SCOPE OF CONSOLIDATION

12 Months Ended

Dec. 31, 2025

Basis Of Consolidation [Abstract]

SCOPE OF CONSOLIDATION

NOTE 2: SCOPE OF CONSOLIDATION 2.1 Basis of consolidation

The consolidated financial statements include the accounts of

the Company, its subsidiaries and its interests in associated

companies and joint arrangements. Subsidiaries are

consolidated from the date the Company obtains control

(ordinarily the date of acquisition) until the date control ceases.

The Company controls an entity when the Company is

exposed to or has rights to variable returns from its

involvement with the entity and has the ability to affect those

returns through its power over the entity.

Associates are those companies over which the Company has

the ability to exercise significant influence on the financial and

operating policy decisions, which it does not control. Generally,

significant influence is presumed to exist when the Company

holds more than 20% of the voting rights. Joint arrangements,

which include joint ventures and joint operations, are those

over whose activities the Company has joint control, typically

under a contractual arrangement. In joint ventures,

ArcelorMittal exercises joint control and has rights to the net

assets of the arrangement. The investment is accounted for

under the equity method and therefore recognized at cost at

the date of acquisition and subsequently adjusted for

ArcelorMittal’s share in undistributed earnings or losses since

acquisition, less any impairment incurred. Any excess of the

cost of the acquisition over the Company’s share of the net fair

value of the identifiable assets, liabilities, and contingent

liabilities of the associate or joint venture recognized at the

date of acquisition is considered as goodwill. The goodwill, if

any, is included in the carrying amount of the investment and is

evaluated for impairment as part of the investment. The

consolidated statements of operations include the Company’s

share of the profit or loss of associates and joint ventures from

the date that significant influence or joint control commences

until the date significant influence or joint control ceases and

any impairment losses. Adjustments to the carrying amount

may also be necessary for changes in the Company’s

proportionate interest in the investee arising from changes in

the investee’s equity that have not been recognized in the

investee’s profit or loss. The Company’s share of those

changes is recognized directly in the relevant reserve within

equity.

The Company assesses the recoverability of its investments

accounted for under the equity method whenever there is an

indication of impairment. In determining the value in use of its

investments, the Company estimates its share in the present

value of the projected future cash flows expected to be

generated by operations of associates and joint ventures (see

also note 2.6).

For investments in joint operations, in which ArcelorMittal

exercises joint control and has rights to the assets and

obligations for the liabilities relating to the arrangement, the

Company recognizes its assets, liabilities and transactions,

including its share of those incurred jointly.

Investments in other entities, over which the Company and/or

its operating subsidiaries do not have the ability to exercise

significant influence, are accounted for as investments in equity

instruments at FVOCI with any resulting gain or loss, net of

related tax effect, recognized in the consolidated statements of

other comprehensive income ("OCI"). All fair value movements

for investments in equity instruments at FVOCI, including the

difference between the acquisition cost and the current fair

value, are recorded in OCI and are not reclassified to the

consolidated statements of operations. Realized gains and

losses from the sale of investments in equity instruments at

FVOCI are reclassified from OCI to retained earnings within

equity upon disposal.

While there are certain limitations on the Company’s operating

and financial flexibility arising from the restrictive and financial

covenants of one of the Company’s credit facilities described in

note 6.1.2, there are no significant restrictions resulting from

borrowing agreements or regulatory requirements on the ability

of consolidated subsidiaries, associates and jointly controlled

entities to transfer funds to the parent in the form of cash

dividends to pay commitments as they come due.

Intercompany balances and transactions, including income,

expenses and dividends, are eliminated in the consolidated

financial statements. Gains and losses resulting from

intercompany transactions are also eliminated.

Non-controlling interests represent the portion of profit or loss

and net assets not held by the Company and are presented

separately in the consolidated statements of operations, in the

consolidated statements of other comprehensive income and

within equity in the consolidated statements of financial

position.

2.2.1 List of subsidiaries

The table below provides a list of the Company’s principal operating subsidiaries at December 31, 2025. Unless otherwise stated, the

subsidiaries listed below have share capital consisting solely of ordinary shares or voting interests in the case of partnerships, which are

held directly or indirectly by the Company and the proportion of ownership interests held equals to the voting rights held by the

Company. The country of incorporation corresponds to their principal place of operations.


Name of Subsidiary	Country	% of Ownership
North America
ArcelorMittal Dofasco G.P.	Canada	100.00%
ArcelorMittal México S.A. de C.V.	Mexico	100.00%
ArcelorMittal Long Products Canada G.P.	Canada	100.00%
ArcelorMittal Calvert LLC4	United States	100.00%
ArcelorMittal Texas HBI LLC	United States	80.00%
Brazil and neighboring countries ("Brazil")
ArcelorMittal Brasil S.A.5	Brazil	100.00%
Acindar Industria Argentina de Aceros S.A. ("Acindar")	Argentina	100.00%
ArcelorMittal Pecém S.A.	Brazil	100.00%
Europe
ArcelorMittal France S.A.S.	France	100.00%
ArcelorMittal Belgium N.V.	Belgium	100.00%
ArcelorMittal España S.A.	Spain	99.85%
ArcelorMittal Flat Europe S.A.	Luxembourg	100.00%
ArcelorMittal Poland S.A.	Poland	100.00%
ArcelorMittal Eisenhüttenstadt GmbH	Germany	100.00%
ArcelorMittal Bremen GmbH	Germany	100.00%
ArcelorMittal Méditerranée S.A.S.	France	100.00%
ArcelorMittal Belval & Differdange S.A.	Luxembourg	100.00%
ArcelorMittal Hamburg GmbH	Germany	100.00%
ArcelorMittal Duisburg GmbH	Germany	100.00%
Sustainable Solutions
ArcelorMittal International Luxembourg S.A.	Luxembourg	100.00%
AM Green Energy Private Limited 1	India	74.00%
Mining
ArcelorMittal Mining Canada G.P. and ArcelorMittal Infrastructure Canada G.P. ("AMMC")	Canada	85.00%
ArcelorMittal Liberia Holdings Ltd.2 ("AML")	Liberia	85.00%
Others
ArcelorMittal South Africa Ltd.3 ("AMSA")	South Africa	69.22%
PJSC ArcelorMittal Kryvyi Rih ("AMKR")	Ukraine	95.13%

1.Rights to variable returns are 100%.

2.ArcelorMittal Liberia Holdings Ltd. is incorporated in Cyprus.

3.Voting rights are 53.05%.

4.On June 18, 2025, ArcelorMittal acquired control of ArcelorMittal Calvert LLC see note 2.2.4.

5.On July 31, 2025, the Company acquired the 2.92% interest held by Votorantim S.A. following the settlement of the dispute, see note 9.3.

2.2.2 Translation of financial statements denominated in

foreign currency

The functional currency of ArcelorMittal S.A. is the U.S. dollar.

The functional currency of each of the principal operating

subsidiaries is the local currency, except for ArcelorMittal

México, AMMC, AML, ArcelorMittal International Luxembourg,

whose functional currency is the U.S. dollar and ArcelorMittal

Poland, whose functional currency is the euro.

Transactions in currencies other than the functional currency of

a subsidiary are recorded at the rates of exchange prevailing at

the date of the transaction. Monetary assets and liabilities in

currencies other than the functional currency are remeasured

at the rates of exchange prevailing on the date of the

consolidated statements of financial position and the related

translation gains and losses are reported within financing costs

in the consolidated statements of operations. Non-monetary

items that are carried at cost are translated using the rate of

exchange prevailing at the date of the transaction. Non-

monetary items that are carried at fair value are translated

using the exchange rate prevailing when the fair value was

determined and the related translation gains and losses are

reported in the consolidated statements of comprehensive

income.

Upon consolidation, the results of operations of ArcelorMittal’s

subsidiaries, associates and joint arrangements whose

functional currency is other than the U.S. dollar are translated

into U.S. dollar at the monthly average exchange rates and

assets and liabilities are translated at the year-end exchange

rates. Translation adjustments are recognized directly in other

comprehensive income and are included in net income

(including non-controlling interests) only upon sale or

liquidation of the underlying foreign subsidiary, associate or

joint arrangement.

Since July 1, 2018, Argentina has been considered a highly

inflationary country and therefore the financial statements of

the Company's long production facilities Acindar Industria

Argentina de Aceros S.A. ("Acindar") in Argentina, using a

historical cost approach, are adjusted prospectively to reflect

the changes in the general purchasing power of the local

currency before being translated into U.S. dollar at the year-

end exchange rate. The Company used an estimated general

price index (Consumer Price Index "IPC") which changed by

31.5%, 117.8% and 211.4% for the year ended December 31,

2025, 2024 and 2023, respectively, for this purpose. As a result

of the inflation-related adjustments on non-monetary items,

losses of 67, 291 and 105 were recognized in net financing

costs for the year ended December 31, 2025, 2024 and 2023,

respectively.

2.2.3 Business combinations

Business combinations are accounted for using the acquisition

method as of the acquisition date, which is the date on which

control is transferred to ArcelorMittal. The Company controls an

entity when it is exposed to or has rights to variable returns

from its involvement with the entity and has the ability to affect

those returns through its power over the entity.

The Company measures goodwill at the acquisition date as the

total of the fair value of consideration transferred, plus the

proportionate amount of any non-controlling interest, plus the

fair value of any previously held equity interest in the acquiree,

if any, less the net recognized amount (generally at fair value)

of the identifiable assets acquired and liabilities assumed.

In a business combination in which the fair value of the

identifiable net assets acquired exceeds the cost of the

acquired business, the Company reassesses the fair value of

the assets acquired and liabilities assumed. If, after

reassessment, ArcelorMittal’s interest in the net fair value of

the acquiree’s identifiable assets, liabilities and contingent

liabilities exceeds the cost of the business combination, the

excess (bargain purchase) is recognized immediately as

operating income in the consolidated statements of operations.

Any contingent consideration payable is recognized at fair

value at the acquisition date and any costs directly attributable

to the business combination are expensed as incurred.2.2.4 Acquisitions

On December 12, 2025, ArcelorMittal acquired the remaining

50% interest in the 50/50 joint venture with Atlas Renewable

Energy ("Atlas") to operate a 265MW capacity solar energy

project in Minas Gerais, Brazil. Total consideration was 47

(including 23 cash outflow net of 15 cash acquired and 9

deferred consideration). The acquisition-date fair value of

identifiable assets and liabilities has been measured on a

provisional basis at December 31, 2025. The Company

remeasured its previously held 50% equity interest in Atlas at

its acquisition-date fair value and recognized the resulting 11

gain in income from investments in associates, joint ventures

and other investments. Atlas is part of the Brazil reportable

segment. Revenue and net loss since acquisition date were 1

and 1, respectively.

On November 3, 2025, following the signature of a share

purchase agreement dated July 25, 2025 and completion of

conditions precedent including approval by the Brazilian

antitrust authority (CADE), ArcelorMittal acquired a 89.69%

interest in Tekno S.A. - Indústria e Comércio ("Tekno"), a

pioneer in the implementation of coil coating in Brazil. On

December 3, 2025, ArcelorMittal started a process to acquire

the remaining shares through a mandatory public tender offer

which is expected to complete on April 1, 2026 and as a result

of which the Company intends to delist Tekno from the

Brazilian Stock Exchange. Total consideration was 133

(including 104 cash outflow net of 16 cash acquired and 13

contingent deferred consideration for acquisition of non-

controlling interests). As part of the transaction, the Company

also acquired a 49% interest leading to control of Perfilor S.A.

Construções Indústria e Comércio ("Perfilor"), a joint venture in

which it already held a 51% stake. The Company remeasured

its previously held equity interest in Perfilor at its 23

acquisition-date fair value and recognized the resulting 11 gain

in income from investments in associates, joint ventures and

other investments. The acquisition-date fair value of of

identifiable assets and liabilities has been measured on a

provisional basis at December 31, 2025. Tekno is part of the

Brazil reportable segment. Revenue and net income since

acquisition date were 14 and 1, respectively.

On June 18, 2025, pursuant to an equity purchase agreement

dated October 11, 2024 between ArcelorMittal and Nippon

Steel Corporation ("NSC") with respect to their joint venture

AMNS Calvert (subsequently renamed ArcelorMittal Calvert

LLC "Calvert"), in connection with the proposed acquisition of

U.S. Steel by NSC with respect to an agreement dated

December 18, 2023 and approved by the U.S. administration

on June 13, 2025, ArcelorMittal acquired control of Calvert

following the acquisition of NSC's 50% stake. The flat steel

processing facility based in Calvert, Alabama (United States)

has a hot strip mill, pickling and cold rolling facilities and

finishing facilities with 5.3, 3.6 and 2.1 million tonnes capacity,

respectively. Calvert serves the automotive, construction, pipe

and tube, service center and appliances for the heating,

ventilation & air conditioning industries. The slabs for Calvert's

operations are sourced from ArcelorMittal plants in Brazil and

Mexico and from Cleveland-Cliffs for 1.5 million tonnes

annually, which following a notice to terminate the agreement

issued in December 2024 expired at the end of the initial five-

year term on December 9, 2025. The acquisition also includes

a new seven-year domestic slab supply agreement with NSC

averaging 750,000 tonnes per year. Calvert also completed the

investment in an on-site steelmaking facility through a 1.5

million tonnes capacity EAF (producing slabs for the existing

operations and replacing part of the purchased slabs).

Construction commenced in March 2021 after obtaining all

environmental permits and the facility is currently in the hot

commissioning phase with the first heat produced on June 14,

2025. The cash consideration paid by the Company to acquire

NS Kote Inc., which holds the 50% interest in Calvert (in

addition to 638 cash injected by NSC to repay debt of Calvert

outstanding at acquisition date and 248 shareholder loan

forgiven by NSC) was 1 U.S. dollar (cash acquired of 263).

Settlement of preexisting relationships amounted to 574

(including mainly 248 shareholder loan, 106 trade payables,

105 dividend payable and 122 unfavorable sales agreement).

ArcelorMittal incurred 2 acquisition-related costs recognized in

selling, general and administrative expenses. The Company

remeasured its previously held 50% equity interest in Calvert at

its acquisition-date fair value and recognized the resulting 13

gain in income from investments in associates, joint ventures

and other investments. The acquisition-date fair value of

identifiable assets and liabilities has been measured on a

provisional basis at December 31, 2025. The fair value of

acquired receivables was 472. The aggregate acquisition gain

recognized in operating income was 1,858 including 1,736

bargain purchase gain resulting from the specific context of the

sale by NSC of its interest in Calvert required in connection

with NSC's acquisition of U.S. Steel and 122 gain on

settlement of pre-existing relationships. Calvert is part of the

North America reportable segment. Revenue and net income

since acquisition date were 2,599 and 7, respectively.

On May 5, 2025, following approval by the Brazilian antitrust

authority CADE on April 4, 2025, ArcelorMittal acquired control

of the Brazilian pipe producer Tuper S.A. ("Tuper"), a joint

venture in which it already held a 40% interest. Tuper is one of

the largest steel processing companies in Latin America

serving the oil and gas, civil construction, infrastructure,

industrial and automotive markets. The acquisition of the 60%

interest in Tuper involved a 83 cash-settled capital increase of

the joint venture subscribed by ArcelorMittal on April 25, 2025

pursuant to which ArcelorMittal's interest increased from 40%

to 54.7% and a 155 total consideration (84 cash outflow net of

cash acquired of 62 and outstanding loan of 9) for the

acquisition of the remaining 45.3% interest providing control.

Net settlement of preexisting relationships amounted to 52.

The Company remeasured its previously held equity interest in

Tuper at its acquisition-date fair value and recognized the

resulting 35 gain in income from joint ventures, associates and

other investments. The measurement of the acquisition-date

fair value of identifiable assets and liabilities has been

completed at December 31, 2025. Tuper is part of the Brazil

reportable segment. Current assets include 55 trade

receivables. ArcelorMittal recognized 169 goodwill. Goodwill is

deductible for tax purposes. Revenue and net income since

acquisition date were 220 and 24, respectively.

On April 1, 2025, ArcelorMittal increased its interest in the joint

venture ArcelorMittal Tailored Blanks Americas ("AMTBA") from

80% to 90% and acquired control following certain

amendments of the shareholders' agreement. AMTBA

manufactures light-weighting solutions for the automotive

industry through laser welding and has facilities across

Canada, the United States and Mexico. Total consideration

was 31 (5 cash outflow net of cash acquired of 13 and

outstanding loan of 13). ArcelorMittal granted a put option

exercisable between January 1, 2030 and December 31, 2033

to the non-controlling interest and recognized accordingly a 31

financial liability at amortized cost measured at the present

value of the redemption amount. The Company remeasured its

previously held 80% equity interest in AMTBA at its acquisition-

date fair value and recognized the resulting 145 gain in income

from investments in associates, joint ventures and other

investments.The Company completed its measurement of the

acquisition-date fair value of the identifiable assets and

liabilities of AMTBA. Current assets include 51 trade

receivables. ArcelorMittal recognized 97 goodwill. Goodwill is

not deductible for tax purposes. AMTBA is part of the North

America reportable segment. Revenue and net loss since

acquisition date were 285 and 13, respectively.

Revenue and net income attributable to the equity holders of

the parent of the Company for twelve months ended December

31, 2025 were 63,992 and 3,308, respectively, as though

ArcelorMittal had completed the acquisitions of Calvert,

AMTBA, Tekno, Atlas and Tuper as of January 1, 2025.

On May 31, 2024, ArcelorMittal completed the acquisition of

Italpannelli SRL in Italy and Italpannelli Iberica in Spain

("Italpannelli"). Italpannelli is a manufacturer of lightweight

insulation panels for roofs and façades. It operates two

production plants across Europe, in Zaragoza (Spain) and

Abruzzo (Italy). The acquisition adds considerable strategic

value to ArcelorMittal Construction’s business within the

Sustainable Solutions reportable segment in terms of growth,

enhanced geographic market offering, product capabilities and

synergies as a result of which, following the completion of

measurement of the acquisition-date fair value of the

identifiable assets and liabilities, the Company recognized 85

goodwill. Goodwill is not deductible for income tax purposes.

The total cash consideration paid was €268 million (201 net of

cash acquired of 88).

On June 20, 2024, the Company acquired from Euler Hermes

Reinsurance AG the reinsurance company Euler Hermes Re

for €134 million (144). Net cash inflow was 17 considering 161

cash acquired. The Company concluded that the acquisition of

Euler Hermes RE was not a business combination as the

transaction did not include the acquisition of any strategic,

operational and resource management processes.

On March 9, 2023, following receipt of customary regulatory

approvals, ArcelorMittal completed the acquisition of

Companhia Siderúrgica do Pecém, a steel facility in the state

of Ceará with three-million tonne capacity blast furnace

subsequently renamed ArcelorMittal Pecém, for total cash

consideration of 2,193. The Company recognized acquisition-

related costs of 4 in selling, general and administrative

expenses. Acquired current assets and other liabilities include

2,605 and 2,605 of restricted cash held in escrow and debt,

respectively, which were settled after acquisition date. The

Company presented these settlements as non-cash

transactions in the consolidated statements of cash flows. It

recognized also 3,123 (including trade receivables of 60),

1,824 and 100 of current assets, property, plant and equipment

and intangible assets, respectively. Following the completion of

the measurement of the acquisition-date fair value of the

identifiable assets and liabilities of ArcelorMittal Pecém, the

Company recognized 164 goodwill resulting from operational

and financial synergies. ArcelorMittal Pecém is part of the

Brazil reportable segment.

During the first half of 2023, the Company also completed two

acquisitions relating to the Sustainable Solutions reportable

segment ("Sustainable Solutions acquisitions"). On January 3,

2023, ArcelorMittal completed the acquisition of Riwald

Recycling, a state-of-the-art ferrous scrap metal recycling

business based in the Netherlands. The acquisition is part of

ArcelorMittal's strategy of increasing the use of scrap steel to

lower CO2 emissions from steelmaking in both the EAF and

BF-BOF routes. On March 10, 2023, the Company also

completed the acquisition of the German insulation panel

manufacturer Italpannelli Germany (subsequently renamed

Trier Insulated Panels), which will complement the existing

geographic presence and strengthen the product portfolio of

ArcelorMittal Sustainable Solutions' construction business. The

total cash consideration paid for the Sustainable Solutions

acquisitions was €144 million (152 net of cash acquired of 4)

including debt assumed of 15. Following the completion of the

measurement of the acquisition-date fair value of the

identifiable assets and liabilities of the Sustainable Solutions

acquisitions, the Company recognized 57 goodwill, which was

primarily attributable to the expected synergies and other

benefits from combining the activities of the Sustainable

Solutions acquisitions with those of the Company. Goodwill is

not deductible for income tax purposes.

The table below summarizes the acquisition-date fair value of the assets acquired and liabilities assumed in 2025, 2024 and 2023:


	2025					2024	2023
	Calvert1	Tekno	Atlas	AMTBA	Tuper	Italpannelli	ArcelorMittal Pecém	Sustainable Solutions acquisitions
Current assets	1,985	48	2	104	99	75	3,123	25
Property, plant and equipment	2,727	36	193	241	142	54	1,824	75
Intangible assets	—	—	—	70	38	58	100	32
Other non-current assets	—	7	1	12	23	—	138	8
Total assets	4,712	91	196	427	302	187	5,185	140
Deferred tax liabilities	137	—	—	42	—	19	—	14
Other liabilities	1,631	42	180	199	177	52	3,156	46
Total liabilities	1,768	42	180	241	177	71	3,156	60
Net assets acquired	2,944	49	16	186	125	116	2,029	80
Consideration paid, net of cash acquired (received)	(263)	104	23	5	84	201	2,193	152
Deferred consideration	—	13	9	—	—	—	—	—
Settlement of preexisting relationships	574	—	—	—	52
Settlement of outstanding receivable	—	—	—	13	9	—	—	—
Fair value of previously held interest	897	—	25	245	149
Fair value of other investment previously held	—	23	—	—	—	—	—	—
Non-controlling interests	—	—	—	20	—	—	—	—
Debt assumed	—	—	—	—	—	—	—	(15)
Goodwill/(bargain purchase gain)	(1,736)	91	41	97	169	85	164	57

1.638 cash injected by NSC and debt repaid through such proceeds are presented net in the above table. The corresponding cash inflow and outflow are also presented net

in the investing activities in the consolidated statements of cash flows in 2025.

2.3 Divestments and assets held for sale

Non-current assets and disposal groups that are classified as

held for sale are measured at the lower of carrying amount and

fair value less costs to sell. Assets and disposal groups are

classified as held for sale if their carrying amount will be

recovered through a sale transaction rather than through

continuing use. The non-current asset, or disposal group, is

classified as held for sale only when the sale is highly probable

and is available for immediate sale in its present condition and

is marketed for sale at a price that is reasonable in relation to

its current fair value. Assets held for sale are presented

separately in the consolidated statements of financial position

and are not depreciated. Gains (losses) on disposal of

subsidiaries are recognized in cost of sales, whereas gains

(losses) on disposal of investments accounted for under the

equity method are recognized in income (loss) from

investments in associates, joint ventures and other

investments.

An operation is classified as discontinued when it represents a

separate major line of business or geographical area of

operations that either has been disposed of or is classified as

held for sale. Discontinued operations are reported on a single

line in the Company's consolidated statements of operations. It

reflects the after-tax net income from discontinued operations

until the date of disposal and the gains or losses net of taxes

realized on the disposals of these operations. In addition, cash

flows generated by the discontinued operations are reported on

a separate line in the consolidated statement of cash flows for

the relevant periods.

Divestments in 2025

On October 30, 2025, following the signature of a sale and

purchase agreement on June 20, 2025, ArcelorMittal

completed for nil consideration the sale of its operations in

Bosnia and Herzegovina, ArcelorMittal Zenica, an integrated

steel plant, and ArcelorMittal Prijedor, an iron ore mining

business which supplies the Zenica plant ("AMZ" in aggregate),

to Pavgord Group. The facilities were part of the Europe

reportable segment. As a result of loss of control, the Company

derecognized assets and liabilities of 131 and 83, respectively.

Upon initial measurement of the recoverable amount based on

sales proceeds, the Company recognized a 205 impairment

loss including 194 recognized in cost of sales (relating to

property, plant and equipment for 143 and current assets for

51) and 11 recognized in impairment of investments in

associates, joint ventures and other investments with respect

to a joint venture of ArcelorMittal Zenica. The loss on disposal

amounted to 61 including 43 reclassification of foreign

exchange translation losses from other comprehensive income

to cost of sales in the consolidated statements of operations.

In addition, during 2025, the Company also initiated and

partially completed the sale of two tubular products facilities

ArcelorMittal Tubular Products Iasi ("AMTPI") and ArcelorMittal

Tubular Products Roman ("AMTPR") both located in Romania

and which were part of the Sustainable Solutions reportable

segment. On December 12, 2025, the Company completed the

sale of AMTPI. At December 31, 2025, the carrying amount of

AMTPR was classified as held for sale as the sale process was

still ongoing.

The table below provides the details of assets and liabilities of

AMTPR classified as held for sale at December 31, 2025.


	December 31, 2025
		AMTPR
Current Assets:
Cash and cash equivalents		3
Trade accounts receivable, prepaid expenses and other current assets		9
Inventories		20
Total Current Assets		32
Non-current Assets:
Property, plant and equipment		5
Total Non-current Assets		5
Total Assets		37

Current Liabilities:
Trade accounts payables, accrued expenses and other liabilities		19
Total Current Liabilities		19
Total Liabilities		19

Divestments in 2023

On December 7, 2023, ArcelorMittal completed the sale of

ArcelorMittal Temirtau, its steel and mining operations in

Kazakhstan, to Qazaqstan Investment Corporation ("QIC"), a

state-controlled direct investment fund. Under the terms of the

transaction, on closing ArcelorMittal received consideration of

286 (254 net of cash disposed of 24 and 8 transaction costs)

for net assets and a further 250 as repayment of outstanding

intra-group receivables. ArcelorMittal also received an

additional sovereign-fund guaranteed payment of 450 as

repayment of an intra-group loan. All ArcelorMittal Temirtau

assets were transferred on an ‘as is’ operational basis,

meaning QIC assumed control and accountability for

ArcelorMittal Temirtau’s operations. As a result of loss of

control, the Company derecognized assets and liabilities of

1,650 and 1,372, respectively. ArcelorMittal recognized in cost

of sales a 732 impairment loss of property, plant and

equipment upon measuring the recoverable amount based on

sales proceeds (see note 5.3). The Company also recognized

in cost of sales a 194 impairment loss of goodwill following the

allocation to the disposal group of a portion of the former ACIS

segment goodwill in proportion of the consideration received to

the total recoverable amount of the former ACIS operations. In

addition, it reclassified 1,469 of foreign exchange translation

losses from other comprehensive income to cost of sales in the

consolidated statements of operations.

The table below summarizes the significant divestments

completed in 2025 and 2023 (there were no divestments in

2024):


	2025		2023
	AMZ	AMTPI	ArcelorMittal Temirtau
Cash and cash equivalents	10	—	24
Other current assets	120	11	645
Property, plant and equipment	—	—	972
Other assets	1	3	9
Total assets	131	14	1,650
Current liabilities	82	10	882
Other long-term liabilities	1	10	490
Total liabilities	83	20	1,372
Total net assets	48	(6)	278
Non-controlling interests	30	—	—
Total net assets disposed of	18	(6)	278
Goodwill allocation	—	—	(194)
Consideration	—	—	278
Reclassification of foreign exchange and other	(43)	(8)	(1,469)
Gain (loss) on disposal	(61)	(2)	(1,663)

2.4 Investments in associates and joint arrangements

The carrying amounts of the Company’s investments

accounted for under the equity method were as follows:


	December 31,
Category	2025	2024
Joint ventures	4,908	6,184
Associates	4,170	3,895
Individually immaterial joint ventures and associates1	1,315	1,341
Total	10,393	11,420

1.Individually immaterial joint ventures and associates represent in aggregate

less than 20% of the total carrying amount of investments in joint ventures and

associates at December 31, 2025 and 2024, and none of them have a

carrying value exceeding 150 at December 31, 2025 and 2024.2.4.1 Joint ventures

The following tables summarize the latest available financial information and reconcile it to the carrying value of each of the Company’s

material joint ventures, as well as the income statement of the Company’s material joint ventures:


	December 31, 2025
Joint Ventures	AMNS India	NEMM	VAMA	Borçelik	Al Jubail	VdSA	Total
Financial statements reporting date	December 31, 2025	December 31, 2025	December 31, 2025	December 31, 2025	December 31, 2025	December 31, 2025
Place of incorporation and operation 1	India	China	China	Turkey	Saudi Arabia	Brazil
Principal Activity	Integrated flat steel producer 4,5	Production and sale of electrical steel 6	Automotive steel finishing	Manufacturi ng and sale of steel 2,3	Production and sale of seamless line pipes and tubes	Renewable energy production and supply
Ownership and voting rights at December 31, 2025	60.00%	50.00%	50.00%	50.00%	33.34%	55%
Current assets	3,239	527	855	505	943	92	6,161
of which cash, cash equivalents and restricted cash	959	242	50	39	171	44	1,505
Non-current assets	12,623	762	953	284	1,101	836	16,559
Current liabilities	2,301	64	608	309	368	38	3,688
of which trade and other payables and provisions	1,762	64	427	267	270	12	2,802
Non-current liabilities	8,727	54	19	47	563	618	10,028
of which trade and other payables, provisions and deferred tax liability	717	—	1	47	60	1	826
Non-controlling interest	25	—	—	—	—	—	25
Net assets attributable to equity holders of the parent	4,809	1,171	1,181	433	1,113	272	8,979
Company's share of net assets	2,885	585	591	216	371	149	4,797
Adjustments for differences in accounting policies and other	126	13	—	(35)	7	—	111
Carrying amount in the statements of financial position	3,011	598	591	181	378	149	4,908
Revenue	6,029	—	1,549	1,281	1,046	97	10,002
Depreciation and amortization	(420)	(1)	(29)	(24)	(78)	(15)	(567)
Interest income	70	3	2	2	2	2	81
Interest expense	(234)	—	(3)	(23)	(22)	(10)	(292)
Income tax benefit (expense)	18	12	(58)	(12)	(16)	(3)	(59)
Income (loss) from continuing operations	93	(40)	262	29	173	35	552
Other comprehensive income (loss)	(713)	—	—	(3)	—	—	(716)
Total comprehensive income (loss)	(620)	(40)	262	26	173	35	(164)
Cash dividends received by the Company	—	—	94	7	—	4	105

1.The country of incorporation corresponds to the country of operation.

2.Ownership interest in Borçelik was 45.33% and 50.00% based on issued shares and outstanding shares, respectively, at December 31, 2025; voting interest was 48.01%

at December 31, 2025.

3.Adjustment in Borçelik relates primarily to differences in accounting policies regarding revaluation of fixed assets.

4.Adjustments in AMNS India correspond primarily to transaction costs incurred to set up the joint venture and the fair value of the guarantee of the joint venture's debt (see

note 9.4).

5.Includes AMNS Luxembourg, AMNS India (including infrastructure assets) and intermediate holding entities.

6.The joint venture had no operations in 2025. The carrying amount at December 31, 2025 included 326 cash contributions and 287 liability (including a non-current portion

of 163 see note 9.2) corresponding to the net present value of future equity increases for which the Company has a present obligation.


	December 31, 2024
Joint Ventures	AMNS India	Calvert	NEMM	VAMA	Tameh	Borçelik	Al Jubail	VdSA	Total
Financial statements reporting date	December 31, 2024	December 31, 2024	December 31, 2024	December 31, 2024	December 31, 2024	December 31, 2024	December 31, 2024	December 31, 2024
Place of incorporation and operation 1	India	United States	China	China	Poland	Turkey	Saudi Arabia	Brazil
Principal Activity	Integrated flat steel producer 4,5	Automotive steel finishing 6	Production and sale of electrical steel 7	Automotive steel finishing	Energy production and supply	Manufacturing and sale of steel 2,3	Production and sale of seamless line pipes and tubes	Renewable energy production and supply
Ownership and voting rights at December 31, 2024	60.00%	50.00%	50.00%	50.00%	50.00%	50.00%	33.34%	55.00%
Current assets	3,758	2,364	688	962	143	534	905	80	9,434
of which cash, cash equivalents and restricted cash	1,279	603	240	152	27	36	145	13	2,495
Non-current assets	12,004	2,634	444	778	277	297	1,079	460	17,973
Current liabilities	2,219	1,171	—	650	193	358	528	—	5,119
of which trade and other payables and provisions	1,674	196	—	476	161	316	264	—	3,087
Non-current liabilities	8,065	1,885	—	29	19	50	514	326	10,888
of which trade and other payables, provisions and deferred tax liability	904	—	—	1	12	50	83	—	1,050
Non-controlling interest	26	—	—	—	—	—	—	—	26
Net assets attributable to equity holders of the parent	5,452	1,942	1,132	1,061	208	423	942	214	11,374
Company's share of net assets	3,271	971	566	531	104	212	314	117	6,086
Adjustments for differences in accounting policies and other	135	(40)	—	—	32	(36)	7	—	98
Carrying amount in the statements of financial position	3,406	931	566	531	136	176	321	117	6,184
Revenue	6,515	4,544	—	1,730	583	1,425	757	—	15,554
Depreciation and amortization	(452)	(76)	—	(38)	(30)	(24)	(61)	—	(681)
Interest income	69	—	—	4	3	1	5	—	82
Interest expense	(172)	(58)	—	(4)	(6)	(35)	(50)	—	(325)
Income tax benefit (expense)	97	—	—	(67)	(7)	(7)	(8)	—	8
Income (loss) from continuing operations	323	191	—	288	(72)	17	86	(1)	832
Other comprehensive income (loss)	(351)	(4)	—	—	(1)	1	—	—	(355)
Total comprehensive income (loss)	(28)	187	—	288	(73)	18	86	(1)	477
Cash dividends received by the Company	—	24	—	115	—	8	—	—	147

1.The country of incorporation corresponds to the country of operation.

2.Ownership interest in Borçelik was 45.33% and 50.00% based on issued shares and outstanding shares, respectively, at December 31, 2024; voting interest was 48.01%

at December 31, 2024.

3.Adjustment in Borçelik relates primarily to differences in accounting policies regarding revaluation of fixed assets.

4.Adjustments in AMNS India correspond primarily to transaction costs incurred to set up the joint venture and the fair value of the guarantee of the joint venture's debt (see

note 9.4).

5.Includes AMNS Luxembourg, AMNS India (including infrastructure assets) and intermediate holding entities.

6.Adjustments in Calvert primarily relate to differences in accounting policies regarding inventory valuation.

7.The joint venture was incorporated and had no operations in 2024. The initial carrying amount of 566 corresponds to a 120 cash contribution and 446 liability (including a

non-current portion of 222 see note 9.2) corresponding to the net present value of future equity increases for which the Company has a present obligation.


	December 31, 2023
Joint Ventures	AMNS India	Calvert	VAMA	Tameh	Borçelik	Al Jubail	VdSA	Total
Place of incorporation and operation 1	India	United States	China	Poland	Turkey	Saudi Arabia	Brazil
Principal Activity	Integrated flat steel producer 4,5	Automotive steel finishing 6	Automotive steel finishing	Energy production and supply	Manufacturing and sale of steel 2,3	Production and sale of seamless line pipes and tubes	Renewable energy production and supply
Ownership and voting rights at December 31, 2023	60.00%	50.00%	50.00%	50.00%	50.00%	33.34%	55.00%
Current assets	3,653	1,798	853	389	559	935	93	8,280
of which cash, cash equivalents and restricted cash	926	83	201	46	12	297	3	1,568
Non-current assets	10,208	2,125	788	454	238	1,149	190	15,152
Current liabilities	1,617	1,017	557	462	329	542	7	4,531
of which trade and other payables and provisions	1,310	169	449	368	323	404	7	3,030
Non-current liabilities	6,763	1,103	51	37	39	633	—	8,626
of which trade and other payables and provisions	997	—	1	28	39	61	—	1,126
Non-controlling interest	27	—	—	—	—	—	—	27
Net assets attributable to equity holders of the parent	5,454	1,803	1,033	344	429	909	276	10,248
Company's share of net assets	3,272	902	517	172	215	303	151	5,532
Adjustments for differences in accounting policies and other	139	(6)	—	(20)	(40)	6	—	79
Carrying amount in the statements of financial position	3,411	896	517	152	175	309	151	5,611
Revenue	6,710	4,860	1,787	945	1,549	1,205	—	17,056
Depreciation and amortization	(446)	(70)	(36)	(37)	(25)	(69)	—	(683)
Interest income	54	—	2	2	1	—	—	59
Interest expense	(207)	(51)	(5)	(14)	(35)	(49)	—	(361)
Income tax benefit (expense)	(279)	—	(53)	(7)	(33)	21	—	(351)
Income (loss) from continuing operations	1,070	99	352	7	29	274	—	1,831
Other comprehensive income (loss)	(998)	(20)	—	(14)	(6)	—	—	(1,038)
Total comprehensive income (loss)	72	79	352	(7)	23	274	—	793
Cash dividends received by the Company	—	58	—	—	21	—	—	79

1.The country of incorporation corresponds to the country of operation except for Tameh whose country of operation is also the Czech Republic.

2.Ownership interest in Borçelik was 45.33% and 50.00% based on issued shares and outstanding shares, respectively, at December 31, 2023; voting interest was 48.01%

at December 31, 2023.

3.Adjustment in Borçelik relates primarily to differences in accounting policies regarding revaluation of fixed assets.

4.Adjustments in AMNS India correspond primarily to transaction costs incurred to set up the joint venture and the fair value of the guarantee of the joint venture's debt (see

note 9.4).

5.Includes AMNS Luxembourg, AMNS India and intermediate holding entities.

6.Adjustments in Calvert primarily relate to differences in accounting policies regarding inventory valuation.

AMNS India

AMNS India is an integrated flat carbon steel manufacturer -

from iron ore to ready-to-market products with an achievable

crude steel capacity of 8.8 million tonnes per annum. Its

manufacturing facilities comprise iron making, steelmaking and

downstream facilities spread across India.

In 2019, ArcelorMittal and Nippon Steel Corporation ("NSC"),

Japan’s largest steel producer, created a joint venture to own

and operate AMNS India with ArcelorMittal holding a 60%

interest and NSC holding 40%. Through the agreement, both

ArcelorMittal and NSC are guaranteed equal board

representation and participation in all significant financial and

operating decisions. The Company has therefore determined

that it does not control the entity, even though it holds 60% of

the voting rights. AMNS Luxembourg Holding S.A. ("AMNS

Luxembourg") is the parent company of the joint venture.

ArcelorMittal's 60% interest is accounted for under the equity

method.

AMNS India’s main steel manufacturing facility is located at

Hazira, Gujarat in western India. It also has:

–two iron ore beneficiation plants close to the mines in

Kirandul and Dabuna, with slurry pipelines that then

transport the beneficiated iron ore slurry to the pellet plants

in the Kirandul-Vizag and Dabuna-Paradeep systems;

–downstream facilities in Pune, Khopoli and Gandhidham; and

–six service centers in the industrial clusters of Hazira, Indore,

Bahadurgarh, Chennai, Kolkata and Pune. It has a complete

range of flat rolled steel products, including value added

products, and significant iron ore pellet capacity with two

main pellet plant systems in Kirandul-Vizag and Dabuna-

Paradeep, which have the potential for expansion. Its

facilities are located close to ports with deep draft for

movement of raw materials and finished goods.

In terms of iron ore pellet capacity, the Kirandul-Vizag system

has 8 million tonnes of annual pellet capacity; and the Dabuna-

Paradeep system has 12 million tonnes of annual pellet

capacity.

AMNS India completed the acquisition of the portfolio of

strategic infrastructure assets from Essar Group. The

remaining assets which were pending due to regulatory

approvals have been acquired during 2024 and include a 16

million-tonne per annum all-weather, deep draft terminal at

Visakhapatnam, Andhra Pradesh (along with an integrated

conveyor connected to AMNS India’s iron ore pellet plant in the

port city) and a 100-kilometer Gandhar - Hazira transmission

line, connecting AMNS India’s steelmaking complex with the

central electricity grid.

AMNS India intends to further debottleneck existing operations

(steel shop and rolling parts) in the medium term. The first

phase of expansion represents capital expenditures of

approximately 7.7 billion (0.8 billion for debottlenecking, 1.0

billion for downstream projects, 5.7 billion for upstream projects

and 0.2 billion for operational readiness) and started in October

2022. It aims to increase production at the Hazira facility to 15

million tonnes of rolled products by the second half of 2026.

Plans are under development to expand the production

capacity by establishing a greenfield integrated steel plant with

an 8.2 million tonnes annual capacity at Rajayapeta in Andhra

Pradesh, a strategically significant project. This facility will play

a critical role in advancing AMNS India’s objective of scaling its

total steelmaking capacity to 40 million tonnes per annum.

On March 16, 2020 and March 30, 2023, AMNS Luxembourg

entered into 5.1 billion and 5 billion ten-year term loan

agreements, respectively, with various Japanese banks. The

proceeds of the loan agreements, which are guaranteed by

ArcelorMittal and NSC in proportion to their respective interests

in the joint venture, are used for the purposes of expansion

financing. The 5 billion ten-year term loan consists of 3

tranches to be disbursed by April 30, 2026 at the request of

AMNS Luxembourg.

In terms of iron ore mining assets, AMNS India operates the

Thakurani mine in the Keonjhar district of Odisha and the

Ghoraburhani-Sagasahi mine in the Sudargarh district of

Odisha.

VAMA

Valin ArcelorMittal Automotive Steel (“VAMA”) is a joint venture

between ArcelorMittal and Hunan Valin which produces steel

for high-end applications in the automobile industry. VAMA

supplies international automakers and first-tier suppliers as

well as Chinese car manufacturers and their supplier networks.

In April 2023 VAMA announced the start of production for its

second continuous galvanization line with an annual capacity

of 450,000 tonnes, bringing its total capacity to 2 millions

tonnes per year.

Calvert

AMNS Calvert was a joint venture between the Company and

NSC until June 18, 2025, when ArcelorMittal acquired control

(see note 2.2.4).

NEMM

On October 16, 2024, in the framework of their New Energy

Magnetic Material ("NEMM") project, ArcelorMittal and China

Oriental formed two joint ventures with equal ownership to be

engaged principally in the production and sale of electrical

steel grade hot-rolled coil substrates and cold-rolled non-

oriented or oriented electrical steel for the Chinese automotive

market. The project envisages the construction of an upstream

plant and a downstream plant with production commencing in

2027.

VdSA

On May 5, 2023, following approval by the Brazilian antitrust

authority CADE on April 13, 2023, ArcelorMittal formed the joint

venture Ventos de Santo Antônio Comercializadora de Energia

S.A. ("VdSA") with Casa dos Ventos, one of Brazil’s largest

developers and producers of renewable energy projects,

developing a 554 MW wind power project, with ArcelorMittal

holding a 55% stake and Casa dos Ventos holding the

remaining 45%. The project Ventos de Santo Antonio aims to

secure and decarbonize a considerable proportion of the

Company's wholly-owned subsidiary ArcelorMittal Brazil’s

future electricity needs through a 20 years power purchasing

power agreement starting on January 1, 2026. Through the

agreement, both ArcelorMittal and Casa dos Ventos are

guaranteed equal board representation and participation in all

significant financial and operating decisions. The Company has

therefore determined that VdSA is a joint venture subject to

joint control as it does not control the entity, even though it

holds a 55% interest. The Company accounted for its

investment in VdSA under the equity method.

Tameh

Tameh Holding sp. z o.o. ("Tameh") is a joint venture between

ArcelorMittal and Tauron Polska Energia S. A. ("Tauron")

including three energy production facilities located in Poland.

Tameh’s objective is to ensure energy supply to the Company’s

steel plants in Poland as well as the utilization of steel plant

gases for energy production processes.

Following the occurrence of a deadlock situation, both Tauron

and ArcelorMittal had the ability to exercise a put option right,

allowing each partner to sell its shares to the other one. As per

the shareholders' agreement, the declaration of acceptance of

an offer that is submitted first shall prevail. ArcelorMittal

successfully served its declaration on Tauron on January 2,

2024. Tauron challenged this assertion and in October 2024,

ArcelorMittal was served with a request for arbitration filed by

Tauron (see note 9.3). In 2025 the Company recognized a 81

impairment loss (see note 2.6) and accordingly discloses the

joint venture with other investments not individually material

(see note 2.4.3).

Borçelik

Borçelik Çelik Sanayii Ticaret Anonim Şirketi ("Borçelik"),

incorporated and located in Turkey, is a joint venture between

ArcelorMittal and Borusan Holding involved in the

manufacturing and sale of cold-rolled and galvanized flat steel

products.

Al Jubail

ArcelorMittal Tubular Products Al Jubail ("Al Jubail") is a state

of the art seamless tube mill in Saudi Arabia designed and built

to serve the fast growing energy producing markets of Saudi

Arabia, the Middle East, North Africa and beyond.

Acciaierie d'Italia

On February 20, 2024, the Italian Government issued a decree

placing Acciaierie d’Italia in extraordinary administration

subsequent to the request of Invitalia, thereby passing control

of the company from its shareholders, ArcelorMittal and

Invitalia, to government appointed commissioners. On January

26, 2026, ArcelorMittal was served by the Extraordinary

Commissioners of Acciaierie d'Italia S.p.A. in Extraordinary

Administration, the company operating the Italian steel plants

owned and formerly managed by Ilva S.p.A. in Extraordinary

Administration with a writ of summons to appear before the

Court of Milan. ArcelorMittal categorically rejects any and all

allegations set out in the claim and will defend its position

vigorously before all the competent venues.

2.4.2 Associates

The following table summarizes the financial information and reconciles it to the carrying amount of each of the Company’s material

associates, as well as the income statement of the Company’s material associates:


	December 31, 2025
Associates	Vallourec	China Oriental	DHS Group	Gonvarri Steel Industries	Baffinland 6	Total
Financial statements reporting date	September 30, 2025	June 30, 2025	September 30, 2025	September 30, 2025	December 31, 2025
Place of incorporation and operation1	France	Bermuda	Germany	Spain	Canada
Principal Activity	Tubular solutions2	Iron and steel manufacturing	Steel manufacturing 3	Steel manufacturing 4	Extraction of iron ore 5
Ownership and voting rights at December 31, 2025	27.85%	37.00%	33.43%	35.00%	25.20%
Current assets	3,247	4,062	2,280	3,205	511	13,305
Non-current assets	2,510	3,004	2,722	2,585	10,262	21,083
Current liabilities	1,526	2,997	561	1,740	1,059	7,883
Non-current liabilities	1,488	499	1,124	1,042	2,935	7,088
Non-controlling interests	100	380	35	543	—	1,058
Net assets attributable to equity holders of the parent	2,643	3,190	3,282	2,465	6,779	18,359
Company's share of net assets	736	1,180	1,097	863	1,708	5,584
Adjustments for differences in accounting policies and other	—	—	112	(72)	(1,476)	(1,436)
Other adjustments	209	15	(202)	—	—	22
Carrying amount in the statements of financial position	945	1,195	1,007	791	232	4,170
Revenue	3,095	2,739	2,434	5,410	596	14,274
Income / (loss) from continuing operations	311	34	88	151	(156)	428
Other comprehensive income	(181)	—	(6)	(78)	—	(265)
Total comprehensive income (loss)	130	34	82	73	(156)	163
Cash dividends received by the Company	111	10	20	33	—	174

1.The country of incorporation corresponds to the country of operation except for China Oriental, whose country of operation is China, and Vallourec, whose operations are

global.

2.Adjustments in Vallourec relate to fair value adjustment of property, plant and equipment, intangible asset and goodwill.

3.The amount for DHS Group includes an adjustment to align the German GAAP financial information with the Company’s accounting policies and is mainly linked to

property, plant and equipment, inventory and pension. Other adjustment include the Company's impairment loss with respect to its investment in DHS Group.

4.Adjustments in Gonvarri Steel Industries primarily relate to differences in accounting policies regarding revaluation of fixed assets.

5.Adjustments in Baffinland primarily relate to differences in accounting policies regarding recognized goodwill. In September 2020, following a legal reorganization that was

not a business combination for the Company, its share of fair value remeasurement of 1.5 billion was not recognized in the carrying amount of Baffinland.

6.Following a legal reorganization in September 2020, the Company holds an indirect interest in Baffinland through Nunavut Iron Ore Inc.


	December 31, 2024
Associates	Vallourec	China Oriental	DHS Group	Gonvarri Steel Industries	Baffinland 6	Total
Financial statements reporting date	September 30, 2024	June 30, 2024	September 30, 2024	September 30, 2024	December 31, 2024
Place of incorporation and operation1	France	Bermuda	Germany	Spain	Canada
Principal Activity	Tubular solutions2	Iron and steel manufacturing	Steel manufacturing 3	Steel manufacturing 4	Extraction of iron ore 5
Ownership and voting rights at December 31, 2024	27.89%	37.00%	33.43%	35.00%	25.23%
Current assets	3,035	4,317	2,228	3,043	757	13,380
Non-current assets	2,358	2,836	2,255	2,196	10,452	20,097
Current liabilities	1,694	3,183	639	1,641	993	8,150
Non-current liabilities	1,225	555	926	970	3,261	6,937
Non-controlling interests	81	375	126	458	—	1,040
Net assets attributable to equity holders of the parent	2,393	3,040	2,792	2,170	6,955	17,350
Company's share of net assets	667	1,125	934	760	1,755	5,241
Adjustments for differences in accounting policies and other	—	—	89	(23)	(1,481)	(1,415)
Other adjustments	247	1	(179)	—	—	69
Carrying amount in the statements of financial position	914	1,126	844	737	274	3,895
Revenue	3,228	3,128	2,519	5,629	569	15,073
Income / (loss) from continuing operations	328	17	156	256	(126)	631
Other comprehensive income	(196)	—	(1)	(21)	—	(218)
Total comprehensive income (loss)	132	17	155	235	(126)	413
Cash dividends received by the Company	—	9	22	30	—	61

1.The country of incorporation corresponds to the country of operation except for China Oriental, whose country of operation is China, and Vallourec, whose operations are

global.

2.Adjustments in Vallourec relate to provisional fair value adjustments of property, plant and equipment and goodwill.

3.The amount for DHS Group includes an adjustment to align the German GAAP financial information with the Company’s accounting policies and is mainly linked to

property, plant and equipment, inventory and pension. Other adjustment include the Company's impairment loss with respect to its investment in DHS Group.

4.Adjustments in Gonvarri Steel Industries primarily relate to differences in accounting policies regarding revaluation of fixed assets.

5.Adjustments in Baffinland primarily relate to differences in accounting policies regarding recognized goodwill. In September 2020, following a legal reorganization that was

not a business combination for the Company, its share of fair value remeasurement of 1.5 billion was not recognized in the carrying amount of Baffinland.

6.Following a legal reorganization in September 2020, the Company holds an indirect interest in Baffinland through Nunavut Iron Ore Inc.


	December 31, 2023
Associates	China Oriental	DHS Group	Gonvarri Steel Industries	Baffinland 6	Total
Financial statements reporting date	June 30, 2023	September 30, 2023	September 30, 2023	December 31, 2023
Place of incorporation and operation1	Bermuda	Germany	Spain	Canada
Principal Activity	Iron and steel manufacturing	Steel manufacturing 3	Steel manufacturing 4	Extraction of iron ore 5
Ownership and voting rights at December 31, 2023	37.00%	33.43%	35.00%	25.23%
Current assets	3,681	1,919	3,351	720	9,671
Non-current assets	3,124	2,430	2,086	10,572	18,212
Current liabilities	2,909	505	1,857	905	6,176
Non-current liabilities	395	994	940	3,335	5,664
Non-controlling interests	369	125	448	—	942
Net assets attributable to equity holders of the parent	3,132	2,725	2,192	7,052	15,101
Company's share of net assets	1,159	911	767	1,779	4,616
Adjustments for differences in accounting policies and other	—	134	(40)	(1,479)	(1,385)
Other adjustments2	48	(190)	20	—	(122)
Carrying amount in the statements of financial position	1,207	855	747	300	3,109
Revenue	3,183	2,800	5,874	536	12,393
Income / (loss) from continuing operations	40	184	222	(227)	219
Other comprehensive income	1	(1)	(25)	—	(25)
Total comprehensive income (loss)	41	183	197	(227)	194
Cash dividends received by the Company	5	43	35	—	83

1.The country of incorporation corresponds to the country of operation except for China Oriental whose country of operation is China.

2.Other adjustments correspond to the difference between the carrying amount at December 31, 2023 and the net assets situation corresponding to the latest financial

statements ArcelorMittal is permitted to disclose translated with closing rates as of the reporting dates described in the table above.

3.The amount for DHS Group includes an adjustment to align the German GAAP financial information with the Company’s accounting policies and is mainly linked to

property, plant and equipment, inventory and pension.

4.Adjustments in Gonvarri Steel Industries primarily relate to differences in accounting policies regarding revaluation of fixed assets.

5.Adjustments in Baffinland primarily relate to differences in accounting policies regarding recognized goodwill. In September 2020, following a legal reorganization that was

not a business combination for the Company, its share of fair value remeasurement of 1.5 billion was not recognized in the carrying amount of Baffinland.

6.Following a legal reorganization in September 2020, the Company holds an indirect interest in Baffinland through Nunavut Iron Ore Inc.

Vallourec

On August 6, 2024, ArcelorMittal completed the acquisition of

65,243,206 shares, representing 28.4% (27.85% at December

31, 2025) voting rights in Vallourec, for €14.64 per share from

funds managed by Apollo Global Management, Inc. for total

€960 million (1,048) cash consideration. Vallourec's Board of

Directors includes eleven members, out of which two are

appointed by ArcelorMittal, whose Chief Executive Officer also

acts as an observer of the Board. ArcelorMittal concluded that it

exercises significant influence in Vallourec and accordingly it

accounts for its investment under the equity method. In addition,

as the share purchase agreement includes a forward

component qualifying as a financial instrument as a result of the

purchase price being fixed ahead of the closing date,

ArcelorMittal recognized a 83 decrease in acquisition cost to

reflect the fair value of the forward at acquisition date (see note

6.2). Having carried out a successful restructuring in recent

years, Vallourec presents a compelling opportunity to increase

ArcelorMittal’s exposure to the attractive, downstream, value-

added tubular market. It is a global leader in premium tubular

solutions for energy markets and demanding industrial

applications, offering innovative, safe and competitive products

for sectors including energy, automotive and construction. 85%

of Vallourec’s 2.2 million tonnes of annual rolling capacity is

focused around low-carbon, integrated production hubs in the

U.S. and Brazil, both of which are important strategic markets

for ArcelorMittal. The fair value of ArcelorMittal's investment was

1,203 at December 31, 2025 based on Vallourec's quoted share

price.

China Oriental

China Oriental Group Company Limited (“China Oriental”) is a

Chinese integrated iron and steel company listed on the Hong

Kong Stock Exchange (“HKEx”). The China Oriental Group has

manufacturing plants in Hebei Province and Guangdong

Province of the People’s Republic of China (the “PRC”) and

sells mainly to customers located in the PRC. The China

Oriental Group also carries out property development business

which is mainly in the PRC.

DHS Group

DHS - Dillinger Hütte Saarstahl AG (“DHS Group”),

incorporated and located in Germany, is a leading producer of

heavy steel plates, cast slag pots and semi-finished products,

such as pressings, pressure vessel heads and shell sections in

Europe. The DHS Group also includes a further rolling mill

operated by Dillinger France in Dunkirk (France).

Gonvarri Steel Industries

Holding Gonvarri SL (“Gonvarri Steel Industries”) is dedicated

to the processing of steel. The entity is a European leader in

steel service centers and renewable energy components, with

strong presence in Europe and Latin America.

Baffinland

Baffinland Iron Mines Corporation ("Baffinland") owns the Mary

River project, which has direct shipping, high grade iron ore on

Baffin Island in Nunavut (Canada).

2.4.3 Other associates and joint ventures that are not

individually material

The Company has interests in a number of other joint ventures

and associates, none of which are regarded as individually

material. The following table summarizes the financial

information of all individually immaterial joint ventures and

associates that are accounted for using the equity method:


	December 31, 2025			December 31, 2024
	Associates	Joint Ventures	Total	Associates	Joint Ventures	Total
Carrying amount of interests in associates and joint ventures	443	872	1,315	457	884	1,341
Share of:
Income from continuing operations	8	146	154	16	140	156
Other comprehensive income (loss)	6	20	26	3	12	15
Total comprehensive income (loss)	14	166	180	19	152	171

2.4.4 Investments in joint operations

Peña Colorada

Peña Colorada is an iron ore mine located in Mexico in which

ArcelorMittal holds a 50.00% interest. Peña Colorada operates

an open pit mine as well as concentrating facility and two-line

pelletizing facility. Peña Colorada is part of the North America

segment. 2.5 Other investments

Other investments include those investments in equity

instruments for which the Company does not have significant

influence. The Company irrevocably elected to present the

changes in fair value of such equity instruments, which are not

held for trading, in other comprehensive income, because

these investments are held as long-term strategic investments

that are not expected to be sold in the short to medium-term.

Other investments include the following:


	December 31,
	2025	2024
ArcelorMittal XCarb®	168	152
Stalprodukt S.A.	69	58
Others	116	89
Investments in equity instruments at FVOCI	353	299

The Company’s significant investments in equity instruments at

FVOCI at December 31, 2025 and 2024 were the following:

ArcelorMittal’s XCarb® innovation fund

ArcelorMittal has launched an innovation fund which invests up

to 100 annually in groundbreaking companies developing

pioneering or breakthrough technologies which will accelerate

the steel industry's transition to carbon neutral steelmaking.

Since the launch of the XCarb® innovation fund in March 2021,

ArcelorMittal has invested 219, including 19 and 11 in 2025

and 2024, respectively, in equity instruments at FVOCI.

Unrealized (losses) recognized in other comprehensive income

were (3) and (13) for the year ended December 31, 2025 and

2024, respectively.

Stalprodukt S.A.

Stalprodukt S.A. is a leading manufacturer and exporter of

highly processed steel products based in Poland. Unrealized

gains (losses) recognized in other comprehensive income

were 2 and (3) for the year ended December 31, 2025 and

2024, respectively.

2.6 Income (loss) from investments in associates, joint

ventures and other investments

Income (loss) from investments in associates, joint ventures

and other investments consisted of the following:


	Year ended December 31,
	2025	2024	2023
Share in net earnings of equity-accounted companies	798	770	1,181
Impairment charges	(123)	—	(1,405)
Dividend income	8	9	3
Total	683	779	(221)

Impairment of associates and joint ventures

In 2025, impairment of investments in associates, joint

ventures and other investments included mainly 81 impairment

loss following a review of the recoverable amount of Tameh

based on a value in use calculation (see note 2.4.1) and 11

relating to a joint venture of ArcelorMittal Zenica (see note 2.3).

In the fourth quarter of 2023, Acciaierie d'Italia's financial

condition has deteriorated due in particular to the continued

high cost of energy and the repeal of relief measures for

energy-intensive companies. It has been experiencing liquidity

issues, which have resulted in conflicts with suppliers.

ArcelorMittal, the Italian Government and Invitalia discussed

the terms and conditions of a possible support to Acciaierie

d'Italia to address its short-term cash needs and the funding

requirements to enable it to complete the acquisition of Ilva’s

business units but the parties were not able to reach

agreement on how to address Acciaierie d'Italia’s funding

needs. As of December 31, 2023 the Company assessed the

above facts as indicators of impairment with respect to its

investment, further confirmed by the extraordinary

administration of Acciaierie d'Italia effective February 20, 2024

(see note 2.4.1), and performed accordingly a value in use

calculation resulting in a 1,405 impairment loss.

The Company is not aware of any material contingent liabilities

related to associates and joint ventures for which it is severally

liable for all or part of the liabilities of the associates, nor are

there any contingent liabilities incurred jointly with other

investors. See note 9.4 for disclosure of commitments related

to associates and joint ventures.