ArcelorMittal Q3 EBITDA rises 34% as EU steel trade measures lift European shipments

ArcelorMittal reported third-quarter EBITDA of USD 2.023 billion, up 34% year on year, with EBITDA per tonne at USD 155, up USD 44 year on year. Sales were USD 16.466 billion. The Luxembourg-based steelmaker said European flat shipments rose sequentially against normal seasonality as enhanced EU trade measures began to bite.

Reported net loss attributable to equity holders was USD 391 million after impairment and exceptional charges linked to idling ArcelorMittal Kryvyi Rih in Ukraine. Adjusted net income was USD 868 million. Reuters coverage via Euronext Live framed the print as a beat on core profit as EU steel import curbs kicked in.

The quarter in numbers

According to the regulatory release of 5 November 2026, crude steel production was 13.7 million tonnes and steel shipments 13.0 million tonnes in the third quarter. Nine-month EBITDA reached USD 5.766 billion, up from USD 4.948 billion a year earlier. Net debt stood at USD 10.3 billion on 30 September 2026, with liquidity of USD 8.7 billion including cash and available credit lines.

The reported net loss included an impairment of USD 852 million and exceptional charges of USD 293 million related to idling Kryvyi Rih, plus a USD 170 million deferred tax asset reduction following the Ukraine idling. On an adjusted basis, the company earned USD 0.9 billion in the quarter, or adjusted basic EPS of USD 1.15.

Europe: TRQ, blast furnaces and shipments

ArcelorMittal said enhanced EU trade measures are beginning to rebalance European steel market fundamentals by reducing import penetration and supporting higher domestic capacity utilisation. After the new tariff rate quota (TRQ) framework, the company brought all of its European blast furnaces back into operation. Flat steel shipments in Europe increased sequentially, counter to normal seasonal patterns.

Higher energy prices remain a temporary cost headwind, the company said, but steel prices are adjusting to that environment as import volumes fall and inventories normalise. Management expects European flat shipment growth to accelerate in the fourth quarter to a double-digit year-on-year increase, with Group shipments in the second half of 2026 expected to exceed the first half.

CEO Aditya Mittal said: "Another very encouraging development is the support we are seeing from European policy. The implementation of the CBAM and new TRQ framework are creating a more balanced and sustainable operating environment for the European steel industry, supporting higher capacity utilization and profitability over time."

He also said the full benefit of changes in Europe will be reflected from next year onwards, while trade action in Canada and Mexico points to a strong year for the North American business.

Capex and capital returns

2026 capex guidance is unchanged at USD 4.5 billion to USD 5.0 billion, including USD 1.7 billion to USD 1.9 billion of strategic capex. During the first nine months the company returned USD 1.1 billion to shareholders through dividends and buybacks. Strategic growth projects and completed M&A are still expected to lift EBITDA potential by about USD 1.8 billion from 2026 onwards on the company's stated assumptions.

Why it matters for European founders and investors

For founders in automotive, construction, machinery and renewables, European steel availability and pricing feed directly into bill of materials risk. Policy tools such as TRQ and CBAM are no longer abstract Brussels debates: ArcelorMittal is already citing them as reasons European furnaces are back online and flat shipments are rising against seasonality.

Investors watching industrial Europe should separate the Ukraine-related accounting hit from the underlying margin story. EBITDA per tonne at USD 155, USD 44 higher year on year, is the cleaner signal. Compare with other industrial earnings such as Heidelberg Materials' Q3 and Continental's outlook raise, and our leaders and Europe coverage.

What happens next

ArcelorMittal expects double-digit year-on-year European flat shipment growth in the fourth quarter and largely unchanged free-cash-flow and returns outlook for 2026. Full-year detail will follow with fourth-quarter results.

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