ArcelorMittal, the world’s leading integrated steel and mining company, has released its quarterly earnings report for the three months ending September 30, 2025. During what is typically a challenging quarter for the industry, ArcelorMittal demonstrated resilience and strategic foresight amidst headwinds and shifting market dynamics.
ArcelorMittal SA Earnings Summary
For the third quarter of 2025, ArcelorMittal reported a net income of $0.4 billion, equating to earnings per share (EPS) of $0.50. When adjusted for certain items, the net income rose to $0.5 billion, or $0.62 per share. These results underscore the company's ability to manage operational efficiency amidst a seasonally weaker period.
Financial Results Overview
| Metric | Q3 2025 | Q2 2025 | YoY Change |
|---|---|---|---|
| Total Revenue | $15.7B | $15.9B | -1.7% |
| EBITDA | $1.5B | $1.86B | N/A |
| Net Income | $0.4B | $1.793B | N/A |
| Adjusted Net Income | $0.5B | $1.005B | N/A |
| Adjusted EPS | $0.62 | $1.32 | N/A |
The reduction in revenue and earnings compared to the previous quarter reflects the typical seasonal trends affecting shipments and prices, alongside strategic M&A costs and market-related challenges.
Revenue Breakdown
The revenue performance across ArcelorMittal’s segments highlights the complexity and breadth of its operations:
| Segment | Q3 Revenue ($B) | Q2 Revenue ($B) | Change (%) |
|---|---|---|---|
| North America | 3.3 | 3.1 | 6.7 |
| Brazil | 2.8 | 2.8 | 0.0 |
| Europe | 7.2 | 7.7 | -6.1 |
| Sustainable Solutions | 2.6 | 2.7 | -4.7 |
| Mining | 0.732 | 0.857 | -14.6 |
| AMNS India (JV) | 1.5 | 1.5 | 0.0 |
Segment Performance Analysis
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North America: This segment saw slightly increased revenue, mainly due to the consolidation of operations in Calvert and despite some downtime in Mexico. The EBITDA for North America grew to $300 million, thanks to more efficient production strategies.
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Brazil: Stable revenue in Brazil was affected by lower domestic and export steel prices, although somewhat cushioned by the appreciation of the Brazilian real. The EBITDA experienced a decline to $301 million due to price adjustments impacting profitability.
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Europe: Seasonal factors led to decreased sales and a decline in EBITDA to $513 million. However, the restart of Dunkirk BF4 after its reline showcased proactive operational management.
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Sustainable Solutions: A slight drop in revenue was balanced by new projects in India, targeting renewable energy and capturing demand for sustainable construction solutions like the Helioroof® in France.
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Mining: Decreased shipments led to a fall in revenue. NULLtheless, Liberia's iron ore production reached record levels, illustrating potential growth.
Key Developments
ArcelorMittal continues to invest in its strategic growth projects, committing over $1.2 billion to enhance EBITDA potential, with a focus on high-return areas. The recent proposal by the European Commission for a new trade tool to boost competition within the EU steel market represents a prospective upturn for the Group’s European operations upon its enactment.
In line with advancing its sustainability goals, ArcelorMittal's launch of the Helioroof® production line in France highlights its pivot toward innovative, low-carbon solutions, underscoring the potential for growth in the sustainable construction domain.
Executive Commentary
ArcelorMittal's CEO, Aditya Mittal, emphasized the significance of the ongoing safety programs that are expected to lay strong foundations throughout the company's global assets. He noted that while the quarter posed challenges, structural resilience in margins and strategic growth investments indicate solid ground for optimizing long-term profitability.
Dividends and Share Repurchases
The company remains committed to its dividend policy, disbursing $0.55 per share annually, split into two payments. Additionally, it continues its share buyback program, which, since 2020, has resulted in a 38% reduction in diluted shares, with 8.8 million shares repurchased so far in 2025 at a cumulative cost of $262 million.
ArcelorMittal SA Stock Forecast
Given ArcelorMittal’s solid fundamentals and proactive adaptation to market shifts, the stock shows promising potential. The enhanced focus on strategic growth, coupled with favorable policy shifts, project ArcelorMittal’s stock to trade between $20 and $30 in 2026, promoting both optimism for significant advances and vigilance given current market conditions and cyclical steel pricing.
Conclusion
ArcelorMittal’s Q3 2025 financial results illuminate the resilience of a diversified and adaptive global steel heavyweight. As it steers through economic cycles and new industry regulations, its commitment to innovation, safety, and shareholder value remains fundamental. Investors and stakeholders will be keenly observing how these strategic shifts will unfold in the coming quarters, particularly in the renewable and sustainable sectors.
