{"success":true,"data":{"pressRelease":{"id":"14188","rtpr_id":"nGNX1wgq4v","ticker":"MT","exchange":"","all_tickers":["MT"],"title":"ArcelorMittal S.A.: ArcelorMittal reports first quarter 2026 results","author":"Globe Newswire","published_at":"2026-04-30T05:00:01.282Z","article_body":"Luxembourg, April 30, 2026 - ArcelorMittal (referred to as\n“ArcelorMittal” or the “Company” or the \"Group\") (MT (New York,\nAmsterdam, Paris, Luxembourg), MTS (Madrid)), the world’s leading integrated\nsteel and mining company, today announced results(1) for the three-month\nperiod ended March 31, 2026\n\n1Q 2026 key highlights:\n\nSafety focus: Protecting employee health and safety is a core Company value.\nThe multi-year safety transformation continues to deliver measurable\nimprovements, with LTIFR improving to 0.45x in 1Q 2026 from 0.63x in 1Q 2025\nDelivering structurally improved margins: The Group's results continue to\ndemonstrate resilience, with 1Q 2026 EBITDA per tonne of $131/t increasing by\n$15/t year-on-year, reflecting the benefits of the strategic investment\nprogram, continued asset optimization and diversified market exposures. Net\nincome in 1Q 2026 was $0.6bn (basic EPS of $0.76/sh)\nOperational momentum: Record iron ore production and shipments in Liberia and\na return to normalized operating levels in North America\nSeasonal investment in working capital: A typical seasonal working capital\ninvestment of $1.5bn during the quarter led to a free cash outflow of $1.3bn\nand an increase in net debt to $9.3bn(4). Liquidity(7) remains at a robust\n$9.9bn and the Company's positive FCF outlook for 2026 and beyond remains\nunchanged\nConsistent cash generation, supporting balanced capital allocation and\ncontinued growth investment: Over the past 12 months, the Company generated\n$2.0bn in investable cash flow(6 )(net cash provided by operating activities\nless maintenance/normative capex). Over the same period, the Company invested\n$1.5bn in strategic capex to build incremental long-term EBITDA capacity,\nreturned $0.7bn to shareholders, and allocated $0.2bn to M&A\nCapital return policy is creating significant value for shareholders: The\nCompany paid its first quarterly interim dividend of $0.15 per share in March\n2026, as part of a proposed annual dividend of $0.60 per share. The Company\nwill continue to return a minimum of 50% of post-dividend free cash flow to\nshareholders through share buybacks. The fully diluted share count has been\nreduced by 38% since September 2020(5)\n\nStrategic focus: \n\nWell positioned to benefit from a balanced and fair European steel\nmarket: The Company believes that CBAM (which now imposes a carbon cost on\nimports), together with the recently agreed tariff rate quota (TRQ) trade tool\n(expected to be effective from July 1, 2026), structurally resets the outlook\nfor the European steel industry. Lower imports will lead to higher capacity\nutilization, restoring profitability and returns on capital to healthy,\nsustainable levels. ArcelorMittal is well positioned to capture the volume\nupside through: improved utilization of its existing operating capacity;\nrestart of idled blast furnaces (Fos (France) & Dabrowa (Poland) currently in\npreparation); and the commissioning of the new Gijon EAF and expanded EAF\ncapacity at Sestao\n\nStrategic growth projects have good momentum and support higher EBITDA and\nROCE: 1Q 2026 capex of $1.3bn includes $0.2bn payment on signing new Mineral\nDevelopment Agreement in Liberia(11). 2026 capex guidance remains unchanged at\n$4.5bn-$5.0bn and includes $1.7-$2.0bn of strategic capex on high return\nprojects. The potential incremental EBITDA impact of strategic capex projects\n(including completed M&A) is now $1.8bn(6) and includes the benefits of the\nrecently approved electric arc furnace at Dunkirk and previously announced EAF\ninvestments at Sestao and Gijón\n\nFinancial highlights (on the basis of IFRS(1)):\n\n (USDm) unless otherwise shown 1Q 26 4Q 25 3Q 25 2Q 25 1Q 25 \n Sales 15,457 14,971 15,657 15,926 14,798 \n Operating income 753 327 544 1,932 825 \n Net income attributable to equity holders of the parent 575 177 377 1,793 805 \n Adjusted net income attributable to equity holders of the parent (4) 575 654 474 1,005 805 \n Basic earnings per common share (US$) 0.76 0.23 0.50 2.35 1.05 \n Adjusted basic earnings per common share (US$) (4) 0.76 0.86 0.62 1.32 1.05 \n \n Operating income/tonne (US$/t) 59 25 40 140 60 \n EBITDA 1,679 1,593 1,508 1,860 1,580 \n EBITDA/tonne (US$/t) 131 123 111 135 116 \n \n Crude steel production (Mt) 13.3 12.8 13.6 14.4 14.8 \n Steel shipments (Mt) 12.8 13.0 13.6 13.8 13.6 \n Total Group iron ore production (Mt) 12.9 13.1 12.1 11.8 11.8 \n Iron ore production (Mt) (AMMC and Liberia only) 9.7 10.1 8.5 8.3 8.4 \n Iron ore shipment (Mt) (AMMC and Liberia only) 10.0 10.1 8.2 9.9 8.0 \n \n Weighted average common shares outstanding (in millions) 761 761 761 762 768 \n \n\nCommenting, Aditya Mittal, ArcelorMittal Chief Executive Officer, said:\n\n“Performance in the first quarter was resilient despite the unsettled\nbackdrop in the Middle East with profitability of $131/t EBITDA reflecting the\nbenefits of our global diversified asset portfolio and the consistent\napplication of our strategy. We also continued to improve our safety\nperformance with the lowest quarterly LTIFR in the history of the Group,\nshowing the tangible results of our sustained focus in this area.\n\n“The fundamentals of the business have improved over the past three months,\ndriven in particular by the favourable structural reset in the European policy\nenvironment, including CBAM and the new tariff rate quota (TRQ) which is\nexpected to significantly reduce imports into Europe from July 1.\nArcelorMittal is well positioned to capture this upside through existing\ncapacity and by re-starting idled capacity. In Europe, this will result in\nhigher domestic capacity utilization and restore profitability and ROCE to\nhealthy, sustainable levels.\n\n“This will be also an important year for the Company’s strategic growth\nprojects, which reflect the depth of the Company’s opportunity set across\ndiverse growth vectors. Our investments, which ultimately will add an\nincremental $1.8 billion EBITDA, include the expansion of AM/NS India’s\nplant in Hazira, the ramp-up of mining in Liberia, the ramp up of the new EAF\nat Calvert to full capacity, as well as various opportunities related to the\nenergy transition. We are also pleased that we have been able to take final\ninvestment decision on the new EAF in Dunkirk, supported by various policy\ninitiatives at the European and French levels.\n\n“We remain confident in ArcelorMittal’s prospects for the balance of the\nyear, with the expected favourable impacts of new policy including a\nmaterially improved pricing and volume environment. Combined with the impact\nof our strategic investments, this supports ArcelorMittal’s free cash flow\noutlook and the delivery of consistent capital returns to shareholders.”\n\nSafety and sustainable development\n\nHealth and safety:\n\nProtecting employee health and well-being is a core value of the Company. The\nGroup’s multi‑year safety transformation continues to deliver measurable\nimprovements, with LTIF rate improving to 0.45x in 1Q’26 (from 0.63x in\n1Q’25).\n\nIn 2026, the program entered its implementation and scale-up phase, with a\nstrong focus on strengthening execution discipline and delivering consistent,\nhigh-quality safety performance across all regions through the safety\nroadmaps. Efforts have centered on reinforcing key enablers such as health and\nsafety leadership capabilities, robust risk management, process safety\nmanagement, and effective contractor integration. Together, these actions\ncontribute to achieving our overarching ambition of zero fatalities and\nserious injuries through sustained improvement.\n\nFor further details on the progress to date on our safety transformation\nprogram, see the 2025 Sustainability report available on the Company's\nwebsite.\n\nOwn personnel and contractors – Lost time injury frequency rate\n\n 1Q 26 4Q 25 3Q 25 2Q 25 1Q 25 \n North America 0.15 0.07 0.14 0.29 0.23 \n Brazil 0.17 0.23 0.21 0.39 0.32 \n Europe 0.85 1.46 1.50 1.23 1.16 \n Sustainable Solutions 0.72 0.50 2.18 1.26 1.22 \n Mining 0.19 0.24 0.21 0.11 0.23 \n Others 0.49 0.30 0.70 0.54 0.45 \n Total 0.45 0.52 0.76 0.68 0.63 \n \n\nSustainable development highlights:\n* CBAM (already in effect from January 1, 2026) and the agreed tariff rate\nquota (TRQ) trade tool (expected to be in effect from July 1, 2026), are\nexpected to reset the European steel market by limiting imports and requiring\nthose imports to bear a carbon cost. This is expected to support higher\ndomestic capacity utilization, and restore profitability and ROCE to healthy,\nsustainable levels. ArcelorMittal has the capacity to meet anticipated market\ndemand. In addition to operating existing furnaces at higher utilization,\npreparatory work has begun to restart the two idled blast furnaces at Fos\n(France) and Dąbrowa Górnicza (Poland), subject to market conditions.\n* The Company’s investment in new EAF capacity is expected to be gradual,\nwith the new EAF at Dunkirk (France) a clear example of disciplined, economic\ndecarbonization. On February 10, 2026, ArcelorMittal announced a gross\n€1.3 billion investment in a 2Mt EAF in Dunkirk, with commissioning\ntargeted for 2029. The project is underpinned by long‑term access to\ncompetitive low‑carbon energy, funding support covering 50% of the\ninvestment, and the supportive regulatory framework provided by CBAM and the\nnew TRQ. The required cash outlay, net of funding through Energy Efficiency\nCertificates and avoided blast furnace relining capex, is justified by the\nexpected incremental EBITDA.\nAnalysis of results for 1Q 2026 versus 4Q 2025\n\nSales increased by 3.2% to $15.5 billion in 1Q 2026 as compared to $15.0\nbillion in 4Q 2025, primarily reflecting higher average steel prices.\n\nOperating income increased to $0.8 billion in 1Q 2026 as compared to $0.3\nbillion in 4Q 2025, which had included $194 million of exceptional charges(3).\n\nDepreciation cost for 1Q 2026 was $749 million, lower than $856 million in 4Q\n2025 which was impacted by certain assets reaching end of life. 12M 2026\ndepreciation guidance remains unchanged at approximately $3.0 billion.\n\nEBITDA increased by 5.4% to $1,679 million in 1Q 2026 as compared to $1,593\nmillion in 4Q 2025, primarily driven by improved performance in the North\nAmerica segment.\n\nForeign exchange and other net financial charges amounted to $80 million in 1Q\n2026, lower than $450 million in 4Q 2025, primarily reflecting lower foreign\nexchange charges. The prior period also included a non-recurring cost of $0.1\nbillion related to the extension of the mandatory convertible bond(10).\n\nNet interest cost increased to $133 million in 1Q 2026 as compared to $91\nmillion in 4Q 2025, primarily due to higher gross debt and lower interest\nincome.\n\nIncome tax expense of $136 million in 1Q 2026 compares with an income tax\nbenefit of $201 million in 4Q 2025. 4Q 2025 was impacted by recognition of\ndeferred tax assets following revised expectations of future profitability,\nprimarily in Europe.\n\nNet income in 1Q 2026 increased to $575 million (EPS of $0.76/sh) compared\nwith $177 million (EPS of $0.23/sh) in 4Q 2025. Adjusted net income of $654\nmillion was higher in 4Q 2025 primarily on account of higher deferred tax\nbenefits partially offset by higher foreign exchange and other net financial\ncharges.\n\nNet cash used in operating activities in 1Q 2026 amounted to $9 million and\nincludes a $1.5 billion seasonal investment in working capital. Capex totalled\n$1.3 billion for 1Q 2026 (including a $0.2 billion payment on signing new\nMineral Development Agreement in Liberia)(11). Net debt increased to $9.3\nbillion as at March 31, 2026, as compared to $7.9 billion on December 31,\n2025.\n\nAnalysis of operations\n\nNorth America\n\n (USDm) unless otherwise shown 1Q 26 4Q 25 3Q 25 2Q 25 1Q 25 \n Sales 3,297 3,045 3,311 3,102 2,877 \n Operating income/(loss) 206 (21) 28 1,848 350 \n Depreciation (177) (225) (175) (152) (125) \n Exceptional items — — (97) 1,742 — \n EBITDA 383 204 300 258 475 \n Crude steel production (Kt) 2,134 1,804 1,662 2,034 2,255 \n - Flat shipments (Kt) 2,213 2,103 2,173 1,995 2,107 \n - Long shipments (Kt) 557 508 538 664 668 \n Steel shipments (Kt) 2,624 2,494 2,615 2,531 2,643 \n Average steel selling price (US$/t) 1,089 1,052 1,102 1,002 902 \n \n\nCrude steel production increased by 18.3% to 2.1Mt in 1Q 2026, as compared\nwith 1.8Mt in 4Q 2025, primarily driven by the successful restart of the\nMexico Long products blast furnace following preventive maintenance.\n\nSales increased by 8.3% in 1Q 2026 to $3.3 billion, as compared to $3.0\nbillion in 4Q 2025, primarily reflecting higher steel shipments (+5.2%) and\nhigher average steel selling prices (+3.5%).\n\nOperating income improved to $206 million in 1Q 2026 as compared with an\noperating loss of $21 million in 4Q 2025.\n\nEBITDA in 1Q 2026 increased to $383 million as compared to $204 million in 4Q\n2025, driven mainly by a positive price-cost effect and higher steel\nshipments.\n\nBrazil(9)\n\n (USDm) unless otherwise shown 1Q 26 4Q 25 3Q 25 2Q 25 1Q 25 \n Sales 2,809 2,901 2,807 2,816 2,648 \n Operating income/(loss) 223 229 210 (137) 306 \n Depreciation (111) (112) (91) (91) (85) \n Exceptional items — — — (453) — \n EBITDA 334 341 301 407 391 \n Crude steel production (Kt) 3,514 3,636 3,595 3,540 3,579 \n - Flat shipments (Kt) 2,281 2,584 2,289 2,334 2,057 \n - Long shipments (Kt) 1,170 1,191 1,257 1,176 1,120 \n Steel shipments (Kt) 3,432 3,763 3,530 3,498 3,158 \n Average steel selling price (US$/t) 739 692 739 747 774 \n \n\nSales in 1Q 2026 decreased by 3.2% to $2.8 billion as compared to $2.9 billion\nin 4Q 2025, driven by lower steel shipments (-8.8%), largely reflecting\nseasonality and timing of slab export volume, partially offset by higher\naverage steel selling prices (reflecting a richer mix).\n\nOperating income was broadly stable at $223 million in 1Q 2026 as compared to\n$229 million in 4Q 2025.\n\nEBITDA in 1Q 2026 of $334 million was stable as compared to $341 million in 4Q\n2025, primarily due to lower steel shipments, partially offset by a richer mix\n(lower slab exports).\n\nEurope\n\n (USDm) unless otherwise shown 1Q 26 4Q 25 3Q 25 2Q 25 1Q 25 \n Sales 7,446 6,736 7,186 7,653 7,218 \n Operating income 239 49 233 150 90 \n Depreciation (262) (271) (280) (283) (280) \n Impairment items — (32) — (194) — \n Exceptional items — (166) — — — \n EBITDA 501 518 513 627 370 \n Crude steel production (Kt) 6,832 6,398 7,251 7,530 7,987 \n - Flat shipments (Kt) 5,316 4,743 5,073 5,239 5,418 \n - Long shipments (Kt) 1,796 1,835 1,931 2,073 2,111 \n Steel shipments (Kt) 7,108 6,574 7,001 7,305 7,528 \n Average steel selling price (US$/t) 931 906 915 926 834 \n \n\nCrude steel production totaled 6.8Mt in 1Q 2026, representing a 6.8% increase\ncompared to 6.4Mt in 4Q 2025. Production in 1Q 2026 nevertheless remained\nimpacted by ongoing maintenance ahead of planned restarts in 2Q 2026. Compared\nto 1Q 2025, crude steel production was also impacted by the sale of the\ncompany’s Bosnian operations.\n\nSales increased by 10.6% to $7.4 billion in 1Q 2026 as compared to $6.7\nbillion in 4Q 2025, primarily reflecting higher steel shipments (+8.1%), with\nFlat products up 12.1% and Long products down 2.1% and higher average steel\nselling prices.\n\nOperating income in 1Q 2026 was $239 million as compared to $49 million in 4Q\n2025, which primarily included $166 million of exceptional charges(3).\n\nEBITDA in 1Q 2026 of $501 million compared to $518 million in 4Q 2025, with\nthe benefits of higher steel shipments offset by a negative price cost effect\nincluding the impact of reduced free CO2 allocations. With CBAM in place, the\nadditional CO2 cost is expected to be recovered via steel prices from 2Q 2026\nonwards.\n\nSustainable Solutions\n\n (USDm) unless otherwise shown 1Q 26 4Q 25 3Q 25 2Q 25 1Q 25 \n Sales 2,623 2,600 2,596 2,725 2,580 \n Operating income/(loss) 69 (10) 38 77 37 \n Depreciation (55) (71) (63) (51) (50) \n Impairment items — (17) — — — \n Exceptional items — (28) — — — \n EBITDA 124 106 101 128 87 \n \n\nSales in 1Q 2026 were broadly stable at $2.6 billion as compared to 4Q 2025.\n\nOperating income improved to $69 million in 1Q 2026 from an operating loss of\n$10 million in 4Q 2025, which included $28 million of exceptional charges\nrelated to restructuring costs and impairments of $17 million.\n\nEBITDA increased to $124 million in 1Q 2026 as compared to $106 million in 4Q\n2025 with improved performance of the downstream businesses.\n\nMining\n\n (USDm) unless otherwise shown 1Q 26 4Q 25 3Q 25 2Q 25 1Q 25 \n Sales 917 908 732 857 735 \n Operating income 215 198 142 196 253 \n Depreciation (84) (116) (67) (66) (67) \n EBITDA 299 314 209 262 320 \n Iron ore production (Mt) 9.7 10.1 8.5 8.3 8.4 \n Iron ore shipment (Mt) 10.0 10.1 8.2 9.9 8.0 \n \n\nNote: Mining segment comprises iron ore operations of ArcelorMittal Mines\nCanada (AMMC) and ArcelorMittal Liberia.\n\nSales in 1Q 2026 were broadly stable at $0.9 billion as compared to 4Q 2025.\n\nIron ore production totalled 9.7Mt in 1Q 2026, 3.2% lower versus 10.1Mt in 4Q\n2025, driven by seasonally lower volumes at ArcelorMittal Mines Canada (AMMC)\noffset by higher output in Liberia. Liberia delivered another record quarter\nfor iron ore production and shipments. The continued concentrator capacity\nramp‑up is expected to support higher sinter feed shipments with higher\nprice realizations. Liberia shipment guidance remains unchanged at >18Mt in\n2026.\n\nOperating income increased to $215 million in 1Q 2026 as compared to $198\nmillion in 4Q 2025.\n\nEBITDA of $299 million in 1Q 2026 was 4.8% lower as compared to $314 million\nin 4Q 2025 primarily due to higher freight costs.\n\nIndia and JVs\n\nIncome from associates, joint ventures and other investments declined to $177\nmillion in 1Q 2026, as compared to $206 million in 4Q 2025, due to weaker\nChinese investee performance partly offset by stronger AMNS India results.\n\nArcelorMittal has investments in various joint ventures and associate entities\nglobally. The Company considers AMNS India (60% equity interest) joint venture\nto be of particular strategic importance, warranting more detailed disclosures\nto improve the understanding of its operational performance and value to the\nGroup.\n\nAMNS India\n\n (USDm) unless otherwise shown 1Q 26 4Q 25 3Q 25 2Q 25 1Q 25 \n Production (Kt) (100% basis) 1,832 1,876 1,832 1,827 1,684 \n Shipments (Kt) (100% basis) 1,994 2,267 1,939 1,775 1,882 \n Sales (100% basis) 1,618 1,593 1,496 1,489 1,448 \n EBITDA (100% basis) 195 166 217 200 101 \n \n\nSales increased by 1.6% to $1.6 billion in 1Q 2026 as compared to 4Q 2025,\ndriven by higher average steel selling prices offset in part by 12% decrease\nin steel shipment volumes due to planned maintenance.\n\nEBITDA increased by 17.9% to $195 million in 1Q 2026 as compared to $166\nmillion in 4Q 2025, primarily due to a positive price-cost effect, partially\noffset by lower steel shipment volumes.\n\nRecent development\n* On March 23, 2026, AMNS India announced plans to construct a greenfield\nintegrated steel plant in Rajayyapeta, Andhra Pradesh, with a Phase 1\ncapacity of 8.2Mtpa. The facility is designed as a low‑cost, highly\nefficient coastal asset positioned to serve India’s fastest‑growing\nsteel‑demand region. The project leverages proven blast‑furnace designs\nand execution experience from the Hazira expansion, benefits from proximity to\nhigh‑quality iron ore and access to a deep‑water port, and prioritizes\nearly cash generation, with downstream capacity targeted for 1Q 2029 and\nprimary steelmaking targeted in 2030/31. These timelines assume all remaining\napprovals are received on schedule, including securing an appropriate\nlong-term iron ore supply contract with NMDC. Phase 1 capex of\n$7.5–$8.0 billion (includes infrastructure to support future capacity\noptions) to be deployed over five to six years. Commencement of this project\nfollows the completion of the Hazira capacity expansion project. As a result,\nAMNS India capex is expected to remain broadly stable.\nArcelorMittal Condensed Consolidated Statements of Financial Position(1 )\n\n In millions of U.S. dollars Mar 31, 2026 Dec 31, 2025 Mar 31, 2025 \n ASSETS \n Cash and cash equivalents 4,359 5,476 5,319 \n Trade accounts receivable and other 4,130 3,476 4,108 \n Inventories 18,705 18,589 16,877 \n Prepaid expenses and other current assets 3,196 3,027 3,362 \n Assets held for sale (8) 105 37 — \n Total Current Assets 30,495 30,605 29,666 \n \n Goodwill and intangible assets 5,487 5,252 4,599 \n Property, plant and equipment 41,239 41,041 34,705 \n Investments in associates and joint ventures 10,494 10,393 11,711 \n Deferred tax assets 8,705 8,860 8,904 \n Other assets 1,850 1,552 1,867 \n Total Assets 98,270 97,703 91,452 \n \n LIABILITIES AND SHAREHOLDERS’ EQUITY \n Short-term debt and current portion of long-term debt 2,740 2,739 3,456 \n Trade accounts payable and other 12,291 13,008 11,884 \n Accrued expenses and other current liabilities 6,944 6,754 6,656 \n Liabilities held for sale (8) 35 19 — \n Total Current Liabilities 22,010 22,520 21,996 \n \n Long-term debt, net of current portion 10,943 10,671 8,591 \n Deferred tax liabilities 2,327 2,294 2,418 \n Other long-term liabilities 5,779 5,682 5,148 \n Total Liabilities 41,059 41,167 38,153 \n \n Equity attributable to the equity holders of the parent 55,193 54,466 51,206 \n Non-controlling interests 2,018 2,070 2,093 \n Total Equity 57,211 56,536 53,299 \n Total Liabilities and Shareholders’ Equity 98,270 97,703 91,452 \n \n\nArcelorMittal Condensed Consolidated Statements of Operations(1)\n\n Three months ended \n In millions of U.S. dollars unless otherwise shown Mar 31, 2026 Dec 31, 2025 Sept 30, 2025 Jun 30, 2025 Mar 31, 2025 \n Sales 15,457 14,971 15,657 15,926 14,798 \n Depreciation (B) (749) (856) (736) (697) (656) \n Impairment items (2 )(B) — (10) — (194) — \n Exceptional items (3 )(B) — (194) (97) 1,162 — \n Operating income (A) 753 327 544 1,932 825 \n Operating margin % 4.9% 2.2% 3.5% 12.1% 5.6% \n \n Income from associates, joint ventures and other investments (C) 177 206 131 199 99 \n Impairments and exceptional items of associates, joint ventures and other investments — — — 48 — \n Net interest expense (133) (91) (84) (73) (48) \n Foreign exchange and other net financing (loss)/income (80) (450) (86) 8 115 \n Income/(loss) before taxes and non-controlling interests 717 (8) 505 2,114 991 \n Current tax expense (138) (116) (166) (139) (181) \n Deferred tax benefit/(expense) 2 317 60 (146) 12 \n Income tax (expense)/benefit (net) (136) 201 (106) (285) (169) \n Net income including non-controlling interests 581 193 399 1,829 822 \n Non-controlling interests loss (6) (16) (22) (36) (17) \n Net income attributable to equity holders of the parent 575 177 377 1,793 805 \n \n Basic earnings per common share ($) 0.76 0.23 0.50 2.35 1.05 \n Diluted earnings per common share ($) 0.75 0.23 0.49 2.34 1.04 \n \n Weighted average common shares outstanding (in millions) 761 761 761 762 768 \n Diluted weighted average common shares outstanding (in millions) 764 764 764 765 771 \n \n OTHER INFORMATION \n EBITDA (A-B+C) 1,679 1,593 1,508 1,860 1,580 \n EBITDA Margin % 10.9% 10.6% 9.6% 11.7% 10.7% \n \n Total Group iron ore production (Mt) 12.9 13.1 12.1 11.8 11.8 \n Crude steel production (Mt) 13.3 12.8 13.6 14.4 14.8 \n Steel shipments (Mt) 12.8 13.0 13.6 13.8 13.6 \n \n\nArcelorMittal Condensed Consolidated Statements of Cash flows(1 )\n\n Three months ended \n In millions of U.S. dollars Mar 31, 2026 Dec 31, 2025 Sept 30, 2025 Jun 30, 2025 Mar 31, 2025 \n Operating activities: \n Income attributable to equity holders of the parent 575 177 377 1,793 805 \n Adjustments to reconcile net result to net cash (used in)/ provided by operations: \n Non-controlling interests income 6 16 22 36 17 \n Depreciation and impairments (2) 749 866 736 891 656 \n Exceptional items (3) — 194 97 (1,162) — \n Income from associates, joint ventures and other investments (177) (206) (131) (199) (99) \n Impairments and exceptional items of associates, joint ventures and other investments — — — (48) — \n Deferred tax (benefit)/loss (2) (317) (60) 146 (12) \n Change in working capital (1,524) 2,383 (417) 221 (1,712) \n Other operating activities (net) 364 (118) 127 (262) (9) \n Net cash (used in)/provided by operating activities (A) (9) 2,995 751 1,416 (354) \n Investing activities: \n Purchase of property, plant and equipment and intangibles (B) (1,271) (1,247) (1,237) (886) (967) \n Other investing activities (net) (53) (1) (274) 123 (62) \n Net cash used in investing activities (1,324) (1,248) (1,511) (763) (1,029) \n Financing activities: \n Net proceeds/(payments) relating to payable to banks and long-term debt 456 (1,617) 1,138 (358) 197 \n Dividends paid to ArcelorMittal shareholders (114) (211) — (210) — \n Dividends paid to minorities shareholders (C) (61) (23) (52) (16) (30) \n Share buyback — — — (168) (94) \n Lease payments and other financing activities (net) (59) (150) (61) (61) (50) \n Net cash provided by/(used in) financing activities 222 (2,001) 1,025 (813) 23 \n Net (decrease)/increase in cash and cash equivalents (1,111) (254) 265 (160) (1,360) \n Cash and cash equivalents transferred (to)/from assets held for sale (10) 9 17 (29) — \n Effect of exchange rate changes on cash 14 (17) 14 302 205 \n Change in cash and cash equivalents (1,107) (262) 296 113 (1,155) \n \n Free cash flow (A+B+C) (1,341) 1,725 (538) 514 (1,351) \n \n\nAppendix 1: Capital expenditures(1)\n\n (USD million) 1Q 26 4Q 25 3Q 25 2Q 25 1Q 25 \n North America 232 229 236 113 110 \n Brazil 179 214 195 139 180 \n Europe 362 381 412 294 329 \n Sustainable Solutions 80 132 61 77 53 \n Mining 367 219 264 208 235 \n Others 51 72 69 55 60 \n Total 1,271 1,247 1,237 886 967 \n \n\nAppendix 2: Debt repayment schedule as of March 31, 2026\n\n (USD billion) 2026 2027 2028 2029 ≥2030 Total \n Bonds 0.7 1.2 0.6 0.5 4.5 7.5 \n Commercial paper 1.2 — — — — 1.2 \n Other loans 0.7 0.4 0.8 0.4 2.7 5.0 \n Total gross debt 2.6 1.6 1.4 0.9 7.2 13.7 \n \n\nAs of March 31, 2026, the average debt maturity is 7.5 years.\n\nAppendix 3: Reconciliation of gross debt to net debt\n\n (USD million) Mar 31 2026 Dec 31, 2025 Mar 31 2025 \n Gross debt 13,683 13,410 12,047 \n Less: Cash and cash equivalents (4,359) (5,476) (5,319) \n Less: Cash and cash equivalents held as part of the assets held for sale (8) (13) (3) — \n Net debt (including Cash and cash equivalents held as part of assets held for sale) 9,311 7,931 6,728 \n \n\nAppendix 4: Adjusted net income and adjusted basic EPS\n\n (USD million) 1Q 26 4Q 25 3Q 25 2Q 25 1Q 25 \n Net income attributable to equity holders of the parent 575 177 377 1,793 805 \n Impairment items (2) — (10) — (194) — \n Exceptional items (3) — (194) (97) 1,162 — \n Impairments and exceptional items of associates, joint ventures, and other investments — — — 48 — \n Related tax impacts and one-off tax charges (3) — (273) — (228) — \n Adjusted net income attributable to equity holders of the parent 575 654 474 1,005 805 \n \n Weighted average common shares outstanding (in millions) 761 761 761 762 768 \n Adjusted basic EPS $/share 0.76 0.86 0.62 1.32 1.05 \n \n\nAppendix 5: Terms and definitions\n\nUnless indicated otherwise, or the context otherwise requires, references in\nthis earnings release to the following terms have the meanings set out next to\nthem below:\n\nAdjusted basic EPS: refers to adjusted net income divided by the weighted\naverage common shares outstanding.\n\nAdjusted net income: refers to reported net income less impairment items and\nexceptional items and related tax impacts and one-off tax charges.\n\nApparent steel consumption: calculated as the sum of production plus imports\nminus exports.\n\nAverage steel selling prices: calculated as steel sales divided by steel\nshipments.\n\nCash and cash equivalents: represent cash and cash equivalents, restricted\ncash and short-term investments.\n\nCapex: represents the purchase of property, plant and equipment and\nintangibles. The Group’s capex figures do not include capex at the JVs level\n(i.e. AM/NS Calvert until June 18, 2025 and AMNS India).\n\nCrude steel production: steel in the first solid state after melting, suitable\nfor further processing or for sale.\n\nDepreciation: refers to amortization and depreciation.\n\nEPS: refers to basic or diluted earnings per share.\n\nEBITDA: defined as operating income (loss) plus depreciation, impairment items\nand exceptional items and income (loss) from associates, joint ventures and\nother investments (excluding impairments and exceptional items if any).\n\nEBITDA/tonne: calculated as EBITDA divided by total steel shipments.\n\nExceptional items: income / (charges) relate to transactions that are\nsignificant, infrequent or unusual and are not representative of the normal\ncourse of business of the period.\n\nFree cash flow (FCF): refers to net cash provided by operating activities less\ncapex less dividends paid to minority shareholders. The term free cash outflow\nis used when the difference is negative (i.e. negative free cash flow)\n\nForeign exchange and other net financing income/(loss): include foreign\ncurrency exchange impact, bank fees, interest on pensions, impairment of\nfinancial assets, revaluation of derivative instruments and other charges that\ncannot be directly linked to operating results.\n\nGross debt: long-term debt and short-term debt.\n\nImpairment items: refers to impairment charges net of reversals.\n\nIncome from associates, joint ventures and other investments: refers to income\nfrom associates, joint ventures and other investments (excluding impairments\nand exceptional items, if any).\n\nInvestable cash flow: refers to net cash provided by operating activities less\nmaintenance/normative capex.\n\nIron ore reference prices: refers to iron ore prices for 62% Fe CFR China.\nPricing is generally linked to market price indexes and uses a variety of\nmechanisms, including current spot prices and average prices over specified\nperiods. Therefore, there may not be a direct correlation between market\nreference prices and actual selling prices in various regions at a given time.\n\nKt: refers to thousand metric tonnes.\n\nLiquidity: defined as cash and cash equivalents (included cash held as part of\nassets held for sale) plus available revolving credit facilities\n\nLTIF: refers to lost time injury (\"LTI\") frequency rate equals lost time\ninjuries per 1,000,000 worked hours (own personnel and contractors) and\nincludes fatalities; an LTI is an incident that causes an injury that prevents\nthe person from returning to his/her next scheduled shift or work period.\n\nMaintenance/normative capex: refers to capital expenditures outside of\nstrategic capital expenditures projects (and includes cost reduction plans and\nenvironment projects as well as general maintenance capital expenditures).\n\nMt: refers to million metric tonnes.\n\nNet debt: long-term debt and short-term debt less cash and cash equivalents\n(including cash and cash equivalents held as part of assets held for sale)\n\nNet interest expense: includes interest expense less interest income.\n\nOperating results: refers to operating income/(loss).\n\nOperating segments: North America segment includes the Flat, Long and Tubular\noperations of US, Canada and Mexico; and also includes all Mexico mines. The\nBrazil segment includes the Flat, Long and Tubular operations of Brazil and\nits neighboring countries including Argentina, Costa Rica, Venezuela; and also\nincludes Andrade and Serra Azul captive iron ore mines. The Europe segment\nincludes Flat and Long operations, and through October 30, 2025, included\nBosnia and Herzegovina captive iron ore mines; Sustainable Solutions division\nincludes Downstream Solutions and Tubular operations of the European business\nand our renewables operations in India. The Others segment includes the Flat,\nLong and Tubular operations of Ukraine and South Africa, the captive iron ore\nmines in Ukraine, holding companies and intragroup stock margin eliminations.\nMining segment includes iron ore operations of ArcelorMittal Mines Canada and\nArcelorMittal Liberia.\n\nOwn iron ore production: includes total of all finished production of fines,\nconcentrate, pellets and lumps and includes share of production.\n\nPrice-cost effect: a lack of correlation or a lag in the corollary\nrelationship between raw material and steel prices, which can either have a\npositive (i.e. increased spread between steel prices and raw material costs)\nor negative effect (i.e. a squeeze or decreased spread between steel prices\nand raw material costs).\n\nROCE (Return on capital employed): refers to operating income, excluding\nimpairment and exceptional items, plus income from associates, JVs and other\ninvestments (excluding impairments and exceptional items, if any), minus\nincome taxes (excluding one-off tax charges) divided by the average equity\nplus net debt for the period.\n\nShipments: information at segment and Group level eliminates intra-segment\nshipments (which are primarily between Flat/Long plants and Tubular plants)\nand inter-segment shipments respectively. Shipments of Downstream Solutions\nare excluded.\n\nWorking capital change (working capital investment / release): refers to\nmovement of change in working capital - trade accounts receivable plus\ninventories less trade and other accounts payable.\n\nFootnotes\n1. The financial information in this press release has been prepared\nconsistently with International Financial Reporting Standards (“IFRS”) as\nissued by the International Accounting Standards Board (“IASB”) and as\nadopted by the European Union. The interim financial information included in\nthis announcement has also been prepared in accordance with IFRS applicable to\ninterim periods, however this announcement does not contain sufficient\ninformation to constitute an interim financial report as defined in\nInternational Accounting Standard 34, “Interim Financial Reporting”. The\nnumbers in this press release have not been audited. The financial information\nand certain other information presented in a number of tables in this press\nrelease have been rounded to the nearest whole number or the nearest decimal.\nTherefore, the sum of the numbers in a column may not conform exactly to the\ntotal figure given for that column. In addition, certain percentages presented\nin the tables in this press release reflect calculations based upon the\nunderlying information prior to rounding and, accordingly, may not conform\nexactly to the percentages that would be derived if the relevant calculations\nwere based upon the rounded numbers. Segment information presented in this\npress release is prior to inter-segment eliminations and certain adjustments\nmade to operating results of the segments to reflect corporate costs, income\nfrom non-steel operations (e.g. logistics and shipping services) and the\nelimination of stock margins between the segments.\n2. Impairment charges in 12M 2025 totalled $204 million primarily related to\nthe announced divestment of Zenica integrated steel plant and Prijedor iron\nore mining business in Bosnia for $194 million in 2Q 2025.\n3. For 12M 2025, the Company reported an exceptional net gain of $871 million,\nwhich includes a $1,645 million net gain from the acquisition of Nippon\nSteel’s 50% stake in ArcelorMittal Calvert partially offset by a $0.4\nbillion charge related to settling the purchase‑price dispute concerning\nVotorantim’s long steel business in Brazil, exceptional charges totalling\n$194 million ($105 million of restructuring costs in Europe, $28 million\nrelated to Sustainable Solutions, and a non‑cash loss of $61 million arising\nfrom the sale of ArcelorMittal Zenica and Prijedor in Bosnia). For adjusted\nnet income calculations, the Company also treated certain deferred tax asset\nand related deferred tax expense impacts as exceptional items: 4Q 2025 in the\namount of $273 million; 2Q 2025 in the amount of $228 million.\n4. See Appendix 4 for the reconciliation of adjusted net income and adjusted\nbasic earnings per share; see appendix 3 for the reconciliation of gross debt\nto net debt.\n5. September 2020 was the inception date of the ongoing share buyback\nprograms. Under the new 10 million share buyback program launched in April\n2025, the Company has repurchased 2 million shares (20% of the tranche) up to\nthe end of 1Q 2026.\n6. The estimate of potential additional contribution to EBITDA is based on\nassumptions once ramped up to full capacity and assuming prices/spreads\ngenerally in line with the averages of 2015-2020. The total now includes $0.2\nbillion of potential additional contribution to EBITDA from the new Dunkirk\nproject as well as from the previously announced projects at Sestao and Gijon\n(which were previously categorized as “decarbonization” projects). As of\nMarch 31, 2026, last twelve-months investable cash flow of $2.0 billion\nconsisting of cash flow from operations of $5.1 billion less\nnormative/maintenance capex of $3.1 billion. As of March 31, 2026, last\ntwelve-month capex of $4.6 billion included strategic capex of $1.5 billion.\n7. Liquidity at the end of March 31, 2026, of $9.9 billion consisted of cash\nand cash equivalents of $4.4 billion (including cash and cash equivalents held\nas part of assets held for sale) and $5.5 billion of available credit lines.\nOn April 13, 2026, the facility agent confirmed that all Revolving Credit\nFacility (RCF) lenders have agreed to our one-year extension request to May\n29, 2031.\n8. As of March 31, 2026, assets and liabilities held for sale are related to\nthe ongoing disposal of a downstream long wire rod business in the Brazil\nsegment. As of December 31, 2025, assets and liabilities held for sale related\nto the announced divestment of Tubular subsidiary.\n9. The acquisition of Votorantim’s long steel business in Brazil in 2018\nsignificantly strengthened ArcelorMittal’s market position, adding\napproximately 2Mt of annual production capacity, increasing market share, and\nunlocking cost efficiencies alongside substantial operational, logistics, and\nprocurement synergies. As part of the original deal structure, Votorantim and\nArcelorMittal retained certain put and call option rights. In March 2022,\nVotorantim exercised its put option, resulting in a valuation dispute that\nproceeded to arbitration in Brazil. Following hearings in October 2024, the\nparties reached a settlement in June 2025, under which ArcelorMittal Brasil\nwill pay approximately $546 million over three years. Net of amounts\npreviously provisioned, ArcelorMittal recorded a net amount of $0.4 billion in\n2Q 2025 as an exceptional item. The first instalment of $0.2 billion was paid\nin 3Q 2025, with 3 further annual payments of $0.1 billion due.\n10. On December 19, 2025, ArcelorMittal extended the conversion date for the\n$0.7 billion privately placed mandatory convertible bond (MCB) issued on\nDecember 28, 2009 by one of its wholly-owned Luxembourg subsidiaries. The\nmandatory conversion date of the bond has been extended to January 28, 2028.\nThe other main features of the MCB remain unchanged. The bond was placed\nprivately with Credit Agricole Corporate and Investment Bank and is not\nlisted.\n11. In 1Q 2026, the existing Mineral Development Agreement (MDA) was extended\nto 2050, with a right to renew for a further 25 years. Under the terms of the\nagreement, ArcelorMittal paid $200 million to the Government of Liberia for\ncertain rights it acquires per the agreement, namely the mining rights\nextension and reserved access to railroad capacity the Company is investing in\n(infrastructure is being expanded so it can transport up to 30Mt of iron ore\nannually). The Company is undertaking feasibility studies to increase iron ore\nproduction capacity beyond the 20Mtpa phase 2 currently in ramp-up.\nFirst quarter 2026 earnings analyst conference call\n\nArcelorMittal Management will host a conference call for members of the\ninvestment community to present and comment on the three-month period ended\nMarch 31, 2026 on: Thursday April 30, 2026, at 9.30 US Eastern time, 14.30\nLondon time and 15.30 CET.\n\nTo access via the conference call and ask a question during the Q&A, please\nregister in advance:\nhttps://register-conf.media-server.com/register/BI1a2bb6183076462ea977c387e5eb4d3c\n\nAlternatively, the webcast can be accessed at:\nhttps://edge.media-server.com/mmc/p/a3gekyiy\n\nA copy of the earnings call transcript will also be available on the website.\n\nForward-Looking Statements\n\nThis document contains forward-looking information and statements about\nArcelorMittal and its subsidiaries. These statements include financial\nprojections and estimates and their underlying assumptions, statements\nregarding plans, objectives and expectations with respect to future\noperations, products and services, and statements regarding future\nperformance. Forward-looking statements may be identified by the words\n“believe”, “expect”, “anticipate”, “target”, \"projected\",\n\"potential\", \"intend\" or similar expressions. Although ArcelorMittal’s\nmanagement believes that the expectations reflected in such forward-looking\nstatements are reasonable, investors and holders of ArcelorMittal’s\nsecurities are cautioned that forward-looking information and statements are\nsubject to numerous risks and uncertainties, many of which are difficult to\npredict and generally beyond the control of ArcelorMittal, that could cause\nactual results and developments to differ materially and adversely from those\nexpressed in, or implied or projected by, the forward-looking information and\nstatements. These risks and uncertainties include those discussed or\nidentified in the filings with the Luxembourg Stock Market Authority for the\nFinancial Markets (Commission de Surveillance du Secteur Financier) and the\nUnited States Securities and Exchange Commission (the “SEC”) made or to be\nmade by ArcelorMittal, including ArcelorMittal’s latest Annual Report on\nForm 20-F on file with the SEC. ArcelorMittal undertakes no obligation to\npublicly update its forward-looking statements, whether as a result of new\ninformation, future events, or otherwise.\n\nNon-GAAP/Alternative Performance Measures\n\nThis press release also includes certain non-GAAP financial/alternative\nperformance measures. ArcelorMittal presents EBITDA, EBITDA/tonne, free cash\nflow (FCF), adjusted net income and adjusted basic earnings per share which\nare non-GAAP financial/alternative performance measures, as additional\nmeasures to enhance the understanding of its operating performance. The\ndefinition of EBITDA includes income from share of associates, JVs and other\ninvestments (excluding impairments and exceptional items if any, of\nassociates, JVs and other investments) because the Company believes this\ninformation provides investors with additional information to understand its\nresults, given the increasing significance of its joint ventures.\nArcelorMittal believes such indicators are relevant to provide management and\ninvestors with additional information. ArcelorMittal also presents net debt,\nliquidity and change in working capital as additional measures to enhance the\nunderstanding of its financial position, changes to its capital structure and\nits credit assessment. Investable cash flow is defined as net cash provided by\noperating activities less maintenance/normative capex, and the Company thus\nbelieves that it represents a cash flow that is available for allocation at\nmanagement’s discretion. The Company’s guidance as to free cash flow and\nadditional EBITDA estimated to be generated from certain projects is based on\nthe same accounting policies as those applied in the Company’s financial\nstatements prepared in accordance with IFRS. ArcelorMittal is unable to\nreconcile, without unreasonable effort, such guidance to the most directly\ncomparable IFRS financial measure, due to the uncertainty and inherent\ndifficulty of predicting the occurrence and the financial impact of items\nimpacting comparability. For the same reasons, ArcelorMittal is unable to\naddress the significance of the unavailable information. Non-GAAP\nfinancial/alternative performance measures should be read in conjunction with,\nand not as an alternative to, ArcelorMittal's financial information prepared\nin accordance with IFRS. Comparable IFRS measures and reconciliations of\nnon-GAAP financial/alternative performance measures are presented herein.\n\nAbout ArcelorMittal\n\nArcelorMittal is one of the world's leading steel and mining companies, with a\npresence in 60 countries and primary steelmaking facilities in 14 countries.\nIn 2025, ArcelorMittal had revenues of $61.4 billion and crude steel\nproduction of 55.6 million metric tonnes, while iron ore production reached\n48.8 million metric tonnes.\n\nOur goal is to help build a better world with smarter steels. Steels made\nusing innovative processes which use less energy, emit significantly less\ncarbon and reduce costs. Steels that are cleaner, stronger and reusable.\nSteels for electric vehicles and renewable energy infrastructure that will\nsupport societies as they transform through this century. With steel at our\ncore, our inventive people and an entrepreneurial culture at heart, we will\nsupport the world in making that change. This is what we believe it takes to\nbe the steel company of the future.\n\nArcelorMittal is listed on the stock exchanges of New York (MT), Amsterdam\n(MT), Paris (MT), Luxembourg (MT) and on the Spanish stock exchanges of\nBarcelona, Bilbao, Madrid and Valencia (MTS). For more information about\nArcelorMittal please visit: https://corporate.arcelormittal.com/\n\nEnquiries\n\nArcelorMittal investor relations: +44 207 543 1128; ESG: +44 203 214 2801 and\nBonds/credit: +33 1 57 95 50 35.\nE-mail: investor.relations@arcelormittal.com\n\nArcelorMittal corporate communications (e-mail: press@arcelormittal.com) +44\n207 629 7988. Contact: Paul Weigh +44 203 214 2419\n\nAttachment\n* 1Q26 Earnings release Final.pdf\n(https://ml-eu.globenewswire.com/Resource/Download/34bee93a-901b-4aed-94fa-1f32b34b6129)\n(https://www.globenewswire.com/NewsRoom/AttachmentNg/b63cd58c-c7c3-4ece-b5f9-2f69f23244cd)\n\n\n\nGlobeNewswire, Inc. 2026","article_body_html":"","raw_payload":{"data":{"id":"nGNX1wgq4v","title":"ArcelorMittal S.A.: ArcelorMittal reports first quarter 2026 results","author":"Globe Newswire","ticker":"MT","created":"2026-04-30T05:00:01.282Z","tickers":["MT"],"exchange":"","article_body":"Luxembourg, April 30, 2026 - ArcelorMittal (referred to as\n“ArcelorMittal” or the “Company” or the \"Group\") (MT (New York,\nAmsterdam, Paris, Luxembourg), MTS (Madrid)), the world’s leading integrated\nsteel and mining company, today announced results(1) for the three-month\nperiod ended March 31, 2026\n\n1Q 2026 key highlights:\n\nSafety focus: Protecting employee health and safety is a core Company value.\nThe multi-year safety transformation continues to deliver measurable\nimprovements, with LTIFR improving to 0.45x in 1Q 2026 from 0.63x in 1Q 2025\nDelivering structurally improved margins: The Group's results continue to\ndemonstrate resilience, with 1Q 2026 EBITDA per tonne of $131/t increasing by\n$15/t year-on-year, reflecting the benefits of the strategic investment\nprogram, continued asset optimization and diversified market exposures. Net\nincome in 1Q 2026 was $0.6bn (basic EPS of $0.76/sh)\nOperational momentum: Record iron ore production and shipments in Liberia and\na return to normalized operating levels in North America\nSeasonal investment in working capital: A typical seasonal working capital\ninvestment of $1.5bn during the quarter led to a free cash outflow of $1.3bn\nand an increase in net debt to $9.3bn(4). Liquidity(7) remains at a robust\n$9.9bn and the Company's positive FCF outlook for 2026 and beyond remains\nunchanged\nConsistent cash generation, supporting balanced capital allocation and\ncontinued growth investment: Over the past 12 months, the Company generated\n$2.0bn in investable cash flow(6 )(net cash provided by operating activities\nless maintenance/normative capex). Over the same period, the Company invested\n$1.5bn in strategic capex to build incremental long-term EBITDA capacity,\nreturned $0.7bn to shareholders, and allocated $0.2bn to M&A\nCapital return policy is creating significant value for shareholders: The\nCompany paid its first quarterly interim dividend of $0.15 per share in March\n2026, as part of a proposed annual dividend of $0.60 per share. The Company\nwill continue to return a minimum of 50% of post-dividend free cash flow to\nshareholders through share buybacks. The fully diluted share count has been\nreduced by 38% since September 2020(5)\n\nStrategic focus: \n\nWell positioned to benefit from a balanced and fair European steel\nmarket: The Company believes that CBAM (which now imposes a carbon cost on\nimports), together with the recently agreed tariff rate quota (TRQ) trade tool\n(expected to be effective from July 1, 2026), structurally resets the outlook\nfor the European steel industry. Lower imports will lead to higher capacity\nutilization, restoring profitability and returns on capital to healthy,\nsustainable levels. ArcelorMittal is well positioned to capture the volume\nupside through: improved utilization of its existing operating capacity;\nrestart of idled blast furnaces (Fos (France) & Dabrowa (Poland) currently in\npreparation); and the commissioning of the new Gijon EAF and expanded EAF\ncapacity at Sestao\n\nStrategic growth projects have good momentum and support higher EBITDA and\nROCE: 1Q 2026 capex of $1.3bn includes $0.2bn payment on signing new Mineral\nDevelopment Agreement in Liberia(11). 2026 capex guidance remains unchanged at\n$4.5bn-$5.0bn and includes $1.7-$2.0bn of strategic capex on high return\nprojects. The potential incremental EBITDA impact of strategic capex projects\n(including completed M&A) is now $1.8bn(6) and includes the benefits of the\nrecently approved electric arc furnace at Dunkirk and previously announced EAF\ninvestments at Sestao and Gijón\n\nFinancial highlights (on the basis of IFRS(1)):\n\n (USDm) unless otherwise shown 1Q 26 4Q 25 3Q 25 2Q 25 1Q 25 \n Sales 15,457 14,971 15,657 15,926 14,798 \n Operating income 753 327 544 1,932 825 \n Net income attributable to equity holders of the parent 575 177 377 1,793 805 \n Adjusted net income attributable to equity holders of the parent (4) 575 654 474 1,005 805 \n Basic earnings per common share (US$) 0.76 0.23 0.50 2.35 1.05 \n Adjusted basic earnings per common share (US$) (4) 0.76 0.86 0.62 1.32 1.05 \n \n Operating income/tonne (US$/t) 59 25 40 140 60 \n EBITDA 1,679 1,593 1,508 1,860 1,580 \n EBITDA/tonne (US$/t) 131 123 111 135 116 \n \n Crude steel production (Mt) 13.3 12.8 13.6 14.4 14.8 \n Steel shipments (Mt) 12.8 13.0 13.6 13.8 13.6 \n Total Group iron ore production (Mt) 12.9 13.1 12.1 11.8 11.8 \n Iron ore production (Mt) (AMMC and Liberia only) 9.7 10.1 8.5 8.3 8.4 \n Iron ore shipment (Mt) (AMMC and Liberia only) 10.0 10.1 8.2 9.9 8.0 \n \n Weighted average common shares outstanding (in millions) 761 761 761 762 768 \n \n\nCommenting, Aditya Mittal, ArcelorMittal Chief Executive Officer, said:\n\n“Performance in the first quarter was resilient despite the unsettled\nbackdrop in the Middle East with profitability of $131/t EBITDA reflecting the\nbenefits of our global diversified asset portfolio and the consistent\napplication of our strategy. We also continued to improve our safety\nperformance with the lowest quarterly LTIFR in the history of the Group,\nshowing the tangible results of our sustained focus in this area.\n\n“The fundamentals of the business have improved over the past three months,\ndriven in particular by the favourable structural reset in the European policy\nenvironment, including CBAM and the new tariff rate quota (TRQ) which is\nexpected to significantly reduce imports into Europe from July 1.\nArcelorMittal is well positioned to capture this upside through existing\ncapacity and by re-starting idled capacity. In Europe, this will result in\nhigher domestic capacity utilization and restore profitability and ROCE to\nhealthy, sustainable levels.\n\n“This will be also an important year for the Company’s strategic growth\nprojects, which reflect the depth of the Company’s opportunity set across\ndiverse growth vectors. Our investments, which ultimately will add an\nincremental $1.8 billion EBITDA, include the expansion of AM/NS India’s\nplant in Hazira, the ramp-up of mining in Liberia, the ramp up of the new EAF\nat Calvert to full capacity, as well as various opportunities related to the\nenergy transition. We are also pleased that we have been able to take final\ninvestment decision on the new EAF in Dunkirk, supported by various policy\ninitiatives at the European and French levels.\n\n“We remain confident in ArcelorMittal’s prospects for the balance of the\nyear, with the expected favourable impacts of new policy including a\nmaterially improved pricing and volume environment. Combined with the impact\nof our strategic investments, this supports ArcelorMittal’s free cash flow\noutlook and the delivery of consistent capital returns to shareholders.”\n\nSafety and sustainable development\n\nHealth and safety:\n\nProtecting employee health and well-being is a core value of the Company. The\nGroup’s multi‑year safety transformation continues to deliver measurable\nimprovements, with LTIF rate improving to 0.45x in 1Q’26 (from 0.63x in\n1Q’25).\n\nIn 2026, the program entered its implementation and scale-up phase, with a\nstrong focus on strengthening execution discipline and delivering consistent,\nhigh-quality safety performance across all regions through the safety\nroadmaps. Efforts have centered on reinforcing key enablers such as health and\nsafety leadership capabilities, robust risk management, process safety\nmanagement, and effective contractor integration. Together, these actions\ncontribute to achieving our overarching ambition of zero fatalities and\nserious injuries through sustained improvement.\n\nFor further details on the progress to date on our safety transformation\nprogram, see the 2025 Sustainability report available on the Company's\nwebsite.\n\nOwn personnel and contractors – Lost time injury frequency rate\n\n 1Q 26 4Q 25 3Q 25 2Q 25 1Q 25 \n North America 0.15 0.07 0.14 0.29 0.23 \n Brazil 0.17 0.23 0.21 0.39 0.32 \n Europe 0.85 1.46 1.50 1.23 1.16 \n Sustainable Solutions 0.72 0.50 2.18 1.26 1.22 \n Mining 0.19 0.24 0.21 0.11 0.23 \n Others 0.49 0.30 0.70 0.54 0.45 \n Total 0.45 0.52 0.76 0.68 0.63 \n \n\nSustainable development highlights:\n* CBAM (already in effect from January 1, 2026) and the agreed tariff rate\nquota (TRQ) trade tool (expected to be in effect from July 1, 2026), are\nexpected to reset the European steel market by limiting imports and requiring\nthose imports to bear a carbon cost. This is expected to support higher\ndomestic capacity utilization, and restore profitability and ROCE to healthy,\nsustainable levels. ArcelorMittal has the capacity to meet anticipated market\ndemand. In addition to operating existing furnaces at higher utilization,\npreparatory work has begun to restart the two idled blast furnaces at Fos\n(France) and Dąbrowa Górnicza (Poland), subject to market conditions.\n* The Company’s investment in new EAF capacity is expected to be gradual,\nwith the new EAF at Dunkirk (France) a clear example of disciplined, economic\ndecarbonization. On February 10, 2026, ArcelorMittal announced a gross\n€1.3 billion investment in a 2Mt EAF in Dunkirk, with commissioning\ntargeted for 2029. The project is underpinned by long‑term access to\ncompetitive low‑carbon energy, funding support covering 50% of the\ninvestment, and the supportive regulatory framework provided by CBAM and the\nnew TRQ. The required cash outlay, net of funding through Energy Efficiency\nCertificates and avoided blast furnace relining capex, is justified by the\nexpected incremental EBITDA.\nAnalysis of results for 1Q 2026 versus 4Q 2025\n\nSales increased by 3.2% to $15.5 billion in 1Q 2026 as compared to $15.0\nbillion in 4Q 2025, primarily reflecting higher average steel prices.\n\nOperating income increased to $0.8 billion in 1Q 2026 as compared to $0.3\nbillion in 4Q 2025, which had included $194 million of exceptional charges(3).\n\nDepreciation cost for 1Q 2026 was $749 million, lower than $856 million in 4Q\n2025 which was impacted by certain assets reaching end of life. 12M 2026\ndepreciation guidance remains unchanged at approximately $3.0 billion.\n\nEBITDA increased by 5.4% to $1,679 million in 1Q 2026 as compared to $1,593\nmillion in 4Q 2025, primarily driven by improved performance in the North\nAmerica segment.\n\nForeign exchange and other net financial charges amounted to $80 million in 1Q\n2026, lower than $450 million in 4Q 2025, primarily reflecting lower foreign\nexchange charges. The prior period also included a non-recurring cost of $0.1\nbillion related to the extension of the mandatory convertible bond(10).\n\nNet interest cost increased to $133 million in 1Q 2026 as compared to $91\nmillion in 4Q 2025, primarily due to higher gross debt and lower interest\nincome.\n\nIncome tax expense of $136 million in 1Q 2026 compares with an income tax\nbenefit of $201 million in 4Q 2025. 4Q 2025 was impacted by recognition of\ndeferred tax assets following revised expectations of future profitability,\nprimarily in Europe.\n\nNet income in 1Q 2026 increased to $575 million (EPS of $0.76/sh) compared\nwith $177 million (EPS of $0.23/sh) in 4Q 2025. Adjusted net income of $654\nmillion was higher in 4Q 2025 primarily on account of higher deferred tax\nbenefits partially offset by higher foreign exchange and other net financial\ncharges.\n\nNet cash used in operating activities in 1Q 2026 amounted to $9 million and\nincludes a $1.5 billion seasonal investment in working capital. Capex totalled\n$1.3 billion for 1Q 2026 (including a $0.2 billion payment on signing new\nMineral Development Agreement in Liberia)(11). Net debt increased to $9.3\nbillion as at March 31, 2026, as compared to $7.9 billion on December 31,\n2025.\n\nAnalysis of operations\n\nNorth America\n\n (USDm) unless otherwise shown 1Q 26 4Q 25 3Q 25 2Q 25 1Q 25 \n Sales 3,297 3,045 3,311 3,102 2,877 \n Operating income/(loss) 206 (21) 28 1,848 350 \n Depreciation (177) (225) (175) (152) (125) \n Exceptional items — — (97) 1,742 — \n EBITDA 383 204 300 258 475 \n Crude steel production (Kt) 2,134 1,804 1,662 2,034 2,255 \n - Flat shipments (Kt) 2,213 2,103 2,173 1,995 2,107 \n - Long shipments (Kt) 557 508 538 664 668 \n Steel shipments (Kt) 2,624 2,494 2,615 2,531 2,643 \n Average steel selling price (US$/t) 1,089 1,052 1,102 1,002 902 \n \n\nCrude steel production increased by 18.3% to 2.1Mt in 1Q 2026, as compared\nwith 1.8Mt in 4Q 2025, primarily driven by the successful restart of the\nMexico Long products blast furnace following preventive maintenance.\n\nSales increased by 8.3% in 1Q 2026 to $3.3 billion, as compared to $3.0\nbillion in 4Q 2025, primarily reflecting higher steel shipments (+5.2%) and\nhigher average steel selling prices (+3.5%).\n\nOperating income improved to $206 million in 1Q 2026 as compared with an\noperating loss of $21 million in 4Q 2025.\n\nEBITDA in 1Q 2026 increased to $383 million as compared to $204 million in 4Q\n2025, driven mainly by a positive price-cost effect and higher steel\nshipments.\n\nBrazil(9)\n\n (USDm) unless otherwise shown 1Q 26 4Q 25 3Q 25 2Q 25 1Q 25 \n Sales 2,809 2,901 2,807 2,816 2,648 \n Operating income/(loss) 223 229 210 (137) 306 \n Depreciation (111) (112) (91) (91) (85) \n Exceptional items — — — (453) — \n EBITDA 334 341 301 407 391 \n Crude steel production (Kt) 3,514 3,636 3,595 3,540 3,579 \n - Flat shipments (Kt) 2,281 2,584 2,289 2,334 2,057 \n - Long shipments (Kt) 1,170 1,191 1,257 1,176 1,120 \n Steel shipments (Kt) 3,432 3,763 3,530 3,498 3,158 \n Average steel selling price (US$/t) 739 692 739 747 774 \n \n\nSales in 1Q 2026 decreased by 3.2% to $2.8 billion as compared to $2.9 billion\nin 4Q 2025, driven by lower steel shipments (-8.8%), largely reflecting\nseasonality and timing of slab export volume, partially offset by higher\naverage steel selling prices (reflecting a richer mix).\n\nOperating income was broadly stable at $223 million in 1Q 2026 as compared to\n$229 million in 4Q 2025.\n\nEBITDA in 1Q 2026 of $334 million was stable as compared to $341 million in 4Q\n2025, primarily due to lower steel shipments, partially offset by a richer mix\n(lower slab exports).\n\nEurope\n\n (USDm) unless otherwise shown 1Q 26 4Q 25 3Q 25 2Q 25 1Q 25 \n Sales 7,446 6,736 7,186 7,653 7,218 \n Operating income 239 49 233 150 90 \n Depreciation (262) (271) (280) (283) (280) \n Impairment items — (32) — (194) — \n Exceptional items — (166) — — — \n EBITDA 501 518 513 627 370 \n Crude steel production (Kt) 6,832 6,398 7,251 7,530 7,987 \n - Flat shipments (Kt) 5,316 4,743 5,073 5,239 5,418 \n - Long shipments (Kt) 1,796 1,835 1,931 2,073 2,111 \n Steel shipments (Kt) 7,108 6,574 7,001 7,305 7,528 \n Average steel selling price (US$/t) 931 906 915 926 834 \n \n\nCrude steel production totaled 6.8Mt in 1Q 2026, representing a 6.8% increase\ncompared to 6.4Mt in 4Q 2025. Production in 1Q 2026 nevertheless remained\nimpacted by ongoing maintenance ahead of planned restarts in 2Q 2026. Compared\nto 1Q 2025, crude steel production was also impacted by the sale of the\ncompany’s Bosnian operations.\n\nSales increased by 10.6% to $7.4 billion in 1Q 2026 as compared to $6.7\nbillion in 4Q 2025, primarily reflecting higher steel shipments (+8.1%), with\nFlat products up 12.1% and Long products down 2.1% and higher average steel\nselling prices.\n\nOperating income in 1Q 2026 was $239 million as compared to $49 million in 4Q\n2025, which primarily included $166 million of exceptional charges(3).\n\nEBITDA in 1Q 2026 of $501 million compared to $518 million in 4Q 2025, with\nthe benefits of higher steel shipments offset by a negative price cost effect\nincluding the impact of reduced free CO2 allocations. With CBAM in place, the\nadditional CO2 cost is expected to be recovered via steel prices from 2Q 2026\nonwards.\n\nSustainable Solutions\n\n (USDm) unless otherwise shown 1Q 26 4Q 25 3Q 25 2Q 25 1Q 25 \n Sales 2,623 2,600 2,596 2,725 2,580 \n Operating income/(loss) 69 (10) 38 77 37 \n Depreciation (55) (71) (63) (51) (50) \n Impairment items — (17) — — — \n Exceptional items — (28) — — — \n EBITDA 124 106 101 128 87 \n \n\nSales in 1Q 2026 were broadly stable at $2.6 billion as compared to 4Q 2025.\n\nOperating income improved to $69 million in 1Q 2026 from an operating loss of\n$10 million in 4Q 2025, which included $28 million of exceptional charges\nrelated to restructuring costs and impairments of $17 million.\n\nEBITDA increased to $124 million in 1Q 2026 as compared to $106 million in 4Q\n2025 with improved performance of the downstream businesses.\n\nMining\n\n (USDm) unless otherwise shown 1Q 26 4Q 25 3Q 25 2Q 25 1Q 25 \n Sales 917 908 732 857 735 \n Operating income 215 198 142 196 253 \n Depreciation (84) (116) (67) (66) (67) \n EBITDA 299 314 209 262 320 \n Iron ore production (Mt) 9.7 10.1 8.5 8.3 8.4 \n Iron ore shipment (Mt) 10.0 10.1 8.2 9.9 8.0 \n \n\nNote: Mining segment comprises iron ore operations of ArcelorMittal Mines\nCanada (AMMC) and ArcelorMittal Liberia.\n\nSales in 1Q 2026 were broadly stable at $0.9 billion as compared to 4Q 2025.\n\nIron ore production totalled 9.7Mt in 1Q 2026, 3.2% lower versus 10.1Mt in 4Q\n2025, driven by seasonally lower volumes at ArcelorMittal Mines Canada (AMMC)\noffset by higher output in Liberia. Liberia delivered another record quarter\nfor iron ore production and shipments. The continued concentrator capacity\nramp‑up is expected to support higher sinter feed shipments with higher\nprice realizations. Liberia shipment guidance remains unchanged at >18Mt in\n2026.\n\nOperating income increased to $215 million in 1Q 2026 as compared to $198\nmillion in 4Q 2025.\n\nEBITDA of $299 million in 1Q 2026 was 4.8% lower as compared to $314 million\nin 4Q 2025 primarily due to higher freight costs.\n\nIndia and JVs\n\nIncome from associates, joint ventures and other investments declined to $177\nmillion in 1Q 2026, as compared to $206 million in 4Q 2025, due to weaker\nChinese investee performance partly offset by stronger AMNS India results.\n\nArcelorMittal has investments in various joint ventures and associate entities\nglobally. The Company considers AMNS India (60% equity interest) joint venture\nto be of particular strategic importance, warranting more detailed disclosures\nto improve the understanding of its operational performance and value to the\nGroup.\n\nAMNS India\n\n (USDm) unless otherwise shown 1Q 26 4Q 25 3Q 25 2Q 25 1Q 25 \n Production (Kt) (100% basis) 1,832 1,876 1,832 1,827 1,684 \n Shipments (Kt) (100% basis) 1,994 2,267 1,939 1,775 1,882 \n Sales (100% basis) 1,618 1,593 1,496 1,489 1,448 \n EBITDA (100% basis) 195 166 217 200 101 \n \n\nSales increased by 1.6% to $1.6 billion in 1Q 2026 as compared to 4Q 2025,\ndriven by higher average steel selling prices offset in part by 12% decrease\nin steel shipment volumes due to planned maintenance.\n\nEBITDA increased by 17.9% to $195 million in 1Q 2026 as compared to $166\nmillion in 4Q 2025, primarily due to a positive price-cost effect, partially\noffset by lower steel shipment volumes.\n\nRecent development\n* On March 23, 2026, AMNS India announced plans to construct a greenfield\nintegrated steel plant in Rajayyapeta, Andhra Pradesh, with a Phase 1\ncapacity of 8.2Mtpa. The facility is designed as a low‑cost, highly\nefficient coastal asset positioned to serve India’s fastest‑growing\nsteel‑demand region. The project leverages proven blast‑furnace designs\nand execution experience from the Hazira expansion, benefits from proximity to\nhigh‑quality iron ore and access to a deep‑water port, and prioritizes\nearly cash generation, with downstream capacity targeted for 1Q 2029 and\nprimary steelmaking targeted in 2030/31. These timelines assume all remaining\napprovals are received on schedule, including securing an appropriate\nlong-term iron ore supply contract with NMDC. Phase 1 capex of\n$7.5–$8.0 billion (includes infrastructure to support future capacity\noptions) to be deployed over five to six years. Commencement of this project\nfollows the completion of the Hazira capacity expansion project. As a result,\nAMNS India capex is expected to remain broadly stable.\nArcelorMittal Condensed Consolidated Statements of Financial Position(1 )\n\n In millions of U.S. dollars Mar 31, 2026 Dec 31, 2025 Mar 31, 2025 \n ASSETS \n Cash and cash equivalents 4,359 5,476 5,319 \n Trade accounts receivable and other 4,130 3,476 4,108 \n Inventories 18,705 18,589 16,877 \n Prepaid expenses and other current assets 3,196 3,027 3,362 \n Assets held for sale (8) 105 37 — \n Total Current Assets 30,495 30,605 29,666 \n \n Goodwill and intangible assets 5,487 5,252 4,599 \n Property, plant and equipment 41,239 41,041 34,705 \n Investments in associates and joint ventures 10,494 10,393 11,711 \n Deferred tax assets 8,705 8,860 8,904 \n Other assets 1,850 1,552 1,867 \n Total Assets 98,270 97,703 91,452 \n \n LIABILITIES AND SHAREHOLDERS’ EQUITY \n Short-term debt and current portion of long-term debt 2,740 2,739 3,456 \n Trade accounts payable and other 12,291 13,008 11,884 \n Accrued expenses and other current liabilities 6,944 6,754 6,656 \n Liabilities held for sale (8) 35 19 — \n Total Current Liabilities 22,010 22,520 21,996 \n \n Long-term debt, net of current portion 10,943 10,671 8,591 \n Deferred tax liabilities 2,327 2,294 2,418 \n Other long-term liabilities 5,779 5,682 5,148 \n Total Liabilities 41,059 41,167 38,153 \n \n Equity attributable to the equity holders of the parent 55,193 54,466 51,206 \n Non-controlling interests 2,018 2,070 2,093 \n Total Equity 57,211 56,536 53,299 \n Total Liabilities and Shareholders’ Equity 98,270 97,703 91,452 \n \n\nArcelorMittal Condensed Consolidated Statements of Operations(1)\n\n Three months ended \n In millions of U.S. dollars unless otherwise shown Mar 31, 2026 Dec 31, 2025 Sept 30, 2025 Jun 30, 2025 Mar 31, 2025 \n Sales 15,457 14,971 15,657 15,926 14,798 \n Depreciation (B) (749) (856) (736) (697) (656) \n Impairment items (2 )(B) — (10) — (194) — \n Exceptional items (3 )(B) — (194) (97) 1,162 — \n Operating income (A) 753 327 544 1,932 825 \n Operating margin % 4.9% 2.2% 3.5% 12.1% 5.6% \n \n Income from associates, joint ventures and other investments (C) 177 206 131 199 99 \n Impairments and exceptional items of associates, joint ventures and other investments — — — 48 — \n Net interest expense (133) (91) (84) (73) (48) \n Foreign exchange and other net financing (loss)/income (80) (450) (86) 8 115 \n Income/(loss) before taxes and non-controlling interests 717 (8) 505 2,114 991 \n Current tax expense (138) (116) (166) (139) (181) \n Deferred tax benefit/(expense) 2 317 60 (146) 12 \n Income tax (expense)/benefit (net) (136) 201 (106) (285) (169) \n Net income including non-controlling interests 581 193 399 1,829 822 \n Non-controlling interests loss (6) (16) (22) (36) (17) \n Net income attributable to equity holders of the parent 575 177 377 1,793 805 \n \n Basic earnings per common share ($) 0.76 0.23 0.50 2.35 1.05 \n Diluted earnings per common share ($) 0.75 0.23 0.49 2.34 1.04 \n \n Weighted average common shares outstanding (in millions) 761 761 761 762 768 \n Diluted weighted average common shares outstanding (in millions) 764 764 764 765 771 \n \n OTHER INFORMATION \n EBITDA (A-B+C) 1,679 1,593 1,508 1,860 1,580 \n EBITDA Margin % 10.9% 10.6% 9.6% 11.7% 10.7% \n \n Total Group iron ore production (Mt) 12.9 13.1 12.1 11.8 11.8 \n Crude steel production (Mt) 13.3 12.8 13.6 14.4 14.8 \n Steel shipments (Mt) 12.8 13.0 13.6 13.8 13.6 \n \n\nArcelorMittal Condensed Consolidated Statements of Cash flows(1 )\n\n Three months ended \n In millions of U.S. dollars Mar 31, 2026 Dec 31, 2025 Sept 30, 2025 Jun 30, 2025 Mar 31, 2025 \n Operating activities: \n Income attributable to equity holders of the parent 575 177 377 1,793 805 \n Adjustments to reconcile net result to net cash (used in)/ provided by operations: \n Non-controlling interests income 6 16 22 36 17 \n Depreciation and impairments (2) 749 866 736 891 656 \n Exceptional items (3) — 194 97 (1,162) — \n Income from associates, joint ventures and other investments (177) (206) (131) (199) (99) \n Impairments and exceptional items of associates, joint ventures and other investments — — — (48) — \n Deferred tax (benefit)/loss (2) (317) (60) 146 (12) \n Change in working capital (1,524) 2,383 (417) 221 (1,712) \n Other operating activities (net) 364 (118) 127 (262) (9) \n Net cash (used in)/provided by operating activities (A) (9) 2,995 751 1,416 (354) \n Investing activities: \n Purchase of property, plant and equipment and intangibles (B) (1,271) (1,247) (1,237) (886) (967) \n Other investing activities (net) (53) (1) (274) 123 (62) \n Net cash used in investing activities (1,324) (1,248) (1,511) (763) (1,029) \n Financing activities: \n Net proceeds/(payments) relating to payable to banks and long-term debt 456 (1,617) 1,138 (358) 197 \n Dividends paid to ArcelorMittal shareholders (114) (211) — (210) — \n Dividends paid to minorities shareholders (C) (61) (23) (52) (16) (30) \n Share buyback — — — (168) (94) \n Lease payments and other financing activities (net) (59) (150) (61) (61) (50) \n Net cash provided by/(used in) financing activities 222 (2,001) 1,025 (813) 23 \n Net (decrease)/increase in cash and cash equivalents (1,111) (254) 265 (160) (1,360) \n Cash and cash equivalents transferred (to)/from assets held for sale (10) 9 17 (29) — \n Effect of exchange rate changes on cash 14 (17) 14 302 205 \n Change in cash and cash equivalents (1,107) (262) 296 113 (1,155) \n \n Free cash flow (A+B+C) (1,341) 1,725 (538) 514 (1,351) \n \n\nAppendix 1: Capital expenditures(1)\n\n (USD million) 1Q 26 4Q 25 3Q 25 2Q 25 1Q 25 \n North America 232 229 236 113 110 \n Brazil 179 214 195 139 180 \n Europe 362 381 412 294 329 \n Sustainable Solutions 80 132 61 77 53 \n Mining 367 219 264 208 235 \n Others 51 72 69 55 60 \n Total 1,271 1,247 1,237 886 967 \n \n\nAppendix 2: Debt repayment schedule as of March 31, 2026\n\n (USD billion) 2026 2027 2028 2029 ≥2030 Total \n Bonds 0.7 1.2 0.6 0.5 4.5 7.5 \n Commercial paper 1.2 — — — — 1.2 \n Other loans 0.7 0.4 0.8 0.4 2.7 5.0 \n Total gross debt 2.6 1.6 1.4 0.9 7.2 13.7 \n \n\nAs of March 31, 2026, the average debt maturity is 7.5 years.\n\nAppendix 3: Reconciliation of gross debt to net debt\n\n (USD million) Mar 31 2026 Dec 31, 2025 Mar 31 2025 \n Gross debt 13,683 13,410 12,047 \n Less: Cash and cash equivalents (4,359) (5,476) (5,319) \n Less: Cash and cash equivalents held as part of the assets held for sale (8) (13) (3) — \n Net debt (including Cash and cash equivalents held as part of assets held for sale) 9,311 7,931 6,728 \n \n\nAppendix 4: Adjusted net income and adjusted basic EPS\n\n (USD million) 1Q 26 4Q 25 3Q 25 2Q 25 1Q 25 \n Net income attributable to equity holders of the parent 575 177 377 1,793 805 \n Impairment items (2) — (10) — (194) — \n Exceptional items (3) — (194) (97) 1,162 — \n Impairments and exceptional items of associates, joint ventures, and other investments — — — 48 — \n Related tax impacts and one-off tax charges (3) — (273) — (228) — \n Adjusted net income attributable to equity holders of the parent 575 654 474 1,005 805 \n \n Weighted average common shares outstanding (in millions) 761 761 761 762 768 \n Adjusted basic EPS $/share 0.76 0.86 0.62 1.32 1.05 \n \n\nAppendix 5: Terms and definitions\n\nUnless indicated otherwise, or the context otherwise requires, references in\nthis earnings release to the following terms have the meanings set out next to\nthem below:\n\nAdjusted basic EPS: refers to adjusted net income divided by the weighted\naverage common shares outstanding.\n\nAdjusted net income: refers to reported net income less impairment items and\nexceptional items and related tax impacts and one-off tax charges.\n\nApparent steel consumption: calculated as the sum of production plus imports\nminus exports.\n\nAverage steel selling prices: calculated as steel sales divided by steel\nshipments.\n\nCash and cash equivalents: represent cash and cash equivalents, restricted\ncash and short-term investments.\n\nCapex: represents the purchase of property, plant and equipment and\nintangibles. The Group’s capex figures do not include capex at the JVs level\n(i.e. AM/NS Calvert until June 18, 2025 and AMNS India).\n\nCrude steel production: steel in the first solid state after melting, suitable\nfor further processing or for sale.\n\nDepreciation: refers to amortization and depreciation.\n\nEPS: refers to basic or diluted earnings per share.\n\nEBITDA: defined as operating income (loss) plus depreciation, impairment items\nand exceptional items and income (loss) from associates, joint ventures and\nother investments (excluding impairments and exceptional items if any).\n\nEBITDA/tonne: calculated as EBITDA divided by total steel shipments.\n\nExceptional items: income / (charges) relate to transactions that are\nsignificant, infrequent or unusual and are not representative of the normal\ncourse of business of the period.\n\nFree cash flow (FCF): refers to net cash provided by operating activities less\ncapex less dividends paid to minority shareholders. The term free cash outflow\nis used when the difference is negative (i.e. negative free cash flow)\n\nForeign exchange and other net financing income/(loss): include foreign\ncurrency exchange impact, bank fees, interest on pensions, impairment of\nfinancial assets, revaluation of derivative instruments and other charges that\ncannot be directly linked to operating results.\n\nGross debt: long-term debt and short-term debt.\n\nImpairment items: refers to impairment charges net of reversals.\n\nIncome from associates, joint ventures and other investments: refers to income\nfrom associates, joint ventures and other investments (excluding impairments\nand exceptional items, if any).\n\nInvestable cash flow: refers to net cash provided by operating activities less\nmaintenance/normative capex.\n\nIron ore reference prices: refers to iron ore prices for 62% Fe CFR China.\nPricing is generally linked to market price indexes and uses a variety of\nmechanisms, including current spot prices and average prices over specified\nperiods. Therefore, there may not be a direct correlation between market\nreference prices and actual selling prices in various regions at a given time.\n\nKt: refers to thousand metric tonnes.\n\nLiquidity: defined as cash and cash equivalents (included cash held as part of\nassets held for sale) plus available revolving credit facilities\n\nLTIF: refers to lost time injury (\"LTI\") frequency rate equals lost time\ninjuries per 1,000,000 worked hours (own personnel and contractors) and\nincludes fatalities; an LTI is an incident that causes an injury that prevents\nthe person from returning to his/her next scheduled shift or work period.\n\nMaintenance/normative capex: refers to capital expenditures outside of\nstrategic capital expenditures projects (and includes cost reduction plans and\nenvironment projects as well as general maintenance capital expenditures).\n\nMt: refers to million metric tonnes.\n\nNet debt: long-term debt and short-term debt less cash and cash equivalents\n(including cash and cash equivalents held as part of assets held for sale)\n\nNet interest expense: includes interest expense less interest income.\n\nOperating results: refers to operating income/(loss).\n\nOperating segments: North America segment includes the Flat, Long and Tubular\noperations of US, Canada and Mexico; and also includes all Mexico mines. The\nBrazil segment includes the Flat, Long and Tubular operations of Brazil and\nits neighboring countries including Argentina, Costa Rica, Venezuela; and also\nincludes Andrade and Serra Azul captive iron ore mines. The Europe segment\nincludes Flat and Long operations, and through October 30, 2025, included\nBosnia and Herzegovina captive iron ore mines; Sustainable Solutions division\nincludes Downstream Solutions and Tubular operations of the European business\nand our renewables operations in India. The Others segment includes the Flat,\nLong and Tubular operations of Ukraine and South Africa, the captive iron ore\nmines in Ukraine, holding companies and intragroup stock margin eliminations.\nMining segment includes iron ore operations of ArcelorMittal Mines Canada and\nArcelorMittal Liberia.\n\nOwn iron ore production: includes total of all finished production of fines,\nconcentrate, pellets and lumps and includes share of production.\n\nPrice-cost effect: a lack of correlation or a lag in the corollary\nrelationship between raw material and steel prices, which can either have a\npositive (i.e. increased spread between steel prices and raw material costs)\nor negative effect (i.e. a squeeze or decreased spread between steel prices\nand raw material costs).\n\nROCE (Return on capital employed): refers to operating income, excluding\nimpairment and exceptional items, plus income from associates, JVs and other\ninvestments (excluding impairments and exceptional items, if any), minus\nincome taxes (excluding one-off tax charges) divided by the average equity\nplus net debt for the period.\n\nShipments: information at segment and Group level eliminates intra-segment\nshipments (which are primarily between Flat/Long plants and Tubular plants)\nand inter-segment shipments respectively. Shipments of Downstream Solutions\nare excluded.\n\nWorking capital change (working capital investment / release): refers to\nmovement of change in working capital - trade accounts receivable plus\ninventories less trade and other accounts payable.\n\nFootnotes\n1. The financial information in this press release has been prepared\nconsistently with International Financial Reporting Standards (“IFRS”) as\nissued by the International Accounting Standards Board (“IASB”) and as\nadopted by the European Union. The interim financial information included in\nthis announcement has also been prepared in accordance with IFRS applicable to\ninterim periods, however this announcement does not contain sufficient\ninformation to constitute an interim financial report as defined in\nInternational Accounting Standard 34, “Interim Financial Reporting”. The\nnumbers in this press release have not been audited. The financial information\nand certain other information presented in a number of tables in this press\nrelease have been rounded to the nearest whole number or the nearest decimal.\nTherefore, the sum of the numbers in a column may not conform exactly to the\ntotal figure given for that column. In addition, certain percentages presented\nin the tables in this press release reflect calculations based upon the\nunderlying information prior to rounding and, accordingly, may not conform\nexactly to the percentages that would be derived if the relevant calculations\nwere based upon the rounded numbers. Segment information presented in this\npress release is prior to inter-segment eliminations and certain adjustments\nmade to operating results of the segments to reflect corporate costs, income\nfrom non-steel operations (e.g. logistics and shipping services) and the\nelimination of stock margins between the segments.\n2. Impairment charges in 12M 2025 totalled $204 million primarily related to\nthe announced divestment of Zenica integrated steel plant and Prijedor iron\nore mining business in Bosnia for $194 million in 2Q 2025.\n3. For 12M 2025, the Company reported an exceptional net gain of $871 million,\nwhich includes a $1,645 million net gain from the acquisition of Nippon\nSteel’s 50% stake in ArcelorMittal Calvert partially offset by a $0.4\nbillion charge related to settling the purchase‑price dispute concerning\nVotorantim’s long steel business in Brazil, exceptional charges totalling\n$194 million ($105 million of restructuring costs in Europe, $28 million\nrelated to Sustainable Solutions, and a non‑cash loss of $61 million arising\nfrom the sale of ArcelorMittal Zenica and Prijedor in Bosnia). For adjusted\nnet income calculations, the Company also treated certain deferred tax asset\nand related deferred tax expense impacts as exceptional items: 4Q 2025 in the\namount of $273 million; 2Q 2025 in the amount of $228 million.\n4. See Appendix 4 for the reconciliation of adjusted net income and adjusted\nbasic earnings per share; see appendix 3 for the reconciliation of gross debt\nto net debt.\n5. September 2020 was the inception date of the ongoing share buyback\nprograms. Under the new 10 million share buyback program launched in April\n2025, the Company has repurchased 2 million shares (20% of the tranche) up to\nthe end of 1Q 2026.\n6. The estimate of potential additional contribution to EBITDA is based on\nassumptions once ramped up to full capacity and assuming prices/spreads\ngenerally in line with the averages of 2015-2020. The total now includes $0.2\nbillion of potential additional contribution to EBITDA from the new Dunkirk\nproject as well as from the previously announced projects at Sestao and Gijon\n(which were previously categorized as “decarbonization” projects). As of\nMarch 31, 2026, last twelve-months investable cash flow of $2.0 billion\nconsisting of cash flow from operations of $5.1 billion less\nnormative/maintenance capex of $3.1 billion. As of March 31, 2026, last\ntwelve-month capex of $4.6 billion included strategic capex of $1.5 billion.\n7. Liquidity at the end of March 31, 2026, of $9.9 billion consisted of cash\nand cash equivalents of $4.4 billion (including cash and cash equivalents held\nas part of assets held for sale) and $5.5 billion of available credit lines.\nOn April 13, 2026, the facility agent confirmed that all Revolving Credit\nFacility (RCF) lenders have agreed to our one-year extension request to May\n29, 2031.\n8. As of March 31, 2026, assets and liabilities held for sale are related to\nthe ongoing disposal of a downstream long wire rod business in the Brazil\nsegment. As of December 31, 2025, assets and liabilities held for sale related\nto the announced divestment of Tubular subsidiary.\n9. The acquisition of Votorantim’s long steel business in Brazil in 2018\nsignificantly strengthened ArcelorMittal’s market position, adding\napproximately 2Mt of annual production capacity, increasing market share, and\nunlocking cost efficiencies alongside substantial operational, logistics, and\nprocurement synergies. As part of the original deal structure, Votorantim and\nArcelorMittal retained certain put and call option rights. In March 2022,\nVotorantim exercised its put option, resulting in a valuation dispute that\nproceeded to arbitration in Brazil. Following hearings in October 2024, the\nparties reached a settlement in June 2025, under which ArcelorMittal Brasil\nwill pay approximately $546 million over three years. Net of amounts\npreviously provisioned, ArcelorMittal recorded a net amount of $0.4 billion in\n2Q 2025 as an exceptional item. The first instalment of $0.2 billion was paid\nin 3Q 2025, with 3 further annual payments of $0.1 billion due.\n10. On December 19, 2025, ArcelorMittal extended the conversion date for the\n$0.7 billion privately placed mandatory convertible bond (MCB) issued on\nDecember 28, 2009 by one of its wholly-owned Luxembourg subsidiaries. The\nmandatory conversion date of the bond has been extended to January 28, 2028.\nThe other main features of the MCB remain unchanged. The bond was placed\nprivately with Credit Agricole Corporate and Investment Bank and is not\nlisted.\n11. In 1Q 2026, the existing Mineral Development Agreement (MDA) was extended\nto 2050, with a right to renew for a further 25 years. Under the terms of the\nagreement, ArcelorMittal paid $200 million to the Government of Liberia for\ncertain rights it acquires per the agreement, namely the mining rights\nextension and reserved access to railroad capacity the Company is investing in\n(infrastructure is being expanded so it can transport up to 30Mt of iron ore\nannually). The Company is undertaking feasibility studies to increase iron ore\nproduction capacity beyond the 20Mtpa phase 2 currently in ramp-up.\nFirst quarter 2026 earnings analyst conference call\n\nArcelorMittal Management will host a conference call for members of the\ninvestment community to present and comment on the three-month period ended\nMarch 31, 2026 on: Thursday April 30, 2026, at 9.30 US Eastern time, 14.30\nLondon time and 15.30 CET.\n\nTo access via the conference call and ask a question during the Q&A, please\nregister in advance:\nhttps://register-conf.media-server.com/register/BI1a2bb6183076462ea977c387e5eb4d3c\n\nAlternatively, the webcast can be accessed at:\nhttps://edge.media-server.com/mmc/p/a3gekyiy\n\nA copy of the earnings call transcript will also be available on the website.\n\nForward-Looking Statements\n\nThis document contains forward-looking information and statements about\nArcelorMittal and its subsidiaries. These statements include financial\nprojections and estimates and their underlying assumptions, statements\nregarding plans, objectives and expectations with respect to future\noperations, products and services, and statements regarding future\nperformance. Forward-looking statements may be identified by the words\n“believe”, “expect”, “anticipate”, “target”, \"projected\",\n\"potential\", \"intend\" or similar expressions. Although ArcelorMittal’s\nmanagement believes that the expectations reflected in such forward-looking\nstatements are reasonable, investors and holders of ArcelorMittal’s\nsecurities are cautioned that forward-looking information and statements are\nsubject to numerous risks and uncertainties, many of which are difficult to\npredict and generally beyond the control of ArcelorMittal, that could cause\nactual results and developments to differ materially and adversely from those\nexpressed in, or implied or projected by, the forward-looking information and\nstatements. These risks and uncertainties include those discussed or\nidentified in the filings with the Luxembourg Stock Market Authority for the\nFinancial Markets (Commission de Surveillance du Secteur Financier) and the\nUnited States Securities and Exchange Commission (the “SEC”) made or to be\nmade by ArcelorMittal, including ArcelorMittal’s latest Annual Report on\nForm 20-F on file with the SEC. ArcelorMittal undertakes no obligation to\npublicly update its forward-looking statements, whether as a result of new\ninformation, future events, or otherwise.\n\nNon-GAAP/Alternative Performance Measures\n\nThis press release also includes certain non-GAAP financial/alternative\nperformance measures. ArcelorMittal presents EBITDA, EBITDA/tonne, free cash\nflow (FCF), adjusted net income and adjusted basic earnings per share which\nare non-GAAP financial/alternative performance measures, as additional\nmeasures to enhance the understanding of its operating performance. The\ndefinition of EBITDA includes income from share of associates, JVs and other\ninvestments (excluding impairments and exceptional items if any, of\nassociates, JVs and other investments) because the Company believes this\ninformation provides investors with additional information to understand its\nresults, given the increasing significance of its joint ventures.\nArcelorMittal believes such indicators are relevant to provide management and\ninvestors with additional information. ArcelorMittal also presents net debt,\nliquidity and change in working capital as additional measures to enhance the\nunderstanding of its financial position, changes to its capital structure and\nits credit assessment. Investable cash flow is defined as net cash provided by\noperating activities less maintenance/normative capex, and the Company thus\nbelieves that it represents a cash flow that is available for allocation at\nmanagement’s discretion. The Company’s guidance as to free cash flow and\nadditional EBITDA estimated to be generated from certain projects is based on\nthe same accounting policies as those applied in the Company’s financial\nstatements prepared in accordance with IFRS. ArcelorMittal is unable to\nreconcile, without unreasonable effort, such guidance to the most directly\ncomparable IFRS financial measure, due to the uncertainty and inherent\ndifficulty of predicting the occurrence and the financial impact of items\nimpacting comparability. For the same reasons, ArcelorMittal is unable to\naddress the significance of the unavailable information. Non-GAAP\nfinancial/alternative performance measures should be read in conjunction with,\nand not as an alternative to, ArcelorMittal's financial information prepared\nin accordance with IFRS. Comparable IFRS measures and reconciliations of\nnon-GAAP financial/alternative performance measures are presented herein.\n\nAbout ArcelorMittal\n\nArcelorMittal is one of the world's leading steel and mining companies, with a\npresence in 60 countries and primary steelmaking facilities in 14 countries.\nIn 2025, ArcelorMittal had revenues of $61.4 billion and crude steel\nproduction of 55.6 million metric tonnes, while iron ore production reached\n48.8 million metric tonnes.\n\nOur goal is to help build a better world with smarter steels. Steels made\nusing innovative processes which use less energy, emit significantly less\ncarbon and reduce costs. Steels that are cleaner, stronger and reusable.\nSteels for electric vehicles and renewable energy infrastructure that will\nsupport societies as they transform through this century. With steel at our\ncore, our inventive people and an entrepreneurial culture at heart, we will\nsupport the world in making that change. This is what we believe it takes to\nbe the steel company of the future.\n\nArcelorMittal is listed on the stock exchanges of New York (MT), Amsterdam\n(MT), Paris (MT), Luxembourg (MT) and on the Spanish stock exchanges of\nBarcelona, Bilbao, Madrid and Valencia (MTS). For more information about\nArcelorMittal please visit: https://corporate.arcelormittal.com/\n\nEnquiries\n\nArcelorMittal investor relations: +44 207 543 1128; ESG: +44 203 214 2801 and\nBonds/credit: +33 1 57 95 50 35.\nE-mail: investor.relations@arcelormittal.com\n\nArcelorMittal corporate communications (e-mail: press@arcelormittal.com) +44\n207 629 7988. Contact: Paul Weigh +44 203 214 2419\n\nAttachment\n* 1Q26 Earnings release Final.pdf\n(https://ml-eu.globenewswire.com/Resource/Download/34bee93a-901b-4aed-94fa-1f32b34b6129)\n(https://www.globenewswire.com/NewsRoom/AttachmentNg/b63cd58c-c7c3-4ece-b5f9-2f69f23244cd)\n\n\n\nGlobeNewswire, Inc. 2026"},"type":"article","timestamp":"2026-04-30T05:00:01.405323195Z","server_sent_at_ms":1777525201405},"received_at":"2026-04-30T05:00:01.462Z","source_url":null},"analysis":null,"durationMs":null,"modelName":null}}