Credit Calls

Research evidence excerpt

Credit Calls

J P M O R G A N North America Credit Research

22 July 2026

Wednesday, July 22, 2026

Feature Head of North America Credit

Research and Strategy

ArcelorMittal: Upgrading to Overweight on Relative Value as EU Macro AC Tarek Hamid

Fundamentals Improve (Arjun Chandar)

(1-212) 834-5468

We are upgrading ArcelorMittal (MTNA) to Overweight from Neutral. As of tarek.x.hamid@jpmorgan.com

the beginning of July, the EU steel index increased 10% on protectionist measures J.P. Morgan Securities LLC

in Europe and US steel prices remain elevated on tariff benefits. We believe macro

developments will provide a boost to fundamental performance in the second half

of the year and drive de-levering after steel price headwinds more meaningfully Credit Calls is our daily compilation of

impacted the balance sheet in FY25. As a mid-BBB credit, we also believe that research reports from High Grade and

MTNA trades too wide to a compressed peer set, and we like the potential for new High Yield corporate credit analysts

10y bonds to compress against diversified mining and mini-mill comps in the HG and strategists.

Metals/Mining space. We note the company continues to maintain balance sheet

conservatism and has been allocating capital prudently since its upgrade to IG in High Grade Home Page

2021, a trend we expect to continue in a favorable pricing environment. We expect

High Yield Home PageMTNA to preserve mid-BBB ratings and note that 10y spreads are still ~15bp wide

to the JULI Metals/Mining Index, offering compression upside, in our view. We Daily Economic Briefing

would highlight that our Equity team turned more constructive on EU steel earlier Link to US Equity Research Top Stories

this month (link) as well.