ArcelorMittal Q3 2026 Earnings Recap

ArcelorMittal’s shares were nearly unchanged after the quarter, down 0.5%. EBITDA improved year over year, while the outlook points to higher Q4 shipments and prices alongside elevated costs, particularly in Europe.

Key Takeaways

• Q3 EBITDA was $2 billion, up 34% year over year; EBITDA per ton rose to $155, up $44 from a year earlier.
• European flat-steel imports were approximately 50% lower year over year, and Q3 shipments increased sequentially despite the usual seasonal pattern.
• Management expects European shipments to rise at a double-digit rate year over year in Q4, with growth expected to continue into 2027.
• Q4 outlook includes generally higher steel prices and volumes, but also higher costs; energy-price developments in Europe remain uncertain.
• Management expects stronger Q4 mining shipments as Liberia progresses toward operating at capacity, and good free cash flow partly from a seasonal working-capital release.