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Mar 31, 2025
ArcelorMittal Q1 2025 Earnings Report
ArcelorMittal reported resilient first quarter 2025 results with strong margin performance and a return to profitability.
Key Takeaways
The company posted a net income of $805 million and maintained robust EBITDA per tonne, supported by record mining operations in Liberia and improved performance in North America, despite seasonally weak performance in Brazil and Europe.
Returned to profitability with $805M net income after a loss in Q4 2024.
Record iron ore production and shipments in Liberia boosted mining performance.
North America operations normalized, driving higher volumes and EBITDA.
Seasonal working capital outflow led to negative free cash flow of $1.4B.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
ArcelorMittal expects continued positive cash flow in 2025 supported by working capital optimization and strategic project execution, despite global trade uncertainties.
Positive Outlook
- Strategic projects expected to deliver $0.6B EBITDA in 2025.
- Working capital optimization expected to support cash flow.
- Strong balance sheet enables continued shareholder returns.
- Europe steel spreads have begun recovering.
- Commissioning of new high-margin capacity in Liberia and US.
Challenges Ahead
- Global trade tensions may disrupt short-term demand.
- Uncertainty in China due to excess capacity and weak spreads.
- Seasonality and shipment timing issues in Brazil.
- Delayed decarbonization investments pending policy clarity in Europe.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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