ArcelorMittal Q1 jumps on higher steel prices

(Sharecast News) - Steelmaker ArcelorMittal on Thursday posted better-than-expected first quarter earnings, helped by higher steel prices. Earnings before interest, taxes, depreciation and amortisation for the first three months of the year came in at $1.68bn compared with $1.58bn a year ago and better than the $1.65 billion expected by analysts.

Crude steel production came to 13.3 million tonnes, down from 14.8 million tonnes.

"The fundamentals of the business have improved over the past three months, driven in particular by the favourable structural reset in the European policy environment, and the new tariff rate quota which is expected to significantly reduce imports into Europe from July 1," said CEO Aditya Mittal.

The European Union this month approved a plan to double tariffs on steel imports from outside the bloc as it moved to shield domestic production.

Sales increased by 3.2% to $15.5bn in 1Q 2026 as compared to $15bn in the final quarter of 2025, primarily reflecting higher average steel prices, the company added.

Reporting by Frank Prenesti for Sharecast.com