Luxembourg-headquartered steel manufacturer ArcelorMittal has announced its results for the first quarter (Q1) of 2026.
According to the report released on Thursday 30 April, during the three-month period ended 31 March 2026, net income was recorded at $600 million (€511 million), a seasonal working capital investment of $1.5bn during the quarter led to a free cash outflow of $1.3bn and an increase in net debt to $9.3bn.
ArcelorMittal said Liquidity remained at a robust $9.9bn and the company's positive FCF outlook for 2026 and beyond remains unchanged.
Over the past 12 months, ArcelorMittal generated $2.0bn in investable cash flow (net cash provided by operating activities less maintenance/normative capex). Over the same period, the Company invested $1.5bn in strategic capex to build incremental long-term EBITDA capacity, returned $0.7bn to shareholders and allocated $0.2bn to M&A
The steel manufacturer noted that capital return policy was creating significant value for shareholders and the company paid its first quarterly interim dividend of $0.15 per share in March 2026, as part of a proposed annual dividend of $0.60 per share.
Commenting on these results, ArcelorMittal CEO Aditya Mittal said: “The fundamentals of the business have improved over the past three months, driven in particular by the favourable structural reset in the European policy environment, including CBAM and the new tariff rate quota which is expected to significantly reduce imports into Europe from 1 July. ArcelorMittal is well positioned to capture this upside through existing capacity and by re-starting idled capacity. This will result in higher domestic capacity utilisation and restore profitability and ROCE to healthy, sustainable levels.”
Looking ahead, Aditya Mittal remarked: “We remain confident in ArcelorMittal’s prospects for the balance of the year, with the expected favourable impacts of new policy including a materially improved pricing and volume environment, more than offsetting any anticipated impacts from the Iran conflict.”
