ArcelorMittal has confirmed a major €1.3 billion investment to build a 2‑million‑tonne electric arc furnace (EAF) at its Dunkirk, France steelmaking site, with start‑up targeted for 2029. The EAF is expected to produce steel with around three times less CO₂ than a traditional blast furnace, at 0.6 tonne of CO₂ per tonne of steel based on a mix of scrap, HBI/DRI and hot metal.
Half of the €1.3 billion cost will be supported by French Energy Efficiency Certificates, easing the funding burden. Management links the decision to improved European policy, including new tariff‑rate quotas to limit unfair imports and reforms to the Carbon Border Adjustment Mechanism, plus a long‑term low‑carbon power contract with EDF. ArcelorMittal is also starting up a new €500 million electrical steel unit at its nearby Mardyck plant, expanding its product range for industrial and automotive electrification.
ArcelorMittal reported solid 2025 results with higher profits despite softer steel prices. Full-year net income rose to $3.2 billion (EPS $4.13) on sales of $61.4 billion, while EBITDA was $6.5 billion, down 7.3% year on year as North America, India/JVs and Brazil faced weaker pricing.
The business generated $4.8 billion of operating cash flow and $0.4 billion of free cash flow, invested $1.1 billion in strategic capex and ended 2025 with net debt of $7.9 billion and liquidity of $11.0 billion. The Board proposes lifting the annual dividend to $0.60 per share and continuing to return at least 50% of post-dividend free cash flow via buybacks. Moody’s and S&P both upgraded the company to solid investment-grade ratings in 2025.
ArcelorMittal filed a Form 6-K to share a press release publishing sell-side analyst consensus estimates for its fourth quarter and full year 2025 results. Based on Visible Alpha data, analysts on average expect 4Q 2025 EBITDA of $1,531 million and full year 2025 EBITDA of $6,466 million.
Consensus net income estimates are $390 million for 4Q 2025 and $3,321 million for full year 2025, with corresponding earnings per share of $0.51 and $4.36. Around 14 brokers contribute to these figures via Visible Alpha, and ArcelorMittal stresses the estimates are independent analyst views, not company forecasts.
ArcelorMittal has signed an amended Mineral Development Agreement with the Government of Liberia, extending its mining rights in the country to 2050, with an option to renew for a further 25 years. The deal underpins a long-term expansion of its Liberian iron ore operations.
The company has developed a $1.8 billion expansion project in Liberia, bringing total investment there to $3.5 billion, including a new state-of-the-art concentrator, upgraded rail from Tokadeh to Buchanan, port improvements and two power plants. Iron ore shipments from Liberia are expected to rise from about 5 million tonnes per year to 20 million tonnes in 2026, with feasibility studies underway for potential output beyond 20 million tonnes annually.
ArcelorMittal is expanding railway capacity so it can transport up to 30 million tonnes of iron ore annually for its own use and will pay $200 million to Liberia for extended mining rights and reserved rail capacity. The company currently supports around 8,000 direct and indirect jobs in Liberia and is one of the country’s largest taxpayers. Group-wide, ArcelorMittal generated $62.4 billion of revenue in 2024, producing 57.9 million tonnes of crude steel and 42.4 million tonnes of iron ore.
ArcelorMittal filed a report as a foreign private issuer that mainly makes two recent press releases part of its official disclosures.
One press release, dated December 12, 2025, announces ArcelorMittal’s financial calendar for 2026, and the other, dated December 16, 2025, is a Designated Person Notification. Both are attached as exhibits and incorporated by reference into this report.