ArcelorMittal among the biggest gainers on the CAC 40, up 4.5% ahead of its results
The steelmaker moves into the upper part of the Parisian market table in midday trading, as the CAC 40 trends higher. It is regaining ground on the eve of publishing its third-quarter results, after several difficult sessions.
The rebound brings the price back above the MM20 and MM200
ArcelorMittal shares gain 4.58% to €56.64, while the CAC 40 rises 1.47%. The stock is among the strongest gainers in the index but is still down 8.38% over three months.
The share price is back above the 20-day moving average (MM20) at €55.31, a gap of 2.40%, and the 200-day moving average (MM200) at €55.57, a gap of 1.93%. It remains below the 50-day moving average (MM50) at €59.76, which is 5.22% higher. This configuration extends the contact with the MM200 observed at the end of October, while the RSI at 50 remains neutral after the decline of recent weeks.
Analysts expect EBITDA of $1,972 M for the third quarter, according to the consensus compiled by Visible Alpha and published by the group on November 2. Against a backdrop of falling Brent crude, at $102.20 per barrel (-1.35% on the session), the stock is approaching its support at €52.82, which it had broken through on October 28 before rebounding.
Third-quarter results are expected on Thursday, November 5
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The group will publish its third-quarter results on Thursday, November 5. The consensus already factors in the shutdown of the Ukrainian Kryvyi Rih site, announced on September 25, and the adjusted indicators exclude the non-cash charges linked to this decision.
When it published its first-half 2026 results on July 30, management displayed a confident tone, with shareholder returns it considered solid.
The group also detailed a €614 million share buyback programme announced on May 19, executed at nearly 100% by the end of June. On the markets, the VIX fell to 18.23 (-13.81%) and European indices rose by more than 1%. Thursday's publication will set the next key figure for the stock.
« Looking ahead, we remain very positive. » ; « Outlook across the near, medium and long term remains positive »
Risks mentioned
Ukraine operations idled following multiple missile strikes with safety and logistical challenges; future cash spend expected to be limited
Temporary $2.5bn working capital investment during 9M 2026 creating near-term cash drag, though expected to unwind in 4Q
Weather disruption in Liberian mining and lagged benefit of higher steel prices yet to be reflected in Europe segment results
Opportunities identified
Enhanced EU trade measures beginning to rebalance European steel market fundamentals with all European blast furnaces back in operation
Strategic growth projects (3.9Mt EAF capacity by 2029 in Europe, Liberia ramp-up) supporting medium to long-term earnings growth
Group shipments in 2H 2026 expected to exceed 1H 2026; flat shipment growth expected to accelerate in 4Q with double-digit year-on-year increase
Outlook / guidance
Management commentary: The 9M 2026 investment in working capital of $2.5bn is expected to largely unwind in 4Q 2026, supporting a healthy cash generation and continued returns to shareholders and lower net debt.
The information presented in this article is provided for informational purposes only and does not constitute an investment recommendation, an incentive to buy or sell a financial asset, or investment advice. Readers are invited to conduct their own research before making any decision.
Investments in the stock market involve risks, including the risk of capital loss. Past performance of an asset or market is no guarantee of future results. Any investment decision should be made taking into account your personal financial situation, objectives and risk tolerance.
