03938LAK0 Filings — Arcelormittal

03938LAK0 Filings — Arcelormittal - FilingSpy

20-F · Fiscal year ended Dec 31, 2025 · SEC filing ↗

Operating income more than doubled to $2.9B as steel spreads recovered, but revenue fell 8.5% on lower prices and cash flow halved.

rebounded from 2023's trough, restoring profitability. fell 8.5% to $62.4 billion as a 10.2% drop in average selling prices outweighed a 2.3% increase in shipment volumes, while rose 131% to $2.9 billion and rose 55% to $1.69. The recovery in spreads lifted earnings, but and higher cut by 36.5% to $4.9 billion.

Key takeaways

rose 131% to $2.9 billion, driven by a recovery in from the depressed levels of 2023, though the year included a $0.3 billion of the ArcelorMittal Kryvyi Rih asset in Ukraine.
fell 8.5% to $62.4 billion as a 10.2% drop in average steel selling prices outweighed a 2.3% increase in steel shipment volumes.
fell 36.5% to $4.9 billion, reflecting a of $1.8 billion, compared to a release of $1.0 billion in 2023.

Original filing text

Risk Factors

A. [Reserved] Not applicable B. Capitalization and indebtedness Not applicable C. Reasons for the offer and use of proceeds Not applicable D. Risk factors Risk Factors and Control 9

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Business

A. History and development of the Company History and development of the Company, Key transactions and events in 2025, Recent developments, Sustainable development highlights, Capital expenditures, Raw materials, Sources and uses of cash, Note 2 to the consolidated financial statements 3, 7, 8, 8, 67, 89, 101 and 191 B. Business overview Company overview, Key transactions and events in 2025, Risk management process, Business overview - Business strategy, Sustainable development, Markets, Research and development, Products, Sales and marketing, Purchasing, Intellectual property, Government regulations, Mineral reserves and resources, Raw materials, Note 2 to the consolidated financial statements 3, 7, 20, 24, 34, 28, 31, 43, 44, 43, 44, 69, 89 and 174 C. Organizational structure Organizational structure 58 D. Property, plant and equipment Property, plant and equipment, Capital expenditures, Mineral reserves and resources 59, 67 and 69

03938LAK0

03938LAK0

Operating income more than doubled to $2.9B as steel spreads recovered, but revenue fell 8.5% on lower prices and cash flow halved.

Key takeaways

Original filing text

Risk Factors

Business

What changed

What to watch

Management's Discussion and Analysis