ArcelorMittal Q3 2026 results: $2.0bn EBITDA, adjusted net income $0.9bn

Financial performance

3Q 2026 EBITDA was $2.0 billion, a 34% increase year‑on‑year, and EBITDA per tonne rose to $155 (+$44/t YoY). Reported net loss of $0.4 billion reflected impairment and exceptional charges related to the idling of ArcelorMittal Kryvyi Rih; adjusted net income for the quarter was $0.9 billion, delivering adjusted basic EPS of $1.15.

Cash, debt and shareholder returns

Net debt stood at $10.3 billion on 30 September 2026, up versus 30 June 2026 after $0.4 billion of shareholder returns and a temporary $0.5 billion net working capital investment in the quarter. Liquidity remained at $8.7 billion. Underlying free cash flow for 9M 2026 was $0.5 billion after $1.1 billion of strategic investment; a $2.5 billion working capital build is expected to largely unwind in 4Q 2026. The Company returned $1.1 billion to shareholders in 9M 2026 and has reduced diluted share count by ~39% since September 2020.

Markets and operations

European market fundamentals are improving following enhanced trade measures (including the TRQ and CBAM), prompting the restart of European blast furnaces and sequentially higher flat steel shipments in 3Q. The Company expects shipments to accelerate in 4Q 2026 (forecasting a double‑digit YoY increase) and for 2H 2026 shipments to exceed 1H 2026. Liberia mining operations are expected to reach nameplate capacity in 4Q 2026; mining was affected in the quarter by weather and lower prices.

Strategy and outlook

ArcelorMittal maintains that strategic growth projects and completed M&A support a structural improvement in earnings capacity, with roughly $1.8 billion of incremental EBITDA potential from 2026 and unchanged 2026 capex guidance of $4.5–$5.0 billion. Safety performance improved, with LTIF at 0.57x for 9M 2026 versus 0.68x for 9M 2025.