ArcelorMittal Q3 revenue rises on higher steel shipments, profit hit by Ukraine ops

Overview

• Luxembourg steel and mining firm's Q3 revenue rose 5% yr/yr to $16.5 bln

• Adjusted EPS for Q3 increased to $1.15 from $0.62 yr/yr

• Company posted net loss due to Ukraine impairment and exceptional charges

Outlook

• ArcelorMittal expects 4Q 2026 flat shipment growth to accelerate, with double-digit year-on-year increase

• Company maintains 2026 capex guidance at $4.5 bln-$5.0 bln, including $1.7 bln-$1.9 bln strategic capex

• Company expects 9M 2026 working capital investment to largely unwind in 4Q 2026, supporting cash generation

Result Drivers

• EUROPEAN TRADE MEASURES - Co said enhanced EU trade measures and new tariff rate quota supported higher flat steel shipments and improved domestic capacity utilization in Europe

• HIGHER ENERGY AND INPUT COSTS - Co said higher energy and carbon prices in Europe and increased freight costs in mining weighed on results, with steel prices lagging cost increases

• IMPAIRMENT AND EXCEPTIONAL CHARGES - Net loss driven by impairment and exceptional charges related to idling of Ukraine operations

Company press release:

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 12 "strong buy" or "buy", 5 "hold" and 1 "sell" or "strong sell"

• Wall Street's median 12-month price target for ArcelorMittal SA is €71.00, about 28.8% above its November 4 closing price of €55.12

• The stock recently traded at 9 times the next 12-month earnings vs. a P/E of 12 three months ago

Reuters Recommended Reads

• Nov 4 - Steelmaker Ternium bets on Mexico lifting outlook as US tariff relief remains uncertain

• Nov 3 - Brazil's Gerdau shuts down steel production in Divinopolis plant

• Nov 4 - Canada's Russel Metals Q3 revenue jumps 56% to record

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)