MT

Key Takeaways

• ArcelorMittal is one of the world's largest steelmakers, and the stock trades below its book value per share of about $74, the kind of discount the market applies to a cyclical commodity producer at an uncertain point in the cycle. • The biggest risk is the steel cycle itself: returns on equity sit near 6%, below the cost of capital, so the value case depends on European trade policy and pricing lifting through-cycle margins rather than peak-year economics. • Watch the rollout of European impo

Institutional ownership

294 institutional managers reported holding MT in 13F filings for the quarter ended 2026-03-31. Together they hold about 4% of the company; the top 10 hold 2%. 52 opened new positions that quarter. Held by Dimensional Fund Advisors, Morgan Stanley, FMR (Fidelity), among others. On the short side, 3.6M shares were sold short as of the 2026-06-15 count, about 0.5% of shares outstanding (1.7 days of typical volume to cover).

Quarterly 13F filings arrive up to 45 days after quarter end, so the picture is never current (filed through 2026-05-29). Nothing here is investment advice.

Capital returns

MT has cut its share count 31% over the past five years. It pays a dividend, and has paid one every year in our records (11 and counting). Cash returned over the past three years: $2.63B in dividends.

Share counts are split-adjusted; repurchase totals are gross of share issuance. Nothing here is investment advice.

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