v3.25.4
PERSONNEL EXPENSES AND DEFERRED EMPLOYEE BENEFITS (Tables)
 12 Months Ended
Dec. 31, 2025
Employee Benefits [Abstract]  
Disclosure of Employees Total Annual Compensation As of December 31, 2025, 2024 and 2023, ArcelorMittal had
approximately 126,000, 125,000 and 127,000 employees,
respectively, and the total annual compensation of
ArcelorMittal’s employees in 2025, 2024 and 2023 was as
follows:
 
Year ended December 31,
Employee Information
2025
2024
2023
Wages and salaries
7,048
6,875
6,868
Defined benefits cost (see
note 8.2)
140
82
148
Other staff expenses
1,439
1,173
1,318
Total
8,627
8,130
8,334
Disclosure of Information About Key Management Personnel The total annual compensation of ArcelorMittal’s key
management personnel, including its Board of Directors, in
2025, 2024 and 2023 was as follows:
 
Year ended December 31,
 
2025
2024
2023
Base salary and directors fees
13
12
11
Short-term performance-
related bonus
17
13
9
Post-employment benefits
2
1
1
Fair value of long-term
incentives
16
14
9
Disclosure of Net Defined Benefit Liability (Asset) Total deferred employee benefits including pension or other
post-employment benefits, are as follows:
 
December 31,
 
2025
2024
Pension plan benefits
1,448
1,310
Other post-employment benefits and other
long-term employee benefits ("OPEB")
928
884
Termination benefits
114
117
Defined benefit liabilities
2,490
2,311
Provisions for social plans (non-current)
36
27
Total
2,526
2,338
The following tables detail the reconciliation of defined benefit obligation (“DBO”), plan assets, irrecoverable surplus and statements of
financial position.
Year ended December 31, 2025
Total
Canada
Brazil
Europe
Others
Change in benefit obligation
Benefit obligation at beginning of the period
4,614
2,264
351
1,757
242
Current service cost
80
17
—
52
11
Interest cost on DBO
245
104
45
65
31
Past service cost - Plan amendments
29
22
—
7
—
Past service cost - Settlements
(127)
(126)
—
(1)
—
Plan participants’ contribution
2
—
—
2
—
Actuarial (gain) loss
(70)
(33)
5
(96)
54
Demographic assumptions
17
1
—
3
13
Financial assumptions
(120)
(34)
5
(109)
18
Experience adjustment
33
—
—
10
23
Benefits paid
(362)
(181)
(40)
(110)
(31)
Foreign currency exchange rate differences and other movements
411
112
40
232
27
Benefit obligation at end of the period
4,822
2,179
401
1,908
334
Change in plan assets
Fair value of plan assets at beginning of the period
3,431
2,352
326
726
27
Interest income on plan assets
176
105
42
27
2
Return on plan assets (lower)/ higher than discount rate
(10)
7
3
(20)
—
Employer contribution
102
16
5
81
—
Plan participants’ contribution
2
—
—
2
—
Past service cost - Settlements
(123)
(123)
—
—
—
Benefits paid
(266)
(180)
(40)
(44)
(2)
Foreign currency exchange rate differences and other movements
252
116
41
94
1
Fair value of plan assets at end of the period
3,564
2,293
377
866
28
Present value of the wholly or partly funded obligation
(3,791)
(2,168)
(401)
(1,191)
(31)
Fair value of plan assets
3,564
2,293
377
866
28
Net present value of the wholly or partly funded obligation
(227)
125
(24)
(325)
(3)
Present value of the unfunded obligation
(1,031)
(11)
—
(717)
(303)
Prepaid due to unrecoverable surpluses
(80)
(34)
(43)
(3)
—
Net amount recognized
(1,338)
80
(67)
(1,045)
(306)
Net assets related to funded obligations
110
98
—
11
1
Recognized liabilities
(1,448)
(18)
(67)
(1,056)
(307)
Change in unrecoverable surplus
Unrecoverable surplus at beginning of the period
(41)
(35)
(3)
(3)
—
Interest cost on unrecoverable surplus
(2)
(2)
—
—
—
Change in unrecoverable surplus in excess of interest
(35)
4
(39)
—
—
Exchange rates changes
(2)
(1)
(1)
—
—
Unrecoverable surplus at end of the period
(80)
(34)
(43)
(3)
—
Year ended December 31, 2024
Total
Canada
Brazil
Europe
Others
Change in benefit obligation
Benefit obligation at beginning of the period
5,284
2,498
507
1,987
292
Current service cost
83
16
—
55
12
Interest cost on DBO
250
110
46
67
27
Past service cost - Plan amendments
(44)
—
—
(44)
—
Past service cost - Curtailments
(1)
—
—
(1)
—
Past service cost - Settlements
(7)
—
—
(4)
(3)
Plan participants’ contribution
2
—
—
2
—
Actuarial (gain) loss
(64)
24
(51)
(26)
(11)
Demographic assumptions
20
20
—
—
—
Financial assumptions
(95)
9
(73)
(21)
(10)
Experience adjustment
11
(5)
22
(5)
(1)
Benefits paid
(402)
(188)
(38)
(145)
(31)
Foreign currency exchange rate differences and other movements
(487)
(196)
(113)
(134)
(44)
Benefit obligation at end of the period
4,614
2,264
351
1,757
242
Change in plan assets
Fair value of plan assets at beginning of the period
3,771
2,517
451
773
30
Interest income on plan assets
171
106
39
25
1
Return on plan assets higher/ (lower) than discount rate
64
92
(32)
4
—
Employer contribution
82
22
4
56
—
Plan participants’ contribution
2
—
—
2
—
Past service cost - Settlements
(3)
—
—
—
(3)
Benefits paid
(315)
(187)
(38)
(89)
(1)
Foreign currency exchange rate differences and other movements
(341)
(198)
(98)
(45)
—
Fair value of plan assets at end of the period
3,431
2,352
326
726
27
Present value of the wholly or partly funded obligation
(3,706)
(2,255)
(351)
(1,072)
(28)
Fair value of plan assets
3,431
2,352
326
726
27
Net present value of the wholly or partly funded obligation
(275)
97
(25)
(346)
(1)
Present value of the unfunded obligation
(908)
(9)
—
(685)
(214)
Prepaid due to unrecoverable surpluses
(41)
(35)
(3)
(3)
—
Net amount recognized
(1,224)
53
(28)
(1,034)
(215)
Net assets related to funded obligations
86
79
—
6
1
Recognized liabilities
(1,310)
(26)
(28)
(1,040)
(216)
Change in unrecoverable surplus
Unrecoverable surplus at beginning of the period
(35)
(28)
(4)
(3)
—
Interest cost on unrecoverable surplus
(2)
(2)
—
—
—
Change in unrecoverable surplus in excess of interest
(5)
(6)
1
—
—
Exchange rates changes
1
1
—
—
—
Unrecoverable surplus at end of the period
(41)
(35)
(3)
(3)
—
Summary of changes in the other post-employment benefit obligation and changes in plan assets are as follows:
Year ended December 31, 2025
Total
Canada
Europe
Others
Change in benefit obligation
Benefit obligation at beginning of the period
888
476
315
97
Current service cost
28
7
17
4
Interest cost on DBO
43
23
12
8
Past service cost - Plan amendments
(1)
(1)
—
—
Past service cost - Curtailments
(9)
(2)
(7)
—
Actuarial (gain) loss
(15)
(13)
(11)
9
Demographic assumptions
(2)
(1)
(2)
1
Financial assumptions
(14)
(7)
(14)
7
Experience adjustment
1
(5)
5
1
Benefits paid
(79)
(30)
(38)
(11)
Foreign currency exchange rate differences and other movements
77
22
43
12
Benefit obligation at end of the period
932
482
331
119
Change in plan assets
Fair value of plan assets at beginning of the period
4
—
4
—
Fair value of plan assets at end of the period
4
—
4
—
Present value of the wholly or partly funded obligation
(22)
—
(22)
—
Fair value of plan assets
4
—
4
—
Net present value of the wholly or partly funded obligation
(18)
—
(18)
—
Present value of the unfunded obligation
(910)
(482)
(309)
(119)
Net amount recognized
(928)
(482)
(327)
(119)
Year ended December 31, 2024
Total
Canada
Europe
Others
Change in benefit obligation
Benefit obligation at beginning of the period
971
508
355
108
Current service cost
28
7
18
3
Interest cost on DBO
42
23
12
7
Past service cost - Plan amendments
(8)
—
(3)
(5)
Past service cost - Curtailments
(3)
—
(3)
—
Actuarial (gain) loss
3
6
(9)
6
Demographic assumptions
11
11
—
—
Financial assumptions
(2)
3
(6)
1
Experience adjustment
(6)
(8)
(3)
5
Benefits paid
(72)
(28)
(35)
(9)
Foreign currency exchange rate differences and other movements
(73)
(40)
(20)
(13)
Benefit obligation at end of the period
888
476
315
97
Change in plan assets
Fair value of plan assets at beginning of the period
4
—
4
—
Fair value of plan assets at end of the period
4
—
4
—
Present value of the wholly or partly funded obligation
(16)
—
(16)
—
Fair value of plan assets
4
—
4
—
Net present value of the wholly or partly funded obligation
(12)
—
(12)
—
Present value of the unfunded obligation
(872)
(476)
(299)
(97)
Net amount recognized
(884)
(476)
(311)
(97)
Components of Net Periodic Pension and Post-employment Cost The following tables detail the components of net periodic pension cost:
 
Year ended December 31, 2025
Net periodic pension cost (income)
Total
Canada
Brazil
Europe
Others
Current service cost
80
17
—
52
11
Past service cost - Plan amendments
29
22
—
7
—
Past service cost - Settlements
(4)
(3)
—
(1)
—
Net interest cost
71
1
3
38
29
Total
176
37
3
96
40
 
Year ended December 31, 2024
Net periodic pension cost (income)
Total
Canada
Brazil
Europe
Others
Current service cost
83
16
—
55
12
Past service cost - Plan amendments
(44)
—
—
(44)
—
Past service cost - Curtailments
(1)
—
—
(1)
—
Past service cost - Settlements
(4)
—
—
(4)
—
Net interest cost
77
2
7
42
26
Total
111
18
7
48
38
 
Year ended December 31, 2023
Net periodic pension cost (income)
Total
Canada
Brazil
Europe
Others
Current service cost
74
14
—
48
12
Past service cost - Plan amendments
9
—
—
3
6
Past service cost - Curtailments
(6)
—
—
(6)
—
Net interest cost
82
—
4
44
34
Total
159
14
4
89
52
The following tables detail the components of net periodic other post-employment cost:
 
Year ended December 31, 2025
Components of net periodic OPEB cost (income)
Total
Canada
Europe
Others
Current service cost
28
7
17
4
Past service cost - Plan amendments
(1)
(1)
—
—
Past service cost - Curtailments
(9)
(2)
(7)
—
Net interest cost
43
23
12
8
Actuarial gain recognized during the year
(5)
—
(5)
—
Total
56
27
17
12
 
Year ended December 31, 2024
Components of net periodic OPEB cost (income)
Total
Canada
Europe
Others
Current service cost
28
7
18
3
Past service cost - Plan amendments
(8)
—
(3)
(5)
Past service cost - Curtailments
(3)
—
(3)
—
Net interest cost
42
23
12
7
Actuarial gain recognized during the year
(4)
—
(4)
—
Total
55
30
20
5
 
Year ended December 31, 2023
Components of net periodic OPEB cost (income)
Total
Canada
Europe
Others
Current service cost
27
7
17
3
Past service cost - Plan amendments
6
—
(2)
8
Net interest cost
46
24
14
8
Actuarial loss recognized during the year
11
—
11
—
Total
90
31
40
19
Expenses recognized in the Consolidated Statement of Operations The following tables detail where the expense is recognized in the consolidated statements of operations:
 
Year ended December 31,
 
2025
2024
2023
Net periodic pension cost
176
111
159
Net periodic OPEB cost
56
55
90
Total
232
166
249
Cost of sales
104
35
100
Selling, general and administrative expenses
19
16
14
Financing costs - net
109
115
135
Total
232
166
249
Schedule of Weighted-average Asset Allocations for the Funded Defined Benefit Pension Plans by Asset Category The weighted-average asset allocations for the funded defined benefit plans by asset category were as follows:
 
December 31, 2025
Canada
Brazil
Europe
Equity Securities
19%
3%
18%
- Asset classes that have a quoted market price in an active market
11%
—
18%
- Asset classes that do not have a quoted market price in an active market
8%
3%
—
Fixed Income Securities (including cash)
26%
68%
58%
- Asset classes that have a quoted market price in an active market
16%
68%
58%
- Asset classes that do not have a quoted market price in an active market
10%
—
—
Real Estate
9%
1%
2%
- Asset classes that have a quoted market price in an active market
—
—
2%
- Asset classes that do not have a quoted market price in an active market
9%
1%
—
Other
46%
28%
22%
- Asset classes that have a quoted market price in an active market
—
28%
5%
'
1
- Asset classes that do not have a quoted market price in an active market
46%
—
17%
Total
100%
100%
100%
 
December 31, 2024
Canada
Brazil
Europe
Equity Securities
22%
3%
18%
- Asset classes that have a quoted market price in an active market
15%
—
18%
- Asset classes that do not have a quoted market price in an active market
7%
3%
—
Fixed Income Securities (including cash)
25%
63%
59%
- Asset classes that have a quoted market price in an active market
16%
63%
59%
- Asset classes that do not have a quoted market price in an active market
9%
—
—
Real Estate
9%
2%
—
- Asset classes that have a quoted market price in an active market
—
—
—
- Asset classes that do not have a quoted market price in an active market
9%
2%
—
Other
44%
32%
23%
- Asset classes that have a quoted market price in an active market
—
32%
6%
'
1
- Asset classes that do not have a quoted market price in an active market
44%
—
17%
Total
100%
100%
100%
1.The percentage consists primarily of assets from insurance contracts in Belgium and Canada.
Disclosure of Fair Value of Plan Assets
December 31, 2025
 
Canada
Brazil
Europe
Equity Securities
20%
2%
19%
Fixed Income Securities (including cash)
25%
71%
59%
Real Estate
9%
1%
—
'1
Other'
46%
26%
22%
Total
100%
100%
100%
1.The percentage consists primarily of assets from insurance contracts in Belgium and Canada.
Actuarial Assumptions for Defined Benefit Obligations Assumptions used to determine benefit obligations at December 31,
 
Pension Plans  
Other Post-employment Benefits  
 
2025
2024
2023
2025
2024
2023
Discount rate
 
 
 
 
 
 
Range
4.00% - 18.00%
3.40% - 17.00%
3.30% - 18.00%
3.40% - 12.00%
3.40% - 12.15%
3.30% - 10.15%
Weighted average
5.44%
5.07%
5.02%
4.86%
4.73%
4.68%
Rate of compensation increase
 
 
 
Range
2.00% - 11.00%
2.00% - 11.00%
2.00% - 11.00%
2.00% - 5.00%
2.00% - 5.00%
2.00% - 4.80%
Weighted average
3.05%
2.92%
2.93%
3.30%
3.24%
3.26%
Disclosure of Defined Benefit Plans
 
Other Post-employment Benefits
 
2025
2024
2023
Healthcare cost trend rate assumed
 
 
 
Range
2.00% - 6.34%
2.10% - 6.59%
2.20% - 6.59%
Weighted average
4.02%
4.04%
4.06%
Disclosure of Sensitivity Analysis for Actuarial Assumptions The following information illustrates the sensitivity to a change of the significant actuarial assumptions related to ArcelorMittal’s pension
plans (as of December 31, 2025, the defined benefit obligation for pension plans was 4,822):
Effect on 2026 Pre-Tax Pension Expense
(sum of service cost and interest cost)
Effect on December 31, 2025 DBO
Change in assumption
 
 
100 basis points decrease in discount rate
(14)
505
100 basis points increase in discount rate
11
(415)
100 basis points decrease in rate of compensation
(12)
(112)
100 basis points increase in rate of compensation
12
115
1 year increase of the expected life of the beneficiaries
6
104
The following table illustrates the sensitivity to a change of the significant actuarial assumptions related to ArcelorMittal’s OPEB plans
(as of December 31, 2025 the defined benefit obligation for post-employment benefit plans was 932):
Effect on 2026 Pre-Tax OPEB Expense
(sum of service cost and interest cost)
Effect on December 31, 2025 DBO
Change in assumption
 
 
100 basis points decrease in discount rate
(1)
109
100 basis points increase in discount rate
—
(90)
100 basis points decrease in healthcare cost trend rate
(3)
(48)
100 basis points increase in healthcare cost trend rate
4
59
1 year increase of the expected life of the beneficiaries
1
17
Terms and Conditions of Share-based Payment Arrangements Conditions of the 2025 grant were as follows:
Executive Office and CFO
Executive Officers other than CFO
2025
Grant
l
PSUs with a three-year performance period
l
PSUs with a three-year performance period
l
Value at grant 180% of base salary for the Executive Chairman
and the CEO and 110% for the CFO
l
Vesting conditions:
l
Vesting conditions:
Target
Stretch
Ceiling
Threshold
Target
Stretch
Ceiling
TSR  vs. peer group
(50%) / EPS vs. peer
group (20%)
100% vs.
weighted
average
120% vs.
weighted
average
≥140% vs.
weighted
average
TSR vs. peer group
(40%)
80%
rolling 
average
100%
rolling
average
120%
rolling
average
≥140%
rolling 
average
Vesting percentage
100%
150%
200%
Vesting percentage
50%
100%
150%
200%
ROCE (40%)
6%
9%
12%
14%
ESG (30%): H&S 20%
and Climate action 10%
100% of
target
120% of
target
≥140% of
target
Vesting percentage
50%
100%
150%
200%
Vesting percentage
100%
150%
200%
ESG (20%): H&S 15%
and Climate action 5%
80%
weighted
average
100% of
target
120% of
target
140%  of
target
Vesting percentage
50%
100%
150%
200%
l
RSUs with a three-year vesting period
In addition to
the 2025 grant, the summary of outstanding plans as of December 31, 2025 is as follows:
Executive Office
Executive Officers
2022
Grant
l
PSUs with a three-year performance period
l
PSUs with a three-year performance period
l
Value at grant 120% of base salary for the Executive Chairman and
the CEO
l
Vesting conditions:
l
Vesting conditions:
Threshold
Target
Target
Stretch
TSR  vs. peer group (50%) / EPS
vs. peer group (20%)
100% vs.
weighted
average
≥120% vs.
weighted
average
TSR vs. peer group (40%)
100%
weighted
average
≥120%
weighted
average
Vesting percentage
100%
150%
Vesting percentage
100%
150%
Gap to competition (40%)
100% of target
120% of target
ESG (30%): H&S 10%, Climate
action 10% and D&I 10%
100% of target
120% of target
Vesting percentage
100%
150%
ESG (20%): H&S 10%,
Climate action 5% and D&I
5%
100% of target
120% of target
Vesting percentage
100%
150%
Vesting percentage
100%
150%
l
RSUs with a three-year vesting  period
Executive Office
Executive Officers
2023
Grant
l
PSUs with a three-year performance period
l
PSUs with a three-year performance period
l
Value at grant 120% of base salary for the Executive
Chairman and the CEO
l
Vesting conditions:
l
Vesting conditions:
Target
Stretch
Threshold
Target
Stretch
TSR  vs. peer group (50%) / EPS
vs. peer group (20%)
100% vs.
weighted
average
≥120% vs.
weighted
average
TSR vs. peer group (40%)
—
100%
weighted
average
≥120%
weighted
average
Vesting percentage
100%
150%
Vesting percentage
—
100%
150%
ROCE (40%)
2/3 of
target
100% of
target
4/3 of
target
ESG (30%): H&S 10%, Climate
action 10% and D&I 10%
100% of
target
120% of
target
Vesting percentage
50%
100%
150%
ESG (20%): H&S 10%, Climate
action 5% and D&I 5%
—
100% of
target
120% of
target
Vesting percentage
100%
150%
Vesting percentage
—
100%
150%
l
RSUs with a three-year vesting period
Executive Office
Executive Officers
2024
Grant
l
PSUs with a three-year performance period
l
PSUs with a three-year performance period
l
Value at grant 180% of base salary for the Executive
Chairman and the CEO
l
Vesting conditions:
l
Vesting conditions:
Target
Stretch
Ceiling
Threshold
Target
Stretch
Ceiling
TSR  vs. peer group
(50%) / EPS vs. peer
group (20%)
100% vs.
weighted
average
120% vs.
weighted
average
≥140% vs.
weighted
average
TSR vs. peer
group (40%)
80% of
rolling
average
100%
rolling
average
120%
rolling
average
≥140%
rolling 
average
Vesting percentage
100%
150%
200%
Vesting percentage
50%
100%
150%
200%
ROCE (40%)
2/3 of
target
100% of
target
4/3 of
target
155% of
target
ESG (30%): H&S
10%, Climate action
10% and D&I 10%
100% of
target
120% of
target
≥140% of
target
Vesting percentage
50%
100%
150%
200%
ESG (20%): H&S
10%, Climate
action 5% and D&I
5%
80%
weighted
average
100% of
target
120% of
target
140%  of
target
Vesting percentage
100%
150%
200%
Vesting percentage
50%
100%
150%
200%
l
RSUs with a three-year vesting period
Summary of Share Unit Plans Outstanding The following table summarizes the Company’s share unit plans outstanding as of December 31, 2025:
At Grant date
Number of PSUs/RSUs issued as of
December 31, 2025
Grant date
Type of plan
Number of
PSUs/RSUs
Number of
beneficiaries
Maturity
Fair value
per PSU/
RSU
PSUs/
RSUs
outstanding
PSUs/
RSUs
forfeited
PSUs/
RSUs
vested
December 5, 2025
RSU
1,032,150
1,103
December 5, 2028
42.62
1,032,150
—
—
December 5, 2025
PSU /
Executive Office
1,220,027
856
*
1
January 1, 2029
41.33
1,220,027
—
—
December 5, 2024
RSU
1,636,575
1,092
December 5, 2027
25.33
1,548,975
84,176
3,424
December 5, 2024
PSU /
Executive Office
1,906,781
849
*
1
January 1, 2028
23.70
1,851,381
55,400
—
December 8, 2023
RSU
1,269,300
958
December 8, 2026
25.58
1,119,050
133,755
16,495
December 8, 2023
PSU /
Executive Office
1,127,673
258
*
1
January 1, 2027
21.86
1,003,473
124,200
—
December 13, 2022
PSU /
Executive Office
786,364
244
*
1
January 1, 2026
23.43
678,214
108,150
—
Total
8,978,870
$21.86 –
$42.62
8,453,270
505,681
19,919
1.The CFO is included in the Executive Office plan starting 2025.
Schedule of Share Unit Plan Activity Share unit plan activity is summarized below as of and for each year ended December 31, 2025, 2024 and 2023:
RSUs
PSUs and Executive Office
Number of
RSUs
Fair value per
RSU
Number of
PSUs
Fair value per
PSU
Outstanding, December 31, 2022
2,837,150
27.20
3,693,496
21.35
Granted
1,269,300
25.58
1,127,673
21.86
Exited
(1,232,074)
24.05
(1,434,251)
18.16
Forfeited
(116,576)
26.90
(92,616)
22.21
Outstanding, December 31, 2023
2,757,800
27.88
3,294,302
22.89
Granted
1,636,575
25.33
1,906,781
23.70
Exited
(635,276)
32.54
(565,731)
19.44
Forfeited
(130,724)
28.21
(342,841)
21.74
Outstanding, December 31, 2024
3,628,375
25.90
4,292,511
23.79
Granted 1
1,032,150
42.62
1,223,097
41.30
Exited
(747,294)
27.56
(464,157)
28.21
Forfeited
(213,056)
25.89
(298,356)
25.09
Outstanding, December 31, 2025
3,700,175
30.23
4,753,095
27.78
1.Including 3,070 over-performance shares granted for the targets achievement of the PSU grant of December 16, 2021.