ArcelorMittal (MT) Q1 2025 earnings summary

Executive summary

• Net income reached $805 million and EBITDA $1.6 billion in 1Q 2025, with EBITDA/ton of $116, reflecting resilient margins and a rebound from a $390 million loss in 4Q 2024.

• Record iron ore production and shipments in Liberia supported strong Mining segment results; European mills delivered consistent cost performance, and North America returned to normalized operations.

• Strategic growth projects, including Liberia iron ore expansion, AMNS India expansion, and commissioning of a new EAF at Calvert, are progressing on schedule.

• Safety remains a top priority, with a group LTIF rate of 0.63x and ongoing implementation of dss+ safety audit recommendations.

• Shareholder returns continue with a new multi-year buyback program, 38% of shares repurchased since September 2020, and a proposed increase in the annual base dividend to $0.55/share for FY 2025.

Financial highlights

• Sales were $14.8 billion, stable compared to $14.7 billion in 4Q 2024; operating income rose 55.9% to $825 million.

• EBITDA per ton was $116 in Q1, double previous cyclical lows, and net income was $805 million.

• Free cash outflow was $1.4 billion due to a $1.7 billion seasonal working capital investment; net debt increased to $6.7 billion.

• Liquidity stood at $10.8 billion at quarter-end; investment grade balance sheet maintained.

• Capex for the quarter was $1.0 billion, including $0.3 billion on strategic growth projects.

Outlook and guidance

• Macroeconomic uncertainty persists, with downside risks to steel consumption forecasts, especially in the US and China.

• European steel spreads have recovered, supported by the Steel and Metals Action Plan and new safeguards; US prices benefit from Section 232 tariffs.

• Capex for 2025 is projected at $4.5–$5.0 billion, with $1.4–$1.5 billion for strategic growth and $0.3–$0.4 billion for decarbonization.

• Free cash flow outlook remains positive, supported by working capital optimization and completion of growth projects.

• New long-term share buyback program initiated, with the first 10 million share tranche underway.