ArcelorMittal SA
F:ARRD
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ArcelorMittal SA
ArcelorMittal is one of the world’s largest steelmakers. It turns iron ore, scrap metal, and other raw materials into steel products used in buildings, cars, appliances, machinery, packaging, and infrastructure. The company sells flat steel, long steel, and special steel products to manufacturers, distributors, construction firms, and other industrial customers. It makes money by producing steel and selling it through long-term supply relationships and spot orders across many markets. A big part of the business is also tied to steel processing and distribution, where customers need specific shapes, grades, and finishes rather than raw metal. Because steel is a basic input for so many industries, ArcelorMittal sits near the center of the industrial supply chain. What makes the business different is its scale and its position in a cyclical, capital-heavy industry. Steelmaking requires large plants, energy, raw materials, and technical know-how, so not many companies can do it at this scale. That gives ArcelorMittal a broad customer base and a role as a major supplier to the global economy.
ArcelorMittal is one of the world’s largest steelmakers. It turns iron ore, scrap metal, and other raw materials into steel products used in buildings, cars, appliances, machinery, packaging, and infrastructure. The company sells flat steel, long steel, and special steel products to manufacturers, distributors, construction firms, and other industrial customers.
It makes money by producing steel and selling it through long-term supply relationships and spot orders across many markets. A big part of the business is also tied to steel processing and distribution, where customers need specific shapes, grades, and finishes rather than raw metal. Because steel is a basic input for so many industries, ArcelorMittal sits near the center of the industrial supply chain.
What makes the business different is its scale and its position in a cyclical, capital-heavy industry. Steelmaking requires large plants, energy, raw materials, and technical know-how, so not many companies can do it at this scale. That gives ArcelorMittal a broad customer base and a role as a major supplier to the global economy.
Momentum: Management said business conditions improved through the first half, with positive momentum across all segments and further improvement expected.
Europe: Europe was the clear highlight, with Q2 EBITDA of $98 per tonne, a 3-year high, as order books strengthened, prices held up better than normal seasonality, and furnaces were restarted.
Q3 Outlook: The company guided to Q3 shipments that are stable to slightly higher than Q2, which management said would be a counterseasonal outcome.
Cash Flow: Underlying free cash flow in H1 annualized to $2.5 billion, supporting continued investment and shareholder returns.
Growth Plan: Management reiterated that strategic growth projects should add $1.8 billion of incremental EBITDA from 2026 onward, with $300 million already captured in H1.
Policy Tailwinds: The call emphasized support from trade measures in Europe and the U.S., including TRQ, CBAM, and Section 232-related policy, as well as the possibility of further regional protections over time.
