Description

ArcelorMittal EAF Projects Targeting $1.8 Billion In Incremental EBITDA Is The Structural Bet!

ArcelorMittal reported structural improvements in its first-quarter 2026 results, with adjusted EBITDA per tonne reaching $131, a $15 increase year-over-year and approximately 50% above historical averages. This performance evidences an underlying earnings power strengthened over recent years and reflects disciplined execution of its strategy. However, this quarter’s results do not yet fully incorporate the impact of a stronger steel pricing environment observed more recently, which is anticipated to reflect more significantly in second-quarter results. Underlying free cash flow, excluding seasonal working capital and strategic growth capital expenditures, ran at an annualized rate exceeding $2 billion, marking a solid outcome given the current market cycle. The company is advancing growth projects targeting high-return opportunities that enable energy transition, expand iron ore capacity, and develop value-added capabilities.