Tearsheet

ArcelorMittal (MT)

Market Price (11/10/2025): $39.49 | Market Cap: $30.1 Bil
Sector: Materials | Industry: Steel

ArcelorMittal (MT)

Market Price (11/10/2025): $39.49
Market Cap: $30.1 Bil
Sector: Materials
Industry: Steel

Investment Highlights Why It Matters Which of these 2 stories sounds closer for this stock?

1. Generates cash flow

The stock generated 4% or more of the share price (called cash flow yield), and shows moderate 10-15% or more growth.

2. Riding a trend

Think Tesla during the pandemic of 2020 when EVs were riding a cultural high, or Nvidia in the current AI boom, or even Figma. These companies don’t have enough yield, or, enough growth, or both - however - they are riding a trend. They have momentum. These can be more volatile - they don’t have the floor of strong cash flow

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.7%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.5%	Trading close to highs Dist 52W High is -4.3%, Dist 3Y High is -4.3%	Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -1.9%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -9.8%
1	Attractive cash flow generation CFO LTM is 4.3 Bil
2	Low stock price volatility Vol 12M is 42%

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 8.7%, ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is 4.5%
1	Attractive cash flow generation CFO LTM is 4.3 Bil
2	Low stock price volatility Vol 12M is 42%
3	Trading close to highs Dist 52W High is -4.3%, Dist 3Y High is -4.3%
4	Weak revenue growth Rev Chg LTMRevenue Change % Last Twelve Months (LTM) is -1.9%, Rev Chg 3Y AvgRevenue Change % averaged over trailing 3 years is -9.8%

Market Valuation & Key Metrics

	11/10/25	2024	2023	2022	2021
Share Price CYE	$39.49	$22.93	$27.59	$25.02	$29.95
Market Cap CYE ($ Bil)	30.1	17.7	22.8	21.7	30.8
Total Debt ($ Bil)	14.9	11.6	10.7	11.7	8.4
Total Cash ($ Bil)	5.7	6.4	7.7	9.3	4.2
Enterprise Value ($ Bil)	39.2	29.3	33.5	33.4	39.2
Valuation Ratios
P/S TTM	0.5	0.3	0.3	0.3	0.5
P/EBIT TTM	13.3	5.3	12.1	2.0	1.9
P/E TTM	11.6	13.6	26.0	2.6	2.4
Sector Ratios
P/S TTM (Sector)	1.4	1.2	1.3	1.1	1.5
P/EBIT TTM (Sector)	6.9	6.3	6.6	4.8	5.7
P/E TTM (Sector)	-0.1	5.5	7.5	4.6	6.9

	11/10/25	2024	2023
Share Price CYE	$39.49	$22.93	$27.59
Market Cap CYE ($ Bil)	30.1	17.7	22.8
Total Debt ($ Bil)	14.9	11.6	10.7
Total Cash ($ Bil)	5.7	6.4	7.7
Enterprise Value ($ Bil)	39.2	29.3	33.5
Valuation Ratios
P/S TTM	0.5	0.3	0.3
P/EBIT TTM	13.3	5.3	12.1
P/E TTM	11.6	13.6	26.0
Sector Ratios
P/S TTM (Sector)	1.4	1.2	1.3
P/EBIT TTM (Sector)	6.9	6.3	6.6
P/E TTM (Sector)	-0.1	5.5	7.5

	MT	S&P 500
REVENUE GROWTH	VERY POOR
Rev LTM ($ Bil)	61.1
Rev Chg Q	3.0%	7.1%
Rev Chg LTM	-1.9%	6.1%
Rev Chg 3Y Avg	-9.8%	5.5%
PROFITABILITY	VERY POOR
Op Inc LTM ($ Bil)	1.8
CFO LTM ($ Bil)	4.3
Net Inc LTM ($ Bil)	2.6
Op Mgn LTM	2.9%	18.8%
CFO/Rev LTM	7.0%	20.5%
Net Inc Mgn	4.2%	13.1%
VALUATION	VERY LOW
P/S	0.5	3.2
P/CFO	7.0	15.2
P/FCF	518.1	20.0
P/E	11.6	23.5
STABILITY	GOOD
Debt/Equity	0.49	0.21
Cash/Assets	0.06	0.07

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Metric	Value	Date	Source
Crude Steel Production	14.8 million tonnes	3312025	Link
Iron Ore Production	11.8 million tonnes	3312025	Link
Lost Time Injury Frequency Rate (LTIFR)	0.76	9302025	Link
CO2 Emissions Intensity	1.75 tonnes of CO2 equivalent per tonne of crude steel	12312024	Link
Automotive Steel Market Share	17%	12312020	Link
R&D Investment	285 million USD	12312024	Link
Decarbonization Investment	0.3-0.4 billion USD (guidance)	12312025	Link
Number of Employees	125,416	12312024	Link

MT Stock

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Factor Drivers of Stock Movement

The 16.5% change in MT stock from 8/10/2025 to 11/9/2025 was primarily driven by a 12.3% change in the company's P/E Multiple.

	8102025	11092025	Change
Stock Price ($)	33.60	39.16	16.55%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	60634.00	61095.00	0.76%
Net Income Margin (%)	4.11%	4.23%	2.83%
P/E Multiple	10.26	11.53	12.34%
Shares Outstanding (Mil)	762.00	761.00	0.13%
Cumulative Contribution			16.55%

LTM = Last Twelve Months as of date shown

The 30.5% change in MT stock from 5/11/2025 to 11/9/2025 was primarily driven by a 113.9% change in the company's Net Income Margin (%).

	5112025	11092025	Change
Stock Price ($)	30.00	39.16	30.53%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	60957.00	61095.00	0.23%
Net Income Margin (%)	1.98%	4.23%	113.86%
P/E Multiple	19.11	11.53	-39.66%
Shares Outstanding (Mil)	768.00	761.00	0.91%
Cumulative Contribution			30.52%

LTM = Last Twelve Months as of date shown

The 52.9% change in MT stock from 11/9/2024 to 11/9/2025 was primarily driven by a 52.5% change in the company's P/S Multiple.

	11092024	11092025	Change
Stock Price ($)	25.61	39.16	52.93%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	62279.00	61095.00	-1.90%
P/S Multiple	0.32	0.49	52.49%
Shares Outstanding (Mil)	778.00	761.00	2.19%
Cumulative Contribution			52.86%

LTM = Last Twelve Months as of date shown

The 62.6% change in MT stock from 11/10/2022 to 11/9/2025 was primarily driven by a 602.1% change in the company's P/E Multiple.

	11102022	11092025	Change
Stock Price ($)	24.09	39.16	62.58%
Change Contribution By	LTM	LTM
Total Revenues ($ Mil)	83759.00	61095.00	-27.06%
Net Income Margin (%)	15.62%	4.23%	-72.92%
P/E Multiple	1.64	11.53	602.14%
Shares Outstanding (Mil)	892.00	761.00	14.69%
Cumulative Contribution			59.07%

LTM = Last Twelve Months as of date shown

Why The Stock Moved

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ArccelorMittal (MT) experienced a significant stock increase of 23.8% between July 31, 2025, and November 8, 2025, driven by several key factors:

1. Strong Q3 2025 Financial Performance: ArcelorMittal reported a 31.35% rise in net income to $377 million in the September quarter compared to the previous year, surpassing analyst expectations for both EPS ($0.62 vs. $0.57 forecast) and revenue ($15.66 billion vs. $15.46 billion anticipated). Sales increased by 3% to $15,657 million, and EBITDA per ton was $111, which is 25% above the historical average margin, indicating resilient operating results.

2. Positive Outlook for 2026 and Supportive EU Trade Policies: The company expressed optimism for its business outlook in 2026, anticipating benefits from more supportive industry policies in key markets. Notably, the European Commission's proposed new trade tool for the steel sector on October 7, 2025, is expected to restore fair competition, improve capacity utilization, and boost profitability within the European steel industry.

3. Strategic Growth Investments and Diversification: ArcelorMittal invested nearly $1 billion in strategic growth projects, including the ongoing expansion in Liberia and the ramp-up of its Calvert Electric Arc Furnace (EAF). The consolidation of its ArcelorMittal Calvert operation also provided support to its North American operations. Furthermore, the company secured an environmental permit for a new industrial steel-powder production plant in Spain, marking its entry into the high-value additive manufacturing materials market.

4. Recovery in Iron Ore Prices: Iron ore prices experienced a recovery during the period, surging past the $100 per ton threshold in July 2025. This increase was fueled by renewed investor confidence in China's economic outlook and expectations of increased seasonal construction activity, positively impacting raw material costs for steel production.

5. Rationalization of Unprofitable South African Operations: ArcelorMittal South Africa ceased long steel production at its Newcastle plant and placed most facilities under care and maintenance, a move aimed at addressing unsustainable energy and logistics costs, as well as challenges from cheap imports and declining local demand. This strategic decision to exit higher-cost businesses is expected to contribute to the company's overall profitability and asset optimization.

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Return vs. Risk

Price Returns Compared

	2020	2021	2022	2023	2024	2025	Total [1]
Returns
MT Return	31%	40%	-16%	10%	-17%	71%	140%
Peers Return	18%	48%	-7%	9%	-31%	13%	39%
S&P 500 Return	16%	27%	-19%	24%	23%	14%	108%
Monthly Win Rates [3]
MT Win Rate	67%	58%	50%	42%	42%	100%
Peers Win Rate	33%	46%	37%	49%	47%	62%
S&P 500 Win Rate	58%	75%	42%	67%	75%	70%
Max Drawdowns [4]
MT Max Drawdown	-60%	-8%	-37%	-17%	-25%	-6%
Peers Max Drawdown	-33%	-5%	-33%	-13%	-36%	-29%
S&P 500 Max Drawdown	-31%	-1%	-25%	-1%	-2%	-15%

[1] Cumulative total returns since the beginning of 2020
[2] Peers: NUE, STLD, CLF, HLP, HUDI. See MT Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2025 data is for the year up to 11/7/2025 (YTD)

How Low Can It Go

Unique Key	Event	MT	S&P 500
2022 Inflation Shock	2022 Inflation Shock
2022 Inflation Shock% Loss	% Loss	-46.8%	-25.4%
2022 Inflation Shock% Gain to Breakeven	% Gain to Breakeven	87.8%	34.1%
2022 Inflation ShockTime to Breakeven	Time to Breakeven	1098 days	464 days
2020 Covid Pandemic	2020 Covid Pandemic
2020 Covid Pandemic% Loss	% Loss	-61.4%	-33.9%
2020 Covid Pandemic% Gain to Breakeven	% Gain to Breakeven	159.0%	51.3%
2020 Covid PandemicTime to Breakeven	Time to Breakeven	251 days	148 days
2018 Correction	2018 Correction
2018 Correction% Loss	% Loss	-66.1%	-19.8%
2018 Correction% Gain to Breakeven	% Gain to Breakeven	194.9%	24.7%
2018 CorrectionTime to Breakeven	Time to Breakeven	2240 days	120 days
2008 Global Financial Crisis	2008 Global Financial Crisis
2008 Global Financial Crisis% Loss	% Loss	-85.1%	-56.8%
2008 Global Financial Crisis% Gain to Breakeven	% Gain to Breakeven	571.7%	131.3%
2008 Global Financial CrisisTime to Breakeven	Time to Breakeven	Not Fully Recovered days	1480 days

Compare to NUE, STLD, CLF, HLP, HUDI

In The Past

ArcelorMittal's stock fell -46.8% during the 2022 Inflation Shock from a high on 1/13/2022. A -46.8% loss requires a 87.8% gain to breakeven.

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About ArcelorMittal (MT)

ArcelorMittal South Africa Ltd manufactures and sells long and flat steel products. The company operates through Steel Operations, Non-Steel Operations, and Other. It offers flat steel products, including hot rolled plates, and hot and cold rolled coils. The company also offers long steel products, commercial coke, and by-products. The company was formerly known as Mittal Steel South Africa Limited and changed its name to ArcelorMittal South Africa Ltd in October 2006. The company was founded in 1928 and is headquartered in Vanderbijlpark, South Africa. ArcelorMittal South Africa Ltd is a subsidiary of Arcelormittal Holdings Ag.

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The ExxonMobil of steel
Holcim for steel

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Flat Steel Products: These include hot-rolled, cold-rolled, and coated steels primarily used in the automotive, packaging, and appliance industries, as well as general construction.
Long Steel Products: Comprising rebar, wire rod, sections, and rails, these are essential for infrastructure, general construction, and railway systems.
Iron Ore: ArcelorMittal mines iron ore, primarily for use in its own steelmaking facilities, with a portion also sold to external customers.

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ArcelorMittal (MT) primarily sells its steel and mining products to other companies (B2B) rather than directly to individuals. As one of the world's largest steel producers, its customer base spans numerous industries globally.

While ArcelorMittal does not publicly disclose a list of its individual major customer companies due to the vast and proprietary nature of its client relationships, it clearly identifies the major industrial sectors that consume its products. These sectors are effectively ArcelorMittal's major customers:

Automotive Industry: Manufacturers of cars, trucks, and other vehicles are significant consumers of various steel products for vehicle bodies, chassis, and components. Major global automotive companies (e.g., General Motors (GM), Ford Motor Company (F), Volkswagen AG (VWAGY), Stellantis N.V. (STLA)) rely heavily on steel, and ArcelorMittal is a key supplier to this sector.
Construction and Infrastructure: This sector utilizes large volumes of steel for buildings, bridges, railways, pipelines, and other civil engineering projects. Customers here include large construction firms, fabricators, and infrastructure developers (e.g., VINCI SA (VCISY), ACS, Actividades de Construcción y Servicios, S.A. (ACSJF)).
Household Appliances and Consumer Goods: Manufacturers of white goods (refrigerators, washing machines, ovens) and other consumer products use flat steel products. Companies like Whirlpool Corporation (WHR), Electrolux AB (ELUXY), and Haier Smart Home Co., Ltd. (HSHCY) are representative of customers in this category.
Machinery and Industrial Equipment: Producers of heavy machinery, agricultural equipment, and various industrial components consume steel for their manufacturing processes. Companies such as Caterpillar Inc. (CAT) or Deere & Company (DE) are examples of potential customers in this broad industrial segment.
Energy Sector: Steel is crucial for oil and gas pipelines, drilling platforms, wind turbines, and other energy infrastructure.
Packaging Industry: Steel is used to produce tinplate for food and beverage cans.

It's important to note that ArcelorMittal's customer base is extensive, encompassing thousands of companies across these industries worldwide, and direct contractual relationships with specific "major customers" are not publicly disclosed by the company.

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Air Liquide S.A. (AI.PA)
Linde plc (LIN)

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Aditya Mittal Chief Executive Officer

Aditya Mittal became Chief Executive Officer of ArcelorMittal in February 2021, succeeding his father, Lakshmi Mittal. He previously served as President and Chief Financial Officer of ArcelorMittal. He joined the family business (Mittal Steel) in 1997 and was appointed Head of Mergers and Acquisitions in 1999, playing a crucial role in Mittal Steel's expansion. He led the merger of Mittal Steel and Arcelor in 2006, which resulted in the formation of ArcelorMittal. Before the merger, he served as President and CFO of Mittal Steel from 2004 to 2006. He worked briefly in the mergers and acquisitions department at investment bank Credit Suisse First Boston. He serves on the boards of ArcelorMittal, Aperam, HMEL, and Iconiq Capital, and is Chairman of ArcelorMittal Nippon Steel India.

Genuino M. Christino Executive Vice President - Chief Financial Officer

Genuino M. Christino was appointed Executive Vice President and Group Chief Financial Officer of ArcelorMittal in February 2021. Prior to this role, he was the Head of Finance at the company. Mr. Christino joined ArcelorMittal in 2003. Before joining the Group, he spent ten years at KPMG, working as an auditor and consultant in both Brazil and the United Kingdom. He also serves as a Director on the Board of Vallourec.

Lakshmi N. Mittal Executive Chairman

Lakshmi N. Mittal is the Executive Chairman of ArcelorMittal. He founded Mittal Steel in 1976 and subsequently led its merger with Arcelor in 2006, creating ArcelorMittal, the world's largest steelmaking company. He served as CEO of ArcelorMittal until February 2021. Mr. Mittal is recognized for his leadership in restructuring the steel industry towards a more consolidated and globalized model through major acquisitions. He is also the Chairman of Aperam and a Director of Goldman Sachs.

Geert Van Poelvoorde Executive Vice President, CEO ArcelorMittal Europe

Geert Van Poelvoorde has been the Executive Vice President and CEO of ArcelorMittal Europe since February 2021. He began his career in 1989 as a project engineer at Sidmar Gent. Throughout his career, he has held various senior and CEO positions across several plants and business units in Europe, including CEO of ArcelorMittal Gent in 2008. He served as President of Eurofer, the European steel federation, from 2015 until 2022 and is currently its Vice-President.

Brad Davey Executive Vice President – Head of Corporate Business Optimisation

Brad Davey was appointed Executive Vice President and Head of Corporate Business Optimisation in 2021. Before this role, he served as CEO ArcelorMittal North America, a position he held since March 2018. Mr. Davey joined ArcelorMittal Dofasco, Canada, in 1986 and spent 15 years in various technology and manufacturing roles. He then transitioned to senior commercial positions, including Vice President of ArcelorMittal Dofasco and Chief Marketing Officer.

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The emergence and increasing adoption of mass timber products (such as Cross-Laminated Timber - CLT and Glued Laminated Timber - Glulam) in construction projects represents a clear emerging threat. As engineered wood products become more sophisticated, widely accepted by building codes, and favored for their sustainability benefits (lower embodied carbon, carbon sequestration), they are directly competing with steel in mid-rise and even some high-rise building structures. This trend is driven by growing environmental consciousness among developers and consumers, technological advancements in wood engineering, and potential for faster construction times.

The rapid acceleration of demand for decarbonized or 'green steel' and the rise of dedicated green steel producers poses another significant emerging threat. With increasing regulatory pressure, carbon pricing mechanisms, and procurement targets from major industrial customers (e.g., automotive OEMs) focused on reducing Scope 3 emissions, steelmakers unable to transition quickly and cost-effectively to low-carbon production methods (e.g., hydrogen-based Direct Reduced Iron) risk losing market share. New entrants and specialized companies focused solely on green steel production are emerging and scaling up, potentially disrupting traditional steel supply chains and challenging established players like ArcelorMittal on sustainability credentials and pricing in key markets.

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ArcelorMittal (MT) operates primarily in the steel manufacturing and mining industries, with its main products encompassing a wide range of steel and iron ore. The addressable markets for these core products are substantial on a global scale.

Steel Products

ArcelorMittal's main steel products include flat steel (such as slabs, hot-rolled coil, cold-rolled coil, coated steel, plate, and tinplate), long steel (including bars, rods, structural shapes, wire rod, rebar, billets, and blooms), and tubular products (pipes and tubes). The company also produces tailored blanks, particularly laser-welded blanks for the automotive industry.

Global Steel Market: The global steel market size was estimated at USD 1.47 trillion in 2024 and is projected to reach USD 1.92 trillion by 2030, growing at a Compound Annual Growth Rate (CAGR) of 4.6% from 2025 to 2030. Other estimates place the global steel market at USD 1.63 trillion in 2025, with a projection to reach approximately USD 2.60 trillion by 2034 at a CAGR of 5.31% from 2025 to 2034. Another valuation indicated the market size at USD 1245.33 billion in 2024, forecast to reach USD 2085.37 billion by 2032, with a CAGR of 2.25% from 2026 to 2032. The Asia Pacific region consistently dominates the global steel market, holding a significant revenue share.

Mining Products

ArcelorMittal's mining operations primarily produce iron ore (lump, fines, concentrate, pellets, and sinter feed) and various types of coal (coking, pulverized coal injection (PCI), and thermal coal).

Global Iron Ore Market: The global iron ore market was valued at USD 279.35 billion in 2023 and is expected to grow to USD 290.25 billion in 2024, with projections to reach USD 397.98 billion by 2032, exhibiting a CAGR of 4.0% during the forecast period. Another estimate placed the global iron ore market size at USD 275.23 billion in 2024, anticipated to reach USD 313.02 billion by 2030, with a CAGR of 4.0% from 2025 to 2030. Asia Pacific held the largest revenue share in the iron ore market, accounting for 70.0% in 2024. The U.S. iron ore market is also projected for significant growth, potentially reaching an estimated value of USD 18.36 billion by 2032.
Global Iron Ore Mining Market: The global iron ore mining market was valued at USD 3.26 billion in 2024 and is projected to reach USD 5.46 billion by 2032, with a CAGR of 7.10% from 2025 to 2032. The Asia-Pacific region is the dominant force in this market.

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ArcelorMittal (MT) is expected to drive future revenue growth over the next 2-3 years through several key strategies and market dynamics:

Strategic Growth Investments: The company is actively investing in high-return strategic projects, which are anticipated to significantly increase its future EBITDA potential. These investments include projects like the Liberia expansion, the Calvert EAF ramp-up, and other initiatives aimed at enhancing long-term production capacity and structural earnings. ArcelorMittal expects these strategic projects to contribute $700 million and $800 million to EBITDA in 2025 and 2026, respectively, with a total projected increase of $2.1 billion.
Recovery in Steel Demand: ArcelorMittal maintains a positive outlook for steel demand recovery, particularly in key regions and sectors. The company expects global steel consumption (excluding China) to increase by 2.5% to 3.5% in 2025, driven by restocking and increased demand. Anticipated growth in the European construction and automotive sectors, supported by potential interest rate cuts, is also seen as a significant driver.
Expansion and Diversification into New Markets and Segments: ArcelorMittal's plans for expansion into new international markets are projected to substantially boost its revenue streams and strengthen its competitive position through market diversification. The company's regional diversification, with North America being a significant EBITDA contributor and strong momentum in Brazil, further supports this driver.
Leadership in Sustainable and Decarbonized Steel: ArcelorMittal is committing substantial investments in green steel production technologies, such as Electric Arc Furnaces (EAFs) and Direct Reduced Iron (DRI) technology, as well as renewable energy projects. This focus on sustainability and innovation positions the company to capture premium, higher-margin demand from environmentally conscious customers and capitalize on opportunities within the energy transition sector.
Favorable European Trade Policies: New EU trade policies and potential trade defense mechanisms are expected to reduce unfair imports into Europe and materially improve capacity utilization rates. This regulatory support is anticipated to bolster both revenue growth and net margins for ArcelorMittal's European operations.

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Share Repurchases

ArcelorMittal completed an 85 million shares buyback program on April 2, 2025.
The company announced a new share buyback program in April 2025, following the completion of its previous program. This new program will be conducted in tranches through May 2030, with the first tranche authorized for up to 10 million shares.
In 2022, ArcelorMittal announced buyback programs totaling US$3.4 billion, including a US$1 billion program announced in May 2022 and a US$1.4 billion program (60,431,380 shares) announced in July 2022.

Share Issuance

ArcelorMittal has actively reduced its issued share capital through the cancellation of treasury shares. As of April 28, 2023, the company had 852,809,772 shares in issue following the cancellation of 25 million treasury shares.
Prior to that, 60 million treasury shares were canceled by May 18, 2022, and 45 million by January 14, 2022, significantly reducing the total number of issued shares.

Outbound Investments

ArcelorMittal acquired the remaining 50% stake in AM/NS Calvert (now ArcelorMittal Calvert) in the United States in June 2025, which was noted with a $1.7 billion exceptional gain in Q2 2025.
In March 2025, the company acquired Tuper, a manufacturer of steel solutions for the automotive, construction, and energy sectors.
In July 2022, ArcelorMittal acquired Companhia Siderúrgica do Pecém (CSP) for $2.2 billion.

Capital Expenditures

Capital expenditures for 2025 are projected to be in the range of $4.5 billion to $5.0 billion, with $1.4 billion to $1.5 billion allocated to strategic growth projects and $0.3 billion to $0.4 billion to decarbonization initiatives.
In FY 2024, the company's capital expenditures were within the $4.5 billion to $5.0 billion guidance range, including $1.3 billion for strategic growth projects and $2.8 billion for maintenance capex.
Primary focus areas for capital expenditures include decarbonization through electric arc furnaces in Spain (Sestao and Gijon), the Liberia expansion project, renewable energy projects in India, and a new $0.9 billion electrical steel facility in Calvert, Alabama, for the electric vehicle market.

Interactive Breakdown

ArcelorMittal Interactive Breakdown Analysis

Better Bets than ArcelorMittal (MT)

	MT	Better Performance than MT
Metric	Value	Industry (Steel)
Rev Chg LTM	-1.9%	STLD (-1.5%), CRS (2.4%), RS (-0.9%), CMC (-1.6%), NWPX (7.6%)
Rev Chg 3Y Avg	-9.8%	STLD (-8.0%), CRS (14.6%), RS (-7.0%), CMC (-4.3%), CLF (-7.2%)
Op Mgn LTM	2.9%	NUE (7.0%), STLD (8.6%), CRS (19.4%), RS (7.1%), CMC (6.7%)
CFO/Rev LTM	7.0%	NUE (10.2%), STLD (8.6%), CRS (15.2%), RS (7.4%), CMC (9.2%)
FCF/Rev LTM	0.1%	STLD (1.8%), CRS (9.3%), RS (4.8%), CMC (4.0%), AMR (1.9%)
Total Yield	8.7%	WS (9.7%), SXC (18.4%), MSB (20.4%)

	MT	Better Performance than MT
Metric	Value	Sector (Materials)
Rev Chg LTM	-1.9%	LIN (1.3%), SCCO (12.7%), NEM (26.6%), SHW (1.0%), AEM (35.2%)
Rev Chg 3Y Avg	-9.8%	LIN (0.6%), SCCO (7.1%), NEM (23.9%), SHW (2.4%), AEM (26.0%)
Op Mgn LTM	2.9%	LIN (26.9%), SCCO (50.3%), NEM (43.5%), SHW (15.8%), AEM (49.4%)
CFO/Rev LTM	7.0%	LIN (29.8%), SCCO (37.4%), NEM (42.9%), SHW (14.2%), AEM (55.2%)
FCF/Rev LTM	0.1%	LIN (15.2%), SCCO (28.2%), NEM (28.5%), SHW (10.4%), AEM (34.5%)
Total Yield	8.7%	NEM (9.1%), VALE (10.6%), NTR (10.4%), LYB (14.5%), CF (13.0%)

	MT	Better Performance than MT
Metric	Value	All Other Sectors
Rev Chg LTM	-1.9%	NVDA (71.6%), AAPL (6.0%), MSFT (15.6%), GOOGL (13.4%), AMZN (10.9%)
Rev Chg 3Y Avg	-9.8%	NVDA (92.0%), AAPL (1.8%), MSFT (13.2%), GOOGL (11.0%), AMZN (11.3%)
Op Mgn LTM	2.9%	NVDA (58.1%), AAPL (31.9%), MSFT (46.3%), GOOGL (32.2%), AMZN (11.4%)
CFO/Rev LTM	7.0%	NVDA (46.6%), AAPL (26.6%), MSFT (50.0%), GOOGL (39.3%), AMZN (18.1%)
FCF/Rev LTM	0.1%	NVDA (43.6%), AAPL (23.5%), MSFT (26.6%), GOOGL (19.1%), AMZN (2.0%)
Total Yield	8.7%	XOM (9.5%), BABA (37.9%), WFC (9.6%), TM (2207.0%), MRK (12.6%)

		Best Bets In Materials Sector
	MT	RGLD	USLM	CF	EXP	LIN	NEM	AXTA	SEE	GEF	SON
What You Pay
P/E	11.5	24.1	25.3	9.6	15.0	29.5	12.7	13.7	11.9	17.9	6.4
P/EBIT	13.2	20.1	21.7	6.0	10.9	21.2	8.8	8.3	7.4	7.5	9.1
What You Get
Rev Chg Q	3.0%	30.0%	14.1%	21.1%	2.5%	2.8%	20.0%	-2.4%	0.5%	-2.6%	57.3%
Rev Chg LTM	-1.9%	28.1%	20.3%	12.6%	1.5%	1.3%	26.6%	-1.8%	-1.2%	18.5%	67.9%
Rev Chg 3Y Avg	-9.8%	12.3%	17.8%	-13.5%	4.1%	0.6%	23.9%	2.7%	-2.6%	-1.3%	7.8%
FCF/Rev 3Y Avg	2.1%	9.3%	25.6%	22.3%	16.7%	15.4%	13.8%	8.0%	7.5%	6.1%	6.8%

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 11%, alpha of 1.8%, and sharpe of 0.46

Latest Trefis Analyses

	Title	Topic	Date
0	DASHBOARDS
1	How Low Can ArcelorMittal Stock Really Go?	Return
2	MT Dip Buy Analysis
3	ArcelorMittal (MT) Valuation Ratios Comparison	Financials
4	ArcelorMittal Total Shareholder Return (TSR): -16.9% in 2024 and ...% 3-yr compounded annual returns (below peer average)
5	Should You Buy ArcelorMittal Stock?	Buy or Fear
6	ArcelorMittal (MT) Operating Cash Flow Comparison	Financials
7	ArcelorMittal (MT) Net Income Comparison	Financials
8	ArcelorMittal (MT) Operating Income Comparison	Financials
9	ArcelorMittal (MT) Revenue Comparison	Financials
10	Fundamental Metrics: ...
11	ARTICLES
12	Buy Or Fear ArcelorMittal Stock?		September 9th, 2025
13	Mid Cap Stocks Trading At 52-Week High		July 12th, 2025
14	Is ArcelorMittal Stock Still A Strong Bet?		June 18th, 2025
15	Why Are ArcelorMittal’s Net Margins So Low?		May 15th, 2025
16	Why Is ArcelorMittal Stock Up 50% In Six Months?		March 10th, 2025

	Title
0	DASHBOARDS
1	How Low Can ArcelorMittal Stock Really Go?
2	MT Dip Buy Analysis
3	ArcelorMittal (MT) Valuation Ratios Comparison
4	ArcelorMittal Total Shareholder Return (TSR): -16.9% in 2024 and ...% 3-yr compounded annual returns (below peer average)
5	Should You Buy ArcelorMittal Stock?
6	ArcelorMittal (MT) Operating Cash Flow Comparison
7	ArcelorMittal (MT) Net Income Comparison
8	ArcelorMittal (MT) Operating Income Comparison
9	ArcelorMittal (MT) Revenue Comparison
10	Fundamental Metrics: ...
11	ARTICLES
12	Buy Or Fear ArcelorMittal Stock?
13	Mid Cap Stocks Trading At 52-Week High
14	Is ArcelorMittal Stock Still A Strong Bet?
15	Why Are ArcelorMittal’s Net Margins So Low?
16	Why Is ArcelorMittal Stock Up 50% In Six Months?

Trade Ideas

Select past ideas related to MT. For more, see Trefis Trade Ideas.

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
ATR_10312025_Dip_Buyer_ValueBuy	10312025	ATR	AptarGroup	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	0.2%	0.2%	-2.5%
SLGN_10312025_Dip_Buyer_ValueBuy	10312025	SLGN	Silgan	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	-1.1%	-1.1%	-1.1%
TGLS_10242025_Dip_Buyer_ValueBuy	10242025	TGLS	Tecnoglass	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	-17.1%	-17.1%	-17.1%
NEM_10242025_Quality_Momentum_RoomToRun_10%	10242025	NEM	Newmont	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	0.0%	0.0%
RGLD_10242025_Quality_Momentum_RoomToRun_10%	10242025	RGLD	Royal Gold	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	-3.6%	-3.6%	-7.3%

Unique Key	Date	Ticker	Company	Category	Trade Strategy	6M Fwd Rtn	12M Fwd Rtn	12M Max DD
ATR_10312025_Dip_Buyer_ValueBuy	10312025	ATR	AptarGroup	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	0.2%	0.2%	-2.5%
SLGN_10312025_Dip_Buyer_ValueBuy	10312025	SLGN	Silgan	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	-1.1%	-1.1%	-1.1%
TGLS_10242025_Dip_Buyer_ValueBuy	10242025	TGLS	Tecnoglass	Dip Buy	DB \| P/E OPMDip Buy with Low PE and High Margin Buying dips for companies with tame PE and meaningfully high operating margin	-17.1%	-17.1%	-17.1%
NEM_10242025_Quality_Momentum_RoomToRun_10%	10242025	NEM	Newmont	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	0.0%	0.0%
RGLD_10242025_Quality_Momentum_RoomToRun_10%	10242025	RGLD	Royal Gold	Quality	Q \| Momentum \| UpsideQuality Stocks with Momentum and Upside Buying quality stocks with strong momentum but still having room to run	-3.6%	-3.6%	-7.3%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
ORGO	Organogenesis	0.7	44.7%	75.9%
GMED	Globus Medical	11.3	35.9%	1.4%
KODK	Eastman Kodak	0.6	33.2%	18.6%
GCT	GigaCloud Technology	1.3	30.0%	78.8%
FROG	JFrog	6.9	27.0%	104.0%
PGNY	Progyny	1.9	24.2%	29.7%
TNDM	Tandem Diabetes Care	1.1	22.0%	-54.9%
OS	OneStream	4.1	19.2%	-20.3%
FLGT	Fulgent Genetics	0.8	18.2%	42.7%
UAMY	United States Antimony	1.0	17.8%	370.1%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
AIRS	AirSculpt Technologies	0.4	-41.7%	17.9%
FOXF	Fox Factory	0.7	-25.5%	-45.9%
ASTH	Astrana Health	1.3	-23.5%	-19.0%
CERT	Certara	1.4	-23.1%	-18.6%
NTLA	Intellia Therapeutics	1.0	-22.7%
DNA	Ginkgo Bioworks	0.5	-20.8%	-8.9%
SIGA	SIGA Technologies	0.5	-20.0%	20.2%
UI	Ubiquiti	37.0	-19.4%	85.3%
EVCM	EverCommerce	1.7	-19.3%	-15.1%
PSIX	Power Solutions International	1.5	-19.1%	120.8%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
TERN	Terns Pharmaceuticals	1.7	126.3%	233.4%
CSIQ	Canadian Solar	1.9	58.7%	156.0%
FSLY	Fastly	1.7	44.9%	22.5%
BHF	Brighthouse Financial	3.8	44.5%	37.4%
GDEN	Golden Entertainment	0.8	42.9%	-4.9%
DAWN	Day One Biopharmaceuticals	1.0	38.2%	-23.2%
GMED	Globus Medical	11.3	38.2%	1.4%
HAE	Haemonetics	3.3	36.7%	-12.4%
CSTL	Castle Biosciences	1.0	36.5%
APPN	Appian	3.0	35.2%	22.2%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
QURE	uniQure	1.5	-59.0%
SOC	Sable Offshore	0.5	-58.4%	-76.7%
BHVN	Biohaven	0.8	-52.5%	-77.9%
DD	DuPont de Nemours	16.7	-51.1%	-46.9%
ASPN	Aspen Aerogels	0.3	-48.7%	-67.5%
BLZE	Backblaze	0.3	-43.9%	-3.7%
AIRS	AirSculpt Technologies	0.4	-42.2%	17.9%
CCOI	Cogent Communications	1.1	-41.6%	-67.5%
ELF	e.l.f. Beauty	4.2	-40.1%	-41.3%
ACVA	ACV Auctions	0.9	-39.3%	-75.0%

1 Month Top Gainers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
PRAX	Praxis Precision Medicines	3.6	207.2%
INBX	Inhibrx Biosciences	1.2	130.5%	424.0%
VTYX	Ventyx Biosciences	0.6	127.2%	300.5%
TERN	Terns Pharmaceuticals	1.7	117.3%
PUMP	ProPetro	1.1	95.6%	15.1%
SNDK	SanDisk	34.7	84.7%
REPL	Replimune	0.8	79.5%	-31.4%
CSIQ	Canadian Solar	1.9	78.3%	156.0%
VICR	Vicor	3.9	66.2%	80.9%
ESTA	Establishment Labs	1.9	62.0%	41.1%

1 Month Top Losers

Ticker	Company	Mkt Cap (B)	1M Rtn	YTD Rtn
SOC	Sable Offshore	0.5	-72.8%	-76.7%
NTLA	Intellia Therapeutics	1.0	-62.6%	-18.4%
QURE	uniQure	1.5	-56.3%	57.4%
FMC	FMC	1.8	-53.2%	-69.9%
BHVN	Biohaven	0.8	-52.1%	-77.9%
ASPN	Aspen Aerogels	0.3	-51.4%	-67.5%
LRN	Stride	3.1	-50.3%	-30.7%
FI	Fiserv	35.1	-49.4%	-69.0%
WOLF	Wolfspeed	2.8	-49.3%
ELF	e.l.f. Beauty	4.2	-49.1%	-41.3%

Recent Active Movers

1 Day Top Gainers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
ORGO	Organogenesis	0.7	44.7%	75.9%
GMED	Globus Medical	11.3	35.9%	1.4%
KODK	Eastman Kodak	0.6	33.2%	18.6%
GCT	GigaCloud Technology	1.3	30.0%	78.8%
FROG	JFrog	6.9	27.0%	104.0%
PGNY	Progyny	1.9	24.2%	29.7%
TNDM	Tandem Diabetes Care	1.1	22.0%	-54.9%
OS	OneStream	4.1	19.2%	-20.3%
FLGT	Fulgent Genetics	0.8	18.2%	42.7%
UAMY	United States Antimony	1.0	17.8%	370.1%

1 Day Top Losers

Ticker	Company	Mkt Cap (B)	1D Rtn	YTD Rtn
AIRS	AirSculpt Technologies	0.4	-41.7%	17.9%
FOXF	Fox Factory	0.7	-25.5%	-45.9%
ASTH	Astrana Health	1.3	-23.5%	-19.0%
CERT	Certara	1.4	-23.1%	-18.6%
NTLA	Intellia Therapeutics	1.0	-22.7%
DNA	Ginkgo Bioworks	0.5	-20.8%	-8.9%
SIGA	SIGA Technologies	0.5	-20.0%	20.2%
UI	Ubiquiti	37.0	-19.4%	85.3%
EVCM	EverCommerce	1.7	-19.3%	-15.1%
PSIX	Power Solutions International	1.5	-19.1%	120.8%

1 Week Top Gainers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
TERN	Terns Pharmaceuticals	1.7	126.3%	233.4%
CSIQ	Canadian Solar	1.9	58.7%	156.0%
FSLY	Fastly	1.7	44.9%	22.5%
BHF	Brighthouse Financial	3.8	44.5%	37.4%
GDEN	Golden Entertainment	0.8	42.9%	-4.9%
DAWN	Day One Biopharmaceuticals	1.0	38.2%	-23.2%
GMED	Globus Medical	11.3	38.2%	1.4%
HAE	Haemonetics	3.3	36.7%	-12.4%
CSTL	Castle Biosciences	1.0	36.5%
APPN	Appian	3.0	35.2%	22.2%

1 Week Top Losers

Ticker	Company	Mkt Cap (B)	1W Rtn	YTD Rtn
QURE	uniQure	1.5	-59.0%
SOC	Sable Offshore	0.5	-58.4%	-76.7%
BHVN	Biohaven	0.8	-52.5%	-77.9%
DD	DuPont de Nemours	16.7	-51.1%	-46.9%
ASPN	Aspen Aerogels	0.3	-48.7%	-67.5%
BLZE	Backblaze	0.3	-43.9%	-3.7%
AIRS	AirSculpt Technologies	0.4	-42.2%	17.9%
CCOI	Cogent Communications	1.1	-41.6%	-67.5%
ELF	e.l.f. Beauty	4.2	-40.1%	-41.3%
ACVA	ACV Auctions	0.9	-39.3%	-75.0%

Peer Comparisons for ArcelorMittal

Financials

	MT	NUE	STLD	CLF	HLP	HUDI	Median
Name	ArcelorM.	Nucor	Steel Dy.	Clevelan.	Hongli	Huadi In.
Mkt Price	39.16	144.31	151.94	10.43	1.66	1.21	24.79
Mkt Cap	29.8	33.3	22.3	5.2	-	-	26.1
Rev LTM	61,095	30,806	17,635	18,622	-	-	24,714
Op Inc LTM	1,770	2,143	1,519	-1,539	-	-	1,644
FCF LTM	58	-385	311	-1,547	-	-	-164
FCF 3Y Avg	1,445	3,115	1,018	141	-	-	1,232
CFO LTM	4,281	3,130	1,524	-921	-	-	2,327
CFO 3Y Avg	5,981	5,842	2,562	804	-	-	4,202

Growth & Margins

	MT	NUE	STLD	CLF	HLP	HUDI	Median
Name	ArcelorM.	Nucor	Steel Dy.	Clevelan.	Hongli	Huadi In.
Rev Chg LTM	-1.9%	-5.8%	-1.5%	-6.8%	-	-	-3.8%
Rev Chg 3Y Avg	-9.8%	-10.4%	-8.0%	-7.2%	-	-	-8.9%
Rev Chg Q	3.0%	4.7%	11.2%	3.6%	-	-	4.2%
QoQ Delta Rev Chg LTM	0.8%	1.2%	2.8%	0.9%	-	-	1.1%
Op Mgn LTM	2.9%	7.0%	8.6%	-8.3%	-	-	4.9%
Op Mgn 3Y Avg	3.1%	13.9%	13.7%	-1.9%	-	-	8.4%
QoQ Delta Op Mgn LTM	-0.2%	-0.0%	0.5%	0.3%	-	-	0.1%
CFO/Rev LTM	7.0%	10.2%	8.6%	-4.9%	-	-	7.8%
CFO/Rev 3Y Avg	9.1%	17.0%	13.8%	3.6%	-	-	11.5%
FCF/Rev LTM	0.1%	-1.2%	1.8%	-8.3%	-	-	-0.6%
FCF/Rev 3Y Avg	2.1%	8.7%	5.4%	0.3%	-	-	3.7%

Valuation

	MT	NUE	STLD	CLF	HLP	HUDI	Median
Name	ArcelorM.	Nucor	Steel Dy.	Clevelan.	Hongli	Huadi In.
Mkt Cap	29.8	33.3	22.3	5.2	-	-	26.1
P/S	0.5	1.1	1.3	0.3	-	-	0.8
P/EBIT	13.2	15.3	15.0	-3.3	-	-	14.1
P/E	11.5	25.7	19.8	-3.1	-	-	15.7
P/CFO	7.0	10.6	14.7	-5.6	-	-	8.8
Total Yield	8.7%	5.4%	6.3%	-32.3%	-	-	5.9%
Dividend Yield	0.0%	1.6%	1.3%	0.0%	-	-	0.6%
FCF Yield 3Y Avg	6.9%	7.7%	5.6%	0.5%	-	-	6.3%
D/E	0.5	0.2	0.2	1.6	-	-	0.4
Net D/E	0.3	0.1	0.1	1.5	-	-	0.2

Returns

	MT	NUE	STLD	CLF	HLP	HUDI	Median
Name	ArcelorM.	Nucor	Steel Dy.	Clevelan.	Hongli	Huadi In.
1M Rtn	5.3%	8.0%	7.6%	-20.9%	0.6%	-11.0%	3.0%
3M Rtn	16.5%	4.3%	24.0%	9.1%	150.5%	8.1%	12.8%
6M Rtn	30.5%	26.3%	17.3%	49.0%	0.0%	-8.3%	21.8%
12M Rtn	52.9%	-7.5%	3.9%	-19.0%	26.5%	-37.9%	-1.8%
3Y Rtn	62.6%	8.5%	64.9%	-25.3%	-	-86.6%	8.5%
1M Excs Rtn	-	-	-	-	-	-	-
3M Excs Rtn	10.2%	-3.2%	16.1%	-1.1%	144.8%	-3.2%	4.5%
6M Excs Rtn	27.1%	22.9%	13.9%	45.6%	-3.4%	-11.7%	18.4%
12M Excs Rtn	45.6%	-11.3%	0.9%	-23.0%	10.6%	-52.4%	-5.2%
3Y Excs Rtn	30.1%	-41.1%	13.7%	-73.1%	-	-154.4%	-41.1%

Financials

Annual
Quarterly

$ Mil \| FY: 12/31	LTM	2024	2023	2022	2021	2020	2019
Period End	9/30/2025	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019
Filing Date	11/6/2025	3/10/2025	2/28/2024	3/8/2023	3/11/2022	3/8/2021	3/3/2020
Key Financials
Total Revenue	61,095	62,441	68,275	79,844	76,571	53,270	70,615
EBITDA	5,061	6,057	4,650	14,236	20,905	4,525	1,830
Operating Income	1,770	3,108	2,097	10,221	16,812	1,785	-1,032
Net Income	2,585	1,339	919	9,302	14,956	-733	-2,454
EPS	3.39	1.70	1.09	10.21	13.53	-0.64	-2.42
Growth Rates
Total Revenue Growth	-1.9%	-8.5%	-14.5%	4.3%	43.7%	-24.6%	-7.1%
EBITDA Growth	110.1%	30.3%	-67.3%	-31.9%	362.0%	147.3%	-78.4%
Operating Income Growth	217.2%	48.2%	-79.5%	-39.2%	841.8%	273.0%	-116.7%
Net Income Growth	309.0%	45.7%	-90.1%	-37.8%	2140.4%	70.1%	-147.7%
Margins
EBITDA Margin	8.3%	9.7%	6.8%	17.8%	27.3%	8.5%	2.6%
Operating Income Margin	2.9%	5.0%	3.1%	12.8%	22.0%	3.4%	-1.5%
Net Income Margin	4.2%	2.1%	1.3%	11.7%	19.5%	-1.4%	-3.5%
Cash & Debt
Total Cash	5,733	6,400	7,686	9,300	4,215	5,600	4,867
Total Debt	14,868	11,563	10,681	11,650	8,401	12,322	14,340
Net Debt / (Cash)	9,135	5,163	2,995	2,350	4,186	6,722	9,473
Cash Flows
Net Cash from Operations	4,281	4,852	7,645	10,203	9,905	4,082	6,017
Free Cash from Operations	58	447	3,032	6,735	6,897	1,643	2,445
Returns to Shareholders
Dividends	449	393	369	332	312	181	203
Share Repurchases	395	1,300	1,208	2,937	5,170	500	90

$ Mil \| FY: 12/31	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2	2024Q1	2023Q4	2023Q3	2023Q2	2023Q1	2022Q4
Period End	9/30/2025	6/30/2025	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022
Filing Date	11/6/2025	8/1/2025	4/30/2025	3/10/2025	11/7/2024	8/2/2024	5/2/2024	2/28/2024	11/9/2023	7/28/2023	5/4/2023	3/8/2023
Key Financials Quarterly
Total Revenue	15,657	15,926	14,798	14,714	15,196	16,249	16,282	14,552	16,616	18,606	18,501	16,891
Ebitda	1,325	557	1,695	1,484	1,268	1,429	1,876	-2,164	1,926	2,865	2,023	1,088
Operating Income	544	74	825	327	663	1,046	1,072	-2,223	1,203	1,925	1,192	-357
Net Income	377	1,793	805	-390	287	504	938	-2,966	929	1,860	1,096	261
EPS	0.50	2.34	1.06	-0.51	0.37	0.63	1.16	-3.57	1.11	2.21	1.28	0.30
Key Financials TTM
Total Revenue TTM	61,095	60,634	60,957	62,441	62,279	63,699	66,056	68,275	70,614	72,973	76,509	79,844
Ebitda TTM	5,061	5,004	5,876	6,057	2,409	3,067	4,503	4,650	7,902	8,067	10,760	14,236
Operating Income TTM	1,770	1,889	2,861	3,108	558	1,098	1,977	2,097	3,963	4,411	6,980	10,221
Net Income TTM	2,585	2,495	1,206	1,339	-1,237	-595	761	919	4,146	4,210	6,273	9,302
Growth Rates Quarterly
Total Revenue Growth	3.0%	-2.0%	-9.1%	1.1%	-8.5%	-12.7%	-12.0%	-13.8%	-12.4%	-16.0%	-15.3%	-18.8%
EBITDA Growth	4.5%	-61.0%	-9.6%	168.6%	-34.2%	-50.1%	-7.3%	-298.9%	-7.9%	-48.5%	-63.2%	-80.4%
Operating Income Growth	-17.9%	-92.9%	-23.0%	114.7%	-44.9%	-45.7%	-10.1%	-522.7%	-27.1%	-57.2%	-73.1%	-107.8%
Net Income Growth	31.4%	255.8%	-14.2%	86.9%	-69.1%	-72.9%	-14.4%	-1236.4%	-6.4%	-52.6%	-73.4%	-93.5%
Margins Quarterly
EBITDA Margin	8.5%	3.5%	11.5%	10.1%	8.3%	8.8%	11.5%	-14.9%	11.6%	15.4%	10.9%	6.4%
Operating Income Margin	3.5%	0.5%	5.6%	2.2%	4.4%	6.4%	6.6%	-15.3%	7.2%	10.3%	6.4%	-2.1%
Net Income Margin	2.4%	11.3%	5.4%	-2.7%	1.9%	3.1%	5.8%	-20.4%	5.6%	10.0%	5.9%	1.5%
Cash & Debt
Total Cash	5,733	5,358	5,319	6,400	5,094	5,838	5,437	7,686	6,289	5,825	6,290	9,300
Total Debt	14,868	13,732	12,047	11,563	11,259	11,127	10,221	10,681	10,543	10,460	11,477	11,650
Net Debt / (Cash)	9,135	8,374	6,728	5,163	6,165	5,289	4,784	2,995	4,254	4,635	5,187	2,350
Cash Flows Quarterly
FCF from Operations	751	1,416	-354	2,468	1,411	1,073	-100	3,328	1,281	2,087	949	3,634
Cash Flows TTM
FCF from Operations TTM	4,281	4,941	4,598	4,852	5,712	5,582	6,596	7,645	7,951	8,651	9,118	10,203
Returns to Shareholders Quarterly
Dividends	0	256	0	193	0	200	0	184	0	185	0	0
Share Repurchases	-0	168	94	133	277	293	597	466	38	227	477	288
Return on Invested Capital (ROIC) Quarterly
ROIC	2.7%	1.9%	5.7%	25.3%	2.2%	32.3%	7.3%	-78.4%	6.3%	58.8%	6.9%	-17.5%
Return on Invested Capital (ROIC) TTM
ROIC TTM	1.9%	10.8%	2.8%	36.6%	0.9%	7.6%	3.4%	17.3%	5.8%	32.2%	11.8%	125.2%

Segment Financials

Revenue by Segment

$ Mil	2024	2023	2022	2021	2020
Europe	6,627	47,263	43,334	27,989	37,487
North America	2,942	13,774	12,530	13,438	18,478
Brazil	2,709	13,732	12,856	5,613	6,927
Sustainable solutions	2,457
Mining	764	3,396	4,045	1,185	1,165
Africa and Commonwealth of Independent States (ACIS)		6,368	9,854	5,034	6,487
Elimination		-4,721		0	0
Others		32		11	71
Total	15,499	79,844	82,619	53,270	70,615

Operating Income by Segment

$ Mil	2024	2023	2022	2021	2020
North America	280	2,818	2,800	1,684	-1,259
Mining	270	1,483	2,371	1,247	1,215
Brazil	171	2,775	3,798	777	846
Sustainable solutions	15
Europe	-4	4,292	5,672	-1,439	-1,107
Africa and Commonwealth of Independent States (ACIS)		-930	2,705	209	-25
Elimination		149		-100	-2
Others		-315		-268	-295
Total	732	10,272	17,346	2,110	-627

	1M	2M	3M	6M	1Y	3Y
Beta	1.83	1.75	1.42	1.29	1.15	1.16
Up Beta	1.53	1.87	1.19	1.20	1.41	1.24
Down Beta	1.95	1.96	1.90	1.63	1.16	1.05
Up Capture	196%	188%	159%	129%	107%	157%
Bmk +ve Days	14	27	37	74	145	425
Stock +ve Days	12	24	35	65	126	387
Down Capture	172%	136%	97%	116%	80%	104%
Bmk -ve Days	9	17	28	53	106	327
Stock -ve Days	11	20	30	61	124	364

Short Interest

Short Interest: As Of Date	10152025
Short Interest: Shares Quantity	2,173,968
Short Interest: % Change Since 9302025	-20.5%
Average Daily Volume	1,782,213
Days-to-Cover Short Interest	1.22
Basic Shares Quantity	761,000,000
Short % of Basic Shares	0.3%

Returns Analyses

	Title
0	How Low Can ArcelorMittal Stock Really Go?
1	Arcelor Mittal (MT) Stock Has 48% Chance Of Rise In The Next One Month
2	ArcelorMittal Stock Return Comparison
3	[10/11/2021] Arcelor Mittal (MT) Stock Price Forecast: AI Forecasts MT Stock Price To Be Around $29.10 In A Month (Up 0.5%)

SEC Filings

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Report Date	Filing Date	Filing
9302025	11062025	6-K 9/30/2025
6302025	8012025	6-K 6/30/2025
3312025	4302025	6-K 3/31/2025
12312024	3102025	20-F 12/31/2024
9302024	11072024	6-K 9/30/2024
6302024	8022024	6-K 6/30/2024
3312024	5022024	6-K 3/31/2024
12312023	2282024	20-F 12/31/2023
9302023	11092023	6-K 9/30/2023
6302023	7282023	6-K 6/30/2023
3312023	5042023	6-K 3/31/2023
12312022	3082023	20-F 12/31/2022
9302022	11102022	6-K 9/30/2022
6302022	7292022	6-K 6/30/2022
3312022	5052022	6-K 3/31/2022
12312021	3112022	20-F 12/31/2021

Insider Activity

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External Quote Links

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1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

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ArcelorMittal (MT)

Market Price (11/10/2025): $39.49 | Market Cap: $30.1 BilSector: Materials | Industry: Steel

ArcelorMittal (MT)

Market Price (11/10/2025): $39.49Market Cap: $30.1 BilSector: MaterialsIndustry: Steel

Market Valuation & Key Metrics

MT Stock

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About ArcelorMittal (MT)

Steel Products

Mining Products

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Market Price (11/10/2025): $39.49 | Market Cap: $30.1 Bil
Sector: Materials | Industry: Steel

Market Price (11/10/2025): $39.49
Market Cap: $30.1 Bil
Sector: Materials
Industry: Steel