ArcelorMittal beats earnings forecasts as high steel prices offset demand hit
ArcelorMittal reported first-quarter core earnings of $1.68 billion, slightly exceeding analyst expectations, driven by higher steel prices and strong performance in North America. Despite this, its Europe and mining segments underperformed relative to estimates, and J.P. Morgan downgraded the stock due to concerns over rising energy costs and global demand risks. While steel demand in Europe remains weak, prices have risen significantly due to energy costs and trade safeguards, with further pricing benefits expected from the second quarter of 2026.
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By Javi West Larrañaga April 30 (Reuters) - ArcelorMittal, the world’s second-largest steelmaker, reported stronger-than-expected core earnings on Thursday, helped by higher steel prices and improved performance in its North America business. The Luxembourg-based company posted first-quarter core earnings of $1.68 billion, narrowly beating analysts’ average estimate of $1.65 billion, according to data compiled by LSEG. However, results at ArcelorMittal’s Europe business and mining unit fell below J.P. Morgan’s estimates, the brokerage said in a note to investors. J.P.
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