ArcelorMittal Shares Decline by 1.05% at the Close of January 20, 2026
ArcelorMittal shares closed the session on Tuesday, January 20, 2026, at 41.60 euros, down 1.05% from the previous day. This slight decline follows a streak of four consecutive green sessions, while the Luxembourg-based steelmaker still shows a spectacular 12-month increase of 83.1%.
Mixed Analyst Opinions on ArcelorMittal
The ArcelorMittal file has elicited mixed opinions among financial analysts. On January 14, Jefferies raised its price target from 36 to 44 euros, maintaining a 'hold' recommendation, which represents an upside potential of 5.8% compared to the current price. Meanwhile, Goldman Sachs also increased its target from 30 to 36 euros while maintaining a neutral stance, reflecting a valuation considered balanced in light of current fundamentals.
These revisions are part of a broader reevaluation of the sector, with Jefferies forecasting an EBITDA of 8.3 billion euros for 2026, slightly above market consensus. The analysis firm expects the price of hot-rolled steel coils to be around 750 dollars per ton in 2026, up more than 100 dollars from the low in the third quarter of 2025 at 650 dollars. These forecasts highlight a gradual improvement in the market environment, supported by the implementation of the Carbon Border Adjustment Mechanism in January 2026, which is expected to add between 40 and 70 euros per ton to the price of imported steel.
Technical Outlook Urges Caution
From a technical standpoint, ArcelorMittal's stock is in a configuration that calls for caution. The RSI is at 75, indicating an overbought zone that suggests a possible consolidation in the short term after the recent sharp rise. The stock is maintaining slightly below its key resistance level at 42.13 euros, a technical level it has failed to durably surpass during the session.
The immediate support is positioned at 36.60 euros, providing a safety margin of nearly 12% compared to the current price. The moving averages confirm the underlying bullish trend: the price is significantly above the 50-day moving average at 37.69 euros and the 200-day moving average at 30.88 euros, indicating a positive momentum in the medium and long term. This graphical configuration, combined with a weekly performance of 1.09% and a quarterly gain of 26.75%, illustrates the strength of the bullish movement that has been underway for several months, even though the slight decline of the day calls for monitoring the support levels in the upcoming sessions.
