Q4 2025: ArcelorMittal Quarterly Risk Briefing
Sign up to receive the newsletter here
Welcome to the second 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 guide 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.

-
ArcelorMittal plans to almost triple steel production in India through its joint venture with Nippon Steel, rising to 25 Mtpa by 2030 and potentially 40 Mtpa by 2040. When will the company include these emissions in its consolidated group emissions figures, and include them in their group climate targets?
-
Opportunity Green has submitted an OECD complaint in Luxembourg against ArcelorMittal, citing the company’s failure to align its climate strategy with international guidelines and the Paris Agreement’s 1.5 °C target. If the Luxembourg NCP agrees that ArcelorMittal has a case to answer, will the company accept the NCP's offer of mediated dialogue with the complainant?
-
ArcelorMittal Dofasco, Canada was presented as a flagship decarbonisation project, yet years after the announcement there is still no final investment decision. We now hear that Dofasco EAFs could be supplied with DRI from Contrecoeur rather than producing iron on site. Can ArcelorMittal clarify its plans at Dofasco: which assets will be built, where the iron will be produced, when capital will be deployed, and how this plan delivers real emissions reductions?

Global/Parent level news:
Complaint filed in Luxembourg against ArcelorMittal over climate strategy
Luxembourg Times | December 9, 2025
“Opportunity Green has filed a complaint under the OECD Guidelines for Multinational Enterprises on Responsible Business Conduct (OECD Guidelines), arguing that Europe’s largest steel producer, ArcelorMittal, is failing to adequately address its climate impact. The complaint was submitted to the Luxembourg National Contact Point (NCP) in December 2025.” ArcelorMittal publicly responded to the complaint here.
Kirsty Mitchell, Legal Manager at Opportunity Green says: “By bringing this complaint, we hope to engage with ArcelorMittal on the actions it must take to address its climate impacts in line with the OECD Guidelines, and demonstrate that the company – and the wider industry – are accountable for climate action.”
New tool enables to track ArcelorMittal’s real action on climate
SteelWatch | December 8, 2025
An international climate organisation, SteelWatch, has released a new data tool, the Steelmaker Transformation Tracker, to separate decarbonisation spin from real actions, and support more accurate analysis of how a select group of 22 steelmakers across 12 countries are performing on climate and social commitments.” See a snapshot of ArcelorMittal’s results below:
Red rivers and grey skies: the impact of Europe's most powerful steel giant
France24 | November 18, 2025 | In French
Bringing together investigations from Mexico, Liberia, Spain, and France, this piece uses photo journalism and interviews with workers and local communities to document the impact of ArcelorMittal across the world.
Lakshmi Mittal’s energy venture bought Russian oil transported on blacklisted ships
Financial Times | October 29, 2025
The FT reports that Mittal Energy - an energy venture owned by Lakshmi Mittal, executive chairman of ArcelorMittal, bought $280mn Russian oil transported on EU and US sanctions-listed vessels. All of the ships involved in the process sought to conceal their behaviour with a combination of deceptive practices, either shutting off their transponders or using them to broadcast false positions.
Belgium
ArcelorMittal Belgium not ready for green steel investment due to weak market, CEO says
Belga News | November 4, 2025
“ArcelorMittal remains true to being a harbinger of lowered expectations, announcing that there will definitely be no move to EAF from its blast furnaces in Ghent being quoted here with “Without a European commitment to reduce the carbon intensity of finished products, demand remains limited." Therefore the company sees no readiness in the market for large scale investments.” said Mark Hagen, E3G Senior Policy Advisor – Steel Transition
Brazil
ArcelorMittal worker dies after 16 months in hospital due to electric shock in João Monlevade.
Cidades & Minerais | January 7, 2026
31 year old worker Guilherme Silva Gomes passed away on January 7th, 16 months after a severe workplace injury at the ArcelorMittal Monlevade steel plant. In September 2024, he suffered a 6,000 volt electric shock while working at the plant.
Canada
ArcelorMittal Dofasco quietly extends 'green' steel timeline from 2028 to 2050, gets $50M more from Ottawa
CBC | January 14, 2026
“ArcelorMittal Dofasco has quietly extended its timeline by 22 years to phase out coal for "decarbonized" steelmaking, says a federal government document, aiming for 2050 instead of 2028. Ontario’s largest emitter of greenhouse gases is also receiving $50 million more from the federal government for the project, according to an amendment posted to the Government of Canada's website last March. The change brings Ottawa’s total contribution to $450 million.”
Hamilton residents request Ontario investigate ArcelorMittal Dofasco for releasing emissions far above limits
CBC | November 9, 2025
“With ArcelorMittal Dofasco stalling on its green steel plans and releasing emissions above Ontario’s air-quality regulations, Hamilton resident Jochen Bezner says Canada’s largest steelmaker needs to be held accountable. Bezner and another, unnamed resident have formally requested that the Ministry of the Environment, Climate and Parks (MECP) investigate Dofasco, alleging it’s “emitting dangerous pollutants” at levels far above Ontario’s regulatory standards. “We don’t want to shut them down,” Bezner told CBC Hamilton. “We just want them to be responsible.””
France
French MPs vote to nationalise ArcelorMittal as ministers warn of ‘illusion’
Rfi | November 28 2025
“France’s National Assembly has thrown its weight behind a proposal to nationalise ArcelorMittal – France's biggest steelmaker – in a vote that has energised the left but sparked a pushback from the government, which argues the plan is more political theatre than practical solution.”
ArcelorMittal: Decarbonisation is shrinking fast
Enquête Magazine | November 2025 | In French
This article in Enquete Magazine chronicles the anxieties of workers and local community members ArcelorMittal’s backtracking in climate from the perspective of workers and citizens of Dunkirk. “Between the steel crisis and strategic doubts, ArcelorMittal, Europe's leading steelmaker, is backtracking on its decarbonization efforts. A worrying warning for the sector's future, as the European Union is slow to provide its industry with the resources for its climate transition.”
India
AMNS Breaks ground on Hazira Expansion
SMM | January 2, 2026
“ArcelorMittal Nippon Steel (AM/NS) India officially broke ground on its Phase 2 expansion at the Hazira plant on January 1, 2026. This project is designed to increase the facility's crude steel production capacity from the current 9 million tons per annum (MTPA) to 15 MTPA. The expansion includes the installation of advanced blast furnaces and downstream processing lines, aiming to support India's surging demand for high-grade flat steel in the automotive and infrastructure sectors.” AMNS’s blast furnace expansion is deeply troubling, especially given its exclusion of the joint venture from its climate reporting. In order to remain under 1.5°C, researchers have called for no new blast furnaces to come online after 2025. Read more about the project’s climate, nature and human rights impacts here.
AMNS India targets 25-26 mln tonne steel capacity by 2030
Construction Week | December 16, 2025
ArcelorMittal is ramping up its production in India through its joint venture with Nippon Steel (AMNS), despite the fact that AMNS is not included in ArcelorMittal’s emissions reporting. According to SteelWatch’s 2025 Corporate Climate Assessment of ArcelorMittal, at least 9 new blast furnaces are in the pipeline to meet this goal (p. 24).
Italy
Italian steel plant demands €7bn in damages from ArcelorMittal
Financial Times | January 12, 2026
“Italian administrators overseeing Europe’s largest steelworks have sued its former owner ArcelorMittal, seeking €7bn in damages, as the plant struggles for survival. According to a complaint filed with a Milan court this month and seen by the Financial Times, Acciaierie d’Italia is seeking compensation for what it alleges was ArcelorMittal’s “mismanagement” of the steelworks, formerly known as Ilva.”
It seemed like a blessing, but it turned out to be a curse: ArcelorMittal in Liberia
LATE Magazine | November 2025 | In Spanish
Celebrated Liberian investigative journalist Mae Azango visited Yekepa to document the realities of people living on the fenceline of ArcelorMittal Liberia’s iron ore mine. Using photography, interviews, and journalistic observations she sketches a familiar pattern of broken promises to local communities, and environmental destruction and the loss of local livelihoods:
“Josiah Diah, along with his brother Daniel, explained to me that this water—from the stream—is the only water they have for drinking, cooking, and bathing. “Since ArcelorMittal arrived, they haven’t done anything they promised. We told them we’re one of the affected communities, but they don’t listen to us. They said they were going to train 25 people from here to work for the company. They did some tests almost a year ago, but they never responded to us again. If they’re not going to help us, they should leave,” Josiah told me, his voice a mixture of anger and resignation.”
No More Foolishness: Time for a ‘Three-Strikes Policy’ on ArcelorMittal
Liberian Observer | November 12, 2025
An op-ed anonymously posted in the Liberian Observer argues against the passing or AML’s renewed Mineral Development Agreement with the Liberian government (i.e the rights for the AML to operate in the country): “ArcelorMittal Liberia wants to control everything — the Yekepa–Buchanan railway, the Port of Buchanan, and by extension, the future of Liberia’s mineral exports. The company has fought tooth and nail for years to monopolize these strategic assets under the guise of “investment.” If you can’t run it safely and efficiently, why should Liberia hand it to you for another half-century?”
Mexico
Peña Colorada: export iron, import violence
LATE Magazine | November 2025 | In Spanish
Alejandro Saldívar, a Mexican photojournalist investigates the plight of the farmers who are confronting the Peña Colorada iron mine, operated by ArcelorMittal (the largest steel company in Europe and Spain) and Ternium. To be published as a book in 2026, it documents land exploitation and injustices that the communities face.
South Africa
Petition launched against ArcelorMittal South Africa (AMSA) to publish their exit plans
Awethu | September 2025
“VEJA demands to see AMSA's exit plans before the Newcastle and Vereeniging plants are closed. Many AMSA workers have faced labour exploitation and occupational health issues caused by the steel mill, and we need to know that these issues will be addressed. We request proper exit plans and assurances that this process will be transparent.”
Labour Court orders ArcelorMittal to reinstate retrenched workers
Jacarandafm | October 28, 2025
“ArcelorMittal South Africa has been ordered to reinstate workers who were unfairly retrenched at its Newcastle plant and in Vereeniging. Numsa took the steel company to court on an urgent basis earlier this month, accusing it of ignoring consultation requirements before deciding to close the two operations. The union argued the production giant had walked away from talks on retrenchments in March, even as new developments around possible government support and a takeover deal were unfolding.”
Spain
Four serious workplace accidents in just over a month at ArcelorMittal-Sestao
LAB ESE | November 21, 2025
LAB - a Basque workers union representing ArcelorMittal employees in Sestao - has issued a statement regarding multiple workplace accidents at the site. “The workforce denounces that the succession of these serious incidents in such a short period demonstrates a grave workplace safety problem at ArcelorMittal-Sestao. Furthermore, we warn that the lack of adequate preventative measures is endangering the lives of those who work at the plant every day. Similarly, we announce that a series of union actions will be initiated to publicly denounce this situation and demand immediate measures to guarantee the safety of all staff and contract workers.”
ArcelorMittal ordered to pay €120,000 to CC.OO. for violating the right to strike, Supreme Court ruling
ConfliLegal | November 17, 2025 | In Spanish
In 2023, ArcelorMittal Gijon denied its workers the right to strike, citing technical risks related to the fire at blast furnace A. In November, the Supreme court ruled this was illegal, and that ArcelorMittal did not negotiate in good faith. ArcelorMittal received a proportionally hefty fine because it is a repeat offender - it was found guilty of a similar charge in 2020.
United States
'I just want everything to be fair': United Steelworkers go on strike against ArcelorMittal in Richland County
ABC News5Cleveland | January 17, 2026
Since January 13th, 450 workers at ArcelorMittal’s Shelby plant in Ohio have been on strike, demanding that the company keep healthcare for their spouses, and cut working hours. Workers at the plant work seven days a week. ““We never want to strike, but unfortunately, in 2021, the company forced the same thing, so it just seems to be an unfortunate trend,” said Ackerman .”
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.
