ArcelorMittal
For the period ended Nov 5, 2026. Filed Nov 5, 2026.
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Nov 5, 2026 · Filed Nov 5, 2026
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EX-99.1 · Recent development
Recent development
On September 25, 2026, ArcelorMittal announced that it is unable to safely and sustainably operate ArcelorMittal Kryvyi Rih (Ukraine) following multiple missile strikes. ArcelorMittal Kryvyi Rih has continued to operate in an increasingly challenging environment since the onset of the conflict. Following a fundamental change in the safety risk profile, together with severe pressure on the logistics system, the Company took the difficult decision to idle operations, with the safety of employees remaining the overriding priority. Since the onset of the war, ArcelorMittal has provided over $700 million of financial support to sustain the business and maintain continuity of operations. Going forward the future cash spend is expected to be limited (including 4Q 2026) and focused on asset preservation, security and environmental compliance while maintaining restart optionality.
ArcelorMittal Condensed Consolidated Statements of Financial Position 1
| In millions of U.S. dollars | Sept 30, 2026 | Jun 30, 2026 | Dec 31, 2025 |
|---|---|---|---|
| ASSETS | |||
| Cash and cash equivalents | 3,191 | 4,898 | 5,476 |
| Trade accounts receivable and other | 4,632 | 4,508 | 3,476 |
| Inventories | 19,956 | 19,283 | 18,589 |
| Prepaid expenses and other current assets | 3,850 | 3,163 | 3,027 |
| Assets held for sale8 | 151 | 140 | 37 |
| Total Current Assets | 31,780 | 31,992 | 30,605 |
| Goodwill and intangible assets | 5,045 | 5,461 | 5,252 |
| Property, plant and equipment | 41,151 | 41,399 | 41,041 |
| Investments in associates and joint ventures | 9,955 | 9,937 | 10,393 |
| Deferred tax assets | 8,157 | 8,561 | 8,860 |
| Other assets | 2,188 | 1,800 | 1,552 |
| Total Assets | 98,276 | 99,150 | 97,703 |
| LIABILITIES AND SHAREHOLDERS’ EQUITY | |||
| Short-term debt and current portion of long-term debt | 1,715 | 2,694 | 2,739 |
| Trade accounts payable and other | 13,348 | 12,932 | 13,008 |
| Accrued expenses and other current liabilities | 7,366 | 6,715 | 6,754 |
| Liabilities held for sale8 | 61 | 54 | 19 |
| Total Current Liabilities | 22,490 | 22,395 | 22,520 |
| Long-term debt, net of current portion | 11,850 | 11,727 | 10,671 |
| Deferred tax liabilities | 2,327 | 2,328 | 2,294 |
| Other long-term liabilities | 5,558 | 5,877 | 5,682 |
| Total Liabilities | 42,225 | 42,327 | 41,167 |
| Equity attributable to the equity holders of the parent | 54,123 | 54,820 | 54,466 |
| Non-controlling interests | 1,928 | 2,003 | 2,070 |
| Total Equity | 56,051 | 56,823 | 56,536 |
| Total Liabilities and Shareholders’ Equity | 98,276 | 99,150 | 97,703 |
ArcelorMittal Condensed Consolidated Statements of Operations 1
| Three months ended · Nine months ended | |||||
|---|---|---|---|---|---|
| In millions of U.S. dollars unless otherwise shown | Sept 30, 2026 | Jun 30, 2026 | Sept 30, 2025 | Sept 30, 2026 | Sept 30, 2025 |
| Sales | 16,466 | 16,761 | 15,657 | 48,684 | 46,381 |
| Depreciation (B) | (784) | (780) | (736) | (2,313) | (2,089) |
| Impairment items2 (B) | (852) | — | — | (852) | (194) |
| Exceptional items3 (B) | (293) | — | (97) | (293) | 1,065 |
| Operating (loss)/income (A) | (131) | 1,055 | 544 | 1,677 | 3,301 |
| Operating margin % | (0.8)% | 6.3% | 3.5% | 3.4% | 7.1% |
| Income from associates, joint ventures and other investments (C) | 225 | 229 | 131 | 631 | 429 |
| Impairments and exceptional items of associates, joint ventures and other investments | — | — | — | — | 48 |
| Net interest expense | (181) | (136) | (84) | (450) | (205) |
| Foreign exchange and other net financing income/(loss) | 10 | (286) | (86) | (356) | 37 |
| (Loss)/income before taxes and non-controlling interests | (77) | 862 | 505 | 1,502 | 3,610 |
| Current tax benefit/(expense) | 57 | (33) | (166) | (114) | (486) |
| Deferred tax (expense)/benefit | (407) | (142) | 60 | (547) | (74) |
| Income tax expense (net) | (350) | (175) | (106) | (661) | (560) |
| Net (loss)/income including non-controlling interests | (427) | 687 | 399 | 841 | 3,050 |
| Non-controlling interests loss | 36 | (4) | (22) | 26 | (75) |
| Net (loss)/income attributable to equity holders of the parent | (391) | 683 | 377 | 867 | 2,975 |
| Basic (loss)/earnings per common share ($) | (0.52) | 0.90 | 0.50 | 1.14 | 3.90 |
| Diluted (loss)/earnings per common share ($) | (0.52) | 0.89 | 0.49 | 1.14 | 3.88 |
| Weighted average common shares outstanding (in millions) | 753 | 760 | 761 | 758 | 763 |
| Diluted weighted average common shares outstanding (in millions) | 753 | 764 | 764 | 763 | 767 |
| OTHER INFORMATION | |||||
| EBITDA (A-B+C) | 2,023 | 2,064 | 1,508 | 5,766 | 4,948 |
| EBITDA Margin % | 12.3% | 12.3% | 9.6% | 11.8% | 10.7% |
| Total Group iron ore production (Mt) | 12.6 | 13.5 | 12.1 | 39.0 | 35.7 |
| Crude steel production (Mt) | 13.7 | 14.3 | 13.6 | 41.3 | 42.8 |
| Steel shipments (Mt) | 13.0 | 13.4 | 13.6 | 39.2 | 41.0 |
ArcelorMittal Condensed Consolidated Statements of Cash flows 1
| Three months ended · Nine months ended | |||||
|---|---|---|---|---|---|
| In millions of U.S. dollars | Sept 30, 2026 | Jun 30, 2026 | Sept 30, 2025 | Sept 30, 2026 | Sept 30, 2025 |
| Operating activities: | |||||
| (Loss)/income attributable to equity holders of the parent | (391) | 683 | 377 | 867 | 2,975 |
| Adjustments to reconcile net result to net cash provided by operations: | |||||
| Non-controlling interests (loss)/income | (36) | 4 | 22 | (26) | 75 |
| Depreciation and impairments2 | 1,636 | 780 | 736 | 3,165 | 2,283 |
| Exceptional items3 | 293 | — | 97 | 293 | (1,065) |
| Income from associates, joint ventures and other investments | (225) | (229) | (131) | (631) | (429) |
| Impairments and exceptional items of associates, joint ventures and other investments | — | — | — | — | (48) |
| Deferred tax expense/(benefit) | 407 | 142 | (60) | 547 | 74 |
| Change in working capital | (492) | (457) | (417) | (2,473) | (1,908) |
| Other operating activities (net) | (527) | 38 | 127 | (125) | (144) |
| Net cash provided by operating activities (A) | 665 | 961 | 751 | 1,617 | 1,813 |
| Investing activities: | |||||
| Purchase of property, plant and equipment and intangibles (B) | (1,065) | (1,102) | (1,237) | (3,438) | (3,090) |
| Other investing activities (net) | 11 | 597 | (274) | 555 | (213) |
| Net cash used in investing activities | (1,054) | (505) | (1,511) | (2,883) | (3,303) |
| Financing activities: | |||||
| Net (payments)/proceeds relating to payable to banks and long-term debt | (813) | 825 | 1,138 | 468 | 977 |
| Dividends paid to ArcelorMittal shareholders | (113) | (114) | — | (341) | (210) |
| Dividends paid to minorities shareholders (C) | (42) | (11) | (52) | (114) | (98) |
| Share buyback | (277) | (483) | — | (760) | (262) |
| Lease payments and other financing activities (net) | (54) | (65) | (61) | (178) | (172) |
| Net cash (used in)/provided by financing activities | (1,299) | 152 | 1,025 | (925) | 235 |
| Net (decrease)/increase in cash and cash equivalents | (1,688) | 608 | 265 | (2,191) | (1,255) |
| Cash and cash equivalents transferred (to)/from assets held for sale | (12) | (10) | 17 | (32) | (12) |
| Effect of exchange rate changes on cash | (16) | (35) | 14 | (37) | 521 |
| Change in cash and cash equivalents | (1,716) | 563 | 296 | (2,260) | (746) |
| Free cash flow (A+B+C) | (442) | (152) | (538) | (1,935) | (1,375) |
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