• The ExxonMobil of steel
• Holcim for steel

• 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.

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.

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

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.

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.

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

1. 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.
2. 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.
3. 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.
4. 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.
5. 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.

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.