Luxembourg, Nov 05: ArcelorMittal, one of the world's integrated steel and mining companies, today announced its financial and operational results for the third quarter and nine months ended September 30, 2026.
The company reported a strong underlying operating performance in the third quarter, with EBITDA reaching $2.0 billion, registering a 34% year-on-year increase compared with $1.5 billion in the corresponding quarter of 2025. EBITDA per tonne improved to $155, up $44 year-on-year, reflecting the benefits of strategic growth investments, optimized assets and diversified market exposure.
The company's sales stood at $16.5 billion in Q3 2026, compared with $15.7 billion in Q3 2025. Adjusted net income increased to $868 million, compared with $474 million in the year-ago quarter. Adjusted basic earnings per share stood at $1.15.
For the first nine months of 2026, ArcelorMittal reported sales of $48.7 billion and EBITDA of $5.8 billion, compared with $46.4 billion and $4.9 billion, respectively, in the corresponding period of 2025. Adjusted net income for the nine-month period stood at $2.1 billion.
Strong Financial Position and Cash Generation
ArcelorMittal maintained a robust financial position, with liquidity of $8.7 billion as of September 30, 2026. Net debt stood at $10.3 billion, compared with $9.5 billion at the end of June 2026, reflecting shareholder returns and a temporary investment in working capital.
During the first nine months of 2026, the company generated $0.5 billion in underlying free cash flow after investing $1.1 billion in strategic growth projects, excluding the temporary $2.5 billion working capital investment. The company expects most of this working capital investment to unwind in the fourth quarter of 2026.
The company returned $1.1 billion to shareholders through dividends and share buybacks during the first nine months of 2026. Since September 2020, its fully diluted share count has been reduced by approximately 39%.
Operational Performance Across Key Markets
In North America, Q3 2026 EBITDA stood at $487 million, compared with $300 million in Q3 2025. Sales increased to $3.7 billion from $3.3 billion in the year-ago quarter.
In Brazil, EBITDA increased 68% year-on-year to $506 million, compared with $301 million in Q3 2025. Operating income also improved to $367 million from $210 million.
In Europe, EBITDA reached $548 million, compared with $513 million in Q3 2025. Flat steel shipments increased 1.1% sequentially to 5.2 million tonnes, reflecting early positive impacts of the new European Union trade measures.
The Sustainable Solutions segment recorded EBITDA of $119 million, an 18.4% year-on-year increase, supported by improved margins in downstream and building solutions businesses.
In the Mining segment, EBITDA stood at $128 million, compared with $209 million in Q3 2025, primarily reflecting lower iron ore prices and higher freight costs.
AMNS India Records Improved Performance
ArcelorMittal Nippon Steel India (AMNS India), in which ArcelorMittal holds a 60% equity interest, recorded production of 1.97 million tonnes and shipments of 1.98 million tonnes in Q3 2026 on a 100% basis.
The joint venture reported sales of $1.64 billion and EBITDA of $266 million during the quarter. EBITDA increased 3.4% compared with $257 million in Q2 2026, primarily driven by a positive price-cost effect.
For the first nine months of 2026, AMNS India recorded production of 5.75 million tonnes, shipments of 5.90 million tonnes and EBITDA of $718 million, compared with $518 million in the corresponding period of 2025.
Strategic Growth and Positive Outlook
ArcelorMittal remains positive about its near-, medium- and long-term outlook, supported by regionalization of steel markets, strengthening policy support and continued investments in strategic growth projects.
In Europe, enhanced trade measures are beginning to improve market fundamentals by reducing import penetration and supporting domestic steel production. Following the implementation of the new tariff rate quota framework, all European blast furnaces have returned to operation.
The company's strategic growth project portfolio, including completed mergers and acquisitions, is expected to increase EBITDA potential by approximately $1.8 billion from 2026 onwards. The company has maintained its 2026 capital expenditure guidance at $4.5 billion to $5.0 billion, including $1.7 billion to $1.9 billion towards strategic projects.
Commenting on the results, Aditya Mittal, Chief Executive Officer, ArcelorMittal, said that the third-quarter performance provided further evidence of structural improvement in the company's earnings capacity. He highlighted the benefits of enhanced asset quality and strategic growth investments, while acknowledging challenges from higher energy costs in Europe and weather-related disruptions in mining operations.
He also emphasized that supportive European policy measures, including CBAM and the new tariff rate quota framework, are creating a more balanced operating environment for the steel industry. Looking ahead, he expressed confidence in the company's growth strategy, strategic projects and long-term value creation.
