ArcelorMittal Trims Steel Demand Forecast Amid Trump Tariffs

In July 2025, ArcelorMittal, the world's second-largest steelmaker, reported its quarterly financial results. The company's earnings before interest, taxes, depreciation, and amortization (EBITDA) for the second quarter were $1.86 billion, slightly above the market consensus estimate of $1.85 billion.

The positive performance was driven by a favorable price-cost effect in Europe, where improved selling prices outpaced input cost increases, as well as a higher contribution from the company's operations in India. However, ArcelorMittal was forced to cut its annual forecast for global steel demand outside of China, citing weaker U.S. consumption and trade disruptions caused by the tariffs imposed by President Trump.

The company now expects global steel demand growth, excluding China, to be in the range of 1.5% to 2.5% this year, down from its previous forecast of 2.5% to 3.5%. In the U.S., ArcelorMittal expects apparent steel consumption to remain unchanged or decline by up to 2% in 2025, compared to its earlier projection of 1% to 3% growth. The company also trimmed its 2025 forecast for European steel demand growth to between -0.5% and +1.5%, from a previous range of 0% to 2%.

Despite the challenges posed by the tariffs and subdued economic activity, ArcelorMittal remains cautiously optimistic about the overall steel market, with the company's quarterly results demonstrating its ability to navigate the evolving industry landscape.