ArcelorMittal reported net income of USD 3.15 bln in 2025, up sharply from USD 1.33 bln a year earlier, despite weaker steel prices and lower production.
The company said the improvement in earnings was largely driven by lower foreign exchange and financing charges and a reduced tax expense YoY, partly offset by lower EBITDA and higher interest costs. Sales declined 1.7pct YoY to USD 61.4 bln, mainly due to a 2.3pct drop in average steel selling prices.
Steel production fell 3.97pct YoY to 55.6 mln tons in 2025, while shipments edged down to 54 mln tons from 54.3 mln tons in the previous year.
Chief executive Aditya Mittal said the group delivered a resilient performance despite significant headwinds, generating EBITDA of USD 6.5 bln, including USD 0.7 bln from strategic growth investments. He highlighted record iron ore shipments from Liberia and continued expansion of renewable energy capacity in India. EBITDA per ton rose to USD 121, more than double previous cycle lows, reflecting asset optimization, diversified market exposure and benefits from the company’s investment program.
Looking ahead, ArcelorMittal expects apparent steel demand outside China to grow by around 2pct in 2026 and forecasts higher production and shipments across all regions, supported by operational improvements and trade protection measures. In Europe, the company expects domestic producers to regain market share as the impact of CBAM, and the new tariff-rate quota (TRQ) mechanism strengthens through the year.
The company noted that the European Commission’s proposed TRQ framework would cap imports at close to 50pct of 2024 levels, potentially reducing flat and long steel imports by around 10 mln tons and supporting higher capacity utilization and improved profitability for the regional steel industry.
ArcelorMittal is the world’s second-largest steel producer. It operates a vertically integrated business model spanning from iron ore mining to primary steelmaking and distribution.
