ArcelorMittal
NYSE: MT22Laggard· ProvisionalThe world's second-largest steelmaker by volume, producing roughly 60 million tonnes annually from blast-furnace operations while piloting hydrogen-based DRI under its XCarb initiative.
Why it's on ClimateTicker
ArcelorMittal is one of the world's largest industrial emitters (~100 million tonnes CO2e annually), on par with the emissions of Belgium, operating predominantly coal-fired blast furnaces while marketing itself as a green-steel leader via its XCarb® brand. The headline emissions reduction (~46% since 2018) is almost entirely attributable to lower production volumes and asset divestments, not genuine decarbonisation innovation; emissions intensity has improved only ~5% globally. Investors should treat XCarb® green-steel volumes (0.4Mt out of 57.9Mt total shipments in 2024) as a marginal pilot, not evidence of systemic transformation.
Commitments & Certifications
Controversy & Greenwashing Watch
ArcelorMittal was fined USD 125,000 in Liberia for river pollution and conducting unannounced blasting operations.source ↗
Opportunity Green, SteelWatch, BankTrack, and Ecologistas en Acción filed an OECD complaint in February 2026 alleging ArcelorMittal's climate targets and actions fall materially short of OECD Guidelines on environment, human rights, and general policies.source ↗
Residents of Gijón, Spain, have publicly accused ArcelorMittal of causing years of toxic dust emissions and respiratory illnesses while the company halted its promised ecological transition at the site.source ↗
Reports indicate ArcelorMittal is considering extending coal-fired furnace operations in Poland rather than transitioning to lower-emission production, contradicting its stated decarbonisation commitments.source ↗
At least seven workers died at the Hazira plant between April 2024 and late 2025, including three fatal accidents within two years, raising serious worker safety and governance concerns at ArcelorMittal's 60%-owned Indian JV.source ↗
Despite receiving over $3.5 billion in public subsidies for five flagship DRI-EAF projects in Europe and Canada, none had reached a final investment decision by mid-2025, with the Sestao zero-carbon plant and others shelved or indefinitely delayed.source ↗
Charges filed by indictment in April 2025 allege ArcelorMittal contaminated tributaries of the Moisie River with zinc, nickel, and acutely lethal effluents from its Quebec mining operations between 2014 and 2022, with unlimited fine exposure and potential criminal liability for officers.source ↗
ArcelorMittal omits ~10 million tonnes of CO2e from its 60%-owned AM/NS India JV from its sustainability reporting while including the JV's revenues, materially understating the group carbon footprint; Carbon Tracker found 65% of the JV's capex risks long-term carbon lock-in.source ↗
SteelWatch's 2024 report found ArcelorMittal spent only one-third of its pledged $1.5 billion decarbonisation investment over three years while returning billions to shareholders, and simultaneously building new high-emissions blast furnaces in India.source ↗
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