US steel tariffs still cost ArcelorMittal $600 million a year, CFO says

ArcelorMittal SA

30/07/2026 10:56

By Javi West Larrañaga
July 30 (Reuters) - U.S. tariffs on imported steel are still costing ArcelorMittal MT.AS about $150 million per quarter, as they impact the steelmaker's Canadian exports, its finance chief said on Thursday.
"We continue to incur the target cost of about $600 million (a year) in Canada," Genuino Christino said in an interview with Reuters.
Canada's response in the form of tariffs have not been enough to offset the impact on the Luxembourg-based group's operations in the country, though they are helping the sector there, Christino said.
"What is also good is that we have not lost market share, we continue to ship to the U.S. automotive industry (as) ArcelorMittal is seen as a market leader with the best technology and the best products," he added.
In July 2025, ArcelorMittal estimated the tariff hit on its core earnings at $150 million a quarter, though it said also back then that its high value-added material was hard to replace.
Earlier on Thursday, the company posted second-quarter core earnings of $2.06 billion, which beat market expectations according to an LSEG poll of analysts.

(Reporting by Javi West Larrañaga in Gdansk, editing by Milla Nissi-Prussak)
((Javier.West@thomsonreuters.com; +34 918 35 61 12;))