US Steel Tariffs Continue To Cost ArcelorMittal $600 Million Annually
US tariffs on imported steel continue to cost global steelmaker ArcelorMittal about $150 million per quarter, or roughly $600 million annually, as the measures continue to weigh on the company’s exports from Canada.
Chief Financial Officer Genuino Christino said the company continues to absorb the financial impact of the tariffs despite Canada’s retaliatory trade measures.
“We continue to incur the targeted cost of about $600 million a year in Canada,” Christino said.
He noted that while Canada’s counter-tariffs have helped support the domestic steel industry, they have not been enough to offset the impact on ArcelorMittal’s Canadian operations.
Christino said the company has nevertheless maintained its position in the US automotive market.
We have not lost market share. We continue to ship to the US automotive industry because ArcelorMittal is seen as a market leader with the best technology and the best products,” he said.
In July 2025, ArcelorMittal estimated that the tariffs would reduce its core earnings by about $150 million per quarter, while maintaining that its high-value steel products would remain difficult for customers to replace.
Earlier on Thursday, the Luxembourg-based steelmaker reported second-quarter core earnings of $2.06 billion, beating analysts’ expectations.