ArcelorMittal S.A. (ArcelorMittal) operates as an integrated steel and mining company worldwide.
ArcelorMittal is the largest steel producer in Europe and among the largest in the Americas, and a growing presence in Asia, including India, through its joint venture AMNS India.
ArcelorMittal has steel-making operations in 15 countries, including 36 integrated and mini-mill steel-making facilities.
ArcelorMittal produces a broad range of high-quality finished and semi-finished steel products (‘s...
ArcelorMittal S.A. (ArcelorMittal) operates as an integrated steel and mining company worldwide.
ArcelorMittal is the largest steel producer in Europe and among the largest in the Americas, and a growing presence in Asia, including India, through its joint venture AMNS India.
ArcelorMittal has steel-making operations in 15 countries, including 36 integrated and mini-mill steel-making facilities.
ArcelorMittal produces a broad range of high-quality finished and semi-finished steel products (‘semis’). Specifically, ArcelorMittal produces flat products, including sheet and plate, and long products, including bars, rods, and structural shapes. It also produces pipes and tubes for various applications. ArcelorMittal sells its products primarily in local markets, and to a diverse range of customers in approximately 129 countries, including the automotive, appliance, engineering, construction, and machinery industries. ArcelorMittal’s mining operations produce various types of mining products, including iron ore lump, fines, concentrate, pellets, and sinter feed.
As a global steel producer, the company is able to meet the needs of different markets. Steel consumption and product requirements clearly differ between developed markets and developing markets. Steel consumption in developed economies is weighted towards flat products and a higher value-added mix, while developing markets utilize a higher proportion of long products and commodity grades. To meet these diverse needs, the company maintains a high degree of product diversification and seeks opportunities to increase the proportion of higher value-added products in its product mix.
ArcelorMittal had annual achievable production capacity of approximately 76.7 million tonnes of crude steel for the year ended December 31, 2024. Steel shipments for the year ended December 31, 2024, totaled 54.3 million tonnes. ArcelorMittal has significant operations in many countries. In addition, many of ArcelorMittal’s operating units, including through its joint ventures, have access to developing markets that are expected to experience, over time, above-average growth in steel consumption, such as Central and Eastern Europe, South America, India, Africa, and Southeast Asia.
The company has iron ore mining activities in Brazil, Bosnia, Canada, Liberia, Mexico, Ukraine, South Africa, and through its joint venture in India and associate in Canada (Baffinland). ArcelorMittal’s main mining products include iron ore lump, fines, concentrate, pellets, and sinter feed. In addition, ArcelorMittal produces substantial amounts of DRI, an important metallic feedstock required for the production of highest quality steels through the EAF route, which will grow substantially in the context of decarbonization.
In 2024, ArcelorMittal continued to extend the S-in Motion catalog according to the automotive market trends. The S-in Motion battery electric vehicles (‘BEV’) catalog of steel solutions has been adapted to include specific products for BEVs, including new designs focused on battery protection.
In the automotive industry, ArcelorMittal mainly supplies the geographic markets where its production facilities are located, which are Europe, North and South America, South Africa, India through its joint venture AMNS India, and China through Valin ArcelorMittal Automotive Steel Co., Ltd (‘VAMA’), a joint venture with Hunan Valin. VAMA’s product mix is oriented toward higher value products and mainly toward the OEMs to which the company sells tailored solutions based on its products. With sales and service offices worldwide and production facilities in North and South America, South Africa, Europe, India, and China, it is uniquely positioned to supply global automotive customers with the same products worldwide.
In 2021, ArcelorMittal launched two solutions under the XCarb brand: XCarb green steel certificates and XCarb recycled and renewably produced (‘RRP’), which was well received in the automotive industry and markets. The first XCarb RRP steels were successfully launched in Europe and in North America, exhibiting potential for reduction in CO2 emissions. ArcelorMittal also combines manufacturing simplification and sustainability with the development in Europe of the XCarb Door Ring.
In August 2024, ArcelorMittal acquired a 28% stake in Vallourec, which presents a compelling opportunity to increase the company’s exposure to the attractive, downstream, value-added tubular market.
On May 31, 2024, ArcelorMittal completed the acquisition of Italpannelli SRL in Italy and Italpannelli Iberica in Spain. This marks the second acquisition of Italpannelli businesses by ArcelorMittal, following the purchase of Italpannelli Germany near Trier in March 2023. Italpannelli is a manufacturer of lightweight insulation panels for roofs and façades. It operates two production plants across Europe, in Zaragoza (Spain) and Abruzzo (Italy).
On November 28, 2023, ArcelorMittal South Africa announced the contemplated wind down of its Newcastle works and the broader long steel products business (‘Longs Business’), subject to the results of a due diligence and a consultative process involving key customers, suppliers, organized labor, and other stakeholders, including the South African government.
On August 6, 2024, ArcelorMittal completed the acquisition of approximately 28.4% non-controlling equity interest in Vallourec, from funds managed by Apollo Global Management, Inc.
Business Strategy
ArcelorMittal's strategy is to leverage distinctive attributes to capture leading positions in the most attractive areas of the steel industry value chain. The company’s strategies are global scale and scope; unmatched technical capabilities; and diverse portfolio of steel and related businesses, particularly mining.
Product
ArcelorMittal has a high degree of product diversification relative to other steel companies. Its plants manufacture a broad range of finished and semi-finished steel products with different specifications, including many complex and highly technical and sophisticated products that it sells to demanding customers for use in high-end applications.
ArcelorMittal’s principal steel products include: semi-finished flat products, such as slabs; finished flat products, such as plates, hot- and cold-rolled coils and sheets, hot-dipped and electro-galvanized coils and sheets, tinplate, and color coated coils and sheets; semi-finished long products, such as blooms and billets; finished long products, such as bars, wire-rods, structural sections, rails, sheet piles, and wire-products; and seamless and welded pipes and tubes.
ArcelorMittal’s main mining products include iron ore lump, fines, concentrate, pellets, and sinter feed.
Mining Products
ArcelorMittal’s mining products correspond to iron ore, which is also one of the main raw materials for steel operations.
ArcelorMittal’s priority is to optimize output and production from its existing sources, focused mainly on iron ore.
ArcelorMittal’s portfolio of mining assets and long-term supply contracts can play an important role in preventing disruptions in the production process.
ArcelorMittal sources significant portions of its iron ore needs from its own mines in Ukraine, Bosnia, Canada, Mexico, Liberia, and Brazil. Several of ArcelorMittal’s steel plants also have in place off-take arrangements with suppliers located near its production facilities.
Markets
ArcelorMittal has a diversified portfolio of steel and mining products to meet a wide range of customer needs across many steel-consuming sectors, including automotive, appliance, engineering, construction, energy and machinery and via distributors.
For the construction market, which represented 20% of the company’s revenue in 2024, ArcelorMittal offers the most complete range of grades and specifications of structural steel, façade, ceiling and floor systems, sheet piles solutions for foundations and underground car park systems, steel plumbing solutions and a complete portfolio of reinforcement products. This includes rebar developed specifically for areas with high seismic activity, and steel fibers for tunnelling and other infrastructure projects.
Automotive and mobility, which represented 17% of the company’s revenue in 2024, offers a complete range of flat steel products as follows:
Drawing steels: ArcelorMittal’s range of non-alloyed mild steels is designed for deep and extra-deep drawing applications. Products formed from these cold-rolled steels are used extensively in the automotive industry for both visible and structural parts.
High-yield high strength steels (‘HSS’), including high-strength, low-alloy (‘HSLA’) steels for cold forming which are noted for their low alloy content and ease of welding, Bake hardening (‘BH’) steels that gain hardness during the paint curing process, high strength Interstitial-free (‘IF’) steels for deep drawing applications and solid solution steels which combine mechanical strength and drawability and make them suitable for structural part.
First generation AHSS: characterized by their high strength, the first generation of AHSS still has many applications in today’s mobility solutions, such as Dual phase (‘DP’) steels which offer a good compromise between strength and stampability, Transformation Induced Plasticity (‘TRIP’) steels suitable for complex structural and reinforcement parts, complex phase steels for applications which require high energy absorption capacity and fatigue strength and Hot rolled ferrite-bainite steels that combine high strength with formability and stampability.
Third generation AHSS: such steels have been specifically developed for OEMs who utilize cold stamping and forming technologies; they include Fortiform range of ultra high strength steels (‘UHSS’) for lightweight structural elements, DH family of steels for safety parts, which require impact resistance and CH family of steels, which are the new generation of the Complex Phase grade. These grades are particularly suitable for automotive safety, which enhance crash resistance.
Martensitic steels, which offer good formability, even at extremely high strengths and makes them particularly useful in anti-intrusion applications where they contribute to lightweighting while enhancing safety.
Press hardenable steels (‘PHS’) offer ultra high strength and the ability to be formed into complex shapes. This makes them ideal for hot stamping processes and enables OEMs to achieve excellent weight reductions across the vehicle. ArcelorMittal's PHS offer includes Usibor for critical parts where strength is key and Ductibor for optimized ductility and strength.
Full range of coatings to protect steels for automotive applications, such as Alusi, Extragal, Ultragal, Galvannealed, Zagnelis Protect, Zagnelis Surface, Galfan, Electrogalvanised, and Jetgal.
iCARe, which is ArcelorMittal’s range of electrical steels for e-mobility and helps to increase the driving range of electric and hybrid vehicles. iCARe steels also help to lightweight motors and electrical systems in conventional internal combustion engine (‘ICE’) vehicles.
Laser welded blanks and tailored shaped blanks.
Mobility also includes:
Maritime Transport: ArcelorMittal steel products are used to build all varieties of ships, including general cargo carriers, container ships, cruise ships and large tankers that carry liquefied natural gas. The company also makes sheet piles – columns of steel driven into the ground to support a structure – used in the construction of ports and harbors.
Rail Transport: ArcelorMittal makes steel products for both railway tracks and trains.
In the energy market, ArcelorMittal is a leading supplier of specialist steels to the wind energy industry, supplying heavy plates and coils for towers, reinforcing bars and ballast for foundations, and electrical steels for generators. For solar energy, the company provides the high-performance steels, coatings and structural solutions that the latest generation of solar photovoltaic and solar thermal installations are built from. Although the renewable energy transition is underway, the world will still rely on traditional fossil fuels such as oil and gas during this transitional phase. ArcelorMittal supplies the steels for onshore and offshore platforms, liquified natural gas ships, pipelines, refineries, and fuel storage. Steel plates are also a core component for pressure vessels and many other major structural applications in power generation and petrochemical processing.
ArcelorMittal also offers an extensive range of products serving all parts of the packaging industry. This includes tin or chromium plated steel with a wide range of mechanical properties, and a variety of coating options.In addition, ArcelorMittal produces a range of special grades flat steel products for appliances, such as:
Estetic: Organic coated pre-painted steels that offer the gloss, surface aspects and finishes that appliance makers need, while reducing energy use and environmental impact during manufacture;
Electrical grades: Steels to improve the performance of components, such as electric motors and refrigerator compressors;
Solfer: Enamelling steels for ovens, cookers and hoods;
Magnelis: 'Self-healing' steel useful for parts that are exposed to moisture and movement; and
Jetskin: Homogeneous metallic steel coating applied with a pioneering technique and offering outstanding corrosion protection.
Raw Materials and Energy
Iron Ore
ArcelorMittal is a party to contracts with other mining companies that provide long-term, stable sources of raw materials. The company extended its multi-year iron ore supply contracts with Vale in 2024 to cover its requirements for the EU units, worldwide direct reduction units, and for its Tubarão steel mill (ArcelorMittal Pecem, ArcelorMittal Brasil, being covered by a specific long-term agreement). ArcelorMittal's principal international iron ore suppliers include Vale in Brazil, Luossavaara-Kirunavaara AB in Sweden, Baffinland Iron Mines Corporation (‘BIM’) in Canada, IOC (Rio Tinto Ltd.) in Canada, Samarco in Brazil, Anglo-American (Minas Rio in Brazil), and Metinvest in Ukraine.
Coal
ArcelorMittal’s principal coal suppliers include the BHP Billiton Mitsubishi Alliance (‘BMA’), Anglo Coal, Peabody, Glencore in Australia, Contura, and Warrior in the United States, Teck Coal in Canada, and JSW in Poland.
Metallics (Scrap)
ArcelorMittal procures the majority of its scrap requirements locally and regionally, optimizing transport costs. Typically, scrap purchases are made in the spot market on a monthly/weekly basis or with short-term contracts.
Alloys
ArcelorMittal purchases its requirements of bulk and noble alloys from a number of global, regional, and local suppliers on contracts that are linked to generally-accepted indices or negotiated on a quarterly basis.
Base metals
The majority of the company’s base metal needs, including zinc, tin, aluminum, and nickel, are purchased under annual volume contracts. Material is sourced from both local and global producers.
Electricity
ArcelorMittal generally procures its electricity through tariff-based systems in regulated areas, such as parts of the United States and South Africa, through direct access to markets in most of its European mills, or through bilateral contracts elsewhere. The duration of these contracts varies significantly depending on the area and type of arrangement.
For integrated steel mills, plant off-gases from various process steps are utilized to generate a significant portion of the plant’s electricity requirements and lower the purchase volumes from the grid. This is either produced by the plant itself or with a partner in the form of a co-generation contract.
Natural gas
ArcelorMittal procures much of its natural gas requirements for its Canadian and Mexican operations from the natural gas spot market or through short-term contracts entered into with local suppliers, with prices fixed either by contract or tariff-based spot market prices. For its European and Ukrainian operations, with a contractual mix of ‘all-in’ bilateral supply and direct access to the market, ArcelorMittal sources its natural gas requirements with European short term/spot-indexed supply contracts. The remainder of ArcelorMittal’s natural gas consumption is generally sourced from regulated markets.
Industrial Gases
Most of ArcelorMittal’s industrial gas requirements are produced and supplied under long-term contracts with various suppliers in different geographical regions.
Coke
ArcelorMittal has its own coke-making facilities at most of its integrated mill sites, including in Canada, Brazil, Spain, France, Germany, Belgium, Poland, South Africa, and Ukraine. While ArcelorMittal meets most of its own coke requirements, certain of ArcelorMittal’s operating subsidiaries purchase coke mainly from seaborn markets from China, the U.S., Japan, Australia, Colombia, and Indonesia; and certain of its subsidiaries occasionally also sell excess coke at market prices to third parties.
Shipping
ArcelorMittal Shipping (‘AM Shipping’) provides ocean transportation solutions to ArcelorMittal’s manufacturing subsidiaries and affiliates. AM Shipping determines timely approaches for the transport of raw materials, such as iron ore, coal, coke, and scrap, and semi-finished and finished products. AM Shipping is also responsible for providing shipping services to the company’s sales organizations. It provides complete logistics solutions from plants to customer locations using various modes of transport.
In 2024, AM Shipping arranged transportation for approximately 54.1 million tonnes of raw materials and about 7.2 million tonnes of finished products. The key objectives of AM Shipping are to ensure cost-effective and timely shipping services to all units. AM Shipping also acts as the coordinator for Global Chartering Ltd., the company's joint venture with DryLog Ltd., a Monaco based shipping company.
Sales and Marketing
In 2024, ArcelorMittal sold 54.3 million tonnes of steel products.
Sales
The majority of steel sales from ArcelorMittal are destined for domestic markets. In the EU and in South America, ArcelorMittal owns a large number of service and distribution centers. Depending on the level of complexity of the product, or the level of service required by the customer, the service center operations form an integral part of the supply chain to ArcelorMittal’s customers. Distribution centers provide access to ArcelorMittal’s products to smaller customers that cannot or do not want to buy directly from the operating facility.
The group prefers to sell exports through its international network of sales agencies to ensure that all ArcelorMittal products are presented to the market in a cost-efficient and coordinated manner.
For some global industries with customers in more than one of the geographical areas that ArcelorMittal serves, the company has established customized sales and service functions.
Marketing
An important part of the marketing function at ArcelorMittal is to develop short-range outlooks that provide future perspectives on the state of market demand and supply.
Intellectual Property
The company’s patent portfolio includes more than 14,000 patents and patent applications, mostly recent and medium-term, for more than 930 patent families, with 110 inventions newly protected in 2024.
Reportable Segments
ArcelorMittal reports its business in the following six reportable segments corresponding to continuing activities: North America, Brazil, Europe, India and joint ventures (‘JVs’), Sustainable Solutions, and Mining. The company's operations in South Africa and Ukraine are included in Others.
As of January 1, 2024, ArcelorMittal implemented changes to its organizational structure. India and JVs are reported as a new operating segment that includes the joint ventures AMNS India, VAMA, and AMNS Calvert, as well as other associates, joint ventures, and other investments. The segment Sustainable Solutions is composed of a number of businesses playing an important role in supporting climate action, including renewables, special projects, and construction business. Such businesses were previously reported within the Europe segment and are now reported as a separate operating segment. The NAFTA segment has been renamed North America. Finally, following the sale of the company’s operations in Kazakhstan, the remaining parts of the former ACIS segment were assigned to Others.
North America produces flat, long, and tubular products. Flat products include slabs, hot rolled coil, cold rolled coil, coated steel products, and plate, and are sold primarily to customers in the following sectors: automotive, energy, construction, packaging, and appliances, and via distributors and processors. Flat product facilities are located at two integrated and mini-mill sites located in two countries. Long products include wire rod, sections, rebar, billets, blooms, and wire drawing. Long production facilities are located at two integrated and mini-mill sites located in two countries. In 2024, shipments from North America totaled 10.1 million tonnes. The raw material supply of the North America operations includes sourcing from iron ore captive mines in Mexico to supply the steel facilities.
Brazil produces flat, long, and tubular products. Flat products include slabs, hot rolled coil, cold rolled coil, and coated steel. Long products comprise sections, wire rod, bar, and rebars, billets, and wire drawing. These products are sold primarily to customers in the construction, power generation, and agribusiness sectors, as well as in the automotive and household appliances industries. In 2024, shipments from Brazil totaled 14.1 million tonnes. The raw material supply of the Brazil operations includes sourcing from iron ore captive mines in Brazil.
Europe produces flat and long products. Flat products include hot rolled coil, cold rolled coil, coated products, tinplate, plate, and slab. These products are sold primarily to customers in the automotive, general industry, and packaging sectors. Flat product facilities are located at 8 integrated and mini-mill sites located in five countries. Long products include sections, wire rod, rebar, billets, blooms, and wire drawing. Long product facilities are located at 10 integrated and mini-mill sites in seven countries. In 2024, shipments from Europe totaled 28.7 million tonnes. The raw material supply of Europe operations includes sourcing from iron ore captive mines in Bosnia & Herzegovina.
Sustainable Solutions is composed of a number of niche capital-light businesses that play an important role in supporting climate action, including renewables, special projects, and construction business, and which have high growth potential. It is also an in-house trading and distribution arm of ArcelorMittal, which provides primarily distribution of long and flat products, as well as value-added and customized steel solutions through further steel processing to meet specific customer requirements. It is a growth vector of the company and represents more than 300 commercial and production sites across more than 60 countries.
Mining provides the company's steel operations with high quality and low-cost iron ore reserves, and also sells mineral products to third parties. Mining segment iron ore mines are located in North America and Africa. In 2024, iron ore production in the Mining segment totaled approximately 27.9 million tonnes.
Government Regulations
Most of the initiatives of the Fit for 55 Package had been adopted as of December 31, 2024, amending several pieces of legislation that were already applicable to ArcelorMittal, such as the EU-ETS, the Renewable Energy Directive (‘RED’), and the Energy Efficiency Directive (‘EED’), as well as introducing the carbon border adjustment mechanism (‘CBAM’).
ArcelorMittal’s activities in the 27 member states of the EU are subject to the tightening and extending the existing emission trading system (‘EU-ETS’), which was launched in 2005 pursuant to European Directive 2003/87/EC, relating to GHG emissions.
As of January 1, 2022, ArcelorMittal Dofasco and Ontario industries have been regulated on carbon pricing under the Ontario Emissions Performance Standards (‘EPS’), transitioning out of the Federal output-based pricing system (‘OBPS’).
In adherence to these regulations, ArcelorMittal has developed an Environmental and Social Standards Manual (‘SSM’), approved by the Liberian EPA, governing all activities within the existing Liberia mining project. ArcelorMittal's mining concession falls within the purview of the National Forestry Reform Law (2006), the National Forestry Law (2000), and the Act Creating the Forestry Development Authority (2000).
In April 2023, with prior authorization from the National Water Commission (‘CONAGUA’), ArcelorMittal submitted an action plan outlining milestones to bring wastewater discharge in compliance with the new standard.
Several constitutional claims against the National Mining Regulation (‘NMR’) were submitted, including claims by ArcelorMittal Mexico. As part of these ongoing trends in water management, ArcelorMittal Mexico joined the initiative of a National Agreement on Water and signed the agreement on November 14, 2024, voluntarily assigning 56.5% of its concessioned volume to the National Water Commission for 2025.
ArcelorMittal continues to monitor developments in this area, in particular the status of the U.S. sanctions, the Joint Comprehensive Plan of Action (‘JCPOA’), and EU sanctions, and the expansion of the EU Blocking Regulation (Council Regulation (EC) 2271/96).
Research and Development
The company’s research and development costs amounted to $285 million for the year ended December 31, 2024.
History
ArcelorMittal S.A. was founded in 1976. The company was incorporated under the laws of the Grand Duchy of Luxembourg in 2001.
The Analyst Price Target shows the analysts’ low, high, and average target at a glance.
