ArcelorMittal SA shares surged 5.07% during intraday trading, driven by the company's release of robust second-quarter results and a positive outlook for its European operations.
The steelmaker reported a significant increase in EBITDA to $2.1 billion, with an EBITDA per tonne of $155, which the company highlighted as structurally higher than historical averages. The results were bolstered by improved performance across all steel segments, particularly in Europe, where the implementation of new tariff rate quotas and the CBAM is creating a more balanced competitive environment. The company noted that European order books have inflected positively, and shipments are expected to be stable to higher in the third quarter, counter to normal seasonal trends.
CEO Aditya Mittal emphasized the company's strategic growth initiatives and the positive momentum across its businesses, stating that the company is well-positioned to deliver structurally higher quality earnings. The strong operational performance and optimistic guidance for the second half of the year, including higher shipments across all segments, fueled investor confidence and the stock's upward movement.