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ArcelorMittal (MT) investor relations material

ArcelorMittal Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary31 Jul, 2025

Executive summary

  • 2Q 2025 EBITDA reached $1.9bn with a $135/ton margin, reflecting asset optimization and strategic growth; net income was $1.8bn, with $0.8bn exceptionals; adjusted net income was $1.0bn.

  • Record iron ore production and shipments from Liberia; Calvert's new 1.5Mt EAF in the U.S. commissioned; India renewables project reached industrial scale.

  • Net debt increased to $8.3bn, mainly due to M&A, including full consolidation of Calvert, Tuper, and AMTBA; liquidity at $11.0bn.

  • Completed acquisition of Nippon Steel's 50% stake in Calvert, gaining full control of a key North American facility; further acquisitions in Brazil and North America to accelerate growth.

  • Share buybacks reduced fully diluted shares by 38% since September 2020, with $262m repurchased in 2025.

Financial highlights

  • 2Q 2025 sales were $15.9bn, up 7.6% sequentially; operating income was $1.9bn, up from $825m in 1Q 2025.

  • Net income attributable to equity holders was $1.8bn in 2Q 2025 (EPS $2.35), up from $805m in 1Q 2025; adjusted net income was $1.0bn (adjusted EPS $1.32).

  • EBITDA for 2Q 2025 was $1.86bn, up 17.7% sequentially; EBITDA/tonne was $135.

  • Net cash provided by operating activities in 2Q 2025 was $1.4bn; free cash inflow of $0.5bn; capex for the quarter was $0.9bn.

  • 1H 2025 sales were $30.7bn, down 5.6% year-over-year due to lower average steel selling prices.

Outlook and guidance

  • Ongoing tariff headwinds and subdued economic activity, especially in the U.S.; U.S. flat product steel consumption now forecast to decline slightly in 2025.

  • Europe expected to see flat product ASC growth between -0.5% and +1.5% in 2025; Brazil demand revised up to 2% growth; India remains strong at 6-7% growth.

  • World ex-China ASC expected to grow by 1.5-2.5% in 2025, below initial guidance.

  • Strategic growth projects and Calvert consolidation to support 2H 2025 profitability; free cash flow expected to be positive for 2025.

  • Capex for 2025 guided at $4.5-5.0bn, including $1.4-1.5bn for strategic growth and $0.3-0.4bn for decarbonization.

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Frequently asked questions

ArcelorMittal S.A., owns and operates steel manufacturing and mining facilities in many parts of the world. The company engages in the production of flat steel products, long products, and coated products, as well as processing operations related to steel and other metals. It operates through Europe & North America, Asia Pacific, African Operations, Indian Subcontinent & Middle East, and Latin America segments. ArcelorMittal S.A., is based in Luxembourg city, Luxembourg.

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