ArcelorMittal shares post second gain on the CAC 40, at €56.10 after its results
The steelmaker moves into the upper part of the Paris market table at midday, as the CAC 40 trades higher. The move follows the publication of third-quarter results, marked by a net loss linked to Ukraine and a sharp increase in adjusted net income.
A rebound that brings the stock back above its short- and long-term averages
The stock trades at €56.10, up 2.33% on the session and 4.66% on the week. It is trading above its 20-day moving average (€55.09, a gap of 1.83%) and its 200-day moving average (€55.70), after remaining below these benchmarks in the preceding days.
The 50-day moving average, at €59.18, remains 5.2% above the share price, a reminder that the stock still lost nearly 11% over three months. This gain comes in a market supported by the CAC 40, which rises 0.36%, while the stock ranks second in the day's ranking behind Sanofi. Meanwhile, Brent crude falls toward $96.69 a barrel.
Third-quarter results split between a net loss and a rise in adjusted earnings
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On November 5, ArcelorMittal reported a net loss of $391 million, compared with a profit of $377 million a year earlier. The shutdown of the Ukrainian Kryvyi Rih site weighed for $852 million in impairments. Excluding these items, adjusted net income rose to $868 million, compared with $474 million.
At the time of the release, management said its outlook remained positive, with shipments expected to increase in the second half. Analyst opinions and upcoming releases can be read in light of these figures. During the session, technical resistance stands at €61.30 and support at €52.82.
« 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.
