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3w ago

ArcelorMittal Reports Profit Rise as U.S. Tariffs Erode Core Earnings

Stepped-up U.S. duties have squeezed ArcelorMittal’s core earnings despite a 39 percent jump in half-year profit from exceptional gains.

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ArcelorMittal products are pictured in plant in Zenica, Bosnia and Herzegovina April 25, 2025. REUTERS/Dado Ruvic/Illustration/File Photo
Steel coils sitting in the yard at ArcelorMittal Dofasco's steel mill in Hamilton, Canada, which now face 50 percent tariffs to enter the United States
A logo is seen on the roof of the ArcelorMittal steelworks headquarters in Ostrava, Czech Republic, April 1, 2016. REUTERS/David W Cerny/File Photo

Overview

  • ArcelorMittal’s half-year net profit rose 39 percent to $2.6 billion driven by a $1.7 billion exceptional gain from acquiring Nippon Steel’s stake in its U.S. joint venture.
  • Core operating earnings slipped 10 percent to $3.4 billion after President Trump doubled U.S. steel tariffs to 50 percent in June.
  • The company raised its forecast of the annual tariff hit to $150 million, up from $100 million in February, reflecting the impact of steeper import duties.
  • In June ArcelorMittal took full ownership of its Calvert, Alabama, plant and commissioned a new electric-arc furnace capable of producing 1.5 million metric tonnes of low-CO2 steel annually.
  • The company spans operations in 15 countries and is sharing duties with customers, cutting costs and urging the EU to impose safeguards against cheap imports.