v3.25.4
EQUITY (Tables)
12 Months Ended
Dec. 31, 2025
Share Capital, Reserves And Other Equity Interest [Abstract]  
Classes of Share Capital The Company’s shares consist of the following:
December 31, 2023
Movement in year
December 31, 2024
Movement in year
December 31, 2025
Issued shares
852,809,772
—
852,809,772
(77,809,772)
775,000,000
Treasury shares
(33,538,016)
(50,725,134)
(84,263,150)
70,388,969
(13,874,181)
Total outstanding shares
819,271,756
(50,725,134)
768,546,622
(7,420,803)
761,125,819
Earnings Per Share 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.
Year ended December 31,
2025
2024
2023
Net income attributable to equity holders of the parent
3,152
1,339
919
Weighted average common shares outstanding (in millions) for the purposes of basic earnings per share
763
788
842
Incremental shares from assumed conversion of restricted share units and performance share units (in
millions)
3
3
3
Weighted average common shares outstanding (in millions) for the purposes of diluted earnings per share
766
791
845
Dividends
Description
Approved by
Dividend per
share (in $)
Payout date
Total (in
millions of $)
Dividend for financial year 2022
Annual general shareholders’ meeting on May 2, 2023
0.44
June 15, 2023 and
December 7, 2023
369
Dividend for financial year 2023
Annual general shareholders’ meeting on April 30, 2024
0.50
June 12, 2024 and
December 4, 2024
393
Dividend for financial year 2024
Annual general shareholders’ meeting on May 6, 2025
0.55
June 11, 2025 and
December 3, 2025
421
Schedule of Subsidiaries 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.
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.
Name of Subsidiary
Country of
incorporation
and operation
% of non-
controlling
interests
and non-
controlling
voting
rights at
December
31, 2025
% of non-
controlling
interests
and non-
controlling
voting
rights at
December
31, 2024
Net income
(loss)
attributable
to non-
controlling
interests for
the year
ended
December
31, 2025
Non-
controlling
interests at
December
31, 2025
Net income
(loss)
attributable
to non-
controlling
interests for
the year
ended
December
31, 2024
Non-
controlling
interests at
December
31, 2024
Net income
(loss)
attributable
to non-
controlling
interests for
the year
ended
December
31, 2023
AMSA
South Africa
30.78%
30.78%
(42)
(24)
(98)
19
(67)
Société Nationale de Sidérurgie
S.A. ("Sonasid")1
Morocco
67.57%
67.57%
16
134
8
111
3
AMKR
Ukraine
4.87%
4.87%
(10)
26
(11)
41
(15)
Belgo Bekaert Arames ("BBA")
Brazil
45.00%
45.00%
47
200
56
186
55
Hera Ermac2
Luxembourg
—
—
—
555
—
532
—
AMMC
Canada
15.00%
15.00%
94
591
109
543
149
Finocas4
Belgium
50.00%
50.00%
3
340
2
297
1
Arceo5
Belgium
38.11%
62.86%
2
65
5
143
3
AML3
Liberia
15.00%
15.00%
(20)
(154)
(18)
(156)
(11)
ArcelorMittal Texas HBI
USA
20.00%
20.00%
(12)
187
(17)
199
(8)
Other
 
 
 
13
150
5
148
(7)
Total
 
 
 
91
2,070
41
2,063
103
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.
Financial Information of Subsidiaries with Material Non-controlling Interests 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.
December 31, 2025
Summarized statements
of financial position
AMSA
Sonasid
AMKR
BBA
Hera
Ermac
AMMC
Arceo
AML
Finocas
ArcelorMittal
Texas HBI
Current assets
698
362
556
267
232
1,687
139
358
449
473
Non-current assets
517
146
1,219
207
990
3,365
31
2,026
231
584
Total assets
1,215
508
1,775
474
1,222
5,052
170
2,384
680
1,057
Current liabilities
758
297
1,092
103
60
486
—
1,074
2
96
Non-current liabilities
533
23
232
14
137
497
—
2,143
—
24
Net assets
(76)
188
451
357
1,025
4,069
170
(833)
678
937
December 31, 2025
Summarized statements of
operations
AMSA
Sonasid
AMKR
BBA
Hera
Ermac
AMMC
Arceo
AML
Finocas
ArcelorMittal
Texas HBI
Revenue
1,812
655
1,695
753
—
3,062
—
539
8
621
Net (loss) income
(136)
26
(214)
108
43
620
5
(113)
6
(58)
Total comprehensive (loss)
income
(136)
28
(232)
110
43
634
5
(113)
6
(58)
 
December 31, 2025
Summarized statements of cash
flows
AMSA
Sonasid
AMKR
BBA
Hera
Ermac
AMMC
Arceo
AML
Finocas
ArcelorMittal
Texas HBI
Net cash provided by / (used in)
operating activities
(17)
22
167
146
34
881
7
117
7
94
Net cash provided by / (used in)
investing activities
(43)
(29)
(137)
(17)
(34)
(540)
23
(551)
(7)
(157)
Net cash provided by / (used in)
financing activities
21
(17)
(31)
(125)
—
(368)
(96)
434
—
—
Impact of currency movements on
cash
10
7
(1)
(1)
—
—
13
—
—
—
Cash and cash equivalents:
 
 
 
 
 
 
 
 
—
At the beginning of the year / at
acquisition date
123
70
12
12
7
214
88
2
—
69
At the end of the year
94
53
10
15
7
187
35
2
—
6
Dividend to non-controlling interests
—
(10)
—
(52)
—
(54)
(5)
—
—
—
 
December 31, 2024
Summarized statements of
financial position
AMSA
Sonasid
AMKR
BBA
Hera
Ermac
AMMC
Arceo
AML
Finocas
ArcelorMittal
Texas HBI
Current assets
858
337
576
246
199
1,517
199
253
390
404
Non-current assets
426
117
1,157
183
990
3,252
32
1,518
205
713
Total assets
1,284
454
1,733
429
1,189
4,769
231
1,771
595
1,117
Current liabilities
812
273
872
87
55
499
—
1,143
2
97
Non-current liabilities
410
20
176
14
175
479
—
1,500
—
24
Net assets
62
161
685
328
959
3,791
231
(872)
593
996
 
December 31, 2024
Summarized statements of operations
AMSA
Sonasid
AMKR
BBA
Hera
Ermac
AMMC
Arceo
AML
Finocas
ArcelorMittal
Texas HBI
Revenue
2,104
530
1,606
818
—
2,921
—
188
8
599
Net (loss) income
(317)
12
(221)
122
62
710
8
(118)
4
(88)
Total comprehensive (loss) income
(317)
9
(209)
118
62
720
8
(118)
4
(85)
 
December 31, 2024
Summarized statements of cash flows
AMSA
Sonasid
AMKR
BBA
Hera
Ermac
AMMC
Arceo
AML
Finocas
ArcelorMittal
Texas HBI
Net cash provided by / (used in) operating
activities
19
20
150
126
37
1,055
6
16
5
87
Net cash provided by / (used in) investing
activities
(64)
(16)
(102)
(7)
(36)
(81)
(1)
(579)
(350)
(19)
Net cash provided by / (used in) financing
activities
35
(9)
(49)
(117)
(1)
(872)
(6)
560
344
—
Impact of currency movements on cash
(1)
(2)
(1)
(4)
—
—
(6)
—
1
—
Cash and cash equivalents:
At the beginning of the year
134
77
14
14
7
112
95
5
—
1
At the end of the year
123
70
12
12
7
214
88
2
—
69
Dividend to non-controlling interests
—
(7)
—
(49)
—
(128)
(3)
—
—
—
 
December 31, 2023
Summarized statements of
operations
AMSA
Sonasid
AMKR
BBA
Hera
Ermac
AMMC
Arceo
AML
Finocas
ArcelorMittal
Texas HBI
Revenue
2,256
471
1,144
915
—
3,216
—
248
—
732
Net (loss) income
(217)
4
(328)
128
(51)
943
5
(85)
2
(40)
Total comprehensive (loss)
income
(216)
13
(336)
127
(51)
935
5
(85)
2
(43)
 
December 31, 2023
Summarized statements of cash
flows
AMSA
Sonasid
AMKR
BBA
Hera
Ermac
AMMC
Arceo
AML
Finocas
ArcelorMittal
Texas HBI
Net cash provided by / (used in)
operating activities
52
16
49
209
33
997
10
90
1
125
Net cash provided by / (used in)
investing activities
(93)
(20)
(112)
(66)
509
(553)
(7)
(314)
(1)
(122)
Net cash provided by / (used in)
financing activities
27
(13)
52
(148)
(535)
(538)
(3)
225
—
(6)
Impact of currency movements on
cash
(9)
5
(1)
1
—
—
2
—
—
—
Cash and cash equivalents:
 
 
 
 
 
 
At the beginning of the year
157
89
26
18
—
206
93
4
—
4
At the end of the year
134
77
14
14
7
112
95
5
—
1
Dividend to non-controlling
interests
—
(4)
—
(62)
—
(79)
(2)
—
—
(1)