New Delhi: ArcelorMittal today released its Annual Report 2025 on Form 20-F with the U.S. Securities and Exchange Commission (SEC).
ArcelorMittal also has published its annual report for the year ended 31 December 2025.
Highlights of FY 2025 include:
- Safety: in the first year of our three-year transformation program, the Company saw tangible progress across all safety KPIs in 2025, including a significant improvement in fatality prevention
- Capital allocation: The Company maintained a disciplined and balanced capital allocation, investing $1.1 bn in strategic capex and returning $0.7bn to shareholders ($0.4bn in dividends and $0.3bn in share buybacks). Balance sheet strength was reflected in the credit rating upgrades by both Moody’s (to Baa2 stable) and S&P (to BBB stable) in 2025
- Enhanced iron ore vertical integration: ArcelorMittal is among the largest iron ore producers in the world with total iron ore reserves of c. 3.7bn tonnes. Iron ore self‑sufficiency increased to 72% in 2025 (up from 58% in 2024) and is expected to increase further as the Liberia expansion project to 20Mtpa ramps up
- Actively enabling energy transition: Targeted investments in high‑quality renewable assets (2.8 GW by 2028), expanding EAF capacity by 3.4 Mt by end‑2026, and growing automotive electrical steel production (0.4Mt NOES by 2028) supporting margins, returns on capital employed, and long‑term sustainable growth
- Industry leading R&D: ArcelorMittal’s global R&D footprint spans 14 sites in 9 countries, with $335 million spent in 2025 demonstrating sustained commitment to advance steel, mining, decarbonisation technologies and AI‑enhanced digital models
- Capital returns: The Board has proposed a FY 2026 dividend of $0.60/share, up from $0.55/share in 2025 and double the 2021 level. In addition, per its defined capital return policy, the Company will continue to return a minimum of 50% of post-dividend free cash flow to shareholders through share buybacks.
- Significant Shareholder participation in the share buyback program announced on 7 April 2025 (the “Program”)*: The Significant Shareholder, having attained a shareholding position nearing the 45% threshold set under the 2006 Memorandum of Understanding** (entered into in connection with the merger of Mittal Steel and Arcelor, primarily to ensure a robust free float), has on 5 March 2026 entered into a share repurchase agreement to sell shares to ArcelorMittal during the Program, in the proportion to the Significant Shareholder’s current stake (44.6% of issued shares less shares held in treasury). Shares repurchased from the Significant Shareholder will be made at the same average price as the shares purchased by the Company under the Program on the relevant trading day in the open market.
