ArcelorMittal reported second-quarter net profit of $683 million, down sharply from $1.79 billion in the same period last year and missing the $802 million consensus estimate provided by the company. The Luxembourg-based steelmaker attributed the decline to lower steel prices and weaker demand in key markets.

Despite the profit drop, the company said supportive trade measures have improved the outlook for its European business, and it expects second-half sales to outperform the first six months of the year. Management highlighted that safeguard measures and reduced imports are creating a more favorable environment for European steel producers.

Earnings before interest, taxes, depreciation and amortization—a key profit metric for the group—rose to $2.06 billion from $1.86 billion in the year-prior period, suggesting underlying operational resilience. The company maintained its full-year capital expenditure guidance of approximately $4.5 billion.