Report by Bankinter ArcelorMittal (MTS) has announced an accelerated placement at €24 per share amongst institutional investors of approximately 10% of the share capital of the French seamless tube company Vallourec, in which ArcelorMittal is the largest shareholder with a 27.8% stake as of December 2025. Acquired in 2024 and accounted for using the equity method. The sale generates cash of $667 million. Bankinter analysis team’s view: The strong performance…

Morgan Stanley | Alain Gabriel (analyst) reiterates his Overweight view on his Top Pick ArcelorMittal following Q1 2026 results, with management characterising the Q2 2026 outlook as one of improving prices, recovering volumes and greater operational flexibility across all divisions. He highlights Europe as the main driver of earnings acceleration towards H2 2026, as shipments increase, and notes that the positive FCF guidance remains in place, with scope to resume…

Norbolsa | The company reports that Q4 2025 EBITDA stood at €1.59 billion, exceeding expectations of €1.51 billion. The South African subsidiary stands out, having managed to reduce its annual losses by 34% thanks to lower raw material costs and the closure of its long steel business, while the parent company resumes talks with ArcelorMittal South Africa’s second-largest shareholder, Industrial Development Corporation (IDC), for a possible transaction. ArcelorMittal is raising…

Renta 4 | The company will publish its Q4 2025 results on Thursday, 5 February, before the market opens, and will hold a conference at 3:30 p.m. P.O. We expect shipments to increase by 1% compared to Q3 2025 (North America down 1% , Brazil up 2% and Europe down 4%) and prices to fall by 6% compared to Q3 2025 (North America down 13%, Brazil down 2% and Europe…

Banc Sabadell | Following last week’s railway accident in Adamuz, the Minister of Transport has ordered the CIAF (Railway Accident Investigation Commission) to locate all batches of the same rail in case the cause of the breakage was due to a manufacturing fault. The same sources specify that virtually all the rails used in Spain are manufactured by ArcelorMittal (MTS), including those involved in the accident. ArcelorMittal has indicated that…

Deutsche Bank | The steel giant will report its fourth-quarter results, and we expect stable figures in sequential terms, as more moderate results in North America and Brazil are likely to be offset by stronger contributions from Europe, Mining and Sustainable Solutions. EU spreads have already developed strongly, supported by stricter CBAM regulation, and we reflect the increase in steel prices and iron ore assumptions, raising our EBITDA estimates for…

Renta 4 | Trump has signed an executive order that would allow the Department of Commerce to reduce tariffs on steel and aluminium from 50% to 25% for Canada, provided certain conditions are met. We recall that Trump imposed a 50% tariff on imports from Canada on 1 April. The impact of the tariffs is around $150 million/quarter at EBITDA level, although we believe that ArcelorMittal would be passing on…