ArcelorMittal reports $6.5bn EBITDA for 2025, growth projects in focus

ArcelorMittal closed the 2025 financial year with EBITDA of $6.5 billion, supported by $0.7 billion from strategic growth investments, as the group navigated weak market conditions while continuing to reposition its asset base.

Full-year net income reached $3.2 billion. EBITDA per tonne increased to $121, more than double the lows seen in previous downcycles, reflecting asset optimisation, a broader geographic footprint and contributions from projects including the Vega CMC expansion in Brazil, renewable energy investments in India and higher iron ore shipments from Liberia.

Over the year, ArcelorMittal generated $1.9 billion in investable cash flow and ended 2025 with net debt of $7.9 billion and total liquidity of $11.0 billion. Both Moody’s and S&P upgraded the company’s credit ratings during the year. The board proposed to raise the annual base dividend to $0.60 per share for 2026 and reiterated its policy of returning at least 50% of post-dividend free cash flow via share buybacks. In 2025, the group repurchased 8.8 million shares for $262 million.

Commenting on the results, chief executive Aditya Mittal said: “2025 was a pivotal year for the global steel industry and ArcelorMittal. While the ongoing geopolitical volatility brought significant challenges, important foundations were also laid for a more supportive operating environment moving forwards.” On safety, he added: “On safety, there is a visible improvement in our results, reflecting the foundations for change we have embedded across all operations.”

In Europe, the group is placing particular emphasis on the expected impact of new trade policy tools. Mittal pointed to “the proposal for new trade measures in Europe and the enhancements to the CBAM, to level the playing field on carbon costs,” adding: “Combined, this will enable European producers to recover to sustainable utilization levels, and generate healthy returns on capital.” The company expects the effects of these measures to become more visible in the second half of 2026 and into 2027.

Outside Europe, ArcelorMittal continues to expand in markets linked to the energy transition, infrastructure, defence and data centres. Strategic projects contributed $0.7 billion of EBITDA in 2025, with a further $1.6 billion expected in the coming years as new capacity is commissioned. Growth in 2026 is set to be supported by the start-up of the Serra Azul pellet feed plant in Brazil, the ramp-up of the Barra Mansa sections and bar mill, progress towards 20 million tonnes per year of iron ore capacity in Liberia, and the ramp-up of the Calvert EAF in the US.

From 2027, additional contributions are expected from the AMNS India expansion, electrical steels projects in France and the US, and the completion of the 1 GW renewables programme in India.

For 2026, ArcelorMittal expects world ex-China apparent steel demand to grow by around 2% and forecasts higher production and shipments across all regions compared with 2025. In Europe, the group anticipates domestic producers gradually regaining market share from imports as the combined effect of CBAM and the new TRQ mechanism strengthens through the year.

Capital expenditure for 2026 is projected in the range of $4.5–5.0 billion, aimed at supporting growth in low-carbon steelmaking, energy transition-related markets and new infrastructure demand.

Summing up the outlook, Mittal said: “Overall, this combination of positive regulatory developments, structurally supportive macro trends and an improved operating environment leave us well placed to continue delivering on our long-term commitment to achieve consistent returns for shareholders.”

Source and Photo: ArcelorMittal