ArcelorMittal share leads the CAC 40, +17% over 3 months
The Luxembourg-based steelmaker stands out as the best performer on the CAC 40 during mid-session trading on Tuesday, September 22, 2026, in a Paris market advancing cautiously. Over three months, the share shows a gain of nearly 17%, continuing an exceptional quarterly track record.
Leading the CAC 40, the share consolidates at the level of its 20-day moving average
ArcelorMittal advances 2.26% to €64.28 during the session, posting the strongest gain on the CAC 40 while the Paris index only gains 0.2%. The DAX advances by 0.94% during the session, in an overall well-oriented Europe. Over the week, the share already shows a gain of 2.62%, in line with a remarkable quarter at +16.92%.
The technical configuration warrants attention: the price is trading at the level of the 20-day moving average at €64.49, with a negative spread of only 0.33%, making it a pivot level to watch. On the other hand, the share maintains a comfortable cushion above its 50-day moving average at €62.33 (spread of +3.13%) and remains well above its 200-day moving average at €52.73, representing a spread of nearly 22%. The RSI at 46 remains in neutral territory, showing no particular signal in either direction, while the MACD displays a slightly negative histogram at -0.29, reflecting momentum losing momentum after the recent advance.
An exceptional annual performance, driven by positively-stated prospects
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Over one year, the share shows a gain of 114.2%, a rare performance for a CAC 40 value. This movement is part of a bullish dynamic that began several months ago, marked notably by a five-year high at €68.42 recorded in early September 2026. Since this peak, the share has declined by approximately 6%, but recovers notable strength on Tuesday.
On the fundamental side, upon the publication of first-half 2026 results on July 30, 2026, management displayed confident messaging, mentioning positive prospects in the short, medium and long term, with a shareholder return level presented as structurally more solid. Furthermore, the group had completed approximately 100% of its €614 million share buyback program announced in May 2026, with nearly one billion euros repurchased in total by end of June 2026. The support at €61.16 constitutes the first reference level in case of a reversal, while the resistance at €67.54, close to the September high, remains the next zone to breach to reconnect with recent peaks.
« 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.
