ArcelorMittal
ArcelorMittal is a Luxembourg-based integrated steel and mining group that makes flat steel, long steel, pipes and tubes, and iron ore products through a network of steelworks, rolling mills, mines, and joint ventures. Its operations span multiple continents, with primary steelmaking assets in Europe, the Americas, Asia, and selected other markets.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueRolled steel products such as sheet and plate used across industrial markets.
Bars, rods, beams, and structural shapes for construction and manufacturing.
Seamless and welded pipe products for energy, infrastructure, and industrial use.
Iron ore production and third-party mineral sales from owned mining assets.
Value-added building solutions, projects, Industeel, and service-center activities.
Customers
ArcelorMittal sells primarily to local and regional customers across a wide industrial base, rather than relying on a single end market. Its major buyers include automotive, construction, engineering, machinery, appliance, energy, and infrastructure customers that need either commodity-grade or higher-specification steel. The mining business also sells iron ore products to external third parties in addition to supplying the company’s steelmaking network.
Buy flat steel products for body-in-white, panels, and formed components.
Buy long products, structural shapes, pipes, tubes, and building solutions.
Buy steel grades and profiles for fabrication, equipment, and industrial use.
Buy pipes, tubes, plates, and reinforced steels for energy and offshore projects.
Buy lump, fines, pellets, and other mineral products from the mining segment.
Strategy
ArcelorMittal’s strategy centers on supplying higher-value steels, expanding low-carbon and value-added offerings, and keeping a geographically diversified operating base close to local customers. It also emphasizes mining integration, scrap recycling, and process innovation to support its steel network and improve product mix.
These products carry more technical content and support differentiation versus commodity steel.
Own ore supply and scrap access support cost position and feedstock security.
Selling close to customers lowers transport costs and aligns product specs with regional demand.
Lower-emission steel supports customer demand, regulation, and long-term competitiveness.
Geography
ArcelorMittal has steelmaking operations in 14 countries and a presence in about 60 countries overall, with sales to customers in roughly 126 countries. Europe is the core base, the Americas are a major operating region, and India is an important growth platform through the AM/NS India joint venture.
Risks
ArcelorMittal is exposed to steel cycle volatility, raw-material price swings, and demand shifts in automotive, construction, and industrial end markets. Its global footprint also brings exposure to trade barriers, energy costs, geopolitical disruption, and operational risk at mines and mills across several continents.
- Cyclical steel demandImpact: HighLikelihood: High
Steel volumes and pricing depend on construction, automotive, and industrial activity.
Exposure: Flat and long steel businesses
- Raw material and energy cost volatilityImpact: HighLikelihood: High
Ore, scrap, coking inputs, power, and freight costs move materially and can outpace pricing.
Exposure: Steelmaking and mining operations
- Trade barriers and regional oversupplyImpact: HighLikelihood: Medium
Steel is heavily affected by tariffs, quotas, and imports that can disrupt local pricing.
Exposure: Cross-border sales and local markets
- Operational and safety incidentsImpact: HighLikelihood: Medium
Steelworks and mines are capital-intensive and can be disrupted by accidents or downtime.
Exposure - Geopolitical and country riskImpact: MediumLikelihood: Medium
Assets and sales in multiple countries increase exposure to instability and sanctions.
Exposure
Accounting
Judgemental itemsSteel and mining inventories move with commodity prices and production timing, affecting gross profit.
Impact: Cost of sales and working capital
Capital-intensive mills, mines, and equipment require periodic life and value assessments.
Impact: Operating profit and asset carrying values
A significant part of operations is held through JVs such as AM/NS India and Baffinland.
Impact: Equity income and EBITDA presentation
Environmental, legal, mine rehabilitation, and operational obligations require estimates.
Impact: Earnings and liabilities
Commodity and currency hedges can alter reported results and comprehensive income.
Impact: Volatility in period earnings
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Last updated: 28/09/2026