Luxembourg-based steel producer ArcelorMittal has announced its financial results for the first quarter of 2026.
In the first quarter this year, ArcelorMittal recorded a net profit of $575 million, compared to the net profit of $177 million recorded in the fourth quarter of 2025. The company’s net profit decreased by 28.6 percent year on year, compared to $805 million recorded in the first quarter of 2025. In the given period, the company’s sales revenues increased by 3.2 percent quarter on quarter and by 4.5 percent year on year to $15.46 billion, supported by the increase in average steel selling prices.
In the same period, operating income rose to $753 million from $327 million recorded in the previous quarter, while declining by 8.7 percent year on year from $825 million. The company’s EBITDA amounted to $1.68 billion, up by 5.4 percent quarter on quarter from $1.59 billion and by 6.3 percent year on year, supported by the improvement in the North America segment. ArcelorMittal’s EBITDA per tonne rose to $131/mt from $123/mt in the previous quarter, while increasing by $15/mt year on year from $116/mt.
Production increases while shipments decline
In the first quarter of 2026, ArcelorMittal’s crude steel production increased by 3.9 percent quarter on quarter to 13.3 million mt, while declining by 10.1 percent year on year. The company’s total steel shipments decreased by 1.5 percent quarter on quarter and by 5.9 percent year on year to 12.8 million mt. The company’s total iron ore production declined from 13.1 million mt in the previous quarter to 12.9 million mt, while increasing by 9.3 percent year on year. Iron ore production at ArcelorMittal Mines Canada and Liberia increased by 15.5 percent year on year to 9.7 million mt, while iron ore shipments from the given operations rose by 25 percent year on year to 10 million mt.
North America and Europe performances diverge
In the company’s North America segment, sales revenues increased by 8.3 percent quarter on quarter to $3.3 billion, driven by a 5.2 percent rise in steel shipments and a 3.5 percent increase in average steel selling prices. The segment’s sales revenues also increased by 14.6 percent year on year. EBITDA in the North America segment rose to $383 million from $204 million recorded in the previous quarter, supported by a positive price-cost effect and higher steel shipments, while decreasing by 19.4 percent year on year from $475 million.
In the Europe segment, sales revenues increased by 10.6 percent quarter on quarter and by 3.2 percent year on year to $7.4 billion, reflecting an 8.1 percent increase in steel shipments and higher average steel selling prices. The segment’s EBITDA declined to $501 million from $518 million in the previous quarter, as the positive impact of higher shipments was offset by a negative price-cost effect, including the impact of reduced free carbon allocations, while it increased by 35.4 percent year on year. The company stated that, with the Carbon Border Adjustment Mechanism (CBAM) in place, the additional carbon cost is expected to be recovered via steel prices from the second quarter onwards.
Support expected from European policies
Commenting on the results, Aditya Mittal, CEO of ArcelorMittal, said the company’s performance in the first quarter was resilient despite the unsettled backdrop in the Middle East, and that the EBITDA of $131/mt reflected the benefits of its globally diversified asset portfolio and the consistent implementation of its strategy.
Mittal stated that the fundamentals of the business had improved over the past three months, driven in particular by favorable structural changes in the European policy environment, including CBAM and the new tariff-rate quota mechanism. Noting that imports into Europe are expected to decline significantly from July 1, Mittal said ArcelorMittal is well positioned to benefit from this favorable environment through its existing capacity and by restarting idled capacity. He also stated that the company’s strategic growth projects are expected to add a total of $1.8 billion in incremental EBITDA, including the expansion of AMNS India’s Hazira plant, the ramp-up of mining operations in Liberia, the ramp-up of the new electric arc furnace at Calvert to full capacity, as well as various opportunities related to the energy transition. Mittal added that the company was pleased to have taken the final investment decision on the new electric arc furnace in Dunkirk and said the new policies are expected to create a materially improved pricing and volume environment.