ArcelorMittal - New York Shares - Level III

Strong Q1 Financial Performance: ArcelorMittal reported an EBITDA per ton of $116 in Q1 2025, double the previous cyclical lows, demonstrating resilience despite a low cycle price environment. The Mining segment, particularly Liberia, achieved record production and shipments, signaling operational strength.

Positive Outlook for Q2: The company expects Q2 EBITDA to be significantly higher than Q1, driven by improved European market spreads, seasonal recovery in Brazil, and higher volumes. European trade actions have strengthened safeguards and reduced imports, creating a more favorable market for domestic producers.

Continued CapEx Strategy Amidst Cash Flow Generation: The company maintained an underlying free cash flow of approximately $700 million in Q1, excluding seasonal working capital investments. ArcelorMittal will continue a capital return policy, initiating a long-term share buyback program through 2030, demonstrating commitment to returning capital to shareholders even at the bottom of the cycle.