Luxembourg-based steelmaker ArcelorMittal has announced its financial and operational results for the third quarter and first nine months of 2026, reporting stronger year-on-year EBITDA despite a quarterly net loss linked to the idling of its Ukrainian operations. The company expects improving European market conditions and continued investment in strategic projects to support its future performance.
Ukraine-related charges weigh on net results
In the third quarter, ArcelorMittal recorded a net loss of $391 million, compared with a net profit of $683 million in the second quarter and $377 million in the corresponding quarter of 2025. The result included impairment charges of $852 million and exceptional charges of $293 million related to the idling of ArcelorMittal Kryvyi Rih in Ukraine.
The company attributed the suspension to increased safety risks following multiple missile strikes, alongside severe pressure on logistics. Future expenditure at the site will focus on asset preservation, security and environmental compliance, while retaining the possibility of restarting operations.
Meanwhile, adjusted net income increased to $868 million from $683 million in the second quarter. EBITDA reached $2.02 billion, up by 34 percent year on year but slightly below the $2.06 billion recorded in the preceding quarter. EBITDA per metric ton stood at $155, compared with $111 a year earlier.
Nine-month EBITDA rises despite lower steel shipments
ArcelorMittal's third-quarter sales revenues amounted to $16.47 billion, compared with $16.76 billion in the second quarter and $15.66 billion a year earlier. Crude steel production totaled 13.7 million mt, while steel shipments reached 13.0 million mt, against 14.3 million mt and 13.4 million mt, respectively, in the preceding quarter.
In January-September, revenues increased to $48.68 billion from $46.38 billion a year earlier, while EBITDA rose to $5.77 billion from $4.95 billion. However, net profit declined to $867 million from $2.98 billion.
During the nine-month period, crude steel production decreased to 41.3 million mt from 42.8 million mt, while steel shipments fell to 39.2 million mt from 41.0 million mt.
EU trade measures support European flat steel shipments
According to ArcelorMittal, enhanced EU trade measures are beginning to reduce import penetration and support domestic capacity utilization. The company stated that it has returned all its European blast furnaces to operation following implementation of the new tariff-rate quota framework.
European flat steel shipments increased by 1.1 percent quarter on quarter to approximately 5.2 million mt in the third quarter, contrary to normal seasonal trends. Nevertheless, the segment's EBITDA declined to $548 million from $697 million, reflecting lower long steel shipments and the delayed adjustment of selling prices to higher energy and carbon costs.
ArcelorMittal expects European flat steel shipments to increase by a double-digit percentage year on year in the fourth quarter, with total group shipments in the second half expected to exceed first-half levels.
Liberia expansion supports iron ore output
Total group iron ore production reached 12.6 million mt in the third quarter, compared with 13.5 million mt in the preceding quarter and 12.1 million mt a year earlier.
At its Canadian and Liberian mining operations, combined output increased by 13.4 percent year on year to 9.7 million mt, supported by the ramp-up of the new Liberian concentrator. However, prolonged heavy rainfall reduced Liberia's expected full-year shipments to approximately 16 million mt. The operation is expected to achieve annualized production and shipment rates consistent with its 20 million mt design capacity during the fourth quarter.
Capital expenditure guidance maintained
ArcelorMittal maintained its 2026 capital expenditure guidance at $4.5-5.0 billion, including $1.7-1.9 billion for strategic investments. Its growth projects and completed acquisitions are expected to add approximately $1.8 billion to EBITDA potential from 2026 onwards once fully ramped up.
Net debt increased to $10.3 billion at the end of September from $9.5 billion at the end of June. The company expects most of its $2.5 billion working capital investment during January-September to unwind in the fourth quarter, supporting cash generation and debt reduction.
