olivLaw · US equity research
ArcelorMittal MT
Steel Works, Blast Furnaces & Rolling Mills (Coke Ovens) · SIC 3312 · Vertical: Steel Works, Blast Furnaces & Rolling Mills (Coke Ovens) (SIC 3312)
ArcelorMittal is one of the world's leading integrated steel and mining companies, with steel-making operations in 14 countries and about 125,554 employees as of December 31, 2025. The company is investing now in decarbonization through electric arc furnaces, renewable energy and an expanded iron ore operation in Liberia.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 05 Nov 2026, ArcelorMittal (MT) stock was 60.42 USD (−3.31% on the day), with market capitalisation 46.0 bn USD, P/E 14.7 on diluted EPS of 4.11 USD over the last 12 months, dividend yield 1.18%, beta 1.46, 52-week range 37.86–78.74 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 41.8
- weak (30–45)
- Bollinger (20, 2)
- 58.77 – 64.79
- in the lower half of the band · %B 0.27 · band width 9.7%
- SMA 50 / 200
- 67.61 / 63.94
- mixed trend
- MACD (12, 26, 9)
- -1.72 / -2.07
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −7.3% | −1.1% | −6.2 pp | — |
| 3 months | −17.5% | −0.5% | −17.0 pp | — |
| 6 months | −1.2% | +4.4% | −5.6 pp | — |
| Year to date | +32.6% | +12.3% | +20.3 pp | — |
| 1 year | +61.5% | +13.5% | +47.9 pp | +7.2% |
| 3 years | +158.1% | +76.4% | +81.7 pp | +13.6% |
| 5 years | +86.1% | +63.7% | +22.4 pp | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 88 percentile of its own 8-quarter history (min 2.4, median 9.2, max 26.0; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 76.0 bn | 70.6 bn | 53.3 bn | 76.6 bn | 79.8 bn | 68.3 bn | 62.4 bn | 61.4 bn |
| Revenue YoY | +10.7% | −7.1% | −24.6% | +43.7% | +4.3% | −14.5% | −8.5% | −1.7% |
| Net income | 5.1 bn | -2.5 bn | -733.0 m | 15.0 bn | 9.3 bn | 919.0 m | 1.3 bn | 3.2 bn |
| Net income YoY | +12.7% | −147.7% | unavailable | unavailable | −37.8% | −90.1% | +45.7% | +135.4% |
| Diluted EPS | 5.04 | -2.42 | -0.64 | 13.49 | 10.18 | 1.09 | 1.69 | 4.11 |
| Diluted EPS YoY | +13.0% | −148.0% | unavailable | unavailable | −24.5% | −89.3% | +55.0% | +143.2% |
| net % | 6.8% | -3.5% | -1.4% | 19.5% | 11.7% | 1.3% | 2.1% | 5.1% |
| Free cash flow | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 5.4 bn USD
- Financial debt
- 11.8 bn USD
- Net debt
- 6.4 bn USD
- Equity
- 56.5 bn USD
- Total assets
- 97.7 bn USD
- Debt / equity
- 0.21x
- Current ratio
- 1.36x
- ROE
- 5.8%
- ROA
- 3.4%
- FCF margin
- unavailable
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 53.3 bn | 76.6 bn | 79.8 bn | 68.3 bn | 62.4 bn | 61.4 bn | SEC (XBRL)· 06 Mar 2026verified |
| Cost of revenue | 49.1 bn | 57.3 bn | 67.3 bn | 63.5 bn | 56.7 bn | 57.0 bn | SEC (XBRL)· 06 Mar 2026verified |
| Gross profit | 4.1 bn | 19.2 bn | 12.5 bn | 4.7 bn | 5.8 bn | 4.4 bn | SEC (XBRL)· 06 Mar 2026verified |
| Research & development | 245.0 m | 270.0 m | 286.0 m | 299.0 m | 285.0 m | 335.0 m | SEC (XBRL)· 06 Mar 2026verified |
| Operating income | 2.1 bn | 17.0 bn | 10.3 bn | 2.3 bn | 3.3 bn | 3.6 bn | SEC (XBRL)· 06 Mar 2026verified |
| Depreciation & amortisation | 3.0 bn | 2.5 bn | 2.6 bn | 2.7 bn | 2.6 bn | 2.9 bn | SEC (XBRL)· 06 Mar 2026verified |
| EBITDA | 5.1 bn ≈ | 19.5 bn ≈ | 12.9 bn ≈ | 5.0 bn ≈ | 5.9 bn ≈ | 6.6 bn ≈ | SEC (XBRL)· 06 Mar 2026derived |
| Pre-tax income | 1.1 bn | 18.0 bn | 11.3 bn | 1.3 bn | 2.9 bn | 3.6 bn | SEC (XBRL)· 06 Mar 2026verified |
| Income tax | 1.7 bn | 2.5 bn | 1.7 bn | 238.0 m | 1.5 bn | 359.0 m | SEC (XBRL)· 06 Mar 2026verified |
| Net income | -733.0 m | 15.0 bn | 9.3 bn | 919.0 m | 1.3 bn | 3.2 bn | SEC (XBRL)· 06 Mar 2026verified |
| Diluted EPS | -0.64 | 13.49 | 10.18 | 1.09 | 1.69 | 4.11 | SEC (XBRL)· 06 Mar 2026verified |
| Weighted average diluted shares | 1.1 bn | 1.1 bn | 914.0 m | 845.0 m | 791.0 m | 766.0 m | SEC (XBRL)· 06 Mar 2026verified |
| Dividend per share | 0.17 | 0.63 | 0.82 | 0.65 | 0.75 | 0.71 | SEC (XBRL)· 06 Mar 2026derived |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 5.6 bn | 4.2 bn | 9.3 bn | 7.7 bn | 6.4 bn | 5.4 bn | SEC (XBRL)· 06 Mar 2026verified |
| Receivables | 3.1 bn | 5.1 bn | 3.8 bn | 3.7 bn | 3.4 bn | 3.5 bn | SEC (XBRL)· 06 Mar 2026verified |
| Inventories | 12.3 bn | 19.9 bn | 20.1 bn | 18.8 bn | 16.5 bn | 18.6 bn | SEC (XBRL)· 06 Mar 2026verified |
| Current assets | 28.0 bn | 34.9 bn | 37.1 bn | 33.2 bn | 29.4 bn | 30.6 bn | SEC (XBRL)· 06 Mar 2026verified |
| Property, plant & equipment, net | 30.6 bn | 30.1 bn | 30.2 bn | 33.7 bn | 33.3 bn | 41.0 bn | SEC (XBRL)· 06 Mar 2026verified |
| Intangibles (excl. goodwill) | 320.0 m | 494.0 m | 1.1 bn | 1.2 bn | 848.0 m | 986.0 m | SEC (XBRL)· 06 Mar 2026verified |
| Total assets | 82.1 bn | 90.5 bn | 94.5 bn | 93.9 bn | 89.4 bn | 97.7 bn | SEC (XBRL)· 06 Mar 2026verified |
| Accounts payable | 11.5 bn | 15.1 bn | 13.5 bn | 13.6 bn | 12.9 bn | 13.0 bn | SEC (XBRL)· 06 Mar 2026verified |
| Short-term debt | 1.6 bn | 888.0 m | 1.0 bn | 980.0 m | 1.0 bn | 1.1 bn | SEC (XBRL)· 06 Mar 2026verified |
| Long-term debt | 9.8 bn | 6.5 bn | 9.1 bn | 8.4 bn | 8.8 bn | 10.7 bn | SEC (XBRL)· 06 Mar 2026verified |
| Current liabilities | 22.7 bn | 24.2 bn | 22.4 bn | 21.8 bn | 21.8 bn | 22.5 bn | SEC (XBRL)· 06 Mar 2026verified |
| Total liabilities | 41.8 bn | 39.2 bn | 39.0 bn | 37.8 bn | 38.1 bn | 41.2 bn | SEC (XBRL)· 06 Mar 2026verified |
| Equity | 40.2 bn | 51.3 bn | 55.6 bn | 56.1 bn | 51.3 bn | 56.5 bn | SEC (XBRL)· 06 Mar 2026verified |
| Shares outstanding at year end | 1.1 bn | 910.9 m | 805.3 m | 819.3 m | 768.5 m | 761.1 m | SEC (XBRL)· 06 Mar 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 4.1 bn | 9.9 bn | 10.2 bn | 7.6 bn | 4.9 bn | 4.8 bn | SEC (XBRL)· 06 Mar 2026verified |
| Investing cash flow | -2.0 bn | -340.0 m | -4.5 bn | -5.8 bn | -5.0 bn | -4.6 bn | SEC (XBRL)· 06 Mar 2026verified |
| Financing cash flow | -1.5 bn | -10.9 bn | -477.0 m | -3.7 bn | -680.0 m | -1.8 bn | SEC (XBRL)· 06 Mar 2026verified |
| Dividends paid | 181.0 m | 572.0 m | 663.0 m | 531.0 m | 580.0 m | 542.0 m | SEC (XBRL)· 06 Mar 2026verified |
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
Score: 48 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
05 Nov 2026Source: olivLaw, closing series
Market cap: 46.0 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet70
- Returns17
- Quality54
- Growth0
- Valuation75
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 73.49 – 128.33 USD.
Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDA73.49 – 101.82 (Mid 84.40)4 companies used · median multiple 10.7x · quartiles 9.5x – 12.8xCRS, STLD, SXC, TWI
- Peers: P/E79.90 – 128.33 (Mid 113.90)6 companies used · median multiple 27.7x · quartiles 19.4x – 31.2xCMC, CRS, MTUS, NUE, STLD, TS
- Dividend discount (DDM)outside the aggregate9.36 – 12.58 (Mid 10.73)a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 48/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 5.6% | 57 (vs peers) | 14% |
| Net margin · Quality | 5.1% | 50 (vs peers) | 8% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -8.4% | 0 (on a fixed band) | 11% |
| EPS CAGR 3Y · Growth | -26.1% | 0 (on a fixed band) | 11% |
| Net debt / EBITDA · Balance sheet | 1.0x | 80 (vs peers) | 14% |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 1.4x | 47 (on a fixed band) | 6% |
| P/E (TTM) · Valuation | 14.7x | 86 (vs peers) | 14% |
| EV/EBITDA · Valuation | 8.0x | 64 (on a fixed band) | 14% |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | 1.2% | 17 (on a fixed band) | 8% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet70/100 · 2/3 factors with a value
- Growth0/100 · 2/2 factors with a value
- Quality54/100 · 2/3 factors with a value
- Returns· partial17/100 · 1/2 factors with a value
- Valuation75/100 · 2/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
ArcelorMittal (MT). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 61.4 bn USD in 2025; YoY growth -1.7%; net margin 5.1%; ROE 6.1%; net debt/EBITDA 1.0x.
The estimated value range is 76.70–115.07 USD per share (median of 2 methods, agreement: same basis (multiples on one peer group, not independent confirmations)); assumptions are illustrative. Against the central value of 99.15 USD, the price of 60.42 USD leaves a potential of 64.1% (value / price − 1) and a margin of safety of 39.1% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 48/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Net debt / EBITDA: 1.0x
- P/E (TTM): 14.7x
- The price is below the estimated value range
What contradicts it
- Revenue CAGR 3Y: -8.4%
- EPS CAGR 3Y: -26.1%
- Shareholder yield (distributions): 1.2%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, Interest coverage, FCF yield, Payout ratio (FCF).
Versus the vertical median
Steel Works, Blast Furnaces & Rolling Mills (Coke Ovens) (SIC 3312) · same industry (4-digit SIC) · compared with 12 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| TXTernium S.A. | 97.5 bn | 221.1 | 3.6% | 2.7% | −11.6% | +32% / +23% |
| NUENucor Corp | 60.8 bn | 35.6 | 8.2% | 5.4% | +5.7% | +68% / +58% |
| TSTenaris SA | 60.6 bn | 31.4 | 11.6% | 16.1% | −4.3% | +41% / +63% |
| MTArcelorMittal | 46.0 bn | 14.7 | 6.1% | 5.1% | −1.7% | +61% / +158% |
| STLDSteel Dynamics, Inc. | 34.1 bn | 17.7 | 20.8% | 8.8% | +3.6% | +43% / +102% |
| CRSCarpenter Technology Corporation | 13.8 bn | 24.6 | 27.8% | 17.9% | +8.6% | −12% / +294% |
| CMCCommercial Metals Company | 6.8 bn | 10.6 | 14.8% | 7.0% | +20.5% | −2% / +37% |
| SXCSuncoke Energy, Inc. | 823.3 m | — | -8.5% | -2.9% | −5.1% | +49% / +4% |
| MTUSMetallus Inc. | 650.2 m | 30.8 | 3.4% | 1.9% | +6.9% | −7% / −22% |
| TWITitan International, Inc. | 303.7 m | — | -22.9% | -5.7% | −0.9% | −42% / −64% |
| ASTLAlgoma Steel Group Inc. | — | — | -98.5% | -47.2% | −25.4% | +17% / −41% |
| SIMGRUPO SIMEC, S.A.B. de C.V. | — | — | 19.2% | 31.2% | −18.2% | −8% / −15% |
| PKXPosco Holdings Inc. | — | — | 2.1% | 1.5% | −4.7% | −8% / −48% |
1- and 3-year price returns: for MT from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 32.55 Total return -45% · Per year -45% | 57.84 Total return -3% · Per year -3% | 87.51 Total return 46% · Per year 46% |
| 3 years | 25.85 Total return -55% · Per year -23% | 52.20 Total return -10% · Per year -4% | 87.51 Total return 49% · Per year 14% |
| 5 years | 20.52 Total return -63% · Per year -18% | 47.11 Total return -17% · Per year -4% | 87.51 Total return 52% · Per year 9% |
- Exit P/E± 13.05
- Net margin± 9.13
- Annual revenue growth± 8.25
- Annual dilution± 0.77
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 06 Mar 2026; since then the company filed 6-K (04 Nov 2026), 6-K (02 Nov 2026), 6-K (28 Oct 2026), 6-K (26 Oct 2026), 6-K (19 Oct 2026), 6-K (25 Sept 2026).
In brief
ArcelorMittal is one of the world's leading integrated steel and mining companies, with steel-making operations in 14 countries and about 125,554 employees as of December 31, 2025 1. The company is investing now in decarbonization through electric arc furnaces, renewable energy and an expanded iron ore operation in Liberia 1.
SWOT
Strengths
- The company has a wide geographic footprint and a strong presence in Europe and the Americas, built on diversification and integration with mining 1.
- Its capacity to return capital to shareholders, through a defined dividend and buyback policy, is a strength confirmed by the annual report 1.
- The product portfolio is diverse, from flat steel to long products and tubes, which reduces dependence on a single segment 1.
Weaknesses
- The company carries net debt and capital costs linked to large decarbonization investments, and some projects have been dropped or scaled back 1.
- Operations in South Africa were wound down and the Bosnian assets were sold, showing the vulnerability of plants that do not stay profitable 1.
- Reliance on a significant shareholder requires special arrangements to keep voting rights below the 45% threshold 1.
Opportunities
Risks
- Litigation in Italyhigh
The civil claim against the company and ADI board members, along with the international arbitration, could lead to significant payments if courts decide against the company 1.
- Decarbonization costshigh
Investments in electric furnaces and renewable energy are large, and the abandonment of projects in Germany shows plans can be revised if the market does not support them 1.
- Dependence on the significant shareholdermedium
The share repurchase agreement with the significant shareholder could limit the company's control of its shareholder structure if conditions change 1.
- Closure of operationsmedium
Operations in South Africa were wound down and those in Bosnia sold, illustrating the loss risk for plants that are not profitable 1.
- Currency and market exposurelow
Activities across several continents expose the company to currency and price fluctuations, and the report includes significant market risk disclosures 1.
Investment thesis
What would need to be true (bull case)
- If the electric furnace and NOES projects in the US and France are delivered on time, the company could gain positions in higher value-added segments 1.
- The capital return policy and rising dividend, supported by share buybacks, could sustain investor interest if free cash flow stays solid 1.
- Geographic diversification and integration with mining could cushion shocks in particular regions if demand remains balanced 1.
What would break the thesis
- Litigation in Italy could produce large damages or delays, and the outcome remains uncertain 1.
- High decarbonization costs could reduce free cash flow and limit buybacks if net debt rises 1.
- The closure and sale of some plants shows that certain operations can become unprofitable, which could weigh on long-term results 1.
What to watch
- Quarterly results and 2026 guidanceQ1 2026
- Progress of the Italian proceedings and the international arbitration2026
- Progress of the Dunkirk electric furnace and the Calvert NOES project2027
- Shareholder approval of the proposed 0.60 USD per share dividendQ2 2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 06 Mar 2026; since then the company filed 6-K (04 Nov 2026), 6-K (02 Nov 2026), 6-K (28 Oct 2026), 6-K (26 Oct 2026), 6-K (19 Oct 2026), 6-K (25 Sept 2026).
The business
ArcelorMittal produces a broad range of finished and semi-finished steel, including sheet and plate as well as bars, rods and structural shapes, plus pipes and tubes 1. It sells mainly in local markets and to customers in the automotive, appliance, construction and machinery industries across approximately 126 countries 1. Its mining operations produce iron ore in several forms, and mining is integrated into the group's steel-making plants 1.
The company is a public limited liability company incorporated in Luxembourg, formed by the 2007 merger of Mittal Steel and Arcelor 1. Its production is geographically spread: in 2025, about 40% of crude steel was produced in the Americas and about 53% in Europe 1.
Its strategy rests on global scale, technical capabilities, a diverse portfolio of steel and related businesses, and financial capabilities, aiming to hold leading positions in the most attractive parts of the steel value chain 1.
Segments
Flat and long steel
The company produces sheet and plate as well as bars, rods and structural shapes, for markets with different demand: developed economies favour higher value-added flat products, while developing markets use more long products 1.
Iron ore mining
Mining covers lump, fines, concentrate, pellets and sinter feed from operations in North America, South America, Africa and Europe 1. In January 2026 an amended Liberian agreement extended the duration to 2050, with a right to renew for a further 25 years 1.
Decarbonization and energy
Renewable projects such as the one in Andhra Pradesh aim to cut emissions for AMNS India, while planned electric arc furnaces in France and the US could significantly reduce emissions compared with blast furnaces 1.
Market context
The steel market is split between developed economies, where demand shifts toward higher value-added flat products, and developing markets, where long products and commodity grades dominate 1. The company says its products reach automotive, construction and machinery customers in more than 126 countries, and that US domestic NOES supply remains limited 1.
The shares are listed in New York (MT), Amsterdam, Paris, Luxembourg and Spain, and rose 97% in dollar terms in 2025 compared with 2024 1. The company is a member of approximately 105 indices, including STOXX Europe 600 and CAC40 1.
Trends
- Electric arc furnace decarbonizationmixed
The company is building electric arc furnaces in Dunkirk and Mardyck while abandoning its DRI-EAF plans in Germany; if electric furnace costs stay competitive, the transition could continue 1.
- Steel demand for electric vehiclestailwind
Demand for NOES, used in electric and hybrid vehicle motors, is growing rapidly in the US, and the Calvert project could address this demand 1.
- Litigation and arbitration in Italyheadwind
The ADI damages claim and the arbitration against Italy create uncertainty over the final outcome 1.
- Share price recovery and capital returnmixed
The strong share price gain in 2025 and the rising dividend point to a capital return strategy, but it depends on free cash flow and net debt levels 1.
Competitive position
The company competes with other integrated steelmakers and with electric arc furnace producers in Europe, the Americas and Asia 1. Its presence in India through the AMNS India joint venture places it among the larger players in Asia 1.
Its competitive advantages come from geographic diversification, integration with mining, and technical capabilities that allow access to higher value-added segments 1.
- Nippon Steel
Partner in AMNS India and former shareholder in AMNS Calvert, with which the company cooperates in the US and India 1.
- AMNS India
A 60/40 joint venture between ArcelorMittal and Nippon Steel, involved in steel production and renewable projects in India 1.
- Acciaierie d'Italia
Operator of the Italian steel plants under extraordinary administration, with which the company is in litigation 1.
- European steel producers
Competitors in the European market, where the company is the largest producer 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- ArcelorMittal Sees Profit Boost From Tougher EU Steel CurbsBloomberg Markets · 05 Nov 2026 · EN
- Ucrainienii lui Rinat Ahmetov s-au dovedit neserioşi. Cum a ajuns fosta fabrică de ţevi ArcelorMittal din Iaşi să notifice concedierea colectivă a tuturor angajaţilor, la mai puţin de doi ani de la preluarea de către Metinvest?Ziarul Financiar · 03 Nov 2026 · RO
- Rinat Ahmetov, un ucrainean neserios. Cum a ajuns fosta fabrică de ţevi ArcelorMittal din Iaşi să notifice concedierea colectivă a tuturor angajaţilor la mai puţin de doi ani de la preluarea de Metinvest?Ziarul Financiar · 02 Nov 2026 · RO
- Rinat Ahmetov închide fabrica de țevi și profile tubulare de la Iași, fosta Tepro, pe care a cumpărat-o în 2025. Ucraineanul este interesat și de Liberty GalațiCursDeGuvernare.ro · 02 Nov 2026 · RO
- ULTIMA ORĂ DECIZIE Închidere surpriză în România. Cel mai bogat ucrainean închide fabrica din Iași, abia cumpărată pentru reconstrucția Ucrainei CONFIRMAREProfit.ro · 31 Oct 2026 · RO
- Miliardarul ucrainean Rinat Ahmetov închide fabrica Metinvest Tubular din Iași din cauza atacurilor Rusiei în Ucraina / Aproape 200 de angajați vor fi concediațiG4Media · 31 Oct 2026 · RO
- Miliardarul ucrainean Rinat Ahmetov închide o fabrică importantă din România. Aproape 200 de angajați vor fi concediați | Atacurile Rusiei în Ucraina, motivul închideriiMediafax · 31 Oct 2026 · RO
- Ukraine's economy enters recession: National Bank forecasts 0.4% fall in GDPUkrainska Pravda (UA, EN) · 29 Oct 2026 · EN
- Ukraine's steel production fell by 80% in SeptemberUkrainska Pravda (UA, EN) · 26 Oct 2026 · EN
- Fabrica Metinvest din Iași, la un pas de închidere. Angajații au fost trimiși acasă din lipsă de materie primă, la mai puțin de un an de la preluarea de către miliardarul ucrainean Rinat AhmetovEconomedia · 25 Oct 2026 · RO
- Fabrica de ţevi din Iaşi, cumpărată de miliardarul ucrainean Rinat Ahmetov, la un pas să se închidă. Angajaţii, trimişi deja acasăAntena 3 CNN · 23 Oct 2026 · RO
- Cel mai bogat ucrainean, Rinat Ahmetov, ar putea închide secții ale fabricii Metinvest din Iași. Fabrica a fost cumpărată recentLibertatea.ro · 23 Oct 2026 · RO
- Cel mai bogat ucrainean discută deja restrângerea activității la fabrica din Iași abia cumpăratăHotNews.ro · 23 Oct 2026 · RO
- ULTIMA ORĂ Posibilă închidere de secții în România. Cel mai bogat ucrainean va discuta deja închiderea/suspendarea uneia sau mai multor unități de producție și/sau comerciale ale fabricii din Iași, abia cumpărată pentru reconstrucția UcraineiProfit.ro · 22 Oct 2026 · RO
- Минобороны России сообщило об ударе по «Запорожстали» и сухогрузу в ОдессеKommersant (RU) · 17 Oct 2026 · RU
- Europe Can Rearm Even as Steel Industry ShrinksCEPA — Center for European Policy Analysis · 13 Oct 2026 · EN
- Европейские фондовые индексы завершили торги уверенным ростомInterfax Russia (RU) · 12 Oct 2026 · RU
- Steel plant in Kryvyi Rih being placed in cold idle mode due to missile attacksUkrainska Pravda (UA, EN) · 10 Oct 2026 · EN
- Fostul combinat din Hunedoara, la un an de la oprirea producției. De la „jungla” ArcelorMittal la curățenia făcută de UMB SteelAdevărul · 03 Oct 2026 · RO
- Private money follows profit, not ruins in Ukraine’s EU-backed reconstructionEUobserver · 29 Sept 2026 · EN
SEC filings
- Current report (foreign issuer)04 Nov 2026
- Current report (foreign issuer)02 Nov 2026
- Current report (foreign issuer)28 Oct 2026
- Current report (foreign issuer)26 Oct 2026
- Current report (foreign issuer)19 Oct 2026
- Current report (foreign issuer)25 Sept 2026
- Current report (foreign issuer)15 Sept 2026
- Current report (foreign issuer)17 Aug 2026
- Current report (foreign issuer)03 Aug 2026
- Current report (foreign issuer)31 Jul 2026
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / ArcelorMittal · 06 Mar 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.