European Steel: First two Steel results for Q2‘26 are in line; OW Voestalpine, Salzgitter, Neutral ArcelorMittal and SSAB

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European Steel: First two Steel results for Q2‘26 are in line; OW Voestalpine, Salzgitter, Neutral ArcelorMittal and SSAB

J P M O R G A N Europe Equity Research

22 July 2026

European Steel

Weekly dashboard: First two Steel results for Q2’26 are

in line; OW Voestalpine, Salzgitter, Neutral ArcelorMittal

and SSAB

Our latest valuation and commodity price scenario analysis across our EMEA European Metals, Mining & Steel

ACMining & Steel coverage (link). Dominic O'Kane

(44-20) 7742-6729

In the past week, European steel sector share prices have been broadly flat, in line dominic.j.okane@jpmorgan.com

with wider markets. The EC unveiled its latest amendment to the EU ETS J.P. Morgan Securities plc

framework, which includes a delay to the CBAM free-allocation phase-out from Patrick Jones

2034 to 2038, alongside the IDB €100bn fund to support decarbonisation (44-20) 7742-5964

patrick.jones@jpmorgan.com

technologies post-2030. The amendment is less severe vs previously speculated J.P. Morgan Securities plc

deep-structural revisions, but policy tinkering undermines capital planning

Varun Bhattad

stability for corporates, in our view. (91-22) 6157-5027

varun.bhattad@jpmchase.com

Today, SSAB reported Q2 results (link) and last Friday, Salzgitter pre-released J.P. Morgan India Private Limited

preliminary Q2'26 financials (link). Both companies indicated broadly in-line Rosie Jia

trading conditions in Q2, consistent with our expectation for the Q2 reporting (44-20) 3493-7448

season of limited upside surprises, with conservative Q3 guidance (see our Q2 rosie.jia@jpmorgan.com

J.P. Morgan Securities plc

previews for European Steel corporates). However, we forecast an earnings

inflection higher in Q4 for all EU steel producers, which sustains through 2027 due