Adds comparison to peers, Q2 shipments in and capex outlook in paragraphs 9-11

By Anna Peverieri

July 31 (Reuters) - ArcelorMittal MT.AS, the world's second largest steelmaker, reported quarterly earnings slightly above market expectations on Thursday, but trimmed its forecasts for steel demand due to U.S. President Donald Trump's tariffs.

The Trump administration rolled out some of its first trade measures with a 25% tariff on most imported steel and aluminium in March. It doubled the rate to 50% for most countries in June.

ArcelorMittal's core earnings (EBITDA) were $1.86 billion in the second quarter, just above analysts' consensus of $1.85 billion provided by the company.

The results were helped by a positive price-cost effect in Europe, where improved selling prices outpaced input cost growth, and a higher contribution from India, the Luxembourg-based group said.

It cut its annual forecast for global steel demand outside of China, citing weaker U.S. consumption and trade disruptions.

It sees growth of 1.5% to 2.5% in global steel demand this year excluding China, which is the world's top consumer and producer of the metal, compared with the forecast of 2.5% to 3.5% it had given in February.

Tariff concerns and subdued economic activity have dampened demand in the U.S., where apparent steel consumption was expected to stay unchanged or decline by up to 2% in 2025, down from 1% to 3% previously.

ArcelorMittal said European demand was holding up better than other regions, but trimmed its 2025 forecast for apparent steel consumption growth to between -0.5% and +1.5%, reflecting limited tariff impacts and support from lower interest rates.

The positive comments about Europe come in contrast with more downbeat views from European peers, with Acerinox ACX.MC and SSAB SSABa.ST having earlier flagged weak demand, high inventories and tariff-driven market uncertainty in the region.

ArcelorMittal shipped some 13.8 million tonnes of steel in the second quarter, slightly down from the same period last year but up 1.4% from the first quarter of 2025.

It confirmed it would invest between $4.5 billion and $5.0 billion this year, mainly in Brazil, India and the United States.

(Reporting by Anna Peverieri in Gdansk, editing by Milla Nissi-Prussak)

((anna.peverieri@thomsonreuters.com
+48 58 746 90 23))