ArcelorMittal's Valuation Looks Attractive — Market Talk

ArcelorMittal S.A. MT recorded a third-quarter 2025 net income of $377 million or 50 cents per share, up from $287 million or 37 cents per share in the year-ago quarter.

Barring one-time items, the company recorded adjusted earnings of 62 cents per share. The bottom line beat the Zacks Consensus Estimate of 58 cents. 

Total sales rose around 3% year over year to $15,657 million in the quarter. The figure also beat the consensus estimate of $14,711 million. 

Total steel shipments rose 1.5% year over year to 13.6 million metric tons in the reported quarter. The figure beat the consensus estimate of 13.57 million metric tons. 

ArcelorMittal Price, Consensus and EPS Surprise

ArcelorMittal price-consensus-eps-surprise-chart | ArcelorMittal Quote

MT’s Segment Highlights

North America: Sales were up 20% year over year to $3,111 million in the reported quarter. Crude steel production was up 0.6% to 1,662 million metric tons. Steel shipments rose around 8.6% year over year to 2,615 million metric tons, higher than the consensus estimate of 2,555 million metric tons. The average steel selling price rose 15.3% to $1,102 per ton. 

Brazil: Sales were down 13% year over year to $2,807 million. Crude steel production fell 6% to 3,595 million metric tons. Shipments decreased 6.8% year over year to 3,530 million metric tons, missing the consensus estimate of 3,646 million metric tons. Average steel selling prices fell 6% to $739 per ton. 

Europe: Sales rose 0.6% year over year to $7,186 million. Crude steel production declined nearly 7.8% to 7,251 million metric tons in the reported quarter. Shipments rose around 3% year over year to 7,001 million metric tons, surpassing the consensus mark of 6,871 million metric tons. The average steel selling price remained flat at $915 per ton year over year. 

Mining: Sales rose 24.3% year over year to $732 million. Iron ore production totaled 8.5 million metric tons, up around 28.8% from the year-ago quarter’s levels. Iron ore shipments were up 30.1% to 8.2 million metric tons. 

MT’s Financials

At the end of the reported quarter, cash and cash equivalents were $5,733 million compared with $5,443 million in the prior quarter. The company’s net debt was around $9.1 billion. 

MT’s Outlook

Per MT, the European Commission’s new steel-sector trade tool, announced on Oct. 7, 2025, alongside an effective Carbon Border Adjustment Mechanism (CBAM), is expected to strengthen fair competition and support healthy industry capacity utilization. 

ArcelorMittal remains positive on its medium- and long-term outlook. With a diversified global asset base, the company is well placed to benefit from rising steel demand tied to the energy transition, mobility shifts, infrastructure development and defense needs. 

Backed by a strong financial position and positive free cash flow outlook for 2025 and beyond, ArcelorMittal can continue funding high-return organic growth projects. These initiatives, combined with recent M&A, are expected to boost future EBITDA by $2.1 billion, including $0.7 billion in 2025 and $0.8 billion in 2026. 

MT’s Price Performance

ArcelorMittal’s shares have gained 57.9% in the past year against the industry’s 14.3% fall. 

3Q 2025 saw resilient EBITDA of $1.5bn and net income of $377m, with strong liquidity and ongoing strategic investments. Segment results were mixed, with North America and AMNS India showing improvement, while Europe, Brazil, and Mining faced seasonal and pricing pressures.

Original document: ArcelorMittal SA [MT] SEC 6-K Current Report — Nov. 6 2025

By Joshua Kirby

ArcelorMittal stock gained ground after the company said European policy support for the steel industry will boost its business next year and beyond as it targets a stronger bottom line.

Amsterdam-listed shares in Europe's largest steel producer rose 5.5% to 34.27 euros in early trading. Year to date, the stock is up more than 50%.

The stock climbed after the Luxembourg-based steelmaker said it expects a potential increase in earnings before interest, taxes, depreciation and amortization of $2.1 billion over the coming years, including $700 million this year and $800 million next. The company pointed to strategic growth projects and recent acquisitions, as well as support from European trade policy.

"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," Chief Executive Aditya Mittal said.

The European Union's executive arm is looking at measures to protect the domestic steel industry in an increasingly hostile trade environment, including a possible 50% tariff on steel imports above a certain quota, according to plans set out by top EU officials last month. Brussels's move came partly in response to U.S. President Trump's imposition of 25% tariffs on steel imports earlier in the year.

An EU carbon border tax, which aims to ensure the bloc's businesses don't lose out to more imports from places with less stringent emissions requirements, should also boost competitiveness, ArcelorMittal said.

"This can provide the foundation for our European business to earn its cost of capital," the company said.

Policy support should indeed underpin fair competition and sustainable returns for the group, analysts Cole Hathorn and Tommaso Castello at Jefferies wrote in a note. Signs of stabilization in ArcelorMittal's business after recent rockiness, and a sunnier view of next year, offer investors reason for encouragement, they said.

For the most recent quarter, ArcelorMittal booked Ebitda of $1.51 billion, down slightly from the same period last year but ahead of analysts' expectations, according to a FactSet poll. The company produced 13.6 million metric tons of crude steel over the quarter, also down from last year.

The outcome showed "resilient operating results at the bottom of the cycle," the company said.

Write to Joshua Kirby at joshua.kirby@wsj.com; @joshualeokirby

Q3 results show structurally higher margins and strong free cash flow, with strategic projects and M&A driving sustained EBITDA improvements. Outlook is positive, supported by new trade measures in Europe and ongoing growth investments, while risks include trade policy timing and energy costs.

Based on ArcelorMittal SA [MT] Q3 2025 Audio Transcript — Nov. 6 2025

3Q 2025 saw resilient EBITDA of $1.5bn and net income of $377m, with strong liquidity and ongoing strategic investments. EU policy changes and growth projects are set to boost future profitability, while share buybacks and dividends continue.

Original document: ArcelorMittal SA [MT] Earnings Release — Nov. 6 2025