ArcelorMittal posts USD 1.5 billion EBITDA in Q3
The company achieved an EBITDA margin of USD 111 per tonne, with a net income of USD 0.4 billion and an adjusted net income of USD 0.5 billion (EPS USD 0.62). ArcelorMittal said performance continued to reflect the benefits of asset optimization, regional diversification, and strategic growth investments, including record iron ore production and shipments from Liberia.
Net debt stood at USD 9.1 billion at the end of September, compared to USD 8.3 billion at the end of June, mainly due to working capital and M&A investments. The company expects a strong free cash flow rebound in Q4 2025 as working capital unwinds, supported by a robust liquidity position of USD 11.2 billion.
CEO Aditya Mittal stated, “We delivered resilient results in what is typically a seasonally weak quarter. The European Commission’s proposed trade measures, once enacted, will support the region’s steel sector in improving capacity utilization and profitability. We remain focused on executing our investment plans and positioning the business for long-term value creation.”
ArcelorMittal highlighted that its strategic growth and M&A initiatives are expected to add around USD 2.1 billion to future EBITDA capacity, with USD 0.7 billion targeted for 2025 and USD 0.8 billion for 2026. The company continues to invest in low-carbon and value-added steel markets as part of its transition strategy.
For shareholders, the company confirmed its base dividend of USD 0.55 per share, paid in two installments, and reiterated its policy to return at least 50% of post-dividend annual free cash flow through dividends and share buybacks. So far in 2025, ArcelorMittal has repurchased 8.8 million shares for USD 262 million, with plans to cancel most of its 92.3 million treasury shares before year-end.
ArcelorMittal: EU’s proposal for stronger trade defense measures crucial for steel industry survival
Global steel giant ArcelorMittal has strongly endorsed the European Commission’s proposal to replace current EU safeguard measures with strengthened tariff quotas on steel imports. The company described the move as critical for the survival of Europe’s steel industry, which is facing mounting pressure from low-priced imports, shrinking demand, and weak economic conditions.
Commenting on the proposal, CEO Aditya Mittal said that he is sincerely relieved by the proposals that have been announced to support the European steel industry. He thanked the European Commission and the member states for understanding the criticality of the situation and acting appropriately and decisively. The European steel industry and manufacturing more broadly can have a much stronger future now and today marks a step in that direction, Mittal added.
Geert Van Poelvoorde, CEO of ArcelorMittal Europe, echoed these sentiments, noting that the proposal has brought a sense of relief across the European steel sector.
“ArcelorMittal and the European steel producers have been heard. Today, we can breathe a sigh of relief, with the European Commission’s announcement of the new, strengthened tariff quota proposal,” Van Poelvoorde stated, adding, “We thank the commissioners for the time and attention they have taken to understand the challenges facing our industry. We will continue to press for a swift introduction of the new tariff quota, in recognition of the severity of the challenges facing the steel industry in Europe.”
Link with CBAM and the Steel Action Plan
ArcelorMittal also stressed the importance of aligning trade defense instruments with climate policy, specifically the Carbon Border Adjustment Mechanism (CBAM), whose revised framework is expected by the end of 2025.
“We hope that the trade proposal unveiled today is an indication that our concerns will be reflected in the further measures to be announced in line with the Steel and Metals Action Plan,” Van Poelvoorde noted.
He said that his company believes that a strong tariff quota regime, combined with an effective CBAM, will be essential to restore a level playing field, curb market distortions, and support Europe’s steel competitiveness globally.
Ironmaking decarbonisation economical only after 2030
It is “becoming increasingly clear” that transformational, low-emission ironmaking investments are only likely to be economical post-2030 and that policies to address the high capital and operational costs involved are required to make that happen, says ArcelorMittal chief executive Aditya Mittal.
What the steelmaking group can achieve by 2030 will “depend critically” on how the regulatory environment evolves this year, particularly in Europe. The EU’s Steel and Metals Action Plan “demonstrates that Europe understands the challenges the industry faces and the seriousness of the situation and is ready to tackle the structural issues required to support the future of steelmaking on the continent,” Mittal says in ArcelorMittal’s 2024 sustainability report.
The ceo hopes the plan “will be translated into swift action,” he adds in the report seen by Kallanish.
“Pending policy clarity, there is simply too much uncertainty at the moment to be able to make useful projections about how rapidly we will be able to bring down our emissions in the next five years,” Mittal continues.
The steelmaker intends to publish revised decarbonisation forecasts when the policy environment becomes more settled. In the meantime, it continues to develop all technologies that support lower emissions iron and steelmaking.
Over the next five years, its decarbonisation efforts will continue to focus on diversifying metallics supply, increasing energy efficiency, securing clean energy, and transforming steelmaking assets through continuing the shift to electric arc furnaces.
In the longer term, it expects to transition to lower emissions ironmaking and add carbon capture and storage.
All decarbonisation-related capital expenditure will be contained within the annual capex budget of $4.5-5 billion.
“The above approach should ensure that we can move swiftly when we reach the tipping point, where the confluence of policy, technology and cost will irreversibly transform the economics of steelmaking in favour of low-carbon methods,” Mittal concludes.
Adam Smith Poland
Policies to accelerate steel decarbonization in Europe ‘critical’ in 2025: ArcelorMittal CEO
“Looking to the year ahead, while [steel] inventory levels are low and apparent demand is expected to improve, our industry continues to be characterized by global overcapacity, and we are supportive of policy to address this in our markets,” ArcelorMittal chief executive officer Aditya Mittal said in a Thursday press release accompanying the company’s fourth-quarter financial results.
“Further action is particularly necessary in Europe, which was impacted by increased imports in 2024, further adding to the pressures on European manufacturing. It is critical that we see progress in 2025 both in providing necessary emergency relief and creating a policy environment that incentivizes the investment required to accelerate decarbonization in Europe,” Mittal added.
In 2025, green steel growth is largely expected to be driven by stricter environmental regulations, increasing pressure from consumers and investors for sustainable products, and the EU’s commitment to achieving carbon neutrality, Fastmarkets reported.
ArcelorMittal provided an update on its decarbonization plans in Europe last November, pointing out that the unfavorable economic situation in Europe and uncertainty around environmental policies slow the transition to green steelmaking.
As a result, the company’s decarbonization investments in Europe are progressing at a slower pace than initially envisioned, ArcelorMittal said.
ArcelorMittal has made significant progress in decarbonizing its operations and remains committed to its green steelmaking goals, the company said in the Thursday release.
For instance, since 2018, ArcelorMittal’s absolute emissions (Scope 1 and 2) have decreased by about 50%, primarily due to footprint and portfolio optimization of some of its most carbon-intensive capacities, the release said.
In addition, electric-arc furnaces (EAFs) comprise 25% of the company’s global production, up from 19% in 2018, ArcelorMittal chief executive officer Aditya Mittal said in the release.
Since 2018, the company has invested $1 billion in decarbonization projects globally. These projects include the decarbonization of steelmaking operations in Gijón and Sestao in Spain, as well as launching ArcelorMittal’s green steel brand XCarb for recycled and renewably produced low-carbon-emission steel.
XCarb sales increased from 0.2 million tonnes in 2023 to 0.4 million tonnes in 2024, the company said.
The market for steel with reduced carbon emissions is still evolving in Europe, and sources expect more uptake of “green steel” across supply chains once environmental regulations — such as the CBAM — are implemented.
ArcelorMittal’s current decarbonization investments are focused on ramping up production of high-quality low-carbon flat products in Sestao and the new EAF construction in Gijón.
Notably, by 2026, flat steel production is targeted to reach 1.6 million tonnes per year at the plant in Sestao, where ArcelorMittal runs two EAFs. After ramp-up is completed, much of Sestao’s portfolio will be XCarb-brand low-carbon-emission steel.
According to market sources, HRC from Sestao has a carbon footprint of 580 kg of CO2 per 1 tonne of steel under Scope 1, 2 and upstream Scope 3.
Fastmarkets’ latest weekly assessment of the green steel domestic, flat-rolled, differential to HRC index, exw Northern Europe was €100-200 per tonne on January 30, stable since December 12.
Fastmarkets’ methodology defines European green steel as “steel produced with Scope 1, 2 & 3 emissions at a maximum of 0.8 tonne of CO2 per tonne of steel.”
Julia Bolotova in Brussels contributed to this report.