ArcelorMittal Expects to Continue Winning Streak in 2026

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Written by Will Ploch, Assistant Editor-in-Chief for IIR News Intelligence (Sugar Land, Texas)

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Summary

ArcelorMittal is optimistic about its near-term growth opportunities, as it prepares to boost its annual capital expenditures amid what executives are calling a more favorable trade environment.

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Steel Execs Laud Trade Actions

Executives at global steel producer ArcelorMittal are upbeat in their outlook for 2026. Steel production and shipments are expected to grow across all the company's regional markets, supported by operational improvements and stronger trade protections. In a sign of confidence, the Luxembourg-headquartered company plans to boost its 2026 capital expenditures (capex) when compared with the previous year. Industrial Info is tracking more than $27 billion worth of active and proposed projects from ArcelorMittal worldwide, including about $4.6 billion worth in North America.

"The biggest change that has happened in 2025 is a realization that countries around the world need the steel industry," said Aditya Mittal, the company's chief executive officer, in a quarterly earnings-related conference call. "It's about supply resilience, it's about national security. And we see increasing action to support the domestic steel industry, whether it's through trade or other actions." He later added: "A more supportive trade policy has reshaped the outlook of our business."

Mittal cheered two recent trade actions by the European Union (EU): the Carbon Border Adjustment Mechanism (CBAM), a climate-policy tool designed to put a fair price on carbon emitted during the production of carbon-intensive goods imported into the EU, and a new tariff-rate quota trade measure that will "significantly limit the amount of steel that can be dumped into the European market."

In its North American business, ArcelorMittal is focused on growing its electrical steel franchise, especially at its carbon steel-processing plant in Calvert, Alabama. The company completed construction last spring on a new electric arc furnace (EAF) to produce steel slabs, and it started work late last year on a second EAF which could be completed as early as next summer.

Subscribers to Industrial Info's Global Market Intelligence (GMI) Metals & Minerals Plant and Project databases can learn more about the Calvert project--including capacities, investment values and necessary equipment--from a detailed plant profile and project reports on the first and second EAF additions.

"We are building electrical steel capacities to support electrification and mobility, and we are expanding our EAF footprint where the economics make sense," Mittal said in the earnings call.

ArcelorMittal also is developing its Non-Grain-Oriented Electrical Steel (NOES) Mill in Calvert, which will cater to the "automotive and mobility, renewable electricity production, and other industrial and commercial" markets, according to the company. Executives also say the project will reduce U.S. dependency on electrical steel imports. Subscribers can learn more from a plant profile and detailed project report.

By the Numbers

• More than $27 billion: Estimated total investment in projects worldwide from ArcelorMittal tracked by Industrial Info
• About $4.6 billion: Estimated total investment in North American projects from ArcelorMittal
• $200 million to $700 million: Projected increase in full-year capex for ArcelorMittal, when compared with 2025

Capex Set to Grow in Coming Year

ArcelorMittal estimates its full-year capex for 2026 will be between $4.5 billion and $5 billion, compared with $4.3 billion for last year. "2025 was a pivotal year for the global steel industry and ArcelorMittal," the company said in a press release. "While the ongoing geopolitical volatility brought significant challenges, important foundations were also laid for a more supportive operating environment moving forwards."

In Canada, ArcelorMittal is looking to boost its production of direct-reduced iron (DRI) at its Steel Works Plant in Hamilton, Ontario, where it also is proposing the addition of an EAF. The DRI-EAF combination carries a lower carbon footprint than the standard blast-furnace style of steelmaking; the company believes these projects will reduce annual carbon dioxide (CO2) emissions at its Hamilton operations by about 60% within seven years of startup.

Subscribers can learn more about the Hamilton developments from a plant profile and detailed reports on the DRI and EAF units.

For its global operations, ArcelorMittal reported net income of $3.15 billion for full-year 2025, compared with $1.34 billion for 2024. Total sales stood at $61.35 billion, compared with $62.44 billion in 2024.

Subscribers to Industrial Info's GMI Project Database can click here for a full list of detailed reports for active and proposed projects from ArcelorMittal globally, and click here for a full list from North America.

Subscribers can click here for a full list of detailed reports for projects mentioned in this article, and click here for a full list of related plant profiles.

Key Takeaways

• ArcelorMittal's steel production and shipments are expected to grow in 2026.
• Executives point to favorable trade actions as a major reason for the improved market environment.
• The company is expanding its electrical steel capacities to cater to automotive and other markets.

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About IIR News Intelligence
IIR News Intelligence is a trusted source of news for the industrial process and energy markets, powered by Industrial Info Resources' Global Market Intelligence (GMI).

About Industrial Info Resources
Industrial Info Resources (IIR News Intelligence) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 250,000 current and future projects worth $30.2 trillion (USD).