Luxembourg-headquartered steel manufacturer ArcelorMittal has announced its results for the second quarter (Q2) and first half (1H) of 2026.
According to the report released on Thursday 30 July, during the three-month period ended 30 June 2026, net income was recorded at $700 million, while EBITDA reached $2.1 billion. After returning $600 million to shareholders and seasonal net working capital investment, net debt increased modestly compared with the previous quarter to $9.5 billion.
ArcelorMittal said liquidity remained at a robust $10.4 billion and the company's free cash flow outlook for 2026 and beyond remains unchanged.
During the first half of 2026, the business generated $500 million of underlying free cash flow after investing $800 million in strategic growth projects and excluding the seasonal $2.0 billion working capital investment. The company said stronger profitability and healthy cash generation expected in the second half of the year should support continued shareholder returns and lower net debt.
The steel manufacturer noted that its capital return policy continued to create significant value for shareholders. During the first half of 2026, the company returned $700 million to shareholders, comprising $200 million in dividends and $500 million in share buybacks. Following the partial monetisation of its Vallourec stake, shareholder returns in 2026 are expected to exceed the company's minimum capital return policy. ArcelorMittal added that its fully diluted share count has been reduced by 38% since September 2020.
Commenting on the results, ArcelorMittal Chief Executive Officer Aditya Mittal said: "Today’s results, with second quarter EBITDA per tonne of $155, demonstrate the continued evolution of our business towards structurally higher levels of profitability."
Looking ahead, Aditya Mittal added: "With Europe volumes in the third quarter projected to be stable to higher compared with the second quarter - counter to normal seasonal trends - and positive momentum across our other businesses, we anticipate higher shipments in both the third quarter and the second half of the year, with all segments expected to outperform first‑half volumes."
