Barclays Maintains an Equal Weight Rating on ArcelorMittal S.A. (MT)

Core Viewpoint - ArcelorMittal S.A. (NYSE:MT) is recognized as one of the top steel stocks to invest in currently, with positive analyst upgrades and strong financial performance reported for the fourth quarter of 2025 [1][2][3]. Financial Performance - For the fourth quarter of 2025, ArcelorMittal reported an EBITDA of $1.59 billion, surpassing the consensus estimate of $1.51 billion by $80 million [3]. - The company's stock price increased by over 3% following the earnings report, reaching its highest level since August 2011 [3]. - As of February 25, 2026, the stock has risen by 42.20% year to date [4]. Analyst Ratings and Price Objectives - Barclays analyst Tom Zhang upgraded the price objective for ArcelorMittal from EUR 39 to EUR 45 while maintaining an Equal Weight rating [2]. - Morgan Stanley analyst Alain Gabriel raised his price objective from EUR 46.20 to EUR 54.30, keeping an Overweight rating [2]. Market Outlook - The company anticipates that EU policies, including the Carbon Border Adjustment Mechanism and expected import quota cuts, will reduce flat and long steel imports into the EU by nearly 40% compared to 2024 levels [3]. - Management expects these measures to enhance capacity utilization and profitability, with full effects anticipated by 2027, alongside a projected 2% global demand growth excluding China [3]. Business Segments - ArcelorMittal operates through various segments, including NAFTA, Brazil, Europe, Africa and Commonwealth of Independent States (ACIS), and Mining [4].