ArcelorMittal reported third‑quarter 2025 results on November 6 2025, posting revenue of $15.66 billion—$0.67 billion above the $14.99 billion consensus—and an adjusted earnings per share of $0.62, $0.12 below the $0.74 estimate that the company cited in its own guidance. The revenue increase represents a 3.0 % rise from the $15.196 billion earned in Q3 2024 and a 0.1 % decline from the $15.657 billion recorded in Q2 2025, underscoring a modest sequential slowdown but a solid year‑over‑year gain.
The revenue beat was driven primarily by a 19.9 % year‑over‑year rise in North America sales, offsetting weaker performance in Europe and Brazil. In Europe, seasonally lower steel shipments and lower steel prices contributed to a 5 % decline in revenue, while the company’s North American operations grew 12 % due to higher demand for high‑strength steel in the automotive and construction sectors. The combined effect of stronger North American demand and a favorable mix of high‑margin products helped lift overall revenue above expectations.
The adjusted EPS miss can be traced to a 30 % contraction in EBITDA from $1.86 billion in Q2 2025 to $1.50 billion in Q3 2025. The decline was largely caused by lower steel prices in Brazil, reduced iron‑ore shipment volumes, and a seasonal dip in European shipments. While the company maintained disciplined cost control, the lower commodity prices and volume shortfall eroded earnings, resulting in a $0.12 shortfall relative to the $0.74 consensus estimate. The EPS figure still beat other analyst estimates of $0.53 and $0.57, reflecting the company’s ability to manage costs in a challenging pricing environment.
EBITDA margin improved to $111 per tonne, up from $104 per tonne in Q2 2025, indicating that the company’s operational leverage and pricing power in high‑margin segments offset the volume decline. The margin expansion was driven by a shift toward higher‑margin North American products and a reduction in lower‑margin Brazilian operations, demonstrating the company’s focus on optimizing its geographic mix to preserve profitability.
Management reiterated its 2025 capital‑expenditure guidance of $4.5–$5.0 billion and highlighted an expected unwind of working‑capital pressures in Q4 2025, which should support stronger free‑cash‑flow generation. CEO Aditya Mittal emphasized the company’s safety transformation program and expressed optimism for 2026, citing supportive industry policies and the European Commission’s new trade tool as tailwinds that could enhance market share and pricing power. The guidance signals confidence in sustaining growth while maintaining disciplined capital deployment.
Investors responded positively to the earnings, with market participants highlighting the company’s robust European performance and optimistic 2026 outlook as key drivers of the favorable reaction. The combination of a revenue beat, margin improvement, and clear guidance on capex and working‑capital dynamics reinforced confidence in ArcelorMittal’s strategic trajectory.
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