ArcelorMittal Reports $1.5 Billion EBITDA in Q3 2025, Maintains Strong Financial Outlook

ArcelorMittal, the world’s leading steel and mining company, announced its financial results for Q3 and the first nine months of 2025.In Q3 2025, the company reported EBITDA of $1.5 billion with a margin of $111 per tonne, reflecting resilience despite challenging market conditions. Net income stood at $0.4 billion (EPS $0.50), while adjusted net income was $0.5 billion (adjusted EPS $0.62). The company also recorded continued improvement in safety performance with a Lost Time Injury Frequency (LTIF) rate of 0.76.

Net debt increased to $9.1 billion from $8.3 billion in the previous quarter due to working capital investments and M&A activity. Liquidity remains strong at $11.2 billion. ArcelorMittal expects working capital to unwind in Q4, supporting strong free cash flow.

Over the last 12 months, the company generated $1.5 billion in investable cash flow, investing $1.2 billion in strategic projects, returning $0.8 billion to shareholders, and allocating $0.2 billion to acquisitions.

ArcelorMittal remains positive about medium- to long-term steel demand, driven by energy transition, infrastructure, mobility, and defence sectors. The company plans to increase EBITDA potential by $2.1 billion through strategic growth and recent acquisitions by 2026.

In line with its capital allocation policy, ArcelorMittal will continue its base dividend of $0.55 per share and return at least 50% of post-dividend annual free cash flow to shareholders. Since 2020, the company has reduced its fully diluted shares by 38% through buybacks and plans to cancel most of the 92.3 million treasury shares by year-end.

Aditya Mittal, ArcelorMittal Chief Executive Officer, said, “It has been a year since we embarked on our three-year safety transformation program. There is strong engagement across the Group, which is reflected in visible progress on a number of key performance indicators. I am aware we have more to do, and all businesses are fully conscious of the imperative to continue implementing their bespoke safety roadmaps.

Turning to financial performance, the Company reported resilient results in what is typically a seasonally weak quarter. The underlying strength of the business is again evident in the structurally higher margins delivered over the first nine months of the year.

Perhaps the most significant development during the quarter was the European Commission’s proposal for strengthened trade measures. Once enacted, this will support the European steel industry’s ability to improve capacity utilization, enhance profitability, and invest with confidence for the future. We now hope for swift approval and implementation of the proposal, as well as supportive revisions to the Carbon Border Adjustment Mechanism.

Supported by a strong balance sheet, we continue to evolve the business towards a higher return on capital by focusing strategic capex on low-cost, value-added markets and exiting higher-cost businesses. The energy transition also represents an attractive opportunity for ArcelorMittal – and we recently launched a revolutionary, low-carbon, all-in-one insulated steel roof integrating solar cells.

While markets remain challenging and tariff-related headwinds persist, we are seeing signs of stabilization and are optimistic about the outlook for our business in 2026, when we expect to benefit from more supportive industry policies in key markets.”