ArcelorMittal SA (NYSE: MT) is taking its digital ambitions to the next level. On Monday, the steel giant announced an expanded partnership with Microsoft Corp. (NASDAQ: MSFT) to accelerate its digital transformation and beef up its data and artificial intelligence capabilities across its global operations.

Azure Takes Center Stage

Under its "Cloud First, Data Centric" strategy, ArcelorMittal will make Microsoft Azure its primary cloud platform. That means Azure will be the backbone for modernizing core IT systems, consolidating company data, and rolling out advanced analytics and AI across global business processes.

The company also plans to integrate Microsoft Fabric, Purview, Foundry, and other Azure services into its operations.

Efficiency and Resilience in Focus

This isn't just about keeping up with tech trends. The initiative is designed to accelerate AI-powered innovation, strengthen cybersecurity and system resilience, improve operational efficiency, and reduce reliance on legacy IT systems.

"At ArcelorMittal, technology is central to how we compete, a driver of performance, innovation and lasting advantage," said Nik Puri, ArcelorMittal's Chief Information Officer.

"Our expanded relationship with Microsoft is not simply about modernizing systems; it's about fundamentally reshaping our IT operating model, embedding data and AI into the core of how we run our IT estate."

Stock Chart: Still Bullish, But Watch These Levels

With the stock hovering near $72, the chart remains firmly bullish. Shares are trading about 8% above the 20-day and 50-day simple moving averages (SMAs), 16% above the 100-day SMA, and 30% above the 200-day SMA.

The moving-average structure is also supportive, with the 20-day SMA above the 50-day and the 50-day above the 200-day. Momentum is strengthening as the MACD stays above its signal line and the histogram remains positive, indicating buyers are regaining control despite the stock's extended position.

• Key Resistance: $72.00, just below the 52-week high of $72.50, where an initial breakout could face selling pressure.
• Key Support: $64.00, a prior buyer-defense zone near the 20-day and 50-day moving averages.

What Analysts Are Saying

The stock carries a Buy rating with an average price forecast of $71.10. Recent analyst moves include:

• Wells Fargo: Equal-Weight (Raises forecast to $69.00) (July 31)
• JP Morgan: Upgraded to Neutral (July 10)
• Wells Fargo: Equal-Weight (Raises forecast to $62.00) (July 9)

Premarket Action

ArcelorMittal shares were up 2.45% at $71.86 during premarket trading on Monday. The stock is trading near its 52-week high of $72.50, according to market data.