ArcelorMittal Shares Soar by 5% Targeting the €62 Resistance
This Friday midday, the Luxembourg-based steelmaker is among the leaders of the CAC 40 in a significantly bullish Parisian index. The stock continues the momentum started the previous day, following the ECB's decision to raise its key interest rates. Today's movement gives a boost to an already particularly strong performance over the year.
A 5% Acceleration Propelling the Stock Towards the €62.14 Resistance
ArcelorMittal gains 5.1% to €60.16, up from €57.24 the previous day, in a CAC 40 that jumps by 1.91%. The stock ranks fifth in the index, following Stellantis, Société Générale, and Kering. This surge brings the monthly performance to nearly 14% and confirms the annual rally, now close to 124%.
The price is significantly above its three moving averages, with a gap of nearly 5% from the MM20 (€57.32) and more than 12% from the MM50 (€53.43). This setup, already in place since the rebound the previous day, brings the stock in contact with the resistance identified at €62.14, the last milestone before recent peaks. The RSI at 54 remains in the neutral zone, which leaves room before a potential overbought signal.
A Movement in a CAC 40 Boosted by the ECB's Decision
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The European session is buoyed by the decision of the ECB's Governing Council, which raised its three key interest rates by 25 basis points on Friday, setting the deposit facility rate at 2.25% starting June 17, 2026. The institution has also revised its growth projection to 0.8% in 2026, amid persistent energy tensions. The CAC 40 gains 1.91% and the SBF 120 advances by 1.83%, while Brent crude drops more than 5% to $88.29, following de-escalation signals between Washington and Tehran.
As a reminder, the stock had been supported in May by the sale of 10% of Vallourec's capital at €24 per share, a transaction that generated about $667 million. The next technical milestone now plays around the €62.14 resistance, already tested during the late May peak.
« 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.
