ArcelorMittal continues to shoulder an estimated $150 million of tariff-related costs each quarter linked to U.S. duties on steel exported from its Canadian operations, the company’s chief financial officer confirmed on Thursday.
The Luxembourg-based steelmaker faces an annualized tariff load near $600 million on those Canadian exports, Genuino Christino told reporters. Christino said that although Canada has imposed retaliatory tariffs, those measures have not fully neutralized the financial effect on ArcelorMittal’s Canadian facilities, even if they provide some support across the domestic steel industry.
Despite the tariff burden, ArcelorMittal said it has kept its market share in the U.S. automotive sector. Christino emphasized that the company continues to supply American automakers and that its technology and product offerings remain hard for competitors to replicate, helping sustain its position in that end market.
The company first disclosed the $150 million quarterly tariff impact in July 2025, highlighting the specialized nature of its high value-added materials. That disclosure has remained the figure the company publicly attributes to the tariff effect on its Canadian exports.
On the earnings front, ArcelorMittal reported second-quarter core earnings of $2.06 billion on Thursday, a result that topped analyst forecasts compiled by LSEG. The company’s earnings release and the comments from its finance chief together sketch a profile of a business generating significant underlying profit while simultaneously absorbing a material policy-driven cost.
Summary
ArcelorMittal is still absorbing roughly $150 million per quarter in costs from U.S. steel tariffs on Canadian exports, equating to about $600 million annually. Canada’s retaliatory tariffs provide some sector support but do not fully offset the impact on the company’s Canadian operations. The firm reported second-quarter core earnings of $2.06 billion, exceeding analyst expectations compiled by LSEG, and maintains supply relationships with U.S. automakers.
Key points
- The company reports an ongoing quarterly tariff cost of about $150 million, or roughly $600 million per year.
- Canadian retaliatory tariffs assist the domestic steel sector but have not balanced ArcelorMittal’s Canadian financial impact.
- ArcelorMittal posted second-quarter core earnings of $2.06 billion, beating analyst forecasts compiled by LSEG, and continues to supply U.S. automakers.
Risks and uncertainties
- The persistence of tariff-related costs poses ongoing pressure on the company’s Canadian operations and could affect margins in that business segment.
- Canadian retaliatory tariffs have not fully offset the tariff burden for ArcelorMittal’s Canadian facilities, leaving exposure to trade policy developments.
- Maintaining market position in the U.S. automotive sector is important, but the company continues to bear the cost implications of the tariffs while competing in that market.