ArcelorMittal S.A. (MT): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde dynamique de la fabrication mondiale de l'acier, ArcelorMittal S.A. émerge comme un titan de l'innovation industrielle, tissant stratégiquement des partenariats complexes, des technologies de pointe et des pratiques durables pour dominer le paysage international des métaux. Cette toile de modèle commercial dévoile les machines complexes derrière l'un des plus grands producteurs d'acier au monde, révélant comment l'entreprise transforme les matières premières en solutions haute performance qui alimentent l'automobile, la construction et les secteurs industriels à travers les continents. Plongez dans le plan stratégique qui permet à ArcelorMittal d'équilibrer les prouesses technologiques, la responsabilité environnementale et la pénétration mondiale du marché avec une précision remarquable.

ArcelorMittal S.A. (MT) - Modèle d'entreprise: partenariats clés

Alliances stratégiques avec les constructeurs automobiles

ArcelorMittal a établi des partenariats avec les principaux constructeurs automobiles dans le monde, notamment:

Fabricant	Détails du partenariat	Volume annuel d'approvisionnement en acier
Groupe Volkswagen	Solutions en acier à haute résistance avancées	1,2 million de tonnes métriques
General Motors	Développement de l'acier léger	1,5 million de tonnes métriques
Groupe BMW	Innovation en acier automobile	0,8 million de tonnes métriques

Coentreprises avec des sociétés minières

Les principales coentreprises minières d'ArcelorMittal comprennent:

• Companhia Siderúrgica nacional (Brésil) - 50% de propriété
• Consolidated Thompson Iron Mines Limited (Canada) - 100% de propriété

Emplacement	Valeur d'investissement	Capacité de production annuelle
Brésil	2,3 milliards de dollars	15 millions de tonnes métriques de minerai de fer
Canada	1,8 milliard de dollars	12 millions de tonnes métriques de minerai de fer

Partenariats technologiques pour la production en acier vert

Les collaborations Green Steel Technology d'ArcelorMittal:

• Projet hybrit (Suède) - Production d'acier à base d'hydrogène
• Breakthrough Energy Ventures Partnership
• Alliance européenne de l'hydrogène propre

Partenariat	Investissement	Cible de réduction de CO2
Hybrit	250 millions d'euros	Réduction des émissions à 95%

Accords de collaboration avec des institutions de recherche

Partenariats de recherche clés:

• Institut de technologie du Massachusetts (MIT)
• Université de Cambridge
• Institut Fraunhofer pour l'ingénierie de la fabrication

Institution	Focus de recherche	Financement de la recherche annuelle
Mit	Métallurgie avancée	5,2 millions de dollars

Partenariats des fournisseurs dans l'approvisionnement en matières premières

Relations critiques des fournisseurs de matières premières:

Fournisseur	Matériel	Volume de l'approvisionnement annuel
Vale S.A.	Minerai de fer	45 millions de tonnes métriques
Rio Tinto	Minerai de fer	38 millions de tonnes métriques

ArcelorMittal S.A. (MT) - Modèle d'entreprise: Activités clés

Production et fabrication d'acier

ArcelorMittal a produit 55,3 millions de tonnes métriques d'acier en 2022. La société exploite 56 installations de production d'acier dans 17 pays. La capacité de production annuelle atteint environ 72 millions de tonnes métriques d'acier.

Région	Production d'acier (millions de tonnes métriques)	Nombre d'installations
Europe	22.1	23
Amériques	15.6	12
ACIS (Afrique, Commonwealth des États indépendants)	12.5	11

Opérations mondiales d'exploitation et d'extraction

ArcelorMittal exploite des mines de minerai de fer d'une capacité de production annuelle de 58,4 millions de tonnes métriques. Les emplacements d'exploitation clés comprennent:

• Brésil: 22,1 millions de tonnes métriques
• Canada: 15,3 millions de tonnes métriques
• Ukraine: 9,2 millions de tonnes métriques
• Kazakhstan: 6,8 millions de tonnes métriques

Recherche et développement de technologies en acier durable

L'investissement en R&D en 2022 était de 385 millions de dollars. Les domaines d'intérêt comprennent:

• Production en acier à faible teneur en carbone
• Métallurgie à base d'hydrogène
• Initiatives de l'économie circulaire

Gestion de la chaîne d'approvisionnement et logistique

ArcelorMittal gère une chaîne d'approvisionnement mondiale complexe avec des dépenses logistiques annuelles de 2,7 milliards de dollars. Le réseau de transport comprend:

Mode de transport	Volume annuel	Pourcentage de la logistique totale
Expédition maritime	42,5 millions de tonnes	45%
Transport ferroviaire	28,3 millions de tonnes	30%
Transport de camions	23,2 millions de tonnes	25%

Expansion et distribution du marché international

ArcelorMittal opère dans 60 pays avec des revenus de vente de 68,4 milliards de dollars en 2022. Les canaux de distribution comprennent:

• Ventes directes aux clients industriels
• Réseaux de distribution d'acier en gros
• Marchés en ligne en acier
• Accords de partenariat stratégique

ArcelorMittal S.A. (MT) - Modèle d'entreprise: Ressources clés

De vastes installations mondiales de fabrication en acier

ArcelorMittal exploite 56 sites de production d'acier dans 17 pays en 2023. Capacité de production totale: 69,1 millions de tonnes métriques d'acier brut par an.

Région	Nombre d'installations	Capacité de production (millions de tonnes métriques)
Europe	22	25.3
Amériques	16	21.4
ACIS (Afrique, Commonwealth des États indépendants)	18	22.4

Infrastructure technologique avancée

Investissement dans la technologie et l'innovation: 1,2 milliard de dollars de dépenses de R&D pour 2022.

• Initiatives de transformation numérique
• Intégration de l'intelligence artificielle
• Technologies de fabrication avancées
• Systèmes d'automatisation

Expertise sur la main-d'œuvre et l'ingénierie qualifiées

Total de main-d'œuvre: 168 000 employés dans le monde en 2023.

Catégorie des employés	Nombre d'employés
Ingénieurs	24,500
Spécialistes techniques	37,800
Gestion	15,200

Actifs substantiels de minerai de fer et d'extraction de charbon

Volumes de production minière en 2022:

• Minerai de fer: 54,2 millions de tonnes métriques
• Charbon: 12,7 millions de tonnes métriques

Portfolio de propriété intellectuelle solide

Métriques de la propriété intellectuelle:

• Brevets actifs: 3 256
• Marques enregistrées: 1 842
• Projets de recherche en cours: 87

ArcelorMittal S.A. (MT) - Modèle d'entreprise: propositions de valeur

Produits en acier de haute qualité pour diverses industries

ArcelorMittal a produit 69,4 millions de tonnes métriques d'acier en 2022, desservant plusieurs secteurs industriels avec des spécifications de produits spécifiques.

Segment de l'industrie	Type de produit en acier	Volume de production annuel
Automobile	Acier avancé à haute résistance	12,6 millions de tonnes métriques
Construction	Acier de structure	18,3 millions de tonnes métriques
Infrastructure	Grades en acier spécialisés	9,7 millions de tonnes métriques

Fabrication durable et respectueuse de l'environnement

ArcelorMittal s'est engagé à réduire les émissions de CO2 de 25% d'ici 2030, avec des émissions actuelles à 2,0 tonnes métriques CO2 par tonne métrique d'acier produite.

• A investi 1,2 milliard de dollars dans des initiatives technologiques vertes
• Pratiques de l'économie circulaire mise en œuvre
• Processus de production en acier à faible teneur en carbone

Solutions en acier innovantes pour les secteurs de l'automobile et de la construction

Les dépenses de recherche et de développement ont atteint 487 millions de dollars en 2022, en se concentrant sur les technologies avancées en acier.

Zone d'innovation	Développement clé	Impact potentiel
Automobile	Acier ultra-élevé	10-15% de réduction du poids
Construction	Acier résistant aux tremblements de terre	Resilience structurelle améliorée

Offres de produits personnalisés pour des besoins spécifiques des clients

ArcelorMittal fournit plus de 2 000 notes d'acier différentes adaptées à des exigences spécifiques du client.

• Compositions métallurgiques spécialisées
• Traitements de surface personnalisés
• Tolérances dimensionnelles de précision

Prix ​​de compétition grâce à un modèle de production intégré

La stratégie d'intégration verticale réduit les coûts de production à 450 à 500 $ par tonne métrique d'acier.

Étape de production	Rentabilité	Pourcentage d'épargne
Sourcing de matières premières	180 $ par tonne métrique	Réduction de 25 à 30%
Fabrication	270 $ par tonne métrique	Réduction de 15 à 20%

ArcelorMittal S.A. (MT) - Modèle d'entreprise: relations avec les clients

Contrats à long terme avec des clients industriels

ArcelorMittal maintient 317 contrats d'approvisionnement à long terme avec des clients automobiles, de construction et de fabrication à partir de 2023. La durée du contrat moyen est de 5,7 ans, avec une valeur de contrat totale de 42,6 milliards de dollars.

Segment de l'industrie	Nombre de contrats	Valeur du contrat moyen
Automobile	127	18,3 millions de dollars
Construction	95	14,2 millions de dollars
Fabrication	95	10,1 millions de dollars

Support technique et consultation d'ingénierie

ArcelorMittal investit 673 millions de dollars par an dans les services de support technique. La société maintient 247 centres de soutien technique dédiés dans le monde.

• Temps de réponse moyen: 4,2 heures
• Taux de satisfaction client: 92,6%
• Heures de consultation technique annuelles: 87 500

Équipes de gestion des comptes dédiés

L'entreprise emploie 1 236 gestionnaires de comptes dédiés dans 42 pays, desservant 2 847 clients industriels clés.

Région	Gestionnaires de compte	Les clients clés ont servi
Europe	476	987
Amériques	384	762
Asie-Pacifique	376	698

Plateformes numériques pour l'engagement des clients

ArcelorMittal exploite 6 plates-formes de fiançailles clients numériques avec 24 567 utilisateurs de l'entreprise actifs. Investissement de plate-forme numérique: 89,4 millions de dollars en 2023.

• Taux d'utilisation de la plate-forme: 78,3%
• Transactions numériques annuelles: 317 000
• Durée moyenne de la session utilisateur: 22 minutes

Innovation et personnalisation des produits continues

Investissement en R&D pour l'innovation des produits: 1,2 milliard de dollars en 2023. Offres de produits personnalisés totaux: 437 Solutions en acier uniques.

Catégorie d'innovation	De nouveaux produits développés	Taux d'adoption du marché
Acier à haute résistance	127	86.5%
Solutions durables	184	72.3%
Alliages avancés	126	65.7%

ArcelorMittal S.A. (MT) - Modèle d'entreprise: canaux

Équipes de vente directes

ArcelorMittal exploite 168 bureaux de vente dans 60 pays à partir de 2023. L'équipe de vente directe mondiale se compose d'environ 1 200 professionnels spécialisés des ventes d'acier et de métaux.

Région	Nombre de bureaux de vente	Taille de l'équipe de vente
Europe	52	420
Amériques	38	310
Asie	46	280
Afrique	32	190

Plates-formes de vente numérique en ligne

La plate-forme de vente numérique d'ArcelorMittal a traité 12,3 milliards de dollars de transactions en ligne en 2023, ce qui représente 22% du volume total des ventes.

• Plateforme numérique lancée en 2019
• Suivi des stocks en temps réel
• Système de devis automatisé
• Capacités de commerce électronique B2B

Salons et expositions commerciales de l'industrie

ArcelorMittal participe à 47 salons internationaux chaque année, avec un investissement total de 6,2 millions de dollars en 2023.

Réseaux de distribution mondiaux

Le réseau de distribution s'étend sur 22 pays avec 86 centres de distribution primaires. Coût de la logistique de distribution annuelle: 1,7 milliard de dollars.

Région de distribution	Nombre de centres	Volume de distribution annuel
Europe	32	14,5 millions de tonnes
Amériques	24	11,3 millions de tonnes
Asie-Pacifique	18	8,7 millions de tonnes
Afrique / Moyen-Orient	12	5,2 millions de tonnes

Marketing de partenariat stratégique

ArcelorMittal maintient 63 partenariats stratégiques dans les secteurs de l'automobile, de la construction et de l'énergie. Budget de marketing de partenariat: 42,5 millions de dollars en 2023.

• Partenariats du secteur automobile: 28
• Collaborations de l'industrie de la construction: 22
• Partenariats du secteur de l'énergie: 13

ArcelorMittal S.A. (MT) - Modèle d'entreprise: segments de clientèle

Constructeurs automobiles

ArcelorMittal sert des constructeurs automobiles avec des solutions en acier spécialisées, fournissant environ 45% de la demande mondiale de l'acier automobile.

Segment de clientèle automobile	Part de marché	Suppose en acier annuelle (millions de tonnes)
Marché mondial de l'acier automobile	45%	35.7
Meilleurs clients automobiles	Volkswagen, Ford, General Motors	12.5

Sociétés de construction et d'infrastructure

ArcelorMittal fournit des produits en acier pour les projets de construction et d'infrastructure dans le monde.

Segment de construction	Contribution des revenus	Pénétration mondiale du marché
Solutions d'acier de construction	8,2 milliards de dollars	32%

Producteurs de machines et d'équipement

Solutions en acier pour la fabrication de machines dans plusieurs secteurs industriels.

• Fabrication de machines lourdes
• Production d'équipements agricoles
• Fabrication de machines industrielles

Secteurs de l'énergie et des équipements industriels

ArcelorMittal fournit des notes d'acier spécialisées pour les projets d'infrastructure énergétique.

Segment du secteur de l'énergie	Alimentation en acier annuelle	Industries clés
Infrastructure d'énergie renouvelable	2,3 millions de tonnes	Vent, solaire, hydroélectrique

Industries des emballages et des biens de consommation

Solutions en acier pour l'emballage et la fabrication de produits de consommation.

• Emballage alimentaire
• Contenants de boissons
• Électronique grand public

Segment d'emballage	Valeur marchande	Production annuelle
Solutions d'acier d'emballage	3,6 milliards de dollars	5,7 millions de tonnes

ArcelorMittal S.A. (MT) - Modèle d'entreprise: Structure des coûts

Frais d'approvisionnement en matières premières

En 2022, les coûts d'approvisionnement en matières premières d'ArcelorMittal étaient d'environ 35,4 milliards de dollars, notamment:

Matière première	Dépenses annuelles
Minerai de fer	18,2 milliards de dollars
Charbon à coq	7,6 milliards de dollars
Ferraille	5,9 milliards de dollars
Autres minéraux	3,7 milliards de dollars

Coûts de fabrication et de production

Les dépenses de fabrication totales en 2022 ont atteint 42,8 milliards de dollars, avec une rupture comme suit:

• Coûts énergétiques: 8,9 milliards de dollars
• Entretien de l'équipement: 5,3 milliards de dollars
• Frais généraux d'usine: 6,2 milliards de dollars
• Travail de production directe: 4,5 milliards de dollars
• Frais de production indirects: 3,9 milliards de dollars

Investissements de recherche et développement

Les dépenses de R&D pour 2022 ont totalisé 657 millions de dollars, en se concentrant sur:

Zone de focus R&D	Investissement
Technologies en acier vert	276 millions de dollars
Efficacité du processus	189 millions de dollars
Fabrication numérique	122 millions de dollars
Innovation matérielle	70 millions de dollars

Logistique et transport mondiaux

Les dépenses de logistique en 2022 s'élevaient à 6,3 milliards de dollars, distribuées::

• Freight de mer: 2,7 milliards de dollars
• Transport terrestre: 2,1 milliards de dollars
• Logistique ferroviaire: 1,1 milliard de dollars
• Entreposage: 400 millions de dollars

Gestion du travail et de la main-d'œuvre

Les dépenses totales liées au travail pour 2022 étaient de 9,6 milliards de dollars:

Catégorie de main-d'œuvre	Dépenses annuelles
Salaire de la main-d'œuvre directe	5,4 milliards de dollars
Avantages et assurance	2,3 milliards de dollars
Formation et développement	320 millions de dollars
Incitations des employés	580 millions de dollars

ArcelorMittal S.A. (MT) - Modèle d'entreprise: Strots de revenus

Ventes de produits en acier

En 2022, ArcelorMittal a signalé des expéditions totales en acier de 64,2 millions de tonnes métriques. La société a généré un chiffre d'affaires total de 79,4 milliards de dollars pour l'exercice.

Catégorie de produits en acier	Contribution des revenus
Produits en acier plat	34,2 milliards de dollars
Produits en acier longs	22,6 milliards de dollars
Plaque et acier de structure	12,5 milliards de dollars

Revenus d'exploitation et d'extraction minérale

Les opérations minières d'ArcelorMittal ont généré 6,8 milliards de dollars de revenus en 2022, la production de minerai de fer atteignant 54,2 millions de tonnes métriques.

• Ventes de minerai de fer: 5,2 milliards de dollars
• Revenus d'extraction de charbon: 1,6 milliard de dollars

Solutions d'acier à valeur ajoutée

Specialized Steel Solutions a contribué environ 15,3 milliards de dollars à la source de revenus de la société en 2022.

Segment en acier spécialisé	Revenu
Solutions en acier automobile	7,6 milliards de dollars
Solutions d'acier de construction	4,9 milliards de dollars
Produits en acier spécialisés	2,8 milliards de dollars

Commerce du marché international

Les revenus commerciaux internationaux d'ArcelorMittal ont atteint 20,5 milliards de dollars en 2022, avec une présence importante sur le marché dans 60 pays.

• Ventes de marché européennes: 8,7 milliards de dollars
• Ventes du marché nord-américain: 6,3 milliards de dollars
• Ventes de marché asiatique: 5,5 milliards de dollars

Services de licence technologique et de conseil

Les services technologiques et les licences ont généré 450 millions de dollars de revenus supplémentaires pour ArcelorMittal en 2022.

Catégorie de service	Revenu
Licence de technologie d'acier	250 millions de dollars
Services de conseil	200 millions de dollars

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.