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ArcelorMittal reports fourth quarter 2025 and full year 2025 results
4Q 2025 key highlights:
Safety focus is driving improved performance: Protecting employee health and safety is a core Company value. Progress is evident across all key safety KPIs, including a significant improvement in fatality prevention. The Company is now entering the second year of its three'year safety transformation program, moving into the implementation and scale'up phase and embedding the foundations for a consistent 'one safety culture' across the Group
Strategy is delivering structurally improved margins: Despite facing significant headwinds in 2025, the Company delivered a resilient performance with EBITDA of $6.5bn, supported by $0.7bn from strategic growth investments. This included record Liberia iron ore shipments and the ongoing expansion of renewables capacity in India. EBITDA per tonne rose to $121, more than double previous cycle lows, reflecting continued asset optimization, diversified market exposure, and the benefits of the strategic investment program. FY 2025 net income was $3.2bn and basic EPS $4.13/sh (adjusted net income of $2.9bn and EPS $3.85/sh)4
Business continues to generate significant cash flow for investment and returns: Over the past 12 months, the Company generated $1.9bn in investable cash flow6 (net cash provided by operating activities less maintenance/normative capex), broadly in line with $2.0bn generated in FY 2024. In 2025, the Company invested $1.1bn in strategic capex to build long'term EBITDA capacity, returned $0.7bn to shareholders, and allocated $0.2bn to M&A
A solid investment grade balance sheet is our strategic foundation: In 2025, both Moody's (Baa2, stable outlook) and S&P (BBB, stable outlook) upgraded ArcelorMittal's credit ratings, reflecting the stronger credit profile, consistent cash generation and improved resilience. Year-end net debt was $7.9bn (gross debt of $13.4bn and cash and cash equivalents of $5.5bn) with total liquidity of $11.0bn7
Capital return policy is creating significant value for shareholders: Reflecting the continued structural improvement in earnings, the Board proposes to increase the annual base dividend to shareholders to $0.60/sh in FY 2026 (from $0.55/sh in FY 2025), to be paid in four equal quarterly installments starting March 2026.
The Company will continue to return a minimum of 50% of post-dividend free cash flow to shareholders via share buybacks. In 2025, the Company repurchased 8.8m shares for $262m, bringing the total reduction in the fully diluted share count to 38% since September 20205
Strategic priorities
A balanced and fair European steel market: CBAM, together with the new tariff-rate quota (TRQ) trade tool structurally resets the outlook for the European steel industry. Lower imports will lead to higher capacity utilization, restoring profitability and returns on capital to healthy, sustainable levels. ArcelorMittal is well positioned to meet the anticipated increase in domestic demand with high-quality European steel delivered with premium service levels
Harness the economic opportunities of the energy transition to create shareholder value: Steel is central to the global energy transition, and ArcelorMittal is positioning its portfolio to capture the best opportunities across the value chain. This includes building high-quality renewable energy with a clear pipeline to 2.8GW capacity by end 2028, expanding capability to meet rising demand for low carbon-intensity steels with 3.4Mt new EAF capacity, and growing automotive electrical steels capacity to 0.4Mt NOES by end of 2028. These investments will continue to support a higher'quality, higher'margin earnings profile for the Group
Strategic growth delivery: The Group's strong financial position (supported by a positive free cash flow outlook for 2026 and beyond) continues to enable disciplined organic investment aimed at strengthening future profitability and cash generation
- In 2025, EBITDA benefited from key strategic projects, including the Vega CMC expansion in Brazil (completed in 2024), the 1GW renewables project in India, Liberia iron ore capacity expansion, and contributions from recent M&A including the 100% consolidation of Calvert in the US (from June 2025)
- Recently completed and ongoing projects are expected to add a further $1.6bn of EBITDA potential ($0.7bn in 2026 and $0.9bn from 2027 onward). Growth in 2026 will be supported by: start-up of the 4.5Mtpa DRI-quality pellet feed plant at Serra Azul (Brazil); ramp up of the new 400kt sections and bar mill in Barra Mansa (Brazil); continued progress towards 20Mtpa iron ore capacity in Liberia (expected to be completed by the end of 2026); and ongoing ramp'up of the 1.5Mtpa EAF in Calvert toward full utilization, and the full impacts of recently completed M&A
- From 2027 onward, further potential uplift is expected to come from: the AMNS India expansion to 15Mtpa (2H 2026); the Las Truchas (Mexico) concentrate capacity increase and Mardyck (France) electrical steels project, both expected to start up in 1H 2027; the non-grain oriented electrical steel (NOES) facility in the US (2H 2027) and the completion of the new 1GW India renewables program in 2028
Outlook
Demand expected to increase in 2026: The Company expects world ex-China apparent steel demand to grow by +2% in FY 2026. The Company forecasts steel production and shipments to increase across all regions in 2026 versus 2025, supported by operational improvements and the impact of trade protections. In Europe in particular, ArcelorMittal is expecting to benefit as domestic mills progressively regain market share from imports with the combined effect of CBAM and the new TRQ mechanism strengthening through the year
Capex in support of growth: ArcelorMittal's global asset base positions the Company to capture medium' and long'term growth in steel demand, driven by investments in the energy transition, new infrastructure and mobility systems, defence security and data'center capacity. The Company's capex in 2026 is projected to be within the range of $4.5-$5.0bn
Financial highlights (on the basis of IFRS1):
(USDm) unless otherwise shown 4Q 25 3Q 25 4Q 24 12M 25 12M 24
Sales 14,971 15,657 14,714 61,352 62,441
Operating income 327 544 529 3,628 3,310
Net income/(loss) attributable to equity holders of the parent 177 377 (390) 3,152 1,339
Adjusted net income attributable to equity holders of the parent4 654 474 404 2,938 2,326
Basic earnings/(loss) per common share (US$) 0.23 0.50 (0.51) 4.13 1.70
Adjusted basic earnings per common share (US$)4 0.86 0.62 0.52 3.85 2.95
Operating income/tonne (US$/t) 25 40 39 67 61
EBITDA 1,593 1,508 1,654 6,541 7,053
EBITDA/tonne (US$/t) 123 111 122 121 130
Crude steel production (Mt) 12.8 13.6 14.0 55.6 57.9
Steel shipments (Mt) 13.0 13.6 13.5 54.0 54.3
Total Group iron ore production (Mt) 13.1 12.1 12.6 48.8 42.4
Iron ore production (Mt) (AMMC and Liberia only) 10.1 8.5 8.9 35.3 27.9
Iron ore shipment (Mt) (AMMC and Liberia only) 10.1 8.2 7.6 36.3 26.4
Weighted average common shares outstanding (in millions) 761 761 772 763 788
Commenting, Aditya Mittal, ArcelorMittal Chief Executive Officer, said:
"2025 was a pivotal year for the global steel industry and ArcelorMittal. While the ongoing geopolitical volatility brought significant challenges, important foundations were also laid for a more supportive operating environment moving forwards.
On safety, there is a visible improvement in our results, reflecting the foundations for change we have embedded across all operations. Through consistent and tangible actions, we are fundamentally transforming our approach to health and safety globally.
The global economy has seen a shift towards greater domestic supply resilience, including the introduction of widespread tariffs. This led to an increasing number of countries finally taking steps to address the competitiveness of their manufacturing industries. Nowhere was this more necessary than in Europe, where ArcelorMittal has significant, high-quality operations. One of the most important developments was the proposal for new trade measures in Europe and the enhancements to the CBAM, to level the playing field on carbon costs. Combined, this will enable European producers to recover to sustainable utilization levels, and generate healthy returns on capital. And while the full benefits of the changes in the regulatory environment will emerge over time - more visibly in the second half and into 2027 - we are very well positioned to benefit from this direction.
Globally the outlook is also more favorable, including in India where we are growing our presence and enhancing our product offering. With $0.7bn of additional EBITDA generated already from strategic growth projects in 2025, a further $1.6bn is anticipated in the coming years as other projects are commissioned. We are also uniquely exposed to emerging macro growth drivers such as the energy transition, defence, data centers and infrastructure. Overall, this combination of positive regulatory developments, structurally supportive macro trends and an improved operating environment leave us well placed to continue delivering on our long-term commitment to achieve consistent returns for shareholders."
Safety and sustainable development
Health and safety:
Protecting employee health and safety is a core value of the Company. Progress is evident across all key safety KPIs, including a significant improvement in fatality prevention and an improvement in the LTIF rate to 0.65x in 2025 (compared with 0.70x in 2024).
The Company has completed the first year of its three'year safety transformation program, supporting ArcelorMittal's journey toward zero fatalities and zero serious injuries. Key highlights from 2025 include:
- Governance and safety leadership strengthened through an enhanced assurance model and completion of new safety leadership training, strengthening the 'one safety culture' across the Group
- Operational and process safety advanced supported by clearer risk-management guidance and the launch of the new Process Safety Management framework, including 12 global pilot sites
- Safety embedded across processes, including updated HR practices such as H&S competences for leaders model
In 2026, safety transformation moves into the implementation and scale'up phase. This stage focuses on embedding the foundations needed to establish a consistent 'one safety culture' across the Group. Roadmaps have now been established at both the Corporate and site level to guide this work. These roadmaps are designed to drive consistency, strengthen discipline, and deliver measurable results as the core elements of our safety approach are integrated into everyday operations.
Own personnel and contractors - Lost time injury frequency rate
4Q 25 3Q 25 4Q 24 12M 25 12M 24 North America 0.07 0.14 0.31 0.18 0.27 Brazil 0.23 0.21 0.27 0.29 0.21 Europe 1.46 1.50 1.61 1.34 1.34 Sustainable Solutions 0.50 2.18 0.87 1.27 1.01 Mining 0.24 0.21 0.24 0.20 0.18 Others 0.30 0.70 0.88 0.49 0.81 Total 0.52 0.76 0.79 0.65 0.70
Sustainable development highlights:
The EU Commission's proposed TRQ trade tool sets import quotas at close to 50% of 2024 levels. It is estimated that this can reduce imports of flat and long products by ~10Mt, which would support higher domestic capacity utilization and restore profitability and ROCE to healthy, sustainable levels.
ArcelorMittal has the capacity to meet anticipated market demand. Existing furnaces can operate at higher utilization rates, while idled units can be brought back online as demand recovers. In addition, new capacity is expected to come online in 2026 with the start-up of the 1Mt Gijon EAF for long products and the expansion of the Sestao EAF to increase flat-steel output.
The energy transition continues to present an attractive opportunity for ArcelorMittal, enabling the Group and its customers to decarbonize through investments in renewables, electrical steels for EVs, and low-carbon building solutions.
- In December 2025, the Company announced three new renewable energy projects in India totaling 1GW of solar and wind capacity, projected to deliver $0.2 billion annual non-cyclical EBITDA for the Group. Once completed, these projects will double ArcelorMittal's renewable energy capacity in India
- ArcelorMittal announced in December 2025 that commissioning is underway on the annealing and varnishing lines (ACL) at its new electrical steels facilities in Mardyck, France. This development represents a key milestone in the Company's plan to expand electrical steels production capacity across Europe and the US, positioning ArcelorMittal to capture high-margin demand from the electrification of the automotive sector. Completion of the reversing mill ("REV") and annealing and pickling line ("APL") is expected in 2027.
Analysis of results for the twelve months ended December 31, 2025 versus results for the twelve months ended December 31, 2024
Sales for 12M 2025 decreased by 1.7% to $61.4 billion as compared with $62.4 billion for 12M 2024, primarily driven by a 2.3% reduction in average steel selling prices.
Operating income for 12M 2025 of $3.6 billion was 9.6% higher as compared to $3.3 billion in 12M 2024, primarily reflecting a positive year-on-year impact of $1.0 billion from exceptional items and impairments (a $0.7 billion benefit in 12M 2025 versus a $0.3 billion negative impact in 12M 2024), partly offset by lower EBITDA and higher depreciation.
EBITDA decreased by 7.3% to $6,541 million in 12M 2025 as compared to $7,053 million in 12M 2024. The decline was primarily driven by weaker results in North America (impacted by Section 232 tariffs and maintenance in Mexico), and lower contributions from India and JVs and Brazil segments due to weaker prices. These impacts were partly offset by improved performance in Europe, supported by a positive price-cost effect, and contributions from project ramp-ups, notably India renewables and Liberia Phase 2.
Depreciation cost for 12M 2025 of $2.9 billion was higher as compared to $2.6 billion in 12M 2024 primarily reflecting the capitalization of new assets coming online including Liberia iron ore, India (renewables), and the Vega and Serra Azul expansions in Brazil. 12M 2026 depreciation is estimated at approximately $3.0 billion.
Interest costs for 12M 2025 were $296 million, up from $110 million in 12M 2024, primarily due to higher average gross debt levels and lower interest income.
Foreign exchange and other net financing charges were $413 million in 12M 2025 as compared to $981 million in 12M 2024. The 12M 2025 result includes non-recurring cost of $0.1 billion related to the extension of the mandatory convertible bond11, and reflects a $256 million foreign exchange gain (primarily driven by the depreciation of the US dollar against the euro and the Brazilian real), as compared to a $565 million loss in 12M 2024 (impacted by hyperinflation in Argentina and the appreciation of the US dollar against major currencies).
Current tax expense was $0.6 billion in 12M 2025, down from $1.0 billion in 12M 2024, reflecting lower proportion of earnings generated in high'tax jurisdictions, such as Canada.
Net income increased to $3,152 million (EPS of $4.13/sh) in 12M 2025, up from $1,339 million ($1.70/sh) in 12M 2024. Adjusted net income was $2,938 million (adjusted EPS of $3.85/sh4) versus $2,326 million ($2.95/sh) in 12M 2024. The year-on-year increase in adjusted net income primarily reflects lower foreign exchange and other net financing charges and reduced tax expense, partially offset by lower EBITDA and higher interest costs.
Net cash provided by operating activities was $4.8 billion in 12M 2025 (including a $0.5 billion working capital release) as compared to $4.9 billion in 12M 2024 (including a working capital release of $0.1 billion). Capex totalled $4.3 billion in 12M 2025 (including $1.1 billion on strategic growth projects) as compared to $4.4 billion for 12M 2024 (including $1.3 billion on strategic growth projects). The Company generated free cash flow of $0.4 billion in 12M 2025 (versus $0.3 billion in the prior year). Following shareholder returns of $0.7 billion and M&A of $1.9 billion ($0.2 billion in cash plus debt consolidated), net debt increased to $7.9 billion as at December 31, 2025, as compared to $5.1 billion as at December 31, 2024.
Analysis of results for 4Q 2025 versus 3Q 2025
Sales decreased by 4.4% to $15.0 billion in 4Q 2025 as compared to $15.7 billion in 3Q 2025 primarily due to lower shipments.
Depreciation cost for 4Q 2025 was $856 million, higher than $736 million in 3Q 2025, primarily due to new assets in operation and certain assets reaching end of life.
Operating income of $0.3 billion in 4Q 2025 includes exceptional charges of $194 million which reflect $133 million of restructuring costs in Europe and a $61 million final non-cash charge on the sale of ArcelorMittal Zenica and Prijedor (Bosnia). This compares to operating income of $0.5 billion in 3Q 2025 which included $97 million in exceptional charges related to the purchase price adjustment for the acquisition of Nippon Steel's 50% stake in AM/NS Calvert.
EBITDA in 4Q 2025 of $1,593 million was 5.6% higher as compared to $1,508 million in 3Q 2025, primarily driven by higher results in the Mining segment, as well as improved results in the India and JV segment, partly offset by the North America segment.
Foreign exchange and other net financial charges of $450 million in 4Q 2025 were higher than the $86 million recorded in 3Q 2025, primarily reflecting higher foreign exchange charges ($120 million loss in 4Q 2025 versus $21 million gain in 3Q 2025) and non-recurring cost of $0.1 billion related to the extension of the mandatory convertible bond11.
Net income of $177 million in 4Q 2025 (EPS of $0.23/sh) compares to net income of $377 million ($0.50/sh) in 3Q 2025. Adjusted net income was $654 million ($0.86/sh) in 4Q 2025 versus $474 million ($0.62/sh4) in 3Q 2025.
Net cash provided by operating activities during 4Q 2025 amounted to $3.0 billion and includes a $2.4 billion release of working capital. Capex totalled $1.2 billion for 4Q 2025 (including $0.3 billion spent on strategic projects), resulting in free cash flow of $1.7 billion. Net debt declined to $7.9 billion as of December 31, 2025, as compared to $9.1 billion on September 30, 2025.
Analysis of operations
North America
(USDm) unless otherwise shown 4Q 25 3Q 25 4Q 24 12M 25 12M 24 Sales 3,045 3,311 2,625 12,335 11,896 Operating (loss)/income (21) 28 158 2,205 1,310 Depreciation (225) (175) (131) (677) (509) Exceptional items -- (97) -- 1,645 -- EBITDA 204 300 289 1,237 1,819 Crude steel production (Kt) 1,804 1,662 1,883 7,755 7,538 - Flat shipments (Kt) 2,103 2,173 1,952 8,378 8,022 - Long shipments (Kt) 508 538 561 2,378 2,486 Steel shipments (Kt) 2,494 2,615 2,391 10,283 10,063 Average steel selling price (US$/t) 1,052 1,102 892 1,014 985
Crude steel production reached 1.8Mt in 4Q 2025, an 8.5% increase compared with 1.7Mt in 3Q 2025, reflecting the recovery of Flat Mexico operations following unplanned maintenance at the Lazaro Cardenas DRI plant in the prior quarter. Long products operations in Mexico continued to run at reduced levels as the blast furnace underwent preventive maintenance. With the furnace successfully restarted in late January 2026, the segment is now well positioned for increased production.
Sales in 4Q 2025 decreased by 8.0% to $3.0 billion, as compared to $3.3 billion in 3Q 2025 primarily due to lower steel shipments impacted by timing, and lower average steel selling prices.
Operating loss in 4Q 2025 was $21 million as compared to operating income of $28 million in 3Q 2025 (which included an exceptional charge of $97 million related to the purchase price adjustment for the acquisition of Nippon Steel's 50% stake in AM/NS Calvert). Operating loss in 4Q 2025 was impacted by higher depreciation charge due to end of life of certain assets.
EBITDA in 4Q 2025 decreased to $204 million as compared to $300 million in 3Q 2025, primarily due to a negative price-cost effect and lower steel shipments.
Brazil9
(USDm) unless otherwise shown 4Q 25 3Q 25 4Q 24 12M 25 12M 24 Sales 2,901 2,807 2,889 11,172 12,401 Operating income 229 210 358 608 1,399 Depreciation (112) (91) (96) (379) (361) Impairment items -- -- (43) -- (43) Exceptional items -- -- -- (453) -- EBITDA 341 301 497 1,440 1,803 Crude steel production (Kt) 3,636 3,595 3,527 14,350 14,540 - Flat shipments (Kt) 2,584 2,289 2,367 9,264 9,409 - Long shipments (Kt) 1,191 1,257 1,121 4,744 4,732 Steel shipments (Kt) 3,763 3,530 3,478 13,949 14,082 Average steel selling price (US$/t) 692 739 773 736 816
Sales in 4Q 2025 increased by 3.4% to $2.9 billion as compared to $2.8 billion in 3Q 2025, primarily driven by a 6.6% increase in steel shipments reflecting higher slab export volumes, partially offset by a 6.3% decline in average steel selling prices, including the impact of a weaker mix.
Operating income was $229 million in 4Q 2025 as compared to $210 million in 3Q 2025.
EBITDA in 4Q 2025 increased by 13.3% to $341 million as compared to $301 million in 3Q 2025, primarily due to higher steel shipments (flat products up 12.9%, long products down 5.3%) and lower costs, offset in part by lower average steel selling prices including a weaker mix.
Europe
(USDm) unless otherwise shown 4Q 25 3Q 25 4Q 24 12M 25 12M 24 Sales 6,736 7,186 7,142 28,793 29,952 Operating income 49 233 111 522 386 Depreciation (271) (280) (305) (1,114) (1,128) Impairment items (32) -- -- (226) (36) Exceptional items (166) -- -- (166) (74) EBITDA 518 513 416 2,028 1,624 Crude steel production (Kt) 6,398 7,251 7,696 29,166 31,211 - Flat shipments (Kt) 4,743 5,073 5,084 20,473 20,489 - Long shipments (Kt) 1,835 1,931 2,133 7,950 8,183 Steel shipments (Kt) 6,574 7,001 7,213 28,408 28,659 Average steel selling price (US$/t) 906 915 852 894 910
Crude steel production totaled 6.4Mt in 4Q 2025, down 11.8% from 7.3Mt in 3Q 2025, primarily due to required maintenance and the sale of the Bosnian operations.
Sales declined by 6.3% to $6.7 billion in 4Q 2025 as compared to $7.2 billion in 3Q 2025, mainly reflecting a 6.1% decline in steel shipment volume (both Flat and Long products down 6.5% and 5.0%, respectively) impacted by lower production.
Operating income in 4Q 2025 was $49 million as compared to $233 million in 3Q 2025. 4Q 2025 included $166 million of exceptional charges, which comprised $105 million restructuring costs and a $61 million final non-cash charge on the sale of ArcelorMittal Zenica and Prijedor (Bosnia).
EBITDA in 4Q 2025 of $518 million was 1.1% higher as compared to $513 million in 3Q 2025, as lower costs were offset by lower steel shipments and lower average steel selling prices.
Sustainable Solutions
(USDm) unless otherwise shown 4Q 25 3Q 25 4Q 24 12M 25 12M 24 Sales 2,600 2,596 2,400 10,501 10,722 Operating (loss)/income (10) 38 (41) 142 57 Depreciation (71) (63) (56) (235) (178) Impairment items (17) -- -- (17) -- Exceptional items (28) -- (79) (28) (79) EBITDA 106 101 94 422 314
Sales in 4Q 2025 were broadly stable at $2.6 billion as compared to 3Q 2025.
Operating loss in 4Q 2025 of $10 million compares with an operating income of $38 million in 3Q 2025. 4Q 2025 results include $28 million of exceptional charges related to restructuring costs.
EBITDA in 4Q 2025 of $106 million was 5.9% higher as compared to $101 million in 3Q 2025, driven by a higher contribution from the projects business. EBITDA in FY 2025 of $422 million was 34.4% higher as compared to $314 million in FY 2024, reflecting the benefit of the ramp-up of the India renewables project which is performing in line with expectations and contributed $0.1 billion EBITDA.
Mining
(USDm) unless otherwise shown 4Q 25 3Q 25 4Q 24 12M 25 12M 24 Sales 908 732 704 3,232 2,663 Operating income 198 142 246 789 770 Depreciation (116) (67) (67) (316) (263) EBITDA 314 209 313 1,105 1,033 Iron ore production (Mt) 10.1 8.5 8.9 35.3 27.9 Iron ore shipment (Mt) 10.1 8.2 7.6 36.3 26.4
Note: Mining segment comprises iron ore operations of ArcelorMittal Mines Canada (AMMC) and ArcelorMittal Liberia.
Sales in 4Q 2025 increased by 24.0% to $908 million as compared to $732 million in 3Q 2025, primarily due to 22.7% higher iron ore shipments, and a 3.5% increase in iron ore reference prices.
Iron ore production increased to 10.1Mt in 4Q 2025 as compared to 8.5Mt in 3Q 2025. During 4Q 2025 and 12M 2025, Liberia achieved record iron ore production and shipments, supported by operational improvements and the ongoing ramp-up of the Phase 2 capacity expansion. Liberia delivered 10Mt of iron ore shipments and generated $0.2billion in EBITDA in 12M 2025. The operation is now progressing toward 20Mt annual capacity, with shipments expected to exceed 18Mt by end'2026 as sinter'feed output rises and the concentrator continues to ramp up, supporting improved price realization.
Operating income in 4Q 2025 increased to $198 million as compared to $142 million in 3Q 2025, driven by higher iron ore shipments, higher iron ore reference prices and lower costs.
As a result, EBITDA in 4Q 2025 of $314 million was 50.2% higher as compared to $209 million in 3Q 2025.
India and JVs
Income from associates, joint ventures and other investments increased to $206 million in 4Q 2025, as compared to $131 million in 3Q 2025, reflecting improved performance from various investees. Income from associates, joint ventures and other investments was lower in FY 2025 at $635 million, as compared to $779 million in FY 2024, reflecting lower earnings from AMNS India offset in part by incremental contribution from Vallourec which was acquired in August 2024.
ArcelorMittal has investments in various joint ventures and associate entities globally. The Company considers AMNS India (60% equity interest) joint venture to be of particular strategic importance, warranting more detailed disclosures to improve the understanding of its operational performance and value to the Group.
AMNS India
(USDm) unless otherwise shown 4Q 25 3Q 25 4Q 24 12M 25 12M 24 Production (Kt) (100% basis) 1,876 1,832 1,950 7,219 7,544 Shipments (Kt) (100% basis) 2,267 1,939 2,138 7,863 7,933 Sales (100% basis) 1,593 1,496 1,583 6,026 6,515 EBITDA (100% basis) 166 217 133 684 844
Sales increased by 6.5% to $1.6billion in 4Q 2025 as compared to $1.5billion in 3Q2025, driven by a 16.9% increase in steel shipment volumes to a record high, partially offset by lower average steel selling prices.
EBITDA decreased by 23.7% to $166 million in 4Q 2025 as compared to $217 million in 3Q 2025, primarily due to a negative price-cost effect, partially offset by higher steel shipment volumes.
Dividend
The Board of Directors will submit to a shareholders' vote, at the next annual general meeting, a proposal to increase the dividend to $0.60 per share. The dividend payments would occur on a quarterly basis (to be paid in equal installments in March, June, September and December) taking into account that the first quarter dividend payment to be paid in March 2026 shall be an interim dividend.
Other recent developments
- On December 04, 2025, Moody's Ratings upgraded the long-term issuer ratings of ArcelorMittal to Baa2 from Baa3. They also changed the outlook on ArcelorMittal to stable from positive.
- On November 21, 2025, ArcelorMittal announced that 77,809,772 treasury shares had been cancelled the day before. Post cancellation, the Company held approximately 13.9 million treasury shares as of December 31, 2025, which will be used to service its commitments relating to its Long-Term Incentive Plan. As a result of this cancellation, ArcelorMittal now has 775,000,000 shares in issue.
- On January 30, 2026, the Government of the Republic of Liberia and ArcelorMittal announced that they have signed an amendment to the existing Mineral Development Agreement (MDA), which was ratified on January 29, 2026, via the Liberian legislative process, extending the duration of the agreement to 2050, with a right to renew for a further 25 years. The Company is undertaking feasibility studies for further expansion of its iron ore asset beyond the current phase 2 capacity of 20Mtpa. The railway infrastructure is being expanded so it can transport up to 30Mt of iron ore annually. This railway capacity will be reserved for ArcelorMittal's use. Under the terms of the agreement ArcelorMittal will pay $200 million to the Government of Liberia for certain rights it acquires per the agreement, namely the mining rights extension and reserved access to railroad capacity the Company is investing in.
ArcelorMittal Condensed Consolidated Statements of Financial Position1
In millions of U.S. dollars Dec 31, 2025 Sept 30, 2025 Dec 31, 2024
ASSETS
Cash and cash equivalents 5,476 5,733 6,484
Trade accounts receivable and other 3,476 4,504 3,375
Inventories 18,589 18,924 16,501
Prepaid expenses and other current assets 3,027 3,205 3,022
Assets held for sale8 37 166 --
Total Current Assets 30,605 32,532 29,382
Goodwill and intangible assets 5,252 5,134 4,453
Property, plant and equipment 41,041 40,297 33,311
Investments in associates and joint ventures 10,393 10,338 11,420
Deferred tax assets 8,860 8,648 8,942
Other assets 1,552 1,818 1,877
Total Assets 97,703 98,767 89,385
LIABILITIES AND SHAREHOLDERS' EQUITY
Short-term debt and current portion of long-term debt 2,739 4,377 2,748
Trade accounts payable and other 13,008 12,108 12,921
Accrued expenses and other current liabilities 6,754 6,906 6,156
Liabilities held for sale8 19 87 --
Total Current Liabilities 22,520 23,478 21,825
Long-term debt, net of current portion 10,671 10,491 8,815
Deferred tax liabilities 2,294 2,459 2,338
Other long-term liabilities 5,682 5,661 5,121
Total Liabilities 41,167 42,089 38,099
Equity attributable to the equity holders of the parent 54,466 54,603 49,223
Non-controlling interests 2,070 2,075 2,063
Total Equity 56,536 56,678 51,286
Total Liabilities and Shareholders' Equity 97,703 98,767 89,385
ArcelorMittal Condensed Consolidated Statements of Operations1
Three months ended Twelve months ended
In millions of U.S. dollars unless otherwise shown Dec 31, 2025 Sept 30, 2025 Dec 31, 2024 Dec 31, 2025 Dec 31, 2024
Sales 14,971 15,657 14,714 61,352 62,441
Depreciation (B) (856) (736) (709) (2,945) (2,632)
Impairment items2 (B) (10) -- (80) (204) (116)
Exceptional items3 (B) (194) (97) (142) 871 (216)
Operating income (A) 327 544 529 3,628 3,310
Operating margin % 2.2 % 3.5 % 3.6 % 5.9 % 5.3 %
Income from associates, joint ventures and other investments (C) 206 131 194 635 779
Impairments and exceptional items of associates, joint ventures and other investments -- -- -- 48 --
Net interest expense (91) (84) (32) (296) (110)
Foreign exchange and other net financing (loss) (450) (86) (348) (413) (981)
Non-cash mark-to-market (loss) until acquisition of c.28.4% Vallourec shares -- -- -- -- (83)
(Loss)/income before taxes and non-controlling interests (8) 505 343 3,602 2,915
Current tax expense (116) (166) (361) (602) (1,025)
Deferred tax benefit/(expense) 317 60 (387) 243 (510)
Income tax benefit/(expense) (net) 201 (106) (748) (359) (1,535)
Net income/(loss) including non-controlling interests 193 399 (405) 3,243 1,380
Non-controlling interests loss (16) (22) 15 (91) (41)
Net income/(loss) attributable to equity holders of the parent 177 377 (390) 3,152 1,339
Basic earnings/(loss) per common share ($) 0.23 0.50 (0.51) 4.13 1.70
Diluted earnings/(loss) per common share ($) 0.23 0.49 (0.51) 4.11 1.69
Weighted average common shares outstanding (in millions) 761 761 772 763 788
Diluted weighted average common shares outstanding (in millions) 764 764 772 766 791
OTHER INFORMATION
EBITDA (A-B+C) 1,593 1,508 1,654 6,541 7,053
EBITDA Margin % 10.6 % 9.6 % 11.2 % 10.7 % 11.3 %
Total Group iron ore production (Mt) 13.1 12.1 12.6 48.8 42.4
Crude steel production (Mt) 12.8 13.6 14.0 55.6 57.9
Steel shipments (Mt) 13.0 13.6 13.5 54.0 54.3
ArcelorMittal Condensed Consolidated Statements of Cash flows1
Three months ended Twelve months ended
In millions of U.S. dollars Dec 31, 2025 Sept 30, 2025 Dec 31, 2024 Dec 31, 2025 Dec 31, 2024
Operating activities:
Income attributable to equity holders of the parent 177 377 (390) 3,152 1,339
Adjustments to reconcile net result to net cash provided by operations:
Non-controlling interests income/(loss) 16 22 (15) 91 41
Depreciation and impairments2 866 736 789 3,149 2,748
Exceptional items3 194 97 142 (871) 216
Income from associates, joint ventures and other investments (206) (131) (194) (635) (779)
Impairments and exceptional items of associates, joint ventures and other investments -- -- -- (48) --
Deferred tax (benefit)/loss (317) (60) 387 (243) 510
Change in working capital 2,383 (417) 1,605 475 102
Other operating activities (net) (118) 127 144 (262) 675
Net cash provided by operating activities (A) 2,995 751 2,468 4,808 4,852
Investing activities:
Purchase of property, plant and equipment and intangibles (B) (1,247) (1,237) (1,133) (4,337) (4,405)
Other investing activities (net) (1) (274) 15 (214) (582)
Net cash used in investing activities (1,248) (1,511) (1,118) (4,551) (4,987)
Financing activities:
Net (payments)/proceeds relating to payable to banks and long-term debt (1,617) 1,138 667 (640) 1,231
Dividends paid to ArcelorMittal shareholders (211) -- (193) (421) (393)
Dividends paid to minorities shareholders (C) (23) (52) (18) (121) (187)
Share buyback -- -- (133) (262) (1,300)
Lease payments and other financing activities (net) (150) (61) 76 (322) (31)
Net cash (used)/provided by financing activities (2,001) 1,025 399 (1,766) (680)
Net (decrease)/increase in cash and cash equivalents (254) 265 1,749 (1,509) (815)
Cash and cash equivalents transferred from (to) assets held for sale 9 17 -- (3) --
Effect of exchange rate changes on cash (17) 14 (347) 504 (471)
Change in cash and cash equivalents (262) 296 1,402 (1,008) (1,286)
Free cash flow (A+B+C) 1,725 (538) 1,317 350 260
Appendix 1: Capital expenditures1
(USD million) 4Q 25 3Q 25 4Q 24 12M 25 12M 24 North America 229 236 149 688 410 Brazil 214 195 252 728 879 Europe 381 412 267 1,416 1,359 Sustainable Solutions 132 61 142 323 457 Mining 219 264 257 926 1,022 Others 72 69 66 256 278 Total 1,247 1,237 1,133 4,337 4,405
Appendix 1a: Strategic growth projects completed during the last 4 quarters
Segment Site / unit Capacity / details Impact on EBITDA6 Key date / forecast completion Sustainable Solutions Andhra Pradesh (India) Renewable energy project: 1GW of nominal solar and wind power $0.1bn (incl. our share of net income in AMNS India) (fully captured in 2025) 2Q 2025 Mining Liberia mine Iron ore expansion to 20Mt/year; blending a portion of the new concentrate with crushed ore product to produce a sinter feed blend (>62% Fe) $450m (of which $0.2bn captured in 2025) Commissioning underway North America Calvert New 1.5Mt EAF and caster $85m12 Commissioned Brazil Serra Azul mine Facilities to produce 4.5Mt/year DRI quality pellet feed by exploiting compact itabirite iron ore $100m Commissioning underway Brazil Barra Mansa Increase capacity of HAV bars and sections by 0.4Mt/year $70m Commissioning underway
Appendix 1b: Ongoing strategic growth projects10
Segment Site / unit Capacity / details Impact on EBITDA6 Key date / forecast completion
Europe Mardyck (France) Facilities to produce 155kt/year non-grain oriented electrical steels ("NOES") (of which 125kt/year for auto applications). Reversing mill ("REV") and annealing and pickling line ("APL") $100m 2H 2026 REV and 1H 2027 APL
India and JVs Hazira (India) Debottlenecking existing assets; AMNS India medium-term Phase 1 plans are to expand and grow in Hazira to 15Mt; ongoing downstream projects; additional greenfield opportunities under development $0.4bn (our 60% share of net income for Phase 1 and ongoing downstream projects) 2H 2026
North America Las Truchas mine (Mexico) Revamping project with 1Mtpa pellet feed capacity increase (to 2.3Mt/year) with DRI concentrate grade capability $50m 1H 2027
North America AM Calvert (US) Advanced manufacturing facility for non-grain-oriented electrical steel (NOES) with a capacity of up to 150kt per year, essential for EV production and other commercial / industrial applications. The project consists of annealing and pickling line (APL), reversing cold mill (RCM) and annealing and varnishing (ACL) $230m 2H 2027
Sustainable Solutions Gujarat (India) Hybrid renewable energy project comprising 300MWac of solar capacity, approximately 250MW of wind capacity, and a 300MWh Battery Energy Storage System (BESS) $90m (incl. AMNSI benefits) 1H 2028
Sustainable Solutions Rajasthan (India) Large-scale renewable energy investment involving the development of a 400MWac (560MWp) solar power plant, integrated with a 500MWh Battery Energy Storage System (BESS), located in Bikaner, Rajasthan, India $60m (incl. AMNSI benefits) 1H 2028
Appendix 2: Debt repayment schedule as of December 31, 2025
(USD billion) 2026 2027 2028 2029 greater-than or equal to2030 Total Bonds 1.1 1.2 0.6 0.5 4.5 7.9 Commercial paper 0.9 -- -- -- -- 0.9 Other loans 0.7 0.4 0.8 0.3 2.4 4.6 Total gross debt 2.7 1.6 1.4 0.8 6.9 13.4
As of December 31, 2025, the average debt maturity is 7.7 years.
Appendix 3: Reconciliation of gross debt to net debt
(USD million) Dec 31, 2025 Sept 30, 2025 Dec 31, 2024 Gross debt 13,410 14,868 11,563 Less: Cash and cash equivalents (5,476) (5,733) (6,484) Less: Cash and cash equivalents held as part of the assets held for sale8 (3) (12) -- Net debt (including Cash and cash equivalents held as part of assets held for sale) 7,931 9,123 5,079
Appendix 4: Adjusted net income and adjusted basic EPS
(USD million) 4Q 25 3Q 25 4Q 24 12M 25 12M 24
Net income attributable to equity holders of the parent 177 377 (390) 3,152 1,339
Impairment items2 (10) -- (80) (204) (116)
Exceptional items3 (194) (97) (142) 871 (216)
Impairments and exceptional items of associates, joint ventures, and other investments -- -- -- 48 --
Mark-to-market loss on purchase of stake in Vallourec -- -- -- -- (83)
Related tax impacts and one-off tax charges3 (273) -- (572) (501) (572)
Adjusted net income attributable to equity holders of the parent 654 474 404 2,938 2,326
Weighted average common shares outstanding (in millions) 761 761 772 763 788
Adjusted basic EPS $/share 0.86 0.62 0.52 3.85 2.95
Appendix 5: Terms and definitions
Unless indicated otherwise, or the context otherwise requires, references in this earnings release to the following terms have the meanings set out next to them below:
Adjusted basic EPS: refers to adjusted net income divided by the weighted average common shares outstanding.
Adjusted net income: refers to reported net income(loss) less impairment items and exceptional items (including mark-to-market on purchase of Vallourec shares and related tax impacts and one-off tax charges).
Apparent steel consumption: calculated as the sum of production plus imports minus exports.
Average steel selling prices: calculated as steel sales divided by steel shipments.
Cash and cash equivalents: represent cash and cash equivalents, restricted cash and short-term investments.
Capex: represents the purchase of property, plant and equipment and intangibles. The Group's capex figures do not include capex at the JVs level (i.e. AM/NS Calvert until June 18, 2025 and AMNS India).
Crude steel production: steel in the first solid state after melting, suitable for further processing or for sale.
Depreciation: refers to amortization and depreciation.
EPS: refers to basic or diluted earnings per share.
EBITDA: defined as operating income (loss) plus depreciation, impairment items and exceptional items and income (loss) from associates, joint ventures and other investments (excluding impairments and exceptional items if any).
EBITDA/tonne: calculated as EBITDA divided by total steel shipments.
Exceptional items: income / (charges) relate to transactions that are significant, infrequent or unusual and are not representative of the normal course of business of the period.
Free cash flow (FCF): refers to net cash provided by operating activities less capex less dividends paid to minority shareholders. The term free cash outflow is used when the difference is negative (i.e. negative free cash flow)
Foreign exchange and other net financing income(loss): include foreign currency exchange impact, bank fees, interest on pensions, impairment of financial assets, revaluation of derivative instruments and other charges that cannot be directly linked to operating results.
Gross debt: long-term debt and short-term debt.
Impairment items: refers to impairment charges net of reversals
Income from associates, joint ventures and other investments: refers to income from associates, joint ventures and other investments (excluding impairments and exceptional items, if any).
Investable cash flow: refers to net cash provided by operating activities less maintenance/normative capex.
Iron ore reference prices: refers to iron ore prices for 62% Fe CFR China. Pricing is generally linked to market price indexes and uses a variety of mechanisms, including current spot prices and average prices over specified periods. Therefore, there may not be a direct correlation between market reference prices and actual selling prices in various regions at a given time.
Kt: refers to thousand metric tonnes.
Liquidity: defined as cash and cash equivalents (included cash held as part of assets held for sale) plus available revolving credit facilities
LTIF: refers to lost time injury ("LTI") frequency rate equals lost time injuries per 1,000,000 worked hours (own personnel and contractors) and includes fatalities; an LTI is an incident that causes an injury that prevents the person from returning to his/her next scheduled shift or work period.
Maintenance/normative capex: refers to capital expenditures outside of strategic capital expenditures and decarbonization projects (and includes cost reduction plans and environment projects as well as general maintenance capital expenditures).
Mt: refers to million metric tonnes.
Net debt: long-term debt and short-term debt less cash and cash equivalents (including cash and cash equivalents held as part of assets held for sale)
Net interest expense: includes interest expense less interest income.
Operating results: refers to operating income/(loss).
Operating segments: North America segment includes the Flat, Long and Tubular operations of US, Canada and Mexico; and also includes all Mexico mines. The Brazil segment includes the Flat, Long and Tubular operations of Brazil and its neighboring countries including Argentina, Costa Rica, Venezuela; and also includes Andrade and Serra Azul captive iron ore mines. The Europe segment includes Flat and Long operations, and through October 30, 2025, included Bosnia and Herzegovina captive iron ore mines; Sustainable Solutions division includes Downstream Solutions and Tubular operations of the European business and our renewables operations in India. The Others segment includes the Flat, Long and Tubular operations of Ukraine and South Africa, the captive iron ore mines in Ukraine, holding companies and intragroup stock margin eliminations. Mining segment includes iron ore operations of ArcelorMittal Mines Canada and ArcelorMittal Liberia.
Own iron ore production: includes total of all finished production of fines, concentrate, pellets and lumps and includes share of production.
Price-cost effect: a lack of correlation or a lag in the corollary relationship between raw material and steel prices, which can either have a positive (i.e. increased spread between steel prices and raw material costs) or negative effect (i.e. a squeeze or decreased spread between steel prices and raw material costs).
Shipments: information at segment and Group level eliminates intra-segment shipments (which are primarily between Flat/Long plants and Tubular plants) and inter-segment shipments respectively. Shipments of Downstream Solutions are excluded.
Working capital change (working capital investment / release): refers to movement of change in working capital - trade accounts receivable plus inventories less trade and other accounts payable.
Footnotes
- 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.
- Impairment charges of $204 million in 12M 2025 primarily relates to announced divest