• Analyst & investor webcast - link
• Earnings Release - EN - PDF
• Analysts slides – EN – PDF
• Analyst model - XLS

2Q 2025 key highlights:

Safety focus: Protecting employee health and safety is a core value of the Company. LTIF rate of 0.68x in 2Q 2025. dss+ safety audit recommendations implementation phase is underway

Sustained margin improvement: Despite continuous challenges, the Group’s results show the benefits of (i) asset optimization, (ii) regional and end market diversification, and (iii) strategic growth investments. 2Q 2025 EBITDA of $1.9bn, with a margin of $135/tonne that continues to show improvement vs. prior cycles. Net income of $1.8bn in 2Q 2025 (EPS of $2.35/sh) was positively impacted by $0.8bn exceptionals (net of impairments and tax effects)⁴. Adjusted net income of $1.0bn in 2Q 2025 (adjusted EPS of $1.32/sh)⁴

Operational momentum continues: Record quarterly iron ore production and shipments from Liberia, which remains on track to achieve its full expanded 20Mt capacity by end 2025; first slab cast at Calvert's new 1.5Mt EAF in the U.S.; India renewables reaching industrial scale and value add capacity commissioning underway

Financial strength maintained: Net debt of $8.3bn at the end of the quarter, with the increase of $1.5bn from the prior quarter end due largely to M&A impacts following the full consolidation of AM/NS Calvert, Tuper and ArcelorMittal Tailored Blanks Americas (AMTBA), which combined are expected to support higher normalized EBITDA of circa $0.3bn; liquidity remains at a robust $11.0bn⁷; during the quarter, S&P upgraded the Company’s credit rating to BBB (from BBB-)

Cash flow being reinvested for growth: Over the past 12 months, the Company has generated investable cash flow⁶ (net cash provided by operating activities less maintenance/normative capex) of $2.3bn. Over the same period, the Company has invested $1.1bn in strategic capex projects to enhance long-term EBITDA capacity, returned $1.1bn to shareholders via dividends/buybacks, and allocated a net $2.3bn to M&A

Key developments towards strategic objectives

Growth: ArcelorMittal has completed the acquisition of Nippon Steel’s 50% stake in AM/NS Calvert, gaining full control of one of North America’s most advanced steel making facilities. Calvert’s new 1.5Mt EAF, the first of its kind designed to supply exposed automotive grades, has been successfully commissioned, with the first slabs cast during the quarter. Together with a new 7-year slab supply agreement signed with NSC/USS, this ensures Calvert’s needs for U.S. “domestically melted and poured” material. Additionally, ArcelorMittal acquired control of the Brazilian pipe producer Tuper (a JV in which it already held a 40% interest) and regained control of AMTBA to accelerate growth in high-value tubular and automotive markets in North America

Organic growth: The Group's strong financial position enables the consistent funding of organic growth projects to support future profitability and investable cash flow. The Group‘s high return strategic growth projects, together with the impact of recent M&A, are expected to increase future EBITDA potential by $2.1bn⁶. The EBITDA benefit targeted for 2025 is $0.7bn, of which $0.2bn was captured in 1H 2025 EBITDA

Encouraging EU trade policy momentum to restore fair competition: the “Steel and Metals Action Plan” recognizes the factors needed to restore industry competitiveness; an effective carbon border and more efficient trade measures that limit import penetration to historical levels have the potential to support improved domestic steel capacity utilization rates and restore the industry’s health. It is imperative that these plans are swiftly turned into concrete actions, with announcements anticipated in 2H 2025 on the details of the new tool that will replace the current safeguard measures and a proposal to close major loopholes in the Carbon Border Adjustment Mechanism (CBAM)

Consistent shareholder returns: As per its capital allocation and return policy, in addition to its growing base dividend ($0.55/sh, paid in 2 equal instalments), the Company will continue to return a minimum of 50% of post-dividend annual free cash flow to shareholders. Since September 2020⁵, the Company has used buybacks to reduce its fully diluted shares outstanding by 38%. So far in 2025, the Company has repurchased 8.8m shares at a total cost of $262m

Financial highlights (on the basis of IFRS 1):

Commenting, Aditya Mittal, ArcelorMittal Chief Executive Officer, said:

“Half-way through the year, it is encouraging that we are seeing an improvement in our safety results compared with 2024. We are less than one year into what we know will be at least a three-year transformation, and there is meaningful progress to report on the implementation of the six-core safety-audit recommendations. I appreciate the commitment every employee is giving to ensuring that safety becomes a core value that underpins everything we do.

Turning to the financial performance, as anticipated we saw an improved quarter, with EBITDA per tonne reaching a healthy $135. The underlying strength of the business is good, but like every company we must navigate the backdrop of ongoing geopolitical and tariff disruptions.

Our primary focus is always to meet the requirements of the domestic markets, and our ability to produce high-quality melted and poured steels in the US was strengthened in the quarter as we took full ownership of Calvert. We have transformed Calvert from an advanced finishing operation into a low-carbon steelmaking facility capable of producing the highest-quality steels for all customer segments including automotive. Calvert will become a new center of excellence for ArcelorMittal in the United States.

We continue to execute other strands of our strategic growth agenda, which together with recent M&A, is expected to deliver an incremental $2.1 billion of EBITDA. This includes our mining operations in Liberia, which marked the inauguration of the new concentrator, enabling us to increase production capacity to 20 million tonnes. Liberia continues to demonstrate the benefits of diversification, delivering another quarter of record iron-ore production and shipments.

In Europe, trends towards increased government spending on defence and infrastructure, is clearly positive for the steel industry. However, while the Steel and Metals Action Plan signalled a clear intention to address the critical challenges, we are still awaiting updates to safeguards, the CBAM, and energy prices. It remains a crucial year for European steelmaking, and I sincerely hope that Europe will hold good onto its commitment to defend and prioritize its domestic steel industry.

Despite the many challenges facing global business today, I am confident that ArcelorMittal has a profile that will enable us to continue to grow and thrive. Our strong balance sheet and diverse business model allows us to invest in growth while delivering consistent shareholder returns through our ongoing program of share buybacks. And our unique global presence enables us to benefit from high-growth markets such as India and Brazil, as well as take advantage of new opportunities such as renewable energy."

ArcelorMittal Management will host a conference call for members of the investment community to present and comment on the three-month period ended June 30, 2025 on: Thursday July 31, 2025, at 9.30am US Eastern time. 14.30pm London time and 15.30pm CET.

To access via the conference call and ask a question during the Q&A, please register in advance: Conference Registration

Alternatively, the webcast can be accessed at: ArcelorMittal Conference Call Q2 2025

A copy of the earnings call transcript will also be available on the website.

Footnotes

1. The financial information in this press release has been prepared consistently with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) and as adopted by the European Union. The interim financial information included in this announcement has also been prepared in accordance with IFRS applicable to interim periods, however this announcement does not contain sufficient information to constitute an interim financial report as defined in International Accounting Standard 34, “Interim Financial Reporting”. The numbers in this press release have not been audited. The financial information and certain other information presented in a number of tables in this press release have been rounded to the nearest whole number or the nearest decimal. Therefore, the sum of the numbers in a column may not conform exactly to the total figure given for that column. In addition, certain percentages presented in the tables in this press release reflect calculations based upon the underlying information prior to rounding and, accordingly, may not conform exactly to the percentages that would be derived if the relevant calculations were based upon the rounded numbers. Segment information presented in this press release is prior to inter-segment eliminations and certain adjustments made to operating results of the segments to reflect corporate costs, income from non-steel operations (e.g. logistics and shipping services) and the elimination of stock margins between the segments.
2. Impairment charges of $194 million in 2Q 2025 related to announced divestment of Zenica integrated steel plant and Prijedor iron ore mining business in Bosnia.
3. Exceptional gains of $1,162 million in 2Q 2025 includes a $1,742 million gain from acquiring Nippon Steel’s 50% stake in AM/NS Calvert (North America segment), partially offset mainly by final settlement of the purchase price of Votorantim's long business in Brazil ($0.4 billion). One-off tax charges for $0.2 billion relate to the reversal of a deferred tax asset and corresponding deferred tax expense which was partly offset by the positive tax impact relating to the Votorantim settlement (both of which are considered exceptional items for the calculation of adjusted net income).
4. See Appendix 4 for the reconciliation of adjusted net income and adjusted basic earnings per share.
5. September 2020 was the inception date of the ongoing share buyback programs. Under the new 10 million share buyback program launched in April 2025, the Company has repurchased 2 million shares (~20%) in 2Q 2025 of the tranche.
6. The estimate of potential additional contribution to EBITDA is based on assumptions once ramped up to full capacity and assuming prices/spreads generally in line with the averages of 2015-2020. Other projects under development include the construction of a new high added value finishing line (cold rolling mill) and a continuous coating line at Tubarão facility. The project is undergoing internal approvals, and ArcelorMittal Brasil is currently moving forward with detailed engineering (full feasibility study). As of June 30, 2025, last twelve months investable cash flow of $2.3 billion consisting of cash flow from operations of $4.9 billion less normative/maintenance capex of $2.6 billion.
7. Liquidity at the end of June 30, 2025, of $11.0 billion consisted of cash and cash equivalents of $5.5 billion (including cash and cash equivalents held as part of assets held for sale) and $5.5 billion of available credit lines. On April 30, 2025, the facility agent confirmed that all Revolving Credit Facility (RCF) lenders have agreed to our one-year extension request dated February 2, 2025. Consequently, the maturity of the ArcelorMittal $5.5 billion RCF is extended by one year to May 29, 2030.
8. Assets and liabilities held for sale are related to the announced divestment of Zenica integrated steel plant and Prijedor iron ore mining business in Bosnia (Europe) and Tubular subsidiaries.
9. The acquisition of Votorantim’s long steel business in Brazil in 2018 significantly strengthened ArcelorMittal’s market position, adding approximately 2 million tonnes of annual production capacity, increasing market share, and unlocking cost efficiencies alongside substantial operational, logistics, and procurement synergies. As part of the original deal structure, Votorantim and ArcelorMittal retained certain put and call option rights. In March 2022, Votorantim exercised its put option, resulting in a valuation dispute that proceeded to arbitration in Brazil. Following hearings in October 2024, the parties reached a settlement in June 2025, under which ArcelorMittal Brasil will pay approximately $546 million over three years. Net of amounts previously provisioned, ArcelorMittal recorded a net amount of $0.4 billion in 2Q 2025 as an exceptional item.
10. Updated status of selected strategic projects: Mardyck: Due to the brownfield nature of this project, unforeseen challenges in civil works have caused delays in the annealing and varnishing lines (ACL) part to 2H 2025 (previously 1H 2025). The annealing and pickling line (APL) and reversing mill (REV) part is also extended to 2H 2026 (previously 2H 2025) to perform additional studies to define the extent of the works. Las Truchas: delay from 1H 2026 to 2H 2026 is linked due to delays in obtaining environmental permits. AMNS India’s auto downstream complex is expected to be fully commissioned at the end of 2025. CGL3 was commissioned at Hazira in July 2025. Plans underway for further capacity expansion in Hazira and land acquisition started for 7.3Mtpa greenfield project in Andhra Pradesh (east coast).

Forward-Looking Statements

This document contains forward-looking information and statements about ArcelorMittal and its subsidiaries. These statements include financial projections and estimates and their underlying assumptions, statements regarding plans, objectives and expectations with respect to future operations, products and services, and statements regarding future performance. Forward-looking statements may be identified by the words “believe”, “expect”, “anticipate”, “target”, "projected", "potential", "intend" or similar expressions. Although ArcelorMittal’s management believes that the expectations reflected in such forward-looking statements are reasonable, investors and holders of ArcelorMittal’s securities are cautioned that forward-looking information and statements are subject to numerous risks and uncertainties, many of which are difficult to predict and generally beyond the control of ArcelorMittal, that could cause actual results and developments to differ materially and adversely from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include those discussed or identified in the filings with the Luxembourg Stock Market Authority for the Financial Markets (Commission de Surveillance du Secteur Financier) and the United States Securities and Exchange Commission (the “SEC”) made or to be made by ArcelorMittal, including ArcelorMittal’s latest Annual Report on Form 20-F on file with the SEC. ArcelorMittal undertakes no obligation to publicly update its forward-looking statements, whether as a result of new information, future events, or otherwise.