ArcelorMittal S.A.

What they do

ArcelorMittal operates steelmaking and finishing facilities across North and South America, Europe, Asia, and Africa, along with iron ore mining operations in Canada and Liberia. The company produces flat and long steel products and is developing lower-emission steelmaking technologies, including electric arc furnaces and hydrogen-based processes. It also holds a joint venture interest in AMNS India, which it operates and which operates the Hazira steel complex.

Revenue drivers

• Europe segment — This is the largest reporting segment by steel shipments and includes flat carbon steel operations in France, Belgium, Spain, Germany, Poland, and other European countries; it sells to automotive, construction, packaging, and machinery customers.
• NAFTA segment — This segment includes steel operations in Canada, Mexico, and the United States, including ArcelorMittal Dofasco and the Calvert joint venture in Alabama; it serves automotive, appliance, construction, and energy markets.
• Brazil segment — This segment covers flat and long steel production in Brazil and Argentina, including ArcelorMittal Brasil and Acindar, serving regional construction, automotive, and industrial customers.
• Mining segment — This segment produces iron ore from ArcelorMittal Mining Canada and the Liberia operations, with output consumed internally by the steel segments and sold externally.

Recent performance

ArcelorMittal filed its 2025 annual report on Form 20-F on March 6, 2026. The filing includes financial statements for the fiscal year ended December 31, 2025, showing segment-level data for NAFTA, Brazil, Europe, ACIS, and Mining, with reconciliations of equity attributable to owners of the parent and noncontrolling interests. The filing also references the June 2025 acquisition of the remaining interest in ArcelorMittal Tailored Blanks Americas (AMTBA), the Calvert joint venture with Nippon Steel, and the AMNS India operations. No specific revenue, net income, or shipment figures are available in the excerpt provided.

Strategy

The company is investing in lower-emission steelmaking technologies, including electric arc furnaces and hydrogen-based direct reduced iron, under its XCarb initiative. It is expanding its presence in India through AMNS India and has acquired the remaining interest in ArcelorMittal Tailored Blanks Americas. It is also evaluating growth in the renewables sector through ArcelorMittal AM Green Energy India Private Limited. The company continues to operate the Kryvyi Rih steel plant in Ukraine and has mining operations in Canada and Liberia. Management priorities include maintaining cost competitiveness and progressing decarbonization projects.

Risks

• Ukraine operational risk — The company's Kryvyi Rih steel plant in Ukraine continues to operate under wartime conditions, with potential disruption to production and shipments.
• Steel price and demand cyclicality — Revenue is sensitive to global steel prices and demand from key end-markets such as automotive and construction, which can compress margins during downturns.
• Energy and raw material cost volatility — Profitability depends on the cost of iron ore, coking coal, electricity, and natural gas, which can fluctuate significantly and affect segment results.
• Regulatory and decarbonization costs — Increasing environmental regulations, particularly in Europe, may require substantial capital expenditures for emissions reduction, affecting free cash flow.

Outlook

The filing does not provide forward-looking guidance in the excerpt. Management's stated priorities include progressing decarbonization projects and maintaining a competitive cost position. Ongoing geopolitical uncertainty, particularly in Ukraine, and global steel demand conditions remain key variables. The company continues to evaluate growth opportunities in India and renewable energy.