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ArcelorMittal S.A.

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ArcelorMittal S.A. • NYSE
$43.12 ▼ -0.07% (-0.03)
Market Cap $32.81 B
52w High $43.23
52w Low $21.59
Dividend Yield 0.47%
P/E 12.68
Volume 565.21K
Outstanding Shares 760.95M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $15.657B ▼ $833M ▼ $377M ▼ 2.408% ▼ $0.5 ▼ $1.325B ▲
Q2-2025 $15.926B ▲ $13.994B ▲ $1.793B ▲ 11.258% ▲ $2.33 ▲ $557M ▼
Q1-2025 $14.798B ▲ $13.973B ▲ $805M ▲ 5.44% ▲ $1.06 ▲ $1.695B ▲
Q4-2024 $14.714B ▼ $931M ▼ $-390M ▼ -2.651% ▼ $-0.51 ▼ $1.46B ▲
Q3-2024 $15.196B $14.533B $287M 1.889% $0.37 $1.304B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $5.733B ▲ $98.767B ▼ $42.089B ▼ $54.603B ▲
Q2-2025 $5.358B ▲ $98.878B ▲ $42.408B ▲ $54.378B ▲
Q1-2025 $5.319B ▼ $91.452B ▲ $38.153B ▲ $51.206B ▲
Q4-2024 $6.4B ▲ $89.385B ▼ $38.099B ▲ $49.223B ▼
Q3-2024 $5.094B $93.168B $37.804B $53.308B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $377M ▼ $751M ▼ $-1.511B ▼ $1.025B ▲ $-5.358B ▼ $-486M ▼
Q2-2025 $1.846B ▲ $1.416B ▲ $-763M ▲ $-813M ▼ $5.358B ▲ $530M ▲
Q1-2025 $805M ▲ $-354M ▼ $-1.029B ▲ $23M ▼ $0 $-1.321B ▼
Q4-2024 $-349M ▼ $2.468B ▲ $-1.118B ▲ $399M ▲ $0 $1.335B ▲
Q3-2024 $287M $1.411B $-1.865B $-533M $0 $360M

Five-Year Company Overview

Income Statement

Income Statement The recent income picture shows a classic steel cycle comedown from an exceptional boom. Sales have stepped down from record levels and profit margins have narrowed sharply versus the peak years, reflecting weaker steel prices and softer demand. Even so, the business has remained solidly profitable after a loss in 2020, which indicates that cost discipline and operational improvements are cushioning the downturn. Earnings are now more “normal” rather than super‑charged, and results are heavily tied to global industrial activity and steel pricing, so further ups and downs should be expected.

Balance Sheet

Balance Sheet The balance sheet looks generally sturdy for a heavy industrial company. Total assets have been fairly stable, with a strong base of tangible steel and mining assets. Debt levels are manageable and slightly better than a few years ago, while equity has grown over the medium term, suggesting value has been built over time despite recent volatility. Cash on hand is healthy but has eased back from earlier highs, likely as the company funds investments and returns capital. Overall, the financial structure appears balanced, but still exposed to the capital‑intensive nature of steelmaking and the need to finance large decarbonization projects.

Cash Flow

Cash Flow Cash generation remains a key strength. The company has consistently produced solid cash from its operations, even through weaker years, which speaks to resilient underlying economics. Free cash flow has stayed positive, though it has come down from the very strong levels seen at the top of the cycle, in part because investment spending has been ramped up. Capital expenditure has been rising, reflecting modernization and decarbonization plans. The main message: the business can fund its investments from internal cash in normal conditions, but its flexibility will still depend on where we are in the steel cycle.

Competitive Edge

Competitive Edge ArcelorMittal holds a leading global position in steel, with scale and diversification that few can match. Its plants, customers, and raw material sources are spread across major regions, which reduces dependence on any single country or sector. Vertical integration into iron ore and other inputs helps control costs and supply, a real advantage when commodity markets are tight. The product range spans automotive, construction, packaging, and more, so weakness in one end market can be partly offset by strength in another. Competitive pressure remains intense, especially from state‑supported producers and low‑cost regions, but its size, integration, and technical capabilities provide a meaningful buffer.

Innovation and R&D

Innovation and R&D The company is clearly leaning into innovation, especially around low‑carbon and higher‑value steels. It is investing in new processes such as hydrogen‑based ironmaking, carbon capture, and expanded electric furnace capacity to cut emissions. On the product side, it is pushing advanced high‑strength steels for cars and electric vehicles, as well as specialized solutions for modern buildings and infrastructure. Branded platforms like S-in motion, Steligence, and XCarb show a shift toward selling engineered solutions and “green steel” credentials rather than just commodity tonnage. Efforts in digitalization and even steel powders for 3D printing point to a strategy of moving up the value chain, though many of these projects will take years and significant capital to fully pay off.

Summary

ArcelorMittal today looks like a cyclical heavy‑industry leader transitioning toward a cleaner, more specialized future. Financially, it has come down from unusually strong boom‑time earnings to more normal, but still positive, profitability. The balance sheet and cash flows appear robust enough to support an ambitious investment program, though results will remain closely tied to global steel demand and pricing. Competitively, its global scale, integrated raw materials, and broad product portfolio give it a solid foundation. The big swing factor for the next decade will be execution on decarbonization and innovation: success could reinforce its leadership and support better margins, while delays, cost overruns, or weak policy support could pressure returns in a very capital‑intensive business.

NEWS

November 21, 2025 · 5:00 AM UTC

ArcelorMittal cancels 77,809,772 treasury shares

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November 20, 2025 · 9:45 AM UTC

ArcelorMittal calls for urgent adoption of EU tariff quota and reassures European customers

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October 30, 2025 · 11:04 AM UTC

ArcelorMittal completes sale of Bosnia operations

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October 27, 2025 · 5:15 PM UTC

ArcelorMittal announces the publication of its third quarter 2025 sell-side analyst consensus figures

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October 2, 2025 · 8:47 AM UTC

Rock Tech and ArcelorMittal Agree on Cooperation to Strengthen Regional Industrial Competence

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