The world’s leading integrated steel and mining company, ArcelorMittal, announced its financial results for the three- and twelve-month periods ended December 31, 2025. Supported by a strong focus on safety, operational efficiency, and strategic investments, the company delivered a solid performance in 2025.
Sales for the 2025 financial year amounted to USD 62.4 billion, while operating income reached USD 3.3 billion. Net income attributable to equity holders of the parent company totaled USD 1.3 billion, with adjusted net income of USD 2.3 billion. Basic earnings per share were reported at USD 1.70, while adjusted basic earnings per share stood at USD 2.95.
Operating income per tonne was USD 61, and EBITDA reached USD 7.05 billion. EBITDA per tonne increased to USD 130, reflecting an improvement compared with the previous period.
On the production side, ArcelorMittal produced 57.9 million tonnes of crude steel in 2025, while steel shipments totaled 54.3 million tonnes. Total group iron ore production reached 42.4 million tonnes, of which 27.9 million tonnes were produced from Liberia and AMMC operations alone. Iron ore shipments from these sites amounted to 26.4 million tonnes. The weighted average number of shares outstanding was 788 million.
In his statement, CEO Aditya Mittal said:
“2025 was a critical year for both the global steel industry and ArcelorMittal. Ongoing geopolitical instability and market volatility presented significant challenges, but the foundations have been laid for a more resilient operating environment going forward. We achieved a visible improvement in our safety results and are fundamentally transforming our approach to health and safety across our operations.”
Focus on safety and sustainability
ArcelorMittal made significant progress in its safety performance in 2025, achieving a notable reduction in fatal accidents. The company entered the implementation and scaling phase of its three-year safety transformation program. CEO Mittal noted: “We have taken concrete steps to establish a consistent ‘one safety culture’ across all our operations.”
In parallel, ArcelorMittal placed energy transition and sustainability investments at the core of its strategy. Expanding renewable energy capacity and increasing the production of low-carbon steel form the cornerstones of the company’s long-term decarbonization objectives.
Strategic growth and investment projects
During 2025, ArcelorMittal achieved record iron ore shipments from Liberia and expanded renewable energy capacity in India. The company generated USD 1.9 billion of investable cash flow during the financial year and invested USD 1.1 billion in strategic capital expenditures. Key projects included pellet feed and bar mill investments in Brazil, the ramp-up of Calvert EAF capacity in the United States, and iron ore capacity expansion in Liberia.
ArcelorMittal targets an additional USD 1.6 billion of EBITDA potential across 2026 and 2027. Capacity expansions in India, Mexico, and France, along with a new 1 GW renewable energy program in India to be completed by 2028, are central to this growth plan.
Financial resilience and shareholder returns
ArcelorMittal’s strong balance sheet was reaffirmed by Moody’s and S&P. Net debt at year-end stood at USD 7.9 billion, while total liquidity reached USD 11 billion. The company proposed increasing the annual dividend to USD 0.60 per share and reaffirmed its commitment to returning at least 50% of post-dividend free cash flow to shareholders through share buybacks. In 2025, ArcelorMittal repurchased 8.8 million shares for a total consideration of USD 262 million.
CEO Mittal added:
“Positive regulatory developments, strategic investments, and global market opportunities continue to support ArcelorMittal’s long-term growth and shareholder value creation. This combination positions the company for sustainable and strong performance in the years ahead.”
Outlook for 2026 and beyond
For the 2026 financial year, ArcelorMittal expects global steel demand excluding China to grow by approximately 2%. In Europe, domestic producers are expected to increase market share supported by CBAM and the TRQ mechanism. The company plans to underpin medium- and long-term growth through investments in energy transition, infrastructure, and mobility. Capital expenditures in 2026 are expected to range between USD 4.5 billion and USD 5.0 billion.
With a strong financial performance, continued strategic investments, and meaningful progress in safety and sustainability, ArcelorMittal closed 2025 on a solid footing, establishing a robust foundation for 2026 and beyond.
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