ArcelorMittal reported a net loss of $391 million for the third quarter of 2026, as impairment and exceptional charges were tied to the idling of its ArcelorMittal Kryvyi Rih operation. EBITDA rose 34% year on year, while the company expects European flat steel shipments to increase in the fourth quarter.
The quarterly loss included $852 million in impairment charges and $293 million in exceptional charges. ArcelorMittal said it suspended operations because of heightened safety risks following multiple missile strikes and severe logistical pressure. Future spending at the site will focus on preserving assets, security and environmental compliance while keeping open the possibility of a restart.
Adjusted net income reached $868 million, up from $683 million in the second quarter. EBITDA was $2.02 billion, slightly below the previous quarter’s $2.06 billion but higher than a year earlier. EBITDA per metric ton rose to $155 from $111. Revenue was $16.47 billion. Crude steel production fell to 13.7 million metric tons and shipments to 13 million metric tons, compared with 14.3 million and 13.4 million metric tons, respectively, in the second quarter.
Nine-month results and European outlook
For January–September, ArcelorMittal’s revenue increased to $48.68 billion from $46.38 billion a year earlier, while EBITDA rose to $5.77 billion from $4.95 billion. Net income declined, however, to $867 million from $2.98 billion. Crude steel production was 41.3 million metric tons, down from 42.8 million, and shipments fell to 39.2 million metric tons from 41 million.
The company said new EU trade measures were beginning to curb imports and support domestic capacity utilization. All of ArcelorMittal’s European blast furnaces have returned to operation following the introduction of the revised tariff-rate quota framework. European flat steel shipments rose 1.1% quarter on quarter to about 5.2 million metric tons in the third quarter, while segment EBITDA fell to $548 million from $697 million. The decline reflected lower long steel shipments and a delayed adjustment of selling prices to higher energy and carbon costs.
ArcelorMittal expects European flat steel shipments to rise by a double-digit percentage year on year in the fourth quarter. Total group shipments in the second half are expected to exceed first-half levels.
Iron ore and investment
Group iron ore production was 12.6 million metric tons in the third quarter, compared with 13.5 million in the second quarter and 12.1 million a year earlier. Output at the company’s Canadian and Liberian mines combined rose 13.4% year on year to 9.7 million metric tons, supported by the ramp-up of a new concentrator in Liberia. Prolonged heavy rainfall cut the country’s expected full-year shipments to about 16 million metric tons. In the fourth quarter, the operation expects to reach annualized production and shipment rates consistent with its 20-million-metric-ton design capacity.
ArcelorMittal kept its 2026 capital expenditure guidance at $4.5–5 billion, including $1.7–1.9 billion for strategic investments. Once fully ramped up, its growth projects and completed acquisitions are expected to add about $1.8 billion to EBITDA potential from 2026 onward. Net debt rose to $10.3 billion at the end of September from $9.5 billion at the end of June. The company expects most of the $2.5 billion invested in working capital during January–September to unwind in the fourth quarter.
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