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World's second-largest steelmaker, producing flat and long steel products for construction, automotive, and industrial customers globally.
World's second-largest steelmaker, producing flat and long steel products for construction, automotive, and industrial customers globally.
Sells steel at prices that follow market indexes, partly under annual contracts with carmakers and appliance makers, and uses its own iron-ore mines to hold down raw-material cost. The Mittal family controls it. Since 2020 it sold its main US mills and has expanded in India, where it runs a joint venture with Nippon Steel.
In one line: A global Nucor / U.S. Steel combined.
Moat: none (scale). Steel is a commodity business; ArcelorMittal's edge is global scale and integrated mining, not pricing power.
Headquarters: Luxembourg (Netherlands-incorporated) · Founded: 2006 · Employees: 125,554
Size ArcelorMittal (MT.AS) is a Netherlands Materials company (Steel) with a market value of $45.7B, the 5th largest of 61 Netherlands companies the cockpit tracks. Shares closed at €54.82 on 6 Nov 2026.
Performance Over six months the shares fell 0.3%, against -5.0% for the median peer and +0.4% for the Netherlands market (cap-weighted) — 5th highest of 14 in its peer set.
Growth Revenue fell 3.4% over the last twelve months (peer median +10.5%); the operating margin is 4.3% (peer median 10.2%).
Valuation It trades at 23.7× forward earnings against a peer median of 14.0× (2nd most expensive of 14).
Capital Return on invested capital runs 6.8 points below its cost of capital (9.6% WACC).
Credit ArcelorMittal has 3 bonds outstanding ($1.84B), rated BBB by the agencies and trading like BBB+ at a weighted spread of 97 bp.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | €53.9B | €54.4B | €57.7B | €63.2B | €76.0B |
| Revenue growth | — | -6% | -9% | -17% | — |
| Gross profit | €4.68B | €4.06B | €5.46B | €5.34B | €12.9B |
| EBITDA | €4.97B | €4.36B | €5.60B | €5.60B | €13.2B |
| Net income | €1.55B | €2.79B | €1.24B | €850M | €8.85B |
| Free cash flow | -€90.1M | €417M | €413M | €2.80B | €6.41B |
| Capital expenditure | €4.06B | €3.84B | €4.07B | €4.27B | €3.30B |
| Total debt | n/a | €11.4B | €11.2B | €9.67B | €11.4B |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g |
|---|---|---|---|---|---|---|
| ArcelorMittal MT.AS | $45.7B | 0% | -3% | 4% | 23.7× | n/a |
| Nippon Steel 5401.T | $22.3B | +15% | +28% | 4% | 11.2× | n/a |
| Nucor NUE | $55.6B | +8% | +22% | 13% | 10.2× | 12.0% |
| Tata Steel TATASTEEL.NS | $24.6B | -14% | +11% | 9% | 14.0× | 8.7% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | MT.AS | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +1.1% | +0.9% | 7th highest of 14 |
| 6-month return | -0.3% | -5.0% | 5th highest of 14 |
| Distance from 52-week high | -20.0% | -17.0% | 7th lowest of 14 |
| Revenue growth (TTM) | -3.4% | +10.5% | 3rd lowest of 14 |
| Operating margin | 4.3% | 10.2% | 5th lowest of 14 |
| Forward P/E | 23.7× | 14.0× | 2nd most expensive of 14 |
| ROIC minus cost of capital | -6.8 pp | +1.6 pp | 2nd lowest of 14 |
| EV / EBITDA | 10.2× | 9.6× | 5th most expensive of 11 |
| Net debt / EBITDA | 1.7× | 1.0× | 3rd most indebted of 11 |
| Bond spread | 97 bp | 83 bp | 2nd widest of 5 |
| Company | Market | Market cap | 6M return | Revenue growth | Op. margin | Forward P/E | Req g | Delivered g |
|---|---|---|---|---|---|---|---|---|
| ArcelorMittal MT.AS | Netherlands | $45.7B | 0% | -3% | 4% | 23.7× | n/a | n/a |
| Vale S.A. Sponsored ADR VALE | United States | $45.4B | -30% | +11% | 25% | 7.7× | -14.0% | -0.9% |
| Nucor NUE | United States | $55.6B | +8% | +22% | 13% | 10.2× | 12.0% | +10.0% |
| JSW Steel JSWSTEEL.NS | India | $35.1B | +6% | +14% | 13% | 18.5× | 21.1% | +18.4% |
| Fortescue FMG.AX | Australia | $32.4B | -33% | +4% | 32% | 12.3× | -5.7% | -3.5% |
| Steel Dynamics STLD | United States | $31.7B | -5% | +26% | 12% | 9.7× | 11.7% | +13.6% |
| Tenaris TEN.MI | Italy | $30.2B | -1% | -5% | 19% | 15.9× | 6.1% | +18.6% |
| Tata Steel TATASTEEL.NS | India | $24.6B | -14% | +11% | 9% | 14.0× | 8.7% | +8.2% |
| Nippon Steel 5401.T | Japan | $22.3B | +15% | +28% | 4% | 11.2× | n/a | n/a |
| Reliance RS | United States | $21.2B | +13% | +25% | 9% | 14.9× | 9.1% | +10.2% |
| Baoshan Iron & Steel 600019.SS | China | $19.9B | -3% | +6% | 3% | 14.4× | -9.6% | +2.4% |
| POSCO 005490.KS | South Korea | $14.4B | -42% | +4% | 3% | 11.2× | n/a | n/a |
| Inner Mongolia Baotou Steel Union 600010.SS | China | $13.5B | -26% | -6% | 3% | 66.3× | 14.7% | +2.5% |
| Jindal Steel JINDALSTEL.NS | India | $12.6B | -7% | +26% | 10% | 21.2× | n/a | n/a |
ArcelorMittal has 3 bonds outstanding with $1.84B face value. The agencies rate it BBB; its bonds trade like BBB+. Weighted yield 3.96%, a spread of 97 bp over government bonds.