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, with 1Q 2026 EBITDA per tonne of
Operational momentum: Record iron ore production and shipments in
Seasonal investment in working capital: A typical seasonal working capital investment of
Consistent cash generation, supporting balanced capital allocation and continued growth investment: Over the past 12 months, the Company generated
Capital return policy is creating significant value for shareholders: The Company paid its first quarterly interim dividend of
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
Strategic growth projects have good momentum and support higher EBITDA and ROCE: 1Q 2026 capex of
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 |
| Adjusted net income attributable to equity holders of the parent4 | 575 | 654 | 474 | 1,005 | 805 |
| Basic earnings per common share (US$) | 0.76 | 0.23 | 0.50 | 2.35 | 1.05 |
| Adjusted basic earnings per common share (US$)4 | 0.76 | 0.86 | 0.62 | 1.32 | 1.05 |
| Operating income/tonne (US$/t) | 59 | 25 | 40 | 140 | 60 |
| EBITDA | 1,679 | 1,593 | 1,508 | 1,860 | 1,580 |
| EBITDA/tonne (US$/t) | 131 | 123 | 111 | 135 | 116 |
| 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 |
| 12.9 | 13.1 | 12.1 | 11.8 | 11.8 | |
| Iron ore production (Mt) (AMMC and | 9.7 | 10.1 | 8.5 | 8.3 | 8.4 |
| Iron ore shipment (Mt) (AMMC and | 10.0 | 10.1 | 8.2 | 9.9 | 8.0 |
| Weighted average common shares outstanding (in millions) | 761 | 761 | 761 | 762 | 768 |
Commenting,
“Performance in the first quarter was resilient despite the unsettled backdrop in the
“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
“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, which ultimately will add an incremental
“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. Combined with the impact of our strategic investments, this supports ArcelorMittal’s free cash flow outlook and the delivery of consistent capital returns to shareholders.”
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 | |
| 0.15 | 0.07 | 0.14 | 0.29 | 0.23 | |
| 0.17 | 0.23 | 0.21 | 0.39 | 0.32 | |
| 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 fromJuly 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 ROCE 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 Dabrowa 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. OnFebruary 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 capex, is justified by the expected incremental EBITDA.
Analysis of results for 1Q 2026 versus 4Q 2025
Sales increased by 3.2% to
Operating income increased to
Depreciation cost for 1Q 2026 was
EBITDA increased by 5.4% to
Foreign exchange and other net financial charges amounted to
Net interest cost increased to
Income tax expense of $136?million in 1Q 2026 compares with an income tax benefit of $201?million in 4Q?2025. 4Q 2025 was impacted by recognition of deferred tax assets following revised expectations of future profitability, primarily in
Net income in 1Q 2026 increased to
Net cash used in operating activities in 1Q 2026 amounted to
Analysis of operations
| (USDm) unless otherwise shown | 1Q 26 | 4Q 25 | 3Q 25 | 2Q 25 | 1Q 25 |
| Sales | 3,297 | 3,045 | 3,311 | 3,102 | 2,877 |
| Operating income/(loss) | 206 | (21) | 28 | 1,848 | 350 |
| Depreciation | (177) | (225) | (175) | (152) | (125) |
| Exceptional items | — | — | (97) | 1,742 | — |
| EBITDA | 383 | 204 | 300 | 258 | 475 |
| Crude steel production (Kt) | 2,134 | 1,804 | 1,662 | 2,034 | 2,255 |
| - Flat shipments (Kt) | 2,213 | 2,103 | 2,173 | 1,995 | 2,107 |
| - Long shipments (Kt) | 557 | 508 | 538 | 664 | 668 |
| Steel shipments (Kt) | 2,624 | 2,494 | 2,615 | 2,531 | 2,643 |
| Average steel selling price (US$/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
Operating income improved to
EBITDA in 1Q 2026 increased to
| (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 |
| Operating income/(loss) | 223 | 229 | 210 | (137) | 306 |
| Depreciation | (111) | (112) | (91) | (91) | (85) |
| Exceptional items | — | — | — | (453) | — |
| EBITDA | 334 | 341 | 301 | 407 | 391 |
| 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$/t) | 739 | 692 | 739 | 747 | 774 |
Sales in 1Q 2026 decreased by 3.2% to
Operating income was broadly stable at
EBITDA in 1Q 2026 of
| (USDm) unless otherwise shown | 1Q 26 | 4Q 25 | 3Q 25 | 2Q 25 | 1Q 25 |
| Sales | 7,446 | 6,736 | 7,186 | 7,653 | 7,218 |
| Operating income | 239 | 49 | 233 | 150 | 90 |
| Depreciation | (262) | (271) | (280) | (283) | (280) |
| Impairment items | — | (32) | — | (194) | — |
| Exceptional items | — | (166) | — | — | — |
| EBITDA | 501 | 518 | 513 | 627 | 370 |
| Crude steel production (Kt) | 6,832 | 6,398 | 7,251 | 7,530 | 7,987 |
| - Flat shipments (Kt) | 5,316 | 4,743 | 5,073 | 5,239 | 5,418 |
| - Long shipments (Kt) | 1,796 | 1,835 | 1,931 | 2,073 | 2,111 |
| Steel shipments (Kt) | 7,108 | 6,574 | 7,001 | 7,305 | 7,528 |
| Average steel selling price (US$/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
Operating income in 1Q 2026 was
EBITDA in 1Q 2026 of
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 |
| Operating income/(loss) | 69 | (10) | 38 | 77 | 37 |
| Depreciation | (55) | (71) | (63) | (51) | (50) |
| Impairment items | — | (17) | — | — | — |
| Exceptional items | — | (28) | — | — | — |
| EBITDA | 124 | 106 | 101 | 128 | 87 |
Sales in 1Q 2026 were broadly stable at
Operating income improved to
EBITDA increased to
Mining
| (USDm) unless otherwise shown | 1Q 26 | 4Q 25 | 3Q 25 | 2Q 25 | 1Q 25 |
| Sales | 917 | 908 | 732 | 857 | 735 |
| Operating income | 215 | 198 | 142 | 196 | 253 |
| Depreciation | (84) | (116) | (67) | (66) | (67) |
| EBITDA | 299 | 314 | 209 | 262 | 320 |
| 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
Sales in 1Q 2026 were broadly stable at
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
Operating income increased to
EBITDA of
Income from associates, joint ventures and other investments declined to
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 |
| EBITDA (100% basis) | 195 | 166 | 217 | 200 | 101 |
Sales increased by 1.6% to
EBITDA increased by 17.9% to
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 capex 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 capex is expected to remain broadly stable.
ArcelorMittal Condensed Consolidated Statements of Financial Position1
| In millions of | |||
| 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 |
| 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 | |||||
| Sales | 15,457 | 14,971 | 15,657 | 15,926 | 14,798 |
| Depreciation (B) | (749) | (856) | (736) | (697) | (656) |
| Impairment items2 (B) | — | (10) | — | (194) | — |
| Exceptional items3 (B) | — | (194) | (97) | 1,162 | — |
| Operating income (A) | 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 (C) | 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 | |||||
| EBITDA (A-B+C) | 1,679 | 1,593 | 1,508 | 1,860 | 1,580 |
| EBITDA Margin % | 10.9% | 10.6% | 9.6% | 11.7% | 10.7% |
| 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 | |||||
| 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 |
| Exceptional items3 | — | 194 | 97 | (1,162) | — |
| 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) | — |
| Deferred tax (benefit)/loss | (2) | (317) | (60) | 146 | (12) |
| Change in working capital | (1,524) | 2,383 | (417) | 221 | (1,712) |
| Other operating activities (net) | 364 | (118) | 127 | (262) | (9) |
| Net cash (used in)/provided by operating activities (A) | (9) | 2,995 | 751 | 1,416 | (354) |
| Investing activities: | |||||
| Purchase of property, plant and equipment and intangibles (B) | (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 (C) | (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) |
| Free cash flow (A+B+C) | (1,341) | 1,725 | (538) | 514 | (1,351) |
Appendix 1: Capital expenditures1
| (USD million) | 1Q 26 | 4Q 25 | 3Q 25 | 2Q 25 | 1Q 25 |
| 232 | 229 | 236 | 113 | 110 | |
| 179 | 214 | 195 | 139 | 180 | |
| 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
| (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
Appendix 3: Reconciliation of gross debt to net debt
| (USD million) | |||
| 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: Adjusted net income and adjusted basic EPS
| (USD million) | 1Q 26 | 4Q 25 | 3Q 25 | 2Q 25 | 1Q 25 |
| Net income attributable to equity holders of the parent | 575 | 177 | 377 | 1,793 | 805 |
| Impairment items2 | — | (10) | — | (194) | — |
| Exceptional items3 | — | (194) | (97) | 1,162 | — |
| Impairments and exceptional items of associates, joint ventures, and other investments | — | — | — | 48 | — |
| Related tax impacts and one-off tax charges3 | — | (273) | — | (228) | — |
| Adjusted net income attributable to equity holders of the parent | 575 | 654 | 474 | 1,005 | 805 |
| Weighted average common shares outstanding (in millions) | 761 | 761 | 761 | 762 | 768 |
| Adjusted basic EPS $/share | 0.76 | 0.86 | 0.62 | 1.32 | 1.05 |
Appendix 5: 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:
Adjusted basic EPS: refers to adjusted net income divided by the weighted average common shares outstanding.
Adjusted net income: refers to reported net income less impairment items and exceptional items and related tax impacts and one-off tax charges.
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.
Capex: represents the purchase of property, plant and equipment and intangibles. The Group’s capex figures do not include capex at the JVs level (i.e.
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.
EBITDA: defined as operating income (loss) plus depreciation, impairment items and exceptional items and income (loss) from associates, joint ventures and other investments (excluding impairments and exceptional items if any).
EBITDA/tonne: calculated as EBITDA divided by total steel shipments.
Exceptional items: income / (charges) relate to transactions that are significant, infrequent or unusual and are not representative of the normal course of business of the period.
Free cash flow (FCF): refers to net cash provided by operating activities less capex 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).
Investable cash flow: refers to net cash provided by operating activities less maintenance/normative capex.
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.
Liquidity: defined as cash and cash equivalents (included cash held as part of assets held for sale) plus available revolving credit facilities
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.
Maintenance/normative capex: refers to capital expenditures outside of strategic capital expenditures projects (and includes cost reduction plans and environment projects as well as general maintenance capital expenditures).
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:
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).
ROCE (Return on capital employed): refers to operating income, excluding impairment and exceptional items, plus income from associates, JVs and other investments (excluding impairments and exceptional 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
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.
Footnotes
- 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 theEuropean 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. - 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 inBosnia for$194 million in 2Q 2025. - For 12M 2025, the Company reported an exceptional 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 inBrazil , exceptional charges totalling$194 million ($105 million of restructuring costs inEurope ,$28 million related to Sustainable Solutions, and a non-cash loss of$61 million arising from the sale ofArcelorMittal Zenica and Prijedor inBosnia ). For adjusted net income calculations, the Company also treated certain deferred tax asset and related deferred tax expense impacts as exceptional items: 4Q 2025 in the amount of$273 million ; 2Q 2025 in the amount of$228 million . - See Appendix 4 for the reconciliation of adjusted net income and adjusted basic earnings per share; see appendix 3 for the reconciliation of gross debt to net debt.
September 2020 was the inception date of the ongoing share buyback programs. Under the new 10 million share buyback program launched inApril 2025 , the Company has repurchased 2 million shares (20% of the tranche) up to the end of 1Q 2026.- The estimate of potential additional contribution to EBITDA is based on assumptions once ramped up to full capacity and assuming prices/spreads generally in line with the averages of 2015-2020. The total now includes
$0.2 billion of potential additional contribution to EBITDA from the new Dunkirk project as well as from the previously announced projects at Sestao andGijon (which were previously categorized as “decarbonization” projects). As ofMarch 31, 2026 , last twelve-months investable cash flow of$2.0 billion consisting of cash flow from operations of$5.1 billion less normative/maintenance capex of$3.1 billion . As ofMarch 31, 2026 , last twelve-month capex of$4.6 billion included strategic capex of$1.5 billion . - Liquidity at the end of
March 31, 2026 , of$9.9 billion consisted of cash and cash equivalents of$4.4 billion (including cash and cash equivalents held as part of assets held for sale) and$5.5 billion of available credit lines. OnApril 13, 2026 , the facility agent confirmed that all Revolving Credit Facility (RCF) lenders have agreed to our one-year extension request toMay 29, 2031 . - 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 theBrazil segment. As ofDecember 31, 2025 , assets and liabilities held for sale related to the announced divestment of Tubular subsidiary. - 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. InMarch 2022 ,Votorantim exercised its put option, resulting in a valuation dispute that proceeded to arbitration inBrazil . Following hearings inOctober 2024 , the parties reached a settlement inJune 2025 , under whichArcelorMittal 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. - On
December 19, 2025 , ArcelorMittal extended the conversion date for the$0.7 billion privately placed mandatory convertible bond (MCB) issued onDecember 28, 2009 by one of its wholly-ownedLuxembourg subsidiaries. The mandatory conversion date of the bond has been extended toJanuary 28, 2028 . The other main features of the MCB remain unchanged. The bond was placed privately withCredit Agricole Corporate and Investment Bank and is not listed. - 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 ofLiberia 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.
First quarter 2026 earnings analyst conference call
ArcelorMittal Management will host a conference call for members of the investment community to present and comment on the three-month period ended
To access via the conference call and ask a question during the Q&A, please register in advance: https://register-conf.media-server.com/register/BI1a2bb6183076462ea977c387e5eb4d3c
Alternatively, the webcast can be accessed at: https://edge.media-server.com/mmc/p/a3gekyiy
A copy of the earnings call transcript will also be available on the website.
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
Non-GAAP/Alternative Performance Measures
This press release also includes certain non-GAAP financial/alternative performance measures. ArcelorMittal presents EBITDA, EBITDA/tonne, free cash flow (FCF), adjusted net income and adjusted basic earnings per share which are non-GAAP financial/alternative performance measures, as additional measures to enhance the understanding of its operating performance. The definition of EBITDA includes income from share of associates, JVs and other investments (excluding impairments and exceptional items if any, of associates, JVs and other investments) because the Company believes this information provides investors with additional information to understand its results, given the increasing significance of its joint ventures. ArcelorMittal believes such indicators are relevant to provide management and investors with additional information. ArcelorMittal also presents net debt, liquidity 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. Investable cash flow is defined as net cash provided by operating activities less maintenance/normative capex, and the Company thus believes that it represents a cash flow that is available for allocation at management’s discretion. The Company’s guidance as to free cash flow and additional EBITDA estimated to be generated from certain projects is based on the same accounting policies as those applied in the Company’s financial statements prepared in accordance with IFRS. ArcelorMittal is unable to reconcile, without unreasonable effort, such guidance to the most directly comparable IFRS financial measure, due to the uncertainty and inherent difficulty of predicting the occurrence and the financial impact of items impacting comparability. For the same reasons, ArcelorMittal is unable to address the significance of the unavailable information. 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.
About ArcelorMittal
ArcelorMittal is one of the world's leading steel and mining companies, with a presence in 60 countries and primary steelmaking facilities in 14 countries. In 2025, ArcelorMittal had revenues of
Our goal is to help build a better world with smarter steels. 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 electric vehicles and 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. This is what we believe it takes to be the steel company of the future.
ArcelorMittal is listed on the stock exchanges of
Enquiries
ArcelorMittal investor relations: +44 207 543 1128; ESG: +44 203 214 2801 and Bonds/credit: +33 1 57 95 50 35.
E-mail: investor.relations@arcelormittal.com
ArcelorMittal corporate communications (e-mail: press@arcelormittal.com) +44 207 629 7988. Contact:
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