ArcelorMittal has released its financial results for the third quarter of 2025, reporting earnings before interest, taxes, depreciation and amortization (EBITDA) of $1.5 billion and a net income of $0.4 billion for the period ending September 30, 2025. The company’s EBITDA margin stood at $111 per tonne, which management says reflects improvements from asset optimization, regional diversification, and strategic investments such as increased iron ore production in Liberia.
The company reported a lost time injury frequency (LTIF) rate of 0.76x for the quarter as it continues to focus on employee health and safety through its three-year safety transformation program.
Net debt rose to $9.1 billion at the end of the quarter from $8.3 billion at the end of June 2025, attributed mainly to working capital investment and merger and acquisition activities. Liquidity remains strong at $11.2 billion.
Over the past year, ArcelorMittal generated investable cash flow of $1.5 billion and invested $1.2 billion in strategic capital expenditure projects aimed at increasing long-term EBITDA capacity. The company also returned $0.8 billion to shareholders through dividends and buybacks during this period.
Looking ahead, ArcelorMittal highlighted recent developments in European trade policy that could benefit its operations in Europe. On October 7, 2025, the European Commission introduced new trade measures intended to improve capacity utilization in the steel sector alongside enhancements to the Carbon Border Adjustment Mechanism (CBAM). The company believes these changes will help restore fair competition within Europe’s steel industry.
Chief Executive Officer Aditya Mittal commented: “It is a year since we embarked on our three-year safety transformation program. There is strong engagement across the Group that is reflected in visible progress on a number of key performance indicators. I am conscious we have more to do, and all businesses are fully aware of the imperative of continuing to implement their bespoke safety roadmaps.
Turning to financial performance, the Company reported resilient results in what is typically a seasonally weak quarter. The underlying strength of the business is again evident in the structurally higher margins delivered over the first nine months of the year.
Perhaps the most significant development during the quarter was the European Commission’s proposal of strengthened trade measures. Once enacted, this will support the European steel industry’s ability to improve capacity utilization, improve profitability, and invest with confidence for the future. We now hope for swift approval and implementation of the proposal, as well as supportive revisions to the Carbon Border Adjustment Mechanism.
Supported by a strong balance sheet, we continue to evolve the business towards higher return on capital, focusing strategic capex on low-cost, added-value markets and exiting higher-cost businesses. The energy transition also represents an attractive opportunity for ArcelorMittal – and we recently launched a revolutionary, low-carbon, all-in-one insulated steel roof integrating solar cells.
While markets are challenging and tariff-related headwinds persist, we are seeing signs of stabilization and are optimistic on the outlook for our business in 2026, when we will benefit from more supportive industry policies in key markets.”
ArcelorMittal maintains that its global asset portfolio positions it well for anticipated growth in steel demand driven by infrastructure modernization efforts as well as transitions toward new energy systems and mobility solutions over coming years.
The group plans further organic growth supported by its positive free cash flow outlook into 2025 and beyond; ongoing high-return projects together with recent acquisitions are expected to increase future EBITDA potential by up to $2.1 billion over several years.
In terms of shareholder returns, ArcelorMittal said it would continue returning at least half its post-dividend annual free cash flow via dividends or share buybacks while maintaining a base dividend paid out twice yearly.
A conference call with management discussing these results was scheduled for November 6th with materials available online following completion.
