In Q1 2026, ArcelorMittal reported sales of $15,457m, operating income of $753m and net income of $575m (EPS $0.76), up from $327m and $177m respectively in Q1 2025. EBITDA per tonne increased by $15 year-on-year to $131, driven by strategic investments, asset optimization and diversified market exposure.

The Company invested $1.5bn in seasonal working capital, leading to a free cash outflow of $1.3bn and net debt rising to $9.3bn, offset by liquidity of $9.9bn. Over the past 12 months, $2.0bn of investable cash flow funded $1.5bn of strategic capex, $0.7bn of shareholder returns and $0.2bn in M&A, while dividends of $0.15 per share were initiated and share count cut by 38%.

Record iron ore production and shipments in Liberia and normalized North American operations underpinned volumes, while European policy shifts (CBAM and TRQ) are set to reduce imports from July, boosting domestic utilization. Key expansion projects include new electric arc furnaces at Dunkirk, Sestao and Gijón, alongside blast furnace restarts in France and Poland.

2026 capex guidance remains at $4.5–5.0bn, including $1.7–2.0bn in high-return strategic projects expected to add $1.8bn of incremental EBITDA. The Company maintains a positive free cash flow outlook for the year, with a capital return policy targeting a minimum 50% of post-dividend free cash flow through buybacks and dividends.