ArcelorMittal Q3 Results Lift Steel Industry Outlook

ArcelorMittal Reports Q3 EBITDA of $2.023 Billion as EU Trade Measures Lift European Steel Shipments

LUXEMBOURG, Luxembourg - November 5, 2026 -ArcelorMittal, which describes itself as the world’s leading integrated steel and mining company, reported third-quarter 2026 EBITDA of $2.023 billion, up from $1.508 billion a year earlier. European flat steel shipments rose sequentially, against normal seasonal patterns, as enhanced EU trade measures began to take effect. The results are a data point for the global steel market, where trade policy and energy costs are reshaping regional supply.

EBITDA per tonne reached $155, $44 higher than a year earlier. Sales rose to $16.5 billion from $15.7 billion, while steel shipments fell to 13.0 million tonnes from 13.6 million. Adjusted net income was $868 million, equal to adjusted earnings of $1.15 per share. The company reported a net loss of $391 million after impairment charges of $852 million and exceptional charges of $293 million tied to the idling of ArcelorMittal Kryvyi Rih in Ukraine.

In Europe, flat steel shipments increased 1.1% from the previous quarter to 5.2 million tonnes, and were 2.4% above the third quarter of 2025. ArcelorMittal said it has brought all of its European blast furnaces back into operation following the new tariff rate quota. Europe segment EBITDA fell to $548 million from $697 million in the second quarter, reflecting lower long-product shipments and a temporary mismatch between rising input costs and selling prices.

According to Next Move Strategy Consulting, the global steel market was valued at USD 1.16 trillion in 2024 and is projected to reach USD 1.46 trillion by 2030, growing at a CAGR of 3.8% from 2025 to 2030.

Key Highlights:

• Third-quarter EBITDA was $2.023 billion, compared with $1.508 billion in the prior-year period and $2.064 billion in the second quarter of 2026.

• European flat steel shipments reached 5.2 million tonnes, up 1.1% sequentially, contrary to normal seasonal trends.

• ArcelorMittal expects fourth-quarter flat shipment growth to be a double-digit percentage increase year on year, with second-half Group shipments exceeding first-half levels.

• Net debt rose to $10.3 billion at September 30, 2026, from $9.5 billion at June 30, while 2026 capital expenditure guidance remains at $4.5 billion to $5.0 billion.

Analyst Insight:

According to analysts at Next Move Strategy Consulting, the sequential increase in European flat steel shipments, set against the usual seasonal slowdown, indicates that import-protection measures are beginning to influence domestic order flow in the regional steel market.

NMSC analysts note that the Ukrainian idling charges affected reported earnings but not the underlying margin per tonne, showing how geopolitical risk can separate reported results from operating performance for integrated producers.

Industry Outlook:

ArcelorMittal stated that the full benefit of the changes in Europe will be reflected from 2027 onwards. It cited scheduled reviews of the tariff rate quota scope and political alignment on extending the Carbon Border Adjustment Mechanism (CBAM) to downstream products. The company also said steel prices are adjusting to higher energy costs, a process expected to continue through the fourth quarter. The pace of that price adjustment, together with trade policy decisions in Europe, will be closely watched by steel producers and buyers in the coming quarters.

Source: Reuters

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Prepared By: Sanyukta Deb