Luxembourg, November 5, 2026 - 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 and nine-month periods ended September 30, 2026.

3Q 2026 key highlights:

Safety focus: Protecting employee health and safety is a core Company value. The multi-year safety transformation continues to progress, focused on embedding execution discipline and delivering consistent safety performance across all regions. LTIF rate of 0.57x in 9M 2026, compared with 0.68x in 9M 2025.
Higher margins demonstrate structural improvement in business performance: EBITDA of $2.0 billion in 3Q 2026, (+34% year-on-year) and EBITDA per tonne improved to $155/t (+$44/t year-on-year), remaining significantly above historical averages. Performance continues to benefit from strategic growth investments, optimized assets and diversified market exposures. In Europe, flat steel shipments increased sequentially, counter to normal seasonal patterns, reflecting the early impacts of the enhanced EU trade measures.
Underlying profitability improved: 3Q 2026 reported net loss of $0.4bn included impairment² and exceptional items³ related to the idling of ArcelorMittal Kryvyi Rih (Ukraine). Adjusted net income⁴ in 3Q 2026 increased to $0.9 billion (adjusted basic EPS of $1.15), compared with an adjusted net income of $0.7 billion (adjusted basic EPS of $0.90) in 2Q 2026.
Strong financial position: Net debt increased to $10.3bn⁴ on September 30, 2026 as compared to June 30, 2026, reflecting $0.4bn of shareholder returns and a temporary $0.5bn net working capital investment during the quarter. Liquidity⁷ remains robust at $8.7bn, and the Company’s positive free cash flow outlook for 2026 and beyond remains unchanged.
Positive underlying cash generation: The business generated $0.5bn of underlying free cash flow in 9M 2026, after investing $1.1bn in strategic growth projects and excluding the temporary $2.5bn working capital investment. The 9M 2026 investment in working capital of $2.5bn is expected to largely unwind in 4Q 2026, supporting a healthy cash generation and continued returns to shareholders and lower net debt.
Capital return policy continues to create value for shareholders: During 9M 2026, the Company returned $1.1bn to shareholders through dividends and share buybacks. Since September 2020, the fully diluted share count has been reduced by approximately 39%⁵.

Strategic focus:

Outlook across the near, medium and long term remains positive: Conditions going forward continue to strongly benefit from the regionalization of steel markets and strengthening policy support. Medium-term earnings growth is underpinned by the delivery of the Company’s strategic growth projects. Long-term prospects remain supported by structural demand tailwinds and a strong pipeline of high-return growth opportunities in attractive markets.

European market fundamentals continue to strengthen: Enhanced EU trade measures are beginning to rebalance European steel market fundamentals, reducing import penetration and supporting higher domestic capacity utilization. Following the implementation of the new tariff rate quota (TRQ), ArcelorMittal has brought back all its European blast furnaces into operation, underpinning the preservation of skilled jobs and local supply chains. While higher energy prices have created a temporary cost headwind, steel prices are adjusting to the higher cost environment, supported by lower import volumes and normalizing inventories, ensuring that the European industry can earn its cost of capital. The Company expects flat shipment growth to accelerate in the fourth quarter (a double-digit year-on-year increase), with Group shipments in 2H 2026 expected to exceed those in 1H 2026.

Further policy support remains a prospect: The additional policy measures to expand protection downstream could further strengthen European industrial competitiveness and with it domestic steel demand, building on the positive impact already seen from enhanced steel trade measures.

Strategic growth projects support higher EBITDA and ROCE: The Company’s portfolio of organic growth projects and completed M&A is expected to increase EBITDA potential by approximately $1.8bn⁶ from 2026 and beyond, unchanged from previous guidance (excluding the Tubarão and potential Pecém downstream projects in Brazil, for which project economics and EBITDA potential will be provided as part of the regular project update alongside 4Q 2026 results). Strategic growth investments target higher-margin products and attractive returns, supporting structurally higher EBITDA, free cash flow and ROCE. 2026 capex guidance remains unchanged at $4.5bn-$5.0bn, including $1.7bn-$1.9bn of strategic capex.

Financial highlights (on the basis of IFRS¹):

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

"Our third quarter performance provides further evidence of the structural improvement in ArcelorMittal's earnings capacity.  We continue to generate healthy margins, with EBITDA per tonne of $155 ($44 higher year-on-year) reflecting the benefits of the actions we have taken over several years to enhance our asset portfolio and invest in strategic growth.

“Headwinds during the quarter included higher energy costs in Europe and weather-related disruption and lower pricing impacting our mining business. There are encouraging signs in both areas. Higher energy costs in Europe are increasingly being reflected in steel pricing, and we expect our Liberian mining operation to reach nameplate capacity in the fourth quarter, supporting confidence in its future contribution.

“On safety, we are encouraged by the progress and can see from the results, including a record-low lost time injury frequency rate, that our safety transformation programme is having a positive impact.  I want to take this opportunity to thank our people across the Group for their tireless effort in building a world-class safety culture across all operations.

“Another very encouraging development is the support we are seeing from European policy. The implementation of the CBAM and new TRQ framework are creating a more balanced and sustainable operating environment for the European steel industry, supporting higher capacity utilization and profitability over time. It is important that this momentum continues, including further action to address the impact of imports in steel-intensive downstream sectors.

“Looking ahead, we remain very positive. The full benefit of the changes taking place in Europe will be fully reflected from next year onwards. Trade action in Canada and Mexico also point to a strong year for our North American business. At the same time, our strategic growth projects continue to progress well and remain a key differentiator for ArcelorMittal, providing a visible pathway to higher earnings and cash generation. This further reinforces our confidence in our strategy and leaves us well positioned for further profitable growth and long-term value creation."

Safety and sustainable development

Health and safety:

Protecting employee health and safety is a core Company value. The multi-year safety transformation continues to deliver measurable improvements, with an LTIF rate of 0.57x in 9M 2026 vs. 0.68x in 9M 2025.

In 2026, the safety transformation program progressed into its implementation and scale-up phase, focused on embedding execution discipline and delivering consistent safety performance across all regions.

Key milestones included implementation of the upgraded H&S Competency Leadership Model (~80% of operational leaders assessed), with assessment results informing enhanced Safety Academy content to build leadership capability, rollout of the enhanced Contractor Health & Safety Management Standard (with ~20% of sites completing implementation and first audits), and broader deployment of digital safety solutions to strengthen hazard identification and risk management.

Own personnel and contractors – Lost time injury frequency rate

Sustainable development highlights:

• European trade defence and industrial policy is continuing to broaden: Policymakers are assessing further measures to address trade diversions downstream, with TRQ scope expansion reviews scheduled, political alignment on extending CBAM to downstream products, and growing trade support for industrial sectors (e.g. Automotive policy measures and Industrial Accelerator Act could favour EU-produced steel through local content rules). These developments have the potential to strengthen European industrial competitiveness and support domestic European steel demand.
   
• The energy transition remains 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, with EAF investments playing a key role in the decarbonization of our steelmaking footprint.
   
• European EAF projects advancing: Gijón (1.1Mt long products) and the Sestao expansion (1.6Mt) are on track for commissioning in 4Q 2026, with ramp-up through 2027, while the 2Mt flat products EAF at Dunkirk has moved into execution. Together, these projects are expected to add approximately 3.9Mt of EAF capacity by 2029, supporting both decarbonization and long-term value creation.
  
  

Analysis of results for 3Q 2026 versus 2Q 2026

Sales decreased by 1.8% to $16.5 billion in 3Q 2026 as compared to $16.8 billion in 2Q 2026, primarily reflecting a 2.1% decrease in steel shipments.

Operating loss in 3Q 2026 was $131 million, including impairment charges of $852 million and exceptional charges of $293 million related to the idling of ArcelorMittal Kryvyi Rih (Ukraine) operations. Excluding these charges, the underlying operating performance was broadly stable compared to $1,055 million in 2Q 2026.

EBITDA in 3Q 2026 decreased to $2,023 million as compared to $2,064 million in 2Q 2026. Lower results in Europe (higher carbon and energy prices with lagged benefit of higher steel prices yet to be reflected), Sustainable Solutions (seasonal factors) and Mining segments (lower market prices and higher freight rates) were partly offset by improved performance in Brazil. 

Net interest expense increased to $181 million in 3Q 2026 from $136 million in 2Q 2026 and includes $37 million additional one-off charge associated with a joint-venture.

Foreign exchange and other net financing charges amounted to a gain of $10 million in 3Q 2026 as compared to a loss of $286 million in 2Q 2026. 3Q 2026 includes $0.1 billion non-cash mark-to-market gain on derivatives related to energy contracts and lower foreign exchange impacts.

An income tax expense of $350 million in 3Q 2026 compares with an income tax expense of $175 million in 2Q 2026. 3Q 2026 income tax expense includes $170 million deferred tax asset reduction following the idling of Ukraine operations.

Net loss in 3Q 2026 was $391 million, or $0.52 loss per share, as compared with net income of $683 million, or $0.90 earnings per share, in 2Q 2026. Reported results were impacted by impairment and exceptional charges related to the idling of ArcelorMittal Kryvyi Rih in Ukraine. Excluding these items, adjusted net income⁴ increased to $868 million in 3Q 2026 from $683 million in 2Q 2026, with adjusted basic earnings per common share increasing to $1.15 in 3Q 2026 from $0.90 in 2Q 2026.

Net cash provided by operating activities during 3Q 2026 amounted to $665 million, as compared to $961 million in 2Q 2026, and included a working capital investment of $492 million as compared to $457 million in 2Q 2026. Capex for 3Q 2026 was $1,065 million, including $361 million spent on strategic growth projects, as compared to $1,102 million in 2Q 2026. Free cash outflow of $442 million, together with shareholder returns of $390 million, resulted in net debt of $10.3 billion as at September 30, 2026, as compared to $9.5 billion as at June 30, 2026.

Analysis of operations

North America

Crude steel production decreased by 4.4% to 2.1Mt in 3Q 2026, as compared with 2.2Mt in 2Q 2026, including the impact of a strike at a long products facility in Canada, which was resolved in early October 2026, and unplanned maintenance in Mexico.

Sales were stable at $3.7 billion in 3Q 2026, as compared to 2Q 2026, as a 5.7% increase in average steel selling prices offset a 6.6% decline in steel shipments. Lower shipments primarily reflected reduced long products volumes, driven by the impact of lower production as indicated above, while improved pricing reflected strengthening market conditions.

Operating income was $326 million in 3Q 2026, as compared with $333 million in 2Q 2026.

EBITDA in 3Q 2026 of $487 million was stable as compared to $488 million in 2Q 2026, primarily reflecting lower steel shipments, offset by a positive price-cost effect.

Brazil⁹