ArcelorMittal S.A. (MT): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de la fabricación global de acero, ArcelorMittal S.A. surge como un titán de innovación industrial, tejiendo estratégicamente juntas asociaciones complejas, tecnologías de vanguardia y prácticas sostenibles para dominar el paisaje internacional de metales. Este lienzo de modelo de negocio presenta la intrincada maquinaria detrás de uno de los productores de acero más grandes del mundo, revelando cómo la compañía transforma las materias primas en soluciones de alto rendimiento que alimentan los sectores automotrices, de construcción e industriales en todos los continentes. Sumerja el plan estratégico que permite a ArcelorMittal equilibrar la destreza tecnológica, la responsabilidad ambiental y la penetración del mercado global con notable precisión.

ArcelorMittal S.A. (MT) - Modelo de negocio: asociaciones clave

Alianzas estratégicas con fabricantes de automóviles

ArcelorMittal ha establecido asociaciones con los principales fabricantes de automóviles a nivel mundial, que incluyen:

Fabricante	Detalles de la asociación	Volumen anual de suministro de acero
Grupo Volkswagen	Soluciones de acero avanzadas de alta resistencia	1.2 millones de toneladas métricas
General Motors	Desarrollo de acero liviano	1.5 millones de toneladas métricas
Grupo BMW	Innovación de acero automotriz	0,8 millones de toneladas métricas

Empresas conjuntas con compañías mineras

Las empresas conjuntas mineras clave de ArcelorMittal incluyen:

• Companhia Siderúrgica Nacional (Brasil) - 50% de propiedad
• Consolidada Thompson Iron Minas Limited (Canadá) - 100% de propiedad

Ubicación	Valor de inversión	Capacidad de producción anual
Brasil	$ 2.3 mil millones	15 millones de toneladas métricas de mineral de hierro
Canadá	$ 1.8 mil millones	12 millones de toneladas métricas de mineral de hierro

Asociaciones tecnológicas para la producción de acero verde

Colaboraciones de tecnología de acero verde de ArcelorMittal:

• Proyecto Hybrit (Suecia) - Producción de acero a base de hidrógeno
• Asociación Breakthroughthrough Energy Ventures
• Alianza europea de hidrógeno limpio

Asociación	Inversión	Objetivo de reducción de CO2
Híbrido	250 millones de euros	95% de reducción de emisiones

Acuerdos de colaboración con instituciones de investigación

Asociaciones clave de investigación:

• Instituto de Tecnología de Massachusetts (MIT)
• Universidad de Cambridge
• Instituto Fraunhofer de Ingeniería de Manufactura

Institución	Enfoque de investigación	Financiación anual de investigación
MIT	Metalurgia avanzada	$ 5.2 millones

Asociaciones de proveedores en adquisiciones de materias primas

Relaciones críticas del proveedor de materia prima:

Proveedor	Material	Volumen de adquisición anual
Vale S.A.	Mineral de hierro	45 millones de toneladas métricas
Río Tinto	Mineral de hierro	38 millones de toneladas métricas

ArcelorMittal S.A. (MT) - Modelo de negocio: actividades clave

Producción y fabricación de acero

ArcelorMittal produjo 55.3 millones de toneladas métricas de acero en 2022. La compañía opera 56 instalaciones de producción de acero en 17 países. La capacidad de producción anual alcanza aproximadamente 72 millones de toneladas métricas de acero.

Región	Producción de acero (millones de toneladas métricas)	Número de instalaciones
Europa	22.1	23
América	15.6	12
ACIS (África, Commonwealth of Independent States)	12.5	11

Operaciones globales de minería y extracción

ArcelorMittal opera minas de mineral de hierro con una capacidad de producción anual de 58.4 millones de toneladas métricas. Las ubicaciones de minería clave incluyen:

• Brasil: 22.1 millones de toneladas métricas
• Canadá: 15.3 millones de toneladas métricas
• Ucrania: 9,2 millones de toneladas métricas
• Kazajstán: 6.8 millones de toneladas métricas

Investigación y desarrollo de tecnologías de acero sostenible

La inversión de I + D en 2022 fue de $ 385 millones. Las áreas de enfoque incluyen:

• Producción de acero de baja carbono
• Metalurgia a base de hidrógeno
• Iniciativas de economía circular

Gestión de la cadena de suministro y logística

ArcelorMittal administra una compleja cadena de suministro global con gastos logísticos anuales de $ 2.7 mil millones. La red de transporte incluye:

Modo de transporte	Volumen anual	Porcentaje de logística total
Envío marítimo	42.5 millones de toneladas	45%
Transporte ferroviario	28.3 millones de toneladas	30%
Transporte de camiones	23.2 millones de toneladas	25%

Expansión y distribución del mercado internacional

ArcelorMittal opera en 60 países con ingresos por ventas de $ 68.4 mil millones en 2022. Los canales de distribución incluyen:

• Ventas directas a clientes industriales
• Redes de distribución de acero al por mayor
• Mercados de acero en línea
• Acuerdos de asociación estratégica

ArcelorMittal S.A. (MT) - Modelo de negocio: recursos clave

Extensas instalaciones globales de fabricación de acero

ArcelorMittal opera 56 sitios de producción de acero en 17 países a partir de 2023. Capacidad de producción total: 69.1 millones de toneladas métricas de acero crudo anualmente.

Región	Número de instalaciones	Capacidad de producción (millones de toneladas métricas)
Europa	22	25.3
América	16	21.4
ACIS (África, Commonwealth of Independent States)	18	22.4

Infraestructura tecnológica avanzada

Inversión en tecnología e innovación: $ 1.2 mil millones en gastos de I + D para 2022.

• Iniciativas de transformación digital
• Integración de inteligencia artificial
• Tecnologías de fabricación avanzadas
• Sistemas de automatización

Fuerza laboral experta e ingeniería

Fuerza laboral total: 168,000 empleados a nivel mundial en 2023.

Categoría de empleado	Número de empleados
Ingenieros	24,500
Especialistas técnicos	37,800
Gestión	15,200

Activos sustanciales de mineral de hierro y carbón

Volúmenes de producción minera en 2022:

• Ore de hierro: 54.2 millones de toneladas métricas
• Carbón: 12.7 millones de toneladas métricas

Cartera de propiedad intelectual fuerte

Métricas de propiedad intelectual:

• Patentes activas: 3,256
• Marcas registradas: 1.842
• Proyectos de investigación en curso: 87

ArcelorMittal S.A. (MT) - Modelo de negocio: propuestas de valor

Productos de acero de alta calidad para diversas industrias

ArcelorMittal produjo 69.4 millones de toneladas métricas de acero en 2022, sirviendo múltiples sectores industriales con especificaciones específicas de productos.

Segmento de la industria	Tipo de producto de acero	Volumen de producción anual
Automotor	Acero avanzado de alta resistencia	12,6 millones de toneladas métricas
Construcción	Acero estructural	18.3 millones de toneladas métricas
Infraestructura	Grados de acero especializados	9.7 millones de toneladas métricas

Fabricación sostenible y ambientalmente responsable

ArcelorMittal se comprometió a reducir las emisiones de CO2 en un 25% para 2030, con emisiones actuales a 2.0 toneladas métricas CO2 por tonelada métrica de acero producido.

• Invirtió $ 1.2 mil millones en iniciativas de tecnología verde
• Implementadas prácticas de economía circular
• Procesos de producción de acero bajo en carbono

Soluciones innovadoras de acero para sectores automotrices y de construcción

El gasto de investigación y desarrollo alcanzó los $ 487 millones en 2022, centrándose en tecnologías de acero avanzadas.

Área de innovación	Desarrollo clave	Impacto potencial
Automotor	Acero de ultra alta resistencia	10-15% de reducción de peso
Construcción	Acero resistente a los terremotos	Resiliencia estructural mejorada

Ofertas de productos personalizadas para necesidades específicas del cliente

ArcelorMittal proporciona más de 2,000 calificaciones de acero diferentes adaptadas a requisitos específicos del cliente.

• Composiciones metalúrgicas especializadas
• Tratamientos superficiales personalizados
• Tolerancias dimensionales de precisión

Precios competitivos a través del modelo de producción integrado

La estrategia de integración vertical reduce los costos de producción a $ 450-500 por tonelada métrica de acero.

Etapa de producción	Eficiencia de rentabilidad	Porcentaje de ahorro
Abastecimiento de materia prima	$ 180 por tonelada métrica	Reducción de 25-30%
Fabricación	$ 270 por tonelada métrica	15-20% de reducción

ArcelorMittal S.A. (MT) - Modelo de negocio: relaciones con los clientes

Contratos a largo plazo con clientes industriales

ArcelorMittal mantiene 317 contratos de suministro a largo plazo con clientes automotrices, de construcción y fabricación a partir de 2023. La duración promedio del contrato es de 5.7 años, con un valor de contrato total de $ 42.6 mil millones.

Segmento de la industria	Número de contratos	Valor de contrato promedio
Automotor	127	$ 18.3 millones
Construcción	95	$ 14.2 millones
Fabricación	95	$ 10.1 millones

Soporte técnico y consulta de ingeniería

ArcelorMittal invierte $ 673 millones anuales en servicios de soporte técnico. La compañía mantiene 247 centros de soporte técnico dedicados a nivel mundial.

• Tiempo de respuesta promedio: 4.2 horas
• Tasa de satisfacción del cliente: 92.6%
• Horas de consulta técnica anual: 87,500

Equipos de gestión de cuentas dedicados

La compañía emplea a 1.236 gerentes de cuentas dedicados en 42 países, atendiendo a 2.847 clientes industriales clave.

Región	Gerentes de cuentas	Clientes clave atendidos
Europa	476	987
América	384	762
Asia-Pacífico	376	698

Plataformas digitales para la participación del cliente

ArcelorMittal opera 6 plataformas digitales de participación del cliente con 24,567 usuarios corporativos activos. Inversión de plataforma digital: $ 89.4 millones en 2023.

• Tasa de uso de la plataforma: 78.3%
• Transacciones digitales anuales: 317,000
• Duración promedio de la sesión del usuario: 22 minutos

Innovación y personalización de productos continuos

Inversión de I + D para innovación de productos: $ 1.2 mil millones en 2023. Ofertas de productos personalizados totales: 437 soluciones de acero únicas.

Categoría de innovación	Nuevos productos desarrollados	Tasa de adopción del mercado
Acero de alta resistencia	127	86.5%
Soluciones sostenibles	184	72.3%
Aleaciones avanzadas	126	65.7%

ArcelorMittal S.A. (MT) - Modelo de negocio: canales

Equipos de ventas directos

ArcelorMittal opera 168 oficinas de ventas en 60 países a partir de 2023. El equipo de ventas directas globales consta de aproximadamente 1,200 profesionales especializados de ventas de acero y metales.

Región	Número de oficinas de ventas	Tamaño del equipo de ventas
Europa	52	420
América	38	310
Asia	46	280
África	32	190

Plataformas de ventas digitales en línea

La plataforma de ventas digitales de Arcelormittal procesó $ 12.3 mil millones en transacciones en línea en 2023, lo que representa el 22% del volumen total de ventas.

• Plataforma digital lanzada en 2019
• Seguimiento de inventario en tiempo real
• Sistema de cotización automatizado
• Capacidades de comercio electrónico B2B

Ferias y exhibiciones de la industria

ArcelorMittal participa en 47 ferias comerciales internacionales anualmente, con una inversión de exhibición total de $ 6.2 millones en 2023.

Redes de distribución global

La red de distribución abarca 22 países con 86 centros de distribución primarios. Costo de logística de distribución anual: $ 1.7 mil millones.

Región de distribución	Número de centros	Volumen de distribución anual
Europa	32	14.5 millones de toneladas
América	24	11.3 millones de toneladas
Asia-Pacífico	18	8.7 millones de toneladas
África/Medio Oriente	12	5.2 millones de toneladas

Marketing de asociación estratégica

ArcelorMittal mantiene 63 asociaciones estratégicas en los sectores automotriz, de construcción y de energía. Presupuesto de marketing de asociación: $ 42.5 millones en 2023.

• Asociaciones del sector automotriz: 28
• Colaboraciones de la industria de la construcción: 22
• Asociaciones del sector energético: 13

ArcelorMittal S.A. (MT) - Modelo de negocio: segmentos de clientes

Fabricantes de automóviles

ArcelorMittal sirve a fabricantes automotrices con soluciones de acero especializadas, que proporciona aproximadamente el 45% de la demanda mundial de acero automotriz.

Segmento de clientes automotrices	Cuota de mercado	Suministro anual de acero (millones de toneladas)
Mercado mundial de acero automotriz	45%	35.7
Los mejores clientes automotrices	Volkswagen, Ford, General Motors	12.5

Compañías de construcción e infraestructura

ArcelorMittal proporciona productos de acero para proyectos de construcción e infraestructura en todo el mundo.

Segmento de construcción	Contribución de ingresos	Penetración del mercado global
Soluciones de acero de construcción	$ 8.2 mil millones	32%

Productores de maquinaria y equipos

Soluciones de acero para la fabricación de maquinaria en múltiples sectores industriales.

• Fabricación de maquinaria pesada
• Producción de equipos agrícolas
• Fabricación de maquinaria industrial

Sectores de Equipos de Energía e Industrial

ArcelorMittal suministra grados de acero especializados para proyectos de infraestructura energética.

Segmento del sector energético	Suministro anual de acero	Industrias clave
Infraestructura de energía renovable	2.3 millones de toneladas	Eólico, solar, hidroeléctrico

Industrias de envases y bienes de consumo

Soluciones de acero para embalaje y fabricación de productos de consumo.

• Envasado de alimentos
• Contenedores de bebidas
• Electrónica de consumo

Segmento de embalaje	Valor comercial	Producción anual
Soluciones de empaque de acero	$ 3.6 mil millones	5.7 millones de toneladas

ArcelorMittal S.A. (MT) - Modelo de negocio: Estructura de costos

Gastos de adquisición de materia prima

En 2022, los costos de adquisición de materias primas de ArcelorMittal fueron de aproximadamente $ 35.4 mil millones, que incluyen:

Materia prima	Gasto anual
Mineral de hierro	$ 18.2 mil millones
Carbón de coque	$ 7.6 mil millones
Chatarra	$ 5.9 mil millones
Otros minerales	$ 3.7 mil millones

Costos de fabricación y producción

Los gastos de fabricación totales en 2022 alcanzaron los $ 42.8 mil millones, con el desglose de la siguiente manera:

• Costos de energía: $ 8.9 mil millones
• Mantenimiento del equipo: $ 5.3 mil millones
• Sobre de fábrica: $ 6.2 mil millones
• Trabajo de producción directa: $ 4.5 mil millones
• Gastos de producción indirecta: $ 3.9 mil millones

Inversiones de investigación y desarrollo

Los gastos de I + D para 2022 totalizaron $ 657 millones, centrándose en:

Área de enfoque de I + D	Inversión
Tecnologías de acero verde	$ 276 millones
Eficiencia del proceso	$ 189 millones
Fabricación digital	$ 122 millones
Innovación material	$ 70 millones

Logística y transporte global

Los gastos logísticos en 2022 ascendieron a $ 6.3 mil millones, distribuidos en todo:

• Flete de mar: $ 2.7 mil millones
• Transporte terrestre: $ 2.1 mil millones
• Logística ferroviaria: $ 1.1 mil millones
• Almacenamiento: $ 400 millones

Gestión laboral y de la fuerza laboral

Los gastos totales relacionados con el trabajo para 2022 fueron de $ 9.6 mil millones:

Categoría de trabajo	Gasto anual
Salarios laborales directos	$ 5.4 mil millones
Beneficios y seguro	$ 2.3 mil millones
Capacitación y desarrollo	$ 320 millones
Incentivos de empleados	$ 580 millones

ArcelorMittal S.A. (MT) - Modelo de negocio: flujos de ingresos

Venta de productos de acero

En 2022, ArcelorMittal reportó envíos de acero totales de 64.2 millones de toneladas métricas. La compañía generó ingresos totales de $ 79.4 mil millones para el año fiscal.

Categoría de productos de acero	Contribución de ingresos
Productos de acero plano	$ 34.2 mil millones
Productos de acero largo	$ 22.6 mil millones
Placa y acero estructural	$ 12.5 mil millones

Ingresos de extracción minera y de minerales

Las operaciones mineras de ArcelorMittal generaron $ 6.8 mil millones en ingresos en 2022, con la producción de mineral de hierro que alcanzó 54.2 millones de toneladas métricas.

• Ventas de mineral de hierro: $ 5.2 mil millones
• Ingresos de la minería de carbón: $ 1.6 mil millones

Soluciones de acero de valor agregado

Specialized Steel Solutions contribuyó con aproximadamente $ 15.3 mil millones al flujo de ingresos de la compañía en 2022.

Segmento de acero especializado	Ganancia
Soluciones de acero automotriz	$ 7.6 mil millones
Soluciones de acero de construcción	$ 4.9 mil millones
Productos de acero especializado	$ 2.8 mil millones

Comercio del mercado internacional

Los ingresos comerciales internacionales de ArcelorMittal alcanzaron los $ 20.5 mil millones en 2022, con una importante presencia del mercado en 60 países.

• Ventas del mercado europeo: $ 8.7 mil millones
• Ventas del mercado norteamericano: $ 6.3 mil millones
• Ventas del mercado asiático: $ 5.5 mil millones

Servicios de licencias y consultoría tecnológicas

Los servicios tecnológicos y las licencias generaron $ 450 millones en ingresos adicionales para ArcelorMittal en 2022.

Categoría de servicio	Ganancia
Licencias de tecnología de acero	$ 250 millones
Servicios de consultoría	$ 200 millones

ArcelorMittal S.A. (MT) - Canvas Business Model: Value Propositions

You're looking at the core value ArcelorMittal S.A. (MT) delivers to its customers, which is built on low-carbon innovation, product breadth, and reliable global reach.

XCarb® low-carbon steel with a footprint as low as 300 kg of CO2 per tonne.

ArcelorMittal S.A. (MT) offers the XCarb® range, which includes steel made via the Electric Arc Furnace (EAF) route using renewable electricity and 100% scrap metallics, resulting in a carbon footprint as low as approximately 300 kg of CO2 per tonne of finished steel. For example, the footprint for their long steel products can be up to 333 kgCO2eq per ton. This focus is scaling up; the modernization project in Sestao is expected to give ArcelorMittal S.A. (MT) an annual production capacity of 1.6 million tonnes of low CO2 flat products by 2026. In Europe, sales of CO2-reduced steel reached around 400,000 tonnes in 2024. To drive breakthrough technologies, the XCarb® innovation fund commits $100 million a year.

Diversified, high-quality product portfolio (flat, long, specialized products).

ArcelorMittal S.A. (MT) provides a broad range of steel products, including flat products, long products, and pipes and tubes. The scale of this operation is substantial, as seen in the first half of 2025 (H1 2025) results. Here's a quick look at the production and shipment scale:

Metric	H1 2025 Value
Sales	$30.7 billion
Crude Steel Production	29.2 million tonnes
Steel Shipments	27.4 million tonnes
Iron Ore Production (Total Group)	23.6 million tonnes

The company has 37 integrated and mini-mill steel-making facilities. Furthermore, strategic growth investments are adding capacity, such as the new 1.5Mt EAF at Calvert in the U.S..

Global supply chain reliability across 129 countries.

ArcelorMittal S.A. (MT) serves a diverse customer base across approximately 129 countries. This global footprint includes steel-making operations in 15 countries across four continents. The company employs 125,416 people as of June 2025 and operates in 60 countries overall. This extensive network allows for market access and supply chain management, though it also makes the company sensitive to trade policy changes.

Specialized high-strength steel (e.g., AHSS) for automotive safety and lightweighting.

ArcelorMittal S.A. (MT) produces a broad range of high-quality finished and semi-finished steel products. While specific 2025 volumes for Advanced High-Strength Steel (AHSS) aren't explicitly detailed in the latest reports, the value proposition is supported by investments in advanced facilities like the new 1.5Mt EAF at Calvert, which is part of the North America segment. The company also has specialized units like ArcelorMittal Tailored Blanks Americas (AMTBA), which was fully consolidated following an acquisition in Q2 2025.

CO2 attribute certificates to help customers reduce their Scope 3 emissions.

Customers can purchase XCarb® steel certificates attached to their physical orders. These certificates represent real savings in ArcelorMittal S.A. (MT)'s CO2 emissions through targeted investment. This mechanism directly enables customers to report a reduction in their Scope 3 carbon emissions, following the GHG Protocol Corporate Accounting and Reporting Standard.

Finance: draft 13-week cash view by Friday.

ArcelorMittal S.A. (MT) - Canvas Business Model: Customer Relationships

You're looking at how ArcelorMittal S.A. (MT) manages its connections with its industrial buyers, which is the core of its business. Honestly, for a company this size, relationships aren't just about sales; they're about deep integration into the customer's value chain, especially since the company's revenue for the first half of 2025 was $30.724 billion.

Dedicated, long-term B2B relationships with large industrial enterprises

ArcelorMittal S.A. (MT) operates almost exclusively on a business-to-business (B2B) model, focusing its direct sales efforts on major industrial clients. This means building enduring partnerships rather than chasing one-off transactions. The company's strategy is fundamentally about deep engagement with key players in sectors that require massive, consistent steel supply. The scale of this commitment is evident in its operational footprint, which includes 37 integrated and mini-mill steel-making facilities globally.

These relationships are critical because they secure demand across the cycle. The company serves diverse, high-volume segments, which necessitates a tailored approach to supply and product specification. For instance, the company is a major supplier to the mobility, construction, infrastructure, industrial, and energy sectors.

Customer Segment Focus	Operational Scale Context (H1 2025)	Relationship Implication
Automotive Industry	Crude Steel Production: 29.2 million tonnes	Long-term supply agreements for specialized grades.
Construction & Infrastructure	Iron Ore Production: 23.6 million tonnes	Volume consistency and project-specific material sourcing.
Industrial & Energy	Total Steel Shipments: 27.4 million tonnes	Technical collaboration on new material requirements.

Provision of specialized engineering support and technical consultation

To maintain these B2B ties, ArcelorMittal S.A. (MT) goes beyond just shipping steel; it embeds technical expertise into the customer experience. This involves providing specialized engineering support and technical consultation, which helps clients optimize their use of advanced materials. The company's strategy emphasizes its technical proficiency as a key differentiator in the market. This consultative approach is vital when dealing with complex, high-value products, such as the electrical steels where the company is investing in 3.4 million tonnes of additional EAF capacity by the end of 2026.

The focus here is on inventing smarter steels to meet evolving customer needs, driven by the research and development team. This support helps customers integrate these materials seamlessly, which is a major value-add that locks in the relationship.

Project-based, tailor-made steel packages and logistics services

A significant part of the customer relationship involves delivering solutions that are not off-the-shelf. ArcelorMittal S.A. (MT) develops project-based, tailor-made steel packages that often include complex logistics services to ensure just-in-time delivery to large-scale industrial sites. This is directly tied to the company's strategic growth investments, which are expected to support structurally higher EBITDA in future periods. The company is actively investing in strategic capex projects, with $1.2 billion invested over the past 12 months ending September 30, 2025.

These tailor-made offerings are crucial for securing business in high-growth areas. For example, in India, where steel consumption growth is expected to be six percent to seven percent in 2025, customized packages support rapid infrastructure development.

• Tailored solutions for the automotive sector's lightweighting needs.
• Integrated logistics to manage complex, multi-site construction projects.
• Customized low-carbon steel solutions supporting customer decarbonization goals.
• Value creation through downstream transformation and distribution activities.

Proactive stakeholder engagement to ensure consistency across the Group

Managing relationships extends beyond direct buyers to regulators, communities, and investors. ArcelorMittal S.A. (MT) views proactive, inclusive, and meaningful stakeholder engagement as crucial for long-term, trusting relationships. To ensure this is managed consistently across its global operations, the company took specific action in late 2025. In the third quarter of 2025, the company updated its external stakeholder engagement procedure and launched a new training program for its social performance directors and managers across all segments.

This effort aims to leverage best practice and ensure consistency across the Group. Key stakeholder groups that are actively engaged include:

• Employees and Trade Unions.
• Investors (with a focus on shareholder returns, including a proposed base annual dividend of $0.55/share for FY 2025).
• Regulators and Multilateral Organisations.
• Suppliers and NGOs.
• Local Communities (with site-level grievance mechanisms in place).

The company's commitment to integrity and reputation is central to preserving its social license to operate.

ArcelorMittal S.A. (MT) - Canvas Business Model: Channels

You're looking at how ArcelorMittal S.A. (MT) gets its products-from slabs to specialized coated steel-into the hands of industrial clients as of late 2025. The core is direct engagement.

Primary channel is direct sales teams for B2B industrial clients.

The direct sales force targets major industrial segments, including automotive, appliance, engineering, construction, and machinery industries, selling to customers in approximately 129 countries. For the first half of 2025, ArcelorMittal S.A. (MT) recorded steel shipments of 27.4 million tonnes, contributing to sales of $30.7 billion for the same period. The company's global scale, which positions it as the world's largest steel producer outside China, is supported by its 37 integrated and mini-mill steel-making facilities. The sales performance reflects its market reach, with the US being the top market in 2024, generating $8.44 billion in sales.

Market (2024 Sales)	Sales Amount (USD)	Segment Production Facilities
United States	$8.44 billion	North America (Segment)
Brazil	$7.56 billion	Brazil (Segment)
Germany	$5.76 billion	Europe (Segment)
Poland	$4.44 billion	Europe (Segment)

Global network of stockyards and distribution centers for minimal lead times.

ArcelorMittal S.A. (MT) uses a dedicated in-house trading and distribution arm that functions as a growth vector. This network includes more than 300 commercial and production sites spread across over 60 countries. This infrastructure supports value-added and customized steel solutions through further processing. For example, in Spain, ArcelorMittal Distribución Iberia operates 14 distribution centers, with a new, larger center being constructed at the Villaverde plant, set to merge the services of the Getafe and Coslada centers.

Strategic presence at major industry trade shows and exhibitions.

Market engagement and product innovation communication are supported through targeted investor and industry events. ArcelorMittal S.A. (MT) presented its strategy and operational updates at key forums, including a Roadshow presentation in March 2025 and a Sustainability presentation in November 2025. The company also highlighted its technological advancements, such as winning an award for its AI-Driven 'Approach to Investment Assessment' in June 2025.

• Sustainability presentation - November 2025
• Roadshow presentation - March 2025
• AM/NS India: Hazira site visit presentation - Sept 2024

Digital platforms for technical information and product innovation marketing.

Digitalization is transforming supply chain, logistics, and sales forecasting. The company leverages its big data platform and artificial intelligence (AI) algorithms for defect recognition and quality assurance. This digital focus supports the marketing of high-value products, such as those for the automotive sector, where ArcelorMittal S.A. (MT) has a 40-year partnership. The digital transformation efforts have yielded measurable impacts across internal processes, which indirectly supports the efficiency of external channels.

Digital Initiative Metric	Reported Value/Status
Employees Connected to Digital System (Almexoft)	More than 5,000
Reduction in Paper Consumption (Internal Processes)	> 60%
Document Approval Time Reduction	From days to hours
Q1 2025 EBITDA/tonne (Margin Indicator)	$116/t

ArcelorMittal S.A. (MT) - Canvas Business Model: Customer Segments

You're looking at the core buyers for ArcelorMittal S.A. (MT) as of late 2025, which is really about where their massive steel and iron ore output lands. Honestly, it's a global spread, with sales reaching customers in approximately 129 countries in 2024. The company's total revenue for the twelve months ending December 31, 2024, was $62.4 billion.

The customer base is segmented across several heavy industries, reflecting the diverse product mix of flat, long, and tubular products. ArcelorMittal S.A. (MT) sells to a diverse range of customers including the automotive, appliance, engineering, construction and machinery industries. Steel consumption patterns differ significantly; developed markets lean toward flat products and higher value-added mixes, while developing markets use more long products and commodity grades.

Here is a breakdown of the key customer groups ArcelorMittal S.A. (MT) serves:

• Automotive manufacturers, demanding high-strength, lightweight steel.
• Construction and infrastructure developers.
• Machinery, engineering, and home appliance industries.
• Energy sector (upstream, midstream, and downstream applications).
• Customers seeking low-carbon solutions (XCarb® buyers).

The automotive sector is a major focus, often secured through longer-term purchase contracts, which sometimes include steel price surcharges to cover input cost increases. For low-carbon demand, the company is actively positioning its portfolio to capture needs from end markets like electrical vehicles.

The construction and infrastructure segment remains a significant user of ArcelorMittal S.A. (MT)'s products. While the prompt suggests this segment accounted for 20% of 2024 sales, the company's 2024 revenue breakdown by product shows Flat products at 56.7% ($35.38B) and Long products at 21.4% ($13.39B) of the total $62.44B revenue. Furthermore, steel demand growth in India during the first half of 2025 was supported by continued strength in construction activity, particularly in infrastructure.

The energy sector is served through the sale of flat products, which include materials for various applications. The machinery, engineering, and home appliance industries are also core recipients of ArcelorMittal S.A. (MT)'s output.

The push toward decarbonization is creating a distinct customer segment focused on low-carbon steel, primarily through the XCarb® offering. This is a clear area of near-term growth, though still a small part of the total volume. Here's the quick math on that segment's growth through 2024:

Metric	2023 Value	2024 Value
XCarb® Sales Volume (Mt)	0.2	0.4
Total Steel Shipments (Mt)	Not specified	54.3
XCarb® Carbon Footprint (kg/tonne)	As low as 300	As low as 300

Sales of XCarb® steel doubled from 0.2 million tonnes (Mt) in 2023 to 0.4Mt in 2024. This 2024 volume represents a small fraction of the total 54.3 million tonnes shipped that year. The offering includes XCarb® Steel Certificates, which verify carbon savings from cleaner steelmaking investments. The company is on track to double sales to approximately 400,000 tonnes for 2024. What this estimate hides is that only a limited number of customers are willing to pay a green premium for these products currently. Finance: draft 13-week cash view by Friday.

ArcelorMittal S.A. (MT) - Canvas Business Model: Cost Structure

Variable costs for ArcelorMittal S.A. (MT) are heavily influenced by commodity prices, primarily for raw materials used in steel production.

• Reliance on coal for approximately 87% of ironmaking capacity.
• Seaborne iron ore prices averaged $103.45/t in the first quarter of 2025, declining to $97.18/t in the second quarter of 2025.
• As of December 1, 2025, raw material costs were iron ore at $90.6/t and premium hard coking coal at $172.6/t.

Significant capital expenditure (CapEx) is directed towards strategic growth projects and the transition to lower-emission production methods.

Cost Component	Amount/Period	Reference Date/Period
Strategic Growth CapEx (Last 12 Months)	$1.2 billion	Ending September 30, 2025
Decarbonization CapEx (Last 12 Months)	$0.3 billion	Ending September 30, 2025
Annual Decarbonization Budget (Targeted)	$300-400 million	2025
Decarbonization Spending (H1 2025)	$100 million	First Half of 2025

Decarbonization and environmental compliance costs represent a growing area of expenditure, though large-scale project deployment is subject to policy stability. For instance, ArcelorMittal S.A. (MT) declined subsidies of approximately €1.3 billion (or $1.49 billion) for a planned carbon-neutral conversion project in Germany due to high energy costs.

Fixed costs are substantial, tied to maintaining a large, integrated operational footprint. ArcelorMittal S.A. (MT) operates 37 integrated and mini-mill steel-making facilities as of the first half of 2025. The company's operating profitability, reflected in EBITDA per tonne, was $121 for the year to date through September 2025, with a margin of $135/tonne in the second quarter of 2025.

Working capital investment reflects the cyclical nature of the business, often increasing during periods of anticipated growth or inventory build-up. The investment in working capital for the first nine months of 2025 was $1.9 billion, which was expected to unwind in the fourth quarter of 2025.

• Working Capital Investment (9M 2025)
• Net Debt (September 30, 2025): $9.1 billion.
• Cash and Cash Equivalents (September 30, 2025): $5.7 billion.

ArcelorMittal S.A. (MT) - Canvas Business Model: Revenue Streams

You're looking at how ArcelorMittal S.A. (MT) converts its operations into cash, which is the core of its Revenue Streams block. Honestly, for a massive integrated steel and mining company, this is all about volume, pricing power, and commodity cycles.

The total revenue for the twelve months ending September 30, 2025, was reported at $61.095 billion. This shows the sheer scale we're dealing with, even with market headwinds.

The primary revenue drivers follow the core business segments. While the precise breakdown for the 12 months to September 2025 isn't fully detailed across all required categories in the latest reports, the general structure, based on recent financial data, looks like this:

Revenue Source Category	Approximate Revenue Amount (Based on recent reporting structure)	Percentage of Total Revenue (Based on recent reporting structure)
Flat steel products (sheet and plate)	$35.38 billion	56.7%
Long steel products (bars, rods, structural shapes)	$13.39 billion	21.4%
Iron ore sales from the Mining segment	$1.19 billion	1.9%

Note that the sum of these specific segments plus Tubular products and Other products equals the total revenue figure reported in the source for the revenue breakdown.

The Mining segment's contribution, driven by operations like those in Liberia reaching its full expanded 20Mt capacity by end 2025, is a key component of the commodity revenue stream. For instance, iron ore production in the first six months of 2025 was 23.6 million tonnes, with 16.7 million tonnes from the Mining segment specifically.

Revenue from value-added services like pre-fabrication and project management is embedded within the segment sales but is increasingly important as ArcelorMittal S.A. (MT) focuses on higher-value products. You see this strategic shift in action with projects like the new high added-value finishing line under development at the Tubarão facility. Furthermore, the company expects an incremental $2.1 billion of EBITDA from strategic growth projects and M&A, with some of that benefit flowing through in 2025.

To give you a sense of recent operational profitability that underpins these revenue streams, here are some key performance indicators:

• EBITDA for the three months ended September 30, 2025, was reported as $1.5 billion.
• EBITDA for the quarter ending September 30, 2025, was $1.474 billion, showing a 9.59% increase year-over-year.
• EBITDA for the first half of 2025 (6 months ended June 30, 2025) was $3.440 billion.

And, as you noted, the required benchmark for the full twelve months ending September 2025 is approximately $6.9 billion for Total EBITDA. That's the number management is likely using to gauge the cycle's performance.

The company is also actively managing its portfolio to enhance returns, which impacts the revenue mix; for example, they completed the full consolidation of AM/NS Calvert during the second quarter of 2025. This move is expected to support higher normalized EBITDA of circa $0.3 billion.

Finance: draft 13-week cash view by Friday.