ArcelorMittal (MT) Company Report

ArcelorMittal announced the cancellation of 77,809,772 treasury shares on November 20, 2025.
As a result of this cancellation, the company now has 775,000,000 shares in issue.
ArcelorMittal still holds approximately 14.4 million treasury shares, which are intended to service commitments related to its Long-Term Incentive Plan.

Nov 21, 2025, 4:57 PM

6-K

ArcelorMittal Reports Strong Q3 2025 Performance and Positive Outlook

Earnings

Guidance Update

Share Buyback

ArcelorMittal reported Q3 2025 EBITDA per ton of $111, which is 25% above its historical average margin, demonstrating structural improvements even at a perceived market bottom.
The company is on track to capture $0.7 billion in structural EBITDA improvement this year, with the expected medium-term impact of $2.1 billion remaining unchanged.
Nine months free cash flow (excluding working capital) was approximately $0.5 billion positive after investing close to $1 billion in strategic growth projects, and working capital is expected to unwind by year-end, supporting a positive FCF outlook.
The outlook for the business has improved, with new trade tools proposed by the European Commission and an effective CBAM expected to support a more sustainable European steel sector and enable the business to earn its cost of capital.
ArcelorMittal continues to implement its capital return policies, having grown its dividend at a 16% compound rate over the past five years and repurchased 38% of its equity.

Nov 6, 2025, 2:30 PM

Transcript

ArcelorMittal Reports Strong Q3 2025 Results and Positive Outlook

Earnings

Guidance Update

New Projects/Investments

ArcelorMittal reported Q3 2025 EBITDA per ton of $111, which is 25% above its historical average margin, indicating structural improvements.
The company is on track to achieve $0.7 billion in structural EBITDA improvement this year from strategic projects, with a medium-term target of $2.1 billion, and expects an additional $800 million contribution in 2026.
Nine months free cash flow was approximately $0.5 billion positive (excluding working capital), despite investing close to $1 billion in strategic growth projects, and a significant working capital release is projected for Q4 2025.
The outlook for the European steel sector has improved, with new trade tools and the Carbon Border Adjustment Mechanism (CBAM) expected to reduce imports by about 40% in flat steel and enhance competitiveness from January 1, 2026.
ArcelorMittal has demonstrated strong capital returns, growing its dividend at a compound rate of 16% and repurchasing 38% of its equity over the past five years.

Nov 6, 2025, 2:30 PM

Transcript

ArcelorMittal Reports Strong Q3 2025 Results and Positive Outlook

Earnings

Guidance Update

New Projects/Investments

ArcelorMittal reported Q3 2025 EBITDA per ton of $111, which is 25% above its historical average margin, and is on track to capture $0.7 billion in structural EBITDA improvement this year, with a medium-term target of $2.1 billion.
The company's nine-month free cash flow (excluding working capital) was approximately $0.5 billion positive after investing close to $1 billion in strategic growth projects, with working capital expected to unwind by year-end, supporting a positive free cash flow outlook.
Operational issues in Mexico impacted Q3 2025 by $90 million, with an expected $60-$65 million cost in Q4 2025, but these are not expected to recur in 2026. The company maintains a clear capital return policy, having grown its dividend at a compound rate of 16% over five years and repurchased 38% of its equity, including 9 million shares this year.

Nov 6, 2025, 2:30 PM

Transcript

ArcelorMittal Reports Q3 2025 Results

Earnings

Debt Issuance

Share Buyback

ArcelorMittal reported net income of $377 million and adjusted net income of $474 million for Q3 2025, with basic EPS of $0.50 and adjusted basic EPS of $0.62.
EBITDA for Q3 2025 was $1,508 million, with an EBITDA/tonne of $111.
Net debt increased to $9.1 billion as of September 30, 2025, from $8.3 billion as of June 30, 2025, largely due to $0.4 billion in working capital investment and $0.3 billion in M&A investing activities. The company's liquidity remains $11.2 billion.
The company has repurchased 8.8 million shares at a total cost of $262 million so far in 2025 and plans to cancel the majority of its 92.3 million shares currently held in treasury before year-end.
ArcelorMittal issued €650,000,000 3.250% notes due September 30, 2030, for general corporate purposes and refinancing existing indebtedness.

Nov 6, 2025, 12:55 PM

6-K

Flat Steel Market Projected to Grow to $1.36 Trillion by 2034

New Projects/Investments

Revenue Acceleration/Inflection

M&A

The global flat steel market is forecast to expand from an estimated $951.89 Billion in 2025 to $1.36 trillion by 2034, demonstrating a Compound Annual Growth Rate (CAGR) of 3.7%.
This growth is primarily driven by increasing demand from the automotive and construction sectors, supported by rising consumer demand for vehicles and government investments in infrastructure.
ArcelorMittal is actively pursuing carbon-neutral steel production through its XCarb initiative and has commissioned the Torero plant in Belgium.
Key players like Tata Steel Limited are making significant strategic investments, including a £1.25 billion investment in Electric Arc Furnace technology at Port Talbot, UK, and the acquisition of Neelachal Ispat Nigam Limited.
Global light vehicle production increased significantly from 2022 to 2023, with the European Union's output growing by 11.3% to approximately 12 million units, contributing to higher demand for flat steel.

Nov 4, 2025, 12:51 PM

Press Release

Ecocem Validates Carbon Reduction in U.S. Cement Manufacturing

New Projects/Investments

Product Launch

Ecocem's ACT technology has been validated to reduce up to 60% of total CO2 emissions in U.S. cement manufacturing compared to Portland Limestone Cement.
A screening Life Cycle Assessment (LCA) found ACT technology achieved an embodied carbon of 345 kgCO2e/metric ton, representing a 60% reduction from the industry average of 844 kgCO2e/metric ton for Portland Limestone Cement.
ACT technology reduces cement emissions by cutting clinker content by up to 70% and replacing it with locally sourced supplementary cementitious materials (SCMs).
Ecocem is proceeding with its first North American project, a proposed Terminal and Milling Operation at the Port of Los Angeles.
ArcelorMittal is a major shareholder in Ecocem's France subsidiary.

Oct 29, 2025, 12:00 PM

Press Release

ArcelorMittal announces issuance of €650 million notes

Debt Issuance

ArcelorMittal announced the issuance of €650,000,000 3.250 per cent notes due September 30, 2030.
The issuance closed on September 30, 2025, with the notes issued under the company's wholesale Euro Medium Term Notes Programme.
The proceeds from this issuance will be used for general corporate purposes and refinancing of existing indebtedness.

Oct 1, 2025, 5:12 PM

6-K

IDC Prepares Bid to Acquire ArcelorMittal South Africa Operations

M&A

Takeover Bid

New Projects/Investments

South Africa's Industrial Development Corporation (IDC) is preparing a potential bid of approximately R8.5 billion ($491 million) to acquire control of ArcelorMittal South Africa's operations.
The bid, which includes repaying a loan and a cash component, represents a significant premium over ArcelorMittal South Africa's current market value of around 1.5 billion rand.
The six-month due diligence agreement between IDC and ArcelorMittal for this potential deal is set to expire today, September 30, 2025, marking a critical decision point.
This potential acquisition follows ArcelorMittal's November 2023 announcement to close two key steel mills in South Africa due to operational challenges such as high power costs and unreliable rail services.

Sep 29, 2025, 12:58 PM

Bloomberg

Earnings Transcripts

Quarterly earnings call transcripts for ArcelorMittal.

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