Strong Operational and Financial Performance
ArcelorMittal reported strong operational performance and cash flows. Operations across various segments performed well, with the Mining segment in Liberia achieving record production and shipments. This was supported by mills in Europe and normalized operations in North America.
Resilient EBITDA and Cash Flow
The company reported an EBITDA per ton of $116, double the level compared to previous cyclical lows. Excluding seasonal working capital investment and discretionary growth CapEx, the underlying free cash flow was around $700 million.
Strategic Projects and Capital Return
ArcelorMittal's growth projects, including the Liberia expansion and the new EAF at Calvert, are on track. A new long-term share buyback program through 2030 has been initiated, demonstrating confidence in returning capital to shareholders.
Positive Outlook for Q2 2025
The company expects Q2 EBITDA to be clearly better than Q1, driven by higher volumes and a positive price-cost effect, particularly in Europe. EU spreads have recovered, providing strong support for near-term results.