ArcelorMittal reports first quarter 2026 results

Luxembourg, April 30, 2026 - ArcelorMittal (referred to as “ArcelorMittal” or the “Company” or the "Group") (MT (New York, Amsterdam, Paris, Luxembourg), MTS (Madrid)), the world’s leading integrated steel and mining company, today announced results1 for the three-month period ended March 31, 2026

1Q 2026 key highlights:

Safety focus: Protecting employee health and safety is a core Company value. The multi‑year safety transformation continues to deliver measurable improvements, with LTIFR improving to 0.45x in 1Q 2026 from 0.63x in 1Q 2025

Delivering structurally improved margins: The Group's results continue to demonstrate resilience, with 1Q 2026 EBITDA per tonne of $131/t increasing by $15/t year-on-year, reflecting the benefits of the strategic investment program, continued asset optimization and diversified market exposures. Net income in 1Q 2026 was $0.6bn (basic EPS of $0.76/sh)

Operational momentum: Record iron ore production and shipments in Liberia and a return to normalized operating levels in North America

Seasonal investment in working capital: A typical seasonal working capital investment of $1.5bn during the quarter led to a free cash outflow of $1.3bn and an increase in net debt to $9.3bn⁴. Liquidity⁷ remains at a robust $9.9bn and the Company's positive FCF outlook for 2026 and beyond remains unchanged

Consistent cash generation, supporting balanced capital allocation and continued growth investment: Over the past 12 months, the Company generated $2.0bn in investable cash flow⁶ (net cash provided by operating activities less maintenance/normative capex). Over the same period, the Company invested $1.5bn in strategic capex to build incremental long-term EBITDA capacity, returned $0.7bn to shareholders, and allocated $0.2bn to M&A

Capital return policy is creating significant value for shareholders: The Company paid its first quarterly interim dividend of $0.15 per share in March 2026, as part of a proposed annual dividend of $0.60 per share. The Company will continue to return a minimum of 50% of post-dividend free cash flow to shareholders through share buybacks. The fully diluted share count has been reduced by 38% since September 2020⁵

Strategic focus:

Well positioned to benefit from a balanced and fair European steel market: The Company believes that CBAM (which now imposes a carbon cost on imports), together with the recently agreed tariff rate quota (TRQ) trade tool (expected to be effective from July 1, 2026), structurally resets the outlook for the European steel industry. Lower imports will lead to higher capacity utilization, restoring profitability and returns on capital to healthy, sustainable levels. ArcelorMittal is well positioned to capture the volume upside through: improved utilization of its existing operating capacity; restart of idled blast furnaces (Fos (France) & Dabrowa (Poland) currently in preparation); and the commissioning of the new Gijon EAF and expanded EAF capacity at Sestao

Strategic growth projects have good momentum and support higher EBITDA and ROCE: 1Q 2026 capex of $1.3bn includes $0.2bn payment on signing new Mineral Development Agreement in Liberia¹¹. 2026 capex guidance remains unchanged at $4.5bn-$5.0bn and includes $1.7-$2.0bn of strategic capex on high return projects. The potential incremental EBITDA impact of strategic capex projects (including completed M&A) is now $1.8bn⁶ and includes the benefits of the recently approved electric arc furnace at Dunkirk and previously announced EAF investments at Sestao and Gijón

Financial highlights (on the basis of IFRS1):

Commenting, Aditya Mittal, ArcelorMittal Chief Executive Officer, said:

_{Performance in the first quarter was resilient despite the unsettled backdrop in the Middle East with profitability of $131/t EBITDA reflecting the benefits of our global diversified asset portfolio and the consistent application of our strategy. We also continued to improve our safety performance with the lowest quarterly LTIFR in the history of the Group, showing the tangible results of our sustained focus in this area.}

_{The fundamentals of the business have improved over the past three months, driven in particular by the favourable structural reset in the European policy environment, including CBAM and the new tariff rate quota (TRQ) which is expected to significantly reduce imports into Europe from July 1. ArcelorMittal is well positioned to capture this upside through existing capacity and by re-starting idled capacity. This will result in higher domestic capacity utilization and restore profitability and ROCE to healthy, sustainable levels.}

_{This will be also an important year for the Company’s strategic growth projects, which reflect the depth of the Company’s opportunity set across diverse growth vectors. Our investments, which ultimately will add an incremental $1.8 billion EBITDA, include the expansion of AM/NS India’s plant in Hazira, the ramp-up of mining in Liberia, the ramp up of the new EAF at Calvert to full capacity, as well as various opportunities related to the energy transition. We are also pleased that we have been able to take final investment decision on the new EAF in Dunkirk, supported by various policy initiatives at the European and France levels.}

_{We remain confident in ArcelorMittal’s prospects for the balance of the year, with the expected favourable impacts of new policy including a materially improved pricing and volume environment, more than offsetting any anticipated impacts from the Iran conflict."}

First quarter 2026 earnings analyst conference call

ArcelorMittal Management will host a conference call for members of the investment community to present and comment on the three-month period ended March 31, 2026 on: Thursday April 30, 2026, at 9.30 US Eastern time, 14.30 London time and 15.30 CET.

To access via the conference call and ask a question during the Q&A, please register in advance: https://register-conf.media-server.com/register/BI1a2bb6183076462ea977c387e5eb4d3c

Alternatively, the webcast can be accessed at: https://edge.media-server.com/mmc/p/a3gekyiy

A copy of the earnings call transcript will also be available on the website.

Footnotes

1. The financial information in this press release has been prepared consistently with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) and as adopted by the European Union. The interim financial information included in this announcement has also been prepared in accordance with IFRS applicable to interim periods, however this announcement does not contain sufficient information to constitute an interim financial report as defined in International Accounting Standard 34, “Interim Financial Reporting”. The numbers in this press release have not been audited. The financial information and certain other information presented in a number of tables in this press release have been rounded to the nearest whole number or the nearest decimal. Therefore, the sum of the numbers in a column may not conform exactly to the total figure given for that column. In addition, certain percentages presented in the tables in this press release reflect calculations based upon the underlying information prior to rounding and, accordingly, may not conform exactly to the percentages that would be derived if the relevant calculations were based upon the rounded numbers. Segment information presented in this press release is prior to inter-segment eliminations and certain adjustments made to operating results of the segments to reflect corporate costs, income from non-steel operations (e.g. logistics and shipping services) and the elimination of stock margins between the segments.

2. Impairment charges in 12M 2025 totalled $204 million primarily related to the announced divestment of Zenica integrated steel plant and Prijedor iron ore mining business in Bosnia for $194 million in 2Q 2025.

3. For 12M 2025, the Company reported an exceptional net gain of $871 million, which includes a $1,645 million net gain from the acquisition of Nippon Steel’s 50% stake in ArcelorMittal Calvert partially offset by a $0.4 billion charge related to settling the purchase‑price dispute concerning Votorantim’s long steel business in Brazil, exceptional charges totalling $194 million ($105 million of restructuring costs in Europe, $28 million related to Sustainable Solutions, and a non‑cash loss of $61 million arising from the sale of ArcelorMittal Zenica and Prijedor in Bosnia). For adjusted net income calculations, the Company also treated certain deferred tax asset and related deferred tax expense impacts as exceptional items: 4Q 2025 in the amount of $273 million; 2Q 2025 in the amount of $228 million.

4. See Appendix 4 for the reconciliation of adjusted net income and adjusted basic earnings per share; see appendix 3 for the reconciliation of gross debt to net debt.

5. September 2020 was the inception date of the ongoing share buyback programs. Under the new 10 million share buyback program launched in April 2025, the Company has repurchased 2 million shares (20% of the tranche) up to the end of 1Q 2026.

6. The estimate of potential additional contribution to EBITDA is based on assumptions once ramped up to full capacity and assuming prices/spreads generally in line with the averages of 2015-2020. The total now includes $0.2 billion of potential additional contribution to EBITDA from the new Dunkirk project as well as from the previously announced projects at Sestao and Gijon (which were previously categorized as “decarbonization” projects). As of March 31, 2026, last twelve-months investable cash flow of $2.0 billion consisting of cash flow from operations of $5.1 billion less normative/maintenance capex of $3.1 billion. As of March 31, 2026, last twelve-month capex of $4.6 billion included strategic capex of $1.5 billion.

7. Liquidity at the end of March 31, 2026, of $9.9 billion consisted of cash and cash equivalents of $4.4 billion (including cash and cash equivalents held as part of assets held for sale) and $5.5 billion of available credit lines. On April 13, 2026, the facility agent confirmed that all Revolving Credit Facility (RCF) lenders have agreed to our one-year extension request to May 29, 2031.

8. As of March 31, 2026, assets and liabilities held for sale are related to the ongoing disposal of a downstream long wire rod business in the Brazil segment. As of December 31, 2025, assets and liabilities held for sale related to the announced divestment of Tubular subsidiary.

9. The acquisition of Votorantim’s long steel business in Brazil in 2018 significantly strengthened ArcelorMittal’s market position, adding approximately 2Mt of annual production capacity, increasing market share, and unlocking cost efficiencies alongside substantial operational, logistics, and procurement synergies. As part of the original deal structure, Votorantim and ArcelorMittal retained certain put and call option rights. In March 2022, Votorantim exercised its put option, resulting in a valuation dispute that proceeded to arbitration in Brazil. Following hearings in October 2024, the parties reached a settlement in June 2025, under which ArcelorMittal Brasil will pay approximately $546 million over three years. Net of amounts previously provisioned, ArcelorMittal recorded a net amount of $0.4 billion in 2Q 2025 as an exceptional item. The first instalment of $0.2 billion was paid in 3Q 2025, with 3 further annual payments of $0.1 billion due.

10. On December 19, 2025, ArcelorMittal extended the conversion date for the $0.7 billion privately placed mandatory convertible bond (MCB) issued on December 28, 2009 by one of its wholly-owned Luxembourg subsidiaries. The mandatory conversion date of the bond has been extended to January 28, 2028. The other main features of the MCB remain unchanged. The bond was placed privately with Credit Agricole Corporate and Investment Bank and is not listed.

11. In 1Q 2026, the existing Mineral Development Agreement (MDA) was extended to 2050, with a right to renew for a further 25 years. Under the terms of the agreement, ArcelorMittal paid $200 million to the Government of Liberia for certain rights it acquires per the agreement, namely the mining rights extension and reserved access to railroad capacity the Company is investing in (infrastructure is being expanded so it can transport up to 30Mt of iron ore annually). The Company is undertaking feasibility studies to increase iron ore production capacity beyond the 20Mtpa phase 2 currently in ramp-up.

Forward-Looking Statements

This document contains forward-looking information and statements about ArcelorMittal and its subsidiaries. These statements include financial projections and estimates and their underlying assumptions, statements regarding plans, objectives and expectations with respect to future operations, products and services, and statements regarding future performance. Forward-looking statements may be identified by the words “believe”, “expect”, “anticipate”, “target”, "projected", "potential", "intend" or similar expressions. Although ArcelorMittal’s management believes that the expectations reflected in such forward-looking statements are reasonable, investors and holders of ArcelorMittal’s securities are cautioned that forward-looking information and statements are subject to numerous risks and uncertainties, many of which are difficult to predict and generally beyond the control of ArcelorMittal, that could cause actual results and developments to differ materially and adversely from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include those discussed or identified in the filings with the Luxembourg Stock Market Authority for the Financial Markets (Commission de Surveillance du Secteur Financier) and the United States Securities and Exchange Commission (the “SEC”) made or to be made by ArcelorMittal, including ArcelorMittal’s latest Annual Report on Form 20-F on file with the SEC. ArcelorMittal undertakes no obligation to publicly update its forward-looking statements, whether as a result of new information, future events, or otherwise.

About ArcelorMittal

ArcelorMittal is one of the world’s leading integrated steel and mining companies with a presence in 60 countries and primary steelmaking operations in 14 countries. It is the largest steel producer in Europe, among the largest in the Americas, and has a growing presence in Asia through its joint venture AM/NS India. ArcelorMittal sells its products to a diverse range of customers including the automotive, engineering, construction and machinery industries, and in 2025 generated revenues of $61.4 billion, produced 55.6 million metric tonnes of crude steel and 48.8 million tonnes of iron ore. Our purpose is to produce smarter steels for people and planet. Steels made using innovative processes which use less energy, emit significantly less carbon and reduce costs. Steels that are cleaner, stronger and reusable. Steels for the renewable energy infrastructure that will support societies as they transform through this century. With steel at our core, our inventive people and an entrepreneurial culture at heart, we will support the world in making that change.

ArcelorMittal is listed on the stock exchanges of New York (MT), Amsterdam (MT), Paris (MT), Luxembourg (MT) and on the Spanish stock exchanges of Barcelona, Bilbao, Madrid and Valencia (MTS).

http://corporate.arcelormittal.com/ 

ArcelorMittal Investor Relations contact information:

• General | +44 207 543 1128

• Retail | +44 203 214 2893

• Bond/Credit | +33 171 921 026

ArcelorMittal Corporate Communications contact information:

• Paul Weigh

• Tel | +44 20 3214 2419

• Email | press@arcelormittal.com