ArcelorMittal (MT) boosts 2026 dividend and details 2025 buybacks, upgrades

Rhea-AI Filing Summary

ArcelorMittal has filed its Annual Report 2025 on Form 20-F with the SEC and published its 2025 annual report in Luxembourg. The reports include audited financial statements and are available online, with hard copies of the Form 20-F offered to shareholders free of charge on request.

Highlights for 2025 include $1.1 billion of strategic capital expenditure and $0.7 billion returned to shareholders, split between $0.4 billion of dividends and $0.3 billion of share buybacks. The Board has proposed a FY 2026 dividend of $0.60 per share, up from $0.55 per share in 2025.

The company reports improved safety performance in the first year of its three-year transformation program, stronger balance sheet metrics reflected in credit rating upgrades by Moody’s to Baa2 (stable) and S&P to BBB (stable), and increased iron ore self-sufficiency to 72% in 2025, up from 58% in 2024. It is investing in energy transition projects, including renewable power (2.8 GW targeted by 2028), additional electric arc furnace capacity of 3.4 million tonnes by end-2026, and automotive electrical steels.

ArcelorMittal also confirms that its Significant Shareholder, holding 44.6% of issued shares (excluding treasury), has entered into a share repurchase agreement to sell shares to the company during the previously announced 2025–2030 buyback program, at the same average daily price as open-market purchases, in line with a 2006 Memorandum of Understanding intended to preserve free float.

Insights

Equity & credit analyst

Stronger balance sheet, rising capital returns, and higher integration frame ArcelorMittal’s 2025 story.

ArcelorMittal combines disciplined capital allocation with balance sheet improvement. In 2025 it invested $1.1 billion in strategic projects while returning $0.7 billion via dividends and buybacks. Credit upgrades to Baa2 (Moody’s) and BBB (S&P), both with stable outlooks, signal improved perceived credit quality.

Operationally, iron ore self-sufficiency rose to 72% in 2025 from 58% in 2024 as its mining portfolio, including the Liberia expansion toward 20 Mtpa, progressed. This higher vertical integration can influence cost positioning and supply security, particularly for steel operations across Europe, the Americas, and AM/NS India.

For shareholders, the proposed FY 2026 dividend of $0.60 per share, up from $0.55, and a policy to return at least 50% of post-dividend free cash flow through buybacks indicate an ongoing return focus. The Significant Shareholder’s commitment to participate proportionally in the 2025–2030 buyback program helps maintain free float while the program unfolds.

FAQ

What did ArcelorMittal (MT) file with the SEC for 2025?

ArcelorMittal filed its Annual Report 2025 on Form 20-F with the SEC. The report includes audited financial statements and detailed business information, and is available on the company’s website, with hard copies provided free of charge to shareholders upon request.

How much did ArcelorMittal (MT) return to shareholders in 2025?

ArcelorMittal returned a total of $0.7 billion to shareholders in 2025. This comprised $0.4 billion in cash dividends and $0.3 billion through share buybacks, reflecting a balanced capital allocation between growth investment and direct shareholder distributions.

What dividend has ArcelorMittal (MT) proposed for FY 2026?

The Board has proposed a FY 2026 dividend of $0.60 per share. This represents an increase from the $0.55 per share dividend for 2025 and is described as double the company’s 2021 dividend level, highlighting a multi-year rise in cash returns.

How did ArcelorMittal’s (MT) credit ratings change in 2025?

In 2025, ArcelorMittal received credit rating upgrades from both Moody’s and S&P. Moody’s raised its rating to Baa2 with a stable outlook, while S&P upgraded the rating to BBB with a stable outlook, reflecting stronger balance sheet metrics and perceived creditworthiness.

What were ArcelorMittal’s (MT) iron ore and production figures?

ArcelorMittal reports iron ore reserves of around 3.7 billion tonnes and increased iron ore self-sufficiency to 72% in 2025, up from 58% in 2024. For 2024, the company generated $62.4 billion of revenue, producing 57.9 million tonnes of crude steel and 42.4 million tonnes of iron ore.

How is ArcelorMittal (MT) supporting the energy transition?

ArcelorMittal is investing in renewable energy and low-carbon steel technologies. Plans include 2.8 GW of renewable assets by 2028, expanding electric arc furnace capacity by 3.4 million tonnes by end-2026, and growing non-oriented electrical steel output to 0.4 million tonnes by 2028 for automotive applications.

What is the role of the Significant Shareholder in ArcelorMittal’s buyback program?

The Significant Shareholder, with a 44.6% stake excluding treasury shares, has agreed to sell shares to ArcelorMittal during the 2025–2030 buyback program. Sales will match its ownership proportion and use the same average daily price as open-market repurchases, supporting free-float objectives under a 2006 MoU.

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Form 6-K: How Foreign Companies Report to the SEC →

Accepted by SEC EDGAR 03/10/2026 - 10:45 AM Learn about SEC filing dates

UNITED STATES
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

—————————

Dated March 10, 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 March 6, 2026, ArcelorMittal published the press release attached hereto as Exhibit 99.1 and hereby incorporated by reference into this report on Form 6-K.

Exhibit Index

Exhibit No. Description

Exhibit 99.1 ArcelorMittal announces the publication of its Annual Report 2025 on Form 20-F and the publication of its 2025 annual report

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 10 March 2026

By: /s/ Henk Scheffer    

Name: Henk Scheffer

Title: Company Secretary & Group Compliance & Data Protection Officer

Exhibit 99.1

press release

ArcelorMittal announces the publication of its Annual Report 2025 on Form 20-F and the publication of its 2025 annual report

6 March 2026, 23:55 CET

ArcelorMittal has today filed its Annual Report 2025 on Form 20-F with the U.S. Securities and Exchange Commission (SEC). The report is now available at http://corporate.arcelormittal.com > Financial reports.

ArcelorMittal will send a hard copy of the Form 20-F Annual Report for 2025, which includes the audited financial statements, to shareholders free of charge upon request.

ArcelorMittal also has published its annual report for the year ended 31 December 2025. The report has been filed with the electronic database of the Luxembourg Stock Exchange (www.bourse.lu) and is available at http://corporate.arcelormittal.com > Financial reports

Highlights of FY 2025 include:

•Safety: in the first year of our three-year transformation program, the Company saw tangible progress across all safety KPIs in 2025, including a significant improvement in fatality prevention

•Capital allocation: The Company maintained a disciplined and balanced capital allocation, investing $1.1 bn in strategic capex and returning $0.7bn to shareholders ($0.4bn in dividends and $0.3bn in share buybacks). Balance sheet strength was reflected in the credit rating upgrades by both Moody’s (to Baa2 stable) and S&P (to BBB stable) in 2025

•Enhanced iron ore vertical integration: ArcelorMittal is among the largest iron ore producers in the world with total iron ore reserves of c. 3.7bn tonnes. Iron ore self-sufficiency increased to 72% in 2025 (up from 58% in 2024) and is expected to increase further as the Liberia expansion project to 20Mtpa ramps up

•Actively enabling energy transition: Targeted investments in high-quality renewable assets (2.8 GW by 2028), expanding EAF capacity by 3.4 Mt by end-2026, and growing automotive electrical steel production (0.4Mt NOES by 2028) supporting margins, returns on capital employed, and long-term sustainable growth

•Industry leading R&D: ArcelorMittal’s global R&D footprint spans 14 sites in 9 countries, with $335 million spent in 2025 demonstrating sustained commitment to advance steel, mining, decarbonisation technologies and AI-enhanced digital models

•Capital returns: The Board has proposed a FY 2026 dividend of $0.60/share, up from $0.55/share in 2025 and double the 2021 level. In addition, per its defined capital return policy, the Company will continue to return a minimum of 50% of post-dividend free cash flow to shareholders through share buybacks.

•Significant Shareholder participation in the share buyback program announced on 7 April 2025 (the “Program”)*: The Significant Shareholder, having  attained a shareholding position nearing the 45% threshold set under the 2006 Memorandum of Understanding** (entered into in connection with the merger of Mittal Steel and Arcelor, primarily to ensure a robust free float), has on  5 March 2026 entered into a share repurchase agreement to sell shares to ArcelorMittal during the Program, in the proportion to the Significant Shareholder’s

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current stake (44.6% of issued shares less shares held in treasury). Shares repurchased from the Significant Shareholder will be made at the same average price as the shares purchased by the Company under the Program on the relevant trading day in the open market.

*For further details, please refer to the press release dated 7 April 2025 announcing the commencement of a new share buyback program over the period 2025-2030: https://corporate.arcelormittal.com/media/press-releases/arcelormittal-announces-the-commencement-of-a-new-share-buyback-program-over-the-period-2025-2030

** Please refer to the section ‘Additional information—Material contracts—Memorandum of Understanding’ in the Form 20-F/Annual Report for a description of the standstill provision in the 2006 Memorandum of Understanding.

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 2024 generated revenues of $62.4 billion, produced 57.9 million metric tonnes of crude steel and 42.4 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
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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Filing Exhibits & Attachments

1 document

Press Releases

• EX-99.1 EX-99.1 20.4 KB