ArcelorMittal reported improved second-quarter earnings and said it expects stronger steel shipments in Europe during the second half of 2026, supported by the European Union’s revised tariff rate quota (TRQ) system and the Carbon Border Adjustment Mechanism (CBAM).
The world’s largest steelmaker posted second-quarter EBITDA of USD 2.06 bln, up from USD 1.68 bln in the previous quarter, while EBITDA per ton improved to USD 155 from USD 131. Net income reached USD 683 mln, with crude steel production increasing to 14.3 mln tons from 13.3 mln tons in the first quarter. Steel shipments also rose to 13.4 mln tons from 12.8 mln tons.
The company said Europe’s steel market has started to recover following the implementation of the revised TRQ regime on 1 July, with stronger order books supporting capacity restarts. As a result, European shipments in the third quarter are expected to remain stable or increase slightly from the second quarter, defying the typical seasonal slowdown, while second-half shipments are forecast to exceed first-half volumes across all business segments.
ArcelorMittal said the combination of CBAM and the new country-specific import quotas is creating a more balanced competitive environment for European producers. The company added that introducing “melt and pour” requirements would further strengthen the effectiveness of the EU’s trade defence framework.
Looking ahead, the company reaffirmed its expectation that its portfolio of growth projects will add approximately USD 1.8 bln in annual EBITDA from 2026 onwards. These investments include capacity expansions in India, downstream flat steel projects in Brazil, electrical steel developments in the US and Europe, and further mining growth in Liberia. Capital expenditure guidance for 2026 remains unchanged at USD 4.5-5 bln.
ArcelorMittal is one of the world’s largest steel and mining companies, operating primary steelmaking facilities in 14 countries. In 2025, the company produced 55.6 mln tons of crude steel and 48.8 mln tons of iron ore.