ArcelorMittal urges pragmatic EU ETS reform, shares tied to European steel decarbonisation debate

By Christina Vogel, Background & Management desk. Reviewed prior to publication on 2026-06-25, 19:31.

ArcelorMittal (LU1598757687) has stepped into the political spotlight in Brussels with a targeted call for changes to the European Union Emissions Trading System. Together with thyssenkrupp Steel and voestalpine, the Luxembourg-based group is arguing for a more pragmatic carbon-cost path to protect EU steel competitiveness, as highlighted in a coordinated communication and an article by executive chairman Lakshmi Mittal in the Financial Times. Globenewswire press release on the joint ETS call

What ArcelorMittal is asking for

The joint statement from ArcelorMittal, thyssenkrupp Steel and voestalpine calls for a temporary pause in ETS cost escalation, effectively keeping current carbon price levels in place until enabling conditions for economically viable decarbonisation are secured. Globenewswire summary of ETS proposals The steelmakers highlight three pillars: predictable carbon costs, dedicated funding of green steel projects, and guaranteed infrastructure for low-carbon energy and hydrogen.

According to the joint communication and Lakshmi Mittal’s Financial Times article, the companies argue that ETS revenues should be channelled more directly into industrial decarbonisation projects in sectors such as steel, automotive and construction, where ArcelorMittal is a key supplier. They also stress that early movers on green steel must receive sufficient project support to avoid competitive disadvantages versus producers in less regulated regions.

Why EU ETS design matters for the stock

ArcelorMittal shares are listed on Euronext Paris, where the company is a constituent of the CAC 40 and Stoxx Europe 600, and on the NYSE under the ticker MT, giving the stock a dual transatlantic investor base. Euronext and index inclusion data via finanzen.net The group’s cost base is heavily exposed to carbon pricing because blast furnace steelmaking emits significant volumes of CO2 per tonne produced.

For investors tracking European metals and mining names such as ArcelorMittal, thyssenkrupp and voestalpine, ETS reforms directly influence medium-term margin potential and capital-allocation decisions. Higher or more volatile carbon prices can compress EBITDA margins if not offset by higher steel prices or by a faster shift to low-emission technologies such as direct reduced iron combined with electric arc furnaces.

How ArcelorMittal makes its money

ArcelorMittal generates most of its revenue from producing and selling steel products such as flat carbon steel, long products and tubular products for automotive OEMs, construction firms, machinery producers and energy infrastructure projects. The group also operates a sizeable mining division, supplying iron ore and coal to its own mills and third parties, which gives partial vertical integration into key raw materials.

Where the stock trades today

The ArcelorMittal shares (LU1598757687) most recently traded on Euronext Paris at around 54 euros on 2026-06-25, 17:57, with the company’s European listing also included in benchmarks such as the CAC 40 and Stoxx Europe 600.

This article is for informational purposes only and does not constitute investment advice or a solicitation to buy or sell any securities. All data have been carefully researched but carry no guarantee. Investors should conduct their own research or consult a qualified financial advisor before making investment decisions.