Steel Mills

ArcelorMittal posts solid results as commissioning of Calvert EAF begins
Written by Laura Miller
February 6, 2025
AM/NS Calvert has begun commissioning its new electric-arc furnace, with plans to reach its full annual run rate of 1.65 million short tons a year from now.
ArcelorMittal CEO Aditya Mittal said the EAF’s ability to produce exposed automotive grades will be “game-changing.” However, due to the stringent qualifications process to supply automotive-quality steels, the ramp-up of the furnace will be slower.
The EAF should achieve a full ramp-up in volumes “roughly 12 months from today,” Mittal said on an earnings call on Thursday.
The announcement and call came alongside the release of the global steel giant’s fourth-quarter and full-year 2024 earnings report and news on the construction of a new electrical steel facility in Alabama.
With weak demand across 2024, ArcelorMittal believes the steel industry is at a cyclical low point. “Headwinds should ease in 2025,” it noted in an earnings presentation, and demand growth is expected.
“Whilst near-term demand remains subdued, inventory levels are low, especially in Europe, so the company is optimistic that restocking activity will supplement real demand improvement, in time,” it said.
Mittal commented that the company will focus on completing the Calvert EAF’s commissioning and completing the electrical steel line before starting on adding a second EAF at Calvert.
The company has been planning to double the capacity at its hot-briquetted iron plant in Corpus Christi, Texas. However, Mittal said they will reevaluate the expansion after completing the Calvert projects. This delay is linked to ArcelorMittal’s decarbonization plans in Europe, which have slowed, awaiting more supportive policy and market environments.
Highlights from the company’s North American operational results are included below.
ArcelorMittal North America
Fourth quarter ended Dec. 31 | 2024 | 2023 | Change |
---|---|---|---|
Net sales | $2,625 | $2,942 | -10.8% |
EBITDA | $289 | $437 | -33.9% |
Flat steel shipments (mt) | 1,883,000 | 2,185,000 | -13.8% |
Year ended Dec. 31 | |||
Net sales | $11,896 | $12,978 | -8.3% |
EBITDA | $1,819 | $2,452 | -25.8% |
Flat steel shipments (mt) | 8,022 | 8,220 | -2.4% |
The company said declining steel prices were the main cause of lower earnings results for its North American operations.
Volumes continued to recover in Mexico following the months-long shutdown of the Lazaro Cardenas mill last year, the company said. Crude steel production at the mill continued to normalize in Q4’24, with a full recovery in output anticipated in the current quarter.
AM/NS Calvert
Fourth quarter ended Dec. 31 | 2024 | 2023 | Change |
---|---|---|---|
Net sales | $1,010 | $1,114 | -9.3% |
EBITDA | $134 | $90 | 48.9% |
Shipments (mt) | 941,000 | 1,015,000 | -7.3% |
Year ended Dec. 31 | |||
Net sales | $4,544 | $4,860 | -6.5% |
Net earnings (loss) | $614 | $374 | 64.2% |
Shipments (mt) | 4,232 | 4,469 | -5.3% |
Weaker demand and lower shipments drove a 4.1% sequential decline in AM/NS’ fourth-quarter sales, while lower costs pushed EBITDA 7.0% higher, according to the earnings report.
Remember, AM/NS Calvert is a joint venture of ArcelorMittal and Nippon Steel.

Laura Miller
Read more from Laura MillerLatest in Steel Mills

Nucor earnings slump in first quarter, but better times seen ahead
Nucor’s profits fell precipitously in the first quarter, but the company has a rosier outlook for the following quarter.

Nucor names Batterbee, Bledsoe to HR roles
Nucor Corp. has promoted Thomas J. Batterbee to the position EVP of human resources and talent and appointed Elizabeth Bledsoe to the newly created position of president of human resources and talent.

Millett sees tariffs, CORE case benefiting SDI
Steel Dynamics' top exec thinks Trump’s tariff policies, as well as the results from the recent CORE case, will prove advantageous to the Fort Wayne, Ind.-based steelmaker and aluminum company.

USW digs in on opposition to USS-Nippon deal
“We remain deeply concerned about the national and economic security implications of the subject transaction,” the union stated in the letter dated April 21.

SDI’s Q1 earnings slump on-year, but up sequentially
SDI earnings slip in first quarter year over year, but are up sequentially.