ArcelorMittal is the world's largest steel producer, making flat and long steel products sold to automotive OEMs, construction contractors, manufacturers, and energy companies globally. Flat products — sheet steel, coated steels, and electrical steels — are the core of the business, while long products (beams, bars, rebar) serve construction and infrastructure markets. ArcelorMittal sells directly to customers, with a large share of volume priced through annual or semi-annual contracts, particularly with automotive OEMs, and the remainder sold at spot prices. The company operates through four segments: Europe (the largest by volume), North America (including the Calvert joint venture and Canada's Dofasco facility), Brazil, and Mining. ArcelorMittal also holds a major joint venture in India (AM/NS India), which it views as its primary long-term growth market. Profitability is driven by the spread between steel selling prices and raw material input costs (iron ore, coking coal, scrap), which is highly cyclical. ArcelorMittal partly self-supplies raw materials through its Mining segment, including an iron ore expansion in Liberia scaling from ~3.5M to eventually 20M tonnes. Growth investments include the Liberia expansion, capacity additions in India, a new electric arc furnace at Calvert, and electrical steels capacity in the U.S. and Europe. ArcelorMittal targets returning at least 50% of post-dividend free cash flow to shareholders via buybacks, and has repurchased 38% of its share count since 2020.