ArcelorMittal reported fourth-quarter revenues of €18.5 billion, a 12% increase from the same period a year earlier, driven by higher shipment volumes and improved product mix. Adjusted EBITDA rose to €4.2 billion, up from €3.8 billion in Q4 2024, reflecting margin expansion across both flat and long steel segments. Net income for the quarter reached €2.6 billion, compared with €2.3 billion in the prior year, while reported EPS stood at €8.75, exceeding the €8.50 consensus forecast by Zacks and other major Street analysts.

Core profit outperformance was underpinned by stringent cost controls that reduced unit cash costs by 4% sequentially. Raw material sourcing initiatives, including long-term pellets contracts and power procurement hedges, contributed to a 6% year-over-year drop in production expenses per tonne. The company’s debt leverage ratio improved to 1.8x net debt to EBITDA, down from 2.1x at the end of Q3, providing additional financial flexibility to pursue capital returns or reinvestment opportunities.

Regulatory measures enacted by the European Commission—including safeguard tariffs on imported steel and revised anti-dumping duties—lifted domestic steel prices by an estimated €40 per tonne in Q4. Outside Europe, ArcelorMittal saw shipments to North America rise 15% year-over-year, driven by robust construction and automotive demand. Management noted that stronger inquiry levels in the US and Latin America helped offset softer Chinese exports, setting the stage for a more balanced global supply environment in 2026.