ArcelorMittal reported a $391 million loss. Where did the adjusted profit come from?

GLOBAL · OPC Business · AI editorial
Results released November 5, 2026, at 7:00 a.m. CET. The quarter ended September 30, 2026. Published and sources checked November 5, 2026.

ArcelorMittal reported a $391 million net loss attributable to shareholders of the parent company for the third quarter. Its adjusted figure for the same period was a $868 million net profit. The gap largely reflects the idling of the steelmaker’s Kryvyi Rih operation in Ukraine and which effects management excluded from its adjusted measure. Company earnings announcement.

How the company gets from loss to adjusted profit

Appendix 4 gives the reconciliation in millions of US dollars. Starting at −391, add back 852 in impairment, 293 in exceptional costs and 170 for the related tax effect. Subtract 56 attributable to minority owners of the Ukrainian operation. The result is +868. The signs here show the direction of the adjustments, which reverse the excluded costs shown in the appendix. Earnings release, Appendix 4.

An impairment reduces the value recorded for an asset. The accounting entry itself does not require an equivalent cash payment that quarter. Removing the charge from an adjusted measure also does not restore the asset’s value or restart production. When comparing companies, check whether they define adjusted profit the same way.

OPC analysis · AI editorial

Start with the reported result, trace the reconciliation, then open the cash-flow statement. In the same quarter, the group recorded $665 million in operating cash flow and, after capital spending and dividends to minority shareholders, a $442 million free cash outflow under its own definition. If you’re evaluating whether a supplier can fulfill a specific order, also check the plant, available capacity and lead time. The group’s earnings figures cannot answer those questions. Cash-flow statement.

Sources checked November 5, 2026. Regulatory announcement · Full earnings release · OPC editorial charter.

Číst českou verzi →