ArcelorMittal Q2 2026: EBITDA Reaches $2.1B as Europe Rebounds on Trade Measures
MT has more than doubled off its 52-week low of $30.17.
Summary
ArcelorMittal reported Q2 2026 EBITDA of $2.1 billion, a 23% sequential increase, driven by a sharp recovery in Europe following the implementation of new trade measures. The company returned $0.7 billion to shareholders and maintained its full-year outlook.
Key Events · Earnings and Guidance · MT
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Q2 EBITDA Surges to $2.1B
Group EBITDA rose 22.9% sequentially to $2,064 million, with margin expanding to $155/t—significantly above historical averages—driven by improved performance across all steel segments.
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Europe Rebounds on TRQ Implementation
European EBITDA jumped 39.3% to $697 million, with EBITDA/t improving $28 sequentially, as the new tariff-rate quota system from July 1, 2026, boosted order books and prompted capacity restarts, including the Fos blast furnace.
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Shareholder Returns of $0.7B in 1H 2026
The company returned $0.7 billion to shareholders in the first half ($0.2 billion dividends, $0.5 billion buybacks), with a $483 million buyback executed in Q2 alone, and expects full-year returns to exceed the policy minimum.
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Strategic Growth Projects on Track
The portfolio of organic growth projects and completed M&A is expected to add approximately $1.8 billion in incremental EBITDA from 2026 onwards, with 2026 capex guidance unchanged at $4.5–$5.0 billion.
Analysis · MT · Manufacturing
A strong second quarter saw EBITDA climb 23% sequentially to $2.1 billion, with margins expanding to $155 per tonne—well above historical averages. The European segment stood out: EBITDA per tonne jumped $28 as the new tariff-rate quota (TRQ) system took effect on July 1, reversing import pressure and prompting capacity restarts. Underlying free cash flow reached $0.5 billion in the first half, $0.7 billion was returned to shareholders, and the $1.8 billion strategic growth EBITDA target remains on track. With European order books inflecting positively and shipments expected to defy seasonal declines in Q3, the results signal that structural improvements and trade policy are translating into higher, more resilient earnings.
At the time of this filing, MT was trading at $68.83 on NYSE in the Manufacturing sector, with a market capitalization of approximately $49.3B. The 52-week trading range was $30.17 to $72.50. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.