Highlights 

  • Q3 2025 EBITDA came in at USD 1.5B, marking a 19% YoY decline 
  • Net debt rose to USD 4.8B, while liquidity stood at USD 11.2B 
  • Record iron ore output in Liberia contributed to mining segment growth 

ArcelorMittal (NYSE:MT) released its financial results for the third quarter ended September 30, 2025. The company reported EBITDA of USD 1.5 billion, down 19% from USD 1.85 billion in the same quarter last year, reflecting softer seasonal demand and reduced steel shipments. Quarterly sales totaled USD 16.2 billion, compared with USD 17.8 billion in Q3 2024. 

Operating income for the period was USD 1.0 billion, compared to USD 1.3 billion a year earlier. Net income reached USD 0.9 billion, down from USD 1.2 billion in Q3 2024. The EBITDA margin for the quarter was 9.3%. 

Cash Flow, Liquidity, and Debt 

During the third quarter, ArcelorMittal reported net cash used in operating activities of USD 0.5 billion, primarily due to an increase in working capital of USD 1.2 billion. Free cash flow before dividends and share repurchases was negative at USD 0.8 billion. 

As of September 30, 2025, the company’s total liquidity position was USD 11.2 billion, including USD 4.4 billion in cash and cash equivalents and USD 6.8 billion in available credit facilities. Net debt rose to USD 4.8 billion from USD 3.7 billion as of June 2025, reflecting higher working capital requirements, capital investments, and shareholder distributions. 

Operational and Segment Performance 

Steel shipments during Q3 2025 stood at 13.9 million metric tons, compared to 14.7 million metric tons in the previous quarter. Crude steel production reached 14.3 million metric tons, representing a 4% sequential decrease. 

In the mining division, iron ore production increased 7% quarter-over-quarter to 13.3 million metric tons, supported by record volumes from Liberia. The company stated that continued mining performance is expected to provide stability in earnings amid fluctuating market conditions. 

Capital expenditure during the quarter totaled USD 1.2 billion, mainly allocated to decarbonization and operational efficiency projects. 

Management Commentary 

Aditya Mittal, Chief Executive Officer of ArcelorMittal, commented: 

“We delivered another quarter of solid performance despite the seasonal slowdown and increased working capital needs. The continued execution of our decarbonization and growth projects remains a key focus, alongside maintaining a disciplined balance sheet and delivering returns to shareholders.” 

Outlook 

ArcelorMittal stated that it expects a release of working capital in the fourth quarter, which should contribute to positive cash flow generation. The company also emphasized ongoing progress in its decarbonization initiatives and investments across high-quality steel and mining assets to strengthen long-term operational competitiveness.