ArcelorMittal Shares Continue to Rise, Driven by Analyst Upgrades and Dunkerque Project

Analyst Upgrades Fuel Momentum

Today's session is energized by a significant recommendation change from Jefferies, which on February 11 upgraded its position on ArcelorMittal SA from 'hold' to 'buy', while raising its price target from 44 to 62 euros, representing a potential increase of about 14% from the current level. Just days earlier, on February 9, Oddo BHF also raised its target from 54 to 61 euros, with an 'outperform' rating. These two adjustments reflect a renewed confidence from analysts in the steel group, in a context where the stock has already soared nearly 60% over three months and almost doubled over a year. Technically, the price is now well above its 50-day moving average, which is at 41.39 euros, indicating a well-established upward trend. However, the RSI at 82 signals an overbought zone, a level that historically can precede temporary consolidation phases.

Dunkerque Electric Furnace Project Confirmed

The other driver of today's session is the confirmation, announced the previous day, of the construction of an electric arc furnace at the Dunkerque site. This strategic investment aims to significantly reduce the carbon footprint of steel production in France, relying on a decarbonized electricity supply contract concluded with EDF. The decision follows changes in the European regulatory framework concerning green industry. This project positions the Luxembourg-based group among the most committed industrial players in the energy transition of the metallurgical sector on the continent. In the short term, it enhances the group's visibility on its future production costs and its ability to meet the increasing demands of clients concerning carbon footprint. The stock thus reached a new five-year high at 54.36 euros during the session, surpassing the previous record of 53.32 euros set on February 10, 2026.