ArcelorMittal's Q3 Earnings Top Estimates on Y/Y Higher Shipments

ArcelorMittal S.A. MT recorded a third-quarter 2025 net income of $377 million or 50 cents per share, up from $287 million or 37 cents per share in the year-ago quarter.

Barring one-time items, the company recorded adjusted earnings of 62 cents per share. The bottom line beat the Zacks Consensus Estimate of 58 cents. 

Total sales rose around 3% year over year to $15,657 million in the quarter. The figure also beat the consensus estimate of $14,711 million. 

Total steel shipments rose 1.5% year over year to 13.6 million metric tons in the reported quarter. The figure beat the consensus estimate of 13.57 million metric tons. 

ArcelorMittal Price, Consensus and EPS Surprise

MT’s Segment Highlights

North America: Sales were up 20% year over year to $3,111 million in the reported quarter. Crude steel production was up 0.6% to 1,662 million metric tons. Steel shipments rose around 8.6% year over year to 2,615 million metric tons, higher than the consensus estimate of 2,555 million metric tons. The average steel selling price rose 15.3% to $1,102 per ton. 

Brazil: Sales were down 13% year over year to $2,807 million. Crude steel production fell 6% to 3,595 million metric tons. Shipments decreased 6.8% year over year to 3,530 million metric tons, missing the consensus estimate of 3,646 million metric tons. Average steel selling prices fell 6% to $739 per ton. 

Europe: Sales rose 0.6% year over year to $7,186 million. Crude steel production declined nearly 7.8% to 7,251 million metric tons in the reported quarter. Shipments rose around 3% year over year to 7,001 million metric tons, surpassing the consensus mark of 6,871 million metric tons. The average steel selling price remained flat at $915 per ton year over year. 

Mining: Sales rose 24.3% year over year to $732 million. Iron ore production totaled 8.5 million metric tons, up around 28.8% from the year-ago quarter’s levels. Iron ore shipments were up 30.1% to 8.2 million metric tons. 

MT’s Financials

At the end of the reported quarter, cash and cash equivalents were $5,733 million compared with $5,443 million in the prior quarter. The company’s net debt was around $9.1 billion. 

MT’s Outlook

Per MT, the European Commission’s new steel-sector trade tool, announced on Oct. 7, 2025, alongside an effective Carbon Border Adjustment Mechanism (CBAM), is expected to strengthen fair competition and support healthy industry capacity utilization. 

ArcelorMittal remains positive on its medium- and long-term outlook. With a diversified global asset base, the company is well placed to benefit from rising steel demand tied to the energy transition, mobility shifts, infrastructure development and defense needs. 

Backed by a strong financial position and positive free cash flow outlook for 2025 and beyond, ArcelorMittal can continue funding high-return organic growth projects. These initiatives, combined with recent M&A, are expected to boost future EBITDA by $2.1 billion, including $0.7 billion in 2025 and $0.8 billion in 2026. 

MT’s Price Performance

ArcelorMittal’s shares have gained 57.9% in the past year against the industry’s 14.3% fall. 

MT’s Zacks Rank & Other Basic Materials Releases

MT currently carries a Zacks Rank #3 (Hold). 

Kinross Gold Corporation KGC adjusted earnings were 44 cents per share for the third quarter. The metric beat the Zacks Consensus Estimate of 39 cents. Kinross expects to produce slightly above the midpoint of 2 million gold equivalent ounces (+/- 5%) on an attributable basis in 2025. KGC expects full-year 2025 capital expenditures to be $1,150 million (+/- 5%). 

The Chemours Company CC logged third-quarter adjusted earnings per share of 20 cents. It missed the Zacks Consensus Estimate of 24 cents. Chemours expects fourth-quarter net sales to fall 10-15% sequentially due to seasonality.  

Barrick Mining Corporation B logged adjusted earnings of 58 cents per share in the third quarter, beating the Zacks Consensus Estimate of 57 cents. For 2025, Barrick continues to anticipate attributable gold production to be in the range of 3.15-3.5 million ounces. B expects a copper production of 200,000-230,000 tons at AISC of $2.80-$3.10 per pound. Total attributable capital expenditures are projected in the range of $3,100-$3,600 million for 2025. 

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This article originally published on Zacks Investment Research (zacks.com).

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