ArcelorMittal stock beats Q3 EBITDA consensus despite net loss

ArcelorMittal reported stronger underlying performance for the third quarter on Thursday, November 5, 2026, although impairment and exceptional charges linked to the idling of its Kryvyi Rih operations in Ukraine pushed the reported result into a loss. The company's third-quarter results showed EBITDA of 2,023 million US dollars, up 34 percent from a year earlier and above the 1,972 million US dollar sell-side consensus published by the company.

Margins improve as charges weigh

Adjusted net income reached 868 million US dollars, compared with 683 million US dollars in the second quarter. Adjusted earnings per share came to 1.15 US dollars, while EBITDA per tonne rose to 155 US dollars from 111 US dollars a year earlier.

Reported net income was reduced by 852 million US dollars of impairment charges and 293 million US dollars of exceptional charges related to Kryvyi Rih. Sales reached 16.466 billion US dollars, up from 15.657 billion US dollars in the third quarter of 2025, while steel shipments declined to 13.0 million tonnes.

Shipment growth becomes next catalyst

Management expects European flat-steel shipments to rise by a double-digit percentage year on year in the fourth quarter. The company said its order book was strengthening and that second-half group shipments should exceed first-half levels.

ArcelorMittal maintained its 2026 capital expenditure guidance at 4.5 billion to 5.0 billion US dollars, including 1.7 billion to 1.9 billion US dollars for strategic projects. Those projects and completed acquisitions are expected to add about 1.8 billion US dollars to EBITDA potential from 2026 and beyond.

Integrated steel and mining group

ArcelorMittal is an integrated steel and mining company with operations spanning raw materials, steelmaking and downstream products. Its activities serve regional markets across Europe, the Americas and other major steel-consuming regions. The group combines mining assets with steel production and processing, giving it a broader industrial footprint than more specialized steel producers.

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