Cover
Cover | 6 Months Ended |
Jun. 30, 2022 | |
Cover [Abstract] | |
Document type | 6-K |
Entity registrant name | ARCELORMITTAL |
Entity central index key | 0001243429 |
Current fiscal year end date | --12-31 |
Document period end date | Jun. 30, 2022 |
Document fiscal year focus | 2022 |
Document fiscal period focus | Q2 |
Amendment flag | false |
Condensed consolidated statemen
Condensed consolidated statements of operations - USD ($) shares in Millions, $ in Millions | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Profit or loss [abstract] | ||
Sales (including 5,457 and 4,902 of sales to related parties for the six months ended, June 30, 2022 and June 30, 2021, respectively) | $ 43,978 | $ 35,536 |
Cost of sales (including depreciation and amortization of 1,316 and 1,221 and purchases from related parties of 1,341 and 1,150 for the six months ended June 30, 2022 and June 30, 2021, respectively) | 33,928 | 27,402 |
Gross margin | 10,050 | 8,134 |
Selling, general and administrative expenses | 1,123 | 1,061 |
Operating income | 8,927 | 7,073 |
Income from investments in associates, joint ventures and other investments | 1,137 | 1,043 |
Financing costs - net | (427) | (594) |
Income before taxes | 9,637 | 7,522 |
Income tax expense (note 6) | (1,381) | (946) |
Net income (including non-controlling interests) | 8,256 | 6,576 |
Net income attributable to: | ||
Equity holders of the parent | 8,048 | 6,290 |
Non-controlling interests | $ 208 | $ 286 |
Earnings per common share (in U.S. dollar): | ||
Basic (in USD per share) | $ 8.53 | $ 5.40 |
Diluted (in USD per share) | $ 8.51 | $ 5.39 |
Weighted average common shares outstanding (in millions): | ||
Basic (in shares) | 944 | 1,165 |
Diluted (in shares) | 946 | 1,168 |
Condensed consolidated statem_2
Condensed consolidated statements of operations (Parenthetical) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Profit or loss [abstract] | ||
Sales to related parties | $ 5,457 | $ 4,902 |
Depreciation and Impairment | 1,316 | 1,221 |
Purchases of goods, related party transactions | $ 1,341 | $ 1,150 |
Condensed consolidated statem_3
Condensed consolidated statements of other comprehensive income - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Statement of comprehensive income [abstract] | ||
Net income (including non-controlling interests) | $ 8,256 | $ 6,576 |
Derivative financial instruments: | ||
Gain arising during the period | 1,680 | 1,295 |
Reclassification adjustments for gain included in the condensed consolidated statements of operations and financial position (basis adjustment) | (241) | (233) |
Other comprehensive income, before tax, change in value of derivative financial instruments | 1,439 | 1,062 |
Exchange differences arising on translation of foreign operations: | ||
(Loss) gain arising during the period | (1,129) | 283 |
Reclassification adjustments for loss included in the condensed consolidated statements of operations | 0 | 105 |
Other comprehensive income, before tax, exchange differences on translation | (1,129) | 388 |
Share of other comprehensive income related to associates and joint ventures: | ||
Gain arising during the period | 32 | 177 |
Reclassification adjustments for gain included in the condensed consolidated statements of operations and financial position (basis adjustment) | (209) | (50) |
Total share of other comprehensive income of associates and joint ventures accounted for using equity method, before tax | (177) | 127 |
Income tax expense related to components of other comprehensive income that can be recycled to the condensed consolidated statements of operations | (576) | (355) |
Investments in equity instruments at FVOCI: | ||
(Loss) gain arising during the period | (257) | 680 |
Share of other comprehensive loss related to associates and joint ventures | (17) | 0 |
Other comprehensive income that will not be reclassified to profit or loss, before tax | (274) | 680 |
Employee benefits - Recognized actuarial gain | 14 | 61 |
Share of other comprehensive income related to associates and joint ventures | 0 | 12 |
Income tax expense related to components of other comprehensive income that cannot be recycled to the condensed consolidated statements of operations | (4) | (175) |
Other comprehensive income | (707) | 1,800 |
Total other comprehensive (loss) income | ||
Equity holders of the parent | (673) | 1,785 |
Non-controlling interests | (34) | 15 |
Total comprehensive income | 7,549 | 8,376 |
Total comprehensive income attributable to: | ||
Equity holders of the parent | 7,375 | 8,075 |
Non-controlling interests | $ 174 | $ 301 |
Condensed consolidated statem_4
Condensed consolidated statements of financial position - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||||
Cash and cash equivalents | $ 4,457 | $ 4,215 | $ 4,071 | $ 5,600 |
Restricted cash | 108 | 156 | ||
Trade accounts receivable and other (including 690 and 1,084 from related parties at June 30, 2022 and December 31, 2021, respectively) | 5,931 | 5,143 | ||
Inventories (note 2) | 23,303 | 19,858 | ||
Prepaid expenses and other current assets | 7,189 | 5,567 | ||
Total current assets | 40,988 | 34,939 | ||
Non-current assets: | ||||
Goodwill and intangible assets | 4,307 | 4,425 | ||
Property, plant and equipment and biological assets | 29,542 | 30,075 | ||
Investments in associates and joint ventures | 10,992 | 10,319 | ||
Other investments | 866 | 1,146 | ||
Deferred tax assets | 7,974 | 8,147 | ||
Other assets | 2,357 | 1,461 | ||
Total non-current assets | 56,038 | 55,573 | ||
Total assets | 97,026 | 90,512 | ||
Current liabilities: | ||||
Short-term debt and current portion of long-term debt (note 7) | 2,719 | 1,913 | ||
Trade accounts payable and other (including 405 and 431 to related parties at June 30, 2022 and December 31, 2021, respectively) | 16,736 | 15,093 | ||
Short-term provisions (note 9) | 722 | 1,064 | ||
Accrued expenses and other liabilities | 5,035 | 4,831 | ||
Income tax liabilities | 757 | 1,266 | ||
Total current liabilities | 25,969 | 24,167 | ||
Non-current liabilities: | ||||
Long-term debt, net of current portion (note 7) | 6,069 | 6,488 | ||
Deferred tax liabilities | 2,489 | 2,369 | ||
Deferred employee benefits | 3,517 | 3,772 | ||
Long-term provisions (note 9) | 1,534 | 1,498 | ||
Other long-term obligations | 1,002 | 874 | ||
Total non-current liabilities | 14,611 | 15,001 | ||
Total liabilities | 40,580 | 39,168 | ||
Equity (note 5): | ||||
Equity attributable to the equity holders of the parent | 53,992 | 49,106 | ||
Non-controlling interests | 2,454 | 2,238 | ||
Total equity | 56,446 | 51,344 | $ 46,325 | $ 40,237 |
Total liabilities and equity | $ 97,026 | $ 90,512 |
Condensed consolidated statem_5
Condensed consolidated statements of financial position (Parenthetical) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Statement of financial position [abstract] | ||
Receivables due from related parties | $ 690 | $ 1,084 |
Current payables to related parties | 405 | 431 |
Prepaid expenses and other current assets | 7,189 | 5,567 |
Cash and cash equivalents | 4,457 | 4,215 |
Restricted cash | 108 | 156 |
Trade accounts receivable and other (including 690 and 1,084 from related parties at June 30, 2022 and December 31, 2021, respectively) | 5,931 | 5,143 |
Inventories (note 2) | 23,303 | 19,858 |
Current assets | 40,988 | 34,939 |
Goodwill and intangible assets | 4,307 | 4,425 |
Property, plant and equipment and biological assets | 29,542 | 30,075 |
Investments in associates and joint ventures | 10,992 | 10,319 |
Other investments | 866 | 1,146 |
Deferred tax assets | 7,974 | 8,147 |
Other assets | 2,357 | 1,461 |
Non-current assets | 56,038 | 55,573 |
Assets | 97,026 | 90,512 |
Short-term debt and current portion of long-term debt (note 7) | 2,719 | 1,913 |
Trade accounts payable and other (including 405 and 431 to related parties at June 30, 2022 and December 31, 2021, respectively) | 16,736 | 15,093 |
Short-term provisions (note 9) | 722 | 1,064 |
Accrued expenses and other liabilities | 5,035 | 4,831 |
Income tax liabilities | 757 | 1,266 |
Current liabilities | 25,969 | 24,167 |
Long-term debt, net of current portion (note 7) | 6,069 | 6,488 |
Deferred tax liabilities | 2,489 | 2,369 |
Deferred employee benefits | 3,517 | 3,772 |
Long-term provisions (note 9) | 1,534 | 1,498 |
Fair value of previously held interests at acquisition date | 1,002 | 874 |
Non-current liabilities | 14,611 | 15,001 |
Total liabilities at fair value | 40,580 | 39,168 |
Equity attributable to the equity holders of the parent | 53,992 | 49,106 |
Non-controlling interests | 2,454 | 2,238 |
Equity | 56,446 | 51,344 |
Total liabilities and equity | $ 97,026 | $ 90,512 |
Condensed consolidated statem_6
Condensed consolidated statements of changes in equity - USD ($) shares in Millions, $ in Millions | Total | Equity attributable to the equity holders of the parent | Share capital | Treasury shares | Mandatorily convertible notes | Additional paid-in capital | Retained earnings | Foreign currency translation adjustments | Unrealized gains (losses) on derivative financial instruments | Unrealized gains (losses) on investments in equity instruments at FVOCI | Recognized actuarial losses | Non-controlling interests | |
Beginning balance (in shares) at Dec. 31, 2020 | [1],[2] | 1,081 | |||||||||||
Beginning balance at Dec. 31, 2020 | $ 40,237 | $ 38,280 | $ 393 | $ (538) | $ 840 | $ 35,247 | $ 22,097 | $ (17,053) | $ 229 | $ 583 | $ (3,518) | $ 1,957 | |
Changes in equity [abstract] | |||||||||||||
Net income (including non-controlling interests) | 6,576 | 6,290 | 6,290 | 286 | |||||||||
Other comprehensive income | 1,800 | 1,785 | 165 | 1,049 | 524 | 47 | 15 | ||||||
Total comprehensive income | 8,376 | 8,075 | 6,290 | 165 | 1,049 | 524 | 47 | 301 | |||||
Recognition of share-based payments | 21 | 21 | 18 | 3 | |||||||||
Share buyback (note 5) (in shares) | [1],[2] | (62) | |||||||||||
Share buyback (note 5) | (1,744) | (1,744) | (1,744) | ||||||||||
Dividend (note 5) | (410) | (312) | (312) | (98) | |||||||||
Put option ArcelorMittal Texas HBI (note 3) | (119) | (119) | (119) | ||||||||||
Divestment of Cleveland-Cliffs shares | 0 | 0 | 267 | (267) | |||||||||
Other movements | (36) | (36) | (36) | ||||||||||
Ending balance (in shares) at Jun. 30, 2021 | [1],[2] | 1,019 | |||||||||||
Ending balance at Jun. 30, 2021 | 46,325 | 44,165 | $ 393 | (2,264) | 840 | 35,250 | 28,187 | (16,888) | 1,278 | 840 | (3,471) | 2,160 | |
Beginning balance (in shares) at Dec. 31, 2021 | [1],[2] | 911 | |||||||||||
Beginning balance at Dec. 31, 2021 | 51,344 | 49,106 | $ 350 | (2,186) | 509 | 31,803 | 36,702 | (18,244) | 2,690 | 499 | (3,017) | 2,238 | |
Changes in equity [abstract] | |||||||||||||
Net income (including non-controlling interests) | 8,256 | 8,048 | 8,048 | 208 | |||||||||
Other comprehensive income | (707) | (673) | (1,970) | 1,561 | (274) | 10 | (34) | ||||||
Total comprehensive income | 7,549 | 7,375 | 8,048 | (1,970) | 1,561 | (274) | 10 | 174 | |||||
Recognition of share-based payments (in shares) | [1],[2] | 1 | |||||||||||
Recognition of share-based payments | 21 | 21 | 25 | (4) | |||||||||
Share buyback (note 5) (in shares) | [1],[2] | (65) | |||||||||||
Share buyback (note 5) | (2,000) | (2,000) | (2,000) | ||||||||||
Dividend (note 5) | (490) | (332) | (332) | (158) | |||||||||
Put option ArcelorMittal Texas HBI (note 3) | (177) | (177) | (177) | ||||||||||
Non-controlling interest on acquisitions (note 3) | 200 | 0 | 200 | ||||||||||
Cancellation of shares (note 5) | 0 | 0 | $ (38) | 3,201 | (3,163) | ||||||||
Other movements | (1) | (1) | (1) | ||||||||||
Ending balance (in shares) at Jun. 30, 2022 | [1],[2] | 847 | |||||||||||
Ending balance at Jun. 30, 2022 | $ 56,446 | $ 53,992 | $ 312 | $ (960) | $ 509 | $ 28,636 | $ 44,240 | $ (20,214) | $ 4,251 | $ 225 | $ (3,007) | $ 2,454 | |
[1]Excludes treasury shares[2]In millions of shares |
Condensed consolidated statem_7
Condensed consolidated statements of cash flows - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Operating activities: | ||
Net income (including non-controlling interests) | $ 8,256 | $ 6,576 |
Adjustments to reconcile net income to net cash provided by operations: | ||
Depreciation and amortization | 1,316 | 1,221 |
Interest expense | 158 | 199 |
Interest income | (54) | (32) |
Income tax expense (note 6) | 1,381 | 946 |
Income from associates, joint ventures and other investments | (1,137) | (1,043) |
Provisions on pension and other post-employment benefit liabilities | 121 | 100 |
Net gain on disposal of subsidiaries | 0 | (104) |
Change in fair value adjustment on call option on Mandatory Convertible Bonds (note 8) | 10 | (37) |
Foreign exchange effects, write-downs of inventories to net realizable value, provisions and other non-cash operating expenses (net) | 391 | 757 |
Changes in assets and liabilities that provided (required) cash: | ||
Change in working capital | (3,055) | (3,535) |
Interest paid | (204) | (286) |
Interest received | 46 | 30 |
Cash contributions to plan assets and benefits paid for pensions and other post-employment benefit liabilities | (116) | (133) |
VAT and other amounts recoverable from public authorities | (354) | 53 |
Dividends received from associates, joint ventures and other investments | 245 | 115 |
Income tax paid | (2,026) | (821) |
Provision movements and other liabilities | (390) | (697) |
Net cash provided by operating activities | 4,588 | 3,309 |
Investing activities: | ||
Purchase of property, plant and equipment and intangibles | (1,184) | (1,188) |
Acquisitions of net assets of subsidiaries, net of cash acquired of 30 and nil for the six months ended June 30, 2022 and June 30, 2021 respectively (note 3) | (895) | 0 |
Lease installments relating to ArcelorMittal Italia acquisition | 0 | (14) |
Disposal of net assets of subsidiaries, net of cash disposed of nil and (4) for the six months ended June 30, 2022 and June 30, 2021 respectively | 0 | (4) |
Disposal of common shares in Cleveland-Cliffs | 0 | 1,377 |
Proceeds from repayment of cash collateral for the TSR receivables retained in ArcelorMittal USA | 0 | 260 |
Other investing activities (net) | (68) | (45) |
Net cash (used in) provided by investing activities | (2,147) | 386 |
Financing activities: | ||
Proceeds from short-term and long-term debt | 1,495 | 229 |
Payments of short-term and long-term debt | (727) | (3,085) |
Share buyback (note 5) | (2,000) | (1,647) |
Dividends paid (note 5) | (510) | (366) |
Repayment of cash pooling liability to Acciaierie d'Italia | 0 | (199) |
Payment of principal portion of lease liabilities and other financing activities | (94) | (100) |
Net cash used in financing activities | (1,836) | (5,168) |
Net increase (decrease) in cash and cash equivalents | 605 | (1,473) |
Effect of exchange rate changes on cash | (363) | (59) |
Cash and cash equivalents: | ||
At the beginning of the period | 4,215 | 5,600 |
Reclassification of the period-end cash and cash equivalents from assets held for sale | 0 | 3 |
At the end of the period | $ 4,457 | $ 4,071 |
Condensed consolidated statem_8
Condensed consolidated statements of cash flows (Parenthetical) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Statement of cash flows [abstract] | ||
Cash acquired from acquisition | $ 30 | $ 0 |
Cash disposed | $ 0 | $ (4) |
BASIS OF PRESENTATION AND ACCOU
BASIS OF PRESENTATION AND ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2022 | |
General Information About Financial Statements [Abstract] | |
BASIS OF PRESENTATION AND ACCOUNTING POLICIES | BASIS OF PRESENTATION AND ACCOUNTING POLICIES Preparation of the condensed consolidated financial statements The condensed consolidated financial statements of ArcelorMittal and its Subsidiaries (“ArcelorMittal” or the “Company”) as of June 30, 2022 and for the six months then ended (the “Interim Financial Statements”) have been prepared in accordance with International Accounting Standard (“IAS”) 34, “Interim Financial Reporting”. They should be read in conjunction with the consolidated financial statements and the notes thereto in the Company’s audited Annual Report for the year ended December 31, 2021, which have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). The Interim Financial Statements are unaudited and were authorized for issuance on July 29, 2022 by the Company’s Board of Directors. Significant accounting policies The Interim Financial Statements have been prepared on a historical cost basis, except for investments in equity instruments and trade receivables at fair value through other comprehensive income ("FVOCI"), financial assets at fair value through profit or loss ("FVTPL"), derivative financial instruments and biological assets, which are measured at fair value less cost to sell, inventories, which are measured at the lower of net realizable value or cost and the financial statements of the Company’s Venezuelan and Argentinian operations, for which hyperinflationary accounting is applied. Unless specifically described hereafter, the accounting policies used to prepare the Interim Financial Statements are the policies described in the consolidated financial statements for the year ended December 31, 2021. On January 1, 2022, the Company adopted narrow-scope amendments to IFRS 3, IAS 16 and IAS 37 issued by IASB on May 14, 2020 and minor amendments as part of annual improvements 2018-2020 to IFRS 1, IFRS 9, IFRS 16 and IAS 41. Amendments to IAS 16 "Property, Plant and Equipment" are applied retrospectively while amendments to IFRS 3 "Business Combinations", to IAS 37 "Provisions, Contingent Liabilities and Contingent Assets" and the minor amendments as part of the Annual Improvements 2018-2020 are applied prospectively. These amendments did not have any material impact on the condensed consolidated financial statements of the Company. • Amendments to IFRS 3 "Business Combinations" updated the reference to the Conceptual Framework for financial reporting, without changing the accounting requirements for business combinations. • Amendments to IAS 16 "Property, Plant and Equipment" prohibit deducting from the cost of an item of property, plant and equipment any proceeds from selling items produced while bringing that asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Instead, an entity recognizes the proceeds from selling such items and related cost in profit or loss. • Amendments to IAS 37 "Provisions, Contingent Liabilities and Contingent Assets" clarify that the cost of fulfilling a contract comprises the costs a company includes when assessing whether a contract will be loss-making are costs that relate directly to the contract. Costs that relate directly to a contract can either be incremental costs of fulfilling that contract or an allocation of other costs that relate directly to fulfilling the contract. The amendments are to be applied prospectively to contracts for which the Company has not yet fulfilled all of its obligations as of January 1, 2022. • Minor amendments as part of the Annual Improvements 2018-2020 to: • IFRS 1 "First-time Adoption of International Financial Reporting Standards" related to cumulative translation differences for a subsidiary as a first time user. • IFRS 9 "Financial Instruments" related to which fees an entity includes when it applies the ‘10 per cent’ test in assessing whether to derecognize a financial liability. ▪ IFRS 16 "Leases" removing the reimbursement of leasehold improvements by the lessor from illustrative example 13 in order to resolve any potential confusion regarding the treatment of lease incentives and ▪ IAS 41 "Agriculture" removing the requirement for entities to exclude taxation cash flows when measuring the fair value of a biological asset using a present value technique to ensure consistency with the requirements in IFRS 13. Use of judgment and estimates The preparation of condensed consolidated financial statements in conformity with IFRS recognition and measurement principles requires the use of estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Management reviews its estimates on an ongoing basis using currently available information. Changes in facts and circumstances or obtaining new information or more experience |
INVENTORIES
INVENTORIES | 6 Months Ended |
Jun. 30, 2022 | |
Subclassifications of assets, liabilities and equities [abstract] | |
INVENTORIES | INVENTORIES Inventory, net of the allowance for slow-moving inventory, excess of cost over net realizable value and obsolescence as of June 30, 2022 and December 31, 2021, is comprised of the following: June 30, 2022 December 31, 2021 Finished products 6,720 5,743 Production in process 5,354 5,101 Raw materials 9,180 7,137 Manufacturing supplies, spare parts and other 1 2,049 1,877 Total 23,303 19,858 1. Manufacturing supplies, spare parts and other consist of spare parts of 1.4 billion and manufacturing and other of 0.6 billion as of June 30, 2022. Manufacturing supplies, spare parts and other consist of spare parts of 1.4 billion and manufacturing and other of 0.5 billion as of December 31, 2021. |
ACQUISITIONS
ACQUISITIONS | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure of non-current assets held for sale and discontinued operations [Abstract] | |
ACQUISITIONS | ACQUISITIONS On February 28, 2022, ArcelorMittal acquired John Lawrie Metals Limited ("JLM"), a UK based leading consolidator of ferrous scrap metal, for total consideration of £35 million (43 net of cash acquired of 5) as part of its strategy of increasing the use of scrap steel to lower CO2 emissions from steelmaking in both the electric arch furnace ("EAF") and blast furnace routes. The Company completed its measurement of the acquisition-date fair value of the identifiable asset and liabilities of JLM. Revenue and net income since acquisition date were 25 and 1, respectively. JLM is part of the Europe reportable segment. On May 2, 2022, ArcelorMittal completed the acquisition of Architectural Steel Limited ("ASL"), a UK based manufacturer of bespoke metal fabrications and flashings for building envelopes to strengthen ArcelorMittal Downstream Solutions' construction business within the Europe segment. Total consideration was £36 million (39 net of cash acquired of 6). The Company completed its measurement of the acquisition-date fair value of the identifiable asset and liabilities of ASL. Revenue and net income since acquisition date were 4 and 1, respectively. On May 9, 2022, in order to strengthen the Company's plate operations in the Europe reportable segment in selected downstream and distribution activities, ArcelorMittal increased its interest in the former associate Centro Servizi Metalli S.p.A. ("CSM"), a stainless plate processing business with operations mainly in Italy and Poland, from 49.29% to 91.68% through the acquisition of a 42.39% controlling stake for €13.5 million (7 net of cash acquired of 7). The Company completed its measurement of the acquisition-date fair value of the identifiable asset and liabilities of CSM and recognized a 3 bargain purchase gain in cost of sales. Revenue and net income since acquisition date were 28.6 and 6.3, respectively. On June 30, 2022, ArcelorMittal completed the acquisition of an 80% interest in voestalpine’s world-class Hot Briquetted Iron ("HBI") plant located in Corpus Christi, Texas and subsequently renamed ArcelorMittal Texas HBI LLC ("ArcelorMittal Texas HBI") for total consideration of 818 (806 net of cash acquired of 12) subject to certain post-closing adjustments. The Company recognized acquisition-related costs of 7 in selling, general and administrative expenses. The facility has an annual capacity of two million tonnes of HBI, a high-quality feedstock made through the direct reduction of iron ore which is used to produce high-quality steel grades in an EAF, but which can also be used in blast furnaces, resulting in lower coke consumption. HBI is a premium, compacted form of Direct Reduced Iron ("DRI") developed to overcome issues associated with shipping and handling DRI. voestalpine has retained a 20% interest in the plant with a corresponding offtake agreement with a initial ten-year term renewable as long as voestalpine retains any interest in ArcelorMittal Texas HBI. ArcelorMittal would own 100% of any future development of operations. The remaining balance of production will be delivered to third parties under existing supply contracts, and to ArcelorMittal facilities, including to AM/NS Calvert in Alabama, upon the commissioning of its 1.5 million tonne EAF. Pursuant to the purchase agreement, voestalpine's 20% interest is subject to a call option exercisable by ArcelorMittal upon termination of the offtake agreement or failure by voestalpine to purchase the offtake volume and a put option exercisable by voestalpine at the end of the fifth, tenth and fifteenth year subsequently to the acquisition date. The Company did not ascribe any value to the call option but recognized a 177 financial liability at amortized cost measured at the present value of the redemption amount of the written put option based on the lower of equity value increased by an annual contractual return and fair value. Following the recent closing of the transaction, the acquisition-date fair value of the identifiable assets and liabilities of ArcelorMittal Texas HBI has been determined on a provisional basis, in particular with respect to property, plant and equipment. The Company expects to complete its measurement during the second half of 2022. On July 1, 2022, in the framework of its decarbonization strategy, the Company completed the acquisition of three subsidiaries from environmental services and recycling company ALBA International Recycling (ALBA Metall Süd Rhein-Main GmbH, ALBA Electronics Recycling GmbH and ALBA Metall Süd Franken GmbH) active in ferrous and non-ferrous metal recycling in Germany for total consideration of €90 million subject to certain closing adjustments. The Company expects to measure the acquisition-date fair value of the identifiable assets and liabilities of the three companies during the second half of 2022. On July 28, 2022, ArcelorMittal announced it has signed an agreement with the shareholders of Companhia Siderúrgica do Pecém (‘CSP’) to acquire CSP for an enterprise value of approximately 2.2 billion. Transaction closing is subject to certain corporate and regulatory approvals, including CADE (Brazilian anti-trust) approval, which is expected by late 2022. CSP is a world-class operation, producing high-quality slab at a globally competitive cost. CSP’s state-of-the-art steel facility in the state of Ceará in northeast Brazil was commissioned in 2016 and produced its first slabs in June of that year. It operates a three million tonne capacity blast furnace and has access via conveyors to the Port of Pecém, a large scale, deep water port located 10 kilometers from the plant. CSP operates within Brazil’s first Export Processing Zone, and benefits from various tax incentives including a low corporate income tax rate. Revenue and net income attributable to the equity holders of the parent of the Company for six months ended June 30, 2022 were 44,585 and 8,099, respectively, as though the acquisition date of JLM, ASL, CSM and ArcelorMittal Texas HBI had been as of January 1, 2022. JLM ASL CSM ArcelorMittal Texas HBI Current assets 10 11 68 269 Property, plant and equipment 10 14 16 763 Intangible assets 24 16 — 11 Other non-current assets — 1 1 — Total assets 44 42 85 1,043 Deferred tax liabilities (8) (6) — — Other liabilities (13) (10) (51) (75) Total liabilities (21) (16) (51) (75) Net assets acquired 23 26 34 968 Consideration paid, net of cash acquired 43 39 7 806 Non-controlling interests — — 4 196 Fair value of previously held interests at acquisition date — — 20 — Goodwill/(bargain purchase gain) 20 13 (3) 34 |
PROPERTY, PLANT AND EQUIPMENT A
PROPERTY, PLANT AND EQUIPMENT AND GOODWILL | 6 Months Ended |
Jun. 30, 2022 | |
Property, plant and equipment [abstract] | |
PROPERTY, PLANT AND EQUIPMENT AND GOODWILL | PROPERTY, PLANT AND EQUIPMENT AND GOODWILLWith respect to its steelmaking operations in Kryvyi Rih, Ukraine, with a carrying amount of property, plant and equipment of 2.1 billion, after the decision of idling made on March 3, 2022, the Company slowly restarted operations and is currently operating one of three blast furnaces. Blast furnace No.6 (approximately 20% of Kryvyi Rih capacity) restarted on April 11, 2022 (to resume low levels of pig iron production). Iron ore production has been steadily increased to 80% in the second quarter of 2022 (up from 50-60% capacity in the first quarter of 2022). Given the weaker demand environment and ongoing logistic issues, iron ore production is expected to be reduced to approximately 30% in the third quarter of 2022. The Company revised its cash flow projections for the second half of 2022 and applied separate discount rates over the discrete projections period, including a higher country risk premium for the remainder of 2022 and 2023 cash flow projections and a return to a pre-war country risk premium as from 2024 and for the terminal value calculation as value in use is sensitive to a difference in country risk for different periods. It concluded that the recoverable amount remains in excess of the carrying amount. Conversely, if the ongoing conflict between Russia and Ukraine persists, it could continue to have a material effect on the overall macroeconomic environment potentially affecting steel and iron ore demand and prices as well as energy costs. It could also result in further reduced production, sales and income with respect to the Company's Ukrainian operations thus increasing the risk that the Company may need to record an impairment charge with respect to such operations in the future.As of June 30, 2022, in the context of rising energy costs and surging inflation, the Company assessed the existence of any impairment indicator with respect to property, plant and equipment and goodwill relating to other cash-generating units and concluded that there are none. |
EQUITY AND NON-CONTROLLING INTE
EQUITY AND NON-CONTROLLING INTERESTS | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure of classes of share capital [abstract] | |
EQUITY AND NON-CONTROLLING INTERESTS | EQUITY AND NON-CONTROLLING INTERESTS Share capital On January 14, 2022 and May 18, 2022, ArcelorMittal cancelled 45 million and 60 million treasury shares, respectively, to keep the number of treasury shares within appropriate levels. These cancellations took into account the shares already purchased under the 1,000 share buyback programs announced on November 17, 2021, which were completed on December 28, 2021 and on May 5, 2022, respectively. Following these cancellations, the aggregate number of shares issued and fully paid up and share capital decreased from 982,809,772 and 350 as of December 31, 2021 to 877,809,772 and 312 as of June 30, 2022, respectively. Authorized shares Following the above-mentioned cancellations of treasury shares on January 14, 2022 and May 18, 2022, authorized share capital decreased from 442 represented by 1,241,418,599 ordinary shares without nominal value as of December 31, 2021 to 404 represented by 1,136,418,599 ordinary shares without nominal value as of June 30, 2022. Dividends On May 4, 2022 at the annual general meeting of shareholders, the shareholders approved the Company’s dividend of $0.38 per share. The dividend amounted to 332 and was paid on June 10, 2022. During the six months ended June 30, 2022, dividend due and paid to non-controlling interests amounted to 158 and 178, respectively. Share buyback On April 25, 2022, ArcelorMittal completed its 1,000 share buyback program announced on February 11, 2022 under the authorization given by the annual general meeting of shareholders of June 8, 2021 and repurchased 31,751,960 shares for a total value of €911 million (equivalent to 1,000) at an approximate average price per share of €28.68 ($31.49). On June 8, 2022, ArcelorMittal completed a second share buyback program in the amount of 1,000 under the authorization given by the annual general meeting of shareholders of May 4, 2022, bringing the total 2022 buybacks announced so far to 2,000. ArcelorMittal repurchased 33,349,597 shares for a total value of €943 million (equivalent to 1,000) at an approximate average price per share of €28.26 ($29.99). The shares acquired under the program are intended (i) to meet ArcelorMittal’s obligations under debt obligations exchangeable into equity securities (ii) to reduce ArcelorMittal’s share capital, and/or (iii) to meet ArcelorMittal’s obligations arising from employee share programs. On July 29, 2022, the Company announced a new share buy back program of 60,431,380 shares (approximately 1.4 billion based on share price as of July 26, 2022) to be completed by the end of May 2023 (subject to market conditions) under the authorization given by the annual general meeting of shareholders of May 4, 2022, bringing the total 2022 buybacks announced so far to approximately 3.4 billion. The Significant Shareholder has decided not to participate in the program consistent with the position announced on February 25, 2022. The shares acquired under the program are intended to meet ArcelorMittal’s obligations under debt obligations exchangeable into equity securities; to reduce ArcelorMittal’s share capital, and/or to meet ArcelorMittal’s obligations arising from employee share programs. Treasury shares ArcelorMittal held 31.2 million and 71.9 million treasury shares as of June 30, 2022 and December 31, 2021, respectively. Votorantim put option liability On March 30, 2022 Votorantim S.A. exercised the put option right it has under its shareholders’ agreement with the Company with respect to its 2.99% preferred share interest in ArcelorMittal Brasil following the acquisition of Votorantim S.A.'s long steel business in Brazil in 2018, which became a wholly-owned subsidiary of ArcelorMittal Brasil. The exercise price is calculated pursuant to an agreed formula in the shareholders’ agreement which applies a 6 times multiple of ArcelorMittal Brasil Longs Business EBITDA in the four immediately preceding calendar quarters from the date of the put option exercise (subject to certain adjustments, such as the exclusion of any unusual, infrequent or abnormal events) less an assumed net debt of BRL 6.2 billion times 15%. The Company determined that it has a present ownership interest in the preferred shares subject to the put option and recognized a financial liability at amortized cost measured at the present value of the redemption amount. As of June 30, 2022, the Company calculated the put option exercise price in the amount of BRL 0.8 billion (0.2 billion) |
INCOME TAX
INCOME TAX | 6 Months Ended |
Jun. 30, 2022 | |
Major components of tax expense (income) [abstract] | |
INCOME TAX | INCOME TAX The tax expense for the period is based on an estimated annual effective rate, which requires management to make its best estimate of annual pre-tax income for the year. The income tax expense was 1,381 and 946 for the six months ended June 30, 2022 and 2021, respectively. The income tax expense for the six months ended June 30, 2022, and the six months ended June 20, 2021, was mainly |
SHORT-TERM AND LONG-TERM DEBT
SHORT-TERM AND LONG-TERM DEBT | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure of detailed information about borrowings [abstract] | |
SHORT-TERM AND LONG-TERM DEBT | SHORT-TERM AND LONG-TERM DEBT Short-term debt, including the current portion of long-term debt, consisted of the following: June 30, 2022 December 31, 2021 Short-term bank loans and other credit facilities including commercial paper 1 1,183 888 Current portion of long-term debt 1,373 836 Lease obligations 163 189 Total 2,719 1,913 1. The weighted average interest rate on short-term borrowings outstanding was 0.8% and 0.9% as of June 30, 2022 and December 31, 2021, respectively. Short-term bank loans and other credit facilities include short-term loans, overdrafts and commercial paper. In 2014, ArcelorMittal entered into certain short-term committed bilateral credit facilities. The facilities were subsequently extended annually. During the first half of 2022, two new facilities have been granted. As of June 30, 2022, the facilities, in total 0.6 billion , remain fully available. The Company has a commercial paper program enabling borrowings of up to €1.5 billion. As of June 30, 2022, the outstanding amount was 877. On July 27, 2022, the Company entered into a 2.2 billion bridge term facility agreement with a financial institution. The facility may be applied toward the purchase price for the intended acquisition of CSP, as well as the refinancing of its existing indebtedness and the payment of related fees, costs and expenses. The facility is available for 12 months from signing with two extension options of 6 months each at the borrower's discretion. The Company’s long-term debt consisted of the following: Year of maturity Type of interest Interest rate 1 June 30, 2022 December 31, 2021 Corporate 5.5 billion Revolving Credit Facility 2023 - 2025 — — €750 million Unsecured Notes 2022 Fixed 3.13 % — 551 €500 million Unsecured Notes 2023 Fixed 0.95 % 381 415 €750 million Unsecured Notes 2023 Fixed 1.00 % 778 848 €1 billion Unsecured Notes 2024 Fixed 2.25 % 553 604 750 Unsecured Notes 2024 Fixed 3.60 % 289 289 500 Unsecured Notes 2025 Fixed 6.13 % 183 183 €750 million Unsecured Notes 2025 Fixed 1.75 % 775 844 750 Unsecured Notes 2026 Fixed 4.55 % 399 399 500 Unsecured Notes 2029 Fixed 4.25 % 495 494 1.5 billion Unsecured Bonds 2039 Fixed 7.00 % 671 671 1 billion Unsecured Notes 2041 Fixed 6.75 % 428 428 EIB loan 2032 Floating 1.56 % 291 — EIB loan 2025 Fixed 1.16 % 167 215 Schuldschein loans 2025-2027 Fixed/Floating 1.5% - 3.0% 753 — Other loans 2023 Fixed 3.10% 73 142 Other loans 2029-2035 Floating 0.6% - 2.3% 247 273 Total Corporate 6,483 6,356 Americas Other loans 2022 - 2030 Fixed/Floating 0.0% - 10.7% 65 72 Total Americas 65 72 Europe, Asia & Africa EBRD Facility 2024 Floating 4.2% - 4.5% 59 82 Other loans 2022 - 2029 Fixed/Floating 0.0% - 5.6% 127 123 Total Europe, Asia & Africa 186 205 Total 6,734 6,633 Less current portion of long-term debt (1,373) (836) Total long-term debt (excluding lease obligations) 5,361 5,797 Long-term lease obligations 2 708 691 Total long-term debt, net of current portion 6,069 6,488 1. Rates applicable to balances outstanding at June 30, 2022, including the effect of decreases or increases following upgrades or downgrades, respectively. For debt that has been redeemed in its entirety during first half of 2022, the interest rate refers to the rates at the repayment date. 2. Net of current portion of 163 and 189 as of June 30, 2022 and December 31, 2021, respectively. See note 11 for further information regarding leases. Corporate Main credit facility On December 19, 2018, ArcelorMittal signed an agreement for a 5.5 billion revolving credit facility (the "Facility"). This Facility replaced the 5.5 billion revolving credit facility dated April 30, 2015, which was amended and extended on December 21, 2016. The agreement incorporated a single tranche of 5.5 billion maturing on December 19, 2023, with two one-year extension options (i.e. the options to extend are in the first and second years end of 2019 and end of 2020). During the fourth quarter of 2020, ArcelorMittal executed the second option to extend the facility to December 19, 2025 after having executed the first option in the fourth quarter 2019. The extension was completed for 5.4 billion of the available amount, with the 0.1 billion remaining with a maturity of December 19, 2023. On April 13, 2021 the revolving credit facility was amended so that the leverage ratio financial covenant will no longer be applicable in the event that the Company obtains an investment grade long-term credit rating (with a stable outlook) from two rating agencies. On April 27, 2021, the revolving credit facility was amended so that the margin payable increases or decreases depending on the Company’s performance against two metrics measured annually against pre-defined targets with respect to its environmental and sustainability performance (CO2 intensity of the Company’s European operations and the number of facilities which have been certified by ResponsibleSteel™). The Facility may be used for general corporate purposes. As of June 30, 2022, the 5.5 billion revolving credit facility was fully available. The Company makes drawdowns from and repayments on this Facility in the framework of its cash management. On September 30, 2010, ArcelorMittal entered into a 500 revolving multi-currency letter of credit facility (the “Letter of Credit Facility”). The Letter of Credit Facility is used by the Company and its subsidiaries for the issuance of letters of credit and other instruments. The terms of the letters of credit and other instruments contain certain restrictions as to duration. The Letter of Credit Facility was amended on October 26, 2012 and on September 30, 2014 to reduce its amount to 450 and to 350, respectively. On July 31, 2019, the Company refinanced its Letter of Credit Facility by entering into a 350 revolving multi-currency letter of credit facility, which matures on July 31, 2022. On June 25, 2021 the Letter of Credit Facility maturity was extended to July 31, 2024. Bonds On January 14, 2022, at maturity, ArcelorMittal repaid all of the outstanding €486 million (551) of its €750 million Fixed Rate Notes due 2022. European Investment Bank (“EIB”) loan On June 2, 2021, ArcelorMittal signed a €280 million finance contract with the European Investment Bank for funding of research, development and innovation projects in Europe over the period of 2021-2023. This operation benefits from a guarantee from the European Union under the European Fund for Strategic Investments. On March 16, 2022, ArcelorMittal draw down the facility in full. As of June 30, 2022, €280 million (291) was outstanding. On December 16, 2016, ArcelorMittal signed a €350 million finance contract with the European Investment Bank in order to finance European research, development and innovation projects over the period 2017-2020 within the European Union, predominantly France, Belgium and Spain, but also in the Czech Republic, Poland, Luxembourg and Romania. This operation benefits from a guarantee from the European Union under the European Fund for Strategic Investments. As of June 30, 2022, €160 million (167) was outstanding. Other loans On May 4, 2022, ArcelorMittal completed the offering of a €346.5 million variable rate loan, a €24.5 million fixed rate loan, a €263 million variable rate loan and a €66 million fixed rate loan in the German Schuldschein market. On May 6, 2022, the company further completed the offering of a €25 million fixed rate loan. The proceeds of these issuances were used for general corporate purposes. As of June 30, 2022, €725 million (753) was outstanding. On December 21, 2018, the Company entered into a facility agreement with a group of lenders for €235 million to finance the construction of a new hot strip mill in Mexico. This facility became effective upon issuance of a guarantee by the Oesterreichische Kontrollbank AG in March 2019. The last installment under this agreement is due 8.5 years after the starting date of the credit facility (which means the earlier of (a) the date of issue of the provisional acceptance certificate for the hot strip mill and (b) June 30, 2021). The outstanding amount in total as of June 30, 2022 was €152 million (157). On July 2, 2020, ArcelorMittal entered into an agreement for financing with a financial institution for net proceeds of CAD174 million (128) with repayment over several dates in 2021 and 2022. As of June 30, 2022, the agreement was fully repaid. On November 29, 2021, ArcelorMittal entered into an agreement for financing with a financial institution for net proceeds of CAD130 million (105) with repayment over several dates in 2021, 2022 and 2023. As of June 30, 2022, CAD95 million (73) remained outstanding. Europe, Asia and Africa On December 21, 2017, ArcelorMittal Kryvyi Rih entered into a 175 loan agreement with the European Bank for Reconstruction and Development (ERBD) in order to support the upgrade of its production facilities, energy efficiency improvement and environmental impact reduction. The loan agreement also provides for an additional 175 in loan facilities which are currently uncommitted. As of June 30, 2019, 175 was fully drawn. As of June 30, 2022, 59 was outstanding. On May 25, 2017, ArcelorMittal South Africa signed a 4.5 billion South African rand revolving borrowing base finance facility maturing on May 25, 2020. The facility was amended and extended on July 26, 2019 and now matures on July 26, 2022. Any borrowings under the facility are secured by certain eligible inventory and receivables, as well as certain other working capital and related assets of ArcelorMittal South Africa. The facility is used for general corporate purposes. The facility is not guaranteed by ArcelorMittal. As of June 30, 2022, 1.2 billion South African rand (74) was drawn. Other Certain debt agreements of the Company or its subsidiaries contain certain restrictive covenants. Among other things, these covenants limit encumbrances on the assets of ArcelorMittal and its subsidiaries, the ability of ArcelorMittal’s subsidiaries to incur debt and the ability of ArcelorMittal and its subsidiaries to dispose of assets in certain circumstances. Certain of these agreements also require compliance with a financial covenant. The other loans relate to various debt with banks and public institutions. Hedge of net investments A portion of the Company's of euro denominated debt (€4,512 million as of June 30, 2022) is designated as a hedge of certain euro denominated investments (€9,934 million as of June 30, 2022) in order to mitigate the foreign currency risk arising from certain euro denominated subsidiaries' net assets. The risk arises from the fluctuation in spot exchange rates between the U.S. dollar and euro, which causes the amount of the net investments to vary. The hedged risk in the hedge of net investments is a risk of a weakening euro against the U.S. dollar that will result in a reduction in the carrying amount of the Company's net investments in the subsidiaries subject to the hedge. The euro denominated debt is designated as a hedging instrument for the change in the value of the net investments that is attributable to changes in the euro/U.S. dollar spot rate. To assess hedge effectiveness, the Company determines the economic relationship between the hedging instrument and the hedge item by comparing changes in the carrying amount of the debt portfolio that are attributable to a change in the spot rate with changes in the net investments in the foreign operations due to movements in the spot rate. |
FINANCIAL INSTRUMENTS
FINANCIAL INSTRUMENTS | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure of detailed information about financial instruments [abstract] | |
FINANCIAL INSTRUMENTS | FINANCIAL INSTRUMENTS The Company enters into derivative financial instruments to manage its exposure to fluctuations in exchange rates, the price of raw materials, energy and emission rights allowances arising from operating, financing and investing activities. As of June 30, 2022, the total amount of trade accounts receivables sold as true sales of receivables amounted to 6.0 billion (5.2 billion at December 31, 2021). In addition, the Company estimates that about 4.2 billion of trade payables were subject to early discount by its suppliers as of June 30, 2022 as compared to 2.7 billion as of December 31, 2021. Fair value versus carrying amount The estimated fair value of certain financial instruments is determined using available market information or other valuation methodologies that require judgment in interpreting market data and developing estimates. The following table summarizes assets and liabilities based on their categories at June 30, 2022. Carrying amount in statements of financial position Non-financial assets and liabilities Assets/ Liabilities at amortized cost Fair value recognized in profit or loss Fair value recognized in OCI Derivatives ASSETS Current assets: Cash and cash equivalents 4,457 — 4,457 — — — Restricted cash 108 — 108 — — — Trade accounts receivable and other 5,931 — 5,470 — 461 — Inventories 23,303 23,303 — — — — Prepaid expenses and other current assets 7,189 1,922 1,290 — — 3,977 Total current assets 40,988 25,225 11,325 — 461 3,977 Non-current assets: Goodwill and intangible assets 4,307 4,307 — — — — Property, plant and equipment and biological assets 29,542 29,499 — 42 — — Investments in associates and joint ventures 10,992 10,992 — — — — Other investments 866 — — 866 — Deferred tax assets 7,974 7,974 — — — Other assets 2,357 350 714 136 — 1,157 Total non-current assets 56,038 53,122 714 178 866 1,157 Total assets 97,026 78,347 12,039 178 1,327 5,134 LIABILITIES AND EQUITY Current liabilities: Short-term debt and current portion of long-term debt 2,719 — 2,719 — — — Trade accounts payable and other 16,736 — 16,736 — — — Short-term provisions 722 702 20 — — — Accrued expenses and other liabilities 5,035 1,245 3,111 — — 679 Income tax liabilities 757 757 — — — — Total current liabilities 25,969 2,704 22,586 — — 679 Non-current liabilities: Long-term debt, net of current portion 6,069 — 6,069 — — — Deferred tax liabilities 2,489 2,489 — — — — Deferred employee benefits 3,517 3,517 — — — — Long-term provisions 1,534 1,530 4 — — — Other long-term obligations 1,002 355 584 — — 63 Total non-current liabilities 14,611 7,891 6,657 — — 63 Equity: Equity attributable to the equity holders of the parent 53,992 53,992 — — — — Non-controlling interests 2,454 2,454 — — — — Total equity 56,446 56,446 — — — — Total liabilities and equity 97,026 67,041 29,243 — — 742 *Restricted cash and other restricted funds of 108 include a cash deposit of 60 in connection with various environmental obligations and true sales of receivables programs in ArcelorMittal South Africa and 20 in connection with the mandatory convertible bonds as of June 30, 2022. The following tables summarize the bases used to measure certain assets and liabilities at their fair value. As of June 30, 2022 Level 1 Level 2 Level 3 Total Assets at fair value: Investments in equity instruments at FVOCI 791 — 75 866 Trade accounts receivable and other subject to TSR programs* — — 461 461 Derivative financial current assets — 3,977 — 3,977 Derivative financial non-current assets — 1,152 5 1,157 Total assets at fair value 791 5,129 541 6,461 Liabilities at fair value: Derivative financial current liabilities — 679 — 679 Derivative financial non-current liabilities — 63 — 63 Total liabilities at fair value — 742 — 742 * The fair value of TSR program receivables equals carrying amount due to the short time frame between the initial recognition and time of sale. As of December 31, 2021 Level 1 Level 2 Level 3 Total Assets at fair value: Investments in equity instruments at FVOCI 1,069 — 77 1,146 Trade accounts receivable and other subject to TSR programs* — — 622 622 Derivative financial current assets — 2,985 — 2,985 Derivative financial non-current assets — 303 15 318 Total assets at fair value 1,069 3,288 714 5,071 Liabilities at fair value: Derivative financial current liabilities — 316 — 316 Derivative financial non-current liabilities — 58 — 58 Total liabilities at fair value — 374 — 374 * The fair value of TSR program receivables equals carrying amount due to the short time frame between the initial recognition and time of sale. Investments in equity instruments at FVOCI classified as Level 1 refer to listed securities quoted in active markets. A quoted market price in an active market provides the most reliable evidence of fair value and is used without adjustment to measure fair value whenever available, with limited exceptions. The total fair value is either the price of the most recent trade at the time of the market close or the official close price as defined by the exchange on which the asset is most actively traded on the last trading day of the period, multiplied by the number of units held without consideration of transaction costs. Portfolio of derivatives Derivative financial current assets and liabilities classified as Level 2 refer to instruments to hedge fluctuations in interest rates, foreign exchange rates, raw materials (base metal), freight, energy, emission rights and others. The total fair value is based on the price a dealer would pay or receive for the security or similar securities, adjusted for any terms specific to that asset or liability. Market inputs are obtained from well-established and recognized vendors of market data and the fair value is calculated using standard industry models based on significant observable market inputs such as foreign exchange rates, commodity prices, swap rates and interest rates. The Company manages the counter-party risk associated with its instruments by centralizing its commitments and by applying procedures which specify, for each type of transaction and underlying, risk limits and/or the characteristics of the counter-party. The Company does not generally grant to or require from its counter-parties guarantees for the risks incurred. Allowing for exceptions, the Company’s counterparties are part of its financial partners and the related market transactions are governed by framework agreements (mainly the International Swaps and Derivatives Association agreements which allow netting only in case of counterparty default). Accordingly, derivative assets and derivative liabilities are not offset. The portfolio associated with derivative financial instruments classified as Level 2 as of June 30, 2022 is as follows: Assets Liabilities Notional Amount Fair Value Notional Amount Fair Value Foreign exchange rate instruments Forward purchase of contracts 7,787 358 1,322 (30) Forward sale of contracts 1,281 33 632 (91) Exchange option purchases 1,120 12 213 (2) Exchange options sales 900 31 394 (4) Total foreign exchange rate instruments 434 (127) Raw materials (base metal), freight, energy, emission rights and others Term contracts sales 514 66 1,400 (411) Term contracts purchases 3,493 4,627 928 (203) Options sales/purchases 10 2 73 (1) Total raw materials (base metal), freight, energy, emission rights and others 4,695 (615) Total 5,129 (742) The portfolio associated with derivative financial instruments classified as Level 2 as of December 31, 2021 is as follows: Assets Liabilities Notional Amount Fair Value Notional Amount Fair Value Foreign exchange rate instruments Forward purchase of contracts 3,845 133 1,023 (43) Forward sale of contracts 2,685 16 1,431 (15) Exchange option purchases 712 2 254 (7) Exchange options sales 338 5 707 (2) Total foreign exchange rate instruments 156 (67) Raw materials (base metal), freight, energy, emission rights and others Term contracts sales 121 1 644 (259) Term contracts purchases 3,461 3,131 497 (48) Total raw materials (base metal), freight, energy, emission rights and others 3,132 (307) Total 3,288 (374) Derivative financial assets classified as Level 3 correspond to the call option on the 1,000 mandatory convertible bonds. The fair valuation of Level 3 derivative instruments is established at each reporting date including an analysis of changes in the fair value measurement since the last period. ArcelorMittal’s valuation policies for Level 3 derivatives are an integral part of its internal control procedures and have been reviewed and approved according to the Company’s principles for establishing such procedures. In particular, such procedures address the accuracy and reliability of input data, the accuracy of the valuation model and the knowledge of the staff performing the valuations. ArcelorMittal calculates the fair value of the call option on the 1,000 mandatory convertible bonds through the use of binomial valuation models. Binomial valuation models use an iterative procedure to price options, allowing for the specification of nodes, or points in time, during the time span between the valuation date and the option’s expiration date. In contrast to the Black-Scholes model, which provides a numerical result based on inputs, the binomial model allows for the calculation of the asset and the option for multiple periods along with the range of possible results for each period. Observable input data used in the valuations include zero coupon yield curves, stock market prices, European Central Bank foreign exchange fixing rates and Libor interest rates. Unobservable inputs are used to measure fair value to the extent that relevant observable inputs are not available. Specifically, the Company computes unobservable volatility data based mainly on the movement of stock market prices observable in the active market over 90 working days. The following table summarizes the reconciliation of the fair value of the call option on the 1,000 mandatory convertible bonds classified as Level 3 as of June 30, 2022 and December 31, 2021: Call option on 1,000 mandatory convertible bonds Balance as of December 31, 2020 59 Change in fair value 37 Balance as of June 30, 2021 96 Change in fair value (81) Balance as of December 31, 2021 15 Change in fair value (10) Balance as of June 30, 2022 5 |
PROVISIONS
PROVISIONS | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure of other provisions [abstract] | |
PROVISIONS | PROVISIONS Provisions as of June 30, 2022 and December 31, 2021 are comprised of the following: June 30, 2022 December 31, 2021 Environmental 557 595 Emission rights 322 492 Asset retirement obligations 399 397 Site restoration 183 220 Staff related obligations 128 120 Voluntary separation plans 22 31 Litigation and contingencies (see note 12) 280 323 Tax claims 80 79 Other legal claims and contingencies 200 244 Commercial agreements and onerous contracts 28 23 Other 337 361 Total 2,256 2,562 Short-term provisions 722 1,064 Long-term provisions 1,534 1,498 Total 2,256 2,562 |
SEGMENT AND GEOGRAPHIC INFORMAT
SEGMENT AND GEOGRAPHIC INFORMATION | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure of operating segments [abstract] | |
SEGMENT AND GEOGRAPHIC INFORMATION | SEGMENT AND GEOGRAPHIC INFORMATION Reportable segments The Company is organized in five operating and reportable segments, which are components engaged in business activities from which they may earn revenues and incur expenses (including revenues and expenses relating to transactions with other components of the Company), for which discrete financial information is available and whose operating results are evaluated regularly by the chief operating decision maker “CODM” to make decisions about resources to be allocated to the segment and assess its performance. The Company CODM is the Executive Office comprising the Executive Chairman, Mr. Lakshmi N. Mittal and the CEO, Mr. Aditya Mittal. ArcelorMittal's operating segments include the attributable goodwill, intangible assets, property, plant and equipment, and certain equity method investments. They do not include cash and short-term deposits, short-term investments, tax assets and other current financial assets. Attributable liabilities are also those resulting from the normal activities of the segment, excluding tax liabilities and indebtedness but including post retirement obligations where directly attributable to the segment. The treasury function is managed centrally for the Company and is not directly attributable to individual operating segments or geographical areas. ArcelorMittal’s segments are structured as follows: • NAFTA represents the flat, long and tubular facilities of the Company located in Canada, Mexico and the United States. NAFTA produces flat products such as slabs, hot-rolled coil, cold-rolled coil, coated steel and plate. These products are sold primarily to customers in the following sectors: automotive, energy, construction, packaging and appliances and via distributors or processors. NAFTA also produces long products such as wire rod, sections, rebar, billets, blooms and wire drawing, and tubular products. The raw material supply of the NAFTA operations includes sourcing from iron ore captive mines in Mexico to supply the steel facilities. • Brazil includes the flat operations of Brazil, the long and tubular operations of Brazil and neighboring countries including Argentina, Costa Rica and Venezuela. Flat products include slabs, hot-rolled coil, cold-rolled coil and coated steel. Long products consist of wire rod, sections, bar and rebar, billets, blooms and wire drawing. The raw material supply of the Brazil operations includes sourcing from iron ore captive mines in Brazil. • Europe is the largest flat steel producer in Europe, with operations that range from Spain in the west to Romania in the east, and covering the flat carbon steel product portfolio in all major countries and markets. Europe produces hot-rolled coil, cold-rolled coil, coated products, tinplate, plate and slab. These products are sold primarily to customers in the automotive, general and packaging sectors. Europe also produces long products consisting of sections, wire rod, rebar, billets, blooms and wire drawing, and tubular products. In addition, it includes Downstream Solutions, primarily an in-house trading and distribution arm of ArcelorMittal. Downstream Solutions also provides value-added and customized steel solutions through further steel processing to meet specific customer requirements. The raw material supply of Europe operations includes sourcing from iron ore captive mines in Bosnia & Herzegovina. • ACIS produces a combination of flat, long and tubular products. Its steel facilities are located in South Africa, Ukraine and Kazakhstan. The raw material supply of the ACIS operations includes sourcing from iron ore captive mines in Kazakhstan and Ukraine and coal captive mines in Kazakhstan. • Mining segment comprises the mines owned by ArcelorMittal in Canada and Africa (Liberia). It provides the Company's steel operations with high quality and low-cost iron ore reserves and also sells mineral products to third parties. The following table summarizes certain financial data relating to ArcelorMittal’s operations in its different reportable segments: NAFTA Brazil Europe ACIS Mining Others* Elimination Total Six months ended June 30, 2022 Sales to external customers 7,385 6,291 26,377 3,189 727 9 — 43,978 Intersegment sales** 28 1,061 115 381 1,211 8 (2,804) — Operating income (loss) 1,871 1,875 4,144 323 974 (136) (124) 8,927 Depreciation and amortization 186 129 652 211 120 18 — 1,316 Capital expenditures 202 213 398 197 162 12 — 1,184 Six months ended June 30, 2021 Sales to external customers 5,755 4,861 19,990 4,170 751 9 — 35,536 Intersegment sales** 23 937 37 726 1,317 7 (3,047) — Operating income (loss) 936 1,742 1,861 1,458 1,287 (126) (85) 7,073 Depreciation and amortization 142 109 615 220 115 20 — 1,221 Capital expenditures 147 139 578 214 97 16 (3) 1,188 *Others include all other operational and non-operational items which are not segmented, such as corporate and shared services, financial activities, and shipping and logistics. **Transactions between segments are reported on the same basis of accounting as transactions with third parties. The reconciliation from operating income to net income is as follows: Six months ended June 30, 2022 2021 Operating income 8,927 7,073 Income from investments in associates, joint ventures and other investments 1,137 1,043 Financing costs - net (427) (594) Income before taxes 9,637 7,522 Income tax expense (1,381) (946) Net income (including non-controlling interests) 8,256 6,576 Geographical segmentation Sales (by destination) Six months ended June 30, 2022 2021 Americas United States 4,768 3,342 Brazil 4,545 3,971 Canada 2,281 1,844 Mexico 1,463 1,151 Argentina 856 598 Others Americas 960 749 Total Americas 14,873 11,655 Europe Germany 4,236 3,019 France 3,288 2,489 Poland 3,399 2,328 Spain 2,665 2,041 Italy 2,396 2,667 Turkey 685 669 Czech Republic 848 598 United Kingdom 952 728 Belgium 1,071 877 Russia 420 863 Netherlands 1,046 628 Romania 312 228 Ukraine 275 394 Others Europe 3,499 2,200 Total Europe 25,092 19,729 Asia & Africa South Africa 1,308 1,202 Morocco 416 325 Egypt 76 26 Rest of Africa 289 456 China 345 397 Kazakhstan 370 370 South Korea 240 264 India 47 91 Rest of Asia 922 1,021 Total Asia & Africa 4,013 4,152 Total 43,978 35,536 Product segmentation The table below presents sales to external customers by product type. In addition to steel produced by the Company, amounts include material purchased for additional transformation and sold through distribution services. Others include mainly non-steel sales, manufactured and specialty steel products, and services. Sales (by products) Six months ended June 30, 2022 2021 Flat products 25,208 19,418 Long products 9,682 8,380 Tubular products 1,477 1,045 Mining products 837 839 Others 6,774 5,854 Total 43,978 35,536 Disaggregated revenue The tables below summarize the disaggregated revenue recognized from contracts with customers for the six months ended June 30, 2022 and 2021, respectively: Six months ended June 30, 2022 NAFTA Brazil Europe ACIS Mining Others Total Steel sales 7,153 5,877 23,720 2,767 — — 39,517 Non-steel sales 1 10 87 1,124 227 708 — 2,156 By-product sales 2 64 67 641 84 — — 856 Other sales 3 158 260 892 111 19 9 1,449 Total 7,385 6,291 26,377 3,189 727 9 43,978 Six months ended June 30, 2021 NAFTA Brazil Europe ACIS Mining Others Total Steel sales 5,594 4,588 17,874 3,470 — — 31,526 Non-steel sales 1 1 91 861 490 740 — 2,183 By-product sales 2 43 52 439 67 — — 601 Other sales 3 117 130 816 143 11 9 1,226 Total 5,755 4,861 19,990 4,170 751 9 35,536 1. Non-steel sales mainly relate to iron ore, coal, scrap and electricity; 2. By-products sales mainly relate to slag, waste and coke by-products; |
LEASES
LEASES | 6 Months Ended |
Jun. 30, 2022 | |
Leases [Abstract] | |
LEASES | LEASES The Company's lease contracts relate to a variety of assets used in its operational and administrative activities through several units, such as land, buildings, vehicles, industrial machinery, logistic and commercial facilities and power generation facilities. There were no sale and lease back transactions, no subleases and no restrictions or covenants imposed on the Company's currently effective lease contracts. Balances for the Company’s lease activities as of June 30, 2022 and December 31, 2021 and for the six month period ended June 30, 2022 and 2021 are summarized as follows: June 30, 2022 December 31, 2021 Lease liabilities 871 880 Right of-use assets: Land, buildings and improvements 728 729 Machinery, equipment and others 319 343 Total right-of-use assets 1,047 1,072 Six months ended June 30, 2022 Six months ended June 30, 2021 Depreciation and impairment charges: Land, buildings and improvements 66 57 Machinery, equipment and others 31 36 Total depreciation and impairment charges 97 93 Other lease related expenses: Interest expense on lease liabilities 17 17 Expenses of short-term leases 45 38 Expenses of leases of low-value assets 35 32 Expenses related to variable lease payments 45 48 Additions to right-of-use assets 151 58 Lease payments recorded as reduction of lease liabilities and cash outflow from financing activities 95 100 |
COMMITMENTS
COMMITMENTS | 6 Months Ended |
Jun. 30, 2022 | |
Subclassifications of assets, liabilities and equities [abstract] | |
COMMITMENTS | COMMITMENTS The Company’s commitments consist of the following: June 30, 2022 December 31, 2021 Purchase commitments 14,218 13,509 Guarantees, pledges and other collateral 8,159 8,003 Capital expenditure commitments 178 330 Other commitments 1,549 1,576 Total 24,104 23,418 Purchase commitments Purchase commitments consist primarily of major agreements for procuring iron ore, coking coal, coke and hot metal. The Company also has a number of agreements for electricity, industrial and natural gas, scrap and freight. In addition to those purchase commitments disclosed above, the Company enters into purchasing contracts as part of its normal operations which have minimum volume requirements, but for which there are no take-or-pay or penalty clauses included in the contract. The Company does not believe these contracts have an adverse effect on its liquidity position. Purchase commitments included commitments given to associates for 1,488 and 1,562 as of June 30, 2022 and December 31, 2021, respectively. Purchase commitments given to associates included 653 and 819 as of June 30, 2022 and December 31, 2021, respectively, related to the gas supply agreement signed in 2020 with Kryvyi Rih Industrial Gas. Purchase commitments included commitments given to joint ventures for 886 and 1,140 as of June 30, 2022 and December 31, 2021, respectively. Purchase commitments given to joint ventures included 424 and 611 related to Tameh and 452 and 515 related to Enerfos as of June 30, 2022 and December 31, 2021, respectively. Guarantees, pledges and other collateral Guarantees related to financial debt and credit lines given on behalf of third parties were 175 and 146 as of June 30, 2022 and December 31, 2021, respectively. Additionally, guarantees of 12 and 12 were given on behalf of associates and guarantees of 4,353 and 4,295 were given on behalf of joint ventures as of June 30, 2022 and December 31, 2021, respectively. Guarantees given on behalf of joint ventures included 312 and 279 for the guarantees issued on behalf of Calvert, 177 and 175 for the guarantees issued on behalf of ArcelorMittal Tubular Products Al Jubail ("Al Jubail") and 318 and 323 in relation to outstanding lease liabilities for vessels operated by Global Chartering Ltd as of June 30, 2022 and December 31, 2021, respectively. Guarantees given on behalf of joint ventures also included 3,088 as of June 30, 2022 and December 31, 2021 corresponding to ArcelorMittal's 60% guarantee of the 5.146 billion ten-year term loan agreement entered into by the AMNS India joint venture with various Japanese banks on March 16, 2020. As of June 30, 2022, pledges and other collateral mainly relate to (i) mortgages entered into by the Company’s operating subsidiaries and (ii) inventories and receivables pledged to secure the South African Rand revolving borrowing base finance facility for the amount drawn of 74 and ceded bank accounts to secure environmental obligations, true sale of receivables programs and the revolving borrowing base finance facility in South Africa of 58. Pledges of property, plant and equipment were 108 and 111 as of June 30, 2022 and December 31, 2021, respectively. Other sureties, first demand guarantees, letters of credit, pledges and other collateral included 411 and 406 commitments given on behalf of associates as of June 30, 2022 and December 31, 2021, respectively, and 527 and 452 commitments given on behalf of joint ventures as of June 30, 2022 and December 31, 2021, respectively. Capital expenditure commitments Capital expenditure commitments mainly relate to commitments associated with investments in expansion and improvement projects by various subsidiaries. In 2016, ArcelorMittal South Africa committed to an investment program in connection with the competition commission settlement. The remaining capital expenditure was 100 as of December 31, 2021. The commitment expired during the first half of 2022. Capital expenditure commitments also included 115 and 158 as of June 30, 2022 and December 31, 2021, respectively, for the 1 billion investment program at the Company's Mexican operations, which is focused on building ArcelorMittal Mexico's downstream capabilities. The main investment is related to the new hot strip mill with capacity of approximately 2.5 million tonnes. Other commitments Other commitments given comprise mainly commitments incurred for gas supply to electricity suppliers. As of September 21, 2018 an Environmental Commitment Agreement ("ECA") has been executed between ArcelorMittal Brasil, local government and the Brazilian environment authorities. ArcelorMittal Brasil committed to carry out, over the next 5 years, a series of environmental operational and capital investments with the aim to reduce atmospheric emissions from the Company's Tubarão site. To comply with the ECA requirements, ArcelorMittal Brasil may need to acquire new equipment and change some of its current operating methods and processes. As of June 30, 2022, ArcelorMittal Brasil estimated the underlying costs to implement those investments at 176. The non-compliance with ECA would lead to fines amounting to a maximum of 19 and 18 as of June 30, 2022 and December 31, 2021, respectively. Other commitments also included 452 and 442 as of June 30, 2022 and December 31, 2021, respectively, relating to ArcelorMittal Brasil's commitment to carry out capital expenditures at the Monlevade industrial plant to complete the expansion project by the second half of 2024, following a protocol of intent agreed between the Minas Gerais State Government, ArcelorMittal Brasil and BMB Belgo Mineira Bekaert Artefatos De Arame Ltd ("BMB") on November 19, 2021. Commitments to sell In addition to the commitments presented above, the Company has firm commitments to sell for which it also has firm commitments to purchase included in purchase commitments for 379 and 292 as of June 30, 2022 and December 31, 2021, respectively, and mainly related to natural gas and electricity. |
CONTINGENCIES
CONTINGENCIES | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure of contingent liabilities [abstract] | |
CONTINGENCIES | CONTINGENCIES ArcelorMittal may be involved in litigation, arbitration or other legal proceedings. Provisions related to legal and arbitral proceedings are recorded in accordance with the principles described in note 9 to the consolidated financial statements for the year ended December 31, 2021. Most of these claims involve highly complex issues. Often these issues are subject to substantial uncertainties and, therefore, the probabilities of loss and an estimate of damages are difficult to ascertain. Consequently, for a large number of these claims, the Company is unable to make a reliable estimate of the expected financial effect that will result from ultimate resolution of the proceeding. In those cases, the Company has disclosed information with respect to the nature of the contingency. The Company has not accrued a provision for the potential outcome of these cases. In cases in which quantifiable fines and penalties have been assessed or the Company has otherwise been able to reliably estimate the amount of probable loss, the Company has indicated the amount of such fine or penalty or the amount of provision accrued. In a limited number of ongoing cases, the Company is able to make a reliable estimate of the expected loss or range of possible loss and has accrued a provision for such loss, but believes that publication of this information on a case-by-case basis would seriously prejudice the Company’s position in the ongoing legal proceedings or in any related settlement discussions. Accordingly, in these cases, the Company has disclosed information with respect to the nature of the contingency, but has not disclosed the estimate of the range of potential loss nor the amount recorded as a loss. These assessments can involve a series of complex judgments about future events and can rely heavily on estimates and assumptions. These assessments are based on estimates and assumptions that have been deemed reliable by management. The Company believes that the aggregate provisions recorded for the above matters are adequate based upon currently available information. However, given the inherent uncertainties related to these cases and in estimating contingent liabilities, the Company could, in the future, incur judgments that could have a material effect on its results of operations in any particular period. The Company considers it highly unlikely, however, that any such judgments could have a material adverse effect on its liquidity or financial condition. The matters discussed below constitute the most significant developments since publication of the disclosures concerning legal proceedings in note 9.3 to the Company's consolidated financial statements for the year ended December 31, 2021. Tax claims Brazil In the period from 2014 to 2018, ArcelorMittal Brasil received six tax assessments from the Federal Revenue Service in the amount of 38 disputing its use of credits for PIS and COFINS social security taxes in 2010, 2011 and 2013. The dispute relates to the concept of production inputs in the context of these taxes. In the first case, the administrative tribunal of the first instance found partially in favor of ArcelorMittal Brasil. The decision was upheld in the administrative tribunal of the second instance and ArcelorMittal Brasil filed an appeal to the administrative tribunal of the third instance which ruled partially in favor of ArcelorMittal Brasil in May 2019. In January 2020, the case was sent back to the Federal Revenue to verify the extent of the administrative tribunal of the third instance’s decision in order to proceed with the write-off of amounts due. In August 2020, the tax assessment was reduced by 4, reflecting the partially favorable decision. In January 2022, ArcelorMittal Brasil filed a lawsuit to dispute the remaining amount of 13, which is pending trial at first instance. In the second case, the administrative tribunal of the first instance found partially in favor of ArcelorMittal Brasil in December 2016 and an appeal has been filed to the administrative tribunal of the second instance. In the third case, the administrative tribunal of the first instance upheld the tax assessment in March 2017, and ArcelorMittal Brasil appealed to the administrative tribunal of the second instance. In the fourth and fifth cases, ArcelorMittal Brasil has filed its defenses to the administrative tribunal of the first instance. In November 2020, a partially favorable decision was issued in the fifth case and an appeal was presented. In the fourth case, in March 2021, a partially favorable decision was issued and an appeal has been filed to the second administrative instance. In the sixth case, the administrative tribunal of the first instance upheld the tax assessment in April 2017, and ArcelorMittal Brasil appealed to the administrative tribunal of the second instance. In March 2018, the Superior Court decided a leading case, not involving ArcelorMittal Brasil, that established that the restrictive concept of inputs adopted by the tax authorities is illegal and that credits over inputs must be accepted on the basis of the criteria of essentially or relevance towards the production process of each taxpayer. In September 2018, the Federal Union published an internal orientation for its attorneys, expressing a restrictive view of the Superior Court's decision and determining that each individual case would be analyzed in order to decide whether the items are essential or not. However, this federal orientation has not been followed in unrelated cases, and therefore ArcelorMittal Brasil's cases may be submitted for review by the Federal Union Attorney's office before further decisions are taken or may be taken to trial without such review. In June 2021, the Supreme Court decided a leading case, not involving ArcelorMittal Brasil, ensuring the taxpayers’ right to register the PIS/COFINS credits over scrap acquisition. This binding precedent is important because it strengthens ArcelorMittal’s defenses in the six cases in which part of the contingency is related to scrap acquisition. ArcelorMittal Brasil also filed in February 2011 a claimant individual lawsuit on the PIS/COFINS credits over scrap acquisition matter, in which a favorable and unappealable decision was issued in May 2022. Accordingly and as a result of this legal clarification, ArcelorMittal recorded PIS/COFINs tax credits in operating income in the amount of 240 with respect to prior periods. Ukraine In August 2021, ArcelorMittal Kryvyi Rih commenced court proceedings to dispute the assessment by Ukrainian tax authorities of a subsoil usage rent/tax (in the amount of approximately 96) on production activities by ArcelorMittal Kryvyi Rih for the period from January 2015 to March 2019. In November 2021, the court found that the tax notice decision was illegal and cancelled it. The Ukrainian tax authorities and the Prosecutor’s office appealed this decision. Subsequently, (a) on November 17, 2021, the Prosecutor General’s office and the Security Service of Ukraine notified the Chief Financial Officer of ArcelorMittal Kryvyi Rih that he had been placed under an investigation on suspicion of alleged tax evasion and official forgery, and (b) on January 4, 2022 the Prosecutor General’s office, acting pursuant to a ruling of the Shevchenkivsky District Court of Kyiv dated November 30, 2021 blocked the accounts of ArcelorMittal Kryvyi Rih with three banks in Ukraine. ArcelorMittal Kryvyi Rih promptly appealed the blocking of these accounts and the restrictions on two of the three accounts were by court order partially lifted to allow the payment of wages, taxes and other mandatory payments. In March 2022, the Prosecutor General closed the criminal proceedings and as a result the remaining restrictions were lifted. In June 2022, the Court of Appeal decided that the tax notice decision was illegal and confirmed its cancellation. In July 2022, the tax authorities filed a cassation appeal to the Supreme Court. Other Legal claims In April 2017, a shareholder in Siderúrgica Três Lagoas (“SITREL”) (of which ArcelorMittal Brasil is the other shareholder), commenced an arbitration against Votorantim Siderurgia S.A. (which subsequently merged into ArcelorMittal Brasil) and SITREL with the Center for Arbitration and Mediation of the Chamber of Commerce Brazil-Canada (CAM-CCBC). The dispute concerns a provision in SITREL’s joint venture agreement relating to the formula used to determine the selling price for steel billets supplied by ArcelorMittal Brasil to SITREL from January 2013 onwards. The shareholder has alleged that the steel billets were overpriced and is seeking compensation for overpaid amounts on both a retrospective and prospective basis, with the initial amount claimed totaling 32. In October 2021, the CAM-CCBC decided against ArcelorMittal Brasil. In |
BASIS OF PRESENTATION AND ACC_2
BASIS OF PRESENTATION AND ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
General Information About Financial Statements [Abstract] | |
Preparation of the condensed consolidated financial statements | Preparation of the condensed consolidated financial statements The condensed consolidated financial statements of ArcelorMittal and its Subsidiaries (“ArcelorMittal” or the “Company”) as of June 30, 2022 and for the six months then ended (the “Interim Financial Statements”) have been prepared in accordance with International Accounting Standard (“IAS”) 34, “Interim Financial Reporting”. They should be read in conjunction with the consolidated financial statements and the notes thereto in the Company’s audited Annual Report for the year ended December 31, 2021, which have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). The Interim Financial Statements are unaudited and were authorized for issuance on July 29, 2022 by the Company’s Board of Directors. |
Significant accounting policies | Significant accounting policies The Interim Financial Statements have been prepared on a historical cost basis, except for investments in equity instruments and trade receivables at fair value through other comprehensive income ("FVOCI"), financial assets at fair value through profit or loss ("FVTPL"), derivative financial instruments and biological assets, which are measured at fair value less cost to sell, inventories, which are measured at the lower of net realizable value or cost and the financial statements of the Company’s Venezuelan and Argentinian operations, for which hyperinflationary accounting is applied. Unless specifically described hereafter, the accounting policies used to prepare the Interim Financial Statements are the policies described in the consolidated financial statements for the year ended December 31, 2021. On January 1, 2022, the Company adopted narrow-scope amendments to IFRS 3, IAS 16 and IAS 37 issued by IASB on May 14, 2020 and minor amendments as part of annual improvements 2018-2020 to IFRS 1, IFRS 9, IFRS 16 and IAS 41. Amendments to IAS 16 "Property, Plant and Equipment" are applied retrospectively while amendments to IFRS 3 "Business Combinations", to IAS 37 "Provisions, Contingent Liabilities and Contingent Assets" and the minor amendments as part of the Annual Improvements 2018-2020 are applied prospectively. These amendments did not have any material impact on the condensed consolidated financial statements of the Company. • Amendments to IFRS 3 "Business Combinations" updated the reference to the Conceptual Framework for financial reporting, without changing the accounting requirements for business combinations. • Amendments to IAS 16 "Property, Plant and Equipment" prohibit deducting from the cost of an item of property, plant and equipment any proceeds from selling items produced while bringing that asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Instead, an entity recognizes the proceeds from selling such items and related cost in profit or loss. • Amendments to IAS 37 "Provisions, Contingent Liabilities and Contingent Assets" clarify that the cost of fulfilling a contract comprises the costs a company includes when assessing whether a contract will be loss-making are costs that relate directly to the contract. Costs that relate directly to a contract can either be incremental costs of fulfilling that contract or an allocation of other costs that relate directly to fulfilling the contract. The amendments are to be applied prospectively to contracts for which the Company has not yet fulfilled all of its obligations as of January 1, 2022. • Minor amendments as part of the Annual Improvements 2018-2020 to: • IFRS 1 "First-time Adoption of International Financial Reporting Standards" related to cumulative translation differences for a subsidiary as a first time user. • IFRS 9 "Financial Instruments" related to which fees an entity includes when it applies the ‘10 per cent’ test in assessing whether to derecognize a financial liability. ▪ IFRS 16 "Leases" removing the reimbursement of leasehold improvements by the lessor from illustrative example 13 in order to resolve any potential confusion regarding the treatment of lease incentives and |
Use of judgment and estimates | Use of judgment and estimates The preparation of condensed consolidated financial statements in conformity with IFRS recognition and measurement principles requires the use of estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Management reviews its estimates on an ongoing basis using currently available information. Changes in facts and circumstances or obtaining new information or more experience |
INVENTORIES (Tables)
INVENTORIES (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Schedule of inventories | Inventory, net of the allowance for slow-moving inventory, excess of cost over net realizable value and obsolescence as of June 30, 2022 and December 31, 2021, is comprised of the following: June 30, 2022 December 31, 2021 Finished products 6,720 5,743 Production in process 5,354 5,101 Raw materials 9,180 7,137 Manufacturing supplies, spare parts and other 1 2,049 1,877 Total 23,303 19,858 1. Manufacturing supplies, spare parts and other consist of spare parts of 1.4 billion and manufacturing and other of 0.6 billion as of June 30, 2022. Manufacturing supplies, spare parts and other consist of spare parts of 1.4 billion and manufacturing and other of 0.5 billion as of December 31, 2021. |
ACQUISITIONS (Tables)
ACQUISITIONS (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure of non-current assets held for sale and discontinued operations [Abstract] | |
Assets and liabilities classified as held for sale | JLM ASL CSM ArcelorMittal Texas HBI Current assets 10 11 68 269 Property, plant and equipment 10 14 16 763 Intangible assets 24 16 — 11 Other non-current assets — 1 1 — Total assets 44 42 85 1,043 Deferred tax liabilities (8) (6) — — Other liabilities (13) (10) (51) (75) Total liabilities (21) (16) (51) (75) Net assets acquired 23 26 34 968 Consideration paid, net of cash acquired 43 39 7 806 Non-controlling interests — — 4 196 Fair value of previously held interests at acquisition date — — 20 — Goodwill/(bargain purchase gain) 20 13 (3) 34 |
SHORT-TERM AND LONG-TERM DEBT (
SHORT-TERM AND LONG-TERM DEBT (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure of detailed information about borrowings [abstract] | |
Schedule of detailed information about borrowings | Short-term debt, including the current portion of long-term debt, consisted of the following: June 30, 2022 December 31, 2021 Short-term bank loans and other credit facilities including commercial paper 1 1,183 888 Current portion of long-term debt 1,373 836 Lease obligations 163 189 Total 2,719 1,913 The Company’s long-term debt consisted of the following: Year of maturity Type of interest Interest rate 1 June 30, 2022 December 31, 2021 Corporate 5.5 billion Revolving Credit Facility 2023 - 2025 — — €750 million Unsecured Notes 2022 Fixed 3.13 % — 551 €500 million Unsecured Notes 2023 Fixed 0.95 % 381 415 €750 million Unsecured Notes 2023 Fixed 1.00 % 778 848 €1 billion Unsecured Notes 2024 Fixed 2.25 % 553 604 750 Unsecured Notes 2024 Fixed 3.60 % 289 289 500 Unsecured Notes 2025 Fixed 6.13 % 183 183 €750 million Unsecured Notes 2025 Fixed 1.75 % 775 844 750 Unsecured Notes 2026 Fixed 4.55 % 399 399 500 Unsecured Notes 2029 Fixed 4.25 % 495 494 1.5 billion Unsecured Bonds 2039 Fixed 7.00 % 671 671 1 billion Unsecured Notes 2041 Fixed 6.75 % 428 428 EIB loan 2032 Floating 1.56 % 291 — EIB loan 2025 Fixed 1.16 % 167 215 Schuldschein loans 2025-2027 Fixed/Floating 1.5% - 3.0% 753 — Other loans 2023 Fixed 3.10% 73 142 Other loans 2029-2035 Floating 0.6% - 2.3% 247 273 Total Corporate 6,483 6,356 Americas Other loans 2022 - 2030 Fixed/Floating 0.0% - 10.7% 65 72 Total Americas 65 72 Europe, Asia & Africa EBRD Facility 2024 Floating 4.2% - 4.5% 59 82 Other loans 2022 - 2029 Fixed/Floating 0.0% - 5.6% 127 123 Total Europe, Asia & Africa 186 205 Total 6,734 6,633 Less current portion of long-term debt (1,373) (836) Total long-term debt (excluding lease obligations) 5,361 5,797 Long-term lease obligations 2 708 691 Total long-term debt, net of current portion 6,069 6,488 1. Rates applicable to balances outstanding at June 30, 2022, including the effect of decreases or increases following upgrades or downgrades, respectively. For debt that has been redeemed in its entirety during first half of 2022, the interest rate refers to the rates at the repayment date. |
FINANCIAL INSTRUMENTS (Tables)
FINANCIAL INSTRUMENTS (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure of detailed information about financial instruments [abstract] | |
Disclosure of assets based on categories | The following table summarizes assets and liabilities based on their categories at June 30, 2022. Carrying amount in statements of financial position Non-financial assets and liabilities Assets/ Liabilities at amortized cost Fair value recognized in profit or loss Fair value recognized in OCI Derivatives ASSETS Current assets: Cash and cash equivalents 4,457 — 4,457 — — — Restricted cash 108 — 108 — — — Trade accounts receivable and other 5,931 — 5,470 — 461 — Inventories 23,303 23,303 — — — — Prepaid expenses and other current assets 7,189 1,922 1,290 — — 3,977 Total current assets 40,988 25,225 11,325 — 461 3,977 Non-current assets: Goodwill and intangible assets 4,307 4,307 — — — — Property, plant and equipment and biological assets 29,542 29,499 — 42 — — Investments in associates and joint ventures 10,992 10,992 — — — — Other investments 866 — — 866 — Deferred tax assets 7,974 7,974 — — — Other assets 2,357 350 714 136 — 1,157 Total non-current assets 56,038 53,122 714 178 866 1,157 Total assets 97,026 78,347 12,039 178 1,327 5,134 LIABILITIES AND EQUITY Current liabilities: Short-term debt and current portion of long-term debt 2,719 — 2,719 — — — Trade accounts payable and other 16,736 — 16,736 — — — Short-term provisions 722 702 20 — — — Accrued expenses and other liabilities 5,035 1,245 3,111 — — 679 Income tax liabilities 757 757 — — — — Total current liabilities 25,969 2,704 22,586 — — 679 Non-current liabilities: Long-term debt, net of current portion 6,069 — 6,069 — — — Deferred tax liabilities 2,489 2,489 — — — — Deferred employee benefits 3,517 3,517 — — — — Long-term provisions 1,534 1,530 4 — — — Other long-term obligations 1,002 355 584 — — 63 Total non-current liabilities 14,611 7,891 6,657 — — 63 Equity: Equity attributable to the equity holders of the parent 53,992 53,992 — — — — Non-controlling interests 2,454 2,454 — — — — Total equity 56,446 56,446 — — — — Total liabilities and equity 97,026 67,041 29,243 — — 742 |
Disclosure of liabilities based on categories | The following table summarizes assets and liabilities based on their categories at June 30, 2022. Carrying amount in statements of financial position Non-financial assets and liabilities Assets/ Liabilities at amortized cost Fair value recognized in profit or loss Fair value recognized in OCI Derivatives ASSETS Current assets: Cash and cash equivalents 4,457 — 4,457 — — — Restricted cash 108 — 108 — — — Trade accounts receivable and other 5,931 — 5,470 — 461 — Inventories 23,303 23,303 — — — — Prepaid expenses and other current assets 7,189 1,922 1,290 — — 3,977 Total current assets 40,988 25,225 11,325 — 461 3,977 Non-current assets: Goodwill and intangible assets 4,307 4,307 — — — — Property, plant and equipment and biological assets 29,542 29,499 — 42 — — Investments in associates and joint ventures 10,992 10,992 — — — — Other investments 866 — — 866 — Deferred tax assets 7,974 7,974 — — — Other assets 2,357 350 714 136 — 1,157 Total non-current assets 56,038 53,122 714 178 866 1,157 Total assets 97,026 78,347 12,039 178 1,327 5,134 LIABILITIES AND EQUITY Current liabilities: Short-term debt and current portion of long-term debt 2,719 — 2,719 — — — Trade accounts payable and other 16,736 — 16,736 — — — Short-term provisions 722 702 20 — — — Accrued expenses and other liabilities 5,035 1,245 3,111 — — 679 Income tax liabilities 757 757 — — — — Total current liabilities 25,969 2,704 22,586 — — 679 Non-current liabilities: Long-term debt, net of current portion 6,069 — 6,069 — — — Deferred tax liabilities 2,489 2,489 — — — — Deferred employee benefits 3,517 3,517 — — — — Long-term provisions 1,534 1,530 4 — — — Other long-term obligations 1,002 355 584 — — 63 Total non-current liabilities 14,611 7,891 6,657 — — 63 Equity: Equity attributable to the equity holders of the parent 53,992 53,992 — — — — Non-controlling interests 2,454 2,454 — — — — Total equity 56,446 56,446 — — — — Total liabilities and equity 97,026 67,041 29,243 — — 742 |
Disclosure of fair value measurement of assets | The following tables summarize the bases used to measure certain assets and liabilities at their fair value. As of June 30, 2022 Level 1 Level 2 Level 3 Total Assets at fair value: Investments in equity instruments at FVOCI 791 — 75 866 Trade accounts receivable and other subject to TSR programs* — — 461 461 Derivative financial current assets — 3,977 — 3,977 Derivative financial non-current assets — 1,152 5 1,157 Total assets at fair value 791 5,129 541 6,461 Liabilities at fair value: Derivative financial current liabilities — 679 — 679 Derivative financial non-current liabilities — 63 — 63 Total liabilities at fair value — 742 — 742 * The fair value of TSR program receivables equals carrying amount due to the short time frame between the initial recognition and time of sale. As of December 31, 2021 Level 1 Level 2 Level 3 Total Assets at fair value: Investments in equity instruments at FVOCI 1,069 — 77 1,146 Trade accounts receivable and other subject to TSR programs* — — 622 622 Derivative financial current assets — 2,985 — 2,985 Derivative financial non-current assets — 303 15 318 Total assets at fair value 1,069 3,288 714 5,071 Liabilities at fair value: Derivative financial current liabilities — 316 — 316 Derivative financial non-current liabilities — 58 — 58 Total liabilities at fair value — 374 — 374 Call option on 1,000 mandatory convertible bonds Balance as of December 31, 2020 59 Change in fair value 37 Balance as of June 30, 2021 96 Change in fair value (81) Balance as of December 31, 2021 15 Change in fair value (10) Balance as of June 30, 2022 5 |
Disclosure of fair value measurement of liabilities | The following tables summarize the bases used to measure certain assets and liabilities at their fair value. As of June 30, 2022 Level 1 Level 2 Level 3 Total Assets at fair value: Investments in equity instruments at FVOCI 791 — 75 866 Trade accounts receivable and other subject to TSR programs* — — 461 461 Derivative financial current assets — 3,977 — 3,977 Derivative financial non-current assets — 1,152 5 1,157 Total assets at fair value 791 5,129 541 6,461 Liabilities at fair value: Derivative financial current liabilities — 679 — 679 Derivative financial non-current liabilities — 63 — 63 Total liabilities at fair value — 742 — 742 * The fair value of TSR program receivables equals carrying amount due to the short time frame between the initial recognition and time of sale. As of December 31, 2021 Level 1 Level 2 Level 3 Total Assets at fair value: Investments in equity instruments at FVOCI 1,069 — 77 1,146 Trade accounts receivable and other subject to TSR programs* — — 622 622 Derivative financial current assets — 2,985 — 2,985 Derivative financial non-current assets — 303 15 318 Total assets at fair value 1,069 3,288 714 5,071 Liabilities at fair value: Derivative financial current liabilities — 316 — 316 Derivative financial non-current liabilities — 58 — 58 Total liabilities at fair value — 374 — 374 Call option on 1,000 mandatory convertible bonds Balance as of December 31, 2020 59 Change in fair value 37 Balance as of June 30, 2021 96 Change in fair value (81) Balance as of December 31, 2021 15 Change in fair value (10) Balance as of June 30, 2022 5 |
Disclosure of derivative financial instruments | The portfolio associated with derivative financial instruments classified as Level 2 as of June 30, 2022 is as follows: Assets Liabilities Notional Amount Fair Value Notional Amount Fair Value Foreign exchange rate instruments Forward purchase of contracts 7,787 358 1,322 (30) Forward sale of contracts 1,281 33 632 (91) Exchange option purchases 1,120 12 213 (2) Exchange options sales 900 31 394 (4) Total foreign exchange rate instruments 434 (127) Raw materials (base metal), freight, energy, emission rights and others Term contracts sales 514 66 1,400 (411) Term contracts purchases 3,493 4,627 928 (203) Options sales/purchases 10 2 73 (1) Total raw materials (base metal), freight, energy, emission rights and others 4,695 (615) Total 5,129 (742) The portfolio associated with derivative financial instruments classified as Level 2 as of December 31, 2021 is as follows: Assets Liabilities Notional Amount Fair Value Notional Amount Fair Value Foreign exchange rate instruments Forward purchase of contracts 3,845 133 1,023 (43) Forward sale of contracts 2,685 16 1,431 (15) Exchange option purchases 712 2 254 (7) Exchange options sales 338 5 707 (2) Total foreign exchange rate instruments 156 (67) Raw materials (base metal), freight, energy, emission rights and others Term contracts sales 121 1 644 (259) Term contracts purchases 3,461 3,131 497 (48) Total raw materials (base metal), freight, energy, emission rights and others 3,132 (307) Total 3,288 (374) |
PROVISIONS (Tables)
PROVISIONS (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure of other provisions [abstract] | |
Disclosure of other provisions | Provisions as of June 30, 2022 and December 31, 2021 are comprised of the following: June 30, 2022 December 31, 2021 Environmental 557 595 Emission rights 322 492 Asset retirement obligations 399 397 Site restoration 183 220 Staff related obligations 128 120 Voluntary separation plans 22 31 Litigation and contingencies (see note 12) 280 323 Tax claims 80 79 Other legal claims and contingencies 200 244 Commercial agreements and onerous contracts 28 23 Other 337 361 Total 2,256 2,562 Short-term provisions 722 1,064 Long-term provisions 1,534 1,498 Total 2,256 2,562 |
SEGMENT AND GEOGRAPHIC INFORM_2
SEGMENT AND GEOGRAPHIC INFORMATION (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Disclosure of operating segments [abstract] | |
Schedule of segment reporting | The following table summarizes certain financial data relating to ArcelorMittal’s operations in its different reportable segments: NAFTA Brazil Europe ACIS Mining Others* Elimination Total Six months ended June 30, 2022 Sales to external customers 7,385 6,291 26,377 3,189 727 9 — 43,978 Intersegment sales** 28 1,061 115 381 1,211 8 (2,804) — Operating income (loss) 1,871 1,875 4,144 323 974 (136) (124) 8,927 Depreciation and amortization 186 129 652 211 120 18 — 1,316 Capital expenditures 202 213 398 197 162 12 — 1,184 Six months ended June 30, 2021 Sales to external customers 5,755 4,861 19,990 4,170 751 9 — 35,536 Intersegment sales** 23 937 37 726 1,317 7 (3,047) — Operating income (loss) 936 1,742 1,861 1,458 1,287 (126) (85) 7,073 Depreciation and amortization 142 109 615 220 115 20 — 1,221 Capital expenditures 147 139 578 214 97 16 (3) 1,188 *Others include all other operational and non-operational items which are not segmented, such as corporate and shared services, financial activities, and shipping and logistics. **Transactions between segments are reported on the same basis of accounting as transactions with third parties. |
Reconciliation of operating income to net income | The reconciliation from operating income to net income is as follows: Six months ended June 30, 2022 2021 Operating income 8,927 7,073 Income from investments in associates, joint ventures and other investments 1,137 1,043 Financing costs - net (427) (594) Income before taxes 9,637 7,522 Income tax expense (1,381) (946) Net income (including non-controlling interests) 8,256 6,576 |
Schedule of geographical areas | Sales (by destination) Six months ended June 30, 2022 2021 Americas United States 4,768 3,342 Brazil 4,545 3,971 Canada 2,281 1,844 Mexico 1,463 1,151 Argentina 856 598 Others Americas 960 749 Total Americas 14,873 11,655 Europe Germany 4,236 3,019 France 3,288 2,489 Poland 3,399 2,328 Spain 2,665 2,041 Italy 2,396 2,667 Turkey 685 669 Czech Republic 848 598 United Kingdom 952 728 Belgium 1,071 877 Russia 420 863 Netherlands 1,046 628 Romania 312 228 Ukraine 275 394 Others Europe 3,499 2,200 Total Europe 25,092 19,729 Asia & Africa South Africa 1,308 1,202 Morocco 416 325 Egypt 76 26 Rest of Africa 289 456 China 345 397 Kazakhstan 370 370 South Korea 240 264 India 47 91 Rest of Asia 922 1,021 Total Asia & Africa 4,013 4,152 Total 43,978 35,536 |
Schedule of products and services | The table below presents sales to external customers by product type. In addition to steel produced by the Company, amounts include material purchased for additional transformation and sold through distribution services. Others include mainly non-steel sales, manufactured and specialty steel products, and services. Sales (by products) Six months ended June 30, 2022 2021 Flat products 25,208 19,418 Long products 9,682 8,380 Tubular products 1,477 1,045 Mining products 837 839 Others 6,774 5,854 Total 43,978 35,536 |
Schedule of disaggregation of revenue | The tables below summarize the disaggregated revenue recognized from contracts with customers for the six months ended June 30, 2022 and 2021, respectively: Six months ended June 30, 2022 NAFTA Brazil Europe ACIS Mining Others Total Steel sales 7,153 5,877 23,720 2,767 — — 39,517 Non-steel sales 1 10 87 1,124 227 708 — 2,156 By-product sales 2 64 67 641 84 — — 856 Other sales 3 158 260 892 111 19 9 1,449 Total 7,385 6,291 26,377 3,189 727 9 43,978 Six months ended June 30, 2021 NAFTA Brazil Europe ACIS Mining Others Total Steel sales 5,594 4,588 17,874 3,470 — — 31,526 Non-steel sales 1 1 91 861 490 740 — 2,183 By-product sales 2 43 52 439 67 — — 601 Other sales 3 117 130 816 143 11 9 1,226 Total 5,755 4,861 19,990 4,170 751 9 35,536 1. Non-steel sales mainly relate to iron ore, coal, scrap and electricity; 2. By-products sales mainly relate to slag, waste and coke by-products; |
LEASES (Tables)
LEASES (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Leases [Abstract] | |
Schedule of right-to-use assets and depreciation and impairment charges | Balances for the Company’s lease activities as of June 30, 2022 and December 31, 2021 and for the six month period ended June 30, 2022 and 2021 are summarized as follows: June 30, 2022 December 31, 2021 Lease liabilities 871 880 Right of-use assets: Land, buildings and improvements 728 729 Machinery, equipment and others 319 343 Total right-of-use assets 1,047 1,072 Six months ended June 30, 2022 Six months ended June 30, 2021 Depreciation and impairment charges: Land, buildings and improvements 66 57 Machinery, equipment and others 31 36 Total depreciation and impairment charges 97 93 Other lease related expenses: Interest expense on lease liabilities 17 17 Expenses of short-term leases 45 38 Expenses of leases of low-value assets 35 32 Expenses related to variable lease payments 45 48 Additions to right-of-use assets 151 58 Lease payments recorded as reduction of lease liabilities and cash outflow from financing activities 95 100 |
COMMITMENTS (Tables)
COMMITMENTS (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Subclassifications of assets, liabilities and equities [abstract] | |
Disclosure of commitments | The Company’s commitments consist of the following: June 30, 2022 December 31, 2021 Purchase commitments 14,218 13,509 Guarantees, pledges and other collateral 8,159 8,003 Capital expenditure commitments 178 330 Other commitments 1,549 1,576 Total 24,104 23,418 |
INVENTORIES - Schedule of inven
INVENTORIES - Schedule of inventories (Details) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Subclassifications of assets, liabilities and equities [abstract] | |||
Finished products | $ 6,720 | $ 5,743 | |
Production in process | 5,354 | 5,101 | |
Raw materials | 9,180 | 7,137 | |
Manufacturing supplies, spare parts and other | 2,049 | 1,877 | |
Total | 23,303 | 19,858 | |
Other inventories, spare parts | 1,400 | 1,400 | |
Other current inventories | 600 | $ 500 | |
Inventory write-down | $ 203 | $ 57 |
ACQUISITIONS -Narrative (Detail
ACQUISITIONS -Narrative (Details) € in Millions, £ in Millions, t in Millions, $ in Millions | 2 Months Ended | 4 Months Ended | 6 Months Ended | |||||||||||
Jul. 01, 2022 EUR (€) subsidiary | Jun. 30, 2022 USD ($) t | May 09, 2022 USD ($) | May 09, 2022 EUR (€) | Jun. 30, 2022 USD ($) t | Jun. 30, 2022 USD ($) t | Dec. 31, 2023 t | Jun. 30, 2022 USD ($) t | Jul. 28, 2022 USD ($) km t | May 09, 2022 EUR (€) | May 02, 2022 GBP (£) | May 02, 2022 USD ($) | Feb. 28, 2022 GBP (£) | Feb. 28, 2022 USD ($) | |
Disclosure of detailed information about business combination [line items] | ||||||||||||||
Purchase agreement term | 10 years | |||||||||||||
Profit (loss) of combined entity as if combination occurred at beginning of period | $ 8,099 | |||||||||||||
Revenue of combined entity as if combination occurred at beginning of period | 44,585 | |||||||||||||
CSM | ||||||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||||||
Proportion of ownership interest in subsidiary | 91.68% | 91.68% | ||||||||||||
CSM | ||||||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||||||
Proportion of ownership interest in associate | 49.29% | 49.29% | ||||||||||||
JLM | ||||||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||||||
Consideration transferred, acquisition-date fair value | £ | £ 35 | |||||||||||||
Consideration paid, net of cash acquired | 43 | $ 43 | ||||||||||||
Cash and cash equivalents recognised as of acquisition date | £ | £ 5 | |||||||||||||
Revenue of acquiree since acquisition date | $ 25 | |||||||||||||
Profit (loss) of acquiree since acquisition date | 1 | |||||||||||||
ASL | ||||||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||||||
Consideration transferred, acquisition-date fair value | £ | £ 36 | |||||||||||||
Consideration paid, net of cash acquired | 39 | $ 39 | ||||||||||||
Cash and cash equivalents recognised as of acquisition date | £ | £ 6 | |||||||||||||
Revenue of acquiree since acquisition date | $ 4 | |||||||||||||
Profit (loss) of acquiree since acquisition date | 1 | |||||||||||||
CSM | ||||||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||||||
Consideration transferred, acquisition-date fair value | € | € 13.5 | |||||||||||||
Consideration paid, net of cash acquired | $ 7 | 7 | ||||||||||||
Cash and cash equivalents recognised as of acquisition date | € | € 7 | |||||||||||||
Revenue of acquiree since acquisition date | 28.6 | |||||||||||||
Profit (loss) of acquiree since acquisition date | 6.3 | |||||||||||||
Percentage of voting equity interests acquired | 42.39% | 42.39% | ||||||||||||
Gain recognised in bargain purchase transaction | $ 3 | € 3 | ||||||||||||
ArcelorMittal Texas HBI | ||||||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||||||
Consideration transferred, acquisition-date fair value | $ 818 | 818 | 818 | 818 | ||||||||||
Consideration paid, net of cash acquired | 806 | 806 | 806 | 806 | ||||||||||
Cash and cash equivalents recognised as of acquisition date | $ 12 | $ 12 | $ 12 | $ 12 | ||||||||||
Percentage of voting equity interests acquired | 80% | 80% | 80% | 80% | ||||||||||
Acquisition-related costs | $ 7 | |||||||||||||
Annual capacity of HBI | t | 2 | 2 | 2 | 2 | ||||||||||
Proportion of ownership interests held by non-controlling interests | 20% | |||||||||||||
Consideration payable | $ 177 | $ 177 | $ 177 | $ 177 | ||||||||||
ArcelorMittal Texas HBI | Forecast | ||||||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||||||
Proportion of ownership interest in developments after acquisition | 100% | |||||||||||||
EAF weight (in tonnes) | t | 1.5 | |||||||||||||
ALBA International Recycling | Business combination | ||||||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||||||
Consideration transferred, acquisition-date fair value | € | € 90 | |||||||||||||
Number of subsidiaries acquired | subsidiary | 3 | |||||||||||||
CSP | Business combination | ||||||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||||||
Consideration transferred, acquisition-date fair value | $ 2,200 | |||||||||||||
Blast furnace capacity | t | 3 | |||||||||||||
Distance to port of Pecém (kilometres) | km | 10 |
ACQUISITIONS - Schedule of acqu
ACQUISITIONS - Schedule of acquisition date fair values (Details) € in Millions, £ in Millions, $ in Millions | May 09, 2022 EUR (€) | May 09, 2022 USD ($) | Jun. 30, 2022 USD ($) | May 09, 2022 USD ($) | May 02, 2022 GBP (£) | May 02, 2022 USD ($) | Feb. 28, 2022 GBP (£) | Feb. 28, 2022 USD ($) |
JLM | ||||||||
Disclosure of detailed information about business combination [line items] | ||||||||
Current assets | $ 10 | |||||||
Property, plant and equipment | 10 | |||||||
Intangible assets | 24 | |||||||
Other non-current assets | 0 | |||||||
Total assets | 44 | |||||||
Deferred tax liabilities | (8) | |||||||
Other liabilities | (13) | |||||||
Total liabilities | (21) | |||||||
Net assets acquired | 23 | |||||||
Consideration paid, net of cash acquired | £ 43 | 43 | ||||||
Non-controlling interests | 0 | |||||||
Fair value of previously held interests at acquisition date | 0 | |||||||
Goodwill recognised as of acquisition date | $ 20 | |||||||
ASL | ||||||||
Disclosure of detailed information about business combination [line items] | ||||||||
Current assets | $ 11 | |||||||
Property, plant and equipment | 14 | |||||||
Intangible assets | 16 | |||||||
Other non-current assets | 1 | |||||||
Total assets | 42 | |||||||
Deferred tax liabilities | (6) | |||||||
Other liabilities | (10) | |||||||
Total liabilities | (16) | |||||||
Net assets acquired | 26 | |||||||
Consideration paid, net of cash acquired | £ 39 | 39 | ||||||
Non-controlling interests | 0 | |||||||
Fair value of previously held interests at acquisition date | 0 | |||||||
Goodwill recognised as of acquisition date | $ 13 | |||||||
CSM | ||||||||
Disclosure of detailed information about business combination [line items] | ||||||||
Current assets | $ 68 | |||||||
Property, plant and equipment | 16 | |||||||
Intangible assets | 0 | |||||||
Other non-current assets | 1 | |||||||
Total assets | 85 | |||||||
Deferred tax liabilities | 0 | |||||||
Other liabilities | (51) | |||||||
Total liabilities | (51) | |||||||
Net assets acquired | 34 | |||||||
Consideration paid, net of cash acquired | € 7 | 7 | ||||||
Non-controlling interests | 4 | |||||||
Fair value of previously held interests at acquisition date | $ 20 | |||||||
Gain recognised in bargain purchase transaction | € (3) | $ (3) | ||||||
ArcelorMittal Texas HBI | ||||||||
Disclosure of detailed information about business combination [line items] | ||||||||
Current assets | $ 269 | |||||||
Property, plant and equipment | 763 | |||||||
Intangible assets | 11 | |||||||
Other non-current assets | 0 | |||||||
Total assets | 1,043 | |||||||
Deferred tax liabilities | 0 | |||||||
Other liabilities | (75) | |||||||
Total liabilities | (75) | |||||||
Net assets acquired | 968 | |||||||
Consideration paid, net of cash acquired | 806 | |||||||
Non-controlling interests | 196 | |||||||
Fair value of previously held interests at acquisition date | 0 | |||||||
Goodwill recognised as of acquisition date | $ 34 |
PROPERTY, PLANT AND EQUIPMENT_2
PROPERTY, PLANT AND EQUIPMENT AND GOODWILL (Details) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Sep. 30, 2022 | Jun. 30, 2022 USD ($) blastFurnace | Mar. 31, 2022 | Jun. 30, 2022 USD ($) blastFurnace | Dec. 31, 2021 USD ($) | |
Disclosure of information for cash-generating units [line items] | |||||
Property, plant and equipment | $ | $ 29,542 | $ 29,542 | $ 30,075 | ||
Ukraine | |||||
Disclosure of information for cash-generating units [line items] | |||||
Property, plant and equipment | $ | $ 2,100 | $ 2,100 | |||
Operational blast furnaces | blastFurnace | 1 | 1 | |||
Total blast furnaces | blastFurnace | 3 | 3 | |||
Blast furnace 6 capacity | 20% | ||||
Iron ore production % | 80% | ||||
Ukraine | Forecast | |||||
Disclosure of information for cash-generating units [line items] | |||||
Iron ore production % | 30% | ||||
Ukraine | Minimum | |||||
Disclosure of information for cash-generating units [line items] | |||||
Iron ore production % | 50% | ||||
Ukraine | Maximum | |||||
Disclosure of information for cash-generating units [line items] | |||||
Iron ore production % | 60% |
EQUITY AND NON-CONTROLLING IN_2
EQUITY AND NON-CONTROLLING INTERESTS (Details) € / shares in Units, $ / shares in Units, € in Millions, $ in Millions, R$ in Billions | 6 Months Ended | 7 Months Ended | |||||||||||||
Jun. 08, 2022 USD ($) $ / shares | Jun. 08, 2022 EUR (€) € / shares shares | May 18, 2022 shares | May 04, 2022 USD ($) $ / shares | Apr. 25, 2022 USD ($) $ / shares | Apr. 25, 2022 EUR (€) € / shares shares | Mar. 30, 2022 BRL (R$) multiple | Jan. 14, 2021 shares | Jun. 30, 2022 USD ($) shares | Jul. 29, 2022 USD ($) shares | Jun. 30, 2022 BRL (R$) shares | Dec. 31, 2021 USD ($) shares | Dec. 28, 2021 USD ($) | Jun. 30, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Disclosure of classes of share capital [line items] | |||||||||||||||
Number of treasury shares cancelled (in shares) | shares | 60,000,000 | 45,000,000 | |||||||||||||
Treasury share repurchase program, authorised amount | $ 1,000 | $ 1,000 | $ 2,000 | $ 1,000 | |||||||||||
Number of shares issued (in shares) | shares | 877,809,772 | 877,809,772 | 982,809,772 | ||||||||||||
Equity | $ 56,446 | $ 51,344 | $ 46,325 | $ 40,237 | |||||||||||
Authorised share capital | $ 404 | $ 442 | |||||||||||||
Shares authorized (in shares) | shares | 1,136,418,599 | 1,136,418,599 | 1,241,418,599 | ||||||||||||
Dividends (in USD per share) | $ / shares | $ 0.38 | ||||||||||||||
Dividends paid, ordinary shares | $ 332 | ||||||||||||||
Dividends recognised as distributions to non-controlling interests | $ 158 | ||||||||||||||
Dividends paid to non-controlling interests | $ 178 | ||||||||||||||
Shares buyback (in shares) | shares | 33,349,597 | 31,751,960 | |||||||||||||
Payments for repurchase of equity | € | € 943 | € 911 | |||||||||||||
Average cost per share (in USD/EUR per share) | (per share) | $ 29.99 | € 28.26 | $ 31.49 | € 28.68 | |||||||||||
Treasury shares (in shares) | shares | 31,200,000 | 31,200,000 | 71,900,000 | ||||||||||||
EBITDA Mutiple | multiple | 6 | ||||||||||||||
ArcelorMittal Brasil S.A. | |||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||
Net debt | R$ | R$ 6.2 | ||||||||||||||
Percentage of 6x EBITDA | 15% | ||||||||||||||
Consideration payable related to put option | $ 200 | R$ 0.8 | |||||||||||||
ArcelorMittal Brasil S.A. | Votorantim S.A. | |||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||
Proportion of ownership interests held by non-controlling interests | 2.99% | ||||||||||||||
Potential ordinary share transactions | |||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||
Treasury share repurchase program, authorised amount | $ 1,400 | ||||||||||||||
Treasury share repurchase program, authorised no of shares (in shares) | shares | 60,431,380 | ||||||||||||||
Treasury share repurchase program, total authorised amount in period | $ 3,400 | ||||||||||||||
Share capital | |||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||
Equity | $ 312 | $ 350 | $ 393 | $ 393 |
INCOME TAX - (Details)
INCOME TAX - (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Major components of tax expense (income) [abstract] | ||
Income tax expense | $ 1,381 | $ 946 |
SHORT-TERM AND LONG-TERM DEBT -
SHORT-TERM AND LONG-TERM DEBT - Composition of short-term debt (Details) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2022 | Dec. 31, 2021 | |
Disclosure of detailed information about borrowings [line items] | ||
Short-term bank loans and other credit facilities including commercial paper | $ 1,183 | $ 888 |
Current portion of long-term debt | 1,373 | 836 |
Lease obligations | 163 | 189 |
Total | $ 2,719 | $ 1,913 |
Weighted average | ||
Disclosure of detailed information about borrowings [line items] | ||
Weighted average interest rate on short-term borrowings | 0.80% | 0.90% |
SHORT-TERM AND LONG-TERM DEBT_2
SHORT-TERM AND LONG-TERM DEBT - Short-term debt narrative (Details) $ in Millions, € in Billions | 6 Months Ended | |||
Jul. 27, 2022 USD ($) extension_option | Jun. 30, 2022 USD ($) facility | Jun. 30, 2022 EUR (€) | Dec. 31, 2021 USD ($) | |
Disclosure of detailed information about borrowings [line items] | ||||
Short-term bank loans and other credit facilities including commercial paper | $ 1,183 | $ 888 | ||
Short-term bilateral credit facility | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Facilities granted | facility | 2 | |||
Undrawn borrowing facilities | $ 600 | |||
Commercial paper | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings, maximum capacity | € | € 1.5 | |||
Short-term bank loans and other credit facilities including commercial paper | $ 877 | |||
Bridge term facility agreement | Loan facility for intended CSP acquisition | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Line of credit facility, maximum borrowing capacity | $ 2,200 | |||
Borrowings, term | 12 months | |||
Borrowings, number of extension options | extension_option | 2 | |||
Borrowings, extension option term | 6 months |
SHORT-TERM AND LONG-TERM DEBT_3
SHORT-TERM AND LONG-TERM DEBT - Composition of long term debt (Details) | Jun. 30, 2022 USD ($) | Jun. 30, 2022 EUR (€) | Dec. 31, 2021 USD ($) |
Disclosure of detailed information about borrowings [line items] | |||
Less current portion of long-term debt | $ (1,373,000,000) | $ (836,000,000) | |
Total non-current portion of non-current borrowings | 6,069,000,000 | 6,488,000,000 | |
Total | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings outstanding | 6,734,000,000 | 6,633,000,000 | |
Total Corporate | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings outstanding | 6,483,000,000 | 6,356,000,000 | |
5.5 billion Revolving Credit Facility | |||
Disclosure of detailed information about borrowings [line items] | |||
Notional amount | 5,500,000,000 | ||
Borrowings outstanding | 0 | 0 | |
€750 million Unsecured Notes | |||
Disclosure of detailed information about borrowings [line items] | |||
Notional amount | € | € 750,000,000 | ||
Borrowings outstanding | $ 0 | 551,000,000 | |
€750 million Unsecured Notes | Fixed | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest rate | 3.13% | 3.13% | |
€500 million Unsecured Notes | |||
Disclosure of detailed information about borrowings [line items] | |||
Notional amount | € | € 500,000,000 | ||
Borrowings outstanding | $ 381,000,000 | 415,000,000 | |
€500 million Unsecured Notes | Fixed | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest rate | 0.95% | 0.95% | |
€750 million Unsecured Notes | |||
Disclosure of detailed information about borrowings [line items] | |||
Notional amount | € | € 750,000,000 | ||
Borrowings outstanding | $ 778,000,000 | 848,000,000 | |
€750 million Unsecured Notes | Fixed | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest rate | 1% | 1% | |
€1 billion Unsecured Notes | |||
Disclosure of detailed information about borrowings [line items] | |||
Notional amount | € | € 1,000,000,000 | ||
Borrowings outstanding | $ 553,000,000 | 604,000,000 | |
€1 billion Unsecured Notes | Fixed | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest rate | 2.25% | 2.25% | |
750 Unsecured Notes | |||
Disclosure of detailed information about borrowings [line items] | |||
Notional amount | $ 750,000,000 | ||
Borrowings outstanding | $ 289,000,000 | 289,000,000 | |
750 Unsecured Notes | Fixed | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest rate | 3.60% | 3.60% | |
500 Unsecured Notes | |||
Disclosure of detailed information about borrowings [line items] | |||
Notional amount | $ 500,000,000 | ||
Borrowings outstanding | $ 183,000,000 | 183,000,000 | |
500 Unsecured Notes | Fixed | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest rate | 6.13% | 6.13% | |
€750 million Unsecured Notes | |||
Disclosure of detailed information about borrowings [line items] | |||
Notional amount | € | € 750,000,000 | ||
Borrowings outstanding | $ 775,000,000 | 844,000,000 | |
€750 million Unsecured Notes | Fixed | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest rate | 1.75% | 1.75% | |
750 Unsecured Notes | |||
Disclosure of detailed information about borrowings [line items] | |||
Notional amount | $ 750,000,000 | ||
Borrowings outstanding | $ 399,000,000 | 399,000,000 | |
750 Unsecured Notes | Fixed | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest rate | 4.55% | 4.55% | |
500 Unsecured Notes | |||
Disclosure of detailed information about borrowings [line items] | |||
Notional amount | $ 500,000,000 | ||
Borrowings outstanding | $ 495,000,000 | 494,000,000 | |
500 Unsecured Notes | Fixed | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest rate | 4.25% | 4.25% | |
1.5 billion Unsecured Bonds | |||
Disclosure of detailed information about borrowings [line items] | |||
Notional amount | $ 1,500,000,000 | ||
Borrowings outstanding | $ 671,000,000 | 671,000,000 | |
1.5 billion Unsecured Bonds | Fixed | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest rate | 7% | 7% | |
1 billion Unsecured Notes | |||
Disclosure of detailed information about borrowings [line items] | |||
Notional amount | $ 1,000,000,000 | ||
Borrowings outstanding | $ 428,000,000 | 428,000,000 | |
1 billion Unsecured Notes | Fixed | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest rate | 6.75% | 6.75% | |
EIB loan, due 2032 | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings outstanding | $ 291,000,000 | 0 | |
EIB loan, due 2032 | Floating | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest rate | 1.56% | 1.56% | |
EIB loan, due 2025 | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings outstanding | $ 167,000,000 | € 160,000,000 | 215,000,000 |
EIB loan, due 2025 | Fixed | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest rate | 1.16% | 1.16% | |
Schuldschein loans | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings outstanding | $ 753,000,000 | 0 | |
Schuldschein loans | Fixed/Floating | Bottom of range | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest rate | 1.50% | 1.50% | |
Schuldschein loans | Fixed/Floating | Top of range | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest rate | 3% | 3% | |
Other loans | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings outstanding | $ 73,000,000 | 142,000,000 | |
Other loans | Fixed | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest rate | 3.10% | 3.10% | |
Other loans | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings outstanding | $ 247,000,000 | 273,000,000 | |
Other loans | Floating | Bottom of range | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest rate | 0.60% | 0.60% | |
Other loans | Floating | Top of range | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest rate | 2.30% | 2.30% | |
Total long-term debt (excluding lease obligations) | |||
Disclosure of detailed information about borrowings [line items] | |||
Total non-current portion of non-current borrowings | $ 5,361,000,000 | 5,797,000,000 | |
Long term lease obligations | |||
Disclosure of detailed information about borrowings [line items] | |||
Less current portion of long-term debt | (163,000,000) | (189,000,000) | |
Total non-current portion of non-current borrowings | 708,000,000 | 691,000,000 | |
Americas | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings outstanding | 65,000,000 | 72,000,000 | |
Americas | Other loans | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings outstanding | $ 65,000,000 | 72,000,000 | |
Americas | Other loans | Fixed/Floating | Bottom of range | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest rate | 0% | 0% | |
Americas | Other loans | Fixed/Floating | Top of range | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest rate | 10.70% | 10.70% | |
Europe, Asia & Africa | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings outstanding | $ 186,000,000 | 205,000,000 | |
Europe, Asia & Africa | EBRD Facility | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings outstanding | $ 59,000,000 | 82,000,000 | |
Europe, Asia & Africa | EBRD Facility | Floating | Bottom of range | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest rate | 4.20% | 4.20% | |
Europe, Asia & Africa | EBRD Facility | Floating | Top of range | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest rate | 4.50% | 4.50% | |
Europe, Asia & Africa | Other loans | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings outstanding | $ 127,000,000 | $ 123,000,000 | |
Europe, Asia & Africa | Other loans | Fixed/Floating | Bottom of range | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest rate | 0% | 0% | |
Europe, Asia & Africa | Other loans | Fixed/Floating | Top of range | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest rate | 5.60% | 5.60% |
SHORT-TERM AND LONG-TERM DEBT_4
SHORT-TERM AND LONG-TERM DEBT - Long-term debt narrative (Details) € in Millions, $ in Millions, R in Billions | 6 Months Ended | ||||||||||||||||||||||||||
Jan. 14, 2022 USD ($) | Jan. 14, 2022 EUR (€) | Dec. 19, 2018 USD ($) extension_option | Jun. 30, 2022 USD ($) ratingAgency | Jun. 30, 2021 USD ($) | Jun. 30, 2022 EUR (€) ratingAgency | Jun. 30, 2022 CAD ($) ratingAgency | Jun. 30, 2022 ZAR (R) ratingAgency | May 06, 2022 EUR (€) | May 04, 2022 EUR (€) | Dec. 31, 2021 USD ($) | Nov. 29, 2021 USD ($) | Nov. 29, 2021 CAD ($) | Jun. 02, 2021 EUR (€) | Dec. 31, 2020 USD ($) | Jul. 02, 2020 USD ($) | Jul. 02, 2020 CAD ($) | Jul. 31, 2019 USD ($) | Jun. 30, 2019 USD ($) | Dec. 21, 2018 EUR (€) | Dec. 21, 2017 USD ($) | May 25, 2017 ZAR (R) | Dec. 16, 2016 EUR (€) | Apr. 30, 2015 USD ($) | Sep. 30, 2014 USD ($) | Oct. 26, 2012 USD ($) | Sep. 30, 2010 USD ($) | |
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||
Number of credit rating agencies | ratingAgency | 2 | 2 | 2 | 2 | |||||||||||||||||||||||
Repayments of borrowings, classified as financing activities | $ 727,000,000 | $ 3,085,000,000 | |||||||||||||||||||||||||
Foreign exchange gains arising on translation | 363,000,000 | ||||||||||||||||||||||||||
Hedges of net investment in foreign operations | |||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||
Hedging instrument, liabilities | € | € 4,512 | ||||||||||||||||||||||||||
Hedged item, assets | € | 9,934 | ||||||||||||||||||||||||||
5.5 billion revolving credit facility, due 2023-2025 | |||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||
Line of credit facility, maximum borrowing capacity | $ 5,500,000,000 | $ 5,500,000,000 | |||||||||||||||||||||||||
Borrowings, number of extension options | extension_option | 2 | ||||||||||||||||||||||||||
Borrowings, extension option term | 1 year | ||||||||||||||||||||||||||
Undrawn borrowing facilities | 5,500,000,000 | ||||||||||||||||||||||||||
Notional amount | 5,500,000,000 | ||||||||||||||||||||||||||
Borrowings outstanding | 0 | $ 0 | |||||||||||||||||||||||||
5.4 billion revolving credit facility, due 2024 | |||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||
Line of credit facility, maximum borrowing capacity | $ 5,400,000,000 | ||||||||||||||||||||||||||
0.1 billion revolving credit facility, due 2023 | |||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||
Line of credit facility, maximum borrowing capacity | $ 100,000,000 | ||||||||||||||||||||||||||
2010 Revolving multi-currency letter of credit facility, due 2022 | |||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||
Line of credit facility, maximum borrowing capacity | $ 350,000,000 | $ 450,000,000 | $ 500,000,000 | ||||||||||||||||||||||||
Revolving multi-currency letter of credit facility, due 2022 | |||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||
Line of credit facility, maximum borrowing capacity | $ 350,000,000 | ||||||||||||||||||||||||||
€600 million unsecured notes, due 2020 | |||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||
Repayments of borrowings, classified as financing activities | $ 551,000,000 | € 486 | |||||||||||||||||||||||||
Notional amount | € | € 750 | ||||||||||||||||||||||||||
EIB Loan, 2021 to 2023 | |||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||
Undrawn borrowing facilities | 291,000,000 | 280 | |||||||||||||||||||||||||
Borrowings, maximum capacity | € | € 280 | ||||||||||||||||||||||||||
€350 million EIB Loan | |||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||
Borrowings, maximum capacity | € | € 350 | ||||||||||||||||||||||||||
Borrowings outstanding | 167,000,000 | 160 | $ 215,000,000 | ||||||||||||||||||||||||
€346.5m variable rate loan | |||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||
Borrowings, maximum capacity | € | € 346.5 | ||||||||||||||||||||||||||
€24.5m variable rate loan | Fixed | |||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||
Borrowings, maximum capacity | € | 24.5 | ||||||||||||||||||||||||||
€263m variable rate loan | |||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||
Borrowings, maximum capacity | € | 263 | ||||||||||||||||||||||||||
€66m variable rate loan | Fixed | |||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||
Borrowings, maximum capacity | € | € 66 | ||||||||||||||||||||||||||
€25m fixed rate loan | |||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||
Borrowings, maximum capacity | € | € 25 | ||||||||||||||||||||||||||
Other loans | |||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||
Undrawn borrowing facilities | 753,000,000 | 725 | |||||||||||||||||||||||||
€235 million facility agreement | |||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||
Notional amount | € | € 235 | ||||||||||||||||||||||||||
Borrowings outstanding | $ 157,000,000 | € 152 | |||||||||||||||||||||||||
Borrowings, installment period | 8 years 6 months | ||||||||||||||||||||||||||
CAD 174 million financing agreement | |||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||
Notional amount | $ 128,000,000 | $ 174 | |||||||||||||||||||||||||
CAD 130m financing agreement | |||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||
Undrawn borrowing facilities | $ 73,000,000 | $ 95 | |||||||||||||||||||||||||
Notional amount | $ 105,000,000 | $ 130 | |||||||||||||||||||||||||
EBRD Facility | ArcelorMittal Kryvyi Rih | |||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||
Borrowings, maximum capacity | $ 175,000,000 | ||||||||||||||||||||||||||
Borrowings outstanding | $ 59,000,000 | $ 175,000,000 | |||||||||||||||||||||||||
Borrowings, maximum capacity, additional | $ 175,000,000 | ||||||||||||||||||||||||||
4.5 billion ZAR revolving borrowing base finance facility, due 2022 | ArcelorMittal South Africa Ltd. | |||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||||
Line of credit facility, maximum borrowing capacity | R | R 4.5 | ||||||||||||||||||||||||||
Borrowings outstanding | $ 74,000,000 | R 1.2 |
FINANCIAL INSTRUMENTS - Summary
FINANCIAL INSTRUMENTS - Summary of assets and liabilities based on categories (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 | Jun. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||||
Cash and cash equivalents | $ 4,457 | $ 4,215 | $ 4,071 | $ 5,600 |
Restricted cash | 108 | 156 | ||
Trade accounts receivable and other | 5,931 | 5,143 | ||
Inventories | 23,303 | 19,858 | ||
Prepaid expenses and other current assets | 7,189 | 5,567 | ||
Total current assets | 40,988 | 34,939 | ||
Non-current assets: | ||||
Goodwill and intangible assets | 4,307 | 4,425 | ||
Property, plant and equipment and biological assets | 29,542 | 30,075 | ||
Investments in associates and joint ventures | 10,992 | 10,319 | ||
Other investments | 866 | 1,146 | ||
Deferred tax assets | 7,974 | 8,147 | ||
Other assets | 2,357 | 1,461 | ||
Total non-current assets | 56,038 | 55,573 | ||
Total assets | 97,026 | 90,512 | ||
Current liabilities: | ||||
Short-term debt and current portion of long-term debt | 2,719 | 1,913 | ||
Trade accounts payable and other | 16,736 | 15,093 | ||
Short-term provisions | 722 | 1,064 | ||
Accrued expenses and other liabilities | 5,035 | 4,831 | ||
Income tax liabilities | 757 | 1,266 | ||
Total current liabilities | 25,969 | 24,167 | ||
Non-current liabilities: | ||||
Long-term debt, net of current portion (note 7) | 6,069 | 6,488 | ||
Deferred tax liabilities | 2,489 | 2,369 | ||
Deferred employee benefits | 3,517 | 3,772 | ||
Long-term provisions | 1,534 | 1,498 | ||
Other long-term obligations | 1,002 | 874 | ||
Total non-current liabilities | 14,611 | 15,001 | ||
Equity: | ||||
Equity attributable to the equity holders of the parent | 53,992 | 49,106 | ||
Non-controlling interests | 2,454 | 2,238 | ||
Total equity | 56,446 | 51,344 | $ 46,325 | $ 40,237 |
Total liabilities and equity | 97,026 | $ 90,512 | ||
Restricted cash and cash equivalents environmental obligations | 60 | |||
Restricted cash and cash equivalents mandatory convertible bonds | 20 | |||
Non-financial liabilities | ||||
Current liabilities: | ||||
Short-term debt and current portion of long-term debt | 0 | |||
Trade accounts payable and other | 0 | |||
Short-term provisions | 702 | |||
Accrued expenses and other liabilities | 1,245 | |||
Income tax liabilities | 757 | |||
Total current liabilities | 2,704 | |||
Non-current liabilities: | ||||
Long-term debt, net of current portion (note 7) | 0 | |||
Deferred tax liabilities | 2,489 | |||
Deferred employee benefits | 3,517 | |||
Long-term provisions | 1,530 | |||
Other long-term obligations | 355 | |||
Total non-current liabilities | 7,891 | |||
Equity: | ||||
Equity attributable to the equity holders of the parent | 53,992 | |||
Non-controlling interests | 2,454 | |||
Total equity | 56,446 | |||
Total liabilities and equity | 67,041 | |||
Financial liabilities | Liabilities at amortised cost | ||||
Current liabilities: | ||||
Short-term debt and current portion of long-term debt | 2,719 | |||
Trade accounts payable and other | 16,736 | |||
Short-term provisions | 20 | |||
Accrued expenses and other liabilities | 3,111 | |||
Income tax liabilities | 0 | |||
Total current liabilities | 22,586 | |||
Non-current liabilities: | ||||
Long-term debt, net of current portion (note 7) | 6,069 | |||
Deferred tax liabilities | 0 | |||
Deferred employee benefits | 0 | |||
Long-term provisions | 4 | |||
Other long-term obligations | 584 | |||
Total non-current liabilities | 6,657 | |||
Equity: | ||||
Equity attributable to the equity holders of the parent | 0 | |||
Non-controlling interests | 0 | |||
Total equity | 0 | |||
Total liabilities and equity | 29,243 | |||
Financial liabilities | Derivatives | ||||
Current liabilities: | ||||
Short-term debt and current portion of long-term debt | 0 | |||
Trade accounts payable and other | 0 | |||
Short-term provisions | 0 | |||
Accrued expenses and other liabilities | 679 | |||
Income tax liabilities | 0 | |||
Total current liabilities | 679 | |||
Non-current liabilities: | ||||
Long-term debt, net of current portion (note 7) | 0 | |||
Deferred tax liabilities | 0 | |||
Deferred employee benefits | 0 | |||
Long-term provisions | 0 | |||
Other long-term obligations | 63 | |||
Total non-current liabilities | 63 | |||
Equity: | ||||
Equity attributable to the equity holders of the parent | 0 | |||
Non-controlling interests | 0 | |||
Total equity | 0 | |||
Total liabilities and equity | 742 | |||
Non-financial assets | ||||
Current assets: | ||||
Cash and cash equivalents | 0 | |||
Restricted cash | 0 | |||
Trade accounts receivable and other | 0 | |||
Inventories | 23,303 | |||
Prepaid expenses and other current assets | 1,922 | |||
Total current assets | 25,225 | |||
Non-current assets: | ||||
Goodwill and intangible assets | 4,307 | |||
Property, plant and equipment and biological assets | 29,499 | |||
Investments in associates and joint ventures | 10,992 | |||
Other investments | 0 | |||
Deferred tax assets | 7,974 | |||
Other assets | 350 | |||
Total non-current assets | 53,122 | |||
Total assets | 78,347 | |||
Financial assets | Assets at amortized cost | ||||
Current assets: | ||||
Cash and cash equivalents | 4,457 | |||
Restricted cash | 108 | |||
Trade accounts receivable and other | 5,470 | |||
Inventories | 0 | |||
Prepaid expenses and other current assets | 1,290 | |||
Total current assets | 11,325 | |||
Non-current assets: | ||||
Goodwill and intangible assets | 0 | |||
Property, plant and equipment and biological assets | 0 | |||
Investments in associates and joint ventures | 0 | |||
Other investments | 0 | |||
Deferred tax assets | 0 | |||
Other assets | 714 | |||
Total non-current assets | 714 | |||
Total assets | 12,039 | |||
Financial assets | Fair value recognized in profit or loss | ||||
Current assets: | ||||
Cash and cash equivalents | 0 | |||
Restricted cash | 0 | |||
Trade accounts receivable and other | 0 | |||
Inventories | 0 | |||
Prepaid expenses and other current assets | 0 | |||
Total current assets | 0 | |||
Non-current assets: | ||||
Goodwill and intangible assets | 0 | |||
Property, plant and equipment and biological assets | 42 | |||
Investments in associates and joint ventures | 0 | |||
Other investments | ||||
Deferred tax assets | ||||
Other assets | 136 | |||
Total non-current assets | 178 | |||
Total assets | 178 | |||
Financial assets | Fair value recognized in OCI | ||||
Current assets: | ||||
Cash and cash equivalents | 0 | |||
Restricted cash | 0 | |||
Trade accounts receivable and other | 461 | |||
Inventories | 0 | |||
Prepaid expenses and other current assets | 0 | |||
Total current assets | 461 | |||
Non-current assets: | ||||
Goodwill and intangible assets | 0 | |||
Property, plant and equipment and biological assets | 0 | |||
Investments in associates and joint ventures | 0 | |||
Other investments | 866 | |||
Deferred tax assets | 0 | |||
Other assets | 0 | |||
Total non-current assets | 866 | |||
Total assets | 1,327 | |||
Financial assets | Derivatives | ||||
Current assets: | ||||
Cash and cash equivalents | 0 | |||
Restricted cash | 0 | |||
Trade accounts receivable and other | 0 | |||
Inventories | 0 | |||
Prepaid expenses and other current assets | 3,977 | |||
Total current assets | 3,977 | |||
Non-current assets: | ||||
Goodwill and intangible assets | 0 | |||
Property, plant and equipment and biological assets | 0 | |||
Investments in associates and joint ventures | 0 | |||
Other investments | 0 | |||
Deferred tax assets | 0 | |||
Other assets | 1,157 | |||
Total non-current assets | 1,157 | |||
Total assets | $ 5,134 |
FINANCIAL INSTRUMENTS - Fair va
FINANCIAL INSTRUMENTS - Fair value hierarchy (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Disclosure of fair value measurement of assets [line items] | ||
Total assets at fair value | $ 97,026 | $ 90,512 |
Total liabilities at fair value | 40,580 | 39,168 |
Recurring fair value measurement | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets at fair value | 6,461 | 5,071 |
Total liabilities at fair value | 742 | 374 |
Recurring fair value measurement | Derivative financial current liabilities | ||
Disclosure of fair value measurement of assets [line items] | ||
Total liabilities at fair value | 679 | 316 |
Recurring fair value measurement | Derivative financial non-current liabilities | ||
Disclosure of fair value measurement of assets [line items] | ||
Total liabilities at fair value | 63 | 58 |
Recurring fair value measurement | Investments in equity instruments at FVOCI | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets at fair value | 866 | 1,146 |
Recurring fair value measurement | Trade accounts receivable and other subject to TSR programs | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets at fair value | 461 | 622 |
Recurring fair value measurement | Derivative financial current assets | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets at fair value | 3,977 | 2,985 |
Recurring fair value measurement | Derivative financial non-current assets | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets at fair value | 1,157 | 318 |
Recurring fair value measurement | Level 1 | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets at fair value | 791 | 1,069 |
Total liabilities at fair value | 0 | 0 |
Recurring fair value measurement | Level 1 | Derivative financial current liabilities | ||
Disclosure of fair value measurement of assets [line items] | ||
Total liabilities at fair value | 0 | 0 |
Recurring fair value measurement | Level 1 | Derivative financial non-current liabilities | ||
Disclosure of fair value measurement of assets [line items] | ||
Total liabilities at fair value | 0 | 0 |
Recurring fair value measurement | Level 1 | Investments in equity instruments at FVOCI | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets at fair value | 791 | 1,069 |
Recurring fair value measurement | Level 1 | Trade accounts receivable and other subject to TSR programs | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets at fair value | 0 | 0 |
Recurring fair value measurement | Level 1 | Derivative financial current assets | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets at fair value | 0 | 0 |
Recurring fair value measurement | Level 1 | Derivative financial non-current assets | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets at fair value | 0 | 0 |
Recurring fair value measurement | Level 2 | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets at fair value | 5,129 | 3,288 |
Total liabilities at fair value | 742 | 374 |
Recurring fair value measurement | Level 2 | Derivative financial current liabilities | ||
Disclosure of fair value measurement of assets [line items] | ||
Total liabilities at fair value | 679 | 316 |
Recurring fair value measurement | Level 2 | Derivative financial non-current liabilities | ||
Disclosure of fair value measurement of assets [line items] | ||
Total liabilities at fair value | 63 | 58 |
Recurring fair value measurement | Level 2 | Investments in equity instruments at FVOCI | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets at fair value | 0 | 0 |
Recurring fair value measurement | Level 2 | Trade accounts receivable and other subject to TSR programs | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets at fair value | 0 | 0 |
Recurring fair value measurement | Level 2 | Derivative financial current assets | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets at fair value | 3,977 | 2,985 |
Recurring fair value measurement | Level 2 | Derivative financial non-current assets | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets at fair value | 1,152 | 303 |
Recurring fair value measurement | Level 3 | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets at fair value | 541 | 714 |
Total liabilities at fair value | 0 | 0 |
Recurring fair value measurement | Level 3 | Derivative financial current liabilities | ||
Disclosure of fair value measurement of assets [line items] | ||
Total liabilities at fair value | 0 | 0 |
Recurring fair value measurement | Level 3 | Derivative financial non-current liabilities | ||
Disclosure of fair value measurement of assets [line items] | ||
Total liabilities at fair value | 0 | 0 |
Recurring fair value measurement | Level 3 | Investments in equity instruments at FVOCI | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets at fair value | 75 | 77 |
Recurring fair value measurement | Level 3 | Trade accounts receivable and other subject to TSR programs | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets at fair value | 461 | 622 |
Recurring fair value measurement | Level 3 | Derivative financial current assets | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets at fair value | 0 | 0 |
Recurring fair value measurement | Level 3 | Derivative financial non-current assets | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets at fair value | $ 5 | $ 15 |
FINANCIAL INSTRUMENTS - Narrati
FINANCIAL INSTRUMENTS - Narrative investments (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2022 | Dec. 31, 2021 | |
Disclosure of fair value measurement of assets [line items] | ||
Payables with early payment discount | $ 4,200 | $ 2,700 |
Number of working days over which stock market prices are observed | 90 days | |
True Sales Of Receivables | $ 6,000 | $ 5,200 |
Mandatorily convertible unsecured unsubordinated bonds | ||
Disclosure of fair value measurement of assets [line items] | ||
Notional amount | $ 1,000 |
FINANCIAL INSTRUMENTS - Level 2
FINANCIAL INSTRUMENTS - Level 2 financial instruments (Details) - Level 2 - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Disclosure of fair value measurement of assets [line items] | ||
Derivative financial assets, fair value | $ 5,129 | $ 3,288 |
Derivative financial liabilities, fair value | (742) | (374) |
Total foreign exchange rate instruments | ||
Disclosure of fair value measurement of assets [line items] | ||
Derivative financial assets, fair value | 434 | 156 |
Derivative financial liabilities, fair value | (127) | (67) |
Forward purchase of contracts | ||
Disclosure of fair value measurement of assets [line items] | ||
Derivative financial assets, notional amount | 7,787 | 3,845 |
Derivative financial assets, fair value | 358 | 133 |
Derivative liability, notional amount | 1,322 | 1,023 |
Derivative financial liabilities, fair value | (30) | (43) |
Forward sale of contracts | ||
Disclosure of fair value measurement of assets [line items] | ||
Derivative financial assets, notional amount | 1,281 | 2,685 |
Derivative financial assets, fair value | 33 | 16 |
Derivative liability, notional amount | 632 | 1,431 |
Derivative financial liabilities, fair value | (91) | (15) |
Exchange option purchases | ||
Disclosure of fair value measurement of assets [line items] | ||
Derivative financial assets, notional amount | 1,120 | 712 |
Derivative financial assets, fair value | 12 | 2 |
Derivative liability, notional amount | 213 | 254 |
Derivative financial liabilities, fair value | (2) | (7) |
Exchange options sales | ||
Disclosure of fair value measurement of assets [line items] | ||
Derivative financial assets, notional amount | 900 | 338 |
Derivative financial assets, fair value | 31 | 5 |
Derivative liability, notional amount | 394 | 707 |
Derivative financial liabilities, fair value | (4) | (2) |
Total raw materials (base metal), freight, energy, emission rights and others | ||
Disclosure of fair value measurement of assets [line items] | ||
Derivative financial assets, fair value | 4,695 | 3,132 |
Derivative financial liabilities, fair value | (615) | (307) |
Term contracts sales | ||
Disclosure of fair value measurement of assets [line items] | ||
Derivative financial assets, notional amount | 514 | 121 |
Derivative financial assets, fair value | 66 | 1 |
Derivative liability, notional amount | 1,400 | 644 |
Derivative financial liabilities, fair value | (411) | (259) |
Term contracts purchases | ||
Disclosure of fair value measurement of assets [line items] | ||
Derivative financial assets, notional amount | 3,493 | 3,461 |
Derivative financial assets, fair value | 4,627 | 3,131 |
Derivative liability, notional amount | 928 | 497 |
Derivative financial liabilities, fair value | (203) | $ (48) |
Options sales/purchases | ||
Disclosure of fair value measurement of assets [line items] | ||
Derivative financial assets, notional amount | 10 | |
Derivative financial assets, fair value | 2 | |
Derivative liability, notional amount | 73 | |
Derivative financial liabilities, fair value | $ (1) |
FINANCIAL INSTRUMENTS - Fair _2
FINANCIAL INSTRUMENTS - Fair value of call options (Details) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2020 | |
Disclosure of fair value measurement of equity [line items] | |||
Number of working days over which stock market prices are observed | 90 days | ||
Reconciliation of changes in fair value measurement, assets [abstract] | |||
Beginning balance, assets | $ 90,512 | ||
Ending balance, assets | 97,026 | ||
Call option on $1,000 mandatory convertible bonds | Level 3 | |||
Reconciliation of changes in fair value measurement, assets [abstract] | |||
Beginning balance, assets | 15 | $ 59 | |
Change in fair value | (10) | 37 | $ (81) |
Ending balance, assets | 5 | $ 96 | $ 59 |
Mandatorily convertible unsecured unsubordinated bonds | |||
Disclosure of fair value measurement of equity [line items] | |||
Notional amount | $ 1,000 |
PROVISIONS - Provisions overvie
PROVISIONS - Provisions overview (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Disclosure of other provisions [line items] | ||
Total | $ 2,256 | $ 2,562 |
Short-term provisions | 722 | 1,064 |
Long-term provisions | 1,534 | 1,498 |
Environmental | ||
Disclosure of other provisions [line items] | ||
Total | 557 | 595 |
Emission rights | ||
Disclosure of other provisions [line items] | ||
Total | 322 | 492 |
Asset retirement obligations | ||
Disclosure of other provisions [line items] | ||
Total | 399 | 397 |
Site restoration | ||
Disclosure of other provisions [line items] | ||
Total | 183 | 220 |
Staff related obligations | ||
Disclosure of other provisions [line items] | ||
Total | 128 | 120 |
Voluntary separation plans | ||
Disclosure of other provisions [line items] | ||
Total | 22 | 31 |
Litigation and contingencies (see note 12) | ||
Disclosure of other provisions [line items] | ||
Total | 280 | 323 |
Tax claims | ||
Disclosure of other provisions [line items] | ||
Total | 80 | 79 |
Other legal claims and contingencies | ||
Disclosure of other provisions [line items] | ||
Total | 200 | 244 |
Commercial agreements and onerous contracts | ||
Disclosure of other provisions [line items] | ||
Total | 28 | 23 |
Other | ||
Disclosure of other provisions [line items] | ||
Total | $ 337 | $ 361 |
SEGMENT AND GEOGRAPHIC INFORM_3
SEGMENT AND GEOGRAPHIC INFORMATION - Narrative (Details) | 6 Months Ended |
Jun. 30, 2022 segment | |
Disclosure of operating segments [abstract] | |
Number of operating segments | 5 |
Number of reportable segments | 5 |
SEGMENT AND GEOGRAPHIC INFORM_4
SEGMENT AND GEOGRAPHIC INFORMATION - Reportable segments (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Disclosure of operating segments [line items] | ||
Sales | $ 43,978 | $ 35,536 |
Operating income (loss) | 8,927 | 7,073 |
Depreciation and amortization | 1,316 | 1,221 |
Capital expenditures | 1,184 | 1,188 |
Reconciliation from operating income to net income [Abstract] | ||
Operating income (loss) | 8,927 | 7,073 |
Income from investments in associates, joint ventures and other investments | 1,137 | 1,043 |
Financing costs - net | (427) | (594) |
Income before taxes | 9,637 | 7,522 |
Income tax expense | (1,381) | (946) |
Net income (including non-controlling interests) | 8,256 | 6,576 |
Operating segments | NAFTA | ||
Disclosure of operating segments [line items] | ||
Sales | 7,385 | 5,755 |
Operating income (loss) | 1,871 | 936 |
Depreciation and amortization | 186 | 142 |
Capital expenditures | 202 | 147 |
Reconciliation from operating income to net income [Abstract] | ||
Operating income (loss) | 1,871 | 936 |
Operating segments | Brazil | ||
Disclosure of operating segments [line items] | ||
Sales | 6,291 | 4,861 |
Operating income (loss) | 1,875 | 1,742 |
Depreciation and amortization | 129 | 109 |
Capital expenditures | 213 | 139 |
Reconciliation from operating income to net income [Abstract] | ||
Operating income (loss) | 1,875 | 1,742 |
Operating segments | Europe | ||
Disclosure of operating segments [line items] | ||
Sales | 26,377 | 19,990 |
Operating income (loss) | 4,144 | 1,861 |
Depreciation and amortization | 652 | 615 |
Capital expenditures | 398 | 578 |
Reconciliation from operating income to net income [Abstract] | ||
Operating income (loss) | 4,144 | 1,861 |
Operating segments | ACIS | ||
Disclosure of operating segments [line items] | ||
Sales | 3,189 | 4,170 |
Operating income (loss) | 323 | 1,458 |
Depreciation and amortization | 211 | 220 |
Capital expenditures | 197 | 214 |
Reconciliation from operating income to net income [Abstract] | ||
Operating income (loss) | 323 | 1,458 |
Operating segments | Mining | ||
Disclosure of operating segments [line items] | ||
Sales | 727 | 751 |
Operating income (loss) | 974 | 1,287 |
Depreciation and amortization | 120 | 115 |
Capital expenditures | 162 | 97 |
Reconciliation from operating income to net income [Abstract] | ||
Operating income (loss) | 974 | 1,287 |
Operating segments | Others | ||
Disclosure of operating segments [line items] | ||
Sales | 9 | 9 |
Operating income (loss) | (136) | (126) |
Depreciation and amortization | 18 | 20 |
Capital expenditures | 12 | 16 |
Reconciliation from operating income to net income [Abstract] | ||
Operating income (loss) | (136) | (126) |
Intersegment sales | ||
Disclosure of operating segments [line items] | ||
Sales | (2,804) | (3,047) |
Operating income (loss) | (124) | (85) |
Depreciation and amortization | 0 | 0 |
Capital expenditures | 0 | (3) |
Reconciliation from operating income to net income [Abstract] | ||
Operating income (loss) | (124) | (85) |
Intersegment sales | NAFTA | ||
Disclosure of operating segments [line items] | ||
Sales | 28 | 23 |
Intersegment sales | Brazil | ||
Disclosure of operating segments [line items] | ||
Sales | 1,061 | 937 |
Intersegment sales | Europe | ||
Disclosure of operating segments [line items] | ||
Sales | 115 | 37 |
Intersegment sales | ACIS | ||
Disclosure of operating segments [line items] | ||
Sales | 381 | 726 |
Intersegment sales | Mining | ||
Disclosure of operating segments [line items] | ||
Sales | 1,211 | 1,317 |
Intersegment sales | Others | ||
Disclosure of operating segments [line items] | ||
Sales | $ 8 | $ 7 |
SEGMENT AND GEOGRAPHIC INFORM_5
SEGMENT AND GEOGRAPHIC INFORMATION - Sales by geographical area (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Disclosure of geographical areas [line items] | ||
Sales | $ 43,978 | $ 35,536 |
Americas | ||
Disclosure of geographical areas [line items] | ||
Sales | 14,873 | 11,655 |
United States | ||
Disclosure of geographical areas [line items] | ||
Sales | 4,768 | 3,342 |
Brazil | ||
Disclosure of geographical areas [line items] | ||
Sales | 4,545 | 3,971 |
Canada | ||
Disclosure of geographical areas [line items] | ||
Sales | 2,281 | 1,844 |
Mexico | ||
Disclosure of geographical areas [line items] | ||
Sales | 1,463 | 1,151 |
Argentina | ||
Disclosure of geographical areas [line items] | ||
Sales | 856 | 598 |
Others Americas | ||
Disclosure of geographical areas [line items] | ||
Sales | 960 | 749 |
Total Europe | ||
Disclosure of geographical areas [line items] | ||
Sales | 25,092 | 19,729 |
Germany | ||
Disclosure of geographical areas [line items] | ||
Sales | 4,236 | 3,019 |
France | ||
Disclosure of geographical areas [line items] | ||
Sales | 3,288 | 2,489 |
Poland | ||
Disclosure of geographical areas [line items] | ||
Sales | 3,399 | 2,328 |
Spain | ||
Disclosure of geographical areas [line items] | ||
Sales | 2,665 | 2,041 |
Italy | ||
Disclosure of geographical areas [line items] | ||
Sales | 2,396 | 2,667 |
Turkey | ||
Disclosure of geographical areas [line items] | ||
Sales | 685 | 669 |
Czech Republic | ||
Disclosure of geographical areas [line items] | ||
Sales | 848 | 598 |
United Kingdom | ||
Disclosure of geographical areas [line items] | ||
Sales | 952 | 728 |
Belgium | ||
Disclosure of geographical areas [line items] | ||
Sales | 1,071 | 877 |
Russia | ||
Disclosure of geographical areas [line items] | ||
Sales | 420 | 863 |
Netherlands | ||
Disclosure of geographical areas [line items] | ||
Sales | 1,046 | 628 |
Romania | ||
Disclosure of geographical areas [line items] | ||
Sales | 312 | 228 |
Ukraine | ||
Disclosure of geographical areas [line items] | ||
Sales | 275 | 394 |
Others Europe | ||
Disclosure of geographical areas [line items] | ||
Sales | 3,499 | 2,200 |
Total Asia & Africa | ||
Disclosure of geographical areas [line items] | ||
Sales | 4,013 | 4,152 |
South Africa | ||
Disclosure of geographical areas [line items] | ||
Sales | 1,308 | 1,202 |
Morocco | ||
Disclosure of geographical areas [line items] | ||
Sales | 416 | 325 |
Egypt | ||
Disclosure of geographical areas [line items] | ||
Sales | 76 | 26 |
Rest of Africa | ||
Disclosure of geographical areas [line items] | ||
Sales | 289 | 456 |
China | ||
Disclosure of geographical areas [line items] | ||
Sales | 345 | 397 |
Kazakhstan | ||
Disclosure of geographical areas [line items] | ||
Sales | 370 | 370 |
South Korea | ||
Disclosure of geographical areas [line items] | ||
Sales | 240 | 264 |
India | ||
Disclosure of geographical areas [line items] | ||
Sales | 47 | 91 |
Rest of Asia | ||
Disclosure of geographical areas [line items] | ||
Sales | $ 922 | $ 1,021 |
SEGMENT AND GEOGRAPHIC INFORM_6
SEGMENT AND GEOGRAPHIC INFORMATION - Sales by type of products (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Disclosure of products and services [line items] | ||
Sales | $ 43,978 | $ 35,536 |
Flat products | ||
Disclosure of products and services [line items] | ||
Sales | 25,208 | 19,418 |
Long products | ||
Disclosure of products and services [line items] | ||
Sales | 9,682 | 8,380 |
Tubular products | ||
Disclosure of products and services [line items] | ||
Sales | 1,477 | 1,045 |
Mining products | ||
Disclosure of products and services [line items] | ||
Sales | 837 | 839 |
Others | ||
Disclosure of products and services [line items] | ||
Sales | $ 6,774 | $ 5,854 |
SEGMENT AND GEOGRAPHIC INFORM_7
SEGMENT AND GEOGRAPHIC INFORMATION - Disaggregated revenue (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Disclosure of products and services [line items] | ||
Sales | $ 43,978 | $ 35,536 |
Others | ||
Disclosure of products and services [line items] | ||
Sales | 9 | 9 |
NAFTA | Operating segments | ||
Disclosure of products and services [line items] | ||
Sales | 7,385 | 5,755 |
Brazil | Operating segments | ||
Disclosure of products and services [line items] | ||
Sales | 6,291 | 4,861 |
Europe | Operating segments | ||
Disclosure of products and services [line items] | ||
Sales | 26,377 | 19,990 |
ACIS | Operating segments | ||
Disclosure of products and services [line items] | ||
Sales | 3,189 | 4,170 |
Mining | Operating segments | ||
Disclosure of products and services [line items] | ||
Sales | 727 | 751 |
Steel sales | ||
Disclosure of products and services [line items] | ||
Sales | 39,517 | 31,526 |
Steel sales | Others | ||
Disclosure of products and services [line items] | ||
Sales | 0 | 0 |
Steel sales | NAFTA | Operating segments | ||
Disclosure of products and services [line items] | ||
Sales | 7,153 | 5,594 |
Steel sales | Brazil | Operating segments | ||
Disclosure of products and services [line items] | ||
Sales | 5,877 | 4,588 |
Steel sales | Europe | Operating segments | ||
Disclosure of products and services [line items] | ||
Sales | 23,720 | 17,874 |
Steel sales | ACIS | Operating segments | ||
Disclosure of products and services [line items] | ||
Sales | 2,767 | 3,470 |
Steel sales | Mining | Operating segments | ||
Disclosure of products and services [line items] | ||
Sales | 0 | 0 |
Non-steel sales | ||
Disclosure of products and services [line items] | ||
Sales | 2,156 | 2,183 |
Non-steel sales | Others | ||
Disclosure of products and services [line items] | ||
Sales | 0 | 0 |
Non-steel sales | NAFTA | Operating segments | ||
Disclosure of products and services [line items] | ||
Sales | 10 | 1 |
Non-steel sales | Brazil | Operating segments | ||
Disclosure of products and services [line items] | ||
Sales | 87 | 91 |
Non-steel sales | Europe | Operating segments | ||
Disclosure of products and services [line items] | ||
Sales | 1,124 | 861 |
Non-steel sales | ACIS | Operating segments | ||
Disclosure of products and services [line items] | ||
Sales | 227 | 490 |
Non-steel sales | Mining | Operating segments | ||
Disclosure of products and services [line items] | ||
Sales | 708 | 740 |
By-product sales | ||
Disclosure of products and services [line items] | ||
Sales | 856 | 601 |
By-product sales | Others | ||
Disclosure of products and services [line items] | ||
Sales | 0 | 0 |
By-product sales | NAFTA | Operating segments | ||
Disclosure of products and services [line items] | ||
Sales | 64 | 43 |
By-product sales | Brazil | Operating segments | ||
Disclosure of products and services [line items] | ||
Sales | 67 | 52 |
By-product sales | Europe | Operating segments | ||
Disclosure of products and services [line items] | ||
Sales | 641 | 439 |
By-product sales | ACIS | Operating segments | ||
Disclosure of products and services [line items] | ||
Sales | 84 | 67 |
By-product sales | Mining | Operating segments | ||
Disclosure of products and services [line items] | ||
Sales | 0 | 0 |
Other sales | ||
Disclosure of products and services [line items] | ||
Sales | 1,449 | 1,226 |
Other sales | Others | ||
Disclosure of products and services [line items] | ||
Sales | 9 | 9 |
Other sales | NAFTA | Operating segments | ||
Disclosure of products and services [line items] | ||
Sales | 158 | 117 |
Other sales | Brazil | Operating segments | ||
Disclosure of products and services [line items] | ||
Sales | 260 | 130 |
Other sales | Europe | Operating segments | ||
Disclosure of products and services [line items] | ||
Sales | 892 | 816 |
Other sales | ACIS | Operating segments | ||
Disclosure of products and services [line items] | ||
Sales | 111 | 143 |
Other sales | Mining | Operating segments | ||
Disclosure of products and services [line items] | ||
Sales | $ 19 | $ 11 |
LEASES - Right-of-use assets an
LEASES - Right-of-use assets and depreciation (Details) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Disclosure of quantitative information about right-of-use assets [line items] | |||
Lease liabilities | $ 871 | $ 880 | |
Right of-use assets: | 1,047 | 1,072 | |
Depreciation and impairment charges: | 97 | $ 93 | |
Other lease related expenses: | |||
Interest expense on lease liabilities | 17 | 17 | |
Expenses of short-term leases | 45 | 38 | |
Expenses of leases of low-value assets | 35 | 32 | |
Expenses related to variable lease payments | 45 | 48 | |
Additions to right-of-use assets | 151 | 58 | |
Lease payments recorded as reduction of lease liabilities and cash outflow from financing activities | 95 | 100 | |
Land, buildings and improvements | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Right of-use assets: | 728 | 729 | |
Depreciation and impairment charges: | 66 | 57 | |
Machinery, equipment and others | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||
Right of-use assets: | 319 | $ 343 | |
Depreciation and impairment charges: | $ 31 | $ 36 |
COMMITMENTS - Schedule of commi
COMMITMENTS - Schedule of commitments (Details) - USD ($) $ in Millions | Jun. 30, 2022 | Dec. 31, 2021 |
Subclassifications of assets, liabilities and equities [abstract] | ||
Purchase commitments | $ 14,218 | $ 13,509 |
Guarantees, pledges and other collateral | 8,159 | 8,003 |
Capital expenditure commitments | 178 | 330 |
Other commitments | 1,549 | 1,576 |
Total | $ 24,104 | $ 23,418 |
COMMITMENTS - Narrative (Detail
COMMITMENTS - Narrative (Details) t in Millions | 6 Months Ended | 12 Months Ended | |
Mar. 16, 2020 USD ($) | Jun. 30, 2022 USD ($) t | Dec. 31, 2021 USD ($) | |
Disclosure of commitments [line items] | |||
Commitments in relation to associates | $ 1,488,000,000 | $ 1,562,000,000 | |
Commitments in relation to joint ventures | 886,000,000 | 1,140,000,000 | |
Provision of guarantees or collateral by entity, third party transactions | 175,000,000 | 146,000,000 | |
Pledges of property, plant and equipment | 108,000,000 | 111,000,000 | |
Other commitments | 1,549,000,000 | 1,576,000,000 | |
Supply commitment, remaining minimum amount committed | 379,000,000 | 292,000,000 | |
ArcelorMittal South Africa Ltd. (AMSA) | |||
Disclosure of commitments [line items] | |||
Contractual capital commitments | 100,000,000 | ||
ArcelorMittal México S.A. de C.V. | |||
Disclosure of commitments [line items] | |||
Contractual capital commitments | $ 115,000,000 | 158,000,000 | |
Total amount of investment program | 1,000,000,000 | ||
Construction capacity of investment program (in tonnes) | t | 2.5 | ||
ArcelorMittal Brasil S.A. | |||
Disclosure of commitments [line items] | |||
Expected costs to be in compliance with the ECA | $ 176,000,000 | ||
Maximum fine for non-compliance with agreement | 19,000,000 | 18,000,000 | |
Other commitments | $ 452,000,000 | 442,000,000 | |
5.146 billion 10-year term loan | |||
Disclosure of commitments [line items] | |||
Percent guaranteed | 60% | ||
Notional amount | $ 5,146,000,000 | ||
Borrowings, term | 10 years | ||
Asset-based revolving credit facility | South Africa | Operating subsidiaries | |||
Disclosure of commitments [line items] | |||
Debt instrument, collateral amount | $ 74,000,000 | ||
Debt instrument, ceded bank accounts to secure environmental obligations, true sale of receivables programs and revolving base finance facility | 58,000,000 | ||
Associates | |||
Disclosure of commitments [line items] | |||
Provision of guarantees or collateral by entity, related party transactions | 12,000,000 | 12,000,000 | |
Commitments within sureties, guarantees, LOC, pledges, and other collateral | 411,000,000 | 406,000,000 | |
Joint ventures | |||
Disclosure of commitments [line items] | |||
Provision of guarantees or collateral to entity, related party transactions | 4,353,000,000 | 4,295,000,000 | |
Commitments within sureties, guarantees, LOC, pledges, and other collateral | 527,000,000 | 452,000,000 | |
Tameh | |||
Disclosure of commitments [line items] | |||
Commitments in relation to joint ventures | 424,000,000 | 611,000,000 | |
Enerfos | |||
Disclosure of commitments [line items] | |||
Commitments in relation to joint ventures | 452,000,000 | 515,000,000 | |
Calvert | Joint ventures | |||
Disclosure of commitments [line items] | |||
Provision of guarantees or collateral to entity, related party transactions | 312,000,000 | 279,000,000 | |
Al Jubail | Joint ventures | |||
Disclosure of commitments [line items] | |||
Provision of guarantees or collateral to entity, related party transactions | 177,000,000 | 175,000,000 | |
Global Chartering Limited | |||
Disclosure of commitments [line items] | |||
Counter guarantees | 318,000,000 | 323,000,000 | |
ArcelorMittal Nippon Steel India Limited | Joint ventures | |||
Disclosure of commitments [line items] | |||
Provision of guarantees or collateral to entity, related party transactions | 3,088,000,000 | 3,088,000,000 | |
Kryvyi Rih Industrial Gas | |||
Disclosure of commitments [line items] | |||
Commitments in relation to associates | $ 653,000,000 | $ 819,000,000 |
CONTINGENCIES (Details)
CONTINGENCIES (Details) $ in Millions | 1 Months Ended | 6 Months Ended | 60 Months Ended | ||||
Jan. 04, 2022 bankAccount | Jan. 31, 2022 USD ($) | Aug. 31, 2021 USD ($) | Apr. 30, 2017 USD ($) | Jun. 30, 2022 USD ($) claim | Dec. 31, 2018 USD ($) claim | Apr. 30, 2022 USD ($) | |
Social Security tax | |||||||
Disclosure of other provisions [line items] | |||||||
Unused provision reversed | $ 240 | ||||||
Social Security tax | ArcelorMittal Brasil S.A. | |||||||
Disclosure of other provisions [line items] | |||||||
Number of claims filed | claim | 6 | 6 | |||||
Tax penalty sought | $ 13 | $ 38 | |||||
Reduction in tax penalty sought | $ 4 | ||||||
Other legal claims and contingencies | Shareholder of Siderurgica Tres Lagoas | |||||||
Disclosure of other provisions [line items] | |||||||
Damages sought | $ 32 | ||||||
Estimated financial effect of contingent liabilities | $ 126 | ||||||
Estimated financial effect of contingent liabilities, net | $ 67 | ||||||
Ukrainian tax audit | ArcelorMittal Kryvyi Rih | |||||||
Disclosure of other provisions [line items] | |||||||
Damages sought | $ 96 | ||||||
Number of bank accounts, blocked | bankAccount | 3 | ||||||
Number of bank accounts, restrictions lifted | bankAccount | 2 |