Key Takeaways ArcelorMittal extended its Liberia Mineral Development Agreement to 2050, with a 25-year renewal option. MT plans a $1.8B expansion to raise shipments from 5 mtpa to 20 mtpa by 2026. MT pays $200M for mining rights extension and reserved access to railroad capacity. ArcelorMittal S.A. (MT) and the Government of the Republic of Liberia recently formalized a major long-term amendment to their existing Mineral Development Agreement (“MDA”), extending ArcelorMittal’s iron ore mining rights in Libe ...

4Q 2025 and FY 2025 Financial Results February 5, 2026 1. LTIFR = Lost time injury frequency rate defined as Lost Time Injuries (LTI) per 1,000,000 worked hours (own personnel and contractors) and includes fatalities; A LTI is an incident that causes an injury that prevents the person from returning to his/her next scheduled shift or work period Year 1 (2025) – Laying the foundations for change Year 2 – Shifting into the implementation and scale phase Roadmaps have been established at the Corporate and site ...

ArcelorMittal closed the final quarter of 2025 with results that exceeded market expectations, reinforcing signs of a recovery taking shape across Europe's steel industry. The Luxembourg-headquartered... ...

Group 1 - The steel maker is implementing measures to protect domestic production, which could enhance its market share in the continent [1] - The company aims to reverse the decline in earnings experienced last year [1]

Core Insights - ArcelorMittal reported resilient financial performance in 2025 despite significant headwinds, with an EBITDA of $6.5 billion and a net income of $3.2 billion, reflecting strong operational improvements and strategic investments [1][4][16]. Financial Performance - In 4Q 2025, sales decreased by 4.4% to $15.0 billion compared to 3Q 2025, primarily due to lower shipments [5][25]. - For the full year 2025, sales decreased by 1.7% to $61.4 billion, driven by a 2.3% reduction in average steel selling prices [16]. - Operating income for 12M 2025 was $3.6 billion, a 9.6% increase from $3.3 billion in 12M 2024, reflecting a positive impact from exceptional items [17]. - EBITDA for 12M 2025 decreased by 7.3% to $6.5 billion, influenced by weaker results in North America and lower contributions from India and Brazil [18]. - The company generated $1.9 billion in investable cash flow over the past 12 months, consistent with the previous year [1][24]. Safety and Sustainability - The company has made significant progress in safety performance, with a lost time injury frequency rate (LTIF) improving to 0.65x in 2025 from 0.70x in 2024 [10][11]. - ArcelorMittal is in the second year of a three-year safety transformation program aimed at establishing a consistent safety culture across the Group [1][11]. Strategic Initiatives - The company is well-positioned to benefit from a balanced and fair European steel market, with expectations of increased domestic demand due to new trade measures [2][8]. - ArcelorMittal is focusing on capturing opportunities in the energy transition, with plans to build renewable energy capacity of 2.8GW by the end of 2028 and expand low carbon-intensity steel production [2][15]. - Strategic growth projects contributed $0.7 billion to EBITDA in 2025, with an additional $1.6 billion anticipated from ongoing projects [2][9]. Capital Management - The Board proposed to increase the annual base dividend to $0.60 per share for FY 2026, reflecting improved earnings [1][53]. - The company repurchased 8.8 million shares for $262 million in 2025, reducing the fully diluted share count by 38% since September 2020 [1][54]. Outlook - The company expects world ex-China apparent steel demand to grow by 2% in FY 2026, with production and shipments anticipated to increase across all regions [4][8]. - Capital expenditures for 2026 are projected to be between $4.5 billion and $5.0 billion, supporting growth initiatives [4].

Core Viewpoint - ArcelorMittal is expected to report quarterly earnings of $0.56 per share, reflecting a 7.7% increase year-over-year, with revenues projected at $15.76 billion, a 7.1% increase compared to the previous year [1]. Earnings Estimates - The consensus EPS estimate has been revised down by 13.7% in the last 30 days, indicating a reassessment by analysts [2]. - Changes in earnings estimates are crucial for predicting investor reactions, as empirical studies show a strong correlation between earnings estimate revisions and short-term stock performance [3]. Revenue Projections - Analysts estimate 'Sales- North America' to be $3.06 billion, a year-over-year increase of 16.6% [5]. - 'Sales- Brazil' is projected at $2.77 billion, reflecting a decrease of 4.2% from the previous year [5]. - 'Sales- Sustainable Solutions' is expected to reach $2.22 billion, down 7.5% from the prior year [5]. Production and Pricing Estimates - 'Sales- Mining' is projected at $859.64 million, indicating a year-over-year increase of 22.1% [6]. - Total crude steel production is forecasted at 14 million metric tons, unchanged from the same quarter last year [6]. - 'Europe - Long shipments' are expected to be 2,096 thousand metric tons, slightly down from 2,133 thousand metric tons year-over-year [7]. - The average steel selling price in North America is anticipated to be $1,018.23, up from $892.00 in the same quarter last year [7]. Regional Production and Pricing - 'Brazil - Crude steel production' is estimated at 3,586 thousand metric tons, up from 3,527 thousand metric tons year-over-year [8]. - The average steel selling price in Brazil is projected to be $735.15, down from $773.00 in the previous year [8]. - 'Europe - Crude steel production' is expected to be 7,773 thousand metric tons, an increase from 7,696 thousand metric tons year-over-year [9]. - The average steel selling price in Europe is estimated at $895.62, up from $852.00 in the same quarter last year [9]. Shipment Estimates - 'North America - Steel shipments' are projected to reach 2,505 thousand metric tons, an increase from 2,391 thousand metric tons year-over-year [10]. - ArcelorMittal shares have increased by 21% in the past month, outperforming the Zacks S&P 500 composite, which rose by 1.8% [10].

Core Viewpoint - ArcelorMittal has released its fourth quarter and full year 2025 sell-side analyst consensus figures, which are based on estimates from approximately 15 brokers using an external tool managed by Visible Alpha [1][2]. Financial Estimates - The consensus estimates for Q4 2025 include an EBITDA of $1,531 million, net income of $390 million, and earnings per share of $0.51 [3]. - For the full year 2025, the consensus estimates are an EBITDA of $6,466 million, net income of $3,321 million, and earnings per share of $4.36 [3]. Analyst Participation - The consensus figures are derived from the contributions of 14 sell-side analysts who have provided updated estimates through Visible Alpha [4][5].

Core Insights - The Government of Liberia and ArcelorMittal have signed an amendment to the Mineral Development Agreement, extending it to 2050 with a potential 25-year renewal, reinforcing ArcelorMittal's long-term commitment to mining in Liberia [1][3] - The recent inauguration of ArcelorMittal's iron ore concentration facility at Tokadeh highlights Liberia's emerging role as a strategic hub for mineral development in West Africa [2][3] - The expansion project, valued at $1.8 billion, increases ArcelorMittal's total investment in Liberia to $3.5 billion, marking the largest foreign direct investment in the country's post-war economy [3][11] Investment and Infrastructure - The expansion project will boost iron ore shipments from approximately 5 million tonnes per annum (mtpa) to 20 mtpa by 2026, with plans for further increases beyond this level [4][5] - ArcelorMittal is investing in railway infrastructure to support transportation capacity of up to 30 million tonnes annually, contingent on successful feasibility studies [5][6] - The agreement includes a $200 million payment to the Government of Liberia for mining rights and reserved access to railroad capacity [6] Economic Impact - The agreement is expected to significantly enhance Liberia's economy through increased employment opportunities and growth in local communities [7][11] - The quadrupling of iron ore output and exports by 2026 is projected to drive GDP growth and create new opportunities for local procurement and small to medium-sized businesses [11] - ArcelorMittal has provided direct and indirect employment for approximately 8,000 people and has contributed significantly to local tax revenues and community development projects [10][11]

29 January 2026, 14:00 CET ArcelorMittal S.A. (‘ArcelorMittal’) confirms it has today been served by the Extraordinary Commissioners of Acciaierie d'Italia S.p.A. in Extraordinary Administration (‘ADI’) - the company operating the Italian steel plants owned and formerly managed by Ilva S.p.A. in Extraordinary Administration (‘Ilva’) - with a writ of summons to appear before the Court of Milan. ArcelorMittal sees no factual nor legal basis for this claim and will defend its position vigorously before all the ...

Core Viewpoint - Appia Rare Earths & Uranium Corp. has engaged Quantec Geoscience Ltd. to conduct a Magnetotelluric (MT) survey on its Otherside Uranium Property in Saskatchewan, aiming to identify drill-ready targets for uranium exploration [1][2]. Group 1: Survey Details - The MT survey will consist of 84 stations spaced 200 meters apart, requiring approximately 17 days of fieldwork, with daily progress reports and preliminary 2D inversion sections [3]. - The survey will integrate with Appia's 2024 airborne gravity and magnetic data, along with other datasets, to confirm high-confidence drill targets along a 49 km long conductor trend [2]. Group 2: Property Overview - The Otherside Uranium Property spans 10,422 hectares and is located in the Athabasca Basin, known for significant uranium deposits and favorable geological conditions [1][4][8]. - The property shares geological and geophysical characteristics with major high-grade uranium deposits in the region, such as NexGen Energy's Arrow deposit and Cameco's Millennium deposit [2][8]. Group 3: Company Background - Appia Rare Earths & Uranium Corp. is a publicly traded Canadian company focused on rare earth elements and uranium, holding various properties in Saskatchewan and Ontario [10]. - The company has a total of 194.9 million common shares outstanding and 206.6 million shares fully diluted [11].