ArcelorMittal Reports Annual Net Profit of $3.2 Billion in 2025
On Thursday, ArcelorMittal released its financial results for the fiscal year 2025 and the fourth quarter, showing a net profit of $3.2 billion for the full year. The global steel giant achieved an annual EBITDA of $6.5 billion, benefiting from strategic investments in renewable energy and iron ore mining.
Financial Performance Details
ArcelorMittal recorded a net profit of $3.2 billion for fiscal year 2025, up from $1.339 billion in 2024, with earnings per share of $4.13 compared to $1.70 the previous year. Adjusted net profit was $2.938 billion, or $3.85 per share, up from $2.326 billion ($2.95 per share) in 2024. The annual EBITDA reached $6.541 billion, down 7.3% from $7.053 billion in 2024, primarily due to weaker results in North America, affected by 'Section 232' tariffs and maintenance operations in Mexico. This performance was partially offset by improvements in Europe and contributions from start-up projects, notably renewable energies in India and Phase 2 of the Liberia project. EBITDA per ton reached $121, more than double the previous cycle lows, reflecting continuous asset optimization and benefits from the strategic investment program. Annual revenue decreased by 1.7% to $61.4 billion, from $62.4 billion in 2024, mainly due to a 2.3% reduction in average steel selling prices. Operating income amounted to $3.6 billion in 2025, up 9.6% from $3.3 billion in 2024, reflecting a positive impact of $1.0 billion from exceptional items and impairments.
Cash Flow and Financial Position
ArcelorMittal generated an operational cash flow of $4.8 billion in 2025, compared to $4.9 billion in 2024, including a working capital release of $0.5 billion. Free cash flow stood at $0.4 billion for the year, compared to $0.3 billion the previous year. Capital expenditures amounted to $4.3 billion in 2025, including $1.1 billion for strategic growth projects, compared to $4.4 billion in 2024 (including $1.3 billion for strategic projects). Investable cash flow was $1.9 billion in 2025, essentially stable compared to $2.0 billion in 2024. Net debt stood at $7.9 billion as of December 31, 2025 (gross debt of $13.4 billion and cash of $5.5 billion), up from $5.1 billion as of December 31, 2024, after shareholder returns of $0.7 billion and merger and acquisition operations worth $1.9 billion. Total available liquidity amounted to $11.0 billion. Moody's and Standard & Poor's both upgraded the company's credit rating in 2025, to Baa2 and BBB respectively, with a stable outlook.
Dividend Policy and Share Repurchases
The board of directors proposes to increase the annual dividend to $0.60 per share for fiscal year 2026, from $0.55 in 2025, to be paid quarterly starting in March 2026. In 2025, ArcelorMittal repurchased 8.8 million shares for $262 million, bringing the total reduction in the number of shares to 38% since September 2020. The company will continue a minimum return program of 50% of free cash flow after dividends to shareholders through share repurchases. For 2026, the group anticipates a positive free cash flow and a 2% growth in global steel demand outside China, supported by operational improvements and the impact of trade protection measures. Investment expenditures for 2026 are projected in the range of $4.5 to $5.0 billion. ArcelorMittal plans to reach 2.8 GW of renewable energy capacities by the end of 2028, add 3.4 Mt of new electric arc furnace (EAF) capacity, and increase automotive electric steel capacity to 0.4 Mt by the end of 2028.
