ArcelorMittal S.A.

ArcelorMittal S.A. reported net income of $3.24B for FY 2025, up from $1.38B in 2024, driven by a $1.86B acquisition gain from Calvert and $806M income from associates. Total comprehensive income reached $6.13B, boosted by $2.89B other comprehensive income, primarily $2.97B exchange gains. Revenue declined 1.7% to $61.35B from $62.44B, reflecting 2.3% lower average steel prices ($898/tonne vs. $919/tonne) despite stable shipments at 54.0M tonnes. Operating income rose 9.6% to $3.63B, with North America contributing $2.21B post-Calvert acquisition. Steel shipments held steady at 54.0M tonnes, while iron ore production increased 15.1% to 48.8M tonnes. Balance sheet strengthened with total assets at $97.70B (up from $89.39B), equity at $56.54B, and net debt at $7.93B (gearing 14.0%). Cash from operations was $4.81B, funding $4.34B capex. Forward-looking, 2026 capex guidance is $4.5-5.0B, with strategic growth at $1.4-1.8B and decarbonization at $0.3B, signaling continued investment amid trade protection benefits.

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