ArcelorMittal reported its financial and operational results for the second quarter of 2025, highlighting improvements in safety, margins, and growth initiatives. The company recorded a Lost Time Injury Frequency (LTIF) rate of 0.68x for the quarter, with ongoing implementation of recommendations from a recent dss+ safety audit.
The group posted an EBITDA of $1.9 billion for the quarter, translating to a margin of $135 per tonne. Net income reached $1.8 billion, positively affected by $0.8 billion in exceptionals after impairments and tax effects. Adjusted net income stood at $1 billion.
Operational momentum was noted with record quarterly iron ore production and shipments from Liberia, which is on track to achieve its expanded 20 million tonne capacity by the end of 2025. In the United States, ArcelorMittal completed the first slab cast at Calvert’s new electric arc furnace (EAF), while renewable energy operations in India have reached industrial scale.
At the end of June 2025, net debt rose to $8.3 billion due mainly to mergers and acquisitions, including full consolidation of AM/NS Calvert, Tuper, and ArcelorMittal Tailored Blanks Americas (AMTBA). These transactions are expected to support higher normalized EBITDA moving forward. Liquidity remained strong at $11 billion; during the quarter S&P upgraded ArcelorMittal’s credit rating to BBB from BBB-.
Over the past year, ArcelorMittal generated investable cash flow of $2.3 billion and invested $1.1 billion in strategic capital projects aimed at increasing long-term EBITDA capacity. The company also returned $1.1 billion to shareholders through dividends and buybacks while allocating a net $2.3 billion toward M&A activity.
In terms of growth strategy, ArcelorMittal completed the acquisition of Nippon Steel’s 50% stake in AM/NS Calvert, gaining full control over one of North America’s most advanced steelmaking facilities. The new EAF at Calvert is designed specifically for automotive-grade steels and has been successfully commissioned this quarter alongside a seven-year slab supply agreement with NSC/USS that secures domestic material needs for Calvert.
Further expansion included acquiring control over Brazilian pipe producer Tuper—where ArcelorMittal previously held a 40% interest—and regaining control over AMTBA to strengthen positions in high-value tubular and automotive markets across North America.
The company expects its high-return strategic growth projects together with recent M&A activities will increase future EBITDA potential by about $2.1 billion; it aims to capture an incremental benefit of $0.7 billion in 2025 alone.
On policy developments in Europe, management pointed out that the EU “Steel and Metals Action Plan” recognizes steps needed for industry competitiveness but called for concrete action on trade safeguards and carbon border adjustment mechanisms (CBAM) within the year.
Shareholder returns remain consistent with company policy: besides maintaining its base dividend ($0.55 per share), ArcelorMittal continues returning at least half its post-dividend annual free cash flow via buybacks or additional dividends. Since September 2020 it has reduced fully diluted shares outstanding by 38%. In 2025 so far it has repurchased 8.8 million shares costing $262 million.
Aditya Mittal, Chief Executive Officer of ArcelorMittal, commented:
“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.”
A conference call discussing these results will be held on July 31 at multiple times depending on region; further details are available via conference registration links provided by ArcelorMittal.
