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Welcome to the fourth edition of the ArcelorMittal Quarterly Risk Briefing: a regular round-up of all things climate, nature and human rights in ArcelorMittal's global operations, sourced from publicly available information in this quarter. 

This bulletin is intended to inform investors and financiers of ArcelorMittal in their engagements with the company by providing them with up-to-date perspectives from workers, communities and civil society around the world.

Spotlights

• Climate: ArcelorMittal retreats from climate commitments: New analysis from SteelWatch identifies ArcelorMittal’s regressive shift away from climate action. The company has cut its 2030 emissions intensity reduction target from 25% to “up to 10%,” while dropping its Europe-specific target of 35% altogether, and publicly called for changes to the EU ETS.
• Nature: ArcelorMittal has been fined $100 million for discharging harmful substances into waters surrounding its iron ore mine in Quebec between 2014 and 2022, but pollution infractions go back to 2011. The company was also found guilty of making “false and misleading statements” to federal environmental officers.

• Human rights: ArcelorMittal South Africa (AMSA) called on to address longstanding legacy of air, water and land pollution at AGM At the annual general meeting of AMSA, civil society called for the board to remedy longstanding environmental and public health concerns associated with the company's integrated steel project in the Vaal. 

Key questions for ArcelorMittal in July 2026: 

1. To what extent is ArcelorMittal's long-term business strategy dependent on the EU revising or retreating from its 2030 and 2040 climate ambitions? How resilient is this strategy if the current legislative trajectory remains in place?

2. By prioritising higher blast furnace utilisation while delaying major transformation investments, does ArcelorMittal risk losing competitive advantage as customers increasingly demand low-emission steel and markets transition to cleaner production technologies?

3. To what extent does ArcelorMittal’s increased reliance on blast furnace production expose the company to stranded-asset risk, impairments or costly write-downs?

News from ArcelorMittal’s global operations:

“Why some steelmakers are trying to weaken the EU ETS”
Carbon Market Watch | 6 July 2026 
Carbon Market Watch argues that ArcelorMittal has received free ETS allowances far exceeding the value of its decarbonisation commitments. The article states:

“ArcelorMittal routinely received allowances for free, in excess of their verified and recorded emissions under the EU Emissions Trading System (ETS). Between 2021 and 2025, ArcelorMittal received around 200 million free allowances, worth a total monetary value of over €15.5 billion. In 2024, they received free allowances equivalent to 111% of their verified emissions. During the same timeframe, their commitment to decarbonisation investments valued around €0.69 billion (part of which is covered by state aid). This is significantly less than €0.8-1.2 billion they have pumped into keeping their dirty plants running.”

“Three steelmakers received EUR 25.7bn in free ETS allowances but committed only EUR 3.2bn in net decarbonisation investment”
SteelWatch | 2 July 2026 
SteelWatch's analysis concludes that the value of free ETS allowances received by the EU's three largest steelmakers has not been matched by comparable investment in decarbonisation. The report states:

“As EU steelmakers pile pressure on the European Commission over the future of the Emissions Trading System (ETS), SteelWatch’s analysis of the Union’s three largest steelmakers — ArcelorMittal, thyssenkrupp and voestalpine — found that the free allocation value they received has not been matched by comparable investment in decarbonisation. The gap documented suggests that prolonging free allocation further would be counterproductive for investment in decarbonisation.”

“Mr Mittal, the climate doesn’t wait for your tipping points”
SteelWatch | 19 June 2026
Published on the SteelWatch website, this commentary by Anand Pathanjali was written in response to ArcelorMittal’s 20th anniversary and Lakshmi Mittal’s 76th birthday:

“Mr Mittal, I must ask: whose tipping points are we talking about? The climate does not negotiate on your timeline. The climate cannot wait for your tipping point. Neither can history’s verdict on your legacy.”

“ArcelorMittal cuts 2030 climate target by more than half, marking a regressive shift, SteelWatch report says”
SteelWatch | 4 May 2026 
SteelWatch argues that ArcelorMittal has significantly weakened the climate commitments it announced in 2021. The report states:

“The global steel giant ArcelorMittal moved beyond delaying investment decisions to openly retreating from the climate commitments it made back in 2021, according to a new report by SteelWatch. The most significant shift is ArcelorMittal’s decision to cut its 2030 emissions intensity reduction target from 25% to “up to 10%,” while dropping its Europe-specific target of 35% altogether. The company also now supports revisiting the EU ETS free allocation phase-out and ETS cap.”

“‘A target without milestones’: ArcelorMittal accused of retreating from climate goals”
edie | 7 May 2026
edie reports that ArcelorMittal has revised its 2030 emissions targets, replacing its previous 25% reduction goal with a target of "up to 10%" and removing its Europe-specific target. The article states:

“In its latest Sustainability Report for 2025, ArcelorMittal confirms that it has dropped its previous emissions intensity target for 2030, which aimed for a 25% reduction across Scopes 1 and 2 by the end of the decade, compared with a 2018 baseline. Under the revised pathway, the company now “expects to achieve up to a 10% reduction in carbon intensity by 2030”. It has also removed its Europe-specific 2030 target of cutting emissions intensity by 35%. Both of these target milestones were established in 2021.”

“ArcelorMittal: enough is enough”
IndustriALL | 4 May 2026 
IndustriALL's investor brief argues that worker testimony from multiple countries reveals a consistent gap between ArcelorMittal's commitments and workers' lived experience. The brief states:

“A new investor brief, based on worker testimony from multiple countries and recounting company failures in Kazakhstan, Mexico, Brazil, Liberia, the USA and across Europe, exposes a stark and consistent gap between what ArcelorMittal says and what workers experience. The picture that emerges is not of isolated failures but of a company-wide pattern of putting short-term financial gain above the safety, rights and futures of its workforce.  AM/NS India was the only entity named in the report to respond; its brief reply is linked in the Business and Human Rights Resource Center.”

Canada

“Steel company and commerce group are Mark Carney’s most frequent callers”
Investigative Journalism Foundation | 6 July 2026
An analysis by the Investigative Journalism Foundation found that ArcelorMittal Dofasco reported more lobbying communications with Canada's Prime Minister than any other organisation. The analysis states:

 “ArcelorMittal Dofasco reported 16 communications with the prime minister himself, and 59 with members of his office between May 1, 2025 and May 31, 2026. The next closest group, the Business Council of Canada, reported five communications with Carney and 26 with his staffers.”

“Hamilton Residents Deserve Clean Air, Not More Pollution Exemptions”
Environmental Defense | 26 June 2026 
Environmental Defence reports that community groups opposed ArcelorMittal Dofasco's application to renew its Environment Compliance Approval. The organisation writes:

“Hamilton’s Board of Health pushed back on Dofasco’s regulatory request. They voted unanimously on a motion that calls on the province to reject the company’s request to renew conditions in its Environment Compliance Approval (ECA) and instead strengthen oversight of Canada’s largest steel plant, including rigorous air monitoring at the company’s fenceline. It’s clear that Hamiltonians cannot rely on ArcelorMittal Dofasco to deliver clean steel and safe air. Hamiltonians will have to demand it and insist that the province move that demand forward.”

“Mining giant polluted Quebec waters for over a decade before $100M fine. What took so long?”
CBC | 26 May 2026 
CBC reported that ArcelorMittal was fined $100 million for contaminating fish-bearing waters near its mining operations in Quebec’s Côte-Nord, while highlighting wider challenges in regulating the mining sector. The article states:

“A $100-million fine against a global mining giant for contaminating water in Quebec's Côte-Nord marks the highest-ever infraction of its kind, but experts say the settlement with the federal government also shows the immense challenges in regulating the country's mining sector. Court documents state that ArcelorMittal "illegally immersed, discharged, or permitted the immersion or discharge of a harmful substance" into vulnerable, fish-bearing waters surrounding its mining operations near Fermont, Que., between 2014 and 2022. During the course of that investigation, officials found deposits of toxic substances had been released into the watershed. The company was also found guilty of having made “false and misleading statements” to federal environmental officers.”

France

“Why France Wants To Nationalise ArcelorMittal: The Battle Over Steel, Jobs And Sovereignty Explained”
NDTV | 12 June 2026 
NDTV reported that the French National Assembly had once again voted in favour of nationalising ArcelorMittal France, citing concerns over job cuts, delayed green investment and the country's industrial sovereignty. The article states:

“The French National Assembly has once again voted, on June 11, to nationalise ArcelorMittal France. The proposal, championed by lawmakers from the left-wing La France Insoumise (LFI) party, is a response to mounting concerns over job cuts, delayed green investments and the broader decline of Europe's steel industry The legislation was first introduced in October 2025 by MP Aurélie Trouvé and several colleagues. Its stated objective was straightforward: nationalise ArcelorMittal France in order to preserve France's industrial sovereignty. The proposal gained momentum amid growing political frustration over plant closures and layoffs across Europe's industrial heartlands. Supporters contend that successive governments have allowed strategic industries to become vulnerable to decisions made by multinational corporations whose priorities may not always align with national economic interests.”

Liberia

“Liberia’s US$200 Million Mistake”
Daily Observer | 28 May 2026 
The Daily Observer argued that recent incidents on the Yekepa-Buchanan railway highlight broader concerns about Liberia's management of strategic national infrastructure under its agreement with ArcelorMittal Liberia. The article states:

“We have not yet reached six months since the Legislature enacted the 3rd Amendment to the ArcelorMittal Liberia’s Mineral Development Agreement, and the company has suffered another collision on the Yekepa-Buchanan railway. It is not merely another industrial mishap. It is another expensive reminder that Liberia continues to treat one of its most strategic national assets as though it were simply the private logistics corridor of a single concessionaire instead of a sovereign economic artery belonging to the Republic.”

“In the Nimba Mountains, a film examines the paradox of mining-funded conservation”
Mongabay | 1 May 2026
Mongabay reviews the documentary Overburden, which explores the relationship between ArcelorMittal Liberia's mining operations and conservation efforts in the Nimba Mountains. The review states:

"For good reason, mining and conservation are typically understood to be activities that exist in opposition to each other. But a new film explores how in some landscapes, the two have developed a symbiotic relationship — for better and for worse. ArcelorMittal recently signed an agreement with the Liberian government to help manage the East Nimba Nature Reserve. The miner is also one of the primary channels for biodiversity research in the region, primarily through the surveys it finances to assess its environmental impact. The financial weight of a company like ArcelorMittal can generate invaluable scientific knowledge. But it can also create a paradox where the actor that poses the largest threat to an ecosystem also becomes its most visible spokesperson and protector. It’s all about whose expertise is recognized, who is highlighted as a threat and by whom, and at the end of the day whose activity is seen as indispensable to the national economy,” says Shadrach Kerwillian, a Liberian conservation biologist.”

Luxembourg

“Climate-neutral steel: ArcelorMittal's behavior ‘incomprehensible’, says the NGO Steelwatch”
100komma7.lu | 29 May 2026 | In Luxembourgish
100komma7.lu reported on SteelWatch's analysis of ArcelorMittal's climate strategy, highlighting the company's continued reliance on blast furnace production despite its electric furnace operations in Luxembourg. The article states:

“The global steel producer only has electric furnaces in Luxembourg, but it remains the largest blast furnace-based steel producer in the world, with operations in 14 countries.

Although ArcelorMittal is only responsible for 3 percent of global steel production, it accounts for a quarter of it within Europe. Their slogan for a long time was ‘Smarter Steels for People and Planet’. But they have let the planet down in the meantime.”

“ArcelorMittal accused of a ‘deliberate step backward’ on climate”
Paperjam | 5 May 2026 
Paperjam reported on the differing views of SteelWatch and ArcelorMittal regarding the company's climate strategy ahead of its annual general meeting in Luxembourg. The article states:

“On the eve of its annual general meeting in Luxembourg, ArcelorMittal finds itself at the centre of a clash of narratives regarding its climate strategy. On the one hand, the NGO SteelWatch accuses the company of a ‘deliberate backtracking’ on its commitments. On the other, the steelmaker claims it is taking a pragmatic approach to an energy transition that has proved more complex than anticipated. SteelWatch, however, questions the overall coherence of this strategy, arguing that the group is prioritising incremental investments – particularly in electric furnaces – without making any fundamental changes to iron production, the main source of emissions. The NGO also criticises the low proportion of investment dedicated to decarbonisation within the group’s overall expenditure.”

Mexico

“Dust and iron mines: in the Sierra de Manantlán, crime does not stop”
Milenio | 10 May 2026 | In Spanish
Milenio reported on the longstanding concerns of Nahua Indigenous communities over the impacts of mining in western Mexico, including access to water, land rights and unresolved deaths. The article states:

“In western Mexico, Nahua indigenous communities have been demanding since 2006 the return of water consumed by mining without record-keeping, the lands swallowed up by concessions without consultation, and the deaths that go uninvestigated. The agrarian community of Ayotitlán remains trapped in a legal and territorial contradiction that no one has been able to resolve.”

South Africa

“Calls grow for environmental and health accountability following ArcelorMittal South Africa (AMSA) AGM”
Centre for Environmental Rights | 10 July 2026
Following AMSA's AGM, the Centre for Environmental Rights called on the company to back its environmental commitments with measurable action. The organisation highlighted that:

“AMSA’s legacy of air, water and land pollution had caused “disease, premature death, and lost economic opportunities”, disproportionately affecting vulnerable communities in the Vaal Triangle. Itumeleng Mphake, Researcher at CER, added: “Credible stakeholder engagement must be accompanied by demonstrable action that mitigates the environmental impacts of industrial activity and addresses their lasting consequences for the health and well-being of affected communities.” 

“ArcelorMittal needs a just transition, not an exit”
Currency News | 23 June 2026
Currency News argues that the closure of ArcelorMittal South Africa’s long steel business has created deep uncertainty for workers and surrounding communities, while highlighting their central role in the country’s social and economic fabric. The article states: 

“Employees of ArcelorMittal SA, and the communities around Newcastle and Vereeniging, face a bleak and uncertain future in the wake of the company’s decision to close its long steel business in the country. This moment, while saying a lot about the fallout of deindustrialisation in South Africa, has also shone the spotlight on the indispensable role that workers play in sustaining the country’s social and economic fabric, and how frequently this is ignored entirely.”

Spain

“Jonás Fernández, regarding the subsidy to Arcelor: ‘I wonder if it's money that all Asturians have lost.’”
La Nueva España | 25 June 2026 | In Spanish
According to La Nueva España, speaking at a press conference in Brussels, Asturian Member of the European Parliament Jonás Fernández questioned why ArcelorMittal had made so little progress on its decarbonisation projects despite  significant policy support and financial commitments. The article reports:
“In recent years, Europe has addressed virtually all the demands made by the sector and employers' associations," he emphasised, referring to the legislative improvements resulting from the approval of the Carbon Border Adjustment Mechanism (CBAM), the 47% reduction in tariff-free steel import quotas, and the increase in the tariff from 25% to 50% for out-of-quota imports. "It's difficult to explain why, despite this support, ArcelorMittal continues to make no progress on its projects," the MEP stated, referring to the growing "impatience" of the institutions with the steel company. "I wonder if the 450 million euros of European funds that were put on the table to finance decarbonisation are money that all Asturians have lost. Someone has to answer for that.”

“Jove protests the pollution that skyrockets after the reactivation of Arcelor's B furnace”
La Nueva España  | 28 May 2026  |  In Spanish
La Nueva Espana di Gijón Oeste reported from Gijón that on May 28, youth organised by the Santa Cruz de Jove Neighborhood Association held a demonstration to protest the pollution under the slogan “Enough of pollution. Our health is not negotiable”. According to the protestors, the pollution has “skyrocketed” with the start-up of ArcelorMittal's Furnace B.

A miGijón article reported on May 20th that in the Jove neighborhood, “metallic particles released by the furnace's exhaust have returned to the streets. Local residents and the Ecologist Coordinator have reported the incident to the Local Police and the Civil Guard.”

Rtve reported “Gijón records levels of particulate matter well above the levels recommended by the WHO”, following lack of rain, based on data from air pollution data from two monitoring sites, 2km and 5km from the factory.

Disclaimer: 

This communication is for informational purposes only and does not constitute financial, legal, or professional advice. The purpose of this communication is not to provide financial product advice.

This document contains information obtained from publicly available sources. The inclusion of such material does not imply endorsement, agreement, or representation of the views of BankTrack or SteelWatch. The content is provided solely for reference and informational purposes.