Company Overview

ArcelorMittal S.A. operates as one of the world's leading integrated steel and mining companies. It serves diverse customers in the automotive, engineering, construction, and machinery industries across 60 countries, with primary steelmaking facilities in 15 countries. As of September 19, 2025, the company maintains a market capitalization of $28.94 billion, positioning it among the largest steel producers globally. The company employs 125,420 people as of September 2025 and remains a major force in the global steel industry through its comprehensive operations spanning mining, steelmaking, and distribution.

Business Operations and Product Portfolio

ArcelorMittal operates through five key segments:

- North America: Focusing on flat products including slabs, hot-rolled coil, cold-rolled coil, coated steel, and plate.

- Brazil: Covering wire rod, bar and rebars, billets, blooms, and wire drawing.

- Europe: Offering hot-rolled coil, cold-rolled coil, coated products, tinplate, plate, and slab.

- Africa and Commonwealth of Independent States (ACIS): Producing a combination of flat, long, and tubular products.

- Mining: Focusing on iron ore and coal mining operations.

The company offers a comprehensive range of steel products including semi-finished and finished flat products, long products, seamless and welded pipes, along with mining products such as iron ore lumps, fines, concentrates, pellets, and coking coal.

Financial Performance and Key Metrics

2024 Full Year Results

For 2024, ArcelorMittal generated revenues of $62.4 billion and produced 57.9 million metric tonnes of crude steel and 42.4 million tonnes of iron ore. The company achieved EBITDA of $7.1 billion ($130 per tonne) and adjusted net income of $2.3 billion ($2.95 per share). ArcelorMittal generated $4.9 billion in operating cash flow, invested $2.8 billion in maintenance capex, and maintained net debt of $5.1 billion at year-end 2024.

Q2 2025 Performance

For Q2 2025, the company reported EBITDA of $1.9 billion with a margin of $135 per tonne, net income of $1.8 billion (EPS of $2.35 per share), and adjusted net income of $1.0 billion (adjusted EPS of $1.32 per share). Q2 2025 revenue reached $15.93 billion, exceeding forecasts, with earnings per share of $1.32 surpassing expectations.

Strategic Growth Initiatives

The company's strategic growth projects, combined with recent M&A activities, are expected to increase future EBITDA potential by $2.1 billion, with a targeted EBITDA benefit of $0.7 billion for 2025.

Key Projects and Investments

- Liberia Expansion: Record quarterly iron ore production and shipments from Liberia, remaining on track to achieve full expanded 20Mt capacity by end 2025.

- Calvert EAF Facility: Successfully commissioned new 1.5Mt EAF facility designed to supply exposed automotive grades, with first slabs cast during Q2 2025.

- Renewable Energy: Significant investments in solar and wind energy projects, particularly in Brazil and India.

- Acquisitions: Acquired control of Brazilian pipe producer Tuper and regained control of AMTBA to accelerate growth in high-value tubular and automotive markets.

Shareholder Returns and Capital Allocation

In 2024, ArcelorMittal repurchased 52 million shares, reducing outstanding shares by 6.3%, with the Board proposing to increase the annual base dividend to $0.55 per share for FY 2025. Since September 2020, the company has reduced its fully diluted shares outstanding by 38% through buybacks. The company maintains a capital allocation policy of returning a minimum of 50% of post-dividend annual free cash flow to shareholders.

Safety and Sustainability Focus

Safety remains an overarching priority with Lost Time Injury Frequency (LTIF) rate improving to 0.70x in FY 2024 from 0.92x in FY 2023. The company is implementing a three-year safety transformation program based on six core safety-audit recommendations. ArcelorMittal's purpose focuses on producing smarter steels using innovative processes that use less energy, emit significantly less carbon, reduce costs, and support renewable energy infrastructure.

Stock Listings and Trading

ArcelorMittal is listed on multiple exchanges including New York (MT), Amsterdam (MT), Paris (MT), Luxembourg (MT), and Spanish stock exchanges of Barcelona, Bilbao, Madrid, and Valencia (MTS).

ArcelorMittal continues to demonstrate resilience in challenging market conditions while investing in growth opportunities and maintaining strong returns to shareholders through its diversified global operations and strategic initiatives.