Market Segment
November 6, 2025
Calvert ops support ArcelorMittal earnings in Q3 despite Mexican woes
Written by Ethan Bernard
ArcelorMittal said consolidation of its ArcelorMittal Calvert operation supported its North American operations in the third quarter, despite ongoing Section 232 tariffs and outages at facilities in Mexico.
The Luxembourg-based steelmaker reported North American sales of $3.3 billion in Q3’25 ended Sept. 30, up 7% from the previous quarter and 20% year over year.
Meanwhile, North American operating income plunged 98% to $28 million in the quarter vs. Q2’25, and was off 88% from the same quarter last year.
The company noted the fall in operating income included an exceptional charge of $97 million for the purchase price adjustment related to the buy of Nippon Steel’s 50% stake in AM/NS Calvert, now AM Calvert.
Recall that ArcelorMittal bought out Nippon’s stake in the Calvert, Ala., EAF mill joint venture. Relinquishing its Calvert stake was a condition of the Japanese steelmaker’s purchase of U.S. Steel. The company has noted the ramp-up of its EAF there is ongoing.
EBITDA stood at $300 million for ArcelorMittal’s North American ops, up 16% quarter over quarter, but off 16% from Q3’24.
The company said its Calvert consolidation more than offset the impacts of planned and unplanned Mexico outage costs, which stood at ~$90 million.
As previously reported, a planned blast furnace outage and an unplanned outage at its direct-reduced iron plant at the Lazaro Cardenas mill in Mexico impacted the company’s flat products business.
That DRI plant is expected to resume full operation by the end of November 2025, and the blast furnace by year’s end.
North American shipments stood at 2.6 million metric tons (mt) in Q3’25. That’s an increase of 3% from the previous quarter and up 9% from a year earlier.
Shipments in the region took a 250,0000 mt hit from the troubles in Mexico.
Overall earnings
Company-wide, ArcelorMittal logged sales of $15.7 billion in Q3’25, a 2% rise from the previous quarter and a 3% jump from the same period last year.
Quarterly net income attributable to equity holders of the parent, at $300 million, was down 79% q/q but up 31% y/y.
“While markets are challenging and tariff-related headwinds persist, we are seeing signs of stabilization and are optimistic on the outlook for our business in 2026, when we will benefit from more supportive industry policies in key markets,” ArcelorMittal CEO Aditya Mittal said in a statement on Thursday.
