LUXEMBOURG: ArcelorMittal, the world’s leading steel and mining company, announced third-quarter earnings of $1.5 billion in EBITDA on Wednesday, demonstrating what it called “resilient operating results at the bottom of the cycle.”
The company reported net income of $377 million, or $0.50 per share, for the three months ended Sept. 30, 2025. On an adjusted basis, net income was $474 million, or $0.62 per share.
Steel shipments were 13.6 million metric tons, slightly lower than the previous quarter, reflecting seasonal softening, particularly in Europe. Revenue was $15.7 billion, down 1.7% from the second quarter.
“The underlying strength of the business is again evident in the structurally higher margins delivered over the first nine months of the year,” said Aditya Mittal, ArcelorMittal’s chief executive officer.
The company highlighted progress in its three-year safety transformation program, though the lost-time injury frequency rate rose to 0.76 in the quarter, compared to 0.68 in the prior quarter.
Net debt increased to $9.1 billion, up from $8.3 billion at the end of June, largely due to working capital investments and merger and acquisition activity. The company said it expects a strong free cash flow outlook in the fourth quarter as seasonal working capital unwinds.
ArcelorMittal also pointed to encouraging trade policy developments in Europe, where the European Commission recently proposed new measures to limit low-priced steel imports. The company said the move could help restore “healthy capacity utilization” in the region.
Looking ahead, ArcelorMittal said it is well-positioned to benefit from medium- to long-term steel demand driven by energy transition infrastructure, defense and modernization projects.
The company continues to return capital to shareholders, having repurchased 8.8 million shares so far this year at a cost of $262 million. It plans to cancel the majority of its 92.3 million treasury shares by year-end.
Regional performance was mixed. North America saw improved results following the consolidation of ArcelorMittal Calvert, while Brazil faced lower steel prices and Europe was affected by seasonal declines.
Iron ore production from its mines in Canada and Liberia set a new quarterly record, supporting the company’s strategic growth targets.
ArcelorMittal will hold a conference call with investors and analysts on Thursday to discuss the results.