The surge was driven by $0.8 billion in exceptional items, net of impairments and tax effects, alongside margin gains and strategic investments.
ArcelorMittal, the world’s leading steel and mining company, posted a robust financial performance for the second quarter of 2025, reporting a threefold increase in net income to $1.8 billion, up from $504 million in the same period last year. The surge was primarily driven by $0.8 billion in exceptional items, net of impairments and tax effects, alongside sustained margin improvements and strategic growth investments. Adjusted net income stood at $1.0 billion, with earnings per share at $1.32.
EBITDA for the quarter reached $1.9 billion, translating to a margin of $135 per tonne, an improvement over the previous cycle. The company’s liquidity remained strong at $11 billion, despite net debt rising to $8.3 billion due to recent M&A activity, including the full consolidation of Arcelor Mittal Nippon Steel (AM/NS) Calvert, Tuper, and ArcelorMittal Tailored Blanks Americas (AMTBA). These acquisitions are expected to contribute approximately $0.3 billion to normalised EBITDA.
Operational momentum continued with record quarterly iron ore production and shipments from Liberia, which remains on track to reach its expanded 20 million tonne (MT) capacity by year-end. In the US, the first slab was cast at Calvert’s newly commissioned 1.5 MT electric arc furnace (EAF), designed to supply exposed automotive grades. In India, the company’s renewables segment is scaling up, with value-added capacity commissioning underway.
Earnings Rise on Strategy
ArcelorMittal also completed the acquisition of Nippon Steel’s 50 per cent stake in AM/NS Calvert, gaining full control of one of North America’s most advanced steelmaking facilities. A new seven-year slab supply agreement with the Nippon Steel Corp. and United States Steel Corp. (NSC/USS) ensures Calvert’s access to domestically melted and poured material. The company also acquired full control of Brazilian pipe producer Tuper and regained control of AMTBA to accelerate growth in high-value tubular and automotive markets.
Over the past 12 months, ArcelorMittal generated $2.3 billion in investable cash flow, reinvesting $1.1 billion in strategic capex projects, returning $1.1 billion to shareholders via dividends and buybacks, and allocating $2.3 billion to M&A. The company’s strategic growth initiatives and recent acquisitions are expected to boost future EBITDA potential by $2.1 billion, with $0.2 billion already captured in the first half of 2025.
In Europe, the company welcomed policy momentum under the Steel and Metals Action Plan, which aims to restore competitiveness through a revised carbon border mechanism and more effective trade measures. Announcements on new safeguard tools are expected in the second half of 2025.
ArcelorMittal reaffirmed its commitment to shareholder returns, maintaining a base dividend of $0.55 per share and continuing its buyback programme. Since September 2020, the company has reduced its fully diluted share count by 38 per cent, repurchasing 8.8 million shares at a cost of $262 million so far this year.