ArcelorMittal

ArcelorMittal S.A. (ArcelorMittal) is one of the world's largest steel and mining companies. It makes flat, long and tubular steel products in North America, Brazil and Europe, and it owns joint ventures such as AM/NS India. It mines iron ore in Canada, Liberia, Brazil and Mexico.

Its segments are North America, Brazil, Europe, Sustainable Solutions, Mining and Others. In 2025, revenues were $61.4 billion and crude steel production was 55.6 million tonnes. Sales were $16.5 billion in Q3 2026.

The company is based in Luxembourg, and its shares trade in New York, Amsterdam, Paris, Luxembourg and Spain. The shares in New York are New York Registry Shares, not American depositary receipts: one share in New York is one ordinary share. Aditya Mittal is Chief Executive Officer.

ArcelorMittal trades above the AI estimate because investors pay for its high steel margins in 2026, but it is a cyclical steel maker whose earnings move with steel prices, energy costs and imports. EBITDA per tonne was $155 in Q3 2026, well above its historical average, with help from new European Union trade measures and new plants. These margins may not last through the cycle, and there are risks in Ukraine, in European energy costs and in large capital spending. For the price to hold, three things must be true.

The European tariff rate quota, in force from July 1, 2026, and the carbon border adjustment mechanism (CBAM) must keep imports low and steel prices above the higher costs. The strategic projects must add about $1.8 billion of EBITDA potential as planned, with the Liberian iron ore expansion at full capacity. And the company must keep its dividends and share repurchases while net debt falls from $10.3 billion. The Q4 2026 report, expected in February 2027, with the project update and the outlook for 2027, is the next test.

AI estimate, checked by Kevin. How it is made

1. Nov 5, 2026Passed

   Q3 2026 results: European marginsEBITDA per tonne of $150 or more with stable European shipments passes; a fall below $130 fails.Outcome: EBITDA per tonne was $155, and European flat steel shipments rose from Q2 against the usual seasonal fall.
2. Feb 5, 2027 · est.Pending

   Q4 2026 results, project update and 2027 outlookLower net debt after the working capital release and higher European shipments pass; net debt above $10.3 billion fails.
3. May 2027 · est.Pending

   Q1 2027 results: full effect of the European trade measuresEuropean EBITDA per tonne above its 2026 level passes; a lower level fails.

Every passed and failed checkpoint across all picks

• November 9, 2026ArcelorMittal said that Brad Davey, Executive Vice President and Head of Corporate Business Optimisation, will retire on January 1, 2027. Three other executives will take over his functions.
• November 5, 2026ArcelorMittal reported Q3 2026 results. EBITDA rose 34% from a year earlier to $2.0 billion, or $155 per tonne. The net loss was $391 million after impairment and exceptional charges of $1,145 million for the idling of ArcelorMittal Kryvyi Rih, and adjusted net income was $868 million, or $1.15 per share. Net debt rose to $10.3 billion because of a working capital investment that the company expects to largely reverse in Q4 2026.
• September 25, 2026ArcelorMittal said that it can no longer operate ArcelorMittal Kryvyi Rih in Ukraine safely after multiple missile strikes, and it idled the operations.

Next earnings

Expected about February 5, 2027. The company has not confirmed the date.

• 6-KInterim report for the period ended Jun 30, 2026Filed July 31, 2026 · mt-20260630
• 20-FAnnual report for the period ended Dec 31, 2025Filed March 6, 2026 · mt-20251231
• 6-KInterim report for the period ended Jun 30, 2025Filed August 1, 2025 · mt-20250630
• 20-FAnnual report for the period ended Dec 31, 2024Filed March 10, 2025 · mt-20241231

Every filing on SEC EDGAR (CIK 1243429)

• Steel and iron ore prices move in cycles. A fall in prices or demand would lower EBITDA quickly, as in past downturns.
• Results in Europe depend on trade measures such as the tariff rate quota and the CBAM. Weaker measures or more imports of steel-intensive products would lower prices and plant use.
• Higher energy and carbon costs in Europe lowered European results in Q3 2026, before steel prices adjusted.
• ArcelorMittal idled its Ukrainian operations after missile strikes and recorded impairment and exceptional charges of $1,145 million and a deferred tax charge of $170 million in Q3 2026. War and politics also affect other countries where it operates.
• Capital spending is $4.5 billion to $5.0 billion in 2026, including electric arc furnaces in Spain and France. Delays or higher costs would lower returns.

ArcelorMittal funds its business with bonds, commercial paper, bank loans and cash flow. At September 30, 2026, gross debt was $13,565 million and cash and cash equivalents were $3,191 million, so net debt was $10.3 billion, up from $9.5 billion at June 30, 2026. Read more

Yield at the current rate

0.9% (current annual rate, at today’s price)

Dividend yield

0.7% (last 12 months, at today’s price of $65.68)

Paid per share

$0.45 in the last 12 months (3 payments)

Current annual rate

$0.60 ($0.15 × 4 a year)

Latest ex-dividend date

August 7, 2026, $0.15 per share

Fewer payments or a raise. The last 12 months paid at least 25% less than the current annual rate. A payment may fall just outside the 12 months, or the company may have raised its dividend.

Dividends per share by year

From 2015 to 2025, the dividend grew by about 1.9% a year.

Source: company filings and market data, read on November 13, 2026. The ex-dividend date is the first day a buyer no longer gets the next payment.