Worthington Industries vs ArcelorMittal SA: why the prices moved differently

Weekly · monthly · quarterly news summaries, side by side in time

Worthington Industries Inc (WOR)

Q3 202616 Sep – 23 Sep 2026

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Worthington Beats Estimates, Data-Center Tank Demand Accelerates

Q1 earnings beat lifts stock Worthington reported Q1 revenue of $343.9 million, up 13.2%, and adjusted EPS of $0.82, beating estimates. Adjusted EBITDA rose 10% and free cash flow nearly doubled. The stock jumped about 15% as results showed the business is growing faster than expected.
The earnings beat is the main new event driving the stock this period.
Data-center liquid cooling tanks gain traction Worthington shipped $13 million of ASME tanks for data-center liquid cooling in the quarter, matching its full prior-year total. Management expects sequential growth through fiscal 2027 in a market that could be over 10 times its legacy size. This opens a fast-growing new demand source.
It explains a key growth driver behind the earnings beat and future upside.
Investor day highlights under-the-radar data-center play Ahead of its November 10 investor day, Worthington emphasized its focus on construction, heating/cooling products, and data-center liquid-cooling tanks. Shares jumped 10% as investors saw it as an overlooked data-center supplier with double-digit contractor sales growth.
It shows a new narrative that attracted buyers before earnings.
Tariff refunds and steel weakness offset some gains Trade and Specialty Solutions got a $4 million boost from IEEPA tariff refunds, but the A2L refrigerant transition cut Building Performance EBITDA by about $7 million. The company also faces tariff uncertainty and weaker equity earnings from softer steel pricing, which could weigh on future results.
It gives a fair picture of real counterweights to the positive earnings and demand news.

September 202616 Sep – 23 Sep 2026

▲3

Worthington Beats Estimates, Data-Center Tank Demand Accelerates

Q1 earnings beat lifts stock Worthington reported Q1 revenue of $343.9 million, up 13.2%, and adjusted EPS of $0.82, beating estimates. Adjusted EBITDA rose 10% and free cash flow nearly doubled. The stock jumped about 15% as results showed the business is growing faster than expected.
The earnings beat is the main new event driving the stock this period.
Data-center liquid cooling tanks gain traction Worthington shipped $13 million of ASME tanks for data-center liquid cooling in the quarter, matching its full prior-year total. Management expects sequential growth through fiscal 2027 in a market that could be over 10 times its legacy size. This opens a fast-growing new demand source.
It explains a key growth driver behind the earnings beat and future upside.
Investor day highlights under-the-radar data-center play Ahead of its November 10 investor day, Worthington emphasized its focus on construction, heating/cooling products, and data-center liquid-cooling tanks. Shares jumped 10% as investors saw it as an overlooked data-center supplier with double-digit contractor sales growth.
It shows a new narrative that attracted buyers before earnings.
Tariff refunds and steel weakness offset some gains Trade and Specialty Solutions got a $4 million boost from IEEPA tariff refunds, but the A2L refrigerant transition cut Building Performance EBITDA by about $7 million. The company also faces tariff uncertainty and weaker equity earnings from softer steel pricing, which could weigh on future results.
It gives a fair picture of real counterweights to the positive earnings and demand news.

Latest16 Sep – 23 Sep 2026

▲3

Worthington Beats Estimates, Data-Center Tank Demand Accelerates

Q1 earnings beat lifts stock Worthington reported Q1 revenue of $343.9 million, up 13.2%, and adjusted EPS of $0.82, beating estimates. Adjusted EBITDA rose 10% and free cash flow nearly doubled. The stock jumped about 15% as results showed the business is growing faster than expected.
The earnings beat is the main new event driving the stock this period.
Data-center liquid cooling tanks gain traction Worthington shipped $13 million of ASME tanks for data-center liquid cooling in the quarter, matching its full prior-year total. Management expects sequential growth through fiscal 2027 in a market that could be over 10 times its legacy size. This opens a fast-growing new demand source.
It explains a key growth driver behind the earnings beat and future upside.
Investor day highlights under-the-radar data-center play Ahead of its November 10 investor day, Worthington emphasized its focus on construction, heating/cooling products, and data-center liquid-cooling tanks. Shares jumped 10% as investors saw it as an overlooked data-center supplier with double-digit contractor sales growth.
It shows a new narrative that attracted buyers before earnings.
Tariff refunds and steel weakness offset some gains Trade and Specialty Solutions got a $4 million boost from IEEPA tariff refunds, but the A2L refrigerant transition cut Building Performance EBITDA by about $7 million. The company also faces tariff uncertainty and weaker equity earnings from softer steel pricing, which could weigh on future results.
It gives a fair picture of real counterweights to the positive earnings and demand news.

ArcelorMittal SA (MT.AS)

Q3 202617 Jun – 9 Oct 2026

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ArcelorMittal Q3: AI deals, buybacks, policy wins offset Ukraine and profit setbacks

AI and tech partnerships ArcelorMittal partnered with AWS and Microsoft to use artificial intelligence in steelmaking, aiming to cut costs and improve efficiency. An Amazon deal to supply low-carbon XCarb steel also opened a new sales channel.
These partnerships are new this quarter and signal innovation and demand for greener steel, supporting the stock.
Capital returns and policy tailwinds Rising EBITDA and share buybacks returned cash to shareholders. Tighter EU import quotas and efforts to ease carbon rules helped European steel prices, while a UBS upgrade boosted sentiment.
These factors directly improve profitability and investor confidence, driving the stock higher.
Brazil expansion for higher-margin steel The Pecém expansion in Brazil is designed to produce higher-margin steel, improving the company's product mix and profitability. This strategic move supports long-term growth.
It is a new initiative this quarter that enhances future earnings potential.
Ukraine war disruption and profit weakness Missile and drone strikes halted output at Kryvyi Rih, killing or injuring workers. Q2 net profit fell sharply, and the Italy JV exit ceded upside to a rival, raising strategy doubts.
These are major operational and financial setbacks that weigh on the stock and offset positive developments.

August 202611 Jul – 9 Oct 2026

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Buybacks, EU import quotas and UBS upgrade lift ArcelorMittal

Buyback shrinks share count ArcelorMittal finished buying back 10 million shares and immediately started a second 10 million share tranche, cancelling the stock. Fewer shares means each remaining share owns more of the company's profit, which supports the share price over time.
A concrete capital return that directly lifts per-share value.
EU quotas tighten steel supply New EU safeguards cap duty-free steel imports at 18.3 million tonnes a year, with a 50% tariff above that, removing about 9 million tonnes of imports. Less foreign steel should raise European prices, and UBS says every €10 per tonne adds roughly $325M to ArcelorMittal's earnings.
The main structural force behind higher European steel prices and profits.
UBS upgrade on oversold shares UBS upgraded ArcelorMittal to Buy with a €71 target, up from €61, saying shares fell nearly 20% in a month and are oversold. It expects an EU steel price rally and sees ArcelorMittal as the most liquid way to play European steel; the stock rose 4.6%.
A major broker re-rating that names the specific upside case.
Italy JV exit cedes upside ArcelorMittal walked away from buying the remaining 51% of its Italian joint venture after Rome imposed conditions limiting job and structural cuts. It avoids extra spending and regulatory risk, but hands potential upside to rival Acciaieria Arvedi and raises doubts about its Italian strategy.
The clearest counterweight: a lost growth opportunity and strategic setback.

Latest11 Jul – 9 Oct 2026

▲3▼1

Buybacks, EU import quotas and UBS upgrade lift ArcelorMittal

Buyback shrinks share count ArcelorMittal finished buying back 10 million shares and immediately started a second 10 million share tranche, cancelling the stock. Fewer shares means each remaining share owns more of the company's profit, which supports the share price over time.
A concrete capital return that directly lifts per-share value.
EU quotas tighten steel supply New EU safeguards cap duty-free steel imports at 18.3 million tonnes a year, with a 50% tariff above that, removing about 9 million tonnes of imports. Less foreign steel should raise European prices, and UBS says every €10 per tonne adds roughly $325M to ArcelorMittal's earnings.
The main structural force behind higher European steel prices and profits.
UBS upgrade on oversold shares UBS upgraded ArcelorMittal to Buy with a €71 target, up from €61, saying shares fell nearly 20% in a month and are oversold. It expects an EU steel price rally and sees ArcelorMittal as the most liquid way to play European steel; the stock rose 4.6%.
A major broker re-rating that names the specific upside case.
Italy JV exit cedes upside ArcelorMittal walked away from buying the remaining 51% of its Italian joint venture after Rome imposed conditions limiting job and structural cuts. It avoids extra spending and regulatory risk, but hands potential upside to rival Acciaieria Arvedi and raises doubts about its Italian strategy.
The clearest counterweight: a lost growth opportunity and strategic setback.

September 20263 Aug – 30 Sep 2026

▲2▼2

ArcelorMittal: Ukraine strikes halt output, Brazil expansion and AI push offset

Second missile strike halts Kryvyi Rih steel output A ballistic missile hit ArcelorMittal's Kryvyi Rih plant in Ukraine, killing two contractors and stopping primary steel production while ironmaking complex #1 is assessed. This is the second strike in five weeks, so lost output and repair costs weigh on earnings and the share price.
Directly hits production and earnings, the clearest negative force on MT.AS this period.
Earlier drone attack injured workers at same plant In mid-August a large Russian drone and missile attack on Kryvyi Rih injured 13 ArcelorMittal employees and killed one. It showed the war is repeatedly disrupting the company's Ukrainian assets, adding risk and cost that pressure the stock.
First of the two strikes; sets up the recurring war risk to ArcelorMittal's assets.
Brazil Pecém mill expansion targets higher-margin steel ArcelorMittal aims to decide by year-end on a $961M expansion of its Pecém mill in Brazil, adding a 1.5M-ton hot-rolled coil line. Turning cheap slab into higher-value rolled steel should lift future profits, supporting the share price.
A concrete growth investment that improves the long-term earnings mix.
Microsoft Azure and AI deal to cut costs over time ArcelorMittal expanded its Microsoft partnership, making Azure its main cloud platform and embedding AI and data tools across its IT systems. The goal is lower legacy IT costs and better efficiency, a slow-building positive for margins and the stock.
A structural efficiency driver that supports profitability beyond daily price moves.

3 Aug – 30 Sep 2026

▲2▼2

ArcelorMittal: Ukraine strikes halt output, Brazil expansion and AI push offset

Second missile strike halts Kryvyi Rih steel output A ballistic missile hit ArcelorMittal's Kryvyi Rih plant in Ukraine, killing two contractors and stopping primary steel production while ironmaking complex #1 is assessed. This is the second strike in five weeks, so lost output and repair costs weigh on earnings and the share price.
Directly hits production and earnings, the clearest negative force on MT.AS this period.
Earlier drone attack injured workers at same plant In mid-August a large Russian drone and missile attack on Kryvyi Rih injured 13 ArcelorMittal employees and killed one. It showed the war is repeatedly disrupting the company's Ukrainian assets, adding risk and cost that pressure the stock.
First of the two strikes; sets up the recurring war risk to ArcelorMittal's assets.
Brazil Pecém mill expansion targets higher-margin steel ArcelorMittal aims to decide by year-end on a $961M expansion of its Pecém mill in Brazil, adding a 1.5M-ton hot-rolled coil line. Turning cheap slab into higher-value rolled steel should lift future profits, supporting the share price.
A concrete growth investment that improves the long-term earnings mix.
Microsoft Azure and AI deal to cut costs over time ArcelorMittal expanded its Microsoft partnership, making Azure its main cloud platform and embedding AI and data tools across its IT systems. The goal is lower legacy IT costs and better efficiency, a slow-building positive for margins and the stock.
A structural efficiency driver that supports profitability beyond daily price moves.

July 202617 Jun – 30 Jul 2026

▲2

ArcelorMittal: AI deal, ETS relief push, mixed Q2 profit

AI partnership and Amazon steel supply deal ArcelorMittal is teaming with Amazon Web Services to use AI across its steelmaking, which should cut costs and lift efficiency. Amazon will also buy lower-carbon XCarb steel for years, giving a steady new customer. Both support future profits and the share price.
New technology and demand news that directly boosts ArcelorMittal's earnings outlook.
Steelmakers push for softer EU carbon rules ArcelorMittal and two peers asked the EU to pause rising carbon-permit costs until cheap power, hydrogen and carbon capture are ready. If Brussels listens, it lowers a big cost burden. The EU is now reviewing the system, so this is a live positive for the stock.
Regulatory relief would directly cut ArcelorMittal's costs and improve margins.
Q2 profit falls but underlying earnings rise Net profit dropped to $683 million from $1.79 billion a year ago, yet EBITDA rose to $2.06 billion and sales grew. The company expects higher shipments ahead and sees $1.8 billion more EBITDA from projects. The headline profit fall may worry some, but the operating trend is improving.
Latest earnings show a mixed picture that investors are weighing right now.

17 Jun – 30 Jul 2026

▲2

ArcelorMittal: AI deal, ETS relief push, mixed Q2 profit

AI partnership and Amazon steel supply deal ArcelorMittal is teaming with Amazon Web Services to use AI across its steelmaking, which should cut costs and lift efficiency. Amazon will also buy lower-carbon XCarb steel for years, giving a steady new customer. Both support future profits and the share price.
New technology and demand news that directly boosts ArcelorMittal's earnings outlook.
Steelmakers push for softer EU carbon rules ArcelorMittal and two peers asked the EU to pause rising carbon-permit costs until cheap power, hydrogen and carbon capture are ready. If Brussels listens, it lowers a big cost burden. The EU is now reviewing the system, so this is a live positive for the stock.
Regulatory relief would directly cut ArcelorMittal's costs and improve margins.
Q2 profit falls but underlying earnings rise Net profit dropped to $683 million from $1.79 billion a year ago, yet EBITDA rose to $2.06 billion and sales grew. The company expects higher shipments ahead and sees $1.8 billion more EBITDA from projects. The headline profit fall may worry some, but the operating trend is improving.
Latest earnings show a mixed picture that investors are weighing right now.