ArcelorMittal's H1 2026: $2.1B Q2 EBITDA, Buyback Continues, Vallourec Stake Sold
MT has more than doubled off its 52-week low of $30.17.
Summary
ArcelorMittal posted Q2 2026 EBITDA of $2.1 billion, up 23% sequentially, and continued its share buyback while selling a 10.4% Vallourec stake for $663 million.
Key Events · Earnings and Guidance · MT
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Q2 EBITDA Jumps 23%
Driven by a sharp recovery in Europe and higher steel prices, Q2 2026 EBITDA reached $2.1 billion, a 23% sequential increase.
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Share Buyback Continues
ArcelorMittal repurchased 8 million shares for $510 million in H1 2026 and immediately launched a second 10-million-share tranche.
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Vallourec Stake Sold for $663M
The company sold a 10.4% interest in Vallourec for €569 million ($663 million), recognizing a $302 million gain, while retaining 18.0% voting rights.
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Baffinland Impairment of $262M
A $262 million impairment was recorded on the 25.2% investment in Baffinland Iron Mines, which is in financial difficulties and seeking creditor protection.
Analysis · MT · Manufacturing
A sharp recovery in Europe propelled ArcelorMittal's Q2 EBITDA to $2.1 billion, a 23% sequential jump. The company is returning cash to shareholders through an ongoing buyback — $510 million spent in the first half — and a $0.60 dividend. It also monetized part of its Vallourec stake for $663 million. These results and capital actions come as steel prices and spreads benefit from trade measures, though higher energy costs and geopolitical risks persist. The balance sheet remains investment-grade with gearing at 16.7%, and the outlook calls for higher shipments in the second half.
At the time of this filing, MT was trading at $70.26 on NYSE in the Manufacturing sector, with a market capitalization of approximately $51.1B. 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.