ArcelorMittal Posts Third-Quarter Profit Beat, Flags Optimism for 2026
LUXEMBOURG, Nov 6 (Reuters) – ArcelorMittal, the world’s second-largest steelmaker, reported a better-than-expected third-quarter profit on Thursday, supported by a strong performance in Europe, and expressed a positive outlook for 2026.
The Luxembourg-based company recorded a $1.51 billion core profit in the quarter, which was 3% higher than the $1.46 billion projected in the company-provided consensus.
“We are seeing signs of stabilization and are optimistic on the outlook for our business in 2026, when we will benefit from more supportive industry policies in key markets,” said Aditya Mittal, ArcelorMittal’s Chief Executive, in a statement.
Despite the positive results, the company noted that overall demand remained weak during the quarter, and there were no signs of restocking, as customers continued to take a “wait and see” approach.
Western steelmakers have welcomed the rise of protectionism in their manufacturing countries. In June, the U.S. increased steel tariffs to 50%, while in October, the European Commission announced plans for higher import quotas and heavier duties on volumes exceeding those limits.
Steelmakers have long argued against global overcapacity and pressure from cheaper imported steel from Asia.
ArcelorMittal’s shares were up around 5% at 0930 GMT, bringing their year-to-date gains to 53%.
Analysts at JPMorgan said in a note that the company’s strong results were driven by a better-than-expected performance in Europe.
ArcelorMittal’s earnings in Europe rose 27% compared with the same period last year.
JPMorgan analysts also noted that the company was an outlier among recent steelmakers’ reports, with no reasons for fourth-quarter estimate downgrades.
