ArcelorMittal shares, CAC 40 laggard, erase part of their +6% gain
The steelmaker closes the CAC 40 at midday, in a Parisian index that is almost flat. This decline follows a sharp rebound earlier in the week and comes as the stock approaches a technical level it has already tested.
The stock trades at €57.88 and falls 1.56%, while the CAC 40 gains 0.07% and the SBF 120 gains 0.02%. It ranks last in the Parisian index, behind Kering (-1.36%) and Safran (-1.34%). This decline erases a small part of the 6.2% weekly gain, driven by the publication of the accounts on November 5.
The group reported a net loss of $391 million linked to the shutdown of its Ukrainian site in Kryvyi Rih, but an adjusted net profit that rose sharply to $868 million, compared with $474 million a year earlier.
In this document, management described itself as “very positive” about the future and expected higher shipments in the second half than in the first, with an acceleration in the fourth quarter. On November 9, the group also announced that Brad Davey will retire on January 1, 2027, with his responsibilities being split among three executives.
The 50-day moving average (MM50) at €58.68 caps the stock, with resistance at €59.54, the recent high
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The price is trading above the 20-day moving average (MM20) at €55.55 and the 200-day moving average (MM200) at €55.94, but remains below the MM50, at €58.68, i.e. 1.36% above the current price.
Above, the €59.54 resistance is the next key level: the stock is approaching it without having crossed it, and today’s decline brings it back toward its medium-term average.
Over three months, it is still down 9.82%, which places the week’s rebound within a broader movement of rebuilding. The RSI at 54 remains neutral and signals neither overbought nor oversold conditions. The €59.54 level is the benchmark to watch in the sessions ahead.
« 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.
