ArcelorMittal S.A.
- Open
- 76.39
- Day high
- 76.72
- Day low
- 75.75
- Prev close
- 75.13
- Volume
- 290K
- Mkt cap
- $57.1B
- P/E (TTM)
- 31.8
- EPS (TTM)
- $2.38
- P/B
- 1.0
- P/S
- 0.9
- Yield
- 0.90%
- Per share
- $0.68
ArcelorMittal S.A. (MT) is a Basic Materials company listed on NYSE. The stock is up 128% over the past year. Drillr has 1 published research article covering MT.
ArcelorMittal S.A. (MT) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 3 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
MT earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Jul 30, 2026 | $1.19 | $0.89 | -25.2% | $16.8B | -4.2% |
| Apr 30, 2026 | $0.73 | $0.75 | +2.3% | $15.5B | -8.6% |
| Feb 5, 2026 | $0.56 | $0.86 | +53.8% | $15.0B | -6.2% |
| Nov 6, 2025 | $0.58 | $0.62 | +7.1% | $15.7B | +1.7% |
| Jul 31, 2025 | $1.33 | $1.32 | -0.8% | $15.9B | +1.6% |
| Apr 30, 2025 | $0.71 | $1.04 | +46.9% | $14.8B | -3.6% |
| Feb 6, 2025 | $0.61 | $0.52 | -15.0% | $14.7B | -10.5% |
| Nov 7, 2024 | $0.58 | $0.63 | +8.2% | $15.2B | -1.4% |
| Aug 1, 2024 | $0.76 | $0.63 | -17.5% | $16.2B | +3.9% |
| May 2, 2024 | $0.93 | $1.16 | +24.2% | $16.3B | -0.8% |
| Feb 8, 2024 | $-2.08 | $1.18 | +156.7% | $31.2B | — |
| Nov 9, 2023 | $0.95 | $1.10 | +15.4% | $16.6B | — |
ArcelorMittal S.A. company profile
Overview
ArcelorMittal S.A. (NYSE:MT) is the world's second-largest steel producer and a leading mining company, founded in 1976 and headquartered in Luxembourg City, Luxembourg. The company was formed through a series of strategic mergers and acquisitions, most notably the 2006 merger between Arcelor and Mittal Steel Company N.V., creating a global steel giant with operations spanning across Europe, North and South America, Asia, and Africa. Today, ArcelorMittal operates as an integrated steel and mining company with a diversified geographic footprint, serving customers in automotive, construction, energy, and machinery industries worldwide.
Business
ArcelorMittal operates in the steel manufacturing and iron ore mining industries, two interconnected sectors that form the backbone of global industrial infrastructure. Steel is an essential material used in construction, automotive manufacturing, appliances, machinery, and energy infrastructure. The company's business is organized into several key segments: 1. Steel Production Segment (~85% of revenue): The company produces a comprehensive range of steel products including semi-finished flat products (slabs), finished flat products (plates, hot- and cold-rolled coils, galvanized sheets, tinplate), semi-finished long products (blooms and billets), finished long products (bars, wire-rods, structural sections, rails), and seamless and welded pipes and tubes. These products serve as raw materials for manufacturers across multiple industries. 2. Mining Segment (~15% of revenue): ArcelorMittal operates iron ore mines that produce lumps, fines, concentrates, pellets, and sinter feeds - the primary raw materials for steel production. The company also mines coking coal and thermal coal, essential for the steel-making process. Mining operations are located in Brazil, Bosnia, Canada, Kazakhstan, Liberia, Mexico, South Africa, and Ukraine. 3. Sustainable Solutions Segment (small percentage): This newer segment focuses on renewable energy projects and climate-related solutions, including a 1-gigawatt solar and wind project in India. The steel industry operates on a cyclical basis, with demand closely tied to global economic activity, construction spending, and automotive production. Steel production requires significant capital investment in blast furnaces, electric arc furnaces, and rolling mills, while mining operations require substantial infrastructure for extraction, processing, and transportation of raw materials.
Revenue model
ArcelorMittal generates revenue primarily through product sales of steel and mining products to industrial customers. The company's business model centers on vertical integration, controlling both the raw material supply (through mining operations) and steel production, which provides cost advantages and supply chain security. The company's customers include automotive manufacturers (Ford, General Motors, Volkswagen), construction companies, appliance manufacturers, energy companies, and steel distributors. Revenue is generated through direct sales contracts and spot market transactions, with pricing typically following global commodity market dynamics. Several factors significantly impact ArcelorMittal's margins: Positive margin drivers include strong global economic growth driving steel demand, infrastructure spending in emerging markets (particularly India and Brazil), automotive industry recovery, trade protection measures against low-cost imports (especially from China), and operational efficiency improvements from strategic investments. Negative margin drivers include global economic slowdowns reducing steel demand, excess global steel capacity (particularly from China), rising raw material costs (iron ore, coking coal, energy), environmental regulations increasing compliance costs, and currency fluctuations affecting international operations. The company's integrated model provides some margin protection, as it produces approximately 60% of its iron ore requirements internally, reducing exposure to raw material price volatility. However, the business remains highly cyclical and sensitive to global economic conditions, with EBITDA per ton ranging from around $80 during downturns to over $200 during strong market conditions.
Competitive moat
ArcelorMittal's competitive moat is moderate but meaningful, built primarily on scale advantages and vertical integration rather than proprietary technology or brand loyalty. The company's key competitive advantages include: Scale and Geographic Diversification: As the world's second-largest steel producer with operations across multiple continents, ArcelorMittal benefits from economies of scale in procurement, technology development, and market access. This geographic diversification provides natural hedging against regional economic cycles. Vertical Integration: The company's control over iron ore and coal mining operations provides cost advantages and supply security. Producing approximately 60% of its iron ore requirements internally offers protection against raw material price volatility that affects pure-play steel producers. Strategic Asset Locations: ArcelorMittal owns premium mining assets in politically stable regions (Canada, Brazil) and steel production facilities close to major demand centers, reducing transportation costs and improving customer service. However, the moat faces significant challenges. The steel industry is characterized by commodity-like products with limited differentiation, making it difficult to maintain pricing power. The company faces intense competition from lower-cost producers, particularly in China, which maintains substantial excess capacity. Additionally, the capital-intensive nature of the business creates high barriers to exit, leading to persistent overcapacity during downturns. Potential disruption comes from continued Chinese steel exports, alternative materials (aluminum, composites) in automotive and construction applications, and the long-term transition toward electric arc furnace technology that could reduce barriers to entry for smaller regional players.
Risks & safety
ArcelorMittal demonstrates reasonable financial stability with manageable debt levels, though the cyclical nature of the business creates inherent volatility. • Liquidity Position: Strong with $6.4 billion in cash and short-term investments as of Q4 2024, providing substantial cushion for operations and investments • Debt Management: Debt-to-equity ratio of 0.24 indicates conservative leverage; total debt represents manageable portion of enterprise value • Cash Generation: Generated $4.9 billion in operating cash flow for FY 2024, though free cash flow was modest at $447 million due to capital investments • Valuation Metrics: Trading at attractive multiples with P/E of 13.6x (FY 2024), EV/EBITDA of 3.9x, and price-to-book of 0.37x, suggesting potential undervaluation • Cyclical Risk: EBITDA can swing dramatically ($4.7B in 2023 vs $12.9B in 2022), creating earnings volatility; current ratio of 1.35x provides adequate short-term liquidity buffer • Capital Allocation: Consistent shareholder returns with 37% share count reduction over four years and commitment to return 50% of post-dividend cash flow to shareholders
Recent development
Over the past few years, ArcelorMittal has executed a comprehensive strategic transformation focused on three key pillars: operational excellence, strategic growth investments, and decarbonization initiatives. Strategic Growth Projects: The company has invested nearly $3 billion in high-return projects expected to generate $1.9 billion in incremental EBITDA. Key completed projects include the Vega coal mill complex in Brazil, a new hot strip mill in Mexico performing above expectations, and a 1-gigawatt renewable energy project in India. The company is currently commissioning a new electric arc furnace (EAF) at its Calvert, Alabama facility, which will produce automotive-quality electrical steel. Geographic Expansion and Optimization: ArcelorMittal is significantly expanding its presence in high-growth markets, particularly India, where it's doubling capacity at Hazira from 7.5 to 15 million tons by 2026, with plans to reach 20 million tons by decade's end. The company has also strengthened its North American position through the Calvert EAF project and is expanding mining operations in Liberia. Decarbonization Initiative: The company has committed $10 billion toward decarbonization through 2030, focusing on three technological routes: DRI/EAF (Direct Reduced Iron/Electric Arc Furnace), smart carbon technologies, and electrolysis. Carbon emissions have already been reduced by approximately 50% since 2018, with the company developing low-carbon products under its XCarb brand. Safety and Operational Excellence: Following a comprehensive third-party safety audit, ArcelorMittal has implemented systematic safety improvements across all operations, aiming to become a fatality-free organization. The company has also created a new global projects team to improve execution of major capital investments.
MT company profile · for informational purposes only — not investment advice.
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