Exhibit 99.1
ArcelorMittal reports first quarter 2026 results
On April 30, 2026 - ArcelorMittal (referred to as “ArcelorMittal”
or the “Company” or the "Group") (MT (New York, Amsterdam, Paris, Luxembourg), MTS (Madrid)) announced results1
for the three-month period ended March 31, 2026 (“1Q 2026”; the three month periods ended December 31, 2025, September 30,
2025, June 30, 2025 and March 31, 2025 are respectively referred to as “4Q 2025”, “3Q 2025”, “2Q 2025”
and “1Q 2025”).
1Q 2026 key highlights:
Safety focus: Protecting employee health and safety is a core
Company value. The multi-year safety transformation continues to deliver measurable improvements, with LTIFR improving to 0.45x in 1Q
2026 from 0.63x in 1Q 2025
Delivering structurally improved margins: The Group's results
continue to demonstrate resilience, reflecting the benefits of the strategic investment program, continued asset optimization and diversified
market exposures. Net income in 1Q 2026 was $0.6 billion (basic EPS of $0.76/share)
Operational momentum: Record iron ore production and shipments
in Liberia and a return to normalized operating levels in North America
Seasonal investment in working capital: Net cash used in
operating activities was slightly negative, reflecting a typical seasonal working capital investment (composed of an outflow for
inventories of $334 million, an outflow of trade accounts receivable of $1,291 million and an inflow for trade payables of $101
million, for a $1.5 billion investment in working capital). As of March 31, 2026, gross debt amounted to $13.7 billion, while cash
and cash equivalents amounted to $4.4 billion, resulting in net debt of $9.3 billion4.As of March 31, 2026, the Company
also benefited from $5.5 billion of available credit lines7.
Consistent cash generation, supporting balanced capital allocation
and continued growth investment: Over the past 12 months, the Company invested $4.6 billion in capital expenditures (including strategic
capital expenditures of $1.5 billion), returned $0.7 billion to shareholders (comprised of dividends of $535 million and share buybacks
in the amount of $168 million, and allocated $0.2 billion to M&A
Capital return policy is creating significant value for shareholders:
The Company paid its first quarterly interim dividend of $0.15 per share in March 2026, as part of a proposed annual dividend of $0.60
per share. The Company will continue to return a minimum of 50% of post-dividend free cash flow to shareholders through share buybacks.
The fully diluted share count has been reduced by 38% since September 20205
Strategic focus:
Well positioned to benefit from a balanced and fair European steel
market: The Company believes that CBAM (which now imposes a carbon cost on imports), together with the recently agreed tariff rate
quota (TRQ) trade tool (expected to be effective from July 1, 2026), structurally resets the outlook for the European steel industry.
Lower imports will lead to higher capacity utilization, restoring profitability and returns on capital to healthy, sustainable levels.
ArcelorMittal is well positioned to capture the volume upside through: improved utilization of its existing operating capacity; restart
of idled blast furnaces (Fos (France) & Dabrowa (Poland) currently in preparation); and the commissioning of the new Gijon EAF and
expanded EAF capacity at Sestao
Strategic growth projects have good momentum
and support higher profitability and return on capital employed: 1Q 2026 capital expenditures of $1.3 billion include $0.2 billion
payment on signing new Mineral Development Agreement in Liberia11. 2026 capital expenditure guidance remains unchanged at $4.5
billion-$5.0 billion and now includes $1.7-$2.0 billion of strategic capital expenditures on high growth projects6. Strategic
capital expenditure projects now include the recently approved electric arc furnace at Dunkirk and previously announced “decarbonization”
EAF investments at Sestao and Gijón
Financial highlights
(on the basis of IFRS1):
| (USDm) unless otherwise shown | |
1Q 26 | | |
4Q 25 | | |
3Q 25 | | |
2Q 25 | | |
1Q 25 | |
| Sales | |
| 15,457 | | |
| 14,971 | | |
| 15,657 | | |
| 15,926 | | |
| 14,798 | |
| Operating income | |
| 753 | | |
| 327 | | |
| 544 | | |
| 1,932 | | |
| 825 | |
| Net income attributable to equity holders of the parent | |
| 575 | | |
| 177 | | |
| 377 | | |
| 1,793 | | |
| 805 | |
| Basic earnings per common share (US$) | |
| 0.76 | | |
| 0.23 | | |
| 0.50 | | |
| 2.35 | | |
| 1.05 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Operating income/tonne (US$/t) | |
| 59 | | |
| 25 | | |
| 40 | | |
| 140 | | |
| 60 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Crude steel production (Mt) | |
| 13.3 | | |
| 12.8 | | |
| 13.6 | | |
| 14.4 | | |
| 14.8 | |
| Steel shipments (Mt) | |
| 12.8 | | |
| 13.0 | | |
| 13.6 | | |
| 13.8 | | |
| 13.6 | |
| Total Group iron ore production (Mt) | |
| 12.9 | | |
| 13.1 | | |
| 12.1 | | |
| 11.8 | | |
| 11.8 | |
| Iron ore production (Mt) (AMMC and Liberia only) | |
| 9.7 | | |
| 10.1 | | |
| 8.5 | | |
| 8.3 | | |
| 8.4 | |
| Iron ore shipment (Mt) (AMMC and Liberia only) | |
| 10.0 | | |
| 10.1 | | |
| 8.2 | | |
| 9.9 | | |
| 8.0 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Weighted average common shares outstanding (in millions) | |
| 761 | | |
| 761 | | |
| 761 | | |
| 762 | | |
| 768 | |
Commenting, Aditya Mittal, ArcelorMittal Chief
Executive Officer, said:
“Performance in the first quarter was resilient despite the unsettled
backdrop in the Middle East with profitability reflecting the benefits of our global diversified asset portfolio and the consistent application
of our strategy. We also continued to improve our safety performance with the lowest quarterly LTIFR in the history of the Group, showing
the tangible results of our sustained focus in this area.
The fundamentals of the business have improved over the past three months,
driven in particular by the favourable structural reset in the European policy environment, including CBAM and the new tariff rate quota
(TRQ) which is expected to significantly reduce imports into Europe from July 1. ArcelorMittal is well positioned to capture this upside
through existing capacity and by re-starting idled capacity. In Europe, this will result in higher domestic capacity utilization and restore
profitability and return on capital employed to healthy, sustainable levels.
This will be also an important year for the Company’s strategic
growth projects, which reflect the depth of the Company’s opportunity set across diverse growth vectors. Our investments include
the expansion of AM/NS India’s plant in Hazira, the ramp-up of mining in Liberia, the ramp up of the new EAF at Calvert to full
capacity, as well as various opportunities related to the energy transition. We are also pleased that we have been able to take final
investment decision on the new EAF in Dunkirk, supported by various policy initiatives at the European and French levels.
We remain confident in ArcelorMittal’s prospects for the balance
of the year, with the expected favourable impacts of new policy including a materially improved pricing and volume environment.”
Safety and sustainable development
Health and safety:
Protecting employee health and well-being is a core value of the Company.
The Group’s multi-year safety transformation continues to deliver measurable improvements, with LTIF rate improving to 0.45x in
1Q’26 (from 0.63x in 1Q’25).
In 2026, the program entered its implementation and scale-up phase, with
a strong focus on strengthening execution discipline and delivering consistent, high-quality safety performance across all regions through
the safety roadmaps. Efforts have centered on reinforcing key enablers such as health and safety leadership capabilities, robust risk
management, process safety management, and effective contractor integration. Together, these actions contribute to achieving our overarching
ambition of zero fatalities and serious injuries through sustained improvement.
For further details on the progress to date on our safety transformation
program, see the 2025 Sustainability report available on the Company's website.
Own personnel and contractors – Lost time
injury frequency rate
| | |
1Q 26 | | |
4Q 25 | | |
3Q 25 | | |
2Q 25 | | |
1Q 25 | |
| North America | |
| 0.15 | | |
| 0.07 | | |
| 0.14 | | |
| 0.29 | | |
| 0.23 | |
| Brazil | |
| 0.17 | | |
| 0.23 | | |
| 0.21 | | |
| 0.39 | | |
| 0.32 | |
| Europe | |
| 0.85 | | |
| 1.46 | | |
| 1.50 | | |
| 1.23 | | |
| 1.16 | |
| Sustainable Solutions | |
| 0.72 | | |
| 0.50 | | |
| 2.18 | | |
| 1.26 | | |
| 1.22 | |
| Mining | |
| 0.19 | | |
| 0.24 | | |
| 0.21 | | |
| 0.11 | | |
| 0.23 | |
| Others | |
| 0.49 | | |
| 0.30 | | |
| 0.70 | | |
| 0.54 | | |
| 0.45 | |
| Total | |
| 0.45 | | |
| 0.52 | | |
| 0.76 | | |
| 0.68 | | |
| 0.63 | |
Sustainable development highlights:
| • | CBAM (already in effect from January 1, 2026) and the agreed tariff rate quota (TRQ) trade tool (expected
to be in effect from July 1, 2026), are expected to reset the European steel market by limiting imports and requiring those imports to
bear a carbon cost. This is expected to support higher domestic capacity utilization, and restore profitability and return on capital
employed to healthy, sustainable levels. ArcelorMittal has the capacity to meet anticipated market demand. In addition to operating existing
furnaces at higher utilization, preparatory work has begun to restart the two idled blast furnaces at Fos (France) and Dąbrowa Górnicza
(Poland), subject to market conditions. |
| • | The Company’s investment in new EAF capacity is expected to be gradual, with the new EAF at Dunkirk
(France) a clear example of disciplined, economic decarbonization. On February 10, 2026, ArcelorMittal announced a gross €1.3 billion
investment in a 2Mt EAF in Dunkirk, with commissioning targeted for 2029. The project is underpinned by long-term access to competitive
low-carbon energy, funding support covering 50% of the investment, and the supportive regulatory framework provided by CBAM and the new
TRQ. The required cash outlay, net of funding through Energy Efficiency Certificates and avoided blast furnace relining capital expenditures,
is justified by the expected incremental profitability. |
Analysis of results for 1Q 2026 versus 4Q 2025
Sales increased by 3.2% to $15.5 billion in 1Q 2026 as compared to $15.0
billion in 4Q 2025, primarily reflecting higher average steel prices.
Operating income increased to $0.8 billion in 1Q 2026 as compared to
$0.3 billion in 4Q 2025. 4Q 2025 had included $105 million of restructuring costs in Europe, $28 million related to Sustainable Solutions,
and a non-cash loss of $61 million arising from the sale of ArcelorMittal Zenica and Prijedor in Bosnia.3 Excluding these
charges, the improvement in operating income was driven by improved performance in the North America segment.
Depreciation cost for 1Q 2026 was $749 million, lower than $856 million
in 4Q 2025 which was impacted by certain assets reaching end of life. 12M 2026 depreciation guidance remains unchanged at approximately
$3.0 billion.
Foreign exchange and other net financial charges amounted to $80 million
in 1Q 2026, lower than $450 million in 4Q 2025, primarily reflecting lower foreign exchange charges. The prior period also included a
cost of $0.1 billion related to the extension of the mandatory convertible bond10.
Net interest cost increased to $133 million in 1Q 2026 as compared to
$91 million in 4Q 2025, primarily due to higher gross
debt and lower interest income.
Income tax expense of $136 million in 1Q 2026 compares with an
income tax benefit of $201 million in 4Q 2025. 4Q 2025 was impacted by recognition of deferred tax assets following revised
expectations of future profitability, primarily in Europe.
Net income in 1Q 2026 increased to $575 million (EPS of $0.76/sh) compared
with $177 million (EPS of $0.23/sh) in 4Q 2025, primarily on account of higher deferred tax benefits partially offset by higher foreign
exchange and other net financial charges. Net income in prior periods reflected the incurrence of certain deferred tax asset and related
deferred tax expense impacts ($273 million in 4Q 2025 and $228 million in 2Q 2025).
Net cash used in operating activities in 1Q 2026 amounted to $9 million
and includes a $1.5 billion seasonal investment in working capital (composed of an outflow/inflow for inventories of $334 million, an
outflow of trade accounts receivable of $1,291 million and an inflow] for trade payables of $101 million, for a $1.5 billion investment
in working capital). Capital expenditures totalled $1.3 billion for 1Q 2026 (including a $0.2 billion payment on signing new Mineral Development
Agreement in Liberia)11. Gross debt increased to $13.7 billion as of March 31, 2026, compared to $13.4 billion as of December
31, 2025, while cash and cash equivalents decreased to $4.4 billion as of March 31, 2026, compared to $5.5 billion as of December 31,
2025, resulting in an increase in net debt to $9.3 billion as of March 31, 2026, as compared to $7.9 billion on December 31, 20254.
Analysis of operations
North America
| (USDm) unless otherwise shown | |
1Q 26 | | |
4Q 25 | | |
3Q 25 | | |
2Q 25 | | |
1Q 25 | |
| Sales | |
| 3,297 | | |
| 3,045 | | |
| 3,311 | | |
| 3,102 | | |
| 2,877 | |
| Depreciation | |
| (177 | ) | |
| (225 | ) | |
| (175 | ) | |
| (152 | ) | |
| (125 | ) |
| Operating income/(loss) | |
| 206 | | |
| (21 | ) | |
| 28 | | |
| 1,848 | | |
| 350 | |
| Crude steel production (Kt) | |
| 2,134 | | |
| 1,804 | | |
| 1,662 | | |
| 2,034 | | |
| 2,255 | |
| - Flat shipments (Kt) | |
| 2,213 | | |
| 2,103 | | |
| 2,173 | | |
| 1,995 | | |
| 2,107 | |
| - Long shipments (Kt) | |
| 557 | | |
| 508 | | |
| 538 | | |
| 664 | | |
| 668 | |
| Steel shipments (Kt) | |
| 2,624 | | |
| 2,494 | | |
| 2,615 | | |
| 2,531 | | |
| 2,643 | |
| Average steel selling price (US$/t) | |
| 1,089 | | |
| 1,052 | | |
| 1,102 | | |
| 1,002 | | |
| 902 | |
Crude steel production increased by 18.3% to 2.1Mt in 1Q 2026, as compared
with 1.8Mt in 4Q 2025, primarily driven by the successful restart of the Mexico Long products blast furnace following preventive maintenance.
Sales increased by 8.3% in 1Q 2026 to $3.3 billion, as compared to $3.0
billion in 4Q 2025, primarily reflecting higher steel shipments (+5.2%) and higher average steel selling prices (+3.5%).
Operating income improved to $206 million in 1Q 2026 as compared with
an operating loss of $21 million in 4Q 2025, driven mainly by a positive price-cost effect and higher steel shipments.
Brazil9
| (USDm) unless otherwise shown | |
1Q 26 | | |
4Q 25 | | |
3Q 25 | | |
2Q 25 | | |
1Q 25 | |
| Sales | |
| 2,809 | | |
| 2,901 | | |
| 2,807 | | |
| 2,816 | | |
| 2,648 | |
| Depreciation | |
| (111 | ) | |
| (112 | ) | |
| (91 | ) | |
| (91 | ) | |
| (85 | ) |
| Operating income/(loss) | |
| 223 | | |
| 229 | | |
| 210 | | |
| (137 | ) | |
| 306 | |
| Crude steel production (Kt) | |
| 3,514 | | |
| 3,636 | | |
| 3,595 | | |
| 3,540 | | |
| 3,579 | |
| - Flat shipments (Kt) | |
| 2,281 | | |
| 2,584 | | |
| 2,289 | | |
| 2,334 | | |
| 2,057 | |
| - Long shipments (Kt) | |
| 1,170 | | |
| 1,191 | | |
| 1,257 | | |
| 1,176 | | |
| 1,120 | |
| Steel shipments (Kt) | |
| 3,432 | | |
| 3,763 | | |
| 3,530 | | |
| 3,498 | | |
| 3,158 | |
| Average steel selling price (US$/t) | |
| 739 | | |
| 692 | | |
| 739 | | |
| 747 | | |
| 774 | |
Sales in 1Q 2026 decreased by 3.2% to $2.8 billion as compared to $2.9
billion in 4Q 2025, driven by lower steel shipments (-8.8%), largely reflecting seasonality and timing of slab export volume, partially
offset by higher average steel selling prices (reflecting a richer mix).
Operating income was broadly stable at $223 million
in 1Q 2026 as compared to $229 million in 4Q 2025, primarily due to lower steel shipments, partially offset by a richer mix (lower slab
exports).
Europe
| (USDm) unless otherwise shown | |
1Q 26 | | |
4Q 25 | | |
3Q 25 | | |
2Q 25 | | |
1Q 25 | |
| Sales | |
| 7,446 | | |
| 6,736 | | |
| 7,186 | | |
| 7,653 | | |
| 7,218 | |
| Depreciation | |
| (262 | ) | |
| (271 | ) | |
| (280 | ) | |
| (283 | ) | |
| (280 | ) |
| Impairment items | |
| — | | |
| (32 | ) | |
| — | | |
| (194 | ) | |
| — | |
| Operating income | |
| 239 | | |
| 49 | | |
| 233 | | |
| 150 | | |
| 90 | |
| Crude steel production (Kt) | |
| 6,832 | | |
| 6,398 | | |
| 7,251 | | |
| 7,530 | | |
| 7,987 | |
| - Flat shipments (Kt) | |
| 5,316 | | |
| 4,743 | | |
| 5,073 | | |
| 5,239 | | |
| 5,418 | |
| - Long shipments (Kt) | |
| 1,796 | | |
| 1,835 | | |
| 1,931 | | |
| 2,073 | | |
| 2,111 | |
| Steel shipments (Kt) | |
| 7,108 | | |
| 6,574 | | |
| 7,001 | | |
| 7,305 | | |
| 7,528 | |
| Average steel selling price (US$/t) | |
| 931 | | |
| 906 | | |
| 915 | | |
| 926 | | |
| 834 | |
Crude steel production totaled 6.8Mt in 1Q 2026, representing a 6.8%
increase compared to 6.4Mt in 4Q 2025. Production in 1Q 2026 nevertheless remained impacted by ongoing maintenance ahead of planned restarts
in 2Q 2026. Compared to 1Q 2025, crude steel production was also impacted by the sale of the company’s Bosnian operations.
Sales increased by 10.6% to $7.4 billion in 1Q 2026 as compared to $6.7
billion in 4Q 2025, primarily reflecting higher steel shipments (+8.1%), with Flat products up 12.1% and Long products down 2.1% and higher
average steel selling prices.
Operating income in 1Q 2026 was $239 million as compared to $49 million
in 4Q 2025, with the benefits of higher steel shipments offset by a negative price cost effect including the impact of reduced free CO2
allocations. With CBAM in place, the additional CO2 cost is expected to be recovered via steel prices from 2Q 2026 onwards. 4Q 2025 had
been impacted by impairment charges of $32 million, restructuring costs of $105 million and a $61 million final non-cash charge on the
sale of ArcelorMittal Zenica and Prijedor (Bosnia).
Sustainable Solutions
| (USDm) unless otherwise shown | |
1Q 26 | | |
4Q 25 | | |
3Q 25 | | |
2Q 25 | | |
1Q 25 | |
| Sales | |
| 2,623 | | |
| 2,600 | | |
| 2,596 | | |
| 2,725 | | |
| 2,580 | |
| Depreciation | |
| (55 | ) | |
| (71 | ) | |
| (63 | ) | |
| (51 | ) | |
| (50 | ) |
| Impairment items | |
| — | | |
| (17 | ) | |
| — | | |
| — | | |
| — | |
| Operating income/(loss) | |
| 69 | | |
| (10 | ) | |
| 38 | | |
| 77 | | |
| 37 | |
Sales in 1Q 2026 were broadly stable at $2.6 billion as compared to 4Q
2025.
Operating income improved to $69 million in 1Q 2026 from an operating
loss of $10 million in 4Q 2025, which included $28 million of restructuring costs and impairments of $17 million. The improvement in operating
performance excluding these charges reflected improved performance of the downstream businesses.
Mining
| (USDm) unless otherwise shown | |
1Q 26 | | |
4Q 25 | | |
3Q 25 | | |
2Q 25 | | |
1Q 25 | |
| Sales | |
| 917 | | |
| 908 | | |
| 732 | | |
| 857 | | |
| 735 | |
| Depreciation | |
| (84 | ) | |
| (116 | ) | |
| (67 | ) | |
| (66 | ) | |
| (67 | ) |
| Operating income | |
| 215 | | |
| 198 | | |
| 142 | | |
| 196 | | |
| 253 | |
| Iron ore production (Mt) | |
| 9.7 | | |
| 10.1 | | |
| 8.5 | | |
| 8.3 | | |
| 8.4 | |
| Iron ore shipment (Mt) | |
| 10.0 | | |
| 10.1 | | |
| 8.2 | | |
| 9.9 | | |
| 8.0 | |
Note: Mining segment comprises iron ore operations of ArcelorMittal Mines
Canada (AMMC) and ArcelorMittal Liberia.
Sales in 1Q 2026 were broadly stable at $0.9 billion as compared to 4Q
2025.
Iron ore production totalled 9.7Mt in 1Q 2026, 3.2% lower versus 10.1Mt
in 4Q 2025, driven by seasonally lower volumes at ArcelorMittal Mines Canada (AMMC) offset by higher output in Liberia. Liberia delivered
another record quarter for iron ore production and shipments. The continued concentrator capacity ramp-up is expected to support higher
sinter feed shipments with higher price realizations. Liberia shipment guidance remains unchanged at >18Mt in 2026.
Operating income increased to $215 million in 1Q 2026 as compared to
$198 million in 4Q 2025, reflecting lower depreciation partially offset by higher freight costs.
India and JVs
Income from associates, joint ventures and other investments declined
to $177 million in 1Q 2026, as compared to $206 million in 4Q 2025, due to weaker Chinese investee performance partly offset by stronger
AMNS India results.
ArcelorMittal has investments in various joint ventures and associate
entities globally. The Company considers AMNS India (60% equity interest) joint venture to be of particular strategic importance, warranting
more detailed disclosures to improve the understanding of its operational performance and value to the Group.
AMNS India
| (USDm) unless otherwise shown | |
1Q 26 | | |
4Q 25 | | |
3Q 25 | | |
2Q 25 | | |
1Q 25 | |
| Production (Kt) (100% basis) | |
| 1,832 | | |
| 1,876 | | |
| 1,832 | | |
| 1,827 | | |
| 1,684 | |
| Shipments (Kt) (100% basis) | |
| 1,994 | | |
| 2,267 | | |
| 1,939 | | |
| 1,775 | | |
| 1,882 | |
| Sales (100% basis) | |
| 1,618 | | |
| 1,593 | | |
| 1,496 | | |
| 1,489 | | |
| 1,448 | |
Sales increased by 1.6% to $1.6 billion
in 1Q 2026 as compared to 4Q 2025, driven by higher average steel selling prices offset in part by 12% decrease in steel shipment
volumes due to planned maintenance.
Operating results in 1Q 2026, reflected
a positive price-cost effect, partially offset by lower steel shipment volumes compared to 4Q 2025.
Recent development
| • | On March 23, 2026, AMNS India announced plans to construct a greenfield integrated steel
plant in Rajayyapeta, Andhra Pradesh, with a Phase 1 capacity of 8.2Mtpa. The facility is designed as a low-cost, highly efficient
coastal asset positioned to serve India’s fastest-growing steel-demand region. The project leverages proven blast-furnace designs
and execution experience from the Hazira expansion, benefits from proximity to high-quality iron ore and access to a deep-water port,
and prioritizes early cash generation, with downstream capacity targeted for 1Q 2029 and primary steelmaking targeted in 2030/31.
These timelines assume all remaining approvals are received on schedule, including securing an appropriate long-term iron ore supply contract
with NMDC. Phase 1 capital expenditures of $7.5–$8.0 billion (includes infrastructure to support future capacity options)
to be deployed over five to six years. Commencement of this project follows the completion of the Hazira capacity expansion project. As
a result, AMNS India capital expenditures are expected to remain broadly stable. |
ArcelorMittal Condensed
Consolidated Statements of Financial Position1
| In millions of U.S. dollars | |
Mar 31, 2026 | | |
Dec 31, 2025 | | |
Mar 31, 2025 | |
| ASSETS | |
| | | |
| | | |
| | |
| Cash and cash equivalents | |
| 4,359 | | |
| 5,476 | | |
| 5,319 | |
| Trade accounts receivable and other | |
| 4,130 | | |
| 3,476 | | |
| 4,108 | |
| Inventories | |
| 18,705 | | |
| 18,589 | | |
| 16,877 | |
| Prepaid expenses and other current assets | |
| 3,196 | | |
| 3,027 | | |
| 3,362 | |
| Assets held for sale8 | |
| 105 | | |
| 37 | | |
| — | |
| Total Current Assets | |
| 30,495 | | |
| 30,605 | | |
| 29,666 | |
| | |
| | | |
| | | |
| | |
| Goodwill and intangible assets | |
| 5,487 | | |
| 5,252 | | |
| 4,599 | |
| Property, plant and equipment | |
| 41,239 | | |
| 41,041 | | |
| 34,705 | |
| Investments in associates and joint ventures | |
| 10,494 | | |
| 10,393 | | |
| 11,711 | |
| Deferred tax assets | |
| 8,705 | | |
| 8,860 | | |
| 8,904 | |
| Other assets | |
| 1,850 | | |
| 1,552 | | |
| 1,867 | |
| Total Assets | |
| 98,270 | | |
| 97,703 | | |
| 91,452 | |
| | |
| | | |
| | | |
| | |
| LIABILITIES AND SHAREHOLDERS’ EQUITY | |
| | | |
| | | |
| | |
| Short-term debt and current portion of long-term debt | |
| 2,740 | | |
| 2,739 | | |
| 3,456 | |
| Trade accounts payable and other | |
| 12,291 | | |
| 13,008 | | |
| 11,884 | |
| Accrued expenses and other current liabilities | |
| 6,944 | | |
| 6,754 | | |
| 6,656 | |
| Liabilities held for sale8 | |
| 35 | | |
| 19 | | |
| — | |
| Total Current Liabilities | |
| 22,010 | | |
| 22,520 | | |
| 21,996 | |
| | |
| | | |
| | | |
| | |
| Long-term debt, net of current portion | |
| 10,943 | | |
| 10,671 | | |
| 8,591 | |
| Deferred tax liabilities | |
| 2,327 | | |
| 2,294 | | |
| 2,418 | |
| Other long-term liabilities | |
| 5,779 | | |
| 5,682 | | |
| 5,148 | |
| Total Liabilities | |
| 41,059 | | |
| 41,167 | | |
| 38,153 | |
| | |
| | | |
| | | |
| | |
| Equity attributable to the equity holders of the parent | |
| 55,193 | | |
| 54,466 | | |
| 51,206 | |
| Non-controlling interests | |
| 2,018 | | |
| 2,070 | | |
| 2,093 | |
| Total Equity | |
| 57,211 | | |
| 56,536 | | |
| 53,299 | |
| Total Liabilities and Shareholders’ Equity | |
| 98,270 | | |
| 97,703 | | |
| 91,452 | |
ArcelorMittal Condensed
Consolidated Statements of Operations1
| | |
Three months ended | |
| In millions of U.S. dollars unless otherwise shown | |
| Mar 31, 2026 | | |
| Dec 31, 2025 | | |
| Sept 30, 2025 | | |
| Jun 30, 2025 | | |
| Mar 31, 2025 | |
| Sales | |
| 15,457 | | |
| 14,971 | | |
| 15,657 | | |
| 15,926 | | |
| 14,798 | |
| Depreciation | |
| (749 | ) | |
| (856 | ) | |
| (736 | ) | |
| (697 | ) | |
| (656 | ) |
| Impairment items2 | |
| — | | |
| (10 | ) | |
| — | | |
| (194 | ) | |
| — | |
| Operating income | |
| 753 | | |
| 327 | | |
| 544 | | |
| 1,932 | | |
| 825 | |
| Operating margin % | |
| 4.9 | % | |
| 2.2 | % | |
| 3.5 | % | |
| 12.1 | % | |
| 5.6 | % |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Income from associates, joint ventures and other investments | |
| 177 | | |
| 206 | | |
| 131 | | |
| 199 | | |
| 99 | |
| Impairments and exceptional items of associates, joint ventures and other investments | |
| — | | |
| — | | |
| — | | |
| 48 | | |
| — | |
| Net interest expense | |
| (133 | ) | |
| (91 | ) | |
| (84 | ) | |
| (73 | ) | |
| (48 | ) |
| Foreign exchange and other net financing (loss)/income | |
| (80 | ) | |
| (450 | ) | |
| (86 | ) | |
| 8 | | |
| 115 | |
| Income/(loss) before taxes and non-controlling interests | |
| 717 | | |
| (8 | ) | |
| 505 | | |
| 2,114 | | |
| 991 | |
| Current tax expense | |
| (138 | ) | |
| (116 | ) | |
| (166 | ) | |
| (139 | ) | |
| (181 | ) |
| Deferred tax benefit/(expense) | |
| 2 | | |
| 317 | | |
| 60 | | |
| (146 | ) | |
| 12 | |
| Income tax (expense)/benefit (net) | |
| (136 | ) | |
| 201 | | |
| (106 | ) | |
| (285 | ) | |
| (169 | ) |
| Net income including non-controlling interests | |
| 581 | | |
| 193 | | |
| 399 | | |
| 1,829 | | |
| 822 | |
| Non-controlling interests loss | |
| (6 | ) | |
| (16 | ) | |
| (22 | ) | |
| (36 | ) | |
| (17 | ) |
| Net income attributable to equity holders of the parent | |
| 575 | | |
| 177 | | |
| 377 | | |
| 1,793 | | |
| 805 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Basic earnings per common share ($) | |
| 0.76 | | |
| 0.23 | | |
| 0.50 | | |
| 2.35 | | |
| 1.05 | |
| Diluted earnings per common share ($) | |
| 0.75 | | |
| 0.23 | | |
| 0.49 | | |
| 2.34 | | |
| 1.04 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| Weighted average common shares outstanding (in millions) | |
| 761 | | |
| 761 | | |
| 761 | | |
| 762 | | |
| 768 | |
| Diluted weighted average common shares outstanding (in millions) | |
| 764 | | |
| 764 | | |
| 764 | | |
| 765 | | |
| 771 | |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| OTHER INFORMATION | |
| | | |
| | | |
| | | |
| | | |
| | |
| Total Group iron ore production (Mt) | |
| 12.9 | | |
| 13.1 | | |
| 12.1 | | |
| 11.8 | | |
| 11.8 | |
| Crude steel production (Mt) | |
| 13.3 | | |
| 12.8 | | |
| 13.6 | | |
| 14.4 | | |
| 14.8 | |
| Steel shipments (Mt) | |
| 12.8 | | |
| 13.0 | | |
| 13.6 | | |
| 13.8 | | |
| 13.6 | |
ArcelorMittal Condensed
Consolidated Statements of Cash flows1
| | |
Three months ended | |
| In millions of U.S. dollars | |
Mar 31, 2026 | | |
Dec 31, 2025 | | |
Sept 30, 2025 | | |
Jun 30, 2025 | | |
Mar 31, 2025 | |
| Operating activities: | |
| | | |
| | | |
| | | |
| | | |
| | |
| Income attributable to equity holders of the parent | |
| 575 | | |
| 177 | | |
| 377 | | |
| 1,793 | | |
| 805 | |
| Adjustments to reconcile net result to net cash (used in)/ provided by operations: | |
| | | |
| | | |
| | | |
| | | |
| | |
| Non-controlling interests income | |
| 6 | | |
| 16 | | |
| 22 | | |
| 36 | | |
| 17 | |
| Depreciation and impairments2 | |
| 749 | | |
| 866 | | |
| 736 | | |
| 891 | | |
| 656 | |
| Acquisition
gain of AM Calvert | |
| - | | |
| - | | |
| - | | |
| (1,858 | ) | |
| - | |
| Income from associates, joint ventures and other investments | |
| (177 | ) | |
| (206 | ) | |
| (131 | ) | |
| (199 | ) | |
| (99 | ) |
| Impairments on investments in associates, joint ventures and other investments | |
| — | | |
| — | | |
| — | | |
| (48 | ) | |
| — | |
| Deferred tax (benefit)/loss | |
| (2 | ) | |
| (317 | ) | |
| (60 | ) | |
| 146 | | |
| (12 | ) |
| Change in trade accounts receivable (A) | |
| (1,291 | ) | |
| 1,967 | | |
| (202 | ) | |
| 251 | | |
| (1,336 | ) |
| Change in inventories (B) | |
| (334 | ) | |
| 480 | | |
| 189 | | |
| 8 | | |
| 143 | |
| Change in trade and other accounts payable (C) | |
| 101 | | |
| (64 | ) | |
| (404 | ) | |
| (38 | ) | |
| (519 | ) |
| Other operating activities (net) | |
| 364 | | |
| 76 | | |
| 224 | | |
| 434 | | |
| (9 | ) |
| Net cash (used in)/provided by operating activities | |
| (9 | ) | |
| 2,995 | | |
| 751 | | |
| 1,416 | | |
| (354 | ) |
| Investing activities: | |
| | | |
| | | |
| | | |
| | | |
| | |
| Purchase of property, plant and equipment and intangibles | |
| (1,271 | ) | |
| (1,247 | ) | |
| (1,237 | ) | |
| (886 | ) | |
| (967 | ) |
| Other investing activities (net) | |
| (53 | ) | |
| (1 | ) | |
| (274 | ) | |
| 123 | | |
| (62 | ) |
| Net cash used in investing activities | |
| (1,324 | ) | |
| (1,248 | ) | |
| (1,511 | ) | |
| (763 | ) | |
| (1,029 | ) |
| Financing activities: | |
| | | |
| | | |
| | | |
| | | |
| | |
| Net proceeds/(payments) relating to payable to banks and long-term debt | |
| 456 | | |
| (1,617 | ) | |
| 1,138 | | |
| (358 | ) | |
| 197 | |
| Dividends paid to ArcelorMittal shareholders | |
| (114 | ) | |
| (211 | ) | |
| — | | |
| (210 | ) | |
| — | |
| Dividends paid to minorities shareholders | |
| (61 | ) | |
| (23 | ) | |
| (52 | ) | |
| (16 | ) | |
| (30 | ) |
| Share buyback | |
| — | | |
| — | | |
| — | | |
| (168 | ) | |
| (94 | ) |
| Lease payments and other financing activities (net) | |
| (59 | ) | |
| (150 | ) | |
| (61 | ) | |
| (61 | ) | |
| (50 | ) |
| Net cash provided by/(used in) financing activities | |
| 222 | | |
| (2,001 | ) | |
| 1,025 | | |
| (813 | ) | |
| 23 | |
| Net (decrease)/increase in cash and cash equivalents | |
| (1,111 | ) | |
| (254 | ) | |
| 265 | | |
| (160 | ) | |
| (1,360 | ) |
| Cash and cash equivalents transferred (to)/from assets held for sale | |
| (10 | ) | |
| 9 | | |
| 17 | | |
| (29 | ) | |
| — | |
| Effect of exchange rate changes on cash | |
| 14 | | |
| (17 | ) | |
| 14 | | |
| 302 | | |
| 205 | |
| Change in cash and cash equivalents | |
| (1,107 | ) | |
| (262 | ) | |
| 296 | | |
| 113 | | |
| (1,155 | ) |
| | |
| | | |
| | | |
| | | |
| | | |
| | |
| OTHER INFORMATION | |
| | | |
| | | |
| | | |
| | | |
| | |
| Change
in working capital (A+B+C) | |
| (1,524 | ) | |
| 2,383 | | |
| (417 | ) | |
| 221 | | |
| (1,712 | ) |
Appendix 1: Capital expenditures1
| (USD million) | |
1Q 26 | | |
4Q 25 | | |
3Q 25 | | |
2Q 25 | | |
1Q 25 | |
| North America | |
| 232 | | |
| 229 | | |
| 236 | | |
| 113 | | |
| 110 | |
| Brazil | |
| 179 | | |
| 214 | | |
| 195 | | |
| 139 | | |
| 180 | |
| Europe | |
| 362 | | |
| 381 | | |
| 412 | | |
| 294 | | |
| 329 | |
| Sustainable Solutions | |
| 80 | | |
| 132 | | |
| 61 | | |
| 77 | | |
| 53 | |
| Mining | |
| 367 | | |
| 219 | | |
| 264 | | |
| 208 | | |
| 235 | |
| Others | |
| 51 | | |
| 72 | | |
| 69 | | |
| 55 | | |
| 60 | |
| Total | |
| 1,271 | | |
| 1,247 | | |
| 1,237 | | |
| 886 | | |
| 967 | |
Appendix 2: Debt repayment schedule as of March 31, 2026
| (USD billion) | |
2026 | | |
2027 | | |
2028 | | |
2029 | | |
≥2030 | | |
Total | |
| Bonds | |
| 0.7 | | |
| 1.2 | | |
| 0.6 | | |
| 0.5 | | |
| 4.5 | | |
| 7.5 | |
| Commercial paper | |
| 1.2 | | |
| — | | |
| — | | |
| — | | |
| — | | |
| 1.2 | |
| Other loans | |
| 0.7 | | |
| 0.4 | | |
| 0.8 | | |
| 0.4 | | |
| 2.7 | | |
| 5.0 | |
| Total gross debt | |
| 2.6 | | |
| 1.6 | | |
| 1.4 | | |
| 0.9 | | |
| 7.2 | | |
| 13.7 | |
As of March 31, 2026, the average debt maturity is 7.5 years.
Appendix 3: Reconciliation of gross debt to net debt
| (USD million) | |
Mar 31 2026 | | |
Dec 31, 2025 | | |
Mar 31 2025 | |
| Short-term debt and current portion of long-term debt | |
| 2,740 | | |
| 2,739 | | |
| 3,456 | |
| Long-term debt, net of current portion | |
| 10,943 | | |
| 10,671 | | |
| 8,591 | |
| Gross
debt | |
| 13,683 | | |
| 13,410 | | |
| 12,047 | |
| Less: Cash and cash equivalents | |
| (4,359 | ) | |
| (5,476 | ) | |
| (5,319 | ) |
| Less: Cash and cash equivalents held as part of the assets held for sale8 | |
| (13 | ) | |
| (3 | ) | |
| — | |
| Net debt (including Cash and cash equivalents held as part of assets held for sale) | |
| 9,311 | | |
| 7,931 | | |
| 6,728 | |
Appendix 4: Terms and definitions
Unless indicated otherwise, or the context otherwise requires, references
in this earnings release to the following terms have the meanings set out next to them below:
Apparent steel consumption: calculated as the sum of production
plus imports minus exports.
Average steel selling prices: calculated as steel sales divided
by steel shipments.
Cash and cash equivalents: represent cash and cash equivalents,
restricted cash and short-term investments.
Capital expenditures: represents the purchase of property, plant
and equipment and intangibles. The Group’s capital expenditure figures do not include capital expenditures at the JVs level (i.e.
AM/NS Calvert until June 18, 2025 and AMNS India).
Crude steel production: steel in the first solid state after melting,
suitable for further processing or for sale.
Depreciation: refers to amortization and depreciation.
EPS: refers to basic or diluted earnings per share.
Free cash flow (FCF): refers to net cash provided by operating
activities less capital expenditures less dividends paid to minority shareholders. The term free cash outflow is used when the difference
is negative (i.e. negative free cash flow)
Foreign exchange and other net financing income/(loss): include
foreign currency exchange impact, bank fees, interest on pensions, impairment of financial assets, revaluation of derivative instruments
and other charges that cannot be directly linked to operating results.
Gross debt: long-term debt and short-term
debt.
Impairment items: refers to impairment charges net of reversals.
Income from associates, joint ventures and other investments:
refers to income from associates, joint ventures and other investments (excluding impairments and exceptional items, if any).
Iron ore reference prices: refers to iron ore prices for 62% Fe
CFR China. Pricing is generally linked to market price indexes and uses a variety of mechanisms, including current spot prices and average
prices over specified periods. Therefore, there may not be a direct correlation between market reference prices and actual selling prices
in various regions at a given time.
Kt: refers to thousand metric tonnes.
LTIF: refers to lost time injury ("LTI")
frequency rate equals lost time injuries per 1,000,000 worked hours (own personnel and contractors) and includes fatalities; an LTI is
an incident that causes an injury that prevents the person from returning to his/her next scheduled shift or work period.
Mt: refers to million metric tonnes.
Net debt: long-term debt and short-term debt less cash
and cash equivalents (including cash and cash equivalents held as part of assets held for sale)
Net interest expense: includes interest expense less interest
income.
Operating results: refers to operating income/(loss).
Operating segments: North America segment includes the Flat, Long
and Tubular operations of US, Canada and Mexico; and also includes all Mexico mines. The Brazil segment includes the Flat, Long and Tubular
operations of Brazil and its neighboring countries including Argentina, Costa Rica, Venezuela; and also includes Andrade and Serra Azul
captive iron ore mines. The Europe segment includes Flat and Long operations, and through October 30, 2025, included Bosnia and Herzegovina
captive iron ore mines; Sustainable Solutions division includes Downstream Solutions and Tubular operations of the European business and
our renewables operations in India. The Others segment includes the Flat, Long and Tubular operations of Ukraine and South Africa, the
captive iron ore mines in Ukraine, holding companies and intragroup stock margin eliminations. Mining segment includes iron ore operations
of ArcelorMittal Mines Canada and ArcelorMittal Liberia.
Own iron ore production: includes total of all finished production
of fines, concentrate, pellets and lumps and includes share of production.
Price-cost effect: a lack of correlation or a lag in the corollary
relationship between raw material and steel prices, which can either have a positive (i.e. increased spread between steel prices and raw
material costs) or negative effect (i.e. a squeeze or decreased spread between steel prices and raw material costs).
Return on capital employed (ROCE): refers to operating income,
excluding impairment and special items, plus income from associates, JVs and other investments (excluding impairments and special items,
if any), minus income taxes (excluding one-off tax charges) divided by the average equity plus net debt for the period.
Shipments: information at segment and Group level eliminates intra-segment
shipments (which are primarily between Flat/Long plants and Tubular plants) and inter-segment shipments respectively. Shipments of Downstream
Solutions are excluded.
Working capital change (working capital investment / release): refers
to movement of change in working capital - trade accounts receivable plus inventories less trade and other accounts payable.
| 1. | The financial information in this press release has been prepared consistently with International Financial
Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) and as adopted
by the European Union. The interim financial information included in this announcement has also been prepared in accordance with IFRS
applicable to interim periods, however this announcement does not contain sufficient information to constitute an interim financial report
as defined in International Accounting Standard 34, “Interim Financial Reporting”. The numbers in this press release have
not been audited. The financial information and certain other information presented in a number of tables in this press release have been
rounded to the nearest whole number or the nearest decimal. Therefore, the sum of the numbers in a column may not conform exactly to the
total figure given for that column. In addition, certain percentages presented in the tables in this press release reflect calculations
based upon the underlying information prior to rounding and, accordingly, may not conform exactly to the percentages that would be derived
if the relevant calculations were based upon the rounded numbers. Segment information presented in this press release is prior to inter-segment
eliminations and certain adjustments made to operating results of the segments to reflect corporate costs, income from non-steel operations
(e.g. logistics and shipping services) and the elimination of stock margins between the segments. |
| 2. | Impairment charges in 12M 2025 totalled $204 million primarily related to the announced divestment of
Zenica integrated steel plant and Prijedor iron ore mining business in Bosnia for $194 million in 2Q 2025. |
| 3. | For 12M 2025, the Company reported a net gain of $871 million, which includes a $1,645 million net gain
from the acquisition of Nippon Steel’s 50% stake in ArcelorMittal Calvert partially offset by a $0.4 billion charge related to settling
the purchase-price dispute concerning Votorantim’s long steel business in Brazil as well as $105 million of restructuring costs
in Europe, $28 million related to Sustainable Solutions, and a non-cash loss of $61 million arising from the sale of ArcelorMittal Zenica
and Prijedor in Bosnia. The Company also considered certain deferred tax asset and related deferred tax expense impacts as one-off tax
charges: 4Q 2025 in the amount of $273 million; 2Q 2025 in the amount of $228 million. |
| 4. | See appendix 3 for the reconciliation of gross debt to net debt. |
| 5. | September 2020 was the inception date of the ongoing share buyback programs. Under the new 10 million
share buyback program launched in April 2025, the Company has repurchased 2 million shares (20% of the tranche) up to the end of 1Q 2026.
|
| 6. | Strategic growth projects now include the new Dunkirk project as well as the previously announced projects
at Sestao and Gijon (which were previously categorized as “decarbonization” projects, now subsumed in “strategic growth”).
|
| 7. | On April 13, 2026, the facility agent confirmed that all Revolving Credit Facility (RCF) lenders have
agreed to our one-year extension request to May 29, 2031. |
| 8. | As of March 31, 2026, assets and liabilities held for sale are related to the ongoing disposal of a downstream
long wire rod business in the Brazil segment. As of December 31, 2025, assets and liabilities held for sale related to the announced divestment
of Tubular subsidiary. |
| 9. | The acquisition of Votorantim’s long steel business in Brazil in 2018 significantly strengthened
ArcelorMittal’s market position, adding approximately 2Mt of annual production capacity, increasing market share, and unlocking
cost efficiencies alongside substantial operational, logistics, and procurement synergies. As part of the original deal structure, Votorantim
and ArcelorMittal retained certain put and call option rights. In March 2022, Votorantim exercised its put option, resulting in a valuation
dispute that proceeded to arbitration in Brazil. Following hearings in October 2024, the parties reached a settlement in June 2025, under
which ArcelorMittal Brasil will pay approximately $546 million over three years. Net of amounts previously provisioned, ArcelorMittal
recorded a net amount of $0.4 billion in 2Q 2025 as an exceptional item. The first instalment of $0.2 billion was paid in 3Q 2025, with
3 further annual payments of $0.1 billion due. |
| 10. | On December 19, 2025, ArcelorMittal extended the conversion date for the $0.7 billion privately placed
mandatory convertible bond (MCB) issued on December 28, 2009 by one of its wholly-owned Luxembourg subsidiaries. The mandatory conversion
date of the bond has been extended to January 28, 2028. The other main features of the MCB remain unchanged. The bond was placed privately
with Credit Agricole Corporate and Investment Bank and is not listed. |
| 11. | In 1Q 2026, the existing Mineral Development Agreement (MDA) was extended to 2050, with a right to renew
for a further 25 years. Under the terms of the agreement, ArcelorMittal paid $200 million to the Government of Liberia for certain rights
it acquires per the agreement, namely the mining rights extension and reserved access to railroad capacity the Company is investing in
(infrastructure is being expanded so it can transport up to 30Mt of iron ore annually). The Company is undertaking feasibility studies
to increase iron ore production capacity beyond the 20Mtpa phase 2 currently in ramp-up. |
Forward-Looking Statements
This document contains forward-looking information and statements about
ArcelorMittal and its subsidiaries. These statements include financial projections and estimates and their underlying assumptions, statements
regarding plans, objectives and expectations with respect to future operations, products and services, and statements regarding future
performance. Forward-looking statements may be identified by the words “believe”, “expect”, “anticipate”,
“target”, "projected", "potential", "intend" or similar expressions. Although ArcelorMittal’s
management believes that the expectations reflected in such forward-looking statements are reasonable, investors and holders of ArcelorMittal’s
securities are cautioned that forward-looking information and statements are subject to numerous risks and uncertainties, many of which
are difficult to predict and generally beyond the control of ArcelorMittal, that could cause actual results and developments to differ
materially and adversely from those expressed in, or implied or projected by, the forward-looking information and statements. These risks
and uncertainties include those discussed or identified in the filings with the Luxembourg Stock Market Authority for the Financial Markets
(Commission de Surveillance du Secteur Financier) and the United States Securities and Exchange Commission (the “SEC”) made
or to be made by ArcelorMittal, including ArcelorMittal’s latest Annual Report on Form 20-F on file with the SEC. ArcelorMittal
undertakes no obligation to publicly update its forward-looking statements, whether as a result of new information, future events, or
otherwise.
Non-GAAP/Alternative Performance Measures
This press release includes certain non-GAAP financial/alternative performance
measures. ArcelorMittal presents net debt and change in working capital as additional measures to enhance the understanding of its financial
position, changes to its capital structure and its credit assessment and to provide additional information to investors and management
with respect to the Company’s cash flows. Non-GAAP financial/alternative performance measures should be read in conjunction with,
and not as an alternative to, ArcelorMittal's financial information prepared in accordance with IFRS. Comparable IFRS measures and reconciliations
of non-GAAP financial/alternative performance measures are presented herein.
