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 September 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
AU slides as valuation worries overshadow fresh exploration progress.
- BMO Capital cut AngloGold Ashanti from Outperform to Market Perform on September 10, arguing that the shares had risen to a meaningful premium to net asset value after exceptional relative performance.
- The downgrade triggered a roughly 4% to 5% one-day decline, showing that valuation concerns are becoming more influential even as near-term operations remain broadly steady.
- AngloGold completed a 2,659-sample soil-geochemistry program at Tanzania’s Golden Eagle project on September 14, but results are still pending, so the exploration update offers potential longer-term upside rather than an immediate earnings catalyst.
ArcelorMittal faces fresh production disruptions in Ukraine and Spain, intensifying downside concerns.
- A ballistic missile struck ArcelorMittal Kryvyi Rih in Ukraine, killing two contractors and injuring two employees; damage to the ironmaking area suspended primary steel production, with no restart timetable announced.
- An explosion at the company’s Gijón blast furnace in Spain forced an emergency shutdown, adding another operational disruption as investors assess potential repair costs and lost output.
- Reports that customers may resist paying a premium for lower-carbon steel from ArcelorMittal’s planned Dunkirk facility highlight commercialization risk for its decarbonization investments.
AU slides as valuation worries overshadow fresh exploration progress.
- BMO Capital cut AngloGold Ashanti from Outperform to Market Perform on September 10, arguing that the shares had risen to a meaningful premium to net asset value after exceptional relative performance.
- The downgrade triggered a roughly 4% to 5% one-day decline, showing that valuation concerns are becoming more influential even as near-term operations remain broadly steady.
- AngloGold completed a 2,659-sample soil-geochemistry program at Tanzania’s Golden Eagle project on September 14, but results are still pending, so the exploration update offers potential longer-term upside rather than an immediate earnings catalyst.
ArcelorMittal faces fresh production disruptions in Ukraine and Spain, intensifying downside concerns.
- A ballistic missile struck ArcelorMittal Kryvyi Rih in Ukraine, killing two contractors and injuring two employees; damage to the ironmaking area suspended primary steel production, with no restart timetable announced.
- An explosion at the company’s Gijón blast furnace in Spain forced an emergency shutdown, adding another operational disruption as investors assess potential repair costs and lost output.
- Reports that customers may resist paying a premium for lower-carbon steel from ArcelorMittal’s planned Dunkirk facility highlight commercialization risk for its decarbonization investments.
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
AngloGold Ashanti (NYSE: AU) is scheduled to report its next earnings on November 5, 2026. The release will cover the third quarter of fiscal 2026, ended September 30. This date is consistent with the company’s recent quarterly reporting cadence.
ArcelorMittal (MT) Next Earnings Date
ArcelorMittal (NYSE: MT) is expected to release its next earnings report on November 5, 2026. The report will cover the third quarter of fiscal 2026. This date is consistent with the company’s established quarterly reporting schedule.
AngloGold Ashanti (AU) Next Earnings Date
AngloGold Ashanti (NYSE: AU) is scheduled to report its next earnings on November 5, 2026. The release will cover the third quarter of fiscal 2026, ended September 30. This date is consistent with the company’s recent quarterly reporting cadence.
ArcelorMittal (MT) Next Earnings Date
ArcelorMittal (NYSE: MT) is expected to release its next earnings report on November 5, 2026. The report will cover the third quarter of fiscal 2026. This date is consistent with the company’s established quarterly reporting schedule.
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