ArcelorMittal reported strong operational performance and cash flows for the first quarter of 2025, with an EBITDA per ton of $116, which is double the level compared to previous cyclical lows. The company generated approximately $700 million in underlying free cash flow, excluding seasonal working capital and discretionary growth CapEx.
The Liberia iron ore expansion project is on track and on budget, achieving record production and shipments in Q1 2025, and is expected to add $450 million in additional EBITDA at capacity. In India, the Phase 1 expansion at Hazira is on schedule, and a 1-gigawatt solar-wind renewable project began supplying AM/NS India in September 2024.
ArcelorMittal completed its 85 million share buyback program on April 1, 2025, and immediately commenced a new long-term share buyback program through May 2030. The company's dividend has increased by over 80% since 2020 to $0.55 per share. The new state-of-the-art Electric Arc Furnace (EAF) at Calvert is commissioning, with the first slab anticipated by the end of Q2 2025, and a new 150,000-ton electrical steel facility is being established at Calvert to address the U.S. market deficit.
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