ArcelorMittal is the world's largest steelmaker outside China, with diversified geographic exposure across Europe, Americas, and India (AMNS JV). European infrastructure spending, US Inflation Reduction Act incentives, and Indian capacity buildout drive volume growth. Green steel transition (DRI-EAF, hydrogen) creates capex burden but also competitive moat. CBAM (EU carbon border adjustment) protects European margins from Chinese imports.
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