Q3 FY2026
Filed Nov 5, 2026ArcelorMittal reports third quarter 2026 results
EBITDA was $2,023 million and EBITDA per tonne was $155, but reported results swung to a $391 million net loss after $852 million of impairment charges and $293 million of exceptional charges related to idling ArcelorMittal Kryvyi Rih. Adjusted net income increased to $868 million from $683 million in 2Q 2026, while free cash flow was a $442 million outflow and net debt rose to $10,339 million.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Sales, 3Q 2026other | $16.47B | decreased by 1.8% | – |
| Operating loss, 3Q 2026other | $131M | – | – |
| Operating margin, 3Q 2026other | (0.8) % | – | – |
| Net loss attributable to equity holders of the parent, 3Q 2026other | $391M | – | – |
| Basic loss per common share, 3Q 2026other | $(0.52) | – | – |
| Diluted loss per common share, 3Q 2026other | $(0.52) | – | – |
| Adjusted net income attributable to equity holders of the parent, 3Q 2026non-GAAP | $868M | increased to $868 million in 3Q 2026 from $683 million in 2Q 2026 | – |
| Adjusted basic earnings per common share, 3Q 2026non-GAAP | $1.15 | increasing to $1.15 in 3Q 2026 from $0.90 in 2Q 2026 | – |
| EBITDA, 3Q 2026non-GAAP | $2.02B | decreased to $2,023 million as compared to $2,064 million in 2Q 2026 | +34% year-on-year |
| EBITDA margin, 3Q 2026non-GAAP | 12.3 % | – | – |
| EBITDA per tonne, 3Q 2026non-GAAP | $155/t | – | $44 higher year-on-year |
| Operating loss per tonne, 3Q 2026other | $(10) US$/t | – | – |
| Crude steel production, 3Q 2026other | 13.7 Mt | – | – |
| Steel shipments, 3Q 2026other | 13.0 Mt | 2.1% decrease | – |
| Total Group iron ore production, 3Q 2026other | 12.6 Mt | – | – |
| Iron ore production, AMMC and Liberia only, 3Q 2026other | 9.7 Mt | decreased to 9.7Mt as compared with 10.1Mt in 2Q 2026 | increased by 13.4% |
| Iron ore shipment, AMMC and Liberia only, 3Q 2026other | 9.7 Mt | increased to 9.7Mt from 9.4Mt in 2Q 2026 | – |
| Income from associates, joint ventures and other investments, 3Q 2026other | $225M | stable at $225 million in 3Q 2026 as compared to $229 million in 2Q 2026 | – |
| Net interest expense, 3Q 2026other | $181M | increased to $181 million in 3Q 2026 from $136 million in 2Q 2026 | – |
| Income tax expense, 3Q 2026other | $350M | compares with an income tax expense of $175 million in 2Q 2026 | – |
| Net cash provided by operating activities, 3Q 2026other | $665M | as compared to $961 million in 2Q 2026 | – |
| Change in working capital, 3Q 2026other | −$492M | included a working capital investment of $492 million as compared to $457 million in 2Q 2026 | – |
| Capex, 3Q 2026other | $1.06B | as compared to $1,102 million in 2Q 2026 | – |
| Free cash flow, 3Q 2026non-GAAP | −$442M | – | – |
| Sales, 9M 2026other | $48.68B | – | – |
| Operating income, 9M 2026other | $1.68B | – | – |
| Net income attributable to equity holders of the parent, 9M 2026other | $867M | – | – |
| Adjusted net income attributable to equity holders of the parent, 9M 2026non-GAAP | $2.13B | – | – |
| Adjusted basic earnings per common share, 9M 2026non-GAAP | $2.80 | – | – |
| EBITDA, 9M 2026non-GAAP | $5.77B | – | – |
| Underlying free cash flow, 9M 2026non-GAAP | $500M | – | – |
| Free cash flow, 9M 2026non-GAAP | −$1.94B | – | – |
| LTIF rate, 9M 2026other | 0.57x | – | – |
| Cash and cash equivalents, September 30, 2026other | $3.19B | – | – |
| Gross debt, September 30, 2026non-GAAP | $13.56B | – | – |
| Net debt, September 30, 2026non-GAAP | $10.34B | – | – |
| Liquidity, September 30, 2026non-GAAP | $8.7B | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| North AmericaA 5.7% increase in average steel selling prices offset a 6.6% decline in steel shipments; lower shipments reflected reduced long products volumes following a Canadian strike and unplanned maintenance in Mexico. | $3.67B | Sales were stable at $3.7 billion in 3Q 2026, as compared to 2Q 2026 | – |
| BrazilHigher average steel selling prices +1.9% partially offset lower shipment volumes (2.6%); EBITDA increased by 26.2% to $506 million primarily reflecting a positive price-cost effect. | $3.13B | Sales in 3Q 2026 of $3.1 billion as compared to $3.2 billion in 2Q 2026 | – |
| EuropeFlat steel product shipments increased 1.1% to 5.2Mt, reflecting early impacts of the new TRQ mechanism, while long product shipments declined due to seasonality. EBITDA declined on lower long product shipments and a temporary mismatch between rising input costs and realized selling prices. | $7.64B | Sales of $7.6 billion in 3Q 2026, as compared to $7.8 billion in 2Q 2026 | – |
| Sustainable SolutionsNormal seasonal impacts reduced activity; EBITDA decreased by 16.2% to $119 million, while EBITDA increased 18.4% year-on-year primarily driven by improved downstream and building solutions margins. | $2.77B | Sales decreased by 7.5% to $2.8 billion in 3Q 2026, as compared with $3.0 billion in 2Q 2026 | – |
| MiningLower iron ore reference prices (-7.8%) were partly offset by higher iron ore shipments; EBITDA declined to $128 million primarily on lower iron ore prices and higher freight costs. | $732M | Sales in 3Q 2026 were 6.1% lower at $0.7 billion as compared to $0.8bn in 2Q 2026 | – |
| AMNS IndiaEBITDA increased by 3.4% to $266 million primarily due to a positive price-cost effect. | $1.64B | Sales decreased by 0.8% to $1.6 billion in 3Q 2026 as compared to $1.7 billion in 2Q 2026 | – |
2026 and beyond outlook
- Note2026 capex guidance remains unchanged at $4.5bn-$5.0bn, including $1.7bn-$1.9bn of strategic capex.
- NoteThe Company expects flat shipment growth to accelerate in the fourth quarter (a double-digit year-on-year increase), with Group shipments in 2H 2026 expected to exceed those in 1H 2026.
- NoteThe 2026 contribution from strategic projects is now expected to be ~$0.5 billion (previously guided at $0.7 billion).
- NoteStrategic projects are expected to increase EBITDA potential by ~$1.8 billion from 2026 and beyond.
- NoteThe Company expects its Liberian mining operation to reach nameplate capacity in the fourth quarter.
- NoteFull-year shipments from Liberia are expected to be approximately 16Mt.
- Note4Q 2026 production and shipments are expected to improve significantly and achieve annualized rates in line with the 20Mt design capacity.
Capital returns
- During 9M 2026, the Company returned $1.1bn to shareholders through dividends and share buybacks.
- Dividends paid to ArcelorMittal shareholders in 3Q 2026 were $113 million.
- Share buyback in 3Q 2026 was $277 million.
- Shareholder returns in 3Q 2026 were $390 million.
- Following the completion of the first 10 million share buyback tranche during 2Q 2026, the Company launched a new tranche of share buyback up to 10 million shares, of which 3.4 million shares were repurchased as of September 30, 2026.
- Since September 2020, the fully diluted share count has been reduced by approximately 39%.
What drove it
- EBITDA per tonne was $155, $44 higher year-on-year, reflecting strategic growth investments, optimized assets and diversified market exposures.
- European flat steel shipments increased sequentially, counter to normal seasonal patterns, reflecting early impacts of enhanced EU trade measures.
- Brazil EBITDA increased by 26.2% to $506 million, primarily reflecting a positive price-cost effect.
- North America EBITDA was stable at $487 million, as lower shipments were offset by a positive price-cost effect.
- AMNS India EBITDA increased by 3.4% to $266 million, primarily due to a positive price-cost effect.
- Iron ore production increased by 13.4% year-on-year, driven primarily by the ramp up of the new concentrator in Liberia.
Concerns
- Reported operating loss included impairment charges of $852 million and exceptional charges of $293 million related to idling ArcelorMittal Kryvyi Rih in Ukraine.
- 3Q 2026 income tax expense included $170 million deferred tax asset reduction following the idling of Ukraine operations.
- Europe EBITDA declined to $548 million from $697 million due to lower long product shipments and a temporary mismatch between rising input costs and realized selling prices.
- Mining EBITDA declined to $128 million from $179 million on lower iron ore prices and higher freight costs.
- Challenging weather conditions limited Liberian mining progress and reduced expected full-year shipments to approximately 16Mt.
- Net debt increased to $10.3bn, reflecting $0.4bn of shareholder returns and a temporary $0.5bn net working capital investment during the quarter.
What to watch
- Whether fourth-quarter flat shipment growth reaches the expected double-digit year-on-year increase.
- The pace at which European steel prices adjust to higher energy costs, including annual contracts representing >25% of Europe flat product volumes that have yet to adjust.
- The expected 4Q 2026 unwind of the 9M 2026 working-capital investment of $2.5bn.
- Liberia's expected fourth-quarter progression to nameplate capacity and annualized production and shipment rates in line with 20Mt design capacity.
- Commissioning in 4Q 2026 of the Gijón and Sestao EAF projects and ramp-up through 2027.
- Project economics and EBITDA potential for Tubarão and potential Pecém downstream projects, expected with 4Q 2026 results in February 2027.
Balance sheet and cash flow
- Net cash provided by operating activities during 3Q 2026 amounted to $665 million.
- Free cash outflow was $442 million in 3Q 2026.
- Net debt was $10.3 billion as at September 30, 2026, compared with $9.5 billion as at June 30, 2026.
- Liquidity at the end of September 30, 2026 was $8.7 billion, consisting of cash and cash equivalents of $3.2 billion and $5.5 billion of available credit lines.
- The 9M 2026 investment in working capital was $2.5bn and is expected to largely unwind in 4Q 2026.
- Cash and cash equivalents were $3,191 million at September 30, 2026.
- Total gross debt was $13.6 billion at September 30, 2026, and the average debt maturity was 8.0 years.
Analysis
ArcelorMittal reported $16,466 million of third-quarter sales, down 1.8% from $16,761 million in 2Q 2026 as steel shipments decreased 2.1%. EBITDA was $2,023 million, down from $2,064 million sequentially but up 34% year-on-year, while EBITDA per tonne held at $155 and was $44 higher year-on-year. The company described this margin level as evidence of structural improvement supported by strategic growth investments, optimized assets and diversified market exposures.
Reported profitability was materially affected by the Ukraine decision. Operating results moved to a $131 million loss and net results to a $391 million loss, including $852 million of impairment charges and $293 million of exceptional charges related to idling ArcelorMittal Kryvyi Rih, as well as a $170 million deferred tax asset reduction. Excluding these items, adjusted net income increased to $868 million from $683 million in 2Q 2026 and adjusted basic EPS rose to $1.15 from $0.90.
Regional mix was uneven. Brazil EBITDA rose 26.2% to $506 million on a positive price-cost effect, and North America EBITDA was stable at $487 million as pricing offset lower volumes. Europe EBITDA fell to $548 million from $697 million as lower long-product shipments and higher carbon and energy costs preceded realized price adjustments. Europe flat shipments increased 1.1% sequentially, contrary to normal seasonality, which management attributed to early impacts of the new TRQ mechanism. Mining EBITDA fell to $128 million from $179 million amid lower reference prices and higher freight costs, while weather disruption reduced expected Liberian full-year shipments to approximately 16Mt.
Cash conversion remained pressured during the quarter. Operating cash flow was $665 million, capex was $1,065 million and free cash flow was a $442 million outflow. Net debt increased to $10,339 million at September 30, 2026 from $9,500 million at June 30, 2026, reflecting free cash outflow and $390 million of shareholder returns. Management expects the $2.5bn working-capital investment recorded in 9M 2026 to largely unwind in 4Q 2026. Liquidity was $8.7 billion.
The company maintained 2026 capex guidance of $4.5bn-$5.0bn, including $1.7bn-$1.9bn of strategic capex, and retained its approximately $1.8bn longer-term strategic-project EBITDA potential. However, it reduced the expected 2026 strategic-project contribution to approximately $0.5 billion from previously guided $0.7 billion, reflecting lower Liberia shipment volumes and higher freight rates. Near-term execution hinges on expected double-digit fourth-quarter flat shipment growth, European price recovery, the working-capital unwind and Liberia reaching nameplate capacity in the fourth quarter.
Management, verbatim
Our third quarter performance provides further evidence of the structural improvement in ArcelorMittal's earnings capacity. We continue to generate healthy margins, with EBITDA per tonne of $155 ($44 higher year-on-year) reflecting the benefits of the actions we have taken over several years to enhance our asset portfolio and invest in strategic growth.
Aditya Mittal, ArcelorMittal Chief Executive Officer
Headwinds during the quarter included higher energy costs in Europe and weather-related disruption and lower pricing impacting our mining business. There are encouraging signs in both areas. Higher energy costs in Europe are increasingly being reflected in steel pricing, and we expect our Liberian mining operation to reach nameplate capacity in the fourth quarter, supporting confidence in its future contribution.
Aditya Mittal, ArcelorMittal Chief Executive Officer
Looking ahead, we remain very positive. The full benefit of the changes taking place in Europe will be fully reflected from next year onwards. Trade action in Canada and Mexico also point to a strong year for our North American business.
Aditya Mittal, ArcelorMittal Chief Executive Officer
Not in the filing
stated, not guessed- Gross margin was not reported.
- Revenue guidance was not reported.
- Operating-expense guidance was not reported.
- Tax-rate guidance was not reported.
- A prior outlook section was not provided, so no formal comparison of actual results with prior guidance is available.
- Quarterly dividends per share were not reported.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure is checked against the filing text, and a metric the filing does not print, or whose value, prior period and change do not add up, is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.