AngloGold Ashanti vs ArcelorMittal
Global gold producer with mines across multiple continents vs Global steel producer with integrated mining and manufacturing assets. Which is the better buy for your portfolio in July 2026? Plain-English answer below.
AngloGold Ashanti mines gold from operations across Africa, Australia, and the Americas, with production costs and capital needs that shift significantly with ore grades and local operating conditions, while ArcelorMittal steelworks its way through commodity cycles as the world's largest integrated steel producer. Both companies are capital-intensive miners of essential metals, and both carry balance sheets that have required significant deleveraging over the past decade. AngloGold Ashanti vs ArcelorMittal dissects how all-in sustaining costs, steel spread compression, and free cash flow generation separate a gold miner from a steel giant navigating oversupply and decarbonization pressures.
AngloGold Ashanti mines gold from operations across Africa, Australia, and the Americas, with production costs and capital needs that shift significantly with ore grades and local operating conditions...
Why It’s Moving
AngloGold Ashanti is under pressure as analysts turn more cautious on earnings and gold-driven momentum fades.
- Analysts have been cutting earnings estimates over the past month, which is pressuring sentiment because the stock’s valuation has been built on a strong gold-price run and is now facing softer expectations.
- The latest bearish call frames AngloGold Ashanti as a big winner from the 2024-2026 gold rally that is now losing momentum, with recent weakness reflecting profit-taking after a sharp multi-year advance.
- The stock is also being weighed down by broader sector rotation out of gold miners as investors reassess interest-rate and currency trends, making the group less of a one-way trade than it was earlier in the year.
ArcelorMittal faces downside pressure as analysts flag weaker sector demand and macro risk.
- JPMorgan’s negative view on European steel and mining stocks has kept pressure on ArcelorMittal, with analysts warning that Middle East conflict could weigh on regional growth and metals demand.
- The bearish case centers on weaker iron ore and copper assumptions, which would squeeze pricing power and earnings across the sector if global industrial activity slows.
- Despite the caution, broader analyst coverage remains mixed-to-positive, showing that the stock is still being pulled between sector risk fears and expectations for a steadier earnings backdrop.
AngloGold Ashanti is under pressure as analysts turn more cautious on earnings and gold-driven momentum fades.
- Analysts have been cutting earnings estimates over the past month, which is pressuring sentiment because the stock’s valuation has been built on a strong gold-price run and is now facing softer expectations.
- The latest bearish call frames AngloGold Ashanti as a big winner from the 2024-2026 gold rally that is now losing momentum, with recent weakness reflecting profit-taking after a sharp multi-year advance.
- The stock is also being weighed down by broader sector rotation out of gold miners as investors reassess interest-rate and currency trends, making the group less of a one-way trade than it was earlier in the year.
ArcelorMittal faces downside pressure as analysts flag weaker sector demand and macro risk.
- JPMorgan’s negative view on European steel and mining stocks has kept pressure on ArcelorMittal, with analysts warning that Middle East conflict could weigh on regional growth and metals demand.
- The bearish case centers on weaker iron ore and copper assumptions, which would squeeze pricing power and earnings across the sector if global industrial activity slows.
- Despite the caution, broader analyst coverage remains mixed-to-positive, showing that the stock is still being pulled between sector risk fears and expectations for a steadier earnings backdrop.
Investment Analysis
Pros
- Gold price surge and strong production growth have driven a 149% year-on-year increase in free cash flow for Q2 2025.
- The company is on track to meet its 2025 production targets, with guidance suggesting 9-21% year-on-year growth in output.
- AngloGold Ashanti trades at a forward earnings multiple below the industry average, offering relative valuation appeal.
Considerations
- Operating costs and all-in sustaining costs have risen, with 2025 projections indicating higher expenses per ounce of gold.
- Analyst price targets suggest limited upside, with some forecasts indicating a potential decline from current levels.
- The stock's performance is highly sensitive to gold price volatility, which could impact future earnings and cash flow.
Pros
- ArcelorMittal maintains a significant market capitalisation, reflecting its position as a major global steel producer.
- The company has shown recent share price recovery, with a 17% increase over one month as of September 2025.
- ArcelorMittal remains one of the most actively traded stocks on the Johannesburg Stock Exchange, indicating strong liquidity.
Considerations
- The share price has declined by 18.7% year-to-date, underperforming broader market indices and reflecting sector headwinds.
- Steel industry cyclicality exposes ArcelorMittal to macroeconomic downturns and fluctuating raw material prices.
- Recent financial performance has been pressured by weak demand and margin compression in key global markets.
AngloGold Ashanti (AU) Next Earnings Date
The next earnings date for AU (AngloGold Ashanti) is expected on July 31, 2026 before the market opens. It will cover Q2 2026 results. This date is based on the company’s typical reporting pattern and current market calendars.
ArcelorMittal (MT) Next Earnings Date
ArcelorMittal (MT) is expected to report its next earnings on July 30, 2026. The release should cover Q2 2026 results. This date is consistent across multiple earnings-calendar sources, although the company has not formally confirmed it.
AngloGold Ashanti (AU) Next Earnings Date
The next earnings date for AU (AngloGold Ashanti) is expected on July 31, 2026 before the market opens. It will cover Q2 2026 results. This date is based on the company’s typical reporting pattern and current market calendars.
ArcelorMittal (MT) Next Earnings Date
ArcelorMittal (MT) is expected to report its next earnings on July 30, 2026. The release should cover Q2 2026 results. This date is consistent across multiple earnings-calendar sources, although the company has not formally confirmed it.
Buy AU or MT in Nemo
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