US Tariffs Corrode Steelmaker ArcelorMittal's Profitability

Steel coils sitting in the yard at ArcelorMittal Dofasco's steel mill in Hamilton, Canada, which now face 50 percent tariffs to enter the United States (Credit: AFP)

The world's number two steelmaker, ArcelorMittal, said on Thursday its half-year net profit jumped on exceptional items but US tariffs began to eat into its margin.

Net profit for the period from January through June rose 39 percent from the same period in 2024 to hit $2.6 billion, thanks to a $1.7 billion exceptional gain from acquiring a stake in a US unit ceded by Nippon Steel.