ArcelorMittal (NYSE: MT) cuts emissions 47.7% and posts Q1 2026 EPS consensus
Filing Impact
Filing Sentiment
Form Type
6-K
Rhea-AI Filing Summary
ArcelorMittal has filed a Form 6-K highlighting its 2025 Sustainability Report and first quarter 2026 analyst consensus figures. The company reports a 47.7% reduction in absolute Scope 1 and 2 emissions since 2018 and a 2025 group carbon intensity of 1.79 tCO₂e per tonne of steel.
Safety indicators improved, with a more than 50% reduction in fatality frequency rate and a 7% reduction in lost-time injury frequency rate year-on-year. ArcelorMittal is advancing a €1.3 billion transformation project at Dunkirk to install a 2-million-tonne electric arc furnace, expected to cut that site’s emissions by about 25%.
The company has 1.9 GW of renewable capacity commissioned (1.6 GW on an equity basis) and 1.4 GW (1.2 GW equity) under development, and invested US$335 million in R&D in 2025, launching 38 new products. Sell-side consensus for 1Q 2026 stands at EBITDA of $1,655 million, net income of $498 million and earnings per share of $0.65.
Positive
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Negative
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Insights
ArcelorMittal reports major safety and emissions gains alongside Q1 2026 consensus.
ArcelorMittal presents sizeable operational ESG shifts. Absolute Scope 1 and 2 emissions are down 47.7% versus 2018, with carbon intensity at 1.79 tCO₂e per tonne in 2025. Safety trends also improved, with fatality frequency more than halved and lost-time injuries down 7% year-on-year.
Capital is being redirected toward lower-carbon assets, including the €1.3bn Dunkirk project to install a 2-million-tonne electric arc furnace, expected to reduce that site’s emissions by roughly 25%. The company is also building an energy portfolio of 1.9 GW commissioned renewables and 1.4 GW in development to supply low-carbon power.
Financially, the filing adds context rather than new guidance via sell-side consensus for 1Q 2026: EBITDA of $1,655m, net income of $498m and EPS of $0.65. Overall, this points to a gradual, capital-intensive transition with ESG momentum, while the near-term earnings outlook is framed by external analyst expectations.
Key Figures
2025 Revenue: $61.4 billion
1Q 2026 EBITDA consensus: $1,655 million
1Q 2026 EPS consensus: $0.65
+5 more
8 metrics
2025 Revenue
$61.4 billion
Company revenue in 2025
1Q 2026 EBITDA consensus
$1,655 million
Sell-side analyst consensus for Q1 2026
1Q 2026 EPS consensus
$0.65
Sell-side analyst consensus for Q1 2026
2025 R&D spend
$335 million
Research and development investment in 2025
Scope 1 and 2 emissions reduction
47.7%
Absolute reduction since 2018, including portfolio changes
Carbon intensity 2025
1.79 tCO₂e/tonne
Group carbon intensity per tonne of steel in 2025
Renewable capacity commissioned
1.9 GW (1.6 GW equity)
Solar, wind and hybrid capacity in India, Brazil, Argentina
Renewables and low-carbon revenue share
13%
Share of 2025 revenues from specified transition activities
Key Terms
Scope 1 and 2 emissions, electric arc furnace (EAF), EU Taxonomy climate mitigation criteria, lost-time injury frequency rate, +2 more
6 terms
Scope 1 and 2 emissions financial
"ArcelorMittal has reduced its absolute Scope 1 and 2 emissions by 47.7% since 2018"
Scope 1 and 2 emissions are the greenhouse gases a company produces directly (scope 1) — for example from company-owned vehicles or factories — and the emissions tied to the energy it buys, like electricity or steam (scope 2). Think of scope 1 as the smoke from your own campfire and scope 2 as the pollution from the power plant supplying your home. Investors watch these metrics because they reveal operational carbon risk, potential regulatory or cost exposure, and reputation factors that can affect future profits.
electric arc furnace (EAF) technical
"replace one blast furnace with a 2-million-tonne electric arc furnace (EAF)"
An electric arc furnace (EAF) is a type of industrial furnace that melts steel scrap or direct-reduced iron using powerful electric arcs, like using a giant electric blowtorch to liquefy metal. Investors watch EAFs because they determine a steelmaker’s costs, energy use, and emissions profile: EAF-based plants can be quicker to build and cleaner than traditional blast furnaces but are sensitive to electricity prices and scrap availability, which affect profit margins.
EU Taxonomy climate mitigation criteria regulatory
"only revenue that meets EU Taxonomy climate mitigation criteria (substantial contribution) is included"
lost-time injury frequency rate financial
"a 7% reduction in its lost-time injury frequency rate"
EBITDA financial
"1Q’26 EBITDA ($m) | $1,655"
EBITDA stands for earnings before interest, taxes, depreciation, and amortization. It measures a company's profitability by focusing on the money it makes from its core operations, ignoring expenses like taxes and accounting adjustments. Investors use EBITDA to compare how well different companies are performing financially, as it provides a clearer picture of operational success without the influence of financial structure or accounting choices.
sell-side analyst consensus financial
"publication of its first quarter 2026 sell-side analyst consensus figures"
The sell-side analyst consensus is the average view formed from forecasts, ratings and price targets published by professional analysts at brokerage firms who cover a particular company; it combines multiple analysts’ estimates into a single summary. Investors watch this consensus because it signals collective expectations about a company’s future performance and often influences trading and valuation — similar to how a shared weather forecast helps people plan by showing the most likely outcome.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
—————————
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER THE SECURITIES EXCHANGE ACT OF 1934
—————————
Dated April 23, 2026
Commission File Number: 001-35788
ARCELORMITTAL
(Translation of registrant’s name into English)
24-26, Boulevard d’Avranches
L-1160 Luxembourg
Grand Duchy of Luxembourg
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
On April 23, 2026, ArcelorMittal published the press releases attached hereto as Exhibits 99.1 and 99.2 and hereby incorporated by reference into this report on Form 6-K.
Exhibit Index
| Exhibit No. | Description | ||||
Exhibit 99.1 | ArcelorMittal publishes its 2025 Sustainability Report: Safer, smarter growth | ||||
Exhibit 99.2 | ArcelorMittal announces the publication of its first quarter 2026 sell-side analyst consensus figures | ||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
ARCELORMITTAL
Date 23 April 2026
By: /s/ Henk Scheffer
Name: Henk Scheffer
Title: Company Secretary & Group Compliance & Data Protection Officer
Exhibit 99.1
press release
ArcelorMittal publishes its 2025 Sustainability Report: Safer, smarter growth
Report outlines encouraging progress with the ongoing transformation to world-class safety levels and a significant reduction in absolute carbon emissions1
23 April 2026, 08:30 CET
ArcelorMittal (“the Company”) today published its 2025 Sustainability Report, detailing progress made last year towards the Company’s long-term commitment to safe, lower-carbon and responsible steelmaking. The report outlines achievements across safety transformation, climate action, innovation, environmental performance and more, as well as the Company’s updated decarbonisation trajectory in response to shifting market and policy conditions.
The 2025 report has been prepared in line with the EU Non-Financial Reporting Directive and reflects the guiding principles from organisations and frameworks including IFRS, GRI, SASB, the UN Global Compact and the UN Sustainable Development Goals.
Commenting, ArcelorMittal CEO Aditya Mittal said:
“In July this year ArcelorMittal will celebrate its 20th anniversary. Much has changed over the past two decades but what we can say with confidence is that steel has and will remain a vital material for our world, even as how it is made, where it is made and how much of it is consumed continues to evolve.
“Today our two most material sustainability issues are safety and climate. Safety is a non-negotiable, core value at ArcelorMittal. In 2025, all the safety KPIs we track improved compared with the previous year, reflecting clearer leadership expectations, more uniform risk-management practices and the continued expansion of process safety work across higher-risk installations. While this progress is encouraging, the nature of our operations means a strong culture of continuous vigilance, disciplined execution and relentless focus on risk reduction remains essential.
“Our ambition to achieve net zero by 2050 remains in place, even as the realities of the energy transition have proved far less straightforward than initially foreseen. Concerns around competitiveness, re-industrialisation, inflation and energy security have moved to the centre of the debate, leading us to
1 ArcelorMittal has reduced its absolute Scope 1 and 2 emissions by 47.7% since 2018 (on an absolute basis, including portfolio changes)
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revise our 2030 emissions reduction expectations. We are, however, looking at the energy transition holistically, seeking to contribute and create value not only through decarbonizing our own operations, but also providing materials and solutions for other sectors and expanding into new business areas such as renewable energy. There is real progress to report across all three areas, including 2.8GW (equity stake) of renewable energy projects commissioned or under development and major investments such as the Dunkirk electric arc furnace now confirmed.
“Supporting these initiatives is our focus on innovation, which is core to our purpose to create smarter steels for people and planet. We are increasingly harnessing AI as a platform for innovation that enables new products, new processes, and new ways of solving complex problems. In 2025, we moved from standalone tools to integrated systems where AI supports enhanced safety performance, improves uptime predictability, manages product quality and strengthens operational resilience. The potential for transformative change is enormous and we are aware we are only at the beginning.
“Ultimately, sustainability for ArcelorMittal is about running a good business - managing our social and environmental impact responsibly, acting with integrity and creating long-term value for the communities and economies we are part of. Trends may shift, but sustainability remains central to how we lead, how we invest and how we create value for the future.”
Safety transformation: strong progress, clear momentum
In the first full year of its three-year safety transformation programme, ArcelorMittal recorded significant improvement in key safety indicators, including a more than 50% reduction in its fatality frequency rate (FFR) year-on-year (the lowest FFR in the Company’s history) and a 7% reduction in its lost-time injury frequency rate. Over 130 safety roadmaps containing more than 3,000 targeted actions are now being deployed globally as part of a unified approach to building “One Safety Culture” in support of the Company’s drive towards being a zero-fatality and zero-serious injury business.
Climate action and the energy transition: disciplined progress on emissions reduction; strategic focus on maximising value from opportunities more broadly related to the energy transition
The report confirms that ArcelorMittal has reduced its absolute Scope 1 and 2 emissions by 47.7% since 2018 (on an absolute basis, including portfolio changes), with a 2025 group carbon intensity of 1.79tCO₂e per tonne of steel produced. Based on investments already committed and current market and policy conditions, the Company expects to achieve up to a 10% reduction in carbon intensity by 2030 (vs. 2018) and maintains its ambition of achieving net-zero emissions by 2050.
A major recent highlight was the advancement of the €1.3bn transformation project at ArcelorMittal Dunkirk, which will replace one blast furnace with a 2-million-tonne electric arc furnace (EAF) and is expected to cut the site’s emissions by approximately 25%. The project is supported by funding from the French government, competitive low-carbon power secured through a long-term contract with EDF and is enabled by a strengthened European policy environment. The Company now expects 5.4 million tonnes of additional EAF capacity to be in operation globally by 2030.
2025 also saw ArcelorMittal further expand its renewable energy portfolio, with 1.9GW (1.6GW on an equity basis) of solar, wind and hybrid capacity now commissioned across India, Brazil and Argentina, and a further 1.4GW (1.2GW on an equity basis) under development for commissioning by 2028. These projects are designed to provide competitively priced low-carbon electricity to our steelmaking sites and joint ventures, reducing energy costs and enabling near-term emissions reductions.
ArcelorMittal’s investments in renewable energy is an example of how the Company is reframing the way it is taking strategic decisions to reduce risks and capture opportunities from new value pools
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emerging from the energy transition. The Company’s actions are now structured across three themes: renewable energy; materials and solutions; and the transformation of our operations. Across these three focus areas, revenues from renewables, electrical steels, selected EAF/DRI production, and low-carbon building panels represented 13% of total company revenues in 20252.
People, innovation and environmental performance
ArcelorMittal continued to strengthen its people-driven culture in 2025, with a clear focus on leadership, talent development and workforce capability. Significant investment in learning supported leadership progression, internal mobility and the continued embedding of strong safety leadership behaviours, while large-scale upskilling programmes - including AI-readiness training - helped equip employees to navigate a fast-changing industrial environment. The Group also maintained strong support for employees affected by conflict, including initiatives to reintegrate Ukrainian veterans, for which it was awarded a World Steel Association Steelie award.
Innovation remains central to how ArcelorMittal creates value while improving its environmental performance. In 2025, the Company invested US$335 million in R&D, launching 38 new products and solutions to support sustainable construction, energy systems, mobility and infrastructure - including Helioroof®, which integrates steel roofing and solar generation, and next-generation materials for electric mobility that are lighter, stronger and more efficient. These advances were complemented by strengthened environmental governance, AI-enabled monitoring and targeted capital investment, delivering continued long-term improvements across key environmental indicators and supporting more resilient, circular and efficient operations.
The 2025 Sustainability Report is available for download at https://corporate.arcelormittal.com/sustainability/2025-sustainability-report.
ENDS
About ArcelorMittal
ArcelorMittal is one of the world’s leading integrated steel and mining companies with a presence in 60 countries and primary steelmaking operations in 14 countries. It is the largest steel producer in Europe, among the largest in the Americas, and has a growing presence in Asia through its joint venture AM/NS India. ArcelorMittal sells its products to a diverse range of customers including the automotive, engineering, construction and machinery industries, and in 2025 generated revenues of $61.4 billion, produced 55.6 million metric tonnes of crude steel and 48.8 million tonnes of iron ore. Our purpose is to produce smarter steels for people and planet. Steels made using innovative processes which use less energy, emit significantly less carbon and reduce costs. Steels that are cleaner, stronger and reusable. Steels for the renewable energy infrastructure that will support societies as they transform through this century. With steel at our core, our inventive people and an entrepreneurial culture at heart, we will support the world in making that change.
ArcelorMittal is listed on the stock exchanges of New York (MT), Amsterdam (MT), Paris (MT), Luxembourg (MT) and on the Spanish stock exchanges of Barcelona, Bilbao, Madrid and Valencia (MTS).
http://corporate.arcelormittal.com/
ArcelorMittal Investor Relations contact information | |||||
General | +44 20 7543 1128 | ||||
Retail | +44 20 3214 2893 | ||||
2 For EAF/DRI production and low-carbon buildings, only revenue that meets EU Taxonomy climate mitigation criteria (substantial contribution) is included in the 13% calculation.
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Bonds/Credit | +33 171 921 026 | ||||
Bonds/Credit | +33 171 921 026 | ||||
ArcelorMittal Corporate Communications contact information | |||||
Paul Weigh | |||||
Tel: | +44 20 3214 2419 | ||||
E-mail | press@arcelormittal.com | ||||
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Exhibit 99.2
press release
ArcelorMittal announces the publication of its first quarter 2026 sell-side analyst consensus figures
23 April 2026, 15:00 CET
ArcelorMittal today announces the publication of its first quarter 2026 sell-side analyst consensus figures.
The consensus figures are based on analysts’ estimates recorded on an external web-based tool provided and managed by an independent company, Visible Alpha.
To arrive at the consensus figures below, Visible Alpha has aggregated the expectations of sell-side analysts who, to the best of our knowledge, cover ArcelorMittal on a continuous basis. This is currently a group of approximately 15 brokers. The listed sell-side analysts follow ArcelorMittal on their own initiative and ArcelorMittal is not responsible for their views. ArcelorMittal is neither involved in the collection of the information nor in the compilation of the estimates.
1Q’26 consensus estimates:
| 1Q’26 | |||||
| EBITDA ($m) | $1,655 | ||||
| Net income ($m) | $498 | ||||
| Earnings per share ($) | $0.65 | ||||
Equity analyst contributing to consensus:
Sell-side analyst participation stands at 13 brokers (i.e., those with updated estimates in Visible Alpha). The sell-side analysts who cover ArcelorMittal and whose estimates are included in the 1Q’26 consensus outlined above are the following:
1.Bank of America – Reinhardt Van Der Walt
2.CITI – Ephrem Ravi, Krishan Agarwal
3.Deutsche Bank – Bastian Synagowitz
4.Goldman Sachs – Matt Greene
5.Groupo Santander – Robert Jackson
6.ING – Stijn Demesster
7.Jefferies – Cole Hathorn
8.Kepler – Boris Bourdet
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9.Keybanc – Samuel Mckinney
10.Morgan Stanley – Alain Gabriel
11.Oddo – Maxime Kogge
12.UBS – Andrew Jones
13.Wells Fargo – Timna Tanners
Disclaimer
Estimates based on Visible Alpha consensus dated 21.4.26. The disclaimer is:
The information provided by Visible Alpha cited herein is provided “as is” and “as available” without warranty of any kind. Use of any Visible Alpha data is at a user’s own risk and Visible Alpha disclaims any liability for use of the Visible Alpha data. Although the information is obtained or compiled from reliable sources Visible Alpha neither can nor does guarantee or make any representation or warranty, either express or implied, as to the accuracy, validity, sequence, timeliness, completeness or continued availability of any information or data, including third-party content, made available herein. In no event shall Visible Alpha be liable for any decision made or action or inaction taken in reliance on any information or data, including third-party content. Visible Alpha further explicitly disclaims, to the fullest extent permitted by applicable law, any warranty of any kind, whether express or implied, including warranties of merchantability, fitness for a particular purpose and non-infringement.
The consensus estimate is based on estimates, forecasts and predictions made by third party financial analysts, as described above. It is not prepared based on information provided or checked by ArcelorMittal and can only be seen as a consensus view on ArcelorMittal's results from an outside perspective. ArcelorMittal has not provided input on these forecasts, except by referring to past publicly disclosed information. ArcelorMittal does not accept any responsibility for the quality or accuracy of any individual forecast or estimate. This web page may contain forward-looking statements based on current assumptions and forecasts made by ArcelorMittal or third parties. Various known and unknown risks, uncertainties and other factors could lead to material differences between ArcelorMittal's actual future results, financial situation, development or performance, and the estimates given here. These factors include those discussed in ArcelorMittal's periodic reports available on http:/corporate.arcelormittal.com/.
ENDS
About ArcelorMittal
ArcelorMittal is one of the world’s leading integrated steel and mining companies with a presence in 60 countries and primary steelmaking operations in 14 countries. It is the largest steel producer in Europe, among the largest in the Americas, and has a growing presence in Asia through its joint venture AM/NS India. ArcelorMittal sells its products to a diverse range of customers including the automotive, engineering, construction and machinery industries, and in 2025 generated revenues of $61.4 billion, produced 55.6 million metric tonnes of crude steel and 48.8 million tonnes of iron ore. Our purpose is to produce smarter steels for people and planet. Steels made using innovative processes which use less energy, emit significantly less carbon and reduce costs. Steels that are cleaner, stronger and reusable. Steels for the renewable energy infrastructure that will support societies as they transform through this century. With steel at our core, our inventive people and an entrepreneurial culture at heart, we will support the world in making that change.
ArcelorMittal is listed on the stock exchanges of New York (MT), Amsterdam (MT), Paris (MT), Luxembourg (MT) and on the Spanish stock exchanges of Barcelona, Bilbao, Madrid and Valencia (MTS).
http://corporate.arcelormittal.com/
ArcelorMittal Investor Relations contact information | |||||
General | +44 20 7543 1128 | ||||
Retail | +44 20 3214 2893 | ||||
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Bonds/Credit | +33 171 921 026 | ||||
Bonds/Credit | +33 171 921 026 | ||||
ArcelorMittal Corporate Communications contact information | |||||
Paul Weigh | |||||
Tel: | +44 20 3214 2419 | ||||
E-mail | press@arcelormittal.com | ||||
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FAQ
What key sustainability results did ArcelorMittal (MT) report for 2025?
ArcelorMittal reports a 47.7% cut in absolute Scope 1 and 2 emissions since 2018 and a 2025 carbon intensity of 1.79 tCO₂e per tonne. It also achieved a more than 50% reduction in fatality frequency and a 7% decline in lost-time injury rates year-on-year.
How is ArcelorMittal (MT) investing in decarbonisation and the energy transition?
ArcelorMittal is advancing a €1.3 billion project at Dunkirk to replace a blast furnace with a 2-million-tonne electric arc furnace, targeting about a 25% emissions cut at that site. It also has 1.9 GW of renewable capacity commissioned and 1.4 GW under development globally.
What are the first quarter 2026 consensus estimates for ArcelorMittal (MT)?
Sell-side analyst consensus for ArcelorMittal’s first quarter 2026 results points to EBITDA of $1,655 million, net income of $498 million and earnings per share of $0.65. These figures are aggregated independently by Visible Alpha from approximately 13 contributing brokers.
How much did ArcelorMittal (MT) spend on R&D and new products in 2025?
In 2025, ArcelorMittal invested US$335 million in research and development and launched 38 new products and solutions. These included Helioroof steel roofing with integrated solar capability and advanced materials for electric mobility aimed at lighter, stronger, more efficient vehicle components.
What were ArcelorMittal’s (MT) 2025 revenue and production volumes?
For 2025, ArcelorMittal generated revenues of $61.4 billion, produced 55.6 million metric tonnes of crude steel, and 48.8 million tonnes of iron ore. The company serves automotive, engineering, construction and machinery customers across 60 countries with primary steelmaking operations in 14 countries.