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| Share Capital, Reserves And Other Equity Interest [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| EQUITY | NOTE 11: EQUITY 11.1 Share details Share capital The Company’s shares consist of the following:
Following the cancellation of 77,809,772 treasury shares on November 20, 2025, share capital decreased from 303 represented by 852,809,772 ordinary shares without nominal value at December 31, 2024 and 2023 to 275 represented by 775,000,000 issued ordinary shares without nominal value at December 31, 2025. Authorized shares Authorized share capital as of December 31, 2024 and 2023, of 395 represented by 1,111,418,599 ordinary shares without nominal value decreased to 367 represented by 1,033,608,827 ordinary shares without nominal value as of December 31, 2025 following the above-mentioned cancellation of treasury shares on November 20, 2025. Share buyback On March 31, 2023, ArcelorMittal completed a share buyback program announced on July 29, 2022 for 60.4 million shares (approximately 1.4 billion based on share price as of July 26, 2022) to be completed by the end of May 2023 (subject to market conditions) under the authorization given by the annual general meeting of shareholders of May 4, 2022. The Significant Shareholder decided not to participate in the program consistent with the position announced on February 25, 2022. The total repurchase value was €1,456 million (1,492) at an average price per share of €24.10 ($24.68). On April 1, 2025, ArcelorMittal completed the 85 million shares buyback program it announced on May 5, 2023 under the authorization given by the annual general meeting of shareholders of May 2, 2023 and continued under the April 30, 2024 annual general meeting of shareholders authorization. The total value of the repurchased shares was €1,990 million (2,156) at an average price per share of €23.42 ($25.37). On April 7, 2025, ArcelorMittal announced the commencement of a new share buyback program with share repurchases to be conducted in tranches that may be announced through May 2030. Repurchases under the first tranche of the program, which is for up to 10 million shares, commenced immediately, under the authorization given by the annual general meeting of shareholders of April 30, 2024, and subsequently under the authorization of the annual general meeting of shareholders held on May 6, 2025. The actual amount of shares to be repurchased in various tranches pursuant to the program will depend on the level of post-dividend free cash flow generated over the period (the Company’s defined policy is to return a minimum of 50% of post-dividend annual free cash flow), the continued authorization by shareholders and market conditions. The shares acquired under the program are intended primarily to reduce ArcelorMittal’s share capital, to meet ArcelorMittal’s obligations arising from employee share programs and/or to meet such other purposes as announced at the time of each tranche. At December 31, 2025, ArcelorMittal had repurchased 2 million shares for a total value of €51 million (58) at an average price per share of €25.74 ($29.25). Treasury shares ArcelorMittal held, indirectly and directly, 13.9 million and 84.3 million treasury shares as of December 31, 2025 and December 31, 2024, respectively. 11.2 Equity instruments and hybrid instruments Mandatory convertible bonds The Company issued through Hera Ermac, a wholly-owned subsidiary, 1,000 corresponding to 666,666 unsecured and unsubordinated bonds mandatorily convertible into preferred shares of such subsidiary ("MCBs"). The bonds were placed privately with a Luxembourg affiliate of Crédit Agricole and are not listed. The Company has the option (fair value was nil as of December 31, 2025 and 2024) to call the mandatory convertible bonds until 10 business days before the maturity date. Hera Ermac invested the proceeds of the bonds issuance and an equity contribution by the Company in notes issued by a subsidiary of the Company and linked to the value of China Oriental. The conversion date of the mandatory convertible bonds was extended from time to time. The Company determined that the MCBs are a hybrid instrument including an equity component recognized as non-controlling interests and a liability component for interest payments. On March 14, 2023, the Company prepaid 226,666 out of the 666,666 MCBs for a total cash consideration of 340. Following the early partial repayment, the Company allocated the cash consideration to the liability component (25) and equity component (315) of the instrument, which resulted in 291 decrease in non-controlling interests and 24 decrease in retained earnings consistent with the original allocation using the net present value of the future interest payments at the date of early redemption. On December 21, 2023, the Company signed an agreement for an extension of the conversion date of the mandatory convertible bonds from January 31, 2024 to January 30, 2026 and on December 19, 2025, the conversion date of the mandatory convertible bonds was further extended to January 28, 2028. The other main features of the mandatory convertible bonds remained unchanged. The Company determined that the extensions on December 21, 2023 and December 19, 2025 led to the extinguishment of the existing compound instrument and the recognition of a new compound instrument including non-controlling interests for 547 and 569, respectively, and other liabilities for 113 and 91, respectively. The derecognition of the previous instrument and the recognition at fair value of the new instrument resulted on December 21, 2023 and December 19, 2025 in 66, and 101, respectively, expense included in financing costs-net in the consolidated statement of operations and 32 decrease and 22 increase in non-controlling interests, respectively. Mandatorily convertible subordinated notesOn May 18, 2020, the Company completed an offering of mandatorily convertible subordinated notes (“MCNs”) due May 18, 2023 for 1,250. The MCNs had a -year maturity, were issued at 100% of the principal amount and were mandatorily converted into common shares of the Company upon maturity unless converted earlier at the option of the holders or ArcelorMittal during the conversion period or upon occurrence of certain defined events. On May 19, 2023, upon mandatory conversion of the 24,290,025 remaining outstanding MCNs, ArcelorMittal delivered a total of 57,057,991 treasury shares (of which 9,396,120 to the Significant Shareholder) with a carrying amount of 1,534. The Company determined that the MCNs are a hybrid instrument including an equity component and a liability component for interest payments. Following the mandatory conversion, it derecognized the 509 equity component presented separately in the statements of changes in equity and recognized a 1,025 (794 net of tax) decrease in additional paid-in capital. 11.3 Earnings per common share Basic earnings per common share is computed by dividing net income available to equity holders of the parent by the weighted average number of common shares outstanding during the year. Diluted earnings per share is computed by dividing income available to equity holders of the parent by the weighted average number of common shares plus potential common shares from share unit plans whenever the conversion results in a dilutive effect. The following table provides the numerators and a reconciliation of the denominators used in calculating basic and diluted earnings per common share for the years ended December 31, 2025, 2024 and 2023.
Calculations to determine the amounts available for dividends are based on ArcelorMittal’s separate financial statements (“ArcelorMittal S.A.”) which are prepared in accordance with IFRS, as endorsed by the European Union. ArcelorMittal S.A. has no significant manufacturing operations of its own and generates its profit mostly from financing activities and the management fees/industrial franchise agreements with Group companies. Accordingly, it can only pay dividends or distributions to the extent it is entitled to receive cash dividend distributions from its subsidiaries’ recognized gains, profit generated by its own activities, from the sale of its assets or cash from the issuance of common shares. Dividends are declared in U.S. dollar and are payable in either U.S. dollar or in euros.
On May 6, 2025 at the annual general meeting of shareholders, the shareholders approved the Company’s dividend of $0.55 per share. The dividend amounted to 421 and payment includes two installments; the first installment of 210 was paid on June 11, 2025 and the second one of 211 was settled on December 3, 2025. In February 2026, the Board of Directors recommended the base annual dividend to increase to $0.60 per share and to be paid in four equal quarterly installments in March, June, September and December 2026, subject to the approval of shareholders at the annual general meeting of shareholders in May 2026. The first quarter dividend to be paid in March 2026 shall be an interim dividend. 11.5 Non-controlling interests11.5.1 Non-wholly owned subsidiaries that have material non-controlling interests The tables below provide a list of the subsidiaries which include significant non-controlling interests at December 31, 2025 and 2024 and for the years ended December 31, 2025, 2024 and 2023.
1.Sonasid - ArcelorMittal holds a controlling stake of 50% in Nouvelles Sidérurgies Industrielles ("NSI"). ArcelorMittal controls NSI on the basis of a shareholders’ agreement which includes deadlock arrangements in favor of the Company. NSI holds a 64.86% stake in Sonasid. The total non-controlling interests in Sonasid of 67.57% are the result of ArcelorMittal’s indirect ownership percentage in Sonasid of 32.43% through its controlling stake in NSI. 2.Hera Ermac - The non-controlling interests correspond to the equity component net of transaction fees of the mandatory convertible bonds maturing on January 28, 2028 (see note 11.2). 3.AML is incorporated in Cyprus. On December 19, 2025, December 17, 2024 and December 21, 2023, ArcelorMittal fully settled 150, 200 and 100 capital increases, respectively, in AML including 23, 30 and 15, respectively, on behalf of non-controlling interests. 4.ArcelorMittal holds a 50% controlling interest in Finocas NV ("FInocas"). ArcelorMittal controls Finocas on the basis of a shareholders’ agreement which includes deadlock arrangements in favor of the Company. As from January 1, 2051, the Flemish Region has the right to acquire the 50% interest held in Finocas by the Company at a price equivalent to the fair market value of the shares on that date as determined by an independent expert if a capital decrease requested by any of the shareholders is not approved by the general meeting of shareholders. 5.See note 11.5.2. The tables below provide summarized statements of financial position for the above-mentioned subsidiaries as of December 31, 2025 and 2024 and summarized statements of operations and summarized statements of cash flows for the years ended December 31, 2025, 2024 and 2023.
Acquisitions of non-controlling interests, which do not result in a change of control, are accounted for as transactions with owners in their capacity as owners and therefore no goodwill is recognized as a result of such transactions. In such circumstances, the carrying amounts of the controlling and non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiary. Any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recognized directly in equity and attributed to the owners of the parent. Transactions with non-controlling interests also include the mandatory convertible bonds (see note 11.2). Following the subscription by the Flemish region and ArcelorMittal on May 30, 2024 and December 9, 2024 of two capital increases in Finocas, non-controlling interests increased by 172. On June 30, 2025, Arceo completed a €75 million (88) capital decrease pursuant to which the non-controlling interest held by Wallonie Entreprendre decreased by 97 from 62.86% to 38.11%. Put option liabilities On March 30, 2022 Votorantim S.A. exercised the put option right it has under its shareholders’ agreement with the Company with respect to its 2.9% preferred share interest in ArcelorMittal Brasil following the acquisition of Votorantim S.A.'s long steel business in Brazil in 2018, which was subsequently renamed ArcelorMittal Sul Fluminense ("AMSF"). The exercise price of the put option is calculated pursuant to an agreed formula in the shareholders’ agreement which applies a 6 times multiple of ArcelorMittal Brasil Longs Business EBITDA in the four immediately preceding calendar quarters from the date of the put option exercise (subject to certain adjustments, such as the exclusion of any unusual, infrequent or abnormal events) less an assumed net debt of BRL 6.2 billion times 15%. The Company determined that it has a present ownership interest in the preferred shares subject to the put option. Accordingly, it recognized at acquisition date of AMSF a 328 financial liability at amortized cost and measured at the present value of the redemption amount. As of December 31, 2022, the Company calculated the put option exercise price in the amount of BRL1.0 billion (179). Votorantim S.A. indicated that it did not agree with ArcelorMittal Brasil’s calculation of the exercise price and filed a request for arbitration on September 28, 2022. In January 2023, ArcelorMittal Brasil settled the undisputed amount it accepts as the value of the put option for 179. In June 2025, the parties reached a settlement to the dispute and ArcelorMittal Brasil will pay a settlement amount totaling approximately 546 over a period of 3 years (see note 9.3). On June 3, 2021, following an amendment to the shareholders' agreement signed between the Company and non-controlling interests in NSI, an entity in which ArcelorMittal holds a 50% controlling stake and which holds a 64.86% interest in Sonasid in Morocco, the Company granted to such non-controlling interests a put option to buy the totality of their shares in NSI exercisable by its holders during the periods between December 5, 2027 to December 4, 2029 and December 5, 2032 to December 4, 2034. The carrying amount of the financial liability at amortized cost was 153 and 114 as of December 31, 2025 and 2024, respectively, and is measured at the present value of the redemption amount (see note 9.2). In conjunction with the acquisition of an 80% interest in ArcelorMittal Texas HBI on June 30, 2022, ArcelorMittal granted to voestalpine a put option exercisable at the end of the fifth, tenth and fifteenth year subsequently to the acquisition date. The carrying amount of the financial liability at amortized cost was 175 and 176 as of December 31, 2025 and 2024, respectively and is measured at the present value of the redemption amount of the written put option based on the lower of equity value increased by an annual contractual return and fair value (see note 9.2). In connection with the acquisition of control of AMTBA on April 1, 2025, 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 (see note 2.2.4).
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