Luxembourg, April 30, 2025 - ArcelorMittal (referred to as “ArcelorMittal” or the “Company” or the "Group") (MT (New York, Amsterdam, Paris, Luxembourg), MTS (Madrid)), the world’s leading integrated steel and mining company, today announced results¹ for the three-month period ended March 31, 2025.

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

1Q 2025 key highlights:

Safety focus: Protecting employee health and well-being remains an overarching priority of the Company. LTIF rate of 0.63x in 1Q 2025. dss+ safety audit recommendations implementation phase is underway

Delivering higher margins than in prior cycles: The Group's results are showing resilience; the benefits of asset optimization and a diversified asset portfolio are supporting higher and more stable margins than in prior cycles. Despite the impact of unsustainably low spreads, 1Q 2025 EBITDA of $1.6bn with EBITDA/tonne of $116/t compares favorably against low points of previous cycles. 1Q 2025 net income is $0.8bn

Stronger operations: Record production and shipments from Liberia iron ore operations supporting strong Mining segment performance; European mills operating consistently supporting good cost performance; North America back to normalized operating levels

Seasonal investment in working capital: A typical seasonal working capital investment of $1.7bn during the quarter led to a free cash outflow of $1.4bn and an increase in net debt¹⁰ to $6.7bn (while liquidity stood at $10.8bn⁸)

Investing for growth and consistently rewarding shareholders all whilst maintaining a strong balance sheet: Over the past 12 months, the Company has generated net cash provided by operating activities of $4.6bn and spent maintenance/normative capex of $2.7bn resulting in investable cash flow of $1.9bn. The Company then invested $1.2bn on strategic growth capex projects, returned $1.2bn to ArcelorMittal shareholders and allocated a net $0.9bn to M&A

Strategic focus:

ArcelorMittal’s optimized asset portfolio and repositioned balance sheet places it in a much stronger position to navigate macro uncertainty whilst maintaining its strategic course

Delivering strategic growth projects: good momentum

The Group's strong financial position enables the consistent funding of organic growth projects to support future profitability and investable cashflow. The Group‘s high return strategic growth projects, together with impact of Vallourec and Italpannelli are expected to increase EBITDA potential by $1.8bn⁷, with a $0.6bn benefit to EBITDA targeted in 2025

Key projects for 2025 are on track:

• Liberia iron ore expansion project to 20Mt is running on time and budget. The commissioning of full 15Mt concentrator capacity is on track by mid-2025 with full 20Mt capacity run-rate targeted by end 2025. 10Mt shipments expected in 2025, and incremental EBITDA of $0.2bn expected in 2025 and $450m at full capacity assuming current long-term prices
• New state-of-the-art 1.5Mt EAF at AMNS Calvert (US) commissioning is underway. This will be the first EAF in North America capable of supplying exposed automotive grades with domestically melted and poured material with first heat expected in 2Q 2025
• Development of AMNS India continues to gather momentum. The phase 1 expansion of Hazira to 15Mt by the end of 2026 remains on track. 2025 will see the commissioning of new high added-value downstream facilities (CGL3, PLTCM and CGAL) particularly focused on steel for automotive customers. Land acquisition has commenced in Rajayyapeta, Andhra Pradesh, where a 7.3Mtpa state-of the art integrated greenfield steel plant is planned

Economic decarbonization:

• The Company has been encouraged by the European Commission's (EC) Steel and Metals Action Plan which has shown an understanding of the critical issues i.e. trade defenses, strengthened CBAM and demand for low carbon emission steel. The recently enhanced safeguards and new anti-dumping measures support the outlook for domestic producers relative to importers
• The Action Plan now needs to be supported by rapid implementation; of critical importance is visibility on the provision of industry access to competitive energy, an effective CBAM and Trade defenses. At that point, the Company will be able to review its investment priorities for the Europe segment
• The Company continues to optimize its decarbonization pathway, focused on generating a return on investment with related capex to be contained within the annual capex envelope of $4.5-$5.0bn

Consistent shareholder returns:

• Since September 2020⁶, the Company has successfully completed 9 separate buyback programs, reducing fully diluted shares outstanding by 38%
• As per its capital allocation and return policy, in addition to its base dividend ($0.55/sh)⁹, the Company will continue to return a minimum of 50% of post-dividend annual free cash flow to shareholders
• Following completion of the most recent 85 million share buyback (SBB) program on April 1, 2025, a new 2025-2030 SBB program was announced. The Company will repurchase shares in a series of "tranches" through 2030. The first 10 million tranche commenced immediately upon announcement

 

Financial highlights (on the basis of IFRS¹):

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

“Across the Group our people are focused on implementing the recommendations of the dss+ safety audit, and a detailed update was included in our recent Sustainability report. While this is a three-year transformation plan, I am encouraged by the first steps that have been taken. We can already see the positive impact this is having across our operations, which we will build on over the remainder of this year and beyond.

From a financial perspective, it was another quarter of consistent delivery and robust margins, particularly given the geopolitical challenges, with EBITDA of $116 per tonne. We continue to execute our strategic growth agenda which is expected to deliver an incremental $1.8 billion EBITDA by 2027. A notable feature of the quarter was the strong performance in Liberia, which achieved record iron ore production and shipments.

Looking ahead, a measure of caution about the short-term outlook is appropriate. Heightened uncertainty around the terms of global trade is hurting business confidence and risks causing further economic disruption if not quickly resolved. It is encouraging however that around the world, governments are committed to supporting their domestic manufacturing industries. In the US, Section 232 tariffs are supporting higher prices and spreads, and in Europe the Steel and Metals Action Plan is a much needed and important signal that Europe will take action to support strategically important industries like steel from unfair competition. Swift implementation of the plan is now required to ensure European steelmaking can regain competitiveness and continue to invest for the future.

As a global Company with operations in most major regions, exports are a relatively modest part of our sales and we will continue to focus on meeting the requirements of our domestic markets, including in the high-growth attractive developing economies. Our strong balance sheet and diverse business model allows us to continue to invest in growth and deliver consistent shareholder returns, with the recent share buyback announcement proof of strategy in action."

 

First quarter 2025 earnings analyst conference call

ArcelorMittal Management will host a conference call for members of the investment community to present and comment on the three-month period ended March 31, 2025 on: Wednesday April 30, 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 live on the day: ArcelorMittal Conference Call Q1 2025

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 $80 million for 4Q 2024 included $37 million related to the closure of the ArcelorMittal South Africa long business and $43 million for civil works for the Monlevade project in Brazil.
3. Exceptional charges of $142 million in 4Q 2024 included $79 million restructuring costs related to business optimization primarily through asset concentration in the Sustainable solutions division and $63 million related to closure of the long business of ArcelorMittal South Africa.
4. One-off tax charges in 4Q 2024 related to i) In December 2024, Luxembourg passed a law resulting in a decrease of the statutory tax rate in Luxembourg (effective January 1, 2025) from 24.94% to 23.87%. The decrease in the deferred tax asset and resulting deferred tax expense was $0.4 billion in 4Q 2024; and ii) $0.2 billion provision relating to tax litigations.
5. See Appendix 4 for the reconciliation of adjusted net income and adjusted basic earnings per share.
6. September 2020 was the inception date of the ongoing share buyback programs. So far in 2025, the Company has bought back 7 million shares split as: 6.8 million shares to complete the previous 85 million share buyback program; and 0.2 million shares under the first tranche of the new multi-year share buyback program.
7. $1.8 billion includes EBITDA potential from strategic growth projects of $1.6 billion (excludes $0.3 billion considered achieved to date from the completion of the Mexico HSM project on an observed run-rate basis) and $0.2 billion impact from the Vallourec and Italpannelli investments. Of this amount, $0.6 billion is expected in 2025, $0.6 billion in 2026 and $0.6 billion in 2027 and beyond. 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).
8. Liquidity at the end of March 31, 2025, of $10.8 billion consisted of cash and cash equivalents of $5.3 billion and $5.5 billion of available credit lines.
9. The Board proposes to increase the annual base dividend to shareholders to $0.55/sh in FY 2025 (from $0.50/sh in FY 2024), to be paid in two equal installments in June 2025 and December 2025, subject to the shareholders' approval at the 2025 AGM on May 6, 2025.
10. See appendix 3 for the reconciliation of gross debt to net debt.

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.