Posted on 06 Nov 2026
ArcelorMittal produced 13.7 million tonnes of steel in the third quarter of 2026, down 4.2% compared to the previous quarter. At the same time, a slight increase of 0.7% was recorded year-on-year. Overall, in the nine months of 2026, steel production amounted to 41.3 million tonnes, down 3.5% y/y. This is stated in ArcelorMittal’s quarterly report.
Steel shipments in the third quarter amounted to 13.0 million tonnes, down 3% q/q and 4.4% y/y. In the nine months, shipments decreased by 4.4% y/y to 39.2 million tonnes.
Iron ore production in the third quarter amounted to 12.6 million tonnes (-6.7% q/q, but +4.1% y/y). Over the nine months, this segment showed the strongest result, growing by 9.2% y/y to 35.7 million tonnes.
In the third quarter, the company reported EBITDA of $2.02 billion, 34% higher than in the same period last year. EBITDA per tonne rose to $155 (up $44/t y/y), significantly exceeding historical averages. The financial results beat market expectations ($1.89 billion). The company’s adjusted net income for the quarter increased to $0.9 billion from $0.7 billion in the second quarter of 2026.
The main driver of the positive changes was the entry into force of new EU protectionist measures on July 1. Amid the positive dynamics, ArcelorMittal is restarting previously idled capacities in France, Poland and Spain. In Europe, flat steel shipments increased compared to the previous quarter, which is unusual for the summer season.
At the same time, the company’s overall financial results were significantly affected by the situation in Ukraine. In the third quarter, ArcelorMittal was forced to temporarily suspend operations at ArcelorMittal Kryvyi Rih due to a series of missile strikes that caused destruction and killed employees. This led to an asset impairment of $852 million and exceptional charges of $293 million, resulting in a reported net loss of $0.4 billion for the quarter.
Nevertheless, the company’s core operations remain resilient. Free cash flow for the nine months of 2026 amounted to $0.5 billion, even after $1.1 billion of investments in strategic growth projects. ArcelorMittal’s net debt rose to $10.3 billion at the end of September due to a temporary investment in working capital ($2.5 billion over nine months), which is expected to unwind in the fourth quarter. In the first nine months of 2026, the company returned $1.1 billion to shareholders through dividends and share buybacks, while ArcelorMittal’s liquidity remains high at $8.7 billion.
As GMK Center reported earlier, ArcelorMittal has made progress on its projects in France – a €1.3 billion low-carbon steel initiative in Dunkirk and a €500 million expansion of electrical steel production in Mardyck.
Source:GMK Center
