ArcelorMittal reports 31.35% rise in net income to $377 million in Q3

Steel and mining major ArcelorMittal on Thursday reported a 31.35 per cent rise in net income to $ 377 million in the September quarter.

The Luxembourg-based company had posted a net income of $ 287 million in the year-ago period.

The net income is attributable to equity holders of the parent company.

The company follows a January-December financial year.

Its sales increased by 3 per cent to $ 15,657 million, over $ 15,196 million a year ago.

"While markets are challenging and tariff-related headwinds persist, we are seeing signs of stabilisation and are optimistic on the outlook for our business in 2026, when we will benefit from more supportive industry policies in key markets," its Chief Executive Officer Aditya Mittal said in a statement.

"Turning to financial performance, the company reported resilient results in what is typically a seasonally weak quarter. The underlying strength of the business is again evident in the structurally higher margins delivered over the first nine months of the year," he said.

Supported by a strong balance sheet, the company continue to evolve the business towards higher return on capital, focusing strategic capex on low-cost, added-value markets and exiting higher-cost businesses, he said.

Perhaps the most significant development during the quarter was the European Commission's proposal of strengthened trade measures. Once enacted, this will support the European steel industry's ability to improve capacity utilisation, improve profitability, and invest with confidence for the future, Mittal said.

"We now hope for swift approval and implementation of the proposal, as well as supportive revisions to the Carbon Border Adjustment Mechanism," he added.

ArcelorMittal is one of the world's leading steel and mining companies, with a presence in 60 countries and primary steel-making facilities in 15 countries. In 2024, the company had revenues of $ 62.4 billion and crude steel production of 57.9 million metric tonnes, while iron ore production reached 42.4 million metric tonnes.