the supply gap could be filled by re-rollers until potential safeguards on slabs may potentially be introduced as well? Genuino Christino: Yeah. Bastian, to be honest, it's not something that we are overly concerned. I think in Europe today, the re-rollers, they have been there forever, right? They have established supply chains. They are operating today, right? I believe they will continue to operate. I would not worry so much about that at this point. Bastian Synagowitz: Okay, fair enough. Do you have a number in mind as to how much capacity these guys really can ramp up? Genuino Christino: No, I'm not going to comment on that, Bastian. Daniel Fairclough: Yeah. I think just to compliment Jeronimo, just to reiterate what you said. Genuino Christino: Yes. Daniel Fairclough: I think we really don't see a lot of spare rolling capacity in Europe that can be ramped up, I think. The earlier question was very different because that was a question about potentially closing primary capacity in Europe and replacing that with imported slabs to then be re-rolled. That would be a very different scenario and clearly something that we would expect the European Commission to not want to see and to take action to prevent that from happening. That's why I was referencing slab becoming potentially part of the tariff rate quota tool. That's not a near-term risk or dynamic. The near-term opportunity for additional rolling in Europe, we really just don't see that as being fundamental to the near-term supply demand outlook. Bastian Synagowitz: Okay, great. Very clear. Thank you. Daniel Fairclough: Great. Thanks, Bastian. I think we'll move now to take our last question, which will be from Cole at Jefferies. Hi, Cole. Cole Hathorn: Good afternoon. Thanks for taking my question. I'd just like to follow up on two of the new slides that you've got on the deck. The first is on your sustainable solutions business. You're talking about $750 million of EBITDA medium term. I'd just like a little bit more color, what gives you confidence in delivering that number? Because $750 million is more than some smaller steel companies are delivering at the moment. Just some quantification of that. Then following up on that is the comment that you made about using steel on your slide 19 effectively for the transformation. How do you see steel playing its role? Thank you. Genuino Christino: Thank you, Cole. Thank you for your question on sustainable solutions. It's something that we are very excited about. I will address this one and I will ask Minni to talk about your second question. As you can see, we are making good progress with our sustainable solution division, right? We are already running the run rate, as you can see, it's already in excess of $500 million. We are executing projects that will add to profitability of this division. The renewables, the investments that we are making in India. We are developing another gigawatt of capacity there, renewable, which is very good in terms of returns, IRR. It allows us to have these very stable levels of EBITDA and free cash flow, as we are enjoying with the first project that we completed in India. Second part of the growth story there is our sustainable construction business. That's panels, profiles that we are developing. We have already a strong base in Europe. We are now expanding the footprint into India, into U.S. In Brazil, we have recently acquired a company producing the same products in Brazil. We are developing greenfields, as we can see now, a sustainable section in our earnings release, a greenfield also in U.S. We're starting this business there, something that we have a lot of expertise. Those are the drivers, really, of the increase in this division in the near term. Daniel, do you want to talk about the second part? Daniel Fairclough: Yeah, sure. Thanks, Jamino. Yeah, thanks for the question as well, Cole, because this is obviously a very topical theme, electrification. It's one of the clear mega trends, and it's a mega trend that I think people are getting quite excited about. Within that excitement, I think the role that steel will play in this is not being recognized. When we think about the build-out of renewables, the build-out of transmission, it just won't be achieved without steel. Steel is very much fundamental to this theme of electrification. We've taken the opportunity to try and put some numbers around it. This is page 19 of the slide deck that we published this morning. It's simply just looking at the projections through 2035 for electricity generation in the various different regions. We've applied some standardized assumptions, external assumptions rather than our own assumptions, around the steel intensity of that generation. Once you put it all together, it's a very significant number. Almost 300 million tons of steel would be required to achieve these electrification goals through 2035, ex-China. It's an important theme. We have good exposure to it. If you look at our product portfolio, we produce all of the steels that are going to be required to achieve these goals. Think about magnetics and our other products, which are well suited to solar. Think about heavy plate for wind, electrical steels. This is going to have a key role to play, and we're producing that, or going to be producing that in the key regions. Then, of course, the overall transmission. We believe that the demand is going to be interesting. We have the product portfolio to be applied to it, yeah, we just took the opportunity to put some numbers around it. Cole Hathorn: Thank you. Then just the one division that wasn't mentioned on the quarter-on-quarter was the India and JVs. Just wondering if you could give any color on that into the third quarter and fourth quarter. Thank you. Genuino Christino: Well, thank you for asking, Cole. As you can see, the performance in Q2 was strong. We had record level of shipments, run rate at about 8 million tonnes. Our expectation is for the divisions to continue to do well in quarter three and quarter four. The focus is, of course, other than continue to run the existing operations on our projects. As you know, we are doubling the capacity there. That is also progressing. I think demand is strong. We continue to see a very strong level of demand. Prices have moved up. They have recovered from low levels that we saw at the beginning of the year. I think we see good developments there. We should continue to see strong performance in the second half as well. Cole Hathorn: Thank you. Daniel Fairclough: Great. Thanks, Cole. Jamino, that was our last question. I'll hand back to you for any closing remarks. Genuino Christino: Thank you, Daniel. Thank you, everyone. Before we close, let me briefly reflect on the key message from today's discussion. First, we are seeing positive momentum across the business, with results expected to improve across all segments. Early indicators in Europe are already encouraging, giving us confidence as we enter the second half of 2026, with momentum continuing to build into 2027. Second, we have a differentiated portfolio of strategic growth opportunities and future growth options. We are well-positioned to benefit from some of the most important changes that are reshaping the global steel industry. This, in turn, provides a clear pathway to structurally high earnings and returns through the cycle. Finally, we have all the elements in place to continue growing earnings, returns on capital, and free cash flow. Structural demand drivers in a more regionalized steel industry creates opportunity. ArcelorMittal's disciplined capital allocation and strategy execution while maintaining a solid investment-grade balance sheet provides a strong foundation for future value creation. With that, I will close today's call, and if you have any follow-up questions, please reach out to Daniel and his team. Thank you again for joining us, and I look forward to speak with you soon. Enjoy the summer and please stay safe and keep those around you safe as well. Thank you very much. Before you buy stock in ArcelorMittal, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and ArcelorMittal wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $386,727!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,232,139!* Now, it’s worth noting Stock Advisor’s total average return is 906% — a market-crushing outperformance compared to 208% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors. See the 10 stocks » *Stock Advisor returns as of August 3, 2026. This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. ArcelorMittal (MT) Q2 2026 Earnings Call Transcript was originally published by The Motley Fool

Interested in ArcelorMittal? Here are five stocks we like better. Q2 EBITDA increased to $2.1 billion, or $155 per ton, with European EBITDA reaching a three-year high of $98 per ton. Management expects momentum to continue into the second half of 2026. European order books are strengthening, with fourth-quarter orders already being booked and production restarted in Spain, Poland and France. The company expects stable-to-higher Q3 shipments, aided primarily by anticipated import reductions under new tariff-rate quotas. ArcelorMittal expects positive full-year free cash flow and $1.8 billion of incremental EBITDA from strategic growth projects from 2026 onward. Key initiatives span India, Brazil, the U.S. and sustainable solutions, while European decarbonization investments remain dependent on improved project economics. 3 European Stocks to Carry Investors Through the Back Half of 2026 ArcelorMittal (NYSE:MT) reported improving operating momentum in the second quarter and said it expects progress to continue through the second half of 2026, supported by stronger European order books, production restarts and strategic growth investments. Group CFO Genuino Christino said second-quarter EBITDA rose to $2.1 billion, representing $155 per ton. The company’s European segment generated EBITDA of $98 per ton, a three-year high, as market conditions and the policy environment improved. → Why SK hynix Could Be the Best AI Chip Stock to Buy Now 3 Stocks Cashing In on AI While Everyone Watches NVIDIA Christino also said the company recorded its lowest-ever lost-time injury frequency rate during the first six months of the year. While calling the safety progress encouraging, he said ArcelorMittal remains focused on further improvement. ArcelorMittal said customer engagement and order books have improved in Europe, where it is already booking orders for the fourth quarter. The company has restarted production in Spain, Poland and France and expects to have its full suite of European blast furnaces operating from the third quarter. → Microsoft Just Flipped the AI Spending Narrative Overnight Banks Are Buying Back Stock Hand Over Fist, Including These 3 Names Management guided for third-quarter shipments to be stable to higher than second-quarter levels, an outcome Christino characterized as counterseasonal. He said steel prices have not followed the typical pre-summer downward trend, while tariff-rate quota, or TRQ, measures are expected to reduce imports and allow the company to regain market share. “We are booking right now already for quarter four,” Christino said in response to a question from Morgan Stanley analyst Alain Gabriel. “It’s all playing out very, very well.” → Carrier Earnings Could Send the Stock to a New All-Time High While restarting facilities will increase carbon costs, Christino said higher capacity utilization and fixed-cost absorption should more than offset those costs. He said the additional tons brought back into production are expected to be more profitable than current output. The company said European demand itself has remained broadly stable rather than materially improving. Christino said the expected reduction in imports under the TRQ regime is the principal driver of the anticipated shipment gains. He added that ArcelorMittal does not view inventory levels in Europe as excessive. Daniel Fairclough of ArcelorMittal’s investor relations team said recent European policy actions, including the carbon border adjustment mechanism, the new TRQ tool and proposed changes to the EU Emissions Trading System, represent important steps toward supporting industrial competitiveness alongside decarbonization. He said the company continues to engage with policymakers on the balance between carbon costs and the conditions needed for large-scale decarbonization investment. Underlying free cash flow in the first half annualized at $2.5 billion, excluding seasonal working-capital investments and strategic growth capital expenditures, according to Christino. The company reiterated its expectation for positive free cash flow for the full year and beyond, citing anticipated working-capital benefits and higher profitability in the second half. ArcelorMittal said its strategic growth projects are expected to contribute $1.8 billion of incremental EBITDA from 2026 onward. Of that amount, management expects $700 million in 2026, including $300 million captured in the first half and another $400 million expected in the second half. The company highlighted growth options in India, Brazil, the U.S. and Liberia. In India, ArcelorMittal has a long-term plan to expand capacity to 40 million tons annually. Management said India demand remains strong, prices have recovered from lows at the beginning of the year and the India and joint ventures segment should continue to perform well during the second half. In Brazil, ArcelorMittal is evaluating downstream opportunities that would use its low-cost assets and slab position to produce higher-value products. In the U.S., it is continuing detailed engineering work for a possible second electric arc furnace, or EAF, at Calvert. The existing Calvert EAF is expected to reach full capacity later in the second half, while the company’s electrical steels project there is progressing as planned. Management said it will bring projects to its board once engineering work is completed and it has identified economically attractive solutions. Christino said investments must compete for capital and generate returns above the company’s cost of capital. Fairclough said ArcelorMittal supports greater trade-policy alignment across the U.S., Canada and Mexico. He said any expansion of Section 232-style protections across the USMCA region could benefit the company’s North American operations by reducing tariff-related costs and addressing Mexico’s comparatively high import penetration. On European decarbonization, Christino said the company’s immediate focus remains its EAF project in Dunkirk. He said the conditions for additional direct reduced iron capacity in Europe are not currently in place because of gas prices, hydrogen availability and the economics of such projects. “We will invest when it makes economic sense, when we can earn a decent return on our capital,” Christino said. ArcelorMittal also highlighted its Sustainable Solutions business, which it said is operating at an EBITDA run rate above $500 million and is targeting $750 million of medium-term EBITDA. Management cited renewable-energy investments in India and expansion of its sustainable construction products business in Europe, India, the U.S. and Brazil as key contributors. The company said electrification, renewable generation, transmission infrastructure, data centers, defense spending and infrastructure investment are long-term demand drivers for steel. Fairclough said ArcelorMittal estimates that nearly 300 million tons of steel, excluding China, could be required through 2035 to support projected electrification goals. ArcelorMittal is a multinational steel manufacturing company formed in 2006 through the merger of Arcelor and Mittal Steel. Headquartered in Luxembourg, the company is one of the world's largest producers of steel and operates an integrated value chain that spans raw material extraction, steelmaking, processing and distribution. Its product portfolio includes flat and long carbon steel products, coated and specialty steels, tubular products and value-added solutions tailored for sectors such as automotive, construction, household appliances, energy and packaging. ArcelorMittal's operations are global in scope, with production facilities, distribution networks and commercial activities across Europe, the Americas, Asia, Africa and the Commonwealth of Independent States. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "ArcelorMittal Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for July 2026.

Image source: The Motley Fool. Thursday, July 30, 2026 at 11:00 a.m. ET Group Chief Financial Officer - Genuino Christino Investor Relations - Daniel Fairclough Daniel Fairclough: 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. Genuino Christino. 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. Following opening remarks from Genuino, we will be moving directly to the Q&A session. If you'd like to ask a question, please do press star one on your keypad to join the queue. With that, I'll hand over the call to Genuino. Genuino Christino: Thanks, Daniel. Welcome everyone, and thanks for joining today's call. As usual, I will keep my remarks brief. Let me start with safety, which remains our highest priority. ArcelorMittal Safety Transformation continues to deliver measurable progress. The frequency rate of lost time injuries in the first six months of the year was a record low for our company. While we are encouraged by these improvements, we remain firmly focused on driving further progress. Turning now to the business, I would like to focus on three key points. First, we are seeing positive near-term momentum across the business. The operating environment has improved through the first half of the year, driving improved results, and with positive momentum across all segments. There is more improvement to come. EBITDA for the second quarter improved to $2.1 billion. This represents a margin of $155 per ton, which is well above our previous through-the-cycle averages. Our European segment delivered an EBITDA per ton of $98, which is a three-years high, and demonstrates the early signs of the improved policy backdrop. Importantly, these results do not yet reflect the benefits of the new TRQ trade tool, which are becoming increasingly evident. Customer engagement is higher, our order book is getting stronger, and prices are bucking the normal seasonal trends. Reflecting these positive dynamics, we have announced production restarts in Spain, Poland and more recently France. As we head into August, we have our full suite of blast furnaces in operation. As a result, we are guiding to third quarter shipments to be stable to higher than the second quarter, which would represent a powerful counterseasonal outcome. Underlying free cash flow in the first half was strong, annualizing at $2.5 billion, excluding seasonal working capital investments and the strategic growth CapEx. This is a strong outcome at this stage of the cycle and provides the foundation for continued investments and returns of capital to shareholders. This brings me to my second point, our differentiated portfolio of strategic growth projects and the opportunities that we are developing into growth options. The medium- and long-term outlook for our business is supported by a number of powerful megatrends. Steel remains a critical enabler of electrification, renewable energy, and data center infrastructure. At the same time, growing investment in infrastructure and defense is supporting steel demand across many of our core markets. India is expected to remain one of the fastest-growing major steel markets in the world, with demand expected to approximately double over the next decade. ArcelorMittal has the products, people, capabilities, and geographical footprint to capture the opportunities these long-term trends create. For several years now, we have been consistently funding our strategic growth projects. These high-return projects are expected to contribute new incremental EBITDA of $1.8 billion from 2026 onwards, providing a clear pathway to structurally higher earnings and returns through the cycle. What differentiates ArcelorMittal is not only the quality of our growth opportunities, but also the breadth of future options available to us. We have unique exposure to India, where we have a long-term plan to grow capacity to 40 million tons per annum. In Brazil, we are evaluating downstream growth opportunities that leverage our low-cost asset base and long slab position to create higher value products. In the U.S., we are advancing studies for potential second EAF at Calvert, building on the successful execution of the first EAF. In Liberia, our extensive resource base and established infrastructure provide further capital-efficient growth optionality. As with our capital allocation decisions, growth investments must compete for capital and ensure that we are on course to deliver increasing returns on capital employed. My final point is that we have all the elements in place to continue creating shareholders value. The steel industry continues to evolve. Markets are becoming increasingly regionalized, supported by trade measures that promote domestic production. This aligns strongly with ArcelorMittal's business model of local production to serve local demand. We believe this regionalization trend should support higher sustainable profitability and returns across the cycle. At the same time, supporting policy momentum, the earnings contribution from our strategic growth projects, the future growth options that we are developing, and our exposure to powerful long-term demand trends are key drivers of higher earnings, returns on capital and free cash flow over time. Achieving our cost of capital is not a goal, but a minimum expectation for our business. We are allocating capital to projects that can generate returns well in excess of our cost of capital. The value we create for shareholders is then amplified via our consistent capital return policy, progressively growing the base dividend as earnings power of the business grows and consistent share buybacks. As I conclude, the message is simple. I would like everyone to take away three key points from today's call. First, we are seeing positive momentum across the business. Our results are improving, market conditions are strengthening, and the benefits of the recent policy change support the outlook. Second, we have a differentiated portfolio of strategic growth opportunities together with future growth options that provides a clear pathway to structurally higher earnings and returns through the cycle. Third, we clearly have the right elements in place to create a long-term shareholder value. We are focused on improving returns on capital, value creating organic growth, maintaining a strong investment grade balance sheet, and delivering strong shareholder returns. With that, Daniel, I believe we can go to our Q&A. Daniel Fairclough: Thank you, Gino. We have a queue of questions in front of us, and the first one we will take from Alain at Morgan Stanley. Hi, Alain. Alain Gabriel: Thank you for taking my question. Hi, Gino. A couple of questions from my side. First, on Europe, can you talk a bit more about your outlook for that division? You've announced the restart of Fos-sur-Mer. Your order books appear to inflect. How should we expect your pricing dynamic to evolve into Q3 and Q4 after taking into account the lags, and should we expect any incremental ramp-up costs that can hold your margins back for Europe? That's my first question. Thanks. Genuino Christino: Yeah. Thank you, Alain. First of all, I think what we are seeing in Europe, it's all very positive, right? If you look at our guidance for quarter three in terms of shipments being higher or flat to slightly higher than the second quarter, as you know, that's not the usual trend. That speaks for what we are seeing in terms of the order book. We are booking right now already for quarter four. It's all playing out very, very well, I would say, and that's the reason why we have brought back the furnaces, so we have three furnaces running. We will be running, actually, all of our furnaces in Europe from quarter three onwards. We are also seeing, which is also not what you would typically expect just before the summer breaks in Europe, right? Typically, at this point of the year, you would see prices kind of drifting a little bit lower, and that's not what you see, right? Of course, I'm not going to comment on evolution of prices from here, but looking at the indexes right now, they are moving in the right direction. That's very good to see. Import should be lower as a result of TRQ. I would expect the company to continue to now regain market share from imports, as we talked before. When we think about the margins of the production that we're going to be bringing back, I think the message is same, Alain, that we talked about before. As you know, as we bring back this capacity, we benefit from the fixed cost absorption, right? We don't really expect to be adding much in terms of fixed costs as we bring back the capacity. At the same time, you're going to have more carbon costs, right? You need to balance that. Overall, our expectation is that these tons should be even more profitable than what we have today. Alain Gabriel: Thank you. That's very clear. The second question is around Section 232, which is in two parts. Firstly, the U.S. may roll out an on-shoring investment plan for aluminum, where companies become eligible to import aluminum at a reduced tariff if they are building new capacity in the U.S. Are you having similar conversations with policymakers in the U.S. to improve the economics of a potential second EAF at Calvert? That's one. Sticking with Section 232, there are talks about Mexico potentially adopting a Section 232 style tariff framework as part of a revamped USMCA. Essentially, this would push Section 232 to the Mexican border. How would this setup impact your Mexican business if it were to happen? Thank you. Genuino Christino: Daniel, do you want to take this one? Daniel Fairclough: Yes. Thanks, Genuino. Thanks, Alain, for the question. I think starting obviously with North America, Section 232, interesting development with aluminum that you noted. Obviously, in the past couple of quarters, this subject has come up in our results conference calls. I think just to take a step back, I think it's clear that ArcelorMittal is very committed to our franchise in the U.S. and North America more broadly. We have a record of innovation. We have our global R&D resources. We have our leading customer service in terms of quality and delivery. We really have a tremendous amount to offer our customers in the U.S. The U.S. policy objective, I think, is very much around encouraging domestic melt and pour capacity. That's very much aligned with the investments that we have already been making at Calvert. Genuino talked about the EAF at Calvert in his opening remarks. The first EAF, the existing project, that continues to ramp up very well. We expect full capacity to be achieved later in this second half of the year. To remind everybody, that's a state-of-the-art facility, first of its kind, capable of producing the most demanding exposed automotive grades. Similarly, our new electrical steels project at Calvert, that's going to be producing the most sophisticated non-grain-oriented steels, and that's progressing very much to plan. The second EAF, it's a very strong project. It would further increase our domestic U.S. melt and pour capacity. It would make Calvert less dependent on imported sources of slab. It's very consistent with that overall U.S. policy objective of producing steel domestically and having those robust supply chains. Any potential savings from the policy would, I think, ultimately be determined by the Department of Commerce. Consideration would be given to the resources that are committed, the national security benefits of any commitment, and the commercially reasonable time period necessary to complete the project. None of that we can answer at this stage. I think what I can say at this stage is, and just referencing the opening remarks in the presentation, is that we are moving forward with the detailed engineering for the second EAF. We're incorporating the lessons learned from the first EAF project to optimize this. As and when we've got any updates, we will share those with you in due course. Then just on your second question, I think it almost answers itself. I think first of all, we have a strong business in North America. We're focused on producing locally for local demand. I think we've long advocated for a greater policy alignment between the countries of the USMCA and very much broadening out the Section 232 border to the whole region and really creating this steel fortress North America. Mexico continues to have relatively high import penetration compared to many of the other markets. Further improvements really are needed. I think obviously we can't confirm any of what you talked about in your question, but any move in that direction, we would be encouraging. We're really advocating for a greater regional alignment, helping to reduce tariff related costs across the North American business. Let's see what happens, but any progress there would clearly be a positive for our North American business. Alain Gabriel: Thank you. Daniel Fairclough: Great. I think we'll move to the next question, which we'll take from Ephrem at Citigroup. Hi, Ephrem. Ephrem Ravi: Hi. Two questions. Firstly, can you talk about the level of inventories you're seeing in Europe? The messaging from the steel industry was that if TRQ came on, the slightly higher level of inventories carried over from last year will mean volumes will not pick up immediately. Your guidance for 3Q suggests otherwise, with much better seasonal shipments in the third quarter. Is the inventory levels now significantly lower to enable that shipment increase? Secondly, both related, do the extension of free allowances to 2038 by the EU tweak any of your investment or decarbonization plans in Europe? Given the blast furnaces that you are bringing back on right now, do you have enough carbon allowances for it, or is it something that you will have to buy from the market? Thank you. Genuino Christino: Okay, thanks Ephrem. Let me take your first question, and then you will comment on the ETS and the carbon cost. Inventories in Europe, Ephrem, I think what we saw during the quarter was pretty much what we were anticipating and we discussed during our first quarter. Imports were still elevated in the second quarter. However, when you look at on a half-year against half-year of last year, you see that it's relatively stable. As we also talked about in quarter one, we don't really see that inventories are so excessive in Europe. You can see that in our guidance. Perhaps that's because we are also more exposed to south, through France and Spain. As we know, that's the region that is going to be also replacing most of the imports, so a large part of the imports. When we look at our order books and we look how the engagement from customers, it's all developing nicely, I would say. We talked also about how prices are evolving, which typically when you have high inventories, you would not see that happening. That give us confidence to provide this guidance, and we feel good about it. Daniel, do you want to talk about carbon? Daniel Fairclough: Yeah, sure. On the topic of ETS, I think just to take a step back, first of all, I think it's clear that the Commission is now really finally recognizing the challenges facing industry in Europe and really taking concrete actions to support it. For steel, we've seen the new carbon border, the CBAM, that's been in place since the 1st of January. The new TRQ trade tool has been in place since the beginning of this month. These are very important developments, which are really reshaping the outlook for the steel industry in Europe. The ETS review, that's another important component of this. The current proposals really do represent a step in the right direction. It reflects this ongoing recognition and that decarbonization objectives do need to be balanced with industrial competitiveness. We see a number of positive elements, including the extension of the free allocation phase-out, the changes to the ETS cap that improve long-term availability of allowances, and greater support for industrial decarbonization through things like the Industrial Decarbonisation Bank. Our key concern does remain aligning rising carbon costs with the conditions needed for decarbonization at scale. We're going to continue to engage constructively on a framework that supports both decarbonization and maintains industrial competitiveness. Then on your last point, just in terms of incremental carbon costs, I think Genuino referenced it in his earlier remark. I think it's something that we mentioned on the call last quarter as well. As we increase our production in Europe, you should anticipate that this will increase our carbon costs in Europe. That's something that you need to be balancing in your projections. Genuino was very clear in saying that this will be more than outweighed by the operating leverage, the fixed cost absorption. Those new tons that we're bringing on are being incrementally more profitable than what we've just posted today. Ephrem Ravi: Thank you. Daniel Fairclough: Great. Thanks, Ephrem. With that, we will move to the next question, which we will take from Reinhardt at Bank of America. Hi, Reinhardt. Reinhardt Van Der Walt: Hi there, Genuino and Daniel. Thanks for taking my question. First, I just want to ask about your slab network in the Western Hemisphere. To what extent do you have spare capacity in Brazil, and especially now with the Calvert EAF ramping up, how much capacity you think you have to be able to divert into Europe if the market maybe needs some extra tons? Genuino Christino: Hi, Reinhardt. Look, we are running our facilities in Brazil today at full capacity. The flat business is running. All the furnaces are running. Of course, we have plenty of optionality to divert volumes, where we see the opportunities. Of course, the group will always have priority. As you know, we have high quality slabs coming not only from the same 3 million tons of slabs, we have also Tubarão also producing slabs. We have something that I think is unique to ArcelorMittal, and we talked about it in the past that we will see finally what happens and the ability of other mills in Europe to take their market share of the lower imports. ArcelorMittal remain well-positioned here, if necessary, to bring slabs. We have more downstream capacity that we can utilize if we see that opportunity. Yeah. The group is, I would say, in a unique position here to capitalize on its footprint. Reinhardt Van Der Walt: That's very clear. Thank you, Janino. Maybe just a question on your order book comments into 3Q. Can you give us a sense of how much of that stable to up or, I guess, seasonal outperformance is due to market share gains, and how much of that would you estimate is just end market activity being better than expected? Genuino Christino: Well, clearly, the demand picture in Europe has not really changed much compared to what we discussed. The demand in Europe is stable. Which is good, because in the prior years, as we talked about as well, the real demand in Europe was declining. This year, our expectation is for the real demand to stabilize, which I would say it's encouraging. It's a good start. The demand picture is not really changing so much. Then it's a function of the reduced level of imports that we are expecting with TRQ. That's how we are seeing the evolution here. Reinhardt Van Der Walt: Understood. Thank you very much, Januno. I'll hand it over. Daniel Fairclough: Great. I think we'll take the next question now from Tristan at BNP Paribas. Hi, Tristan. Tristan Gresser: Yes. Hi, thank you for taking my questions. Maybe just a quick follow-up on the order book. Were you able to quantify it in Europe? It's up year-over-year, by how much? Is it double digit? Genuino Christino: Tristan, look, I think our guidance is quite clear. If you look at our deck, our slides, we have provided the drop in shipments in 2025 and 2024, Q3 against Q2. You can see that it's mid to high single digit in terms of drop in shipments quarter-over-quarter, Q3 against Q2. The guidance is for stable or slightly higher. I think that's quite specific guidance, I would say. As I talked about also before, we are now really looking at Q4, we are in a good position, in a strong position here. Again, a very good level of engagement from customers. It's all developing, as I said, quite well. Tristan Gresser: Okay. No, that's fair. Another question on Europe. Do you think there is a decent probability that the price setting ton for HRC in Europe could be the tariff paying imports? Do you think that there is going to be sufficient domestic capacity, especially in the near term? Also on the supply side, do you see a risk of seeing some idle facilities in Europe getting purchased by foreign slab producer and transform into rerolling centers? Is that something that you would consider as a risk? Genuino Christino: Yeah. Maybe I will start and then we'll add, Tristan. First part of your question, I think what we are still missing in Europe, to be honest, is the speak up in demand. As we were discussing, demand is now relatively flat, the real demand. If you look at the World Steel Association, they have a positive forecast for next year. We have all these programs announced in various countries that should support. We talked a little bit about the mega trends as well, electrification. I think we remain, in the medium to long term, optimistic that demand in Europe should start to move in the right direction as well. More recently, we have seen PMIs also moving in positive territory, which is encouraging. I think if you get to a scenario where demand improves, why not? It might be that actually imports, the import parity will establish the European prices. I think we are still some time. We have to see how the competition, how the other mills also bring capacity, what they can actually do. I think it's early days really to talk about this. One thing is for sure, as we bring capacity back and competition does the same, the marginal cost of production in Europe should rise, and that should, of course, support prices in Europe. Benny, do you want to talk a little bit about the rerollers and- Daniel Fairclough: Sure. I think it's clear that European policy is there to promote competitiveness of domestic capacity, domestic production. I think it's clear that the commission does not want to see capacity close. They want to see capacity remain competitive. They want the industry to continue to support employment, et cetera. In your scenario, I think it would reinforce further actions from the commission and putting slabs into the TRQ quota tool. I think that it's probably just a question of time before slabs become part of TRQ, just to make sure that's not a long-term risk to steel production in Europe. Tristan Gresser: All right. That's very clear. If I could just squeeze a quick one on China. I noticed you put China restructuring as a potential upside in the presentation. I don't think that was there before. Does that mean you've seen some positive sign or expect anything in the coming year? Am I just reading too much out of it? Genuino Christino: Unfortunately, yes, Tristan. To be honest, we know, and we have discussed that. We know that it has to happen at some point in time. It's just not possible for us to say when and how. I think it's clear that eventually it will need to happen. You still have, as we know, half of the industry in China, at least burning cash. It's not something that we see is sustainable. When and how it happens is difficult to precise. That, of course, when it does, international prices would then normalize. That, of course, would support the industry, not only in Europe, but across the globe, for sure. Tristan Gresser: Okay. Thank you. Daniel Fairclough: Great. Thanks, Tristan. We'll move now to take the next question from Andrew at UBS. Hi, Andy. Andrew Jones: Hey, can you hear me okay? Daniel Fairclough: Yes. Thank you. How are you doing? Andrew Jones: Excellent. Great. I just wanted to follow up on, first of all, just on the CapEx projects that aren't included in the $1.8 billion long-term guidance. I am curious for what the timescale is in terms of steps to implementation. It sounds like Essam is already an approved study, as you put in the presentation. I am kind of curious where we go from here, construction timeline, how certain is this, and maybe just expand out some of those other projects. Then I have a follow-up on the Decarbon Europe. Genuino Christino: Sure, Andrew. Andrew, as you know, we have been investing in a good list of projects now for a couple of years. We are starting to see the benefits. Already in 2025, 2026, we have $700 million out of the $1.8 billion that we should be capturing this year. We captured already $300 million in H1. We have another $400 million that we believe we should be capturing in H2, and there is more to come. What we are trying to do is to show all opportunities and unique opportunities that we have when we look at across our portfolio. I think, again, it is quite unique to ArcelorMittal, given our presence in these five regions that are very attractive from a demand point of view. You see us looking at more investments in Brazil, downstream, which makes a lot of sense for us. We have a low-cost base in Brazil. We are long slabs. The country is short value-added products. It is just something that makes a lot of sense for us, and we are advancing the engineering work. The same is true for Calvert, the second EAF. We are also progressing there with the engineering work. Of course, we have India, where our ambition is very significant. Thinking about the CapEx, for sure, we are going to be completing this year a number of projects. Liberia is a good example. The expansion of Serra Azul is another example. We are going to be also completing the EAF in U.S. We are creating space within our envelope to add some of these other projects. As and when we complete the engineering work and we feel we have a good solution, then we will take that to our board, and we will announce more details, timelines, and contributions, et cetera. I think you should take that this company will continue to grow, and that is something that differentiates us as well. Andrew Jones: Yeah. Okay. That's clear. On the EAF projects, obviously you've advanced on Kirk. Given all the support you've received from the EU around the TRQ and obviously now the ETS phase out and things like that, I'm curious how you're seeing those other potential decarb projects that were talked about a few years ago. What comes next? Is it Ghent? Is it Germany? DRI, you've kind of said that doesn't really make sense in the next few years in the past. With all this support, is DRI potentially becoming more viable? Given the supply chain insecurity, do you need to build DRI capacity in Europe in the future rather than relying on the merchant HBI market when obviously there's growing EAF supply in the European market? Genuino Christino: Yeah. Well, Andrew, to be honest, right now, it's not really part of our plans. You saw what we are doing in Dunkirk. We have already, within the group, DRI capacity. As we know, we still have to see the conditions for DRI in Europe to develop. We know where gas prices are. We know what is the availability of hydrogen. What is the price. Today it's very hard to see. We don't see it yet, that the conditions for DRI are present. It's challenging. We have the only DRI operating in Europe, in Hamburg, and we know how difficult it is. In terms of sequencing, at this point in time, the focus is it's done Kirk. Of course, we have done already. When you think about all the changes that we discussed, that Daniel talked about, the ETS, I think we are in a strong position because we have already done a lot of work on all of these projects. As we learn more from this commission, the changes to the ETS, I think we're going to be in a position to move. What is important, and the message remains the same, that we will invest when it makes economic sense, when we can earn a decent return on our capital. Otherwise, as I talked about in my opening remarks, there is a competition in this group for capital. We will fund the projects that can deliver the highest returns, and that's what we will continue to do. Andrew Jones: Yeah. No, that sounds good. All right. Thanks very much for the response. Daniel Fairclough: Great. Thanks, Andy. We'll move now to take a question from Boris at Kepler Cheuvreux. Hi, Boris. Boris Bourdet: Hi. Thank you for taking my question. I would start with the usual bridge into Q3. If you could share the dynamics you see for Q3, not only for Europe, but the other regions. That's the first question. Genuino Christino: Daniel, do you want to walk them through the bridge? Daniel Fairclough: Sure. I think it's a very simple bridge. Genuino talked about the positive outlook, the positive outlook for the third quarter, the positive outlook for the second half as a whole. It's a very simple bridge. We expect all steel segments to improve sequentially into the third quarter. The key themes for the group as a whole being higher steel shipments. We would expect higher average selling prices to be reflected in the third quarter as well. There will be some additional costs. Genuino referred to it in previous remarks, particularly higher carbon costs as our European production increases. Those are the key themes for the third quarter. I think for the second half as a whole, we obviously would expect that momentum to hopefully continue into the fourth quarter. Normally, fourth quarter is a better quarter from a volume standpoint than the third quarter. In the previous questions, we've been talking about momentum on pricing and spreads right now, which would obviously come through to results with appropriate lags. The other thing just to highlight, I think in terms of the outlook, not part of your question, but we have reiterated again the prospect of positive free cash flow this year. Not just this year, but beyond. I think that should be quite clear in your modeling. We've got working capital unwind higher profitability in the second half of the year, and that combination should be quite powerful from a free cash flow perspective. Boris Bourdet: Very clear. Thank you. My second question is on Europe. There are two questions in one. Where do you see the potential for margins in Europe? We are now sitting at 98, as you mentioned. It's quite a jump from 70 in Q1. What kind of potential do you see? More generally in Europe now that you have better backdrop, more supportive backdrop than trade defense, do you see scope for consolidation? Is it now a place you would look differently in the current setup? Genuino Christino: Boris. Let me take this one. Thank you. Look, in terms of where margins should, what is the potential for margins? I'm very encouraged when I look at, if you look at our profitability in Q2, Europe, very close to $100 already. Right? As we talked about, we have not yet seen the benefits of the TRQ. Clearly there is potential for us to do better. I will not, of course, volunteer a number. I think we have not yet seen the potential. Which is very encouraging. To your second point, in terms of consolidation in Europe, I think we have always seen the benefits of consolidation. As we know, Europe is more fragmented than some other regions. It could benefit from consolidation. ArcelorMittal, as you know, we are already very large. Our focus is on running our assets. We have a lot of opportunities. We have some of the best assets in Europe. That's our focus to run, earn our cost of capital. That's the focus that we have set for ourselves. Boris Bourdet: Very clear. Thank you very much. Daniel Fairclough: Great. Thanks, Boris. We'll move now to take a question from Bastian at Deutsche Bank. Hi, Bastian. Bastian Synagowitz: Yeah. Hi. Good afternoon. Thanks for taking my question. I have one on the mining business. I guess you're holding onto the 18 million tons guidance for Liberia. There's a slide in your pack as well, but it doesn't have the numbers. Can you maybe help us with a shipment number for Liberia for the first half so that we can gauge roughly what you're still expecting in the second? That's my first question. Genuino Christino: Yeah. Sure, Bastian. When you look at the Liberia project, I think it's progressing well. We have two of the lines of the concentrator that are running. We are ramping up the second, getting ready to start the third one. We continue to guide for 18 million tons, as per plan. The production in Liberia is up very significantly already. You can see that year on year. In the second half, we need to ship about 10 million tons to get to this 18 million. We feel that we can achieve that. We have the port, the rail, the infrastructure, it's all in place. As we talked about in our MD&A, in the earnings release, because of the very heavy rainy season that we experienced, we had some delays in shipments, which we expect to catch up in quarter three. All in all, I would expect to see already an improvement in shipments in Q3. Bastian Synagowitz: Got you. Thank you. Then just coming back briefly to, I guess, some of the earlier questions, particularly with regards to the re-rolling capacity and the implications of slabs coming in. Slabs are obviously not yet part of these safeguards. Is there a number you have in mind how much capacity European re-rollers could potentially ramp up here? Is there a number you would put out there as to how much of the supply gap could be filled by re-rollers until potential safeguards on slabs may potentially be introduced as well? Genuino Christino: Yeah. Bastian, to be honest, it's not something that we are overly concerned. I think in Europe today, the re-rollers, they have been there forever, right? They have established supply chains. They are operating today, right? I believe they will continue to operate. I would not worry so much about that at this point. Bastian Synagowitz: Okay, fair enough. Do you have a number in mind as to how much capacity these guys really can ramp up? Genuino Christino: No, I'm not going to comment on that, Bastian. Daniel Fairclough: Yeah. I think just to compliment Jeronimo, just to reiterate what you said. Genuino Christino: Yes. Daniel Fairclough: I think we really don't see a lot of spare rolling capacity in Europe that can be ramped up, I think. The earlier question was very different because that was a question about potentially closing primary capacity in Europe and replacing that with imported slabs to then be re-rolled. That would be a very different scenario and clearly something that we would expect the European Commission to not want to see and to take action to prevent that from happening. That's why I was referencing slab becoming potentially part of the tariff rate quota tool. That's not a near-term risk or dynamic. The near-term opportunity for additional rolling in Europe, we really just don't see that as being fundamental to the near-term supply demand outlook. Bastian Synagowitz: Okay, great. Very clear. Thank you. Daniel Fairclough: Great. Thanks, Bastian. I think we'll move now to take our last question, which will be from Cole at Jefferies. Hi, Cole. Cole Hathorn: Good afternoon. Thanks for taking my question. I'd just like to follow up on two of the new slides that you've got on the deck. The first is on your sustainable solutions business. You're talking about $750 million of EBITDA medium term. I'd just like a little bit more color, what gives you confidence in delivering that number? Because $750 million is more than some smaller steel companies are delivering at the moment. Just some quantification of that. Then following up on that is the comment that you made about using steel on your slide 19 effectively for the transformation. How do you see steel playing its role? Thank you. Genuino Christino: Thank you, Cole. Thank you for your question on sustainable solutions. It's something that we are very excited about. I will address this one and I will ask Minni to talk about your second question. As you can see, we are making good progress with our sustainable solution division, right? We are already running the run rate, as you can see, it's already in excess of $500 million. We are executing projects that will add to profitability of this division. The renewables, the investments that we are making in India. We are developing another gigawatt of capacity there, renewable, which is very good in terms of returns, IRR. It allows us to have these very stable levels of EBITDA and free cash flow, as we are enjoying with the first project that we completed in India. Second part of the growth story there is our sustainable construction business. That's panels, profiles that we are developing. We have already a strong base in Europe. We are now expanding the footprint into India, into U.S. In Brazil, we have recently acquired a company producing the same products in Brazil. We are developing greenfields, as we can see now, a sustainable section in our earnings release, a greenfield also in U.S. We're starting this business there, something that we have a lot of expertise. Those are the drivers, really, of the increase in this division in the near term. Daniel, do you want to talk about the second part? Daniel Fairclough: Yeah, sure. Thanks, Jamino. Yeah, thanks for the question as well, Cole, because this is obviously a very topical theme, electrification. It's one of the clear mega trends, and it's a mega trend that I think people are getting quite excited about. Within that excitement, I think the role that steel will play in this is not being recognized. When we think about the build-out of renewables, the build-out of transmission, it just won't be achieved without steel. Steel is very much fundamental to this theme of electrification. We've taken the opportunity to try and put some numbers around it. This is page 19 of the slide deck that we published this morning. It's simply just looking at the projections through 2035 for electricity generation in the various different regions. We've applied some standardized assumptions, external assumptions rather than our own assumptions, around the steel intensity of that generation. Once you put it all together, it's a very significant number. Almost 300 million tons of steel would be required to achieve these electrification goals through 2035, ex-China. It's an important theme. We have good exposure to it. If you look at our product portfolio, we produce all of the steels that are going to be required to achieve these goals. Think about magnetics and our other products, which are well suited to solar. Think about heavy plate for wind, electrical steels. This is going to have a key role to play, and we're producing that, or going to be producing that in the key regions. Then, of course, the overall transmission. We believe that the demand is going to be interesting. We have the product portfolio to be applied to it, yeah, we just took the opportunity to put some numbers around it. Cole Hathorn: Thank you. Then just the one division that wasn't mentioned on the quarter-on-quarter was the India and JVs. Just wondering if you could give any color on that into the third quarter and fourth quarter. Thank you. Genuino Christino: Well, thank you for asking, Cole. As you can see, the performance in Q2 was strong. We had record level of shipments, run rate at about 8 million tonnes. Our expectation is for the divisions to continue to do well in quarter three and quarter four. The focus is, of course, other than continue to run the existing operations on our projects. As you know, we are doubling the capacity there. That is also progressing. I think demand is strong. We continue to see a very strong level of demand. Prices have moved up. They have recovered from low levels that we saw at the beginning of the year. I think we see good developments there. We should continue to see strong performance in the second half as well. Cole Hathorn: Thank you. Daniel Fairclough: Great. Thanks, Cole. Jamino, that was our last question. I'll hand back to you for any closing remarks. Genuino Christino: Thank you, Daniel. Thank you, everyone. Before we close, let me briefly reflect on the key message from today's discussion. First, we are seeing positive momentum across the business, with results expected to improve across all segments. Early indicators in Europe are already encouraging, giving us confidence as we enter the second half of 2026, with momentum continuing to build into 2027. Second, we have a differentiated portfolio of strategic growth opportunities and future growth options. We are well-positioned to benefit from some of the most important changes that are reshaping the global steel industry. This, in turn, provides a clear pathway to structurally high earnings and returns through the cycle. Finally, we have all the elements in place to continue growing earnings, returns on capital, and free cash flow. Structural demand drivers in a more regionalized steel industry creates opportunity. ArcelorMittal's disciplined capital allocation and strategy execution while maintaining a solid investment-grade balance sheet provides a strong foundation for future value creation. With that, I will close today's call, and if you have any follow-up questions, please reach out to Daniel and his team. Thank you again for joining us, and I look forward to speak with you soon. Enjoy the summer and please stay safe and keep those around you safe as well. Thank you very much. Before you buy stock in ArcelorMittal, consider this: The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and ArcelorMittal wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years. Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $397,081!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,166,221!* Now, it’s worth noting Stock Advisor’s total average return is 889% — a market-crushing outperformance compared to 203% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors. See the 10 stocks » *Stock Advisor returns as of July 30, 2026. This article is a transcript of this conference call produced for The Motley Fool. While we strive for our Foolish Best, there may be errors, omissions, or inaccuracies in this transcript. As with all our articles, The Motley Fool does not assume any responsibility for your use of this content, and we strongly encourage you to do your own research, including listening to the call yourself and reading the company's SEC filings. Please see our Terms and Conditions for additional details, including our Obligatory Capitalized Disclaimers of Liability. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. ArcelorMittal (MT) Q2 2026 Earnings Call Transcript was originally published by The Motley Fool

This article first appeared on GuruFocus. Release Date: July 30, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. ArcelorMittal SA (NYSE: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 (NYSE: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. 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. Here are the key highlights from the ArcelorMittal SA (NYSE:MT) Q2 2026 earnings call, presented as Q&A summaries. Warning! GuruFocus has detected 9 Warning Signs with MT. Is MT fairly valued? Test your thesis with our free DCF calculator. Q: Can you talk about your outlook for the European division, given the production restarts and order book inflection? How should we expect pricing dynamics to evolve into Q3 and Q4, and will there be any incremental ramp-up costs that could hold back margins?A: (Group CFO, Genuino G. C.) The outlook for Europe is very positive. Our guidance for Q3 shipments to be flat to slightly higher than Q2 is counter-seasonal and reflects a strong order book, with bookings already being taken for Q4. We are restarting all our blast furnaces in Europe for Q3. Prices are moving in the right direction, bucking the typical pre-summer trend. While bringing back capacity will increase carbon costs, this will be more than outweighed by the benefit of fixed cost absorption, making the restarted production even more profitable than current operations. Q: Regarding Section 232, are you having conversations with US policymakers to improve the economics of a potential second EAF at Calvert, similar to the onshoring plan for aluminum? Also, how would a potential Section 232-style tariff framework in Mexico impact your Mexican business?A: (Daniel Fairclough, IR) We are very committed to our US franchise. A second EAF at Calvert is a very strong project that aligns with US policy objectives of increasing domestic melt capacity. We are moving forward with detailed engineering for it, incorporating lessons from the first EAF. Any potential policy savings would be determined by the Department of Commerce. On Mexico, we have long advocated for greater policy alignment within the USMCA to create a "steel fortress" in North America. Any move to broaden Section 232 to the Mexican border would be a positive for our North American business, as it would help reduce tariff-related costs. Q: Can you talk about the level of inventories you are seeing in Europe? Your Q3 guidance suggests a significant seasonal outperformance. Are inventory levels now significantly lower to enable this shipment increase?A: (Group CFO, Genuino G. C.) We do not see inventories as being excessive in Europe. Imports were still elevated in Q2, but on a half-year basis they are relatively stable. The strong customer engagement and positive price evolution we are seeing are not typical of a high-inventory environment. This gives us confidence in our guidance. Our exposure to Southern Europe, which is a key region for replacing imports, also supports this view. Q: What is the potential for margins in Europe, now sitting at $98 per ton? Do you see scope for consolidation in Europe given the more supportive policy backdrop?A: (Group CFO, Genuino G. C.) We are very encouraged by the Q2 margin of nearly $100 per ton, especially since we have not yet seen the benefits of the new TRQ trade tool. There is clearly potential for us to do better, though I won't volunteer a specific number. On consolidation, Europe is more fragmented than other regions and could benefit from it. However, as we are already very large, our primary focus is on running our own assets efficiently and earning our cost of capital. Q: Can you provide a bridge for Q3 dynamics across all regions?A: (Daniel Fairclough, IR) The bridge is simple: we expect all steel segments to improve sequentially in Q3. The key themes are higher steel shipments and higher average selling prices. This will be partially offset by additional costs, particularly higher carbon costs as European production increases. For the second half as a whole, we expect this momentum to continue into Q4, which is typically a stronger volume quarter. We have also reiterated our prospect of positive free cash flow for the year, driven by working capital unwind and higher profitability. Q: Do you think there is a risk of idle European facilities being purchased by foreign slab producers and transformed into re-rolling centers?A: (Daniel Fairclough, IR) We do not see this as a near-term risk. The European Commission's policy is to promote the competitiveness of domestic capacity and prevent closures. If such a scenario were to materialize, it would likely reinforce further actions from the Commission, such as including slabs in the TRQ trade tool. We believe it is probably just a question of time before slabs become part of the TRQ to protect domestic steel production. Q: You mentioned China restructuring as a potential upside in the presentation. Does this mean you have seen positive signs or expect something in the coming year?A: (Group CFO, Genuino G. C.) Unfortunately, no. We know that restructuring has to happen at some point because at least half of China's steel industry is burning cash, which is unsustainable. However, it is difficult to predict when and how it will happen. When it does occur, it would normalize international prices and support the industry globally, but we cannot provide a specific timeline. Q: Can you give more color on the 1.8 billion EBITDA target for your strategic growth projects and the timeline for projects like the second EAF at Calvert and downstream investments in Brazil?A: (Group CFO, Genuino G. C.) We are already capturing benefits from these projects, with $700 million of the $1.8 billion expected this year. We are advancing engineering work for the second EAF at Calvert and downstream investments in Brazil, which leverage our low-cost slab position. In India, our ambition is significant. We are completing several projects this year (e.g., Liberia, Serra Azul, DIF in the US), which creates space in our capital envelope to add these new projects. Once engineering is complete and we have a good solution, we will take it to the board for approval. Q: Given the supportive EU policy changes (TRQ, ETS review), are DRI projects in Europe becoming more viable? Is this part of your future plans?A: (Group CFO, Genuino G. C.) DRI is not really part of our plans in Europe right now. We already have DRI capacity within the group, but the conditions for developing it in Europe are not yet present due to high gas prices and the uncertain availability and price of hydrogen. Our focus in Europe is on the EAF project in Dunkirk. We will invest in decarbonization when it makes economic sense and can earn a decent return on capital, but for now, other projects offer higher returns. Q: How much of the Q3 For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Luxembourg, July 30, 2026 - ArcelorMittal (referred to as “ArcelorMittal” or the “Company” or the "Group") (MT (New York, Amsterdam, Paris, Luxembourg), MTS (Madrid)), the world’s leading integrated steel and mining company, today announced results1 for the three-month and six-month periods ended June 30, 2026. 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. Financial highlights (on the basis of IFRS1): 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.” Safety and sustainable development Health and safety: Protecting employee health and safety is a core Company value. The multi-year safety transformation continues to deliver measurable improvements, with an LTIF rate of 0.53x in 1H 2026 vs 0.66x in 1H 2025. In 2026, the safety transformation program progressed into its implementation and scale-up phase, focused on embedding execution discipline and delivering consistent, high-quality safety performance across all regions. During 1H 2026, more than 8,000 leaders were assessed against the updated Health and Safety Competency Model, supporting a consistent One ArcelorMittal safety culture globally. In addition, an upgraded Contractor Health and Safety Management Standard was rolled out, establishing a consistent framework to strengthen contractor safety performance across all operations. These initiatives form part of the Company's ongoing efforts to achieve its ambition of zero fatalities and serious injuries. Own personnel and contractors – Lost time injury frequency rate Sustainable development highlights: Sustainable solutions: Continuing to build exposure to attractive low-carbon infrastructure growth markets. In June 2026, ArcelorMittal Building Solutions announced plans to construct a new manufacturing facility in the United States. Together with recent investments in India and Brazil, the facility will further strengthen ArcelorMittal’s global presence in insulated panels for more energy-efficient buildings. These investments are expected to contribute approximately $0.1bn of incremental EBITDA by 2031 once fully ramped up. Electrification is a structural growth driver for steel: Investments in electrification (wind power, solar power and grid expansion) currently targeted by various government policies could require 240–290Mt of steel ex-China through to 2035. ArcelorMittal is well positioned to capture growth through its portfolio of high-value add, high-margin products serving solar, wind, electrical steel and also transmission infrastructure markets. Analysis of results for the six months ended June 30, 2026 versus results for the six months ended June 30, 2025 Sales for 1H 2026 increased by 4.9% to $32.2 billion as compared with $30.7 billion for 1H 2025, primarily due to 10.2% higher average steel selling prices partially offset by lower shipments. Operating income for 1H 2026 was $1.8 billion, broadly stable with the underlying performance recorded in 1H 2025. 1H 2025 operating income of $2.8 billion included $1.0 billion of net exceptional gains (a $1.2 billion exceptional gain mainly related to the acquisition of Nippon Steel's 50% stake in AM/NS Calvert, partly offset by $0.2 billion of impairment charges related to the divestment of the Zenica integrated steel plant and Prijedor iron ore mining business in Bosnia). Depreciation cost for 1H 2026 was $1,529 million, higher than $1,353 million in 1H 2025, primarily due to the consolidation of Calvert (since June 2025) and foreign exchange impact. 12M 2026 depreciation guidance remains unchanged at approximately $3.0 billion. EBITDA increased by 8.8% to $3,743 million in 1H 2026 as compared to $3,440 million in 1H 2025, primarily driven by stronger results in Europe, North America (reflecting the impact of the Calvert acquisition) and the India and JVs segment partly offset by weaker results in Brazil and Mining. Income from associates, joint ventures and other investments increased to $406 million in 1H 2026, as compared to $298 million in 1H 2025, reflecting stronger contributions from AMNS India and European investees partially offset by the full consolidation of Calvert since June 2025. Foreign exchange and net financing charges amounted to $366 million in 1H 2026 as compared to an income of $123 million in 1H 2025 primarily on account of foreign exchange impacts. 1H 2026 was negatively impacted by a 3.0% appreciation of the US dollar against the Euro, while 1H 2025 benefited from a 12.8% depreciation of the US dollar against the Euro. Net interest expense increased to $269 million in 1H 2026 as compared to $121 million in 1H 2025, primarily due to higher average gross debt (including impact from consolidation of Calvert) and lower interest income. Interest income in 1H 2025 included interest on the amounts receivable (related to the disposal of the Kazakhstan operations, that were fully repaid in 4Q 2025), as well as returns on U.S. dollar-linked investments in Argentina used to preserve the dollar value of cash balances. 12M 2026 net interest expense is expected to be approximately $550 million. Net income in 1H 2026 of $1,258 million (EPS of $1.65/sh) compares to adjusted net income4 of $1,810 million (adjusted EPS of $2.37/sh) in 1H 2025. The year‑on‑year decline in net income primarily reflects higher foreign exchange losses and increased net interest expense, as explained above. Net cash provided by operating activities in 1H 2026 was $952 million as compared to $1,062 million in 1H 2025 and includes a working capital investment of $1,981 million as compared to $1,491 million in 1H 2025. Free cash outflow during 1H 2026 of $1,493 million includes capex of $2,373 million (including strategic growth projects totaling $0.8 billion). The free cash outflow, together with shareholder returns of $0.7 billion offset in part by net M&A proceeds during the period, led to an increase in net debt to $9.5 billion on June 30, 2026, as compared to $7.9 billion on December 31, 2025. Gross debt amounted to $14.4 billion on June 30, 2026, as compared to $13.7 billion on June 30, 2025. Analysis of results for 2Q 2026 versus 1Q 2026 Sales increased by 8.4% to $16.8 billion in 2Q 2026 as compared to $15.5 billion in 1Q 2026, primarily reflecting 4.4% higher average steel prices and 4.1% increase in steel shipments. Average steel selling prices and steel shipments increased in all steel segments. Operating income increased to $1.1 billion in 2Q 2026 as compared to $0.8 billion in 1Q 2026, reflecting improved operating performance. Depreciation cost for 2Q 2026 was $780 million as compared to $749 million in 1Q 2026. EBITDA increased by 22.9% to $2,064 million in 2Q 2026 as compared to $1,679 million in 1Q 2026, driven by improved performance across all steel segments. Income from associates, joint ventures and other investments increased to $229 million in 2Q 2026, as compared to $177 million in 1Q 2026, primarily due to stronger AMNS India results. 2Q 2026 includes a $0.3 billion gain on the disposal of a 10% stake in Vallourec which was fully offset by $0.3 billion impairment relating to the associate investment in Baffinland. Foreign exchange and other net financial charges amounted to $286 million in 2Q 2026 as compared to $80 million in 1Q 2026, primarily on account of foreign exchange impacts. Income tax expense of $175 million in 2Q 2026 compares with an income tax expense of $136 million in 1Q 2026. Net income in 2Q 2026 increased to $683 million (EPS of $0.90/sh) as compared with $575 million (EPS of $0.76/sh) in 1Q 2026. Net cash provided by operating activities in 2Q 2026 amounted to $1.0 billion (including a $0.5 billion investment in working capital) as compared to net cash used in operating activities in 1Q 2026 of $9 million (including a $1.5 billion seasonal investment in working capital). Capex totalled $1.1 billion (including strategic growth projects totaling $0.4 billion) for 2Q 2026 and $1.3 billion for 1Q 2026 (including strategic growth projects totaling $0.4 billion and $0.2 billion payment on signing the new Mineral Development Agreement in Liberia)10. Net debt increased to $9.5 billion as at June 30, 2026, as compared to $9.3 billion as at March 31, 2026. Analysis of operations North America Crude steel production increased by 3.2% to 2.2Mt in 2Q 2026, as compared with 2.1Mt in 1Q 2026 following the full recovery of Mexico long operations which were restarted late January 2026. Sales increased by 11.3% in 2Q 2026 to $3.7 billion, as compared to $3.3 billion in 1Q 2026, primarily reflecting higher steel shipments (+7.9%) and higher average steel selling prices (+6.7%). Operating income improved to $333 million in 2Q 2026 as compared with $206 million in 1Q 2026. EBITDA in 2Q 2026 increased by 27.4% to $488 million as compared to $383 million in 1Q 2026, driven mainly by a positive price-cost effect and higher steel shipments. Brazil9 Crude steel production increased by 5.6% to 3.7Mt in 2Q 2026, as compared with 3.5Mt in 1Q 2026. Sales in 2Q 2026 increased by 12.2% to $3.2 billion as compared to $2.8 billion in 1Q 2026. The improvement was driven by higher average steel selling prices (+8.0%) reflecting both stronger Brazilian slab prices and the impact of a 4% appreciation of the Brazilian real, as well as increased steel shipments (+3.9%), primarily into the domestic market benefiting from lower import penetration. Operating income increased to $274 million in 2Q 2026 as compared to $223 million in 1Q 2026. EBITDA in 2Q 2026 increased by 20.0% to $401 million as compared to $334 million in 1Q 2026, primarily reflecting a positive price-cost effect and higher steel shipments. Europe Crude steel production increased by 10.5% to 7.6Mt in 2Q 2026, as compared with 6.8Mt in 1Q 2026, primarily reflecting the restart of production facilities at Asturias (Spain) following maintenance activities since September 2025, and the restart of the Dabrowa blast furnace (Poland) on April 28, 2026, in response to improving demand. The Fos blast furnace (France), which had been idled since September 2023, was successfully restarted at the end of July 2026, reflecting improving demand and strengthening market conditions in Europe. Sales increased by 4.7% to $7.8 billion in 2Q 2026 as compared to $7.4 billion in 1Q 2026, primarily reflecting higher average steel selling prices (+3.9%). Year-on-year order books have inflected positively following the implementation of the TRQ from July 1, 2026. Consequently, steel shipments are expected to be stable to slightly higher in 3Q 2026 versus 2Q 2026, compared with the typical high-single-digit seasonal decline. Operating income increased to $410 million in 2Q 2026 as compared to $239 million in 1Q 2026. EBITDA in 2Q 2026 increased by 39.3% to $697 million as compared to $501 million in 1Q 2026, primarily reflecting a positive price-cost effect. Sustainable Solutions Sales in 2Q 2026 increased by 13.9% to $3.0 billion as compared to $2.6 billion in 1Q 2026. Operating income increased to $84 million in 2Q 2026 from $69 million in 1Q 2026. EBITDA increased by 14.3% to $142 million in 2Q 2026 as compared to $124 million in 1Q 2026, primarily driven by improved performance across all businesses in particular the Building Solutions business. Mining Note: Mining segment comprises iron ore operations of ArcelorMittal Mines Canada (AMMC) and ArcelorMittal Liberia. Iron ore production in 2Q 2026 increased by 3.5% to 10.1Mt, compared with 9.7Mt in 1Q 2026, driven by seasonally higher volumes at ArcelorMittal Mines Canada (“AMMC”), partly offset by lower output in Liberia due to heavy rainfall. Compared to 2Q 2025, iron ore production increased by 22.0%, driven primarily by improved performance in Liberia, where operational improvements and the continued concentrator ramp up supported higher mining volumes. In 2Q 2026, iron ore shipments (9.4Mt) were lower than iron ore production (10.1Mt), primarily due to shipment timing delays in Liberia caused by heavy rainfall and weather-related constraints impacting port operations at AMMC. In comparison, iron ore shipments in 2Q 2025 were higher than iron ore production, as AMMC shipped approximately 2Mt of inventory from prior periods that had accumulated at Port Cartier (AMMC) during the wharf rehabilitation. Liberia 2026 iron ore shipment guidance remains at 18Mt, supported by the ongoing ramp-up of the concentrator. Sales in 2Q 2026 were 15.0% lower at $0.8 billion as compared to $0.9bn in 1Q 2026 reflecting lower iron ore shipments. Operating income decreased to $93 million in 2Q 2026, compared with $215 million in 1Q 2026. EBITDA in 2Q 2026 decreased to $179 million as compared with $299 million in 1Q 2026, primarily reflecting lower iron ore shipments and higher freight costs. India and JVs Income from associates, joint ventures and other investments increased to $229 million in 2Q 2026, as compared to $177 million in 1Q 2026, due to stronger AMNS India results. ArcelorMittal has investments in various joint ventures and associate entities globally. The Company considers AMNS India (60% equity interest) joint venture to be of particular strategic importance, warranting more detailed disclosures to improve the understanding of its operational performance and value to the Group. AMNS India Sales increased by 2.4% to $1.7 billion in 2Q 2026 as compared to $1.6 billion in 1Q 2026, driven by higher average steel selling prices. EBITDA increased by 31.5% to $257 million in 2Q 2026 as compared to $195 million in 1Q 2026, primarily due to a positive price-cost effect. ArcelorMittal Condensed Consolidated Statements of Financial Position1 ArcelorMittal Condensed Consolidated Statements of Operations1 ArcelorMittal Condensed Consolidated Statements of Cash flows1 Appendix 1: Capital expenditures1 Appendix 1a: Strategic growth projects completed during the last 4 quarters10 Appendix 1b: Ongoing strategic growth projects Appendix 2: Debt repayment schedule as of June 30, 2026 As of June 30, 2026, the average debt maturity is 7.6 years. Appendix 3: Reconciliation of gross debt to net debt Appendix 4: Adjusted net income and adjusted basic EPS Appendix 5: Terms and definitions Unless indicated otherwise, or the context otherwise requires, references in this earnings release to the following terms have the meanings set out next to them below: Adjusted basic EPS: refers to adjusted net income divided by the weighted average common shares outstanding. Adjusted net income: refers to reported net income less impairment items and exceptional items and related tax impacts and one-off tax charges. Apparent steel consumption: calculated as the sum of production plus imports minus exports. Average steel selling prices: calculated as steel sales divided by steel shipments. Cash and cash equivalents: represent cash and cash equivalents, restricted cash and short-term investments. Capex: represents the purchase of property, plant and equipment and intangibles. The Group’s capex figures do not include capex at the JVs level (i.e. AM/NS Calvert until June 18, 2025 and AMNS India). Crude steel production: steel in the first solid state after melting, suitable for further processing or for sale. Depreciation: refers to amortization and depreciation. EPS: refers to basic or diluted earnings per share. EBITDA: defined as operating income plus depreciation, impairment items and exceptional items and income (loss) from associates, joint ventures and other investments (excluding impairments and exceptional items if any). EBITDA/tonne or margin: calculated as EBITDA divided by total steel shipments. Exceptional items: income / (charges) relate to transactions that are significant, infrequent or unusual and are not representative of the normal course of business of the period. Free cash flow (FCF): refers to net cash provided by operating activities less capex less dividends paid to minority shareholders. The term free cash outflow is used when the difference is negative (i.e. negative free cash flow) Foreign exchange and other net financing income/(loss): include foreign currency exchange impact, bank fees, interest on pensions, impairment of financial assets, revaluation of derivative instruments and other charges that cannot be directly linked to operating results. Gross debt: long-term debt and short-term debt. Impairment items: refers to impairment charges net of reversals. Income from associates, joint ventures and other investments: refers to income from associates, joint ventures and other investments (excluding impairments and exceptional items, if any). Investable cash flow: refers to net cash provided by operating activities less maintenance/normative capex. Iron ore reference prices: refers to iron ore prices for 62% Fe CFR China. Pricing is generally linked to market price indexes and uses a variety of mechanisms, including current spot prices and average prices over specified periods. Therefore, there may not be a direct correlation between market reference prices and actual selling prices in various regions at a given time. Kt: refers to thousand metric tonnes. Liquidity: defined as cash and cash equivalents (included cash held as part of assets held for sale) plus available revolving credit facilities LTIF: refers to lost time injury ("LTI") frequency rate equals lost time injuries per 1,000,000 worked hours (own personnel and contractors) and includes fatalities; an LTI is an incident that causes an injury that prevents the person from returning to his/her next scheduled shift or work period. Maintenance/normative capex: refers to capital expenditures outside of strategic capital expenditures projects (and includes cost reduction plans and environment projects as well as general maintenance capital expenditures). Mt: refers to million metric tonnes. Net debt: long-term debt and short-term debt less cash and cash equivalents (including cash and cash equivalents held as part of assets held for sale) Net interest expense: includes interest expense less interest income. Operating results: refers to operating income/(loss). Operating segments: North America segment includes the Flat, Long and Tubular operations of US, Canada and Mexico; and also includes all Mexico mines. The Brazil segment includes the Flat, Long and Tubular operations of Brazil and its neighboring countries including Argentina, Costa Rica, Venezuela; and also includes Andrade and Serra Azul captive iron ore mines. The Europe segment includes Flat and Long operations, and through October 30, 2025, included Bosnia and Herzegovina captive iron ore mines; Sustainable Solutions division includes Downstream Solutions and Tubular operations of the European business and our renewables operations in India. The Others segment includes the Flat, Long and Tubular operations of Ukraine and South Africa, the captive iron ore mines in Ukraine, holding companies and intragroup stock margin eliminations. Mining segment includes iron ore operations of ArcelorMittal Mines Canada and ArcelorMittal Liberia. Own iron ore production: includes total of all finished production of fines, concentrate, pellets and lumps and includes share of production. Price-cost effect: a lack of correlation or a lag in the corollary relationship between raw material and steel prices, which can either have a positive (i.e. increased spread between steel prices and raw material costs) or negative effect (i.e. a squeeze or decreased spread between steel prices and raw material costs). ROCE (Return on capital employed): refers to operating income, excluding impairment and exceptional items, plus income from associates, JVs and other investments (excluding impairments and exceptional items, if any), minus income taxes (excluding one-off tax charges) divided by the average equity plus net debt for the period. Shipments: information at segment and Group level eliminates intra-segment shipments (which are primarily between Flat/Long plants and Tubular plants) and inter-segment shipments respectively. Shipments of Downstream Solutions are excluded. Working capital change (working capital investment / release): refers to movement of change in working capital - trade accounts receivable plus inventories less trade and other accounts payable. Footnotes 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. 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. 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). 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. 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. 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. 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. 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. 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. 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. Second quarter 2026 earnings analyst conference call ArcelorMittal Management will host a conference call for members of the investment community to present and comment on the three-month period ended June 30, 2026 on: Thursday July 30, 2026, at 10.00 US Eastern time, 15.00 London time and 16.00 CET. To access via the conference call and ask a question during the Q&A, please register in advance: https://register-conf.media-server.com/register/BIf1abb75c869a4ab5a6215076919b3fc2 Alternatively, the webcast can be accessed at: https://edge.media-server.com/mmc/p/nup3k9ud A copy of the earnings call transcript will also be available on the website. Forward-Looking Statements This document contains forward-looking information and statements about ArcelorMittal and its subsidiaries. These statements include financial projections and estimates and their underlying assumptions, statements regarding plans, objectives and expectations with respect to future operations, products and services, and statements regarding future performance. Forward-looking statements may be identified by the words “believe”, "will", “expect”, “anticipate”, “target”, "projected", "potential", "intend" or similar expressions. Although ArcelorMittal’s management believes that the expectations reflected in such forward-looking statements are reasonable, investors and holders of ArcelorMittal’s securities are cautioned that forward-looking information and statements are subject to numerous risks and uncertainties, many of which are difficult to predict and generally beyond the control of ArcelorMittal, that could cause actual results and developments to differ materially and adversely from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include those discussed or identified in the filings with the Luxembourg Stock Market Authority for the Financial Markets (Commission de Surveillance du Secteur Financier) and the United States Securities and Exchange Commission (the “SEC”) made or to be made by ArcelorMittal, including ArcelorMittal’s latest Annual Report on Form 20-F on file with the SEC. ArcelorMittal undertakes no obligation to publicly update its forward-looking statements, whether as a result of new information, future events, or otherwise. Non-GAAP/Alternative Performance Measures This press release also includes certain non-GAAP financial/alternative performance measures. ArcelorMittal presents EBITDA, EBITDA/tonne, free cash flow (FCF), adjusted net income and adjusted basic earnings per share which are non-GAAP financial/alternative performance measures, as additional measures to enhance the understanding of its operating performance. The definition of EBITDA includes income from share of associates, JVs and other investments (excluding impairments and exceptional items if any, of associates, JVs and other investments) because the Company believes this information provides investors with additional information to understand its results, given the increasing significance of its joint ventures. ArcelorMittal believes such indicators are relevant to provide management and investors with additional information. ArcelorMittal also presents net debt, liquidity and change in working capital as additional measures to enhance the understanding of its financial position, changes to its capital structure and its credit assessment. Investable cash flow is defined as net cash provided by operating activities less maintenance/normative capex, and the Company thus believes that it represents a cash flow that is available for allocation at management’s discretion. The Company’s guidance as to free cash flow, EBITDA from Sustainable Solutions segment and additional EBITDA estimated to be generated from certain projects is based on the same accounting policies as those applied in the Company’s financial statements prepared in accordance with IFRS. ArcelorMittal is unable to reconcile, without unreasonable effort, such guidance to the most directly comparable IFRS financial measure, due to the uncertainty and inherent difficulty of predicting the occurrence and the financial impact of items impacting comparability. For the same reasons, ArcelorMittal is unable to address the significance of the unavailable information. Non-GAAP financial/alternative performance measures should be read in conjunction with, and not as an alternative to, ArcelorMittal's financial information prepared in accordance with IFRS. Comparable IFRS measures and reconciliations of non-GAAP financial/alternative performance measures are presented herein. About ArcelorMittal ArcelorMittal is one of the world's leading steel and mining companies, with a presence in 60 countries and primary steelmaking facilities in 14 countries. In 2025, ArcelorMittal had revenues of $61.4 billion and crude steel production of 55.6 million metric tonnes, while iron ore production reached 48.8 million metric tonnes. Our goal is to help build a better world with smarter steels. Steels made using innovative processes which use less energy, emit significantly less carbon and reduce costs. Steels that are cleaner, stronger and reusable. Steels for electric vehicles and renewable energy infrastructure that will support societies as they transform through this century. With steel at our core, our inventive people and an entrepreneurial culture at heart, we will support the world in making that change. This is what we believe it takes to be the steel company of the future. ArcelorMittal is listed on the stock exchanges of New York (MT), Amsterdam (MT), Paris (MT), Luxembourg (MT) and on the Spanish stock exchanges of Barcelona, Bilbao, Madrid and Valencia (MTS). For more information about ArcelorMittal please visit: https://corporate.arcelormittal.com/ Enquiries ArcelorMittal investor relations: +44 207 543 1128; ESG: +44 203 214 2801 and Bonds/credit: +33 1 57 95 50 35.E-mail: [email protected] ArcelorMittal corporate communications (e-mail: [email protected]) +44 207 629 7988. Contact: Paul Weigh +44 203 214 2419 Attachment 2Q26 Earnings release Final 300726.pdf

ArcelorMittal (MT) reported $16.76 billion in revenue for the quarter ended June 2026, representing a year-over-year increase of 5.2%. EPS of $0.89 for the same period compares to $1.32 a year ago. The reported revenue represents a surprise of -0.34% over the Zacks Consensus Estimate of $16.82 billion. With the consensus EPS estimate being $1.18, the EPS surprise was -24.58%. While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health. Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance. Here is how ArcelorMittal performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts: Crude steel production - Total: 14.30 Mmt versus 13.96 Mmt estimated by two analysts on average. Europe - Long shipments: 2,002.00 Kmt compared to the 2,000.60 Kmt average estimate based on two analysts. North America - Average steel selling price: $1,161.00 versus the two-analyst average estimate of $1,106.41. Brazil - Crude steel production: 3,711.00 Kmt versus 3,597.74 Kmt estimated by two analysts on average. Brazil - Average steel selling price: $798.00 versus the two-analyst average estimate of $779.35. Europe - Crude steel production: 7,551.00 Kmt versus the two-analyst average estimate of 7,649.56 Kmt. Europe - Average steel selling price: $967.00 versus the two-analyst average estimate of $968.09. Sales- North America: $3.67 billion versus the two-analyst average estimate of $3.56 billion. The reported number represents a year-over-year change of +18.3%. Sales- Brazil: $3.15 billion versus the two-analyst average estimate of $2.98 billion. The reported number represents a year-over-year change of +11.9%. Sales- Sustainable Solutions: $2.99 billion versus the two-analyst average estimate of $2.36 billion. The reported number represents a year-over-year change of +9.7%. Sales- Mining: $780 million compared to the $893.21 million average estimate based on two analysts. The reported number represents a change of -9% year over year. Sales- Europe: $7.8 billion compared to the $8 billion average estimate based on two analysts. The reported number represents a change of +1.9% year over year. View all Key Company Metrics for ArcelorMittal here>>> Shares of ArcelorMittal have returned +10.9% over the past month versus the Zacks S&P 500 composite's -1.5% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report ArcelorMittal (MT) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Wall Street analysts forecast that ArcelorMittal (MT) will report quarterly earnings of $1.18 per share in its upcoming release, pointing to a year-over-year decline of 10.6%. It is anticipated that revenues will amount to $16.82 billion, exhibiting an increase of 5.6% compared to the year-ago quarter. Over the last 30 days, there has been a downward revision of 2.1% in the consensus EPS estimate for the quarter, leading to its current level. This signifies the covering analysts' collective reconsideration of their initial forecasts over the course of this timeframe. Prior to a company's earnings release, it is of utmost importance to factor in any revisions made to the earnings projections. These revisions serve as a critical gauge for predicting potential investor behaviors with respect to the stock. Empirical studies consistently reveal a strong link between trends in earnings estimate revisions and the short-term price performance of a stock. While investors usually depend on consensus earnings and revenue estimates to assess the business performance for the quarter, delving into analysts' forecasts for certain key metrics often provides a more comprehensive understanding. Bearing this in mind, let's now explore the average estimates of specific ArcelorMittal metrics that are commonly monitored and projected by Wall Street analysts. The average prediction of analysts places 'Sales- North America' at $3.56 billion. The estimate indicates a change of +14.8% from the prior-year quarter. Analysts expect 'Sales- Brazil' to come in at $2.98 billion. The estimate indicates a change of +5.7% from the prior-year quarter. The combined assessment of analysts suggests that 'Sales- Sustainable Solutions' will likely reach $2.36 billion. The estimate indicates a year-over-year change of -13.3%. Analysts predict that the 'Sales- Mining' will reach $893.21 million. The estimate suggests a change of +4.2% year over year. The consensus among analysts is that 'Crude steel production - Total' will reach 14 millions of metric ton. The estimate compares to the year-ago value of 14 millions of metric ton. Based on the collective assessment of analysts, 'Europe - Long shipments' should arrive at 2001 thousands metric tons. The estimate is in contrast to the year-ago figure of 2073 thousands metric tons. According to the collective judgment of analysts, 'North America - Average steel selling price' should come in at $1106.41 . The estimate compares to the year-ago value of $1002.00 . The collective assessment of analysts points to an estimated 'Brazil - Crude steel production' of 3598 thousands metric tons. Compared to the present estimate, the company reported 3540 thousands metric tons in the same quarter last year. Analysts' assessment points toward 'Brazil - Average steel selling price' reaching $779.35 . Compared to the present estimate, the company reported $747.00 in the same quarter last year. Analysts forecast 'Europe - Crude steel production' to reach 7650 thousands metric tons. Compared to the current estimate, the company reported 7530 thousands metric tons in the same quarter of the previous year. The consensus estimate for 'Europe - Average steel selling price' stands at $968.09 . Compared to the present estimate, the company reported $926.00 in the same quarter last year. It is projected by analysts that the 'North America - Steel shipments' will reach 2684 thousands metric tons. The estimate is in contrast to the year-ago figure of 2531 thousands metric tons. View all Key Company Metrics for ArcelorMittal here>>> Shares of ArcelorMittal have demonstrated returns of +13.2% over the past month compared to the Zacks S&P 500 composite's +1.7% change. With a Zacks Rank #3 (Hold), MT is expected to mirror the overall market performance in the near future. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> . Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report ArcelorMittal (MT) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research