Shares of ArcelorMittal S.A. MT scaled a new 52-week high of $70.24 before closing the session at $69.41.
The company’s shares have gained 123.7% in a year compared with the industry’s growth of 94.6%.
MT currently has a market capitalization of roughly $52.78 billion and a Zacks Rank #3 (Hold).
Let’s take a look at the factors that are driving MT stock.
What’s Aiding MT Stock?
MT posted adjusted earnings of 76 cents per share in the first quarter of 2026, topping the Zacks Consensus Estimate of 72 cents.
The company continues to expand its steel-making capacity and focus on higher-value-added products. ArcelorMittal is advancing strategic growth projects, including electric arc furnace (EAF) investments at Gijón, Sestao and Dunkirk, while strengthening its downstream and automotive steel capabilities to meet evolving customer requirements.
MT is expanding its steel-making capacity and focusing on shifting to high-added-value products. ArcelorMittal has decided to move forward with plans to establish a fully owned non-grain-oriented electrical steel (NOES) manufacturing facility in Alabama. This new plant aims to meet the rising demand for high-quality electrical steel while supporting manufacturers with a reliable domestic supply and addressing supply chain challenges.
As part of this initiative, the ArcelorMittal Calvert plant will incorporate key infrastructure, including an annealing pickling line, a cold-rolling mill, an annealing coating line, a packaging and slitter line and other essential ancillary equipment required for specialized electrical steel production. The company also remains on course with its Liberia iron ore expansion project, which is expected to reach full run-rate capacity beyond 20 million tons (Mt) in fiscal 2026.
It remains committed to enhancing shareholder value through dividends and ongoing share buybacks. Since September 2020, the company has reduced its share count by 38% through continued repurchases. It paid its first quarterly interim dividend of 15 cents per share in March 2026. This reflects a proposed annual base dividend of 60 cents per share for 2026. The company also reiterated its commitment to return at least 50% of post-dividend free cash flow to shareholders.
MT’s solid EBITDA performance in the first quarter was driven by resilient steel operations and strong iron ore contributions, including robust shipment levels from Liberia. The company also continued to benefit from disciplined cost management and improved product mix, while ongoing strategic investments in high-value and low-carbon steel projects are expected to support long-term growth and operational efficiency.
The company remains confident in its prospects for the balance of 2026, supported by expected favorable impacts from new policy measures, including a materially improved pricing and volume environment. CBAM and the new tariff rate quota mechanism are expected to reset the European steel market by limiting imports and requiring imports to bear a carbon cost.
ArcelorMittal Price and Consensus
ArcelorMittal price-consensus-chart | ArcelorMittal Quote
Stocks to Consider
Better-ranked stocks in the basic materials space include Avino Silver and Gold Mines Ltd. ASM, Carpenter Technology Corporation CRS and Albemarle Corporation ALB
Albemarle currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today's Zacks #1 Rank stocks here.
ALB beat the Zacks Consensus Estimate in three of the last four quarters while missing once, with the average earnings surprise being 74.5%. The company's shares have soared 220.3% in the past year.
Carpenter Technology currently sports a Zacks Rank #2 (Buy). CRS beat the Zacks Consensus Estimate in each of the last four quarters, with the average earnings surprise being 8.95%. The company's shares have soared 95.5% in the past year.
Avino Silver currently has a Zacks Rank #2. ASM beat the Zacks Consensus Estimate in each of the last four quarters, with the average earnings surprise being 125%. The company's shares have soared 119.2% in the past year.
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ArcelorMittal (MT): Free Stock Analysis Report
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This article originally published on Zacks Investment Research (zacks.com).