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As Of Filer Filing For·On·As Docs:Size 2/28/24 ArcelorMittal 20-F 12/31/23 201:85M |
Document/Exhibit Description Pages Size 1: 20-F Annual or Annual-Transition Report by a Foreign HTML 10.09M Non-Canadian Issuer 2: EX-1.1 Underwriting Agreement or Conflict Minerals Report HTML 130K 3: EX-2.2 Plan of Acquisition, Reorganization, Arrangement, HTML 96K Liquidation or Succession 4: EX-4.15 Instrument Defining the Rights of Security Holders HTML 78K 5: EX-8.1 Opinion of Counsel re: Tax Matters HTML 69K 7: EX-13.1 Annual or Quarterly Report to Security Holders HTML 57K 20: EX-97.1 Clawback Policy re: Recovery of Erroneously HTML 79K Awarded Compensation 6: EX-12.1 Statement re: the Computation of Ratios HTML 64K 8: EX-15.1 Letter re: Unaudited Interim Financial Info HTML 57K 17: EX-15.10 Letter re: Unaudited Interim Financial Info HTML 59K 18: EX-15.11 Letter re: Unaudited Interim Financial Info HTML 58K 19: EX-15.12 Letter re: Unaudited Interim Financial Info HTML 61K 9: EX-15.2 Letter re: Unaudited Interim Financial Info HTML 56K 10: EX-15.3 Letter re: Unaudited Interim Financial Info HTML 61K 11: EX-15.4 Letter re: Unaudited Interim Financial Info HTML 59K 12: EX-15.5 Letter re: Unaudited Interim Financial Info HTML 59K 13: EX-15.6 Letter re: Unaudited Interim Financial Info HTML 62K 14: EX-15.7 Letter re: Unaudited Interim Financial Info HTML 62K 15: EX-15.8 Letter re: Unaudited Interim Financial Info HTML 63K 16: EX-15.9 Letter re: Unaudited Interim Financial Info HTML 59K 26: R1 Cover HTML 123K 27: R2 Audit Information HTML 62K 28: R3 Consolidated Statements of Operations HTML 104K 29: R4 Consolidated Statements of Operations HTML 61K (Parenthetical) 30: R5 Consolidated Statements of Other Comprehensive HTML 130K Income 31: R6 Consolidated Statements of Financial Position HTML 153K 32: R7 Consolidated Statements of Financial Position HTML 68K (Parenthetical) 33: R8 Consolidated Statements of Changes In Equity HTML 144K 34: R9 Consolidated Statements of Cash Flows HTML 179K 35: R10 Consolidated Statements of Cash Flows HTML 63K (Parenthetical) 36: R11 Accounting Principles HTML 124K 37: R12 Scope of Consolidation HTML 646K 38: R13 Segment Reporting HTML 286K 39: R14 Operating Data HTML 193K 40: R15 Goodwill, Intangible and Tangible Assets HTML 332K 41: R16 Financing and Financial Instruments HTML 928K 42: R17 Leases HTML 125K 43: R18 Personnel Expenses and Deferred Employee Benefits HTML 687K 44: R19 Provisions, Contingencies and Commitments HTML 221K 45: R20 Income Taxes HTML 219K 46: R21 Equity HTML 355K 47: R22 Related Parties HTML 135K 48: R23 Accounting Principles (Policies) HTML 344K 49: R24 Scope of Consolidation (Tables) HTML 631K 50: R25 Segment Reporting (Tables) HTML 284K 51: R26 Operating Data (Tables) HTML 197K 52: R27 Goodwill, Intangible and Tangible Assets (Tables) HTML 281K 53: R28 Financing and Financial Instruments (Tables) HTML 1.17M 54: R29 Leases (Tables) HTML 124K 55: R30 Personnel Expenses and Deferred Employee Benefits HTML 672K (Tables) 56: R31 Provisions, Contingencies and Commitments (Tables) HTML 139K 57: R32 Income Taxes (Tables) HTML 199K 58: R33 Equity (Tables) HTML 358K 59: R34 Related Parties (Tables) HTML 132K 60: R35 ACCOUNTING PRINCIPLES - Climate change disclosures HTML 160K (Details) 61: R36 ACCOUNTING PRINCIPLES - Use of judgment and HTML 61K estimate (Details) 62: R37 ACCOUNTING PRINCIPLES - Situation in Ukraine and HTML 97K collateral consequences (Details) 63: R38 SCOPE OF CONSOLIDATION - List of Subsidiaries HTML 117K (Details) 64: R39 SCOPE OF CONSOLIDATION - Translation of Financial HTML 65K Statements Denominated in Foreign Currency (Details) 65: R40 SCOPE OF CONSOLIDATION - Acquisitions Narrative HTML 323K (Details) 66: R41 SCOPE OF CONSOLIDATION - Schedule of Assets HTML 184K Acquired and Liabilities Assumed (Details) 67: R42 SCOPE OF CONSOLIDATION - Divestments Narrative HTML 139K (Details) 68: R43 SCOPE OF CONSOLIDATION - Summary of Divestments HTML 128K (Details) 69: R44 SCOPE OF CONSOLIDATION - Investment in Associates HTML 70K and Joint Arrangements (Details) 70: R45 SCOPE OF CONSOLIDATION - Summary of Joint Ventures HTML 258K (Details) 71: R46 SCOPE OF CONSOLIDATION - Joint Ventures Narrative HTML 149K AMNS Before 2020 (Details) 72: R47 SCOPE OF CONSOLIDATION - Joint Ventures Narrative HTML 67K AMNS After 2020 (Details) 73: R48 SCOPE OF CONSOLIDATION - Joint Ventures Narrative HTML 134K Other (Details) 74: R49 SCOPE OF CONSOLIDATION - Summary of Associates HTML 150K (Details) 75: R50 SCOPE OF CONSOLIDATION - Other Associates and HTML 83K Joint Ventures that are not Individually Material (Details) 76: R51 SCOPE OF CONSOLIDATION - Impairment of Associates HTML 61K and Joint Ventures (Details) 77: R52 SCOPE OF CONSOLIDATION - Investments in Joint HTML 60K Operations (Details) 78: R53 SCOPE OF CONSOLIDATION - Schedule Of Other HTML 70K Investments (Details) 79: R54 SCOPE OF CONSOLIDATION - Other Investments HTML 135K Narrative (Details) 80: R55 SCOPE OF CONSOLIDATION - Income (Loss) from HTML 70K Investments in Associates, Joint Ventures and Other Investments (Details) 81: R56 SEGMENT REPORTING - Narrative (Details) HTML 65K 82: R57 SEGMENT REPORTING - Reportable Segments (Details) HTML 130K 83: R58 SEGMENT REPORTING - Sales by Geographical Area HTML 126K (Details) 84: R59 SEGMENT REPORTING - Non-current Assets by HTML 124K Geographical Area (Details) 85: R60 SEGMENT REPORTING - Sales by Type of Products HTML 70K (Details) 86: R61 SEGMENT REPORTING - Disaggregated Revenue HTML 114K (Details) 87: R62 OPERATING DATA - Revenue (Details) HTML 80K 88: R63 OPERATING DATA - Schedule of Cost of Sales HTML 78K (Details) 89: R64 OPERATING DATA - Trade Accounts Receivable and HTML 68K Other - Narrative (Details) 90: R65 OPERATING DATA - Schedule of Trade Accounts HTML 68K Receivable and Allowance for Expected Credit Losses (Details) 91: R66 OPERATING DATA - Exposure to Credit Risk by HTML 71K Reportable Segment (Details) 92: R67 OPERATING DATA - Aging of Trade Accounts HTML 92K Receivable (Details) 93: R68 OPERATING DATA - Movement in the Allowance for HTML 68K Lifetime Expected Credit Losses (Details) 94: R69 OPERATING DATA - Inventories - Narrative (Details) HTML 59K 95: R70 OPERATING DATA - Schedule of Inventories (Details) HTML 72K 96: R71 OPERATING DATA - Movement in Inventory Reserve HTML 66K (Details) 97: R72 OPERATING DATA - Schedule of Prepaid Expenses and HTML 78K Other Current Assets (Details) 98: R73 OPERATING DATA - Schedule of Other Assets HTML 79K (Details) 99: R74 OPERATING DATA - Trade Accounts Payable and Other HTML 66K - Narrative (Details) 100: R75 OPERATING DATA - Schedule of Accrued Expenses and HTML 75K Other Liabilities (Details) 101: R76 GOODWILL, INTANGIBLE AND TANGIBLE ASSETS - HTML 74K Goodwill and Intangible Assets (Details) 102: R77 GOODWILL, INTANGIBLE AND TANGIBLE ASSETS - HTML 85K Goodwill and Intangible Assets, Goodwill (Details) 103: R78 GOODWILL, INTANGIBLE AND TANGIBLE ASSETS - HTML 122K Goodwill and Intangible Assets, Other Intangible Assets (Details) 104: R79 GOODWILL, INTANGIBLE AND TANGIBLE ASSETS - HTML 84K Property, Plant and Equipment and Biological Assets, Useful Lives (Details) 105: R80 GOODWILL, INTANGIBLE AND TANGIBLE ASSETS - HTML 168K Property, Plant and Equipment and Biological Assets (Details) 106: R81 GOODWILL, INTANGIBLE AND TANGIBLE ASSETS - HTML 66K Impairment of Intangible Assets, Including Goodwill, and Tangible Assets (Details) 107: R82 GOODWILL, INTANGIBLE AND TANGIBLE ASSETS - HTML 127K Impairment of Intangible Assets, Including Goodwill, and Tangible Assets, Impairment Test of Goodwill and Intangible Assets (Details) 108: R83 GOODWILL, INTANGIBLE AND TANGIBLE ASSETS - HTML 79K Sensitivity on Impairment of ACIS (Details) 109: R84 GOODWILL, INTANGIBLE AND TANGIBLE ASSETS - HTML 85K Impairment test of PPE and Intangibles (excluding goodwill) Narrative (Details) 110: R85 GOODWILL, INTANGIBLE AND TANGIBLE ASSETS - CGU HTML 93K impairment assumptions (Details) 111: R86 FINANCING AND FINANCIAL INSTRUMENTS - Summary of HTML 213K Assets and Liabilities Based on Categories (Details) 112: R87 FINANCING AND FINANCIAL INSTRUMENTS - Schedule of HTML 107K Assets and Liabilities at Fair Value (Details) 113: R88 FINANCING AND FINANCIAL INSTRUMENTS - Gross Debt - HTML 93K Short-term Debt (Details) 114: R89 FINANCING AND FINANCIAL INSTRUMENTS - Gross Debt - HTML 202K Long-term Debt (Details) 115: R90 FINANCING AND FINANCIAL INSTRUMENTS - Gross Debt - HTML 117K Long-Term Debt, Narrative Credit Facility and Bonds (Details) 116: R91 FINANCING AND FINANCIAL INSTRUMENTS - Gross Debt - HTML 128K Interest Rate "Step-Up" (Details) 117: R92 FINANCING AND FINANCIAL INSTRUMENTS - Gross Debt - HTML 135K Long-Term Debt, Narrative EIB, Other Loans, Hedging (Details) 118: R93 FINANCING AND FINANCIAL INSTRUMENTS - Gross Debt - HTML 71K Maturities (Details) 119: R94 FINANCING AND FINANCIAL INSTRUMENTS - Gross Debt - HTML 88K Carrying Value and Fair Value (Details) 120: R95 FINANCING AND FINANCIAL INSTRUMENTS - Schedule of HTML 74K Cash and Cash Equivalents and Restricted Cash (Details) 121: R96 FINANCING AND FINANCIAL INSTRUMENTS - HTML 88K Reconciliation of Liabilities Arising from Financing Activities (Details) 122: R97 FINANCING AND FINANCIAL INSTRUMENTS - Net Debt HTML 83K (Details) 123: R98 FINANCING AND FINANCIAL INSTRUMENTS - Derivative HTML 99K Financial Instruments - Classified as Level 2 (Details) 124: R99 FINANCING AND FINANCIAL INSTRUMENTS - Derivative HTML 164K Financial Instruments - Classified as Level 3 (Details) 125: R100 FINANCING AND FINANCIAL INSTRUMENTS - Financing HTML 81K Costs (Details) 126: R101 FINANCING AND FINANCIAL INSTRUMENTS - Risk HTML 64K management policy - Capital Management (Details) 127: R102 FINANCING AND FINANCIAL INSTRUMENTS - Risk HTML 64K management policy - Interest Rate Risk (Details) 128: R103 FINANCING AND FINANCIAL INSTRUMENTS - Risk HTML 128K management policy - Foreign Currency Sensitivity Analysis (Details) 129: R104 FINANCING AND FINANCIAL INSTRUMENTS - Risk HTML 115K management policy - Liquidity Risk (Details) 130: R105 FINANCING AND FINANCIAL INSTRUMENTS - Risk HTML 115K management policy - Cash Flow Hedges (Details) 131: R106 FINANCING AND FINANCIAL INSTRUMENTS - Risk HTML 126K management policy - Effect of Hedge Accounting, Cash Flow Hedges (Details) 132: R107 FINANCING AND FINANCIAL INSTRUMENTS - Risk HTML 120K management policy - Net Investment Hedges (Details) 133: R108 FINANCING AND FINANCIAL INSTRUMENTS - Risk HTML 79K management policy - Raw Materials, Freight, Energy Risks and Emission Rights (Details) 134: R109 FINANCING AND FINANCIAL INSTRUMENTS - Risk HTML 70K management policy - Foreign Currency Sensitivity (Details) 135: R110 FINANCING AND FINANCIAL INSTRUMENTS - Risk HTML 73K management policy - Cash Flow Sensitivity on Variable Rate Instruments (Details) 136: R111 FINANCING AND FINANCIAL INSTRUMENTS - Risk HTML 89K management policy - Sensitivity Analysis - Base Metals, Energy, Freight, Emissions Right (Details) 137: R112 LEASES - Right-of-use Assets, Depreciation and HTML 88K Impairment Charges (Details) 138: R113 LEASES - Maturity Analysis of Lease Liabilities HTML 68K (Details) 139: R114 LEASES - Potential Variable Lease Cash Outflows HTML 68K (Details) 140: R115 LEASES - Potential Addition/(Reduction) in Future HTML 74K Cash Flows From Extension Options and/or Termination Options (Details) 141: R116 LEASES - Leases Not Yet Commenced (Details) HTML 72K 142: R117 PERSONNEL EXPENSES AND DEFERRED EMPLOYEE BENEFITS HTML 59K - Employees and Key Management Personnel Narrative (Details) 143: R118 PERSONNEL EXPENSES AND DEFERRED EMPLOYEE BENEFITS HTML 64K - Employees' Compensation (Details) 144: R119 PERSONNEL EXPENSES AND DEFERRED EMPLOYEE BENEFITS HTML 65K - Key Management Personnel's Compensation (Details) 145: R120 PERSONNEL EXPENSES AND DEFERRED EMPLOYEE BENEFITS HTML 70K - Deferred Employee Benefits (Details) 146: R121 PERSONNEL EXPENSES AND DEFERRED EMPLOYEE BENEFITS HTML 81K - Deferred Employee Benefits - Narrative (Details) 147: R122 PERSONNEL EXPENSES AND DEFERRED EMPLOYEE BENEFITS HTML 196K - Reconciliation of Defined Benefit Obligation, Plan Assets and Statements of Financial Position (Details) 148: R123 PERSONNEL EXPENSES AND DEFERRED EMPLOYEE BENEFITS HTML 86K - Net Periodic Pension Cost (Details) 149: R124 PERSONNEL EXPENSES AND DEFERRED EMPLOYEE BENEFITS HTML 63K - Other Post-Employment Benefits - Narrative (Details) 150: R125 PERSONNEL EXPENSES AND DEFERRED EMPLOYEE BENEFITS HTML 144K - Summary of Changes in the OPEB Obligation and Changes in Plan Assets (Details) 151: R126 PERSONNEL EXPENSES AND DEFERRED EMPLOYEE BENEFITS HTML 86K - Net Periodic Other Post-Employment Cost (Details) 152: R127 PERSONNEL EXPENSES AND DEFERRED EMPLOYEE BENEFITS HTML 71K - Expenses Recognized in Income Statement (Details) 153: R128 PERSONNEL EXPENSES AND DEFERRED EMPLOYEE BENEFITS HTML 96K - Weighted Average Asset Allocation for the Funded Defined Benefit Pension Plans (Details) 154: R129 PERSONNEL EXPENSES AND DEFERRED EMPLOYEE BENEFITS HTML 75K - Target Asset Allocation for the Funded Defined Benefit Pension Plans (Details) 155: R130 PERSONNEL EXPENSES AND DEFERRED EMPLOYEE BENEFITS HTML 76K - Actuarial Assumptions for Defined Benefit Plans (Details) 156: R131 PERSONNEL EXPENSES AND DEFERRED EMPLOYEE BENEFITS HTML 66K - Healthcare Cost Trend Rate (Details) 157: R132 PERSONNEL EXPENSES AND DEFERRED EMPLOYEE BENEFITS HTML 72K - Cash Contributions and Maturity Profile, Life Expectancy - Narrative (Details) 158: R133 PERSONNEL EXPENSES AND DEFERRED EMPLOYEE BENEFITS HTML 114K - Sensitivity to a Change of the Significant Actuarial Assumptions (Details) 159: R134 PERSONNEL EXPENSES AND DEFERRED EMPLOYEE BENEFITS HTML 108K - Share Based Payments - Narrative (Details) 160: R135 PERSONNEL EXPENSES AND DEFERRED EMPLOYEE BENEFITS HTML 182K - Terms and Conditions of Grants (Details) 161: R136 PERSONNEL EXPENSES AND DEFERRED EMPLOYEE BENEFITS HTML 157K - Summary of Share Unit Plans Outstanding (Details) 162: R137 PERSONNEL EXPENSES AND DEFERRED EMPLOYEE BENEFITS HTML 88K - Share Unit Plan Activity (Details) 163: R138 PROVISIONS, CONTINGENCIES AND COMMITMENTS - HTML 111K Provisions Overview (Details) 164: R139 PROVISIONS, CONTINGENCIES AND COMMITMENTS - HTML 72K Provisions Overview - Narrative (Details) 165: R140 PROVISIONS, CONTINGENCIES AND COMMITMENTS - HTML 104K Narrative Environmental Liabilities (Details) 166: R141 PROVISIONS, CONTINGENCIES AND COMMITMENTS - HTML 83K Narrative Asset Retirement Obligation (Details) 167: R142 PROVISIONS, CONTINGENCIES AND COMMITMENTS - Other HTML 78K Long-Term Obligations (Details) 168: R143 PROVISIONS, CONTINGENCIES AND COMMITMENTS - HTML 207K Narrative Tax Claims (Details) 169: R144 PROVISIONS, CONTINGENCIES AND COMMITMENTS - HTML 77K Competition and Antitrust Claims (Details) 170: R145 PROVISIONS, CONTINGENCIES AND COMMITMENTS - Other HTML 182K Legal Claims (Details) 171: R146 PROVISIONS, CONTINGENCIES AND COMMITMENTS - HTML 65K Commitments (Details) 172: R147 PROVISIONS, CONTINGENCIES AND COMMITMENTS - HTML 140K Commitments - Narrative (Details) 173: R148 INCOME TAXES - Components of Income Tax Expense HTML 65K (Benefit) (Details) 174: R149 INCOME TAXES - Effective Income Tax Rate HTML 85K Reconciliation (Details) 175: R150 INCOME TAXES - Narrative Income Tax expense HTML 92K (Benefit) (Details) 176: R151 INCOME TAXES - Permanent Items (Details) HTML 66K 177: R152 INCOME TAXES - Others (Details) HTML 64K 178: R153 INCOME TAXES - Income Tax Recorded Directly in HTML 85K Equity and Other Comprehensive Income (Details) 179: R154 INCOME TAXES - Origin of the Deferred Tax Assets HTML 102K and Liabilities (Details) 180: R155 INCOME TAXES - Deferred Tax Assets (Details) HTML 80K 181: R156 INCOME TAXES - Narrative Deferred Tax Assets and HTML 82K Liabilities (Details) 182: R157 INCOME TAXES - Narrative Tax Losses, Tax Credits HTML 85K and Other Tax Benefits (Details) 183: R158 INCOME TAXES - Tax Losses (Details) HTML 79K 184: R159 INCOME TAXES - Tax Credits and Other Tax Benefits HTML 79K (Details) 185: R160 EQUITY - Share Details and Reconciliation HTML 149K (Details) 186: R161 EQUITY - Authorized Shares (Details) HTML 64K 187: R162 EQUITY - Share Buyback and Treasury Shares HTML 86K (Details) 188: R163 EQUITY - Narrative Equity Instruments and Hybrid HTML 119K Instruments (Details) 189: R164 EQUITY - Earnings per Common Share (Details) HTML 65K 190: R165 EQUITY - Dividends (Details) HTML 72K 191: R166 EQUITY - Non-wholly Owned Subsidiaries that Have HTML 238K Material Non-controlling Interests (Details) 192: R167 EQUITY - Transactions with Non-controlling HTML 109K Interests (Details) 193: R168 RELATED PARTIES - Narrative (Details) HTML 60K 194: R169 RELATED PARTIES - Sales and Trade Receivables HTML 99K (Details) 195: R170 RELATED PARTIES - Purchases and Trade Payables HTML 96K (Details) 196: R171 RELATED PARTIES - Other Transactions With Related HTML 83K Parties (Details) 198: XML IDEA XML File -- Filing Summary XML 386K 201: XML XBRL Instance -- mt-20231231_htm XML 15.49M 197: EXCEL IDEA Workbook of Financial Report Info XLSX 704K 22: EX-101.CAL XBRL Calculations -- mt-20231231_cal XML 485K 23: EX-101.DEF XBRL Definitions -- mt-20231231_def XML 3.80M 24: EX-101.LAB XBRL Labels -- mt-20231231_lab XML 6.17M 25: EX-101.PRE XBRL Presentations -- mt-20231231_pre XML 4.41M 21: EX-101.SCH XBRL Schema -- mt-20231231 XSD 905K 199: JSON XBRL Instance as JSON Data -- MetaLinks 1,062± 1.79M 200: ZIP XBRL Zipped Folder -- 0001243429-24-000005-xbrl Zip 19.06M
mt-20231231 |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
i Ordinary Shares | i MT | i New York Stock Exchange |
Management report | Page | ||||
Introduction | |||||
Company overview | |||||
History and development of the Company | |||||
Cautionary Statement regarding forward-looking statements | |||||
Key transactions and events in 2023 | |||||
Sustainable development highlights - striving to be a leader in the decarbonization of the steel industry | |||||
Risk
Factors and Control | |||||
Business overview | |||||
Business strategy | |||||
Research and development | |||||
Sustainable development | |||||
Products | |||||
Sales and marketing | |||||
Intellectual property | |||||
Government regulations | |||||
Organizational structure | |||||
Properties and capital expenditures | |||||
Property, plant and equipment | |||||
Capital expenditures | |||||
Mineral
reserves and resources | |||||
Operating and financial review | |||||
Key factors affecting results of operations | |||||
Operating results | |||||
Liquidity and capital resources | |||||
Disclosures about market risk | |||||
Outlook | |||||
Management and employees | |||||
Directors and senior management | |||||
Compensation | |||||
Employees | |||||
Corporate governance | |||||
Shareholders and markets | |||||
Major shareholders |
Related party transactions | |||||
Markets | |||||
New York Registry Shares | |||||
Dividend distributions | |||||
Purchases of equity securities by the issuer and affiliated purchasers | |||||
Share capital | |||||
Additional information | Page | ||||
Memorandum and Articles of Association | |||||
Material contracts | |||||
Exchange controls and other limitations affecting security holders | |||||
Taxation | |||||
Evaluation of disclosure controls and procedures | |||||
Management’s report on internal control over financial reporting | |||||
Principal accountant fees and services | |||||
Glossary - definitions, terminology and principal subsidiaries | |||||
Exhibits | |||||
Signature | |||||
Reports
of Independent Registered Public Accounting Firms ( i Ernst & Young S.A., PCAOB ID i 1367) (Deloitte Audit S.à r.l., PCAOB ID i 1287) | |||||
Consolidated financial statements | |||||
Consolidated statements of operations | |||||
Consolidated statements of other comprehensive income | |||||
Consolidated statements of financial position | |||||
Consolidated statements of changes in equity | |||||
Consolidated statements of cash flows | |||||
Notes to the consolidated financial statements | |||||
Item | Form 20-F Caption | Reference in current report | Page | ||||||||
Glossary - definitions, terminology and principal subsidiaries | |||||||||||
Cautionary
statement regarding forward-looking statements | Cautionary statement regarding forward-looking statements | ||||||||||
Part I | |||||||||||
Item 1. | Identity of Directors, Senior Management and Advisers | Not applicable | |||||||||
Item 2. | Offers Statistics and Expected Timetable | Not applicable | |||||||||
Item 3. | Key Information | ||||||||||
A. | [Reserved] | Not applicable | |||||||||
B. | Capitalization and indebtedness | Not applicable | |||||||||
C. | Reasons for the offer and use of proceeds | Not applicable | |||||||||
Risk Factors and Control | |||||||||||
Item 4. | Information on the Company | ||||||||||
History and development of the Company, Key transactions and events in 2023, Recent Developments, Sustainable development highlights - striving to be a leader in the decarbonization of the steel industry, Capital expenditures, Raw materials, Sources and uses of cash | |||||||||||
Business strategy, Market information, Competitive strengths, Sustainable development, Products, Sales and marketing, Insurance, Intellectual property, Government regulations, Risk management process | |||||||||||
Organizational structure | |||||||||||
Property, plant and equipment, Capital expenditures, Reserves and Resources (iron ore and coal) | |||||||||||
Item 4A. | Unresolved staff comments | None | |||||||||
Item 5. | Operating
and Financial Review and Prospects | ||||||||||
Key factors affecting results of operations, Operating results | |||||||||||
Liquidity and capital resources | |||||||||||
C. | Research and development, patents and licenses, etc. | Competitive strengths, Research and development | |||||||||
Outlook and Key factors affecting results of operations | |||||||||||
E. | Critical Accounting Estimates | Critical accounting policies and use of judgments and estimates | |||||||||
Item
6. | Directors, Senior Management and Employees | ||||||||||
Directors and senior management | |||||||||||
Compensation | |||||||||||
Corporate governance, Directors and senior management | |||||||||||
Employees | |||||||||||
Management share ownership, Compensation | |||||||||||
F. | Disclosure of a registrant’s action to recover erroneously awarded compensation. | Not applicable | |||||||||
Item 7. | Major
Shareholders and Related Party Transactions | ||||||||||
Major shareholders | |||||||||||
Related party transactions | |||||||||||
C. | Interest of experts and counsel | Not applicable | |||||||||
Item 8. | Financial Information | ||||||||||
A. | Consolidated
statements and other financial information | Consolidated financial statements as of and for the year ended December 31, 2023, Export sales, Legal proceedings, Dividend distribution | |||||||||
B. | Significant changes | Not applicable | |||||||||
Item 9. | The
Offer and Listing |
A. | Offer and listing details | Markets | |||||||||
B. | Plan
of distribution | Not applicable | |||||||||
Markets | |||||||||||
D. | Selling shareholders | Not applicable | |||||||||
E. | Dilution | Not applicable | |||||||||
F. | Expenses of the issue | Not applicable | |||||||||
Item 10. | Additional Information | ||||||||||
Share capital | |||||||||||
Memorandum and Articles of Association | |||||||||||
Material contracts | |||||||||||
Exchange controls and other limitations affecting security holders | |||||||||||
Taxation | |||||||||||
F. | Dividends
and paying agents | Paying agents and Earnings distribution | |||||||||
G. | Statements by experts | Reserves and Resources (iron ore and coal) and Exhibits 15.1, 15.2, 15.3, 15.4, 15.5, 15.6, 15.7, 15.8, 15.9, 15.10, 15.11 and 15.12 | |||||||||
H. | Documents
on display | History and development of the Company | |||||||||
I. | Subsidiary information | Not applicable | |||||||||
J. | Annual Report to Security Holders | Not applicable | |||||||||
Item
11. | Disclosures about market risk | ||||||||||
Item 12. | Description of Securities Other Than Equity Securities | ||||||||||
A. | Debt Securities | Not applicable | |||||||||
B. | Warrants
and Rights | Not applicable | |||||||||
C. | Other Securities | Not applicable | |||||||||
New York Registry Shares | |||||||||||
Part
II | |||||||||||
Item 13. | Defaults, Dividend Arrearages and Delinquencies | None | |||||||||
Item 14. | Material Modifications to the Rights of Security Holders and Use of Proceeds | None | |||||||||
Item 15. | Controls
and Procedures | Evaluation of disclosure controls and procedures, Management’s report on internal control over financial reporting and Internal control procedures | |||||||||
Item 16A. | Audit committee financial expert | Corporate governance | |||||||||
Item 16B. | Code
of Ethics | Corporate governance — Code of Business Conduct | |||||||||
Item 16C. | Principal Accountant Fees and Services | Principal accountant fees and services | |||||||||
Item 16D. | Exemptions
from the Listing Standards for Audit Committees | None | |||||||||
Item 16E. | Purchases of equity securities by the issuer and affiliated purchasers | ||||||||||
Item 16F. | Change
in Registrant’s Certifying Accountant | Not applicable | |||||||||
Item 16G. | Corporate Governance | Corporate governance | |||||||||
Item 16H. | Mine Safety Disclosure | Not applicable | |||||||||
Item 16I. | Disclosure Regarding Foreign Jurisdictions that Prevent Inspections | Not applicable | |||||||||
Item 16J. | Insider Trading Policies | Not applicable | |||||||||
Item 16K | Cybersecurity | Risk Factors and Control — Cybersecurity | |||||||||
Part III | |||||||||||
Item
17. | Financial statements | Consolidated financial statements | |||||||||
Item 18. | Financial statements | Consolidated financial statements | |||||||||
Item 19. | Exhibits | Exhibits |
Management report |
Management report |
Millions of metric tonnes | Consumption | Sourced
from own mines/facilities2, 3 | Self-sufficiency % | ||||||||||||||||||||
Iron ore | 74.1 | 42.0 | 57% | ||||||||||||||||||||
PCI & coal1 | 29.9 | 2.0 | 7% | ||||||||||||||||||||
Coke | 17.3 | 17.0 | 98% | ||||||||||||||||||||
Scrap & DRI | 26.1 | 15.5 | 59% |
Management report |
Management report |
Management report |
ArcelorMittal | ||
24-26, Boulevard d’Avranches | ||
L-1160 Luxembourg | ||
Grand Duchy of Luxembourg | ||
Telephone: +352 4792-1 |
ArcelorMittal Sales & Administration LLC | ||
833 W. Lincoln Highway, Suite 200E, | ||
Schererville, IN 46375 | ||
Telephone: +219 256 7303 |
Management report |
Management report |
investor.relations@arcelormittal.com | +44 203 214 2893 | ||||
creditfixedincome@arcelormittal.com | +33 1 7192 1026 |
Financial results*: | |||||
Results for the 1st quarter 2024 | May 2, 2024 | ||||
Results for the 2nd quarter 2024 and 6 months 2024 | August 1, 2024 | ||||
Results for the 3rd quarter 2024 | November 7, 2024 | ||||
Meeting of shareholders: | |||||
Annual general meeting of shareholders | April 30, 2024 |
Management report |
Management report |
Management report |
Management report |
Management report |
Management report |
Management report |
Management report |
Management report |
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ArcelorMittal's 10 SD Outcomes | |||||
1 | Safe, healthy, quality working lives for ArcelorMittal’s people | ||||
2 | Products that accelerate more sustainable lifestyles | ||||
3 | Products that create sustainable infrastructure | ||||
4 | Efficient use of resources and high recycling rates | ||||
5 | Trusted user of air, land and water | ||||
6 | Responsible energy user that helps create a lower-carbon future | ||||
7 | Supply chains that ArcelorMittal’s customers trust | ||||
8 | Active and welcomed member of the community | ||||
9 | A pipeline of talented scientists and engineers for tomorrow | ||||
10 | ArcelorMittal’s contribution to society measured, shared and valued |
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Top causes of fatality 2017-2023 | Measures to address these | |||||||
1 | Crushed or rolled by vehicle | Focus on proactive PSIF detection, strengthening the effectiveness of controls as part of the Company’s risk management, modification and update of the FPS relating to vehicles and driving, mandatory alarms for safety belts and parking brakes, mandatory proximity detectors for specified industrial vehicles, and improved procedures relating to wheel and tire maintenance. | ||||||
2 | Crushed by moving machinery or other mobile equipment | Focus on proactive PSIF detection, focus on
isolation FPS, strengthening the effectiveness of controls as part of the risk management, review of the global Hazard Identification and Risk Assessment (HIRA) tool on an annual basis, with adaptation at site level for local conditions and mandatory ‘Stop, Think & Act’ measures and implementing control measures before any unusual/nonstandard task or job. | ||||||
3 | Fall from height | Focus on proactive PSIF detection, strengthening the effectiveness of the controls as part of risk management, modification and update of FPS relating to working at height, strengthening requirements for roofing activities, integrating learning points from related fatalities, and integrating fatality prevention requirements for dock. Reinforced rules on fixed ladders, banned rope
ladders, and aligned rules related to floor installation and repairs at the same level as the ones concerning roof repairs |
For the year ended December 31 | LTIFR 2022 | LTIFR 2023 | Fatalities 2022 | Fatalities 2023 | PSIFs 2022 | PSIFs 2023 | ||||||||||||||
Mining | 0.84 | 0.10 | 2.00 | 0.00 | 12.06 | 13.17 | ||||||||||||||
NAFTA | 0.25 | 0.22 | 0.00 | 1.00 | 13.86 | 15.76 | ||||||||||||||
Brazil | 0.10 | 0.26 | 1.00 | 0.00 | 18.19 | 22.02 | ||||||||||||||
Europe | 1.11 | 1.30 | 2.00 | 2.00 | 14.02 | 15.28 | ||||||||||||||
ACIS | 0.74 | 1.43 | 17.00 | 58.00 | 11.44 | 18.78 | ||||||||||||||
TOTAL | 0.70 | 0.92 | 22.00 | 61.00 | 12.76 | 16.64 |
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1.5°C
scenario | Central (base case) scenario | Stated Policies | High Emissions | |||||||||||
Temperature by 2100 | 1.5°C | Below 2°C | >2°C | 4.4°C | ||||||||||
External reference scenarios | IEA NZE | IPCC SSP1-2.6 (Similarities with IEA SDS) | Similarities with IEA STEPS | IPCC SSP5-8.5 | ||||||||||
Selection Rationale | (1) Aligns with the TCFD recommendation to consider a 1.5°C scenario for the ‘2°C or lower’ scenario, and (2) and recognized by investors as an external, reputable scenario. | (1) Possible decarbonization path for the steel sector considering forward looking technology, market and policy developments, and (2) meets the TCFD recommendations for considering ‘2°C or lower’ scenario. | (1) Assesses performance in a context where decarbonization policies do not progress beyond current levels, and (2) incorporates other uncertainties such as energy security priorities. | (1) SSP5-8.5 is considered by the TCFD to be best-practice scenario to understand stressed exposure to plausible physical risks. | ||||||||||
Description | Holds warming to approximately 1.5°C, aligned with the Paris Agreement. Advanced economies reach net zero in advance of others and the scenario accounts for SDGs. Global steel emissions fall to around 0.22Gt by 2050. | Below 2°C scenario, exploring regional variations in low-carbon policies. Europe, U.S. and Canada are ahead of the decarbonization trend; China achieves carbon neutrality by 2060; India by 2070, Russia follows limited climate targets. | Scenario aligned with current policies, assuming limited additional policy support for decarbonization of the steel sector. | A high reference scenario with no additional climate policy – current CO2 levels double by 2050. | ||||||||||
Used for physical risks/opportunities assessment | No | Yes | No | Yes | ||||||||||
Used for transition risks/opportunities assessment | Yes | Yes | Yes | No |
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Physical risk item | Strategic Implication | Strategic Importance by 2050 | |||||||||
Acute | Flooding, landslides, wildfires and storms | Disrupting supply and value chain transport routes | High (negative) | ||||||||
Damaging equipment and infrastructure | High (negative) | ||||||||||
Disrupting operations and causing production delays or shutdowns | High (negative) | ||||||||||
Extreme weather events | Posing risk to personnel and impacting operations | Medium (negative) | |||||||||
Chronic | Coastal flooding, extreme heat and extreme cold | Impacting supply and value chains | Medium (negative) | ||||||||
Water stress & drought | Impacting operations | Medium (negative) | |||||||||
Impacting access to raw materials | Medium (negative) | ||||||||||
Acute and chronic | Increased severity and frequency of destructive climate events | Increasing customer demand for steel to strengthen buildings | Medium (positive) |
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Facility | Number of
Facilities 3 4 | Capacity (in million tonnes per year)1,3,4 | Production in 2023 (in million tonnes)2,3,4 | |||||||||||||||||
Coke Oven Battery | 50 | 26.5 | 17.0 | |||||||||||||||||
Sinter Plant | 22 | 79.6 | 42.4 | |||||||||||||||||
Blast Furnace | 35 | 66.1 | 41.3 | |||||||||||||||||
Basic Oxygen Furnace (including Tandem Furnace) | 46 | 70.0 | 43.8 | |||||||||||||||||
DRI/HBI Plant | 13 | 10.6 | 7.8 | |||||||||||||||||
Electric Arc Furnace | 30 | 24.9 | 15.4 | |||||||||||||||||
Continuous Caster—Slabs | 29 | 62.6 | 40.4 | |||||||||||||||||
Hot Rolling Mill | 14 | 53.8 | 32.8 | |||||||||||||||||
Pickling Line | 21 | 24.6 | 10.6 | |||||||||||||||||
Tandem Mill | 25 | 28.3 | 16.8 | |||||||||||||||||
Annealing Line (continuous / batch) | 28 | 12.4 | 5.3 | |||||||||||||||||
Skin Pass Mill | 18 | 11.2 | 4.1 | |||||||||||||||||
Plate Mill | 5 | 1.7 | 0.9 | |||||||||||||||||
Continuous Caster—Bloom / Billet | 32 | 31.5 | 17.4 | |||||||||||||||||
Breakdown Mill (Blooming / Slabbing Mill) | 1 | 6.0 | 0.3 | |||||||||||||||||
Billet Rolling Mill | 3 | 2.6 | 1.0 | |||||||||||||||||
Section Mill | 22 | 12.2 | 5.1 | |||||||||||||||||
Bar Mill | 18 | 7.8 | 5.5 | |||||||||||||||||
Wire Rod Mill | 16 | 10.5 | 5.8 | |||||||||||||||||
Hot Dip Galvanizing Line | 39 | 15.6 | 12.1 | |||||||||||||||||
Electro Galvanizing Line | 8 | 1.6 | 0.8 | |||||||||||||||||
Tinplate Mill | 12 | 2.4 | 0.8 | |||||||||||||||||
Color Coating Line | 16 | 2.6 | 1.4 | |||||||||||||||||
Seamless Pipes | 3 | 0.4 | 0.1 | |||||||||||||||||
Welded Pipes | 98 | 4.1 | 1.0 | |||||||||||||||||
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Crude steel production by process and segment in 2023 (in million tonnes) | |||||||||||
Segment | Basic oxygen furnace | Electric arc furnace | Total | ||||||||
NAFTA | 3.1 | 5.6 | 8.7 | ||||||||
Brazil | 10.3 | 3.7 | 14.0 | ||||||||
Europe | 23.2 | 5.6 | 28.8 | ||||||||
ACIS | 6.5 | — | 6.5 | ||||||||
Total | 43.1 | 14.9 | 58.1 | ||||||||
Blast furnace and electric arc furnace facilities | ||||||||
Segment | Blast furnaces | Electric arc furnaces | ||||||
NAFTA | 3 | 8 | ||||||
Brazil | 7 | 8 | ||||||
Europe | 15 | 13 | ||||||
ACIS1 | 10 | 1 | ||||||
Total | 35 | 30 |
NAFTA | Crude Steel | |||||||||||||||||||||||||
Unit | Country | Locations | Production
in 2023 (in million tonnes per year)1 | Type of plant | Products | |||||||||||||||||||||
ArcelorMittal Dofasco | Canada | Hamilton | 3.1 | Integrated, Mini-mill | Flat | |||||||||||||||||||||
ArcelorMittal Texas HBI | USA | Corpus Christi | n/a | Iron-Making | Hot briquetted iron | |||||||||||||||||||||
ArcelorMittal Mexico | Mexico | Lázaro Cárdenas, Celaya | 3.8 | Mini-mill, Integrated, and Downstream | Flat, Long/ Bar, Wire Rod | |||||||||||||||||||||
ArcelorMittal Long Products Canada | Canada | Contrecoeur East, West | 1.8 | Mini-mill | Long/ Wire Rod, Bars, Slabs | |||||||||||||||||||||
ArcelorMittal Tubular Products | Canada | Brampton | n/a | Downstream | Pipes and Tubes | |||||||||||||||||||||
ArcelorMittal Tubular Products | Canada | London | n/a | Downstream | Pipes and Tubes | |||||||||||||||||||||
ArcelorMittal Tubular Products | Canada | Woodstock | n/a | Downstream | Pipes and Tubes | |||||||||||||||||||||
ArcelorMittal Tubular Products | Canada | Hamilton | n/a | Downstream | Pipes and Tubes | |||||||||||||||||||||
ArcelorMittal Tubular Products | USA | Shelby | n/a | Downstream | Pipes and Tubes | |||||||||||||||||||||
ArcelorMittal Tubular Products | USA | Marion | n/a | Downstream | Pipes and Tubes | |||||||||||||||||||||
ArcelorMittal Tubular Products ² | Mexico | Monterrey | n/a | Downstream | Pipes and Tubes |
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Unit | Country | Locations | ArcelorMittal Interest (%) | Type of Mine | Product | |||||||||||||||||||||||||||
ArcelorMittal Mexico (excluding Peña Colorada) | Mexico | Sonora, Sinaloa and Michoacán | 100.0 | Iron Ore Mine (open pit) | Concentrate, lump and fines | |||||||||||||||||||||||||||
ArcelorMittal Mexico Peña Colorada | Mexico | Minatitlán | 50.0 | Iron Ore Mine (open pit) | Concentrate and pellets | |||||||||||||||||||||||||||
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BRAZIL | Crude Steel | |||||||||||||||||||||||||||||||
Unit | Country | Locations | Production in 2023 (in million tonnes per year) 1 | Type of plant | Products | |||||||||||||||||||||||||||
Sol | Brazil | Vitoria | n/a | Coke-Making | Coke | |||||||||||||||||||||||||||
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Tubarão | Brazil | Vitoria | 6.6 | Integrated | Flat | |||||||||||||||||||||||||||
ArcelorMittal Vega | Brazil | São Francisco do Sul | n/a | Downstream | Flat | |||||||||||||||||||||||||||
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Brasil | Brazil | João Monlevade | 1.1 | Integrated | Long/ Wire Rod | |||||||||||||||||||||||||||
ArcelorMittal Brasil | Brazil | Juiz de Fora, Piracicaba | 1.9 | Mini-mill | Long/ Bar, Wire Rod | |||||||||||||||||||||||||||
ArcelorMittal Brasil | Brazil | Barra Mansa, Resende | 0.7 | Mini-mill | Long/Rebar, Wire rod, Bars, Sections, Wires | |||||||||||||||||||||||||||
ArcelorMittal Pecém 2 | Brazil | Pecém | 2.5 | Integrated | Flat | |||||||||||||||||||||||||||
Acindar | Argentina | Villa Constitucion | 1.1 | Mini-mill | Long/ Wire Rod, Bar | |||||||||||||||||||||||||||
ArcelorMittal Costa Rica | Costa Rica | Costa Rica | n/a | Downstream | Long/ Wire Rod | |||||||||||||||||||||||||||
Industrias Unicon | Venezuela | Barquisimeto, Matanzas, La Victoria | n/a | Downstream | Pipes and Tubes |
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Unit | Country | Locations | ArcelorMittal Interest (%) | Type of Mine | Product | |||||||||||||||||||||||||||
ArcelorMittal Brasil Andrade Mine | Brazil | State of Minas Gerais | 100.0 | Iron Ore Mine (open pit) | Fines | |||||||||||||||||||||||||||
ArcelorMittal Mineração Serra Azul | Brazil | State of Minas Gerais | 100.0 | Iron Ore Mine (open pit) | Lump and fines |
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EUROPE | Crude Steel | |||||||||||||||||||||||||||||||
Unit | Country | Locations | Production in 2023 (in million tonnes per year) 1 | Type of plant | Products | |||||||||||||||||||||||||||
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Bremen2 | Germany | Bremen, Bottrop | 2.9 | Integrated | Flat, Coke | |||||||||||||||||||||||||||
ArcelorMittal Eisenhüttenstadt | Germany | Eisenhüttenstadt | 1.9 | Integrated | Flat | |||||||||||||||||||||||||||
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Belgium3 | Belgium | Ghent, Geel, Genk, Liège | 4.3 | Integrated and Downstream | Flat | |||||||||||||||||||||||||||
ArcelorMittal France 4 | France | Dunkirk, Mardyck, Montataire, Desvres, Florange, Mouzon, Basse-Indre | 3.9 | Integrated and Downstream | Flat | |||||||||||||||||||||||||||
ArcelorMittal Méditerranée 5 | France | Fos-sur-Mer, Saint-Chély | 2.4 | Integrated and Downstream | Flat | |||||||||||||||||||||||||||
ArcelorMittal España 6 | Spain | Avilés, Gijón, Etxebarri, Lesaka, Sagunto | 3.2 | Integrated and Downstream | Flat, Long/ Rails, Wire Rod, Plates | |||||||||||||||||||||||||||
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Avellino & Canossa | Italy | Avellino | n/a | Downstream | Flat | |||||||||||||||||||||||||||
ArcelorMittal Poland | Poland | Kraków, Swietochlowice, Dabrowa Gornicza, Chorzow, Sosnowiec, Zdzieszowice | 3.1 | Integrated and Downstream | Flat, Coke, Long/ Sections, Wire Rod, Sheet Piles, Rails | |||||||||||||||||||||||||||
ArcelorMittal Sestao | Spain | Bilbao | 0.3 | Mini-mill | Flat | |||||||||||||||||||||||||||
Industeel | France, Belgium | Charleroi, Le Creusot, Chateauneuf, Saint-Chamond, Dunkirk | 0.4 | Mini-mill and Downstream | Flat | |||||||||||||||||||||||||||
ArcelorMittal Belval & Differdange | Luxembourg | Esch-Belval, Differdange, Rodange | 1.9 | Mini-mill | Long/ Sheet Piles, Rails, Sections & Special Sections | |||||||||||||||||||||||||||
ArcelorMittal Olaberria-Bergara | Spain | Olaberría, Bergara | 1.0 | Mini-mill | Long/ Sections | |||||||||||||||||||||||||||
ArcelorMittal Gandrange | France | Gandrange | n/a | Downstream | Long/ Wire Rod, Bars | |||||||||||||||||||||||||||
ArcelorMittal Warszawa | Poland | Warsaw | 0.5 | Mini-mill | Long/ Bars | |||||||||||||||||||||||||||
ArcelorMittal Hamburg | Germany | Hamburg | 0.7 | Mini-mill | Long/ Wire Rods | |||||||||||||||||||||||||||
ArcelorMittal Duisburg | Germany | Ruhrort, Hochfeld | 1.0 | Integrated | Long/ Billets, Wire Rod | |||||||||||||||||||||||||||
ArcelorMittal Hunedoara | Romania | Hunedoara | 0.2 | Mini-mill | Long/ Sections | |||||||||||||||||||||||||||
Sonasid | Morocco | Nador, Jorf Lasfar | 0.6 | Mini-mill | Long/ Wire Rod, Bars, Rebars in Coil | |||||||||||||||||||||||||||
ArcelorMittal Zenica | Bosnia and Herzegovina | Zenica | 0.6 | Mini-mill / Integrated | Long/ Wire Rod, Bars | |||||||||||||||||||||||||||
ArcelorMittal Tubular Products Roman SA | Romania | Roman | n/a | Downstream | Pipes and Tubes | |||||||||||||||||||||||||||
ArcelorMittal Tubular Products Iasi SA | Romania | Iasi | n/a | Downstream | Pipes and Tubes | |||||||||||||||||||||||||||
ArcelorMittal Tubular Products Karvina a.s. 7 | Czech Republic | Karvina | n/a | Downstream | Pipes and Tubes |
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EUROPE (continued) | Crude Steel | |||||||||||||||||||||||||||||||
Unit | Country | Locations | Production
in 2023 (in million tonnes per year) 1 | Type of plant | Products | |||||||||||||||||||||||||||
ArcelorMittal Tubular Products Kraków 8 | Poland | Kraków | n/a | Downstream | Pipes and Tubes | |||||||||||||||||||||||||||
ArcelorMittal Tubular Products Hautmont | France | Hautmont | n/a | Downstream | Pipes and Tubes | |||||||||||||||||||||||||||
ArcelorMittal Tubular Products Vitry | France | Vitry | n/a | Downstream | Pipes and Tubes | |||||||||||||||||||||||||||
ArcelorMittal Tubular Products Chevillon | France | Chevillon | n/a | Downstream | Pipes and Tubes | |||||||||||||||||||||||||||
ArcelorMittal Tubular Products Lexy | France | Lexy, Rettel, Vincey, Fresnoy-le-Grand | n/a | Downstream | Pipes and Tubes | |||||||||||||||||||||||||||
ArcelorMittal Tubular Products Legutio | Spain | Legutiano | n/a | Downstream | Pipes and Tubes | |||||||||||||||||||||||||||
ArcelorMittal Tubular Products Zalain | Spain | Zalain-Lesaka | n/a | Downstream | Pipes and Tubes | |||||||||||||||||||||||||||
ArcelorMittal Berrioplano 9 | Spain | Berrioplano | n/a | Downstream | Pipes and Tubes | |||||||||||||||||||||||||||
ArcelorMittal Tubular Products Altensteig | Germany | Altensteig-Walddorf | n/a | Downstream | Pipes and Tubes | |||||||||||||||||||||||||||
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Unit | Country | Locations | ArcelorMittal Interest (%) | Type of Mine | Product | |||||||||||||||||||||||||||
ArcelorMittal Prijedor | Bosnia and Herzegovina | Prijedor | 51.0 | Iron Ore Mine (open pit) | Concentrate and lump |
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ACIS | Crude Steel | |||||||||||||||||||||||||||||||
Unit | Country | Locations | Production in 2023 (in million tonnes per year) 1 | Type of plant | Products | |||||||||||||||||||||||||||
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Temirtau JSC 2 | Kazakhstan | Temirtau | 2.8 | Integrated | Flat, Long, Pipes and Tubes | |||||||||||||||||||||||||||
AMKR | Ukraine | Kryvyi Rih | 1.0 | Integrated | Long | |||||||||||||||||||||||||||
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South Africa 3, 4, | South Africa | Vanderbijlpark, Saldanha, Newcastle, Vereeniging, Pretoria | 2.8 | Integrated Mini-mill Downstream | Flat, Long, Pipes and Tubes | |||||||||||||||||||||||||||
JSC ArcelorMittal Tubular Products Aktau | Kazakhstan | Aktau | n/a | Downstream | Pipes and Tubes |
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Unit | Country | Locations | ArcelorMittal Interest (%) | Type of Mine | Product | |||||||||||||||||||||||||||
AMKR | Ukraine | Kryvyi Rih | 95.1 | Iron Ore Mine (open pit and underground) | Concentrate, lump and sinter feed | |||||||||||||||||||||||||||
ArcelorMittal Temirtau2 | Kazakhstan | Lisakovsk, Kentobe, Atasu, Atansor | 100.0 | Iron Ore Mine (open pit and underground) | Concentrate, lump and fines | |||||||||||||||||||||||||||
ArcelorMittal Temirtau2 | Kazakhstan | Karaganda | 100.0 | Coal Mine (underground) | Metallurgical coal |
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Unit | Country | Locations | ArcelorMittal Interest (%) | Type of Mine | Product | |||||||||||||||||||||||||||
Iron Ore | ||||||||||||||||||||||||||||||||
AMMC | Canada | Mt Wright, Fire Lake and Port Cartier, Qc | 85.0 | Iron Ore Mine (open pit), pellet plant, railway and port | Concentrate and pellets | |||||||||||||||||||||||||||
AML | Liberia | Yekepa | 85.0 | Iron Ore Mine (open pit) | Fines | |||||||||||||||||||||||||||
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Unit | Country | Locations | Capacity in 2023 (in million tonnes per year) | Type of plant | Products | |||||||||||||||||||||||||||
AMNS India | India | Hazira, Gujarat | 8.8 1 | Integrated | Flat | |||||||||||||||||||||||||||
Acciaierie d'Italia | Italy | Taranto, Genova, Novi Ligure, Socova, Raconiggi, Salerno | 7.8 1, 2 | Integrated and Downstream | Flat, Pipes and Tubes | |||||||||||||||||||||||||||
AMNS Calvert | United States | Calvert | 5.3 3 | Steel processing | Steel finishing | |||||||||||||||||||||||||||
VAMA | China | Loudi, Hunan | 2.0 4 | Steel processing | Automotive steel finishing |
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Unit | Country | Locations | ArcelorMittal Interest (%) | Type of Mine | Product | |||||||||||||||||||||||||||
Thakurani Iron Ore Mine | India | Odisha | 60.0 | Iron Ore Mine (open pit) | Lump and fines | |||||||||||||||||||||||||||
Ghoraburhani-Sagasahi | India | Odisha | 60.0 | Iron Ore Mine (open pit) | Lump and fines |
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Ongoing Projects* | ||||||||||||||||||||||||||||||||
Segment | Site / Unit | Project | Capacity / particulars | Key date / Forecast completion | Note # | |||||||||||||||||||||||||||
Brazil | ArcelorMittal Vega Do Sul | Expansion project | Increase hot dipped / cold rolled coil capacity and construction of a new 700 thousand tonne continuous annealing line ("CAL") and continuous galvanizing line ("CGL") combiline | First half 2024 | a | |||||||||||||||||||||||||||
Brazil | Monlevade | Sinter plant, blast furnace and melt shop | Increase in liquid steel capacity by 1 million tonnes per year; sinter feed capacity of 2.25 million tonnes per year | Second half 2026 | b | |||||||||||||||||||||||||||
Brazil | Serra Azul mine | 4.5 million tonnes per year direct reduction pellet feed plant | Facilities to produce 4.5 million tonnes per year DRI quality pellet feed by exploiting
compact itabirite iron ore | Second half 2024 | c | |||||||||||||||||||||||||||
Brazil | Barra Mansa | Section mill | Increase capacity of HAV bars and sections by 0.4 million tonnes per year | Second half 2024 | d | |||||||||||||||||||||||||||
Europe | Mardyck (France) | New Electrical Steels production facilities | Facilities to produce 170 thousand tonnes non-grain oriented electrical steels (of which 145 thousand tonnes for auto applications) consisting of annealing and pickling line (APL), reversing mill (REV) and annealing and varnishing (ACL) lines | Second half 2024 (ACL) | e | |||||||||||||||||||||||||||
Europe | Gijón (Spain) | 1.1 million tonnes EAF project | Construction
of a new 1.1 million tonnes per year EAF to enable the production of low carbon-emissions steel for the long products sector, specifically rails and wire rod | First half 2026 | f | |||||||||||||||||||||||||||
NAFTA | Las Truchas mine (Mexico) | Revamping and capacity increase to 2.3 million tonnes per year | Revamping project with 1 million tonnes per year pellet feed capacity increase (to 2.3 million tonnes per year) with DRI concentrate grade capability | Second
half 2025 | g | |||||||||||||||||||||||||||
Mining | Liberia | Phase 2 premium product expansion project | Increase production capacity targeting 15 million tonnes per year | Fourth quarter 2024 (first concentrate) | h | |||||||||||||||||||||||||||
Others | Andhra Pradesh (India) | Renewable
energy project | 975 MW of nominal capacity solar and wind power | First half 2024 | i | |||||||||||||||||||||||||||
Joint ventures | ||||||||||||||||||||||||||||||||
AMNS India | Hazira (Gujarat) | Expansion project | Debottlenecking
existing assets; AMNS India medium-term plans are to expand and grow initially to approximately 15 million tonnes per year by early 2026 in Hazira (phase 1A); ongoing downstream projects; (Phase 1B to 20 million tonnes per year planned; plans for expansion to 24 million tonnes per year (including 1.5 million tonnes per year long capacity) under preparation; additional greenfield opportunities under development | First half 2026 | j | |||||||||||||||||||||||||||
AMNS Calvert (US) | Calvert | New 1.5 million tonnes EAF and caster | New
1.5 million tonnes per year EAF and caster | Second half 2024 | k |
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Operations/Projects | Segment | % of Ownership Interest | Type of Ownership Interest | In Operation Since | |||||||||||||||||||||||||
Iron Ore | |||||||||||||||||||||||||||||
Mexico (Excluding Peña Colorada) | NAFTA | 100.0 | subsidiary | 1976 | |||||||||||||||||||||||||
Peña Colorada - Mexico | NAFTA | 50.0 | joint operation | 1974 | |||||||||||||||||||||||||
Brazil | Brazil | 100.0 | subsidiary | 1944 | |||||||||||||||||||||||||
Bosnia | Europe | 51.0 | subsidiary | 2008 | |||||||||||||||||||||||||
AMKR Open Pit | ACIS | 95.1 | subsidiary | 1959 | |||||||||||||||||||||||||
AMKR Underground | ACIS | 95.1 | subsidiary | 1933 | |||||||||||||||||||||||||
Kazakhstan Open Pit1 | ACIS | 100.0 | subsidiary | 1976 | |||||||||||||||||||||||||
Kazakhstan
Underground1 | ACIS | 100.0 | subsidiary | 1956 | |||||||||||||||||||||||||
AML | Mining | 85.0 | subsidiary | 2011 | |||||||||||||||||||||||||
AMMC | Mining | 85.0 | subsidiary | 1976 | |||||||||||||||||||||||||
India | Not Consolidated | 60.0 | joint venture | 1961 | |||||||||||||||||||||||||
Baffinland | Not Consolidated | 25.2 | associate | 2014 | |||||||||||||||||||||||||
2021 aggregate ROM iron ore production, millions of tonnes | 115.1 | ||||||||||||||||||||||||||||
2022
aggregate ROM iron ore production, millions of tonnes | 102.5 | ||||||||||||||||||||||||||||
2023 aggregate ROM iron ore production, millions of tonnes1 | 98.4 | ||||||||||||||||||||||||||||
Coal | |||||||||||||||||||||||||||||
Karaganda - Kazakhstan | ACIS | 100.0 | subsidiary | 1956 | |||||||||||||||||||||||||
2021
aggregate ROM coal production, millions of tonnes | 8.3 | ||||||||||||||||||||||||||||
2022 aggregate ROM coal production, millions of tonnes | 7.0 | ||||||||||||||||||||||||||||
2023 aggregate ROM coal production, millions of tonnes1 | 5.8 |
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% of Ownership Interest | 2023 | 2022 | 2021 | ||||||||||||||||||||||||||||||||
ROM Millions of Tonnes | Product Millions of Tonnes | ROM Millions of Tonnes | Product Millions of Tonnes | ROM Millions of Tonnes | Product Millions of Tonnes | ||||||||||||||||||||||||||||||
Peña
Colorada - Mexico | 50.0 | ||||||||||||||||||||||||||||||||||
At 100% | 12.8 | 4.1 | 13.5 | 4.1 | 11.8 | 4.1 | |||||||||||||||||||||||||||||
At ownership interest (50%) | 6.4 | 2.05 | 6.75 | 2.05 | 5.9 | 2.05 | |||||||||||||||||||||||||||||
Mexico
(Excluding Peña Colorada) | 100.0 | ||||||||||||||||||||||||||||||||||
Las Truchas | 3.0 | 1.4 | 4.2 | 1.4 | 4.4 | 1.5 | |||||||||||||||||||||||||||||
San Jose/El Volcan | 1.4 | 0.7 | 2.4 | 1.0 | 3.0 | 1.3 | |||||||||||||||||||||||||||||
NAFTA, (100% basis) | 17.2 | 6.2 | 20.1 | 6.5 | 19.2 | 6.9 | |||||||||||||||||||||||||||||
NAFTA, (ArcelorMittal ownership basis) | 10.8 | 4.15 | 13.4 | 4.5 | 13.3 | 4.8 |
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% of Ownership Interest | 2023 | 2022 | 2021 | ||||||||||||||||||||||||||||||||
ROM Millions of Tonnes | Product Millions of Tonnes | ROM Millions of Tonnes | Product Millions of Tonnes | ROM Millions of Tonnes | Product Millions of Tonnes | ||||||||||||||||||||||||||||||
Andrade | 100 | 2.4 | 2.0 | 2.3 | 1.8 | 2.1 | 1.8 | ||||||||||||||||||||||||||||
Serra Azul | 100 | 2.7 | 1.5 | 2.6 | 1.5 | 2.6 | 1.6 | ||||||||||||||||||||||||||||
Brazil | 5.1 | 3.5 | 4.9 | 3.3 | 4.7 | 3.4 | |||||||||||||||||||||||||||||
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% of Ownership Interest | 2023 | 2022 | 2021 | ||||||||||||||||||||||||||||||||
ROM Millions of Tonnes | Product Millions of Tonnes | ROM Millions of Tonnes | Product Millions of Tonnes | ROM Millions of Tonnes | Product Millions of Tonnes | ||||||||||||||||||||||||||||||
ArcelorMittal Prijedor | 51.0 | ||||||||||||||||||||||||||||||||||
At 100% basis | 1.7 | 1.2 | 1.7 | 1.3 | 1.8 | 1.6 | |||||||||||||||||||||||||||||
At ownership interest (51%) | 0.9 | 0.6 | 0.8 | 0.7 | 0.9 | 0.8 | |||||||||||||||||||||||||||||
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% of Ownership Interest | 2023 | 2022 | 2021 | ||||||||||||||||||||||||||||||||
ROM
Millions of Tonnes1 | Product Millions of Tonnes1 | ROM Millions of Tonnes | Product Millions of Tonnes | ROM Millions of Tonnes | Product Millions of Tonnes | ||||||||||||||||||||||||||||||
AMKR Open Pit | 95.1 | ||||||||||||||||||||||||||||||||||
At 100% basis | 11.1 | 4.6 | 11.3 | 4.5 | 25.7 | 11.0 | |||||||||||||||||||||||||||||
At the ownership interest | 10.6 | 4.4 | 10.7 | 4.3 | 24.4 | 10.5 | |||||||||||||||||||||||||||||
AMKR
Underground | 95.1 | ||||||||||||||||||||||||||||||||||
At 100% basis | 0.3 | 0.3 | 0.4 | 0.4 | 0.7 | 0.7 | |||||||||||||||||||||||||||||
At the ownership interest | 0.3 | 0.3 | 0.3 | 0.4 | 0.7 | 0.7 | |||||||||||||||||||||||||||||
ArcelorMittal
Temirtau Open Pit (Lisakovsk, Kentobe and Atansor)1 | 100.0 | ||||||||||||||||||||||||||||||||||
At 100% basis | 2.2 | 1.4 | 2.5 | 1.4 | 3.6 | 1.8 | |||||||||||||||||||||||||||||
ArcelorMittal
Temirtau Underground (Atasu)1 | 100.0 | ||||||||||||||||||||||||||||||||||
At 100% basis | 1.6 | 1.0 | 2.0 | 1.3 | 1.8 | 1.5 | |||||||||||||||||||||||||||||
ACIS at 100% basis | 15.2 | 7.3 | 16.2 | 7.6 | 31.7 | 14.9 | |||||||||||||||||||||||||||||
ACIS at the ownership interest | 14.7 | 7.1 | 15.5 | 7.4 | 30.5 | 14.4 |
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% of Ownership Interest | 2023 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||||
ROM Millions of Tonnes | Product Millions of Tonnes | ROM Millions of Tonnes | Product Millions of Tonnes | ROM Millions of Tonnes | Product Millions of Tonnes | ||||||||||||||||||||||||||||||||||||
AMMC | 85.0 | ||||||||||||||||||||||||||||||||||||||||
At 100% basis | 65.3 | 22.4 | 66.9 | 24.1 | 65.6 | 22.0 | |||||||||||||||||||||||||||||||||||
At ownership interest (85%) | 55.5 | 19.0 | 56.9 | 20.5 | 55.8 | 18.7 | |||||||||||||||||||||||||||||||||||
AML | 85.0 | ||||||||||||||||||||||||||||||||||||||||
At 100% basis | 3.9 | 3.6 | 4.3 | 4.4 | 4.6 | 4.2 | |||||||||||||||||||||||||||||||||||
At ownership interest (85%) | 3.3 | 3.0 | 3.6 | 3.8 | 3.9 | 3.6 | |||||||||||||||||||||||||||||||||||
Mining
segment at 100% basis | 69.2 | 26.0 | 71.2 | 28.5 | 70.2 | 26.2 | |||||||||||||||||||||||||||||||||||
Mining segment at the ownership interest | 58.8 | 22.0 | 60.5 | 24.3 | 59.7 | 22.3 | |||||||||||||||||||||||||||||||||||
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% of Ownership Interest | 2023 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||
ROM Millions of Tonnes | Product Millions of Tonnes | ROM Millions of Tonnes | Product Millions of Tonnes | ROM Millions of Tonnes | Product Millions of Tonnes | |||||||||||||||||||||||||||||||||
AMNS India | 60.0 | |||||||||||||||||||||||||||||||||||||
At 100% basis | 10.8 | 10.7 | 9.1 | 8.9 | 7.4 | 6.8 | ||||||||||||||||||||||||||||||||
At ownership interest (60%) | 6.5 | 6.4 | 5.4 | 5.3 | 4.5 | 4.1 | ||||||||||||||||||||||||||||||||
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% of Ownership Interest | 2023 | 2022 | 2021 | ||||||||||||||||||||||||||||||||
ROM Millions of Tonnes | Product Millions of Tonnes | ROM Millions of Tonnes | Product Millions of Tonnes | ROM Millions of Tonnes | Product Millions of Tonnes | ||||||||||||||||||||||||||||||
Baffinland | 25.23 | ||||||||||||||||||||||||||||||||||
At 100% basis | 6.2 | 5.6 | 7.2 | 5.9 | 6.3 | 5.5 | |||||||||||||||||||||||||||||
At ownership interest (25.23%) | 1.6 | 1.4 | 1.8 | 1.5 | 1.6 | 1.4 | |||||||||||||||||||||||||||||
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% of Ownership Interest | 2023 | 2022 | 2021 | ||||||||||||||||||||||||||||||||
ROM Millions of Tonnes1 | Product Millions of Tonnes1 | ROM Millions of Tonnes | Product Millions of Tonnes | ROM Millions of Tonnes | Product Millions of Tonnes | ||||||||||||||||||||||||||||||
Karaganda - Kazakhstan | 100.0 | 5.8 | 2.0 | 7.0 | 2.6 | 8.3 | 3.3 | ||||||||||||||||||||||||||||
1. The total production related to ArcelorMittal Temirtau is included in the table through the transaction closing date on December 7, 2023. | |||||||||||||||||||||||||||||||||||
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Iron Ore | %
of Ownership Interest12 | Proven Mineral Reserves | Probable Mineral Reserves | Total Mineral Reserves | |||||||||||||||||||||||||||||||
Millions of Tonnes | % Fe 1 | Millions of Tonnes | % Fe 1 | Millions of Tonnes | %
Fe 1 | ||||||||||||||||||||||||||||||
Canada | 1,881 | 30.8 | 104 | 55.0 | 1,985 | 32.1 | |||||||||||||||||||||||||||||
AMMC2 | 85.0 | 1,790 | 29.1 | 28 | 31.1 | 1,818 | 29.1 | ||||||||||||||||||||||||||||
Baffinland3 | 25.2 | 91 | 64.4 | 76 | 63.8 | 167 | 64.1 | ||||||||||||||||||||||||||||
Mexico | 46 | 22.3 | 176 | 25.7 | 222 | 25.0 | |||||||||||||||||||||||||||||
Mexico
(Excluding Peña Colorada)4 | 100.0 | — | 39.3 | 107 | 29.1 | 107 | 29.2 | ||||||||||||||||||||||||||||
Peña Colorada - Mexico5 | 50.0 | 46 | 22.2 | 69 | 20.4 | 115 | 21.1 | ||||||||||||||||||||||||||||
Brazil6 | 100.0 | 176 | 46.6 | 251 | 37.3 | 427 | 41.1 | ||||||||||||||||||||||||||||
Bosnia7 | 51.0 | 4 | 46.3 | 2 | 33.6 | 6 | 42.1 | ||||||||||||||||||||||||||||
Ukraine | 70 | 35.3 | 444 | 34.3 | 514 | 34.4 | |||||||||||||||||||||||||||||
Ukraine
Open Pit8 | 95.1 | 65 | 33.9 | 431 | 33.7 | 496 | 33.7 | ||||||||||||||||||||||||||||
Ukraine Underground9 | 95.1 | 5 | 54.6 | 13 | 54.6 | 18 | 54.6 | ||||||||||||||||||||||||||||
South
Africa | 100.0 | — | — | — | — | — | — | ||||||||||||||||||||||||||||
Liberia10 | 85.0 | 39 | 46.8 | 660 | 42.7 | 699 | 42.9 | ||||||||||||||||||||||||||||
India11 | 60.0 | 6 | 62.5 | 78 | 62.2 | 84 | 57.5 | ||||||||||||||||||||||||||||
Total Iron Ore | 2,222 | 32.4 | 1,715 | 39.6 | 3,937 | 35.4 |
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Iron Ore | % of Ownership Interest13 | Measured Mineral Resources | Indicated Mineral Resources | Measured & Indicated Mineral Resources | Inferred Mineral Resources | |||||||||||||||||||||||||||||||||||||||
Millions of Tonnes | % Fe 1 | Millions of Tonnes | %
Fe1 | Millions of Tonnes | % Fe1 | Millions of Tonnes | % Fe1 | |||||||||||||||||||||||||||||||||||||
Canada | 1,524 | 28.2 | 1,569 | 29.1 | 3,093 | 28.7 | 1,617 | 29.7 | ||||||||||||||||||||||||||||||||||||
AMMC2 | 85.0 | 1,524 | 28.2 | 1,566 | 29.1 | 3,090 | 28.6 | 1,534 | 27.8 | |||||||||||||||||||||||||||||||||||
Baffinland3 | 25.2 | — | 62.0 | 3 | 63.0 | 3 | 62.9 | 83 | 64.3 | |||||||||||||||||||||||||||||||||||
Mexico | 17 | 25.5 | 86 | 30.4 | 103 | 29.6 | 20 | 32.1 | ||||||||||||||||||||||||||||||||||||
Mexico
(Excluding Peña Colorada)4 | 100 | — | — | 64 | 33.2 | 64 | 33.2 | 20 | 32.1 | |||||||||||||||||||||||||||||||||||
Peña Colorada - Mexico5 | 50.0 | 17 | 25.5 | 22 | 22.2 | 39 | 23.6 | — | 21.0 | |||||||||||||||||||||||||||||||||||
Brazil6 | 100 | 89 | 51.0 | 187 | 48.0 | 276 | 49.0 | 105 | 40.4 | |||||||||||||||||||||||||||||||||||
Bosnia7 | 51.0 | — | 29.7 | 3 | 28.5 | 3 | 28.6 | 2 | 32.4 | |||||||||||||||||||||||||||||||||||
Ukraine | 80 | 33.4 | 405 | 34.5 | 485 | 34.3 | 42 | 52.9 | ||||||||||||||||||||||||||||||||||||
Ukraine
Open Pit8 | 95.1 | 77 | 32.5 | 387 | 33.5 | 464 | 33.3 | 6 | 36.7 | |||||||||||||||||||||||||||||||||||
Ukraine Underground9 | 95.1 | 3 | 56.0 | 18 | 55.6 | 21 | 55.6 | 36 | 55.6 | |||||||||||||||||||||||||||||||||||
South
Africa10 | 100 | — | — | 38 | 54.4 | 38 | 54.4 | 43 | 54.9 | |||||||||||||||||||||||||||||||||||
Liberia11 | 85.0 | — | — | 1,116 | 29.3 | 1,116 | 29.3 | 767 | 38.2 | |||||||||||||||||||||||||||||||||||
India12 | 60.0 | 1 | 50.3 | 57 | 59.8 | 58 | 59.0 | 56 | 61.3 | |||||||||||||||||||||||||||||||||||
Total Iron Ore | 1,711 | 29.6 | 3,461 | 31.6 | 5,172 | 31.0 | 2,652 | 34.0 |
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Flat products | ||||||||||||||
Source: S&P Global Commodity Insights (Platts) | Northern Europe | Southern Europe | United States | China | ||||||||||
Spot HRC average price per tonne | Spot HRC average price per tonne | Spot HRC average price per tonne | Spot HRC average price per tonne, VAT excluded | |||||||||||
Q1 2021 | €739 | €727 | $1,317 | $650 | ||||||||||
Q2 2021 | €1,060 | €1,046 | $1,699 | $773 | ||||||||||
Q3 2021 | €1,141 | €1,051 | $2,086 | $789 | ||||||||||
Q4 2021 | €988 | €897 | $1,973 | $699 | ||||||||||
Q1 2022 | €1,070 | €1,005 | $1,373 | $701 | ||||||||||
Q2 2022 | €1,115 | €1,050 | $1,434 | $650 | ||||||||||
Q3 2022 | €789 | €757 | $913 | $512 | ||||||||||
Q4 2022 | €653 | €651 | $767 | $488 | ||||||||||
Q1
2023 | € 786 | € 767 | $1,021 | $551 | ||||||||||
Q2 2023 | € 764 | € 737 | $1,161 | $499 | ||||||||||
Q3 2023 | € 649 | € 636 | $867 | $482 | ||||||||||
Q4 2023 | € 650 | € 639 | $1,010 | $485 |
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Long products | |||||||||||
Source: S&P Global Commodity Insights (Platts) | Europe medium sections | Europe rebar | Turkish rebar | ||||||||
Spot average price per tonne | Spot average price per tonne | Spot FOB average price per tonne | |||||||||
Q1 2021 | €722 | €629 | $621 | ||||||||
Q2 2021 | €860 | €710 | $703 | ||||||||
Q3 2021 | €1,039 | €826 | $691 | ||||||||
Q4 2021 | €995 | €795 | $713 | ||||||||
Q1 2022 | €1,172 | €928 | $795 | ||||||||
Q2 2022 | €1,426 | €1,220 | $808 | ||||||||
Q3 2022 | €1,210 | €981 | $665 | ||||||||
Q4 2022 | €1,072 | €814 | $660 | ||||||||
Q1 2023 | € 964 | € 722 | 708 | ||||||||
Q2 2023 | € 889 | € 649 | 637 | ||||||||
Q3 2023 | € 805 | € 577 | 569 | ||||||||
Q4 2023 | € 766 | € 606 | 574 |
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Iron ore | Coking coal | |||||||
Source: Metal Bulletin | average price per tonne (Delivered to China, Metal Bulletin index, 62% Fe) | average price per tonne (premium hard coking coal FOB Australia index) | ||||||
Q1 2021 | 167.40 | 128.22 | ||||||
Q2 2021 | 200.47 | 138.78 | ||||||
Q3 2021 | 163.39 | 264.25 | ||||||
Q4 2021 | 110.59 | 369.81 | ||||||
Q1 2022 | 141.61 | 487.09 | ||||||
Q2 2022 | 137.57 | 445.95 | ||||||
Q3 2022 | 103.47 | 250.96 | ||||||
Q4 2022 | 98.65 | 279.23 | ||||||
Q1
2023 | 125.28 | 342.52 | ||||||
Q2 2023 | 110.43 | 240.93 | ||||||
Q3 2023 | 114.00 | 264.37 | ||||||
Q4 2023 | 128.27 | 335.07 |
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Commodities | ||||||||
Source: Thomson Reuters | Brent crude oil spot average price $ per barrel | European Union allowance average
price € per ton of CO2e | ||||||
Q1 2021 | 61.32 | 37.65 | ||||||
Q2 2021 | 69.08 | 50.17 | ||||||
Q3 2021 | 73.23 | 57.12 | ||||||
Q4 2021 | 79.66 | 68.83 | ||||||
Q1
2022 | 97.90 | 83.21 | ||||||
Q2 2022 | 111.98 | 83.85 | ||||||
Q3 2022 | 97.70 | 80.04 | ||||||
Q4 2022 | 88.63 | 77.95 | ||||||
Q1 2023 | 82.10 | 89.92 | ||||||
Q2
2023 | 77.73 | 88.57 | ||||||
Q3 2023 | 85.92 | 85.69 | ||||||
Q4 2023 | 82.85 | 76.85 |
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Natural gas | EEX PEGAS | Reuters | Reuters | ||||||||
Period | TTF Spot average price € per MWh | Henry
Hub Spot average price $ per MMBtu | JKM Spot average price $ per MMBtu | ||||||||
Q1 2021 | 18.60 | 2.72 | 8.85 | ||||||||
Q2 2021 | 25.06 | 2.98 | 9.71 | ||||||||
Q3 2021 | 47.79 | 4.32 | 17.80 | ||||||||
Q4 2021 | 92.14 | 4.84 | 34.95 | ||||||||
Q1 2022 | 95.10 | 4.59 | 30.83 | ||||||||
Q2 2022 | 98.55 | 7.50 | 27.18 | ||||||||
Q3 2022 | 198.19 | 7.95 | 46.84 | ||||||||
Q4 2022 | 94.27 | 6.09 | 31.23 | ||||||||
Q1 2023 | 53.31 | 2.74 | 18.07 | ||||||||
Q2 2023 | 35.29 | 2.33 | 11.08 | ||||||||
Q3 2023 | 33.49 | 2.66 | 12.59 | ||||||||
Q4
2023 | 41.01 | 2.92 | 15.82 |
Electricity | |||||||||||
Source:
EEX | Germany Baseload spot average price € per MWh | France Baseload spot average price € per MWh | Belgium Baseload spot average price € per MWh | ||||||||
Q1 2021 | 49.57 | 53.02 | 50.94 | ||||||||
Q2 2021 | 60.27 | 63.85 | 62.28 | ||||||||
Q3 2021 | 97.15 | 96.42 | 97.28 | ||||||||
Q4 2021 | 178.97 | 221.78 | 204.34 | ||||||||
Q1 2022 | 184.62 | 232.19 | 208.02 | ||||||||
Q2 2022 | 186.98 | 225.99 | 193.92 | ||||||||
Q3 2022 | 375.75 | 429.73 | 372.27 | ||||||||
Q4 2022 | 192.84 | 214.15 | 202.62 | ||||||||
Q1 2023 | 115.80 | 130.33 | 127.40 | ||||||||
Q2 2023 | 92.29 | 91.58 | 92.81 | ||||||||
Q3
2023 | 90.78 | 85.71 | 87.14 | ||||||||
Q4 2023 | 82.27 | 81.22 | 82.36 |
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Sales
for the year ended December 31,1 | Operating income (loss) for the year ended December 31,2 | ||||||||||||||||||||||||||||||||||
2023 | 2022 | 2021 | 2023 | 2022 | 2021 | ||||||||||||||||||||||||||||||
Segment | (in $ millions) | (in $ millions) | (in $ millions) | (in $ millions) | (in $ millions) | (in $ millions) | |||||||||||||||||||||||||||||
NAFTA | 12,978 | 13,774 | 12,530 | 1,917 | 2,818 | 2,800 | |||||||||||||||||||||||||||||
Brazil | 13,163 | 13,732 | 12,856 | 1,461 | 2,775 | 3,798 | |||||||||||||||||||||||||||||
Europe | 38,305 | 47,263 | 43,334 | 1,104 | 4,292 | 5,672 | |||||||||||||||||||||||||||||
ACIS | 5,422 | 6,368 | 9,854 | (3,021) | (930) | 2,705 | |||||||||||||||||||||||||||||
Mining | 3,077 | 3,396 | 4,045 | 1,144 | 1,483 | 2,371 | |||||||||||||||||||||||||||||
Others and eliminations | (4,670) | (4,689) | (6,048) | (265) | (166) | (370) | |||||||||||||||||||||||||||||
Total | 68,275 | 79,844 | 76,571 | 2,340 | 10,272 | 16,976 |
Others and eliminations - operating (loss) income | Year ended December 31, | ||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
(in $ millions) | (in $ millions) | (in $ millions) | |||||||||||||||
Corporate and shared services 1 | (296) | (234) | (201) | ||||||||||||||
Financial activities | (24) | (19) | (21) | ||||||||||||||
Shipping and logistics | 5 | 12 | 15 | ||||||||||||||
Intragroup stock margin eliminations | 91 | 110 | (123) | ||||||||||||||
Depreciation and impairment | (42) | (35) | (40) | ||||||||||||||
Total adjustments to segment operating income and other | (266) | (166) | (370) |
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in millions of USD | 2023 | 2022 | 2021 | ||||||||
Electricity for production | 3,129 | 4,360 | 3,289 | ||||||||
Natural and other gases | 1,887 | 3,326 | 2,242 | ||||||||
Other energy and utilities | 1,799 | 1,902 | 1,323 | ||||||||
Total | 6,815 | 9,588 | 6,854 |
NAFTA | |||||||||||||||||
Performance for the year ended December 31, | |||||||||||||||||
(in millions of USD unless otherwise shown) | 2023 | 2022 | 2021 | ||||||||||||||
Sales | 12,978 | 13,774 | 12,530 | ||||||||||||||
Depreciation | (535) | (427) | (325) | ||||||||||||||
Operating income | 1,917 | 2,818 | 2,800 | ||||||||||||||
Crude steel production (thousand tonnes) | 8,727 | 8,271 | 8,487 | ||||||||||||||
Flat product shipments | 8,220 | 7,121 | 6,879 | ||||||||||||||
Long product shipments | 2,734 | 2,739 | 3,088 | ||||||||||||||
Others and eliminations | (390) | (274) | (381) | ||||||||||||||
Total steel shipments (thousand tonnes) * | 10,564 | 9,586 | 9,586 | ||||||||||||||
Average steel selling price (USD/tonne) | 1,024 | 1,215 | 1,128 |
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Brazil | |||||||||||||||||
Performance for the year ended December 31, | |||||||||||||||||
(in millions of USD unless otherwise shown) | 2023 | 2022 | 2021 | ||||||||||||||
Sales | 13,163 | 13,732 | 12,856 | ||||||||||||||
Depreciation | (341) | (246) | (228) | ||||||||||||||
Operating income | 1,461 | 2,775 | 3,798 | ||||||||||||||
Crude steel production (thousand tonnes) | 13,986 | 11,877 | 12,413 | ||||||||||||||
Flat product shipments | 8,833 | 6,423 | 6,425 | ||||||||||||||
Long product shipments | 4,905 | 5,179 | 5,332 | ||||||||||||||
Others and eliminations | (57) | (86) | (62) | ||||||||||||||
Total steel shipments (thousand tonnes) | 13,681 | 11,516 | 11,695 | ||||||||||||||
Average steel selling price (USD/tonne) | 939 | 1,114 | 1,030 |
Management report |
Europe | |||||||||||||||||
Performance for the year ended December 31, | |||||||||||||||||
(in millions of USD unless otherwise shown) | 2023 | 2022 | 2021 | ||||||||||||||
Sales | 38,305 | 47,263 | 43,334 | ||||||||||||||
Depreciation | (1,241) | (1,268) | (1,252) | ||||||||||||||
Net
impairment reversal | — | — | 218 | ||||||||||||||
Operating income | 1,104 | 4,292 | 5,672 | ||||||||||||||
Crude steel production (thousand tonnes) | 28,827 | 31,904 | 36,795 | ||||||||||||||
Flat product shipments | 19,570 | 21,387 | 23,485 | ||||||||||||||
Long product shipments | 8,001 | 8,321 | 9,236 | ||||||||||||||
Others and eliminations | 500 | 474 | 461 | ||||||||||||||
Total steel shipments (thousand tonnes) | 28,071 | 30,182 | 33,182 | ||||||||||||||
Average steel selling price (USD/tonne) | 1,039 | 1,191 | 986 |
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Management report |
ACIS | |||||||||||||||||
Performance for the year ended December 31, | |||||||||||||||||
(in millions of USD unless otherwise shown) | 2023 | 2022 | 2021 | ||||||||||||||
Sales | 5,422 | 6,368 | 9,854 | ||||||||||||||
Depreciation | (278) | (369) | (450) | ||||||||||||||
Impairment | (1,038) | (1,026) | — | ||||||||||||||
Operating
(loss) income | (3,021) | (930) | 2,705 | ||||||||||||||
Crude steel production (thousand tonnes) | 6,527 | 6,949 | 11,366 | ||||||||||||||
CIS | 3,615 | 4,221 | 7,883 | ||||||||||||||
Africa | 2,412 | 2,160 | 2,473 | ||||||||||||||
Others and eliminations | (9) | (3) | 4 | ||||||||||||||
Steel shipments (thousand tonnes) | 6,018 | 6,378 | 10,360 | ||||||||||||||
Average steel selling price (USD/tonne) | 706 | 817 | 780 |
Management report |
Management report |
Mining | ||||||||||||||||||||
Performance for the year ended December 31, | ||||||||||||||||||||
(in millions of USD unless otherwise shown) | 2023 | 2022 | 2021 | |||||||||||||||||
Sales | 3,077 | 3,396 | 4,045 | |||||||||||||||||
Depreciation | (238) | (234) | (228) | |||||||||||||||||
Operating income | 1,144 | 1,483 | 2,371 | |||||||||||||||||
Iron ore production (million tonnes) | 26.0 | 28.6 | 26.2 | |||||||||||||||||
Iron ore shipments (million tonnes) | 26.4 | 28.0 | 26.0 |
Note | For the year ended December 31, | |||||||||||||||||||
Iron ore production (million metric tonnes) | 1 | Type | Product | 2023 | 2022 | 2021 | ||||||||||||||
AMMC | Open pit | Concentrate, lump, fines and pellets | 22.4 | 24.2 | 22.0 | |||||||||||||||
AML | Open pit / Underground | Fines | 3.6 | 4.4 | 4.2 | |||||||||||||||
Total iron ore production | 26.0 | 28.6 | 26.2 | |||||||||||||||||
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2023 | 2022 | 2021 | |||||||||||||||||||||||||||||||||
Statutory income tax | Statutory income tax rate | Statutory income tax | Statutory income tax rate | Statutory income tax | Statutory income tax rate | ||||||||||||||||||||||||||||||
Argentina | 80 | 35.00 | % | 100 | 35.00 | % | 103 | 35.00 | % | ||||||||||||||||||||||||||
Belgium | (12) | 25.00 | % | 238 | 25.00 | % | 149 | 25.00 | % | ||||||||||||||||||||||||||
Brazil | 153 | 34.00 | % | 698 | 34.00 | % | 943 | 34.00 | % | ||||||||||||||||||||||||||
Canada | 470 | 25.90 | % | 747 | 25.90 | % | 835 | 25.90 | % | ||||||||||||||||||||||||||
France | (116) | 25.82 | % | 158 | 25.82 | % | 231 | 25.82 | % | ||||||||||||||||||||||||||
Germany | (154) | 30.30 | % | 82 | 30.30 | % | 134 | 30.30 | % | ||||||||||||||||||||||||||
Italy | 3 | 24.00 | % | (14) | 24.00 | % | (8) | 24.00 | % | ||||||||||||||||||||||||||
Kazakhstan | (69) | 20.00 | % | 26 | 20.00 | % | 149 | 20.00 | % | ||||||||||||||||||||||||||
Liberia | (18) | 25.00 | % | — | 25.00 | % | 16 | 25.00 | % | ||||||||||||||||||||||||||
Luxembourg | 806 | 24.94 | % | 633 | 24.94 | % | 660 | 24.94 | % | ||||||||||||||||||||||||||
Mexico | 49 | 30.00 | % | 148 | 30.00 | % | 238 | 30.00 | % | ||||||||||||||||||||||||||
The
Netherlands | (627) | 25.80 | % | (9) | 25.80 | % | (13) | 25.80 | % | ||||||||||||||||||||||||||
Poland | (71) | 19.00 | % | 49 | 19.00 | % | 155 | 19.00 | % | ||||||||||||||||||||||||||
South Africa | (58) | 27.00 | % | 47 | 27.00 | % | 136 | 28.00 | % | ||||||||||||||||||||||||||
Spain | (1) | 25.00 | % | 26 | 25.00 | % | 70 | 25.00 | % | ||||||||||||||||||||||||||
Ukraine | (56) | 18.00 | % | (267) | 18.00 | % | 202 | 18.00 | % | ||||||||||||||||||||||||||
United States | 83 | 21.00 | % | 103 | 21.00 | % | 58 | 21.00 | % | ||||||||||||||||||||||||||
Others | (8) | 53 | 88 | ||||||||||||||||||||||||||||||||
Total | 454 | 2,818 | 4,146 |
Management report |
Management report |
Repayment amounts per year (in billions of $) | ||||||||||||||||||||||||||
Type of indebtedness as of December 31, 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | >2028 | Total | |||||||||||||||||||
Bonds | 0.9 | 1.0 | 1.1 | 1.2 | — | 2.6 | 6.8 | |||||||||||||||||||
Commercial paper | 0.7 | — | — | — | — | — | 0.7 | |||||||||||||||||||
Lease liabilities and other loans | 0.7 | 0.7 | 0.2 | 0.5 | 0.2 | 0.9 | 3.2 | |||||||||||||||||||
Total gross debt | 2.3 | 1.7 | 1.3 | 1.7 | 0.2 | 3.5 | 10.7 |
Management report |
Management report |
Summary of cash flow | For the year ended December 31, | ||||||||||||||||
(in $ millions) | 2023 | 2022 | 2021 | ||||||||||||||
Net cash provided by operating activities | 7,645 | 10,203 | 9,905 | ||||||||||||||
Net cash used in investing activities | (5,848) | (4,483) | (340) | ||||||||||||||
Net cash used in financing activities | (3,666) | (477) | (10,898) |
Management report |
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Currency | Impact on
net debt translation of a 10% appreciation of the U.S. dollar against the euro | Impact on net debt translation of a 10% depreciation of the U.S. dollar against the euro | ||||||||||||
In 2023 | in $ equivalent (in millions) | in $ equivalent (in millions) | ||||||||||||
Argentine peso | (57) | 46 | ||||||||||||
Brazilian real | 5 | (7) | ||||||||||||
Euro | 93 | (93) | ||||||||||||
Indian rupee | — | — | ||||||||||||
Moroccan dirham | 7 | (9) | ||||||||||||
Polish zloty | (33) | 48 | ||||||||||||
Other | 7 | (8) |
Currency | Impact on
net debt translation of a 10% appreciation of the U.S. dollar against the euro | Impact on net debt translation of a 10% depreciation of the U.S. dollar against the euro | ||||||||||||
In 2022 | in $ equivalent (in millions) | in $ equivalent (in millions) | ||||||||||||
Argentine peso | 55 | (78) | ||||||||||||
Brazilian real | 1 | (1) | ||||||||||||
Euro | 68 | (68) | ||||||||||||
Indian rupee | 5 | (5) | ||||||||||||
Moroccan dirham | 7 | (9) | ||||||||||||
Polish zloty | (9) | 12 | ||||||||||||
Other | — | — |
Management report |
Management report |
Executive Chairman | Lead Independent Director | ||||
* Chairs the Board of Directors' and shareholders' meetings | * Provides independent leadership to the Board of Directors | ||||
* Works with the Lead Independent Director to set agenda for the Board of Directors and reviews the schedule of the meetings | * Presides at executive sessions of independent directors | ||||
* Serves as a public face of the Board of Directors and of the Company | * Advises the Executive Chairman of any decisions reached and suggestions made at the executive sessions, as appropriate | ||||
* Serves as a resource for the Board of Directors | * Coordinates the activities of the other independent directors | ||||
* Guides discussions at the Board of Directors meetings and encourages directors to express their positions | * Oversees Board of Directors' governance processes, including succession planning and other governance-related matters | ||||
* Communicates significant business developments and time-sensitive matters to the Board of Directors | * Liaison between the Executive Chairman and the other independent directors | ||||
* Is responsible for managing day-to-day business and affairs of the Company | * Calls meetings of the independent directors when necessary and appropriate | ||||
* Interacts with the CEO within the Executive Office of
the Company and frequently meets stakeholders and provides feedback to the Board of Directors | * Leads the Board of Directors’ self-evaluation process and such other duties as are assigned from time to time by the Board of Directors |
Name | Age5 | Date
of joining the Board6 | End of Term | Position within ArcelorMittal5 | ||||||||||||||||||||||
Lakshmi N. Mittal | 73 | May 1997 | May 2026 | Executive Chairman of the Board of Directors | ||||||||||||||||||||||
Aditya Mittal8 | 47 | June 2020 | May 2026 | Director and Chief Executive Officer | ||||||||||||||||||||||
Vanisha Mittal Bhatia7 | 43 | December 2004 | May 2025 | Director | ||||||||||||||||||||||
Tye Burt2, 3, 4 | 66 | May 2012 | May 2024 | Director | ||||||||||||||||||||||
Michel Wurth3 | 69 | May 2014 | May 2026 | Director | ||||||||||||||||||||||
Karyn Ovelmen1, 2, 4 | 60 | May 2015 | May 2024 | Lead Independent Director | ||||||||||||||||||||||
Karel de Gucht1, 4 | 69 | May 2016 | May 2025 | Director | ||||||||||||||||||||||
Etienne Schneider1, 4 | 52 | June 2020 | May 2026 | Director | ||||||||||||||||||||||
Clarissa Lins2, 3, 4 | 56 | June 2021 | May 2024 | Director | ||||||||||||||||||||||
Patricia Barbizet1, 4 | 68 | May
2023 | May 2026 | Director |
Management report |
Lakshmi
N. Mittal Executive Chairman |
73 years old Nationality: Indian Date of first election: May 1997 Term start date: May 2023 Term end date: May 2026 | Expertise and experience Lakshmi N. Mittal is the Executive Chairman
of ArcelorMittal since February 2021. He was previously the Chairman and Chief Executive Officer of ArcelorMittal. He is a renowned global businessman who serves on the boards of various companies and advisory councils. He is an active philanthropist engaged in the fields of education and child health. Mr. Mittal was born in Sadulpur in Rajasthan in 1950. He graduated from St Xavier’s College in Kolkata, where he received a Bachelor of Commerce degree. He has received numerous awards for his contribution to the steel industry over the years and recently, in April 2018, Mr. Mittal was awarded by the American Iron and Steel Institute with the Gary medal award recognizing his great contribution to the steel industry. He is widely recognized for successfully integrating many company acquisitions in North America, South America, Europe, South Africa and the CIS. Mr. Mittal is Chairman of the board of Aperam and a member of the board of Goldman Sachs. He previously sat on
the board of Airbus N.V. He is a member of the Foreign Investment Council in Kazakhstan, the National Investment Council of Ukraine, the Global CEO Council of the Chinese People’s Association for Friendship with Foreign Countries, the World Economic Forum’s International Business Council, the World Steel Association’s Executive Committee, the European Round Table of Industrialists, the Indian School of Business and a member of the board of Trustees of Cleveland Clinic. Mr. Mittal is the father of Aditya Mittal (who is Chief Executive Officer and a non-independent Director of ArcelorMittal) and Vanisha Mittal Bhatia (who is a Non-independent Director of ArcelorMittal). Mr. Mittal is married to Mrs. Usha Mittal. Mr. Mittal is a citizen of India. |
Aditya
Mittal Chief Executive Officer ("CEO") |
47 years old Nationality: Indian Date of first election: June 2020 Term start date: May 2023 Term end date: May 2026 | Expertise and experience Aditya Mittal is the Chief
Executive Officer since February 2021 and Director of ArcelorMittal. He was previously the President and Chief Financial Officer ("CFO") of ArcelorMittal. Following the formation of ArcelorMittal in 2006, Aditya held various senior leadership roles, including managerial oversight of the Group’s flat carbon steel businesses in the Americas and Europe, in addition to his role as CFO and membership of the Group Management Board. He sees climate change as ArcelorMittal’s top strategic issue and wants the Company to lead the decarbonization of the steel industry. He is an active philanthropist with a particular interest in child health. Together with his wife Megha, he is a significant supporter of the Great Ormond Street Children’s Hospital in London, having funded the Mittal Children’s Medical Centre, and in India, the couple work closely with UNICEF, having funded the first ever
country-wide survey into child nutrition, the results of which are being used by the Government of India to inform relevant policy. Aditya serves on the boards of ArcelorMittal, Aperam, and Iconiq Capital and is Chairman of ArcelorMittal Nippon Steel India and Chairman of HMEL. He is also a trustee at Brookings Institution, a member of Harvard University’s Global Advisory Council. He holds a Bachelor’s degree in Economics with concentrations in Strategic Management and Corporate Finance from the Wharton School in Pennsylvania, United States. He is the son of Mr. Lakshmi N. Mittal and brother of Ms. Vanisha Mittal Bhatia. Mr. Aditya Mittal is a citizen of India. |
Management report |
Vanisha
Mittal Bhatia Non-independent Director |
43 years old Nationality: Indian Date of first election: December 2004 Term start date: May 2022 Term end date: May 2025 | Expertise and experience Vanisha Mittal Bhatia is a
non-independent Director of ArcelorMittal. She was appointed as a member of the LNM Holdings Board of Directors in June 2004. Ms. Vanisha Mittal Bhatia was appointed to Mittal Steel’s Board of Directors in December 2004, where she worked in the Procurement department leading various initiatives including "total cost of ownership program". She joined Aperam in April 2011 and since has held the position of Chief Strategy Officer. She has a Bachelor of Sciences from the European Business School. Ms. Vanisha Mittal Bhatia is a citizen of India. Ms. Vanisha Mittal Bhatia is the daughter of Mr. Lakshmi N. Mittal and the sister of Mr. Aditya Mittal. |
Tye
Burt Non-executive and independent Director |
66 years old Nationality: Canadian Date of first election: May 2012 Term start date: June 2021 Term end date: May 2024 | Expertise and experience Tye Burt, is a non-executive
and independent Director of ArcelorMittal and a member of the ARCG Committee as well as of the Sustainability Committee. He was appointed President and Chief Executive Officer of Kinross Gold Corporation in March 2005. He held this position until August 1, 2012. Kinross is listed on the New York Stock Exchange and the Toronto Stock Exchange. Mr. Burt was also a member of the board of directors of Kinross, where he had overall responsibility for the health and safety program, now contributing this expertise on health and safety to the ArcelorMittal’s Board of Directors. Mr. Burt has broad experience in the global mining industry, specializing in corporate finance, business strategy and mergers and acquisitions. Prior to joining Kinross, he held the position of Vice Chairman and Executive Director of Corporate Development at Barrick Gold Corporation. He was President of the Cartesian Capital Group from 2000 to 2002; Chairman
of Deutsche Bank Canada and Deutsche Bank Securities Canada; Global Managing Director of Global Metals and Mining for Deutsche Bank AG from 1997 to 2000; and Managing Director and Co-Head of the Global Mining Group at BMO Nesbitt Burns from 1995 to 1997, holding various other positions at BMO Nesbitt Burns from 1986 to 1995. Mr. Burt is the Chair and Principal at Carbon Arc Capital Investments Corp. and was the Life Sciences Research Campaign Chair of the University of Guelph's Better Planet Project. Mr. Burt is a member of the Board of Directors of Boart Longyear, a global leader in the drilling services and equipment industry. He is a graduate of Osgoode Hall Law School, a member of the Law Society of Ontario, and he holds a Bachelor of Arts degree from the University of Guelph. Mr. Burt is a citizen of Canada. |
Management report |
Michel Wurth Non-independent Director |
69 years old Nationality: Luxembourgish Date
of first election: May 2014 Term start date: May 2023 Term end date: May 2026 | Expertise and experience Michel Wurth is a non-independent Director of ArcelorMittal and a member of the Sustainability Committee. He joined Arbed in 1979 and held a variety of functions before joining the Arbed Group Management Board and becoming its chief financial officer in 1996. The merger of Aceralia, Arbed and Usinor, leading to the creation of Arcelor in 2002, led to Mr. Wurth’s appointment as Senior Executive Vice President and Chief Financial Officer of Arcelor. He became a member of ArcelorMittal’s Group Management Board in 2006, responsible
for Flat Carbon Europe, Global R&D, Distribution Solutions and Long Carbon Worldwide respectively. Michel Wurth retired from the GMB in April 2014 and was elected to ArcelorMittal’s board of directors in May 2014. He holds a Law degree from the University of Grenoble, France, and a degree in Political Science from the Institut d’Études Politiques de Grenoble as well as a Master’s of Economics from the London School of Economics, UK. Mr. Wurth is also doctor of laws honoris causa of the Sacred Heart University, Luxembourg. Mr. Wurth is Chairman of ArcelorMittal Luxembourg S.A. (a wholly owned subsidiary of ArcelorMittal) as well as Vice Chairman of the supervisory board of Dillinger Hütte AG and Dillinger Hütte Saarstahl AG (associates of ArcelorMittal). Mr. Wurth is a Board member of Orion Engineered Carbon S.A. a global company active in the black carbon industry, listed on the NASDAQ. Mr. Wurth served as Chairman of the Luxembourg Chamber of Commerce between May
2004 and May 2019 and is a member of the Council of the Central Bank of Luxembourg. He is also non-executive Chairman of Paul Wurth Real Estate S.A. and member of the supervisory board of SMS Group (the controlling shareholder of Paul Wurth Real Estate S.A.), as well as non-executive Chairman of BIP Investment Partners S.A. and BIP Capital Partners S.A., and non-executive Board member of Brasserie Nationale. SMS Group is a leading family owned equipment and engineering supplier for the steel and non-ferrous metal producing industry. BIP Investment Partners and BIP Capital Partners S.A. are Luxembourg based companies organized as investment funds investing in small and mid-cap private equity and Brasserie Nationale is a privately owned brewery based in Luxembourg. Mr. Wurth is vice-chairman of the Luxembourg Red Cross. Mr. Wurth is a citizen of Luxembourg. |
Karyn
Ovelmen Non-executive and independent Director |
60 years old Nationality: USA Date of first election: May 2015 Term start date: June 2021 Term end date: May 2024 | Expertise and experience Karyn Ovelmen is Lead Independent
Director of ArcelorMittal as well as the Chairwoman of the Audit & Risk Committee and of the ARCG Committee. From January 2019 to December 31, 2019, Mrs. Ovelmen was the Gas Power Transformation Leader for the General Electric Company. Prior to that, she served as Executive Vice President and Chief Financial Officer of Flowserve, a position that she held from June 2015 to February 2017. Previously, she also served as Chief Financial Officer and Executive Vice President of LyondellBasell Industries NV from 2011 to May 2015, as Executive Vice President and Chief Financial Officer of Petroplus Holdings AG from May 2006 to September 2010 and as Executive Vice President and Chief Financial Officer of Argus Services Corporation from 2005 to 2006. Prior to that, she was Vice President of External Reporting and Investor Relations for Premcor Refining Group Inc. She also spent 12 years with PricewaterhouseCoopers, primarily
serving energy industry accounts. Mrs. Ovelmen is a member of the Hess Corporation Board of Directors and a member of the Audit Committee as of November 4, 2020. She is also CFO of Newmont, a company listed on the New York Stock Exchange, as of May 18, 2023. Mrs. Ovelmen was a member of the Gates Industrial Corporation plc. Board of Directors as a non-executive director and was a member of their Audit Committee from December 2017 to March 2019. Mrs. Ovelmen holds a Bachelor of Arts degree from the University of Connecticut, USA, and is a Certified Public Accountant ("CPA"). Mrs. Ovelmen is a citizen of the United States of America. |
Management report |
Karel de Gucht Non-executive and independent Director |
69 years old Nationality: Belgian Date
of first election: May 2016 Term start date: May 2022 Term end date: May 2025 | Expertise and experience Karel de Gucht is a non-executive and independent Director and a member of the Audit & Risk Committee. Mr. De Gucht is a Belgian Minister of State. He was the European Commissioner for Trade in the 2nd Barroso Commission from 2010 to 2014 and for Development and Humanitarian Aid in the first Barroso Commission from 2009 to 2010. Previously, Mr. De Gucht served as Belgium's Minister of Foreign Affairs from 2004 to 2009 and Vice Prime Minister of Belgium from 2008 to 2009. In addition, in 2006, he was the Chairman in Office of the Organization
for Security and Cooperation in Europe (OSCE) and Member of the Security Council of the United Nations from 2007 to 2008. Since 1991, Mr. De Gucht has been a Professor of Law at the VUB (the Dutch-speaking Free University Brussels). He is currently a member of the European Advisory Board of CVC Capital Partners, a member of the board of directors of the listed company Proximus NV and the president of the Brussels School of Governance at the VUB (Free University Brussel), a leading learning and research institute. Karel De Gucht is a member of the Board of Directors of nv EnergyVision, a non-listed company active in renewables. In the course of 2021, Mr. De Gucht has been nominated Chairman of the Board of YOUSTON NV, a non-listed Belgian company specialized in archiving, digitalization and processing. Mr. De Gucht holds a Master of Law degree from the VUB and is a Belgian citizen. |
Etienne
Schneider Non-executive and independent Director |
52 years old Nationality: Luxembourgish Date of first election: June 2020 Term start date: May 2023 Term end date: May 2026 | Expertise and experience Etienne Schneider
is a non-executive and independent Director and a member of the Audit & Risk Committee. Etienne Schneider joined the government of Luxembourg in 2012 as Minister of the Economy and Foreign Trade before being appointed Deputy Prime Minister, Minister of the Economy, Minister of Internal Security and Minister of Defense in 2013. In 2018, Mr. Schneider became Deputy Prime Minister, Minister of the Economy and Minister of Health and in February 2020 retired from politics. He has previously filled several positions as a senior civil servant, such as a research assistant at the European Parliament in Brussels, economist for the LSAP parliamentary group in the Chamber of Deputies and project leader with NATO in Brussels. He also served as a government advisor responsible for various Directorates. Mr. Schneider became a member of the executive board of several companies, such as the Société électrique de l’Our (SEO), Enovos International SA, Enovos Deutschland AG and the
National Credit and Investment Company (SNCI). Upon being appointed minister in 2012, he resigned from all of these positions. In 2021, Mr. Schneider became president of the board of LuxTP, a Luxembourgish affilate of the Belgian construction company Besix Group in which he holds a position as independent board member since 2020. In 2022, Mr. Schneider became a board member of the non-listed Luxemburgish company Mikro Kapital where he has served as member of the supervisory board since January 2022. Mr. Schneider holds a degree from the Institut Catholique des Hautes Etudes Commerciales (ICHEC) in Brussels and from Greenwich University in London in commercial and financial sciences. Mr. Schneider is a citizen of Luxembourg. |
Management report |
Clarissa Lins Non-executive and independent Director |
56 years old Nationality: Brazilian Date
of first election: June 2021 Term start date: June 2021 Term end date: May 2024 | Expertise and experience Clarissa Lins is a non-executive and independent Director of ArcelorMittal as well as the Chairwoman of the Sustainability Committee. Mrs. Lins is a senior executive with consolidated experience in strategy, sustainability, and corporate governance. With a distinguished education background in economy, she worked on relevant projects in the public sector at the beginning of her career - she was part of Brazil’s Ministry of Finance team that produced the economic stabilization program known as the Real Plan in 1994, under President
Cardoso. She also served as an Advisor to the President of Brazil’s BNDES Development Bank, participating in the structuring of the country’s large-scale privatization projects from 1995 to 1999. She was head of Corporate Strategy at Petrobras from 1999 to 2002, when the state-owned oil and gas company shifted its strategy and improved its corporate governance practices while doing an IPO at the NYSE. Mrs. Lins moved her focus more specifically towards Sustainability in 2004, when she joined the FBDS Fundação Brasileira para o Desenvolvimento Sustentável (Brazilian Foundation for Sustainable Development). In 2013, she founded the consultancy Catavento, advising corporations in the areas of strategy and sustainability. Mrs. Lins was the President of the Brazilian Institute of Petroleum and Gas (IBP) from November 2019 till March 2021, after serving as Executive Director for more than 3 years. She serves on Boards and Committees of leading companies operating in Brazil
- including Suzano's Sustainability Committee (the world’s largest producer of market pulp), the Board of Directors of Votorantim Cimentos and Vibra Energia (listed at the Brazilian stock exchange). Other companies in which she has held relevant Board Committee positions include Shell, Vale and Petrobras. Mrs. Lins is a citizen of Brazil. |
Patricia Barbizet Non-executive and
independent Director |
68 years old Nationality: French Date of first election: May 2023 Term start date: May 2023 Term end date: May 2026 | Expertise and experience Mrs. Patricia Barbizet is a non-executive and independent Director and a
member of the Audit & Risk Committee. Mrs. Barbizet is Chief Executive Officer of Temaris & Associés, lead independent director of Pernod Ricard (listed company). In addition, she is chairwoman of AFEP (Association française des entreprises privées) and a member of the Board of Directors of CMA CGM. She started her career as International Treasurer in Renault Véhicules Industriels, and then as Chief Financial Officer of Renault Crédit International. In 1989, Mrs. Barbizet joined the Groupe Pinault as Chief Financial Officer. She was Chief Executive Officer of Artémis, the investment company of the Pinault family, from 1992 to 2018. Mrs. Barbizet was Chief Executive Officer and chairwoman of Christie’s International from 2014 to 2016, served as a qualified independent member on the Boards of PSA Peugeot-Citroen, Air France-KLM, Groupe Bouygues, FNAC-DARTY, AXA, Total, as well as chairwoman of the Investment Committee of the “Fond Stratégique d’Investissement”
from 2008 until 2013, and chairwoman of the "Comité de surveillance des investissements d'avenir" of the Secrétariat Général pour l'Investissement (SGPI) until 2023. Mrs. Barbizet graduated from the École Supérieure de Commerce de Paris (ESCP Business School). Mrs. Barbizet is a citizen of France. |
Management report |
Name | Age | Position | ||||||||||||
Lakshmi
N. Mittal1 | 73 | Executive Chairman of ArcelorMittal | ||||||||||||
Aditya Mittal1 | 47 | Chief Executive Officer of ArcelorMittal | ||||||||||||
Genuino Christino1 | 52 | Chief Financial Officer of ArcelorMittal | ||||||||||||
Stefan
Buys1 | 52 | Executive Vice President, CEO ArcelorMittal Mining | ||||||||||||
Jefferson de Paula1 | 65 | Executive Vice President, CEO ArcelorMittal South America Long | ||||||||||||
Geert Van Poelvoorde1 | 58 | Executive Vice President, CEO ArcelorMittal Europe | ||||||||||||
John Brett1 | 58 | Executive Vice President, CEO ArcelorMittal North America | ||||||||||||
Bradley Davey1 | 59 | Executive Vice President and Head of Corporate Business Optimization | ||||||||||||
Vijay Goyal1 | 52 | Executive Vice President, CEO CIS | ||||||||||||
Dilip Oommen1 | 65 | Executive Vice President, CEO AMNS India | ||||||||||||
Stephanie Werner-Dietz1 | 51 | Executive Vice President, Head of HR |
Genuino M. Christino Member of the Group management committee, Chief Financial Officer. |
52
years old Nationality: Brazilian | Expertise and experience Genuino M. Christino is the Chief Financial Officer and Executive Vice President of ArcelorMittal since February 2021. He is a member of the Group management committee since 2016. Prior to Mr. Christino’s appointment as Chief Financial Officer, he was the Group Head of Finance since 2016. As Chief Financial Officer, Mr. Christino is responsible for all of the Company’s financial functions, including treasury, corporate finance, accounting, performance management, insurance and investor relations. In addition, Mr. Christino oversees Group's Merger & Acquisitions, Legal and
IT activities and is a member of the Company’s Investment Allocation Committee. Mr. Christino also heads the Company’s Corporate Finance and Tax Committee where all key financial transactions of the Group are reviewed and approved. Prior to joining the ArcelorMittal in 2003, Mr. Christino had spent ten years at KPMG in Brazil and in the United Kingdom, as an auditor and a consultant. Mr. Christino holds a bachelor’s degree in accounting and business administration from the Universidade Paulista in São Paolo, Brazil and has also completed an Executive MBA Program from the Dom Cabral Foundation in Belo Horizonte, Brazil. Mr. Christino is a citizen of Brazil. |
Management report |
Stefan Buys Member of the Group management committee, CEO of ArcelorMittal Mining. |
52
years old Nationality: Australia and South Africa | Expertise and experience Stefan Buys is a member of the Group management committee and the CEO of ArcelorMittal Mining. He joined the group on October 1, 2021. He has more than 28 years’ experience in the mining and minerals industry, starting his career in 1994 at Iscor Vanderbijlpark in South Africa. He joined Xstrata in 1995 and led various operational units, with his last role being Chief Operating Officer of Xstrata Copper North Chile. In 2010, he joined BHP as Asset President Olympic Dam and later served as Project Director Organization Design. In 2018, he joined RioTinto as Managing Director Pilbara Mines, leading
the iron ore mining operations in the Pilbara. He holds a bachelor’s degree in metallurgical engineering from the University of Pretoria, a post graduate diploma in management from the University of South Africa and a post graduate diploma in teaching from the University of Western Australia. Mr. Buys holds dual citizenship in Australia and South Africa. |
Jefferson de Paula Member
of the Group management committee, President of ArcelorMittal Brasil, CEO of ArcelorMittal Long LATAM and Mining Brazil. |
65 years old Nationality: Brazilian | Expertise and experience Jefferson de Paula is a member of the Group management committee, President of ArcelorMittal Brazil, CEO of ArcelorMittal Long LATAM and Mining Brazil. Counting over 36 years of work in the
steel industry, Mr. De Paula has been with the Group since 1991, occupying several executive positions in Brazil, Argentina, Americas and Europe. He is Vice President of the Federation of Industries of the State of Minas Gerais (FIEMG), Chairman of Brazil Steel Institute (IABr), a member of the Board of Directors of the Latin American Steel Association (ALACERO). Mr. De Paula is graduated in metallurgical engineering from Universidade Federal Fluminense (Brazil) and has attended to senior executive courses from Insead (France) and from Kellogg - Northwestern University (USA). Mr. de Paula is a citizen of Brazil. |
Management report |
Geert Van Poelvoorde Member of the Group management committee. CEO ArcelorMittal Europe |
58 years
old Nationality: Belgian | Expertise and experience Geert Van Poelvoorde is a member of the Group management committee. He started his career in 1989 as a project engineer at the Sidmar Ghent hot strip mill, where he held several senior positions in the automation and process computer department. He moved to Stahlwerke Bremen in 1995 as senior project manager. Between 1998 and 2002, he headed a number of departments, and in 2003 he was appointed director of Stahlwerke Bremen, responsible for operations and engineering. In 2005, Mr. Van Poelvoorde returned to ArcelorMittal Ghent to take up the position of Chief Operating Officer. In 2008, he became CEO of ArcelorMittal Ghent with direct responsibility for primary operations.
He was appointed CEO of the Business Division North within Flat Carbon Europe in 2009. In January 2014, he was appointed CEO of Flat Carbon Europe and Purchasing and in February 2021, he became CEO of ArcelorMittal Europe. Since November 2015, he is a member of the executive committee of Eurofer (as president between 2015 and the end of 2022), the European steel federation and is serving on several boards. He graduated from the University of Ghent with a degree in civil engineering and electronics. Mr. Van Poelvoorde is a citizen of Belgium. |
John
Brett Member of the Group management committee, Chief Executive Officer of ArcelorMittal North America. |
58 years old Nationality: USA | Expertise and experience John Brett, is a member of the Group management committee, an Executive Vice-President and the Chief Executive Officer of ArcelorMittal North America. He joined the group at former
Inland Steel in 1988 as an associate accountant, and progressed to become a manager specializing in financial analysis and systems in 1997. In 1998, Mr. Brett took on the role of controller for Ispat Inland Steel and in 2005, he was promoted to vice president, finance and planning and controller for Mittal Steel USA. In 2012, Mr. Brett was appointed executive vice president finance, planning and procurement for ArcelorMittal USA. Prior to becoming CEO of ArcelorMittal North America in January 2021, Mr. Brett was CEO of ArcelorMittal USA. Mr. Brett holds an MBA from the University of Chicago and is a graduate in economics from DePauw University. Mr. Brett is a citizen of the United States of America. |
Management report |
Bradley Davey Member of the Group management committee, Head of Corporate Business Optimization. |
59
years old Nationality: Canadian | Expertise and experience Bradley Davey is a member of the Group management committee, Executive Vice President and Head of Corporate Business Optimization. He joined Dofasco in 1986 as a project engineer in the central maintenance department, joined assigned maintenance in 1989, and then the hot strip mill ("HSM") in 1990. He held various positions in the HSM before becoming a Business Unit Manager in 1996. He gained international manufacturing experience through this role by leading two separate multi-year technical exchanges and through leading Dofasco’s HSM modernization project. In 2002, he changed careers to marketing as a Manager Strategic Marketing, led Dofasco’s Marketing
process redesign project before becoming General Manager of Marketing in 2005, then to Director of Industry Sales in 2007, and then Vice President Commercial in 2008. In 2014, he added CMO North America Automotive, then became CMO North America Flat Rolled later in 2014. In 2016, he became CMO of Global Automotive along with CMO North America. In 2018, Mr. Davey became CEO of ArcelorMittal North America and held this position until his nomination to Head of Corporate Business Optimization early April 2021. Currently based in Canada, Mr. Davey has responsibility for Global Automotive, R&D, CTO, Corporate Health and Safety, Commercial Coordination, Corporate Capital Goods Procurement, Corporate Communications and Corporate Responsibility, Automotive, JV’s in China and India, Tailored Blanks Americas, and is Vice Chairman of the Investment Allocation Committee. Mr. Davey holds a mechanical engineering degree from McMaster University, Canada. Mr. Davey is a citizen of
Canada. |
Vijay Goyal Member of the Group management committee, Chief Executive Officer of ArcelorMittal CIS. |
52
years old Nationality: Indian | Expertise and experience Vijay Goyal is a member of the Group management committee and the Chief Executive Officer of ArcelorMittal CIS (ArcelorMittal Kryvyi Rih, Ukraine and recently divested ArcelorMittal Temirtau, Kazakhstan). The joint venture ArcelorMittal Tubular Products Jubail is also part of his scope. After having started his career as an internal auditor at ITC Ltd in India, he joined Mittal Steel in 1999 and held various positions in the finance function. In 2007, he was nominated as CFO and Head of Strategy for Long Carbon Europe, followed by his appointment as CFO and Head of central supply chain of Flat Carbon Europe in 2008. From 2014 to 2016, he was CFO of ArcelorMittal
Europe, additionally in charge of legal, IT and the Shared Service Center Europe before being appointed CEO of ArcelorMittal Downstream Solutions and member of the Group Management Committee in October 2016. During 2019, he focused on the leadership of strategic projects for ArcelorMittal, primarily with respect to the acquisition of ESIL with the Company's joint venture partner NSC to create AMNS India, prior to his appointment as CEO of ArcelorMittal CIS from January 2020 onwards. Mr. Goyal is a graduate from St. Xavier’s College, Calcutta. He is a chartered accountant and cost and works accountant from the respective institutes in India. In 2021, he was recognized with the “Global Achiever” award by The Institute of Chartered Accountants of India. He has also completed executive education programs at Wharton Business School. Mr. Goyal is a citizen of India. |
Management report |
Dilip Oommen Member of the Group management committee, Chief Executive Officer of AMNS India. |
65
years old Nationality: Indian | Expertise and experience Dilip Oommen is a member of the Group management committee. He was appointed CEO of AMNS India in December 2019 after the acquisition of ESIL. He has more than 40 years of experience in the steel industry. Mr. Oommen joined ESIL in 2003 as chief operating officer, before moving to senior leadership positions within the company. He was appointed Managing director and Chief Executive Officer of ESIL in 2019. Prior to joining ESIL, Mr. Oommen had worked in various leadership roles in Hadeed (SABIC), both in Long and Flat Product divisions. In 2020, Mr. Oommen was elected President
of the Indian Steel Association, the industry body that represents major public and private sector steel companies in India. He has also served in the past as Co-Chair of the Federation of Indian Chambers of Commerce & Industry’s ("FICCI") Steel Committee, one of several industry leadership roles he has taken on during his career. He is also a member of the Advisory Committee of the Steel Ministry of India. Mr. Oommen is a metallurgical engineer from the Indian Institute of Technology, Kharagpur. He has attended several management and technical programs across the globe. Mr. Oommen is a citizen of India. |
Stephanie
Werner-Dietz Member of the Group management committee. Head of HR |
51 years old Nationality: German | Expertise and experience Stephanie Werner-Dietz is a member of the Group management committee. She was appointed head of human resources on September 1, 2022. She joined ArcelorMittal with a long ranging HR experience of almost
25 years at Nokia, which she joined in 1998. Throughout her career, Mrs. Werner-Dietz has held different HR leadership positions in various countries. She held multiple HR business partner and expert roles across the company, and she was chief people officer of Nokia, based in Finland from January 2020 until her arrival at ArcelorMittal. Mrs. Werner-Dietz is a graduate in applied business languages (Chinese) and international business studies from the University of Applied Sciences of Bremen, Germany. Mrs. Werner-Dietz is a citizen of Germany. |
Management report |
Content | |||||
Annual statement from the Chairman of ARCG Committee | |||||
Board of Directors | |||||
Remuneration at a glance - senior management | Overview of the Company's remuneration policy and rationale of each performance metric | ||||
Remuneration at a glance - 2023 pay outcomes | Comparison of pay outcomes 2023 vs. 2022 vs. 2021 vs. 2020 vs. 2019 Explanation of results for 2022 short-term incentives paid in 2023 | ||||
Remuneration | |||||
Remuneration strategy | Explanation of what informs the ARCG's decision on pay | ||||
Remuneration policy | Explanation of policies applied to senior management | ||||
Remuneration mix | Overview of the remuneration mix for senior management | ||||
2023 Total remuneration | Overview of 2023 outcomes | ||||
Short-term incentives | Description of short-term incentives plan ("STI") | ||||
ArcelorMittal Equity Incentive Plan | Description of long-term incentive plan ("LTIP" or "LTI"s) | ||||
Other benefits | Description of other benefits | ||||
Clawback | |||||
Abbreviations | |||||
EBITDA | Operating income plus depreciation, impairment expenses and exceptional items | ||||
FCF | Free cash flow | ||||
STI | Short-term incentives | ||||
LTI/LTIP | Long-term incentives (plans) | ||||
EPS | Earnings per share | ||||
ESG | Environment, social and governance | ||||
PSU | Performance share units | ||||
RSU | Restricted share units | ||||
ROCE | Return on capital employed | ||||
TSR | Total shareholder return |
Management report |
Management report |
Management report |
Year ended December 31, | ||||||||||||||||||||
(Amounts in $ thousands except Long-term incentives information) | 2023 | 2022 | 2021 | 2020 | 2019 | |||||||||||||||
Base salary1 | 3,214 | 3,199 | 3,483 | 2,635 | 1,569 | |||||||||||||||
Director fees | 1,658 | 1,676 | 1,784 | 1,706 | 1,554 | |||||||||||||||
Short-term performance-related bonus1 | — | 6,388 | 5,133 | 935 | 3,198 | |||||||||||||||
Long-term
incentives 1, 2 | 141,973 | 141,564 | 109,143 | 148,422 | 89,933 |
(Amounts in $ thousands) | 20231 | 20221 | 20211 | 20201 | 20191 | |||||||||||||||
Lakshmi N. Mittal | 1,536 | 1,529 | 1,700 | 1,374 | 1,569 | |||||||||||||||
Aditya Mittal | 1,678 | 1,670 | 1,783 | 1,261 | — | |||||||||||||||
Vanisha Mittal Bhatia | 175 | 169 | 176 | 186 | 171 | |||||||||||||||
Suzanne P. Nimocks | — | 76 | 189 | 200 | 183 | |||||||||||||||
Bruno Lafont | 96 | 277 | 302 | 306 | 280 | |||||||||||||||
Tye Burt | 201 | 194 | 194 | 200 | 183 | |||||||||||||||
Karyn Ovelmen | 269 | 201 | 221 | 223 | 204 | |||||||||||||||
Jeannot Krecké | — | — | — | 78 | 171 | |||||||||||||||
Michel Wurth | 188 | 181 | 181 | 186 | 171 | |||||||||||||||
Karel de Gucht | 196 | 189 | 208 | 209 | 191 | |||||||||||||||
Etienne Schneider | 196 | 189 | 197 | 118 | — | |||||||||||||||
Clarissa Lins | 207 | 200 | 116 | — | — | |||||||||||||||
Patricia Barbizet | 130 | — | — | — | — | |||||||||||||||
Total | 4,872 | 4,875 | 5,267 | 4,341 | 3,123 |
Management report |
(Amounts in $ thousands) | 2023 | 20221 | 20211 | 20201 | 20191 | ||||||||||||
Average Remuneration | 502 | 446 | 446 | 412 | 389 |
Short-term Incentives | ||||||||||||||||||||
2023 | 2022 | 2021 | 2020 | 2019 | ||||||||||||||||
Lakshmi N. Mittal | — | 3,053 | 2,908 | — | 3,198 | |||||||||||||||
Aditya Mittal | — | 3,335 | 2,226 | 935 | — |
PSUs granted in 2023 | PSUs granted in 2022 | PSUs granted in 2021 | PSUs granted in 2020 | PSUs granted in 2019 | |||||||||||||
Lakshmi N. Mittal | 67,857 | 67,662 | 52,166 | 77,372 | 89,933 | ||||||||||||
Aditya Mittal | 74,116 | 73,902 | 56,977 | 71,050 | — | ||||||||||||
Term (in years) | 3 | 3 | 3 | 3 | 3 | ||||||||||||
Vesting date1 | January 1, 2026 | January 1, 2025 | January 1, 2024 | January 1, 2023 |
Management report |
ArcelorMittal's Remuneration Policy | ||||||||||||||
Remuneration | Period | Strategy | Characteristic | |||||||||||
Salary | 2023 | Recruitment and retention | l | Reviewed annually by the ARCG Committee considering market data | ||||||||||
l | Increases based on the Company performance and individual performance | |||||||||||||
STI | 2023 | Delivery of strategic priorities and financial success | l | Maximum STI award of 270% of base salary for the Executive Chairman, and the CEO and in general 157.5% of base salary for other Executive
Officers | ||||||||||
l | 100% STI paid in cash | |||||||||||||
l | ArcelorMittal's first priority Health and Safety is part of the STI | |||||||||||||
l | Overperformance towards competition | |||||||||||||
LTIP | 2024-2026 | Encourages long term shareholder return | l | Performance share units granted with a face value of 120%
of base salary for the Executive Chairman and CEO Performance share units / Restricted share units granted with a face value of 100%-120% of base salary as a guideline for other Executive Officers depending on the region | ||||||||||
l | Shares vest after a three-year performance period for Performance share units and after a three-year period for Restricted share units | |||||||||||||
l | Performance related vesting and/or employment related vesting |
Key
Performance Metrics from 2023 | |||||||||||
Metrics | Scheme | Rationale | |||||||||
EBITDA | STI | l | Demonstrates growth and operational performance of the underlying businesses | ||||||||
FCF | STI | ||||||||||
Gap to competition | STI / LTIP | l | Outperform peers | ||||||||
Health & Safety | STI / LTIP | l | Employee health and safety is a core value for the Company | ||||||||
ESG | LTIP | l | Improve health & safety outcome, achieve decarbonization and diversity & inclusion targets | ||||||||
EPS | LTIP | l | Links reward to delivery of underlying equity returns to shareholders | ||||||||
TSR | LTIP | l | Creates a direct link between executive pay and shareholder value | ||||||||
l | Comparison with a peer group of companies |
Management report |
Management report |
Business Units | Executive | Realization as % of business target | ||||||
Executive Office | Lakshmi N. Mittal Aditya Mittal | Executive office renounced their short-term incentive | ||||||
Mining* | Stefan Buys | 75% | ||||||
NAFTA | John Brett | 107% | ||||||
Corporate* | Genuino Christino | 114% | ||||||
Corporate* | Bradley Davey | 114% | ||||||
Corporate* | Stephanie Werner-Dietz | 114% | ||||||
CIS* | Vijay Goyal | 96% | ||||||
AMNS India* | Dilip Oommen | 95% | ||||||
Flat Carbon Europe | Geert van Poelvoorde | 124% | ||||||
Long Carbon South America | Jefferson de Paula | 150% |
Vehicle | Date of vesting | Date of grant | Number of PSUs granted to Executive office and outstanding | Number of shares acquired by Executive office | ||||||||||
PSUs | January 1, 2023 | December 16, 2019 | 172,517 | 160,699 |
Vehicle | Date of vesting | Date of grant | Number of PSUs and RSUs granted to CFO and other Executive officers and outstanding | Number of shares acquired by CFO and other Executive officers | ||||||||||
PSUs | Performance approved by the ARCG Committee on March 16, 2023 | December 16, 2019 | 77,800 | 77,800 | ||||||||||
RSU | May 7, 2023 | May 7, 2021 | 22,500 | 22,500 | ||||||||||
RSU | December 14, 2023 | December 14, 2020 | 44,200 | 44,200 |
Management report |
Management report |
Remuneration component and link to strategy | Operational and performance framework | Opportunity | ||||||
Fixed annual salary Competitive base salary to attract and retain high-quality and experienced senior executives | * Base salary levels are reviewed annually with effect from April 1 (except promotion) compared to the market to ensure that ArcelorMittal remains competitive with market median base pay levels * Reviews are based on market information obtained but not led by benchmarking to comparable roles, changes in responsibility and general economic conditions | The ARCG does not set a maximum salary, instead when determining any salary increases it takes into account a number of reference points including salary increases across the Company | ||||||
Benefits Competitive level to ensure coverage of the executives | *
May include costs of health insurance, death and disability insurances, company car, tax return preparation, etc. * Relocation benefits may be provided where a change of location is made at Company’s request | The cost to the Company of providing benefits can change from year to year. The level of benefit provided is intended to remain competitive | ||||||
Pension Competitive level of post-employment benefit to attract and retain executives | * Local benchmark of pension contributions for comparable roles | |||||||
Short term incentives (STI) Motivate the senior executives to achieve stretch performance on strategic priorities | * Scorecard is set at the commencement of each financial year * Measures and relative weights are chosen by the ARCG Committee to drive overall performance for the coming year * STI calculations for each executive reflect the performance of ArcelorMittal and /or the performance of the relevant business units, the achievement of specific objectives of the department and the individual executive’s overall performance * No STI is paid for a performance below threshold 80% for each criteria; 100% STI payout for performance achieved at 100% for each criteria; 150% STI payout for performance achieved at 120% or above for each criteria | Range for Executive Chairman and CEO: 0 to 270% with a target at 120% of base salary Range
for CFO and Executive Officers: 0 to 157.5% with a target at 70% of base salary in general | ||||||
LTIP Sustain shareholder wealth creation in excess of performance of a peer group and incentivize executives to achieve strategy | Executive Office LTIP * The vesting is subject to a relative TSR (Total Shareholder Return) and to a relative EPS compared to a peer group and to ESG targets over a three year- period *The peer group is determined by the ARCG Committee * No vesting will occur below the weighted average of the peer group or the target for ESG * Performance is determined by the ARCG Committee CFO
and Executive Officers LTIP *The vesting is subject to two or three measures depending on the business units or group, Gap to competition, TSR vs. weighted average of the peer group and ESG *Vesting will occur if the performance is reached *Performance is determined by the ARCG Committee | Maximum value at grant: 120% of base salary for Executive Chairman and CEO Guideline: 100%-120% of base salary for CFO and Executive Officers depending on region |
Management report |
Management report |
Management report |
Executive
Chairman7 | CEO6 | Chief Financial Officer and Executive Officers 5 | |||||||||||||||||||||||||||||||||||||||||||||
(Amounts in $ thousands except for Long-term incentives) | 2023 | 2022 | 2021 | 2020 | 2019 | 2023 | 2022 | 2021 | 2020 | 2023 | 2022 | 20218 | 2020 | 2019 | |||||||||||||||||||||||||||||||||
Base
salary1 | 1,536 | 1,529 | 1,700 | 1,374 | 1,569 | 1,678 | 1,670 | 1,783 | 1,261 | 6,395 | 5,790 | 5,056 | 2,970 | 4,643 | |||||||||||||||||||||||||||||||||
Retirement benefits | — | — | — | — | — | 168 | 167 | 178 | 146 | 1,041 | 1,066 | 1,348 | 555 | 698 | |||||||||||||||||||||||||||||||||
Other
benefits2 | 80 | 72 | 66 | 45 | 47 | 44 | 39 | 38 | 33 | 674 | 599 | 237 | 144 | 223 | |||||||||||||||||||||||||||||||||
Short-term
incentives3 | — | 3,053 | 2,908 | — | 3,198 | — | 3,335 | 2,226 | 935 | 8,773 | 9,370 | 7,158 | 2,169 | 6,015 | |||||||||||||||||||||||||||||||||
Long-term incentives | - fair value in $ thousands4 | 1,391 | 1,520 | 1,419 | 1,407 | 1,339 | 1,519 | 1,661 | 1,550 | 1,292 | 6,544 | 3,838 | 4,396 | 1,834 | 3,096 | ||||||||||||||||||||||||||||||||
- number of share units | 67,857 | 67,662 | 52,166 | 77,372 | 89,933 | 74,116 | 73,902 | 56,977 | 71,050 | 287,900 | 155,400 | 146,600 | 90,069 | 183,084 |
Management report |
Functional level | Target achievement threshold @ 80% | Target achievement @ 100% | Target achievement ≥ ceiling @ 120% | |||||||||||||||||
Executive Chairman and CEO | 60% of base pay | 120% of base pay | 180% of base pay | |||||||||||||||||
CFO and Executive Officers | 35% of base pay | 70% of base pay | 105% of base pay |
Management report |
Executive Office | Executive Officers | ||||||||||||||||||||||||||||||||||
2023 Grant | l | PSUs with a three year performance period | l | PSUs with a three year performance period | |||||||||||||||||||||||||||||||
l | Value at grant 120% of base salary for the Executive Chairman and the CEO | ||||||||||||||||||||||||||||||||||
l | Vesting conditions: | l | Vesting conditions | ||||||||||||||||||||||||||||||||
Target | Stretch | Threshold | Target | Stretch | |||||||||||||||||||||||||||||||
TSR vs. peer group (50%) / EPS vs. peer group (20%) | 100% vs. weighted average | ≥120% vs. weighted average | TSR vs. peer group (40%) | - | 100% weighted average | ≥120% weighted average | |||||||||||||||||||||||||||||
Vesting percentage | 100% | 150% | Vesting percentage | - | 100% | 150% | |||||||||||||||||||||||||||||
ROCE (40%) | 2/3 of target | 100% of target | 4/3 of target | ||||||||||||||||||||||||||||||||
ESG (30%): H&S 10%, Climate action 10% and D&I: 10% | 100% of target | 120% of target | Vesting percentage | 50% | 100% | 150% | |||||||||||||||||||||||||||||
Vesting percentage | 100% | 150% | ESG (20%): H&S 10%, Climate action 5% and D&I 5% | - | 100% of target | 120% of target | |||||||||||||||||||||||||||||
Vesting percentage | - | 100% | 150% | ||||||||||||||||||||||||||||||||
l | RSUs with a three year vesting period |
Executive Office | Executive Officers | |||||||||||||||||||||||||||||||
2020 Grant | l | PSUs with a three year performance period | l | PSUs with a three year performance period | ||||||||||||||||||||||||||||
l | Value at grant 100% of base salary for the Executive Chairman and the CEO | |||||||||||||||||||||||||||||||
l | Vesting conditions: | l | Vesting conditions | |||||||||||||||||||||||||||||
Threshold | Target | Threshold | Target | |||||||||||||||||||||||||||||
TSR/EPS vs. peer group | 100% median | ≥120% median | TSR/EPS vs. peer group | 100% median | ≥120% median | |||||||||||||||||||||||||||
Vesting percentage | 50% | 100% | ||||||||||||||||||||||||||||||
Gap to competition (where applicable) | 100% target 100% vesting | |||||||||||||||||||||||||||||||
TSR vs. S&P 500 | Performance equal to Index | ≥Performance equal to Index + 2% p.a. outperformance | Vesting percentage | 0% | 100% | |||||||||||||||||||||||||||
Vesting percentage | 50% | 100% | l | |||||||||||||||||||||||||||||
Management report |
Executive Office | Executive Officers | |||||||||||||||||||||||||||||||
2021 Grant | l | PSUs with a three year performance period | l | PSUs with a three year performance period | ||||||||||||||||||||||||||||
l | Value at grant 100% of base salary for the Executive Chairman and the CEO | |||||||||||||||||||||||||||||||
l | Vesting conditions: | l | Vesting
conditions: | |||||||||||||||||||||||||||||
Threshold | Target | Target | Stretch | |||||||||||||||||||||||||||||
TSR vs. peer group (50%) / EPS vs. peer group (20%) | 100% median | ≥120% median | TSR vs. peer group (40%) | 100% weighted average | ≥120% weighted average | |||||||||||||||||||||||||||
Vesting percentage | 50% | 100% | Vesting percentage | 100% | 150% | |||||||||||||||||||||||||||
Gap to competition (40%) | 100% of target | 120% of target | ||||||||||||||||||||||||||||||
ESG (30%) | 100% of target | Vesting percentage | 100% | 150% | ||||||||||||||||||||||||||||
ESG (20%) | 100% of target | 120% of target | ||||||||||||||||||||||||||||||
100% | 150% | |||||||||||||||||||||||||||||||
Vesting percentage | 100% | l | RSUs with a three year vesting period | |||||||||||||||||||||||||||||
Executive Office | Executive Officers | |||||||||||||||||||||||||||||||
2022 Grant | l | PSUs with a three year performance period | l | PSUs with a three year performance period | ||||||||||||||||||||||||||||
l | Value at grant 120% of base salary for the Executive Chairman and the CEO | |||||||||||||||||||||||||||||||
l | Vesting conditions: | l | Vesting conditions | |||||||||||||||||||||||||||||
Target | Stretch | Target | Stretch | |||||||||||||||||||||||||||||
TSR vs. peer group (50%) / EPS vs. peer group (20%) | 100% vs. weighted average | ≥120% vs. weighted average | TSR vs. peer group (40%) | 100% weighted average | ≥120% weighted average | |||||||||||||||||||||||||||
Vesting percentage | 100% | 150% | Vesting percentage | 100% | 150% | |||||||||||||||||||||||||||
Gap to competition (40%) | 100% of target | 120% of target | ||||||||||||||||||||||||||||||
ESG (30%): H&S 10%, Climate action 10% and D&I: 10% | 100% of target | 120% of target | Vesting percentage | 100% | 150% | |||||||||||||||||||||||||||
Vesting percentage | 100% | 150% | ESG (20%): H&S 10%, Climate action 5% and D&I 5% | 100% of target | 120% of target | |||||||||||||||||||||||||||
Vesting percentage | 100% | 150% | ||||||||||||||||||||||||||||||
l | RSUs with a three year vesting period |
Management report |
As of December 31, | |||||||||||
Segment | 2023 | 2022 | 2021 | ||||||||
NAFTA | 14,418 | 14,270 | 13,410 | ||||||||
Brazil | 22,042 | 19,644 | 19,450 | ||||||||
Europe | 62,073 | 61,305 | 60,525 | ||||||||
ACIS1 | 21,450 | 52,725 | 58,438 | ||||||||
Mining | 4,473 | 4,626 | 4,426 | ||||||||
Other activities | 2,300 | 1,782 | 1,660 | ||||||||
Total | 126,756 | 154,352 | 157,909 |
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Required share ownership Lead Independent Director - minimum of 6,000 ordinary shares Non-executive directors - minimum of 4,000 ordinary shares | Maximum 12 year service (independent directors) | May not serve on the boards of directors of more than
four publicly listed companies (non-executive directors) |
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8 meetings (2023) | 100% Average attendance rate |
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4 members (100% independent) | 6 meetings (2023) |
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3 members (100%
independent) | 6 meetings (2023) |
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3 members (67% independent) | 6 meetings (2023) |
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ArcelorMittal Ordinary Shares | |||||||||||
Number | % | ||||||||||
Significant Shareholder1 | 340,014,215 | 39.87 | % | ||||||||
Treasury
Shares2 | 33,538,016 | 3.93 | % | ||||||||
Other Public Shareholders | 479,257,541 | 56.20 | % | ||||||||
Total | 852,809,772 | 100.00 | % | ||||||||
Of which: BlackRock inc.5 | 48,794,511 | 5.72 | % | ||||||||
Of
which: Directors and Senior Management3 | 430,925 | 0.05 | % | ||||||||
Significant Shareholder voting rights (outstanding shares) | 41.50 | % | |||||||||
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PSUs granted in 2023 | PSUs granted in 2022 | PSUs granted in 2021 | PSUs granted in 2020 | |||||||||||
Executive Office | 141,973 | 141,564 | 109,143 | 148,422 | ||||||||||
Term (in years) | 3 | 3 | 3 | 3 | ||||||||||
Vesting date1 | January 1, 2027 | January 1, 2026 | January 1, 2025 | January 1, 2024 |
Management report |
RSUs granted in December 2023 | PSUs granted in December 2023 | RSUs granted in December 2022 | PSUs granted in December 2022 | RSUs granted in December 2021 | PSUs granted in 2021 | |||||||||||||||
CFO and Other Executive Officers | 54,800 | 233,100 | 41,500 | 113,900 | 32,400 | 89,200 | ||||||||||||||
Term (in years) | 3 | 3 | 3 | 3 | 3 | 3 | ||||||||||||||
Vesting
date1 | December 8, 2026 | January 1, 2027 | December 13, 2025 | January 1, 2026 | December 16, 2024 | January 1, 2025 |
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Program1 | 2023 | Total Number of Shares Purchased | Average Price Paid Per Share | Total Number of Shares Purchased as Part of Publicly Announced Plan or Program | Maximum Number of Shares that may yet be purchased under the Plans or Programs (see above explanations) | ||||||||||||
2022 buyback program | January 1 - January 31 | — | — | — | 19,104,941 | ||||||||||||
2022 buyback program | February 1 - February 28 | 3,233,074 | $ | 29.70 | 3,233,074 | 15,871,867 | |||||||||||
2022 buyback program | March 1 - March 31 | 15,871,867 | $ | 28.89 | 15,871,867 | — | |||||||||||
None | April
1 - April 30 | — | — | — | — | ||||||||||||
2023 buyback program | May 1 - May 31 | 5,170,704 | $ | 26.25 | 5,170,704 | 79,829,296 | |||||||||||
2023 buyback program | June 1 - June 30 | 517,205 | $ | 25.34 | 517,205 | 79,312,091 | |||||||||||
2023 buyback program | July 1 - July 31 | — | — | — | 79,312,091 | ||||||||||||
2023 buyback program | August 1 - August 31 | 1,400,000 | $ | 27.10 | 1,400,000 | 77,912,091 | |||||||||||
2023 buyback program | September 1 - September 30 | — | — | — | 77,912,091 | ||||||||||||
2023 buyback program | October
1 - October 31 | — | — | — | 77,912,091 | ||||||||||||
2023 buyback program | November 1 - November 30 | 15,381,386 | $ | 23.98 | 15,381,386 | 62,530,705 | |||||||||||
2023 buyback program | December 1 - December 31 | 3,781,759 | $ | 25.59 | 3,781,759 | 58,748,946 |
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Name of Subsidiary | Abbreviation | Country | ||||||||||||
NAFTA | ||||||||||||||
ArcelorMittal Dofasco G.P. | ArcelorMittal Dofasco | Canada | ||||||||||||
ArcelorMittal México S.A. de C.V. | ArcelorMittal Mexico | Mexico | ||||||||||||
ArcelorMittal Long Products Canada G.P. | ArcelorMittal Long Products Canada | Canada | ||||||||||||
ArcelorMittal Texas HBI LLC | ArcelorMittal Texas HBI | United States of America | ||||||||||||
Brazil and neighboring countries ("Brazil") | ||||||||||||||
ArcelorMittal Brasil S.A. | ArcelorMittal Brasil | Brazil | ||||||||||||
Acindar Industria Argentina de Aceros S.A. | Acindar | Argentina | ||||||||||||
ArcelorMittal Pecém S.A.1 | ArcelorMittal Pecém | Brazil | ||||||||||||
Europe | ||||||||||||||
ArcelorMittal France S.A.S. | ArcelorMittal France | France | ||||||||||||
ArcelorMittal Belgium N.V. | ArcelorMittal Belgium | Belgium | ||||||||||||
ArcelorMittal España S.A. | ArcelorMittal España | Spain | ||||||||||||
ArcelorMittal Flat Carbon Europe S.A. | AMFCE | Luxembourg | ||||||||||||
ArcelorMittal Poland S.A. | ArcelorMittal Poland | Poland | ||||||||||||
ArcelorMittal Eisenhüttenstadt GmbH | ArcelorMittal Eisenhüttenstadt | Germany | ||||||||||||
ArcelorMittal Bremen GmbH | ArcelorMittal Bremen | Germany | ||||||||||||
ArcelorMittal Méditerranée S.A.S. | ArcelorMittal Méditerranée | France | ||||||||||||
ArcelorMittal Belval & Differdange S.A. | ArcelorMittal Belval & Differdange | Luxembourg | ||||||||||||
ArcelorMittal Hamburg GmbH | ArcelorMittal Hamburg | Germany | ||||||||||||
ArcelorMittal Duisburg GmbH | ArcelorMittal Duisburg | Germany | ||||||||||||
ArcelorMittal International Luxembourg S.A. | ArcelorMittal International Luxembourg | Luxembourg | ||||||||||||
Africa and Commonwealth of Independent States ("ACIS") | ||||||||||||||
ArcelorMittal South Africa Ltd. | ArcelorMittal South Africa | South Africa | ||||||||||||
JSC
ArcelorMittal Temirtau2 | ArcelorMittal Temirtau | Kazakhstan | ||||||||||||
PJSC ArcelorMittal Kryvyi Rih | ArcelorMittal Kryvyi Rih | Ukraine | ||||||||||||
Mining | ||||||||||||||
ArcelorMittal Mining Canada G.P. and ArcelorMittal Infrastructure Canada G.P. | ArcelorMittal Mines and Infrastructure Canada ("AMMC") | Canada | ||||||||||||
ArcelorMittal Liberia Ltd. | ArcelorMittal Liberia | Liberia | ||||||||||||
Management report |
ARS | Argentine Peso, the official currency of Argentina | INR | Indian rupee, the official currency of India | |||||||||||
Articles of Association | the amended and restated articles
of association of ArcelorMittal, dated April 28, 2023 filed as Exhibit 1.1 hereto | Iron pellets | agglomerated ultra-fine iron ore particles of a size and quality suitable for use in steel-making processes | |||||||||||
AUD$ or AUD | Australian dollars, the official currency of Australia | Kilometers | measures of distance are stated in kilometers, each of which equals approximately 0.62 miles, or 1000 in meters, each of which equals approximately 3.28 feet | |||||||||||
Brownfield project | the expansion of an existing operation | KZT | the Kazakhstani tenge, the official currency of Kazakhstan | |||||||||||
C$ or CAD | Canadian dollars, the official currency of Canada | Metallurgical coal | a broader term than coking coal that includes all coals used in steelmaking, such as coal used for the pulverized coal injection (“PCI”) process | |||||||||||
Executive Office | the Executive Chairman, Mr. Lakshmi N. Mittal and Chief Executive Officer, Mr. Aditya Mittal | PLN | Polish złoty, the official currency of Poland | |||||||||||
CIS | the countries of the Commonwealth of Independent States | Production capacity | the annual production capacity of plant and equipment based on existing technical parameters as estimated by management | |||||||||||
CNY | Chinese yuan, the official currency of China | Ps or MXN | the Mexican peso, the official currency of the United Mexican States | |||||||||||
Coking coal | coal that, by virtue of its coking properties, is used in the manufacture of coke, which is used in the steelmaking process | Real, reais or R$ | Brazilian reais, the official currency of Brazil | |||||||||||
Crude steel | the first solid steel product upon solidification of liquid steel, including ingots from conventional mills and semis (e.g., slab, billet and blooms) from continuous casters | ROM | run of mine - mined iron ore or coal to be fed to a preparation and/or concentration process | |||||||||||
Downstream | finishing operations: flat products - the process after the production of hot-rolled coil/plates, and long products - the process after the production of blooms/billets (including production of bars, wire rods, SBQ, etc.) | Sales | include shipping and handling fees and costs billed to a customer in a sales transaction | |||||||||||
DMTU or dmtu | dry metric tonne unit | SBQ | special bar quality steel, a high-quality long product | |||||||||||
DRI | direct reduced iron, a metallic iron formed by removing oxygen from iron ore without the formation of, or passage through, a smelting phase. DRI can be used as feedstock for steel production | Significant Shareholder | a trust (HSBC Trustee (C.I.) Limited, as trustee), of which Mr. Lakshmi N. Mittal, Mrs. Usha Mittal and their children are the beneficiaries | |||||||||||
Energy coal | coal used as a fuel source in electrical power generation, cement manufacture and various industrial applications. Energy coal may also be referred to as steam or thermal coal | UAH | Ukrainian hryvnia, the official currency of Ukraine | |||||||||||
Euro, euros, EUR or € | the official currency of the European Union (“EU”) member states participating in the European Monetary Union | US$, $, dollars, USD or U.S. dollar | United States dollar, the official currency of the United States | |||||||||||
Sinter | a metallic input used in the blast furnace steel-making process, which aggregates fines, binder and other materials into a coherent mass by heating without melting | Upstream | operations that precede downstream steel-making, coking coal, coke, sinter, DRI, blast furnace, basic oxygen furnace (“BOF”), electric arc furnace (“EAF”), casters & hot rolling/plate mill | |||||||||||
Spanish Stock Exchanges | the stock exchanges of Madrid, Barcelona, Bilbao and Valencia | Wet recoverable | a quantity of iron ore or coal recovered after the material from the mine has gone through a preparation and/or concentration process excluding drying | |||||||||||
Steel products | finished and semi-finished steel products, and exclude raw materials (including those described under “upstream” below), direct reduced iron (“DRI”), hot metal, coke, etc. | ZAR | South African rand, the official currency of the Republic of South Africa | |||||||||||
Tons, net tons or ST | short tons are used in measurements involving steel products as well as crude steel, iron ore, iron ore pellets, DRI, hot metal, coke, coal, pig iron and scrap (a short ton is equal to 907.2 kilograms or 2,000 pounds) | Metric Tonnes or MT | metric tonnes and are used in measurements involving steel products, as well as crude steel, iron ore, iron ore pellets, DRI, hot metal, coke, coal, pig iron and scrap (a metric tonne is equal to 1,000 kilograms or 2,204.62 pounds) |
Management report |
Executive Officers | those executives of the Company who are supporting the Executive Office and jointly with the Executive Office represent the senior management of the Company | Probable mineral reserve | is the economically mineable part of an indicated and, in some cases, a measured mineral resource. | |||||||||||
EAF | Electric arc furnaces are used to produce steel from scrap melted using electricity, in contrast to the cast iron sector (blast furnace – converter) where it is produced from iron ore. | Mineral resource | is a concentration or occurrence of material of economic interest in or on the Earth's crust in such form, grade or quality, and quantity that there are reasonable prospects for economic extraction. A mineral resource is a reasonable estimate of mineralization, taking into account relevant factors such as cut-off grade, likely mining dimensions, location or continuity, that, with the assumed and justifiable technical and economic conditions, is likely to, in whole or in part, become economically extractable. It is not merely an inventory of all mineralization drilled or sampled. | |||||||||||
GMB | the Group Management Board, the former senior management body which was replaced by the CEO Office subsequently renamed Executive Office. The Executive Office, supported by nine Executive Officers, makes up the Company’s senior management | Measured mineral resource | is that part of a mineral resource for which quantity and grade or quality are estimated on the basis of conclusive geological evidence and sampling. The level of geological certainty associated with a measured mineral resource is sufficient to allow a qualified person to apply modifying factors, in sufficient detail to support detailed mine planning and final evaluation of the economic viability of the deposit. Because a measured mineral resource has a higher level of confidence than the level of confidence of either an indicated mineral resource or an inferred mineral resource, a measured mineral resource may be converted to a proven mineral reserve or to a probable mineral reserve. | |||||||||||
Greenfield project | the development of a new project | Indicated mineral resource | is that part of a mineral resource for which quantity and grade or quality are estimated on the basis of adequate geological evidence and sampling. The level of geological certainty associated with an indicated mineral resource is sufficient to allow a qualified person to apply modifying factors in sufficient detail to support mine planning and evaluation of the economic viability of the deposit. Because an indicated mineral resource has a lower level of confidence than the level of confidence of a measured mineral resource, an indicated mineral resource may only be converted to a probable mineral reserve. | |||||||||||
Green steel | steel products subject to auditor verified certification of the CO2 savings achieved | Inferred mineral resource | is that part of a mineral resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling. The level of geological uncertainty associated with an inferred mineral resource is too high to apply relevant technical and economic factors likely to influence the prospects of economic extraction in a manner useful for evaluation of economic viability. Because an inferred mineral resource has the lowest level of geological confidence of all mineral resources, which prevents the application of the modifying factors in a manner useful for evaluation of economic viability, an inferred mineral resource may not be considered when assessing the economic viability of a mining project, and may not be converted to a mineral reserve. | |||||||||||
Mineral reserve | is an estimate of tonnage and grade or quality of indicated and measured mineral resources that, in the opinion of the qualified person, can be the basis of an economically viable project. More specifically, it is the economically mineable part of a measured or indicated mineral resource, which includes diluting materials and allowances for losses that may occur when the material is mined or extracted. | |||||||||||||
Proven mineral reserve | is the economically mineable part of a measured mineral resource and can only result from conversion of a measured mineral resource. |
Exhibit | Description | ||||
Number | |||||
1.1 | Amended and Restated Articles of Association of ArcelorMittal dated April 28, 2023 available at Exhibit
1.1 | ||||
2.1 | The total amount of long-term debt securities authorized under any instrument does not exceed 10% of the total assets of ArcelorMittal and its subsidiaries on a consolidated basis. ArcelorMittal hereby agrees to furnish to the SEC, upon its request, a copy of any instrument defining the rights of holders of long-term debt of ArcelorMittal or of its subsidiaries for which consolidated or unconsolidated financial statements are required to be filed. | ||||
2.2 | Description of ArcelorMittal securities registered pursuant to Section 12 of the Securities
Exchange Act of 1934 (filed as Exhibit 2.2) | ||||
4.1* | Shareholder’s agreement dated as of August 13, 1997 among Ispat International N.V., LNM Holdings S.L. (renamed Ispat International Investments S.L.) and Mr. Lakshmi N. Mittal (filed as Exhibit 4.3 to Mittal Steel Company N.V.’s annual report on Form 20-F for the year ended December 31, 2004 (File No. 001-14666), and incorporated by reference herein)
and available at: http://www.sec.gov/Archives/edgar/data/1041989/000095012305003893/y07225exv4w3.txt. | ||||
4.2* | Memorandum of Understanding dated June 25, 2006 among Arcelor, Mittal Steel Company N.V. and Mr. and Mrs. Lakshmi N. Mittal (filed as Exhibit 99.1 to Mittal Steel Company N.V.’s report on Form 6-K (File No. 001-14666) filed with the Commission on June 29, 2006, and incorporated by reference herein) and available at: http://www.sec.gov/Archives/edgar/data/1041989/000090342306000774/mittal6k-ex991_0629.htm. | ||||
4.3* | Restricted
Share Units and Performance Share Units Plan effective May 10, 2011 (filed as Exhibit 4.5 to ArcelorMittal’s annual report on Form 20-F filed on February 22, 2012 (File No. 333-146371), and incorporated by reference herein) and available at: http://www.sec.gov/Archives/edgar/data/1243429/000124342912000008/Exhibit4.5.htm. | ||||
4.4* | Supplemental Terms for 2018-2019 to the GMB PSU Plan effective May
9, 2018 (filed as Exhibit 4.13 to the annual report on Form 20-F filed on February 25, 2019) and available at http://www.sec.gov/Archives/edgar/data/1243429/000124342919000005/a2018exhibit413.htm. | ||||
4.5* | Supplemental Terms for 2018-2019 to the ArcelorMittal Equity Incentive Plan effective May 9, 2018 (filed as Exhibit 4.14 to the annual report on Form 20-F filed on February 25, 2019) and available at http://www.sec.gov/Archives/edgar/data/1243429/000124342919000005/a2018exhibit414.htm. | ||||
4.6* | Supplemental
Terms for 2019-2020 Group Management Board Performance Share Units Plan effective December 12, 2019 (filed as Exhibit 4.14 to the annual report on Form 20-F filed on March 3, 2020) and available at https://www.sec.gov/Archives/edgar/data/1243429/000124342920000004/a2019exhibit414.htm | ||||
4.7* | Supplemental Terms for 2019-2020 Performance Share Units effective December 12, 2019 (filed as Exhibit 4.15 to the annual report on Form 20-F filed on March
3, 2020) and available at https://www.sec.gov/Archives/edgar/data/1243429/000124342920000004/a2019exhibit415.htm. | ||||
4.8* | Supplemental Terms for 2020-2021 Group Management Board Performance Share Units Plan effective December 12, 2020 (filed as Exhibit 4.13 to the annual report on Form 20-F filed on March 8, 2021) and available at https://www.sec.gov/Archives/edgar/data/1243429/000124342921000004/a2020exhibit413.htm | ||||
4.9* | Supplemental
Terms for 2020-2021 Restricted Share Units and Performance Share Units effective December 12, 2020 (filed as Exhibit 4.14 to the annual report on Form 20-F filed on March 8, 2021) and available at https://www.sec.gov/Archives/edgar/data/1243429/000124342921000004/a2020exhibit414.htm | ||||
4.10* | Supplemental Terms for 2021-2022 Group Management Board Performance Share Units Plan effective June 8, 2021 (filed as Exhibit 4.13 to the annual report on Form 20-F filed on March 11, 2022) and available at
https://www.sec.gov/Archives/edgar/data/1243429/000124342922000009/a2021exhibit413.htm | ||||
4.11* | Supplemental Terms for 2021-2022 Restricted Share Units and Performance Share Units effective June 8, 2021 (filed as Exhibit 4.14 to the annual report on Form 20-F filed on March 11, 2022) and available at https://www.sec.gov/Archives/edgar/data/1243429/000124342922000009/a2021exhibit414.htm | ||||
4.12* | ArcelorMittal
Equity Incentive Plan effective June 8, 2021 (filed as Exhibit 4.15 to the annual report on Form 20-F filed on March 11, 2022) and available at https://www.sec.gov/Archives/edgar/data/1243429/000124342922000009/a2021exhibit415.htm | ||||
4.13* | Supplemental
Terms for 2022-2023 Group Management Board Performance Share Unit Plan effective May 04, 2022 (filed as Exhibit 4.13 to the annual report on Form 20-F filed on March 8, 2023) and available at https://www.sec.gov/Archives/edgar/data/1243429/000124342923000005/a2022exhibit413final.htm | ||||
4.14* | Supplemental Terms for 2022-2023 Restricted Share Units and Performance Share Units effective May 04, 2022 (filed as Exhibit 4.14 to the annual report on Form 20-F filed on March 8,
2023) and available at https://www.sec.gov/Archives/edgar/data/1243429/000124342923000005/a2022exhibit414.htm | ||||
4.15 | Supplemental Terms for 2023-2024 Restricted Share Units and Performance Share Units effective May 02, 2023 and filed as Exhibit 4.15 | ||||
8.1 | List of Significant Subsidiaries
available at Exhibit 8.1. | ||||
12.1 | Certifications of ArcelorMittal’s Chief Executive Officer and Chief Financial Officer pursuant to Rule 13a-14(a) under the Exchange Act and available at Exhibit 12.1. | ||||
13.1 | Certifications of ArcelorMittal’s Chief Executive Officer and Chief Financial Officer pursuant to Rule 13a-14(b) under the Exchange Act and Section 1350 of Chapter 63 of Title 18 of the United States Code and available
at Exhibit 13.1. |
15.1 | Consent of Ernst & Young S.A. available and at Exhibit 15.1. | ||||
15.2 | Consent
of Deloitte Audit S.à r.l. available and at Exhibit 15.2 | ||||
15.3 | Mining consents for ArcelorMittal Mining Canada G.P. and available at Exhibit 15.3 | ||||
15.4 | Mining consents for Baffinland and available at Exhibit
15.4 | ||||
15.5 | Mining consent for Bosnia and available at Exhibit 15.5 | ||||
15.6 | Mining consents for Brazil and available at Exhibit 15.6 | ||||
15.7 | Mining consent for India and available at Exhibit
15.7 | ||||
15.8 | Mining consent for Liberia and available at Exhibit 15.8 | ||||
15.9 | Mining consents for Mexico (excluding Peña Colorada) and available at Exhibit 15.9 | ||||
15.10 | Mining consent for Peña Colorada and available at Exhibit
15.10 | ||||
15.11 | Mining consent for South Africa and available at Exhibit 15.11 | ||||
15.12 | Mining consents for Ukraine iron ore operations and available at Exhibit 15.12 | ||||
97.1 | Compensation recovery policy and available at Exhibit
97.1 | ||||
101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | ||||
101.SCH | XBRL Taxonomy Extension Schema Document | ||||
101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document | ||||
101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document | ||||
101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document | ||||
101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document | ||||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document and contained in Exhibit 101) |
ARCELORMITTAL | ||
/s/ Henk Scheffer | ||
Henk Scheffer | ||
Company Secretary |
Description of the Matter | The goodwill, property, plant and equipment (“PP&E”) and intangible assets balances of the
Company as of December 31, 2023, were $3,908 million, $33,656 million and $1,194 million, respectively. As explained in Note 5.3 to the consolidated financial statements, the Company recorded an impairment of goodwill of $194 million and of PP&E of $732 million, respectively, in relation to the ArcelorMittal Temirtau cash-generating unit (“CGU”), representing the Company’s operations in Kazakhstan, which was subsequently sold on December 7, 2023. In addition, as explained in Note 5.3 to the consolidated financial statements, as a result of the annual impairment
assessment described below, the Company recorded an impairment of $112 million for PP&E, in relation to the Long Products CGU of ArcelorMittal South Africa. As explained in Note 5.3 to the consolidated financial statements, the Company’s evaluation of goodwill for impairment at the group of cash-generating units (“GCGU”) level, and PP&E as part of the relevant CGU, involves a comparison of the recoverable amount of each GCGU or CGU to the carrying amount. Except for the ArcelorMittal Temirtau CGU, discussed above, key assumptions that had a significant impact on the Company’s estimate of the recoverable amounts of GCGUs and CGUs, (“the
Relevant GCGUs and CGUs”), included future volumes of shipments, future selling prices, variable costs and discount rate. Changes in these assumptions could have a significant impact on the recoverable amount of a GCGU or CGU. There are significant judgments made by management to estimate these assumptions, including as it relates to the impact of the war in Ukraine, both specifically on the Company’s Ukrainian operations, and more broadly, the impact of the war on the level of uncertainty associated with these assumptions. The estimate of the recoverable amount also considers the Company’s exposure to certain climate related risks, which affect the estimates of the future cash flows. Where there is a legal obligation in terms of
carbon neutrality, the estimates of the future cash flows include the decarbonization capital expenditure expected to be necessary to maintain the level of economic benefits expected to be generated by the respective assets in the current condition. For the jurisdictions where there is no legal obligation for carbon neutrality, the decarbonization related uncertainty was reflected in the risk premiums in the discount rates applied to determine the present value of the estimated future cash flows. Auditing the recoverable amounts of the Relevant GCGUs and CGUs was complex and required a high degree of auditor judgement and an increased extent of effort, including the involvement of valuation specialists, due to the significant estimation uncertainty and subjective nature of the assumptions used in the estimates, as described above. |
How
We Addressed the Matter in Our Audit | We obtained an understanding, evaluated the design and tested the operating effectiveness of controls over management’s valuation methodology and assumptions used for the estimates of future cash flows. For example, we evaluated controls over the Company’s forecasting process used to develop the estimated future cash flows and controls over management’s data included in the estimated future cash flows. We evaluated management’s ability to reasonably estimate future cash flows by comparing actual results to management’s historical forecasts. As it relates to future volume of shipments, future selling prices and variable costs, we compared management’s estimates to available external third-party
data regarding demand, selling prices and raw material prices. Specifically, as it relates to the estimate of the recoverable amount of ArcelorMittal Kryvyi Rih CGU (representing the Company’s operations in Ukraine), we evaluated the reasonableness of management’s assumption as it relates to the timing for the end of war and the length of the post-war recovery period, by independently developing a reasonable range of point estimates and comparing to management’s estimate. With the assistance of our valuation specialists, we evaluated the effects of climate-related matters, including their impact on risk premiums and discount rates by considering, among other factors, current legislation and regulations related to carbon emissions, as well as the
Company’s ongoing initiatives to transition to lower-carbon operations. Also, as part of our procedures, we compared expected decarbonization capital expenditures against approved budgets and where applicable, costs incurred to date. With the assistance of our valuation specialists, we evaluated the discounted cash flows methodology and assessed the discount rates used in the value in use estimates, by comparing to underlying source information, testing the mathematical accuracy of the calculation, developing an independent range of estimates and comparing the discount rate selected by management to our range. We also evaluated the adequacy of the disclosures in note 5.3 of the consolidated financial statements. |
Description of the Matter | The DTA balance as of December 31, 2023, was $9,469 million, which is primarily related to the ArcelorMittal S.A. (parent company) tax integration. As explained in Note 10.4 to the consolidated financial statements, ArcelorMittal S.A. has DTAs primarily related to tax losses and other tax benefits carried forward. Under current tax law in Luxembourg, tax losses accumulated before January 1, 2017, do not expire and are recoverable against future taxable income. The assessment of the likelihood of future taxable
profits being available, and specifically the length of the forecast periods utilized, requires significant management judgment. Auditing the recognition of ArcelorMittal S.A.’s DTA balances is subjective because the estimation requires significant judgment, including the availability of future taxable income against which tax deductions represented by the DTA can be offset. In addition, auditing the recognition of DTA balances that are supported by the expectation of future taxable income arising beyond ArcelorMittal S.A.’s 5-year planning horizon required significant auditor judgment and an increased effort. |
How
We Addressed the Matter in Our Audit | We obtained an understanding, evaluated the design and tested the operating effectiveness of controls over the Company’s assessment of the recoverability of deferred tax assets. For example, we tested controls over management’s review of the significant assumptions used in estimating the projections of future taxable income, including management’s analysis of the sensitivity of the length of the forecast periods to change, based on other reasonably likely outcomes that would have a material effect on the recoverability of DTAs. To test the recoverability of DTAs, among other procedures, we compared the projections of future taxable income with the actual results of prior periods and,
separately, against other forecasted financial information prepared by the Company, such as that used in estimating the recoverable amounts of the Relevant GCGUs and CGUs as described in the ‘Impairment of Goodwill, Intangible Assets and Property, Plant and Equipment’ critical audit matter above. We assessed the Company’s evaluation of the length of the forecast periods to utilize the DTA by independently developing a reasonable range of point estimates and comparing to management’s estimate. Additionally, we tested the completeness and accuracy of the existing intragroup loan and external debt agreements used by management to forecast financial income, the primary input to future taxable income, and we performed sensitivity analyses over this forecast.
Where relevant and with the assistance of our tax professionals, we also evaluated management’s proposed tax planning strategies, and potential tax implications of material current year transactions, such as acquisitions. We also evaluated the adequacy of the disclosures in Note 10.4 of the consolidated financial statements in respect of ArcelorMittal S.A.’s DTAs. |
Consolidated financial statements | ||||||||
ArcelorMittal and Subsidiaries | ||||||||
Consolidated Statements of Operations | ||||||||
(millions of U.S. dollar, except share and per share data) |
Year ended December 31, | |||||||||||||||||||||||
Notes | 2023 | 2022 | 2021 | ||||||||||||||||||||
Sales | 4.1 and 12.1 | i 68,275 | i 79,844 | i 76,571 | |||||||||||||||||||
(including
i 8,825, i 9,744 and i 10,519
of sales to related parties for 2023, 2022 and 2021, respectively) | |||||||||||||||||||||||
Cost of sales | 4.2 and 12.2 | i 63,538 | i 67,309 | i 57,337 | |||||||||||||||||||
(including
i 2,049, i 2,300 and i 1,873
of purchases from related parties for 2023, 2022 and 2021, respectively) | |||||||||||||||||||||||
Gross margin | i 4,737 | i 12,535 | i 19,234 | ||||||||||||||||||||
Selling, general and administrative expenses | i 2,397 | i 2,263 | i 2,258 | ||||||||||||||||||||
Operating income | i 2,340 | i 10,272 | i 16,976 | ||||||||||||||||||||
Income from investments in associates, joint ventures and other investments | 2.6 | i 1,184 | i 1,317 | i 2,204 | |||||||||||||||||||
Impairment
of investments in associates, joint ventures and other investments | 2.4.4 and 2.6 | ( i 1,405) | i — | i — | |||||||||||||||||||
Financing costs - net | 6.2 | ( i 859) | ( i 334) | ( i 1,155) | |||||||||||||||||||
Income before taxes | i 1,260 | i 11,255 | i 18,025 | ||||||||||||||||||||
Income tax expense | 10.1 | i 238 | i 1,717 | i 2,460 | |||||||||||||||||||
Net
income (including non-controlling interests) | i 1,022 | i 9,538 | i 15,565 | ||||||||||||||||||||
Net
income attributable to equity holders of the parent | i 919 | i 9,302 | i 14,956 | ||||||||||||||||||||
Net income attributable to non-controlling interests | i 103 | i 236 | i 609 | ||||||||||||||||||||
Net
income (including non-controlling interests) | i 1,022 | i 9,538 | i 15,565 |
Year ended December 31, | |||||||||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||||||||
Earnings per common share (in U.S. dollar) | |||||||||||||||||||||||
Basic | i 1.09 | i 10.21 | i 13.53 | ||||||||||||||||||||
Diluted | i 1.09 | i 10.18 | i 13.49 | ||||||||||||||||||||
Weighted average common shares outstanding (in millions) | 11.3 | ||||||||||||||||||||||
Basic | i 842 | i 911 | i 1,105 | ||||||||||||||||||||
Diluted | i 845 | i 914 | i 1,108 |
Consolidated financial statements | ||
ArcelorMittal and Subsidiaries | ||
Consolidated Statements of Other Comprehensive Income | ||
(millions of U.S. dollar, except share and per share data) |
Year ended December 31, | |||||||||||||||||||||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||||||||||||||||||||
Net income (including non-controlling interests) | i 1,022 | i 9,538 | i 15,565 | ||||||||||||||||||||||||||||||||
Items that can be recycled to the consolidated statements of operations | |||||||||||||||||||||||||||||||||||
Derivative financial instruments: | |||||||||||||||||||||||||||||||||||
(Loss) gain arising during the period | ( i 461) | i 1,664 | i 2,921 | ||||||||||||||||||||||||||||||||
Reclassification adjustments for loss (gain) included in the consolidated statements of operations and financial position (basis adjustments) | i 15 | ( i 1,899) | ( i 384) | ||||||||||||||||||||||||||||||||
( i 446) | ( i 235) | i 2,537 | |||||||||||||||||||||||||||||||||
Exchange differences arising on translation of foreign operations: | |||||||||||||||||||||||||||||||||||
Gain (loss) arising during the period | i 1,013 | ( i 1,630) | ( i 960) | ||||||||||||||||||||||||||||||||
Reclassification adjustments for loss included in the consolidated statements of operations | i 1,469 | i — | i 105 | ||||||||||||||||||||||||||||||||
i 2,482 | ( i 1,630) | ( i 855) | |||||||||||||||||||||||||||||||||
Share of other comprehensive income related to associates and joint ventures | |||||||||||||||||||||||||||||||||||
(Loss) gain arising during the period | ( i 111) | i 46 | i 509 | ||||||||||||||||||||||||||||||||
Reclassification adjustments for gain included in the consolidated statements of operations and financial position (basis adjustments) | ( i 479) | ( i 506) | ( i 266) | ||||||||||||||||||||||||||||||||
( i 590) | ( i 460) | i 243 | |||||||||||||||||||||||||||||||||
Income tax benefit (expense) related to components of other comprehensive income that can be recycled to the consolidated statements of operations | i 16 | ( i 112) | ( i 705) | ||||||||||||||||||||||||||||||||
Items that cannot be recycled to the consolidated statements of operations | |||||||||||||||||||||||||||||||||||
Investments in equity instruments at FVOCI: | |||||||||||||||||||||||||||||||||||
(Loss) gain arising during the period | ( i 113) | ( i 27) | i 764 | ||||||||||||||||||||||||||||||||
Share of other comprehensive gain (loss) related to associates and joint ventures | i 5 | ( i 25) | ( i 2) | ||||||||||||||||||||||||||||||||
( i 108) | ( i 52) | i 762 | |||||||||||||||||||||||||||||||||
Employee benefits - Recognized actuarial (loss) gain | ( i 103) | i 815 | i 636 | ||||||||||||||||||||||||||||||||
Share of other comprehensive income related to associates and joint ventures | i 5 | i 32 | i 21 | ||||||||||||||||||||||||||||||||
( i 98) | i 847 | i 657 | |||||||||||||||||||||||||||||||||
Income tax benefit (expense) related to components of other comprehensive income (loss) that cannot be recycled to the consolidated statements of operations | i 18 | ( i 193) | ( i 313) | ||||||||||||||||||||||||||||||||
Total other comprehensive income (loss) | i 1,274 | ( i 1,835) | i 2,326 | ||||||||||||||||||||||||||||||||
Total other comprehensive income (loss) attributable to: | |||||||||||||||||||||||||||||||||||
Equity holders of the parent | i 1,258 | ( i 1,785) | i 2,365 | ||||||||||||||||||||||||||||||||
Non-controlling interests | i 16 | ( i 50) | ( i 39) | ||||||||||||||||||||||||||||||||
Total
other comprehensive income (loss) | i 1,274 | ( i 1,835) | i 2,326 | ||||||||||||||||||||||||||||||||
Total comprehensive income | i 2,296 | i 7,703 | i 17,891 | ||||||||||||||||||||||||||||||||
Total comprehensive income attributable to: | |||||||||||||||||||||||||||||||||||
Equity holders of the parent | i 2,177 | i 7,517 | i 17,321 | ||||||||||||||||||||||||||||||||
Non-controlling interests | i 119 | i 186 | i 570 | ||||||||||||||||||||||||||||||||
Total comprehensive income | i 2,296 | i 7,703 | i 17,891 | ||||||||||||||||||||||||||||||||
Consolidated financial statements | ||
ArcelorMittal and Subsidiaries | ||
Consolidated Statements of Financial Position | ||
(millions of U.S. dollar, except share and per share data) |
December 31, | |||||||||||||||||
Notes | 2023 | 2022 | |||||||||||||||
ASSETS | |||||||||||||||||
Current assets: | |||||||||||||||||
Cash and cash equivalents | 6.1.3 | i 7,686 | i 9,300 | ||||||||||||||
Restricted cash | 6.1.3 | i 97 | i 114 | ||||||||||||||
Trade
accounts receivable and other (including i 372 and i 677 from related parties at December 31, 2023 and 2022, respectively) | 4.3 and 12.1 | i 3,661 | i 3,839 | ||||||||||||||
Inventories | 4.4 | i 18,759 | i 20,087 | ||||||||||||||
Prepaid expenses and other current assets | 4.5 | i 3,037 | i 3,778 | ||||||||||||||
Total current assets | i 33,240 | i 37,118 | |||||||||||||||
Non-current assets: | |||||||||||||||||
Goodwill and intangible assets | 5.1 and 5.3 | i 5,102 | i 4,903 | ||||||||||||||
Property, plant and equipment and biological assets | 5.2, 5.3 and 7 | i 33,656 | i 30,167 | ||||||||||||||
Investments in associates and joint ventures | 2.4 | i 10,078 | i 10,765 | ||||||||||||||
Other investments | 2.5 | i 513 | i 1,119 | ||||||||||||||
Deferred tax assets | 10.4 | i 9,469 | i 8,554 | ||||||||||||||
Other assets | 4.6 | i 1,859 | i 1,921 | ||||||||||||||
Total non-current assets | i 60,677 | i 57,429 | |||||||||||||||
Total assets | i 93,917 | i 94,547 | |||||||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||
Current liabilities: | |||||||||||||||||
Short-term debt and current portion of long-term debt | 6.1.2.1 and 7 | i 2,312 | i 2,583 | ||||||||||||||
Trade
accounts payable and other (including i 360 and i 366 to related parties at December 31, 2023 and 2022, respectively) | 4.7 and 12.2 | i 13,605 | i 13,532 | ||||||||||||||
Short-term provisions | 9.1 | i 588 | i 1,101 | ||||||||||||||
Accrued expenses and other liabilities | 4.8 | i 4,967 | i 4,864 | ||||||||||||||
Income tax liabilities | i 297 | i 318 | |||||||||||||||
Total current liabilities | i 21,769 | i 22,398 | |||||||||||||||
Non-current liabilities: | |||||||||||||||||
Long-term debt, net of current portion | 6.1.2.2 and 7 | i 8,369 | i 9,067 | ||||||||||||||
Deferred tax liabilities | 10.4 | i 2,432 | i 2,666 | ||||||||||||||
Deferred employee benefits | 8.2 | i 2,741 | i 2,606 | ||||||||||||||
Long-term provisions | 9.1 | i 1,477 | i 1,306 | ||||||||||||||
Other long-term obligations | 9.2 | i 1,061 | i 914 | ||||||||||||||
Total non-current liabilities | i 16,080 | i 16,559 | |||||||||||||||
Total liabilities | i 37,849 | i 38,957 | |||||||||||||||
Contingencies and commitments | 9.3 and 9.4 | ||||||||||||||||
Equity: | 11 | ||||||||||||||||
Common shares (no par value, i 1,111,418,599 and i 1,136,418,599
shares authorized, i 852,809,772 and i 877,809,772 shares issued, and i 819,271,756
and i 805,337,929 shares outstanding at December 31, 2023 and 2022, respectively) | i 303 | i 312 | |||||||||||||||
Treasury
shares ( i 33,538,016 and i 72,471,843 common shares at December 31, 2023 and 2022, respectively, at cost) | ( i 849) | ( i 1,895) | |||||||||||||||
Additional paid-in capital | i 27,185 | i 28,651 | |||||||||||||||
Mandatorily convertible notes | 11.2 | i — | i 509 | ||||||||||||||
Retained earnings | i 46,264 | i 45,442 | |||||||||||||||
Reserves | ( i 18,942) | ( i 19,867) | |||||||||||||||
Equity attributable to the equity holders of the parent | i 53,961 | i 53,152 | |||||||||||||||
Non-controlling interests | i 2,107 | i 2,438 | |||||||||||||||
Total equity | i 56,068 | i 55,590 | |||||||||||||||
Total liabilities and equity | i 93,917 | i 94,547 |
Consolidated financial statements | ||
ArcelorMittal and Subsidiaries | ||
Consolidated Statements of Changes in Equity | ||
(millions of U.S. dollar, except share and per share data) |
Reserves | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Items that can be recycled to the Consolidated Statements of Operations | Items that cannot be recycled to the Consolidated Statements of Operations | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Shares1 | Share Capital | Treasury Shares | Mandatorily Convertible Notes | Additional Paid-in Capital | Retained Earnings | Foreign Currency Translation Adjustments | Unrealized Gains (Losses) on Derivative Financial Instruments relating to CFH | Unrealized Gains (Losses) on Investments in Equity Instruments at FVOCI | Recognized actuarial (losses) gains | Equity attributable to the equity holders of the parent | Non-controlling interests | Total Equity | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2020 | i 1,081 | i 393 | ( i 538) | i 840 | i 35,247 | i 22,097 | ( i 17,053) | i 229 | i 583 | ( i 3,518) | i 38,280 | i 1,957 | i 40,237 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (including non-controlling interests) | — | — | — | — | — | i 14,956 | — | — | — | — | i 14,956 | i 609 | i 15,565 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | — | — | — | — | — | — | ( i 1,191) | i 2,461 | i 594 | i 501 | i 2,365 | ( i 39) | i 2,326 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income (loss) | — | — | — | — | — | i 14,956 | ( i 1,191) | i 2,461 | i 594 | i 501 | i 17,321 | i 570 | i 17,891 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cancellation of shares (note 11.1) | — | ( i 43) | i 3,493 | — | ( i 3,450) | — | — | — | — | — | — | — | i — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recognition of share-based payments (note 8.3) | i 1 | — | i 29 | — | i 6 | — | — | — | — | — | i 35 | — | i 35 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mandatorily convertible notes (note 11.2) | — | — | — | ( i 331) | — | ( i 589) | — | — | — | — | ( i 920) | — | ( i 920) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share buyback (note 11.1) | ( i 171) | — | ( i 5,170) | — | — | — | — | — | — | — | ( i 5,170) | — | ( i 5,170) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividend (notes 11.4 and 11.5) | — | — | — | — | — | ( i 312) | — | — | — | — | ( i 312) | ( i 289) | ( i 601) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Put option NSI (note 11.5.2) | — | — | — | — | — | ( i 119) | — | — | — | — | ( i 119) | — | ( i 119) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Divestment of Cleveland-Cliffs shares (note 2.5) | — | — | — | — | — | i 678 | — | ( i 678) | — | — | — | i — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other movements | — | — | — | — | — | ( i 9) | — | — | — | — | ( i 9) | — | ( i 9) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2021 | i 911 | i 350 | ( i 2,186) | i 509 | i 31,803 | i 36,702 | ( i 18,244) | i 2,690 | i 499 | ( i 3,017) | i 49,106 | i 2,238 | i 51,344 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (including non-controlling interests) | — | — | — | — | — | i 9,302 | — | — | — | — | i 9,302 | i 236 | i 9,538 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | — | — | — | — | — | — | ( i 2,575) | i 215 | ( i 52) | i 627 | ( i 1,785) | ( i 50) | ( i 1,835) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income (loss) | — | — | — | — | — | i 9,302 | ( i 2,575) | i 215 | ( i 52) | i 627 | i 7,517 | i 186 | i 7,703 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cancellation of shares (note 11.1) | — | ( i 38) | i 3,201 | — | ( i 3,163) | — | — | — | — | — | — | — | i — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recognition of share-based payments (note 8.3) | i 1 | — | i 27 | — | i 11 | — | — | — | — | — | i 38 | — | i 38 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share buyback (note 11.1) | ( i 107) | — | ( i 2,937) | — | — | — | — | — | — | — | ( i 2,937) | — | ( i 2,937) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividend (notes 11.4 and 11.5) | — | — | — | — | — | ( i 332) | — | — | — | — | ( i 332) | ( i 304) | ( i 636) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Put option ArcelorMittal Texas HBI (note 2.2.4) | — | — | — | — | — | ( i 177) | — | — | — | — | ( i 177) | — | ( i 177) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-controlling interests relating to acquisitions (note 2.2.4) | — | — | — | — | — | — | — | — | — | — | — | i 233 | i 233 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital increase ArcelorMittal Liberia (note 11.5.1) | — | — | — | — | — | ( i 45) | — | — | — | — | ( i 45) | i 45 | i — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other movements | — | — | — | — | — | ( i 8) | — | — | ( i 10) | — | ( i 18) | i 40 | i 22 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2022 | i 805 | i 312 | ( i 1,895) | i 509 | i 28,651 | i 45,442 | ( i 20,819) | i 2,905 | i 437 | ( i 2,390) | i 53,152 | i 2,438 | i 55,590 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net income (including non-controlling interests) | — | — | — | — | — | i 919 | — | — | — | — | i 919 | i 103 | i 1,022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | — | — | — | — | — | — | i 2,378 | ( i 927) | ( i 108) | ( i 85) | i 1,258 | i 16 | i 1,274 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income (loss) | — | — | — | — | — | i 919 | i 2,378 | ( i 927) | ( i 108) | ( i 85) | i 2,177 | i 119 | i 2,296 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cancellation of shares (note 11.1) | — | ( i 9) | i 664 | — | ( i 655) | — | — | — | — | — | — | — | i — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Conversion of mandatorily convertible notes (note 11.2) | i 57 | — | i 1,534 | ( i 509) | ( i 794) | — | — | — | — | — | i 231 | — | i 231 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recognition of share-based payments (note 8.3) | i 2 | — | i 56 | — | ( i 17) | — | — | — | — | — | i 39 | — | i 39 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share buyback (note 11.1) | ( i 45) | — | ( i 1,208) | — | — | — | — | — | — | — | ( i 1,208) | — | ( i 1,208) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dividend (notes 11.4 and 11.5) | — | — | — | — | — | ( i 369) | — | — | — | — | ( i 369) | ( i 151) | ( i 520) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disposal of Erdemir shares (note 2.5) | — | — | — | — | — | i 333 | — | — | ( i 333) | — | — | — | i — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Early redemption of mandatory convertible bonds (note 11.2) | — | — | — | — | — | ( i 24) | — | — | — | — | ( i 24) | ( i 291) | ( i 315) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Mandatorily convertible bond extension (note 11.2) | — | — | — | — | — | — | — | — | — | — | — | ( i 32) | ( i 32) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Capital increase ArcelorMittal Liberia (note 11.5.1) | — | — | — | — | — | ( i 15) | — | — | — | — | ( i 15) | i 15 | i — | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other movements | — | — | — | — | — | ( i 22) | — | — | — | — | ( i 22) | i 9 | ( i 13) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance at December 31, 2023 | i 819 | i 303 | ( i 849) | i — | i 27,185 | i 46,264 | ( i 18,441) | i 1,978 | ( i 4) | ( i 2,475) | i 53,961 | i 2,107 | i 56,068 |
Consolidated financial statements | ||
ArcelorMittal and Subsidiaries | ||
Consolidated Statements of Cash Flows | ||
(millions of U.S. dollar, except share and per share data) |
Year ended December 31, | ||||||||||||||||||||||||||||||||
Notes | 2023 | 2022 | 2021 | |||||||||||||||||||||||||||||
Operating activities: | ||||||||||||||||||||||||||||||||
Net income (including non-controlling interests) | i 1,022 | i 9,538 | i 15,565 | |||||||||||||||||||||||||||||
Adjustments
to reconcile net income to net cash provided by operations: | ||||||||||||||||||||||||||||||||
Depreciation and amortization | 5.1 and 5.2 | i 2,675 | i 2,580 | i 2,523 | ||||||||||||||||||||||||||||
Net impairment (reversal) charges | 5.3 | i 1,038 | i 1,026 | ( i 218) | ||||||||||||||||||||||||||||
Bargain purchase gain | 2.2.4 | i — | ( i 100) | i — | ||||||||||||||||||||||||||||
Interest
expense | 6.2 | i 715 | i 401 | i 357 | ||||||||||||||||||||||||||||
Interest
income | 6.2 | ( i 570) | ( i 188) | ( i 79) | ||||||||||||||||||||||||||||
Income tax expense | 10.1 | i 238 | i 1,717 | i 2,460 | ||||||||||||||||||||||||||||
Net
loss (gain) on disposal of subsidiaries | 2.3 | i 1,469 | i — | ( i 104) | ||||||||||||||||||||||||||||
Income
from investments in associates, joint ventures and other investments | 2.6 | ( i 1,184) | ( i 1,317) | ( i 2,204) | ||||||||||||||||||||||||||||
Impairment on investments in associates, joint ventures and other investments | 2.6 | i 1,405 | i — | i — | ||||||||||||||||||||||||||||
Provision on pensions and other post-employment benefits | 8.2 | i 249 | i 176 | i 147 | ||||||||||||||||||||||||||||
Change
in fair value adjustment on call option on mandatory convertible bonds | 6.2 | i — | i 15 | i 44 | ||||||||||||||||||||||||||||
Unrealized
foreign exchange effects | i 409 | ( i 82) | ( i 154) | |||||||||||||||||||||||||||||
Write-downs of inventories to net realizable value, provisions and other non-cash operating expenses net | 4.4 | ( i 400) | i 399 | i 1,313 | ||||||||||||||||||||||||||||
Changes in assets and liabilities that provided (required) cash, net of acquisitions and disposals: | ||||||||||||||||||||||||||||||||
Trade accounts receivable and other | 4.1 | i 307 | i 1,133 | ( i 2,535) | ||||||||||||||||||||||||||||
Inventories | 4.4 | i 1,568 | ( i 2,062) | ( i 8,654) | ||||||||||||||||||||||||||||
Trade
accounts payable and other | 4.7 | ( i 271) | ( i 294) | i 4,780 | ||||||||||||||||||||||||||||
VAT and other amounts (paid) received to/from public authorities | i 9 | ( i 410) | ( i 123) | |||||||||||||||||||||||||||||
Other
working capital and provisions movements | i 110 | i 608 | ( i 672) | |||||||||||||||||||||||||||||
Interest paid | ( i 788) | ( i 440) | ( i 479) | |||||||||||||||||||||||||||||
Interest received | i 553 | i 178 | i 73 | |||||||||||||||||||||||||||||
Income taxes paid | ( i 977) | ( i 2,940) | ( i 2,128) | |||||||||||||||||||||||||||||
Dividends received from associates, joint ventures and other investments | i 316 | i 493 | i 261 | |||||||||||||||||||||||||||||
Cash contributions to plan assets and benefits paid for pensions and other post-employment benefits | 8.2 | ( i 248) | ( i 228) | ( i 268) | ||||||||||||||||||||||||||||
Net cash provided by operating activities | i 7,645 | i 10,203 | i 9,905 | |||||||||||||||||||||||||||||
Investing activities: | ||||||||||||||||||||||||||||||||
Purchase of property, plant and equipment and intangibles | ( i 4,613) | ( i 3,468) | ( i 3,008) | |||||||||||||||||||||||||||||
Disposals
of net assets of subsidiaries, net of cash disposed of i 24, i nil
and i 4 in 2023, 2022 and 2021, respectively | 2.3 | i 254 | i — | ( i 4) | ||||||||||||||||||||||||||||
Acquisitions
of net assets of subsidiaries, net of cash acquired of i 4, i 39 and i 10
in 2023, 2022 and 2021, respectively | 2.2.4 | ( i 2,524) | ( i 939) | ( i 25) | ||||||||||||||||||||||||||||
Disposals
of property, plant and equipment and intangibles | 5.1 and 5.2 | i 718 | i 95 | i 105 | ||||||||||||||||||||||||||||
Acquisition
of associates and joint ventures | 2.4 | ( i 73) | i — | i — | ||||||||||||||||||||||||||||
Lease installments and capital expenditure refund relating to ArcelorMittal Italia acquisition | i — | i — | ( i 14) | |||||||||||||||||||||||||||||
Cash collateral for the TSR receivables retained in ArcelorMittal USA after disposal | 6.1.3 | i — | i — | i 260 | ||||||||||||||||||||||||||||
Disposal of common and preferred Cleveland-Cliffs shares | 2.5 | i — | i — | i 2,680 | ||||||||||||||||||||||||||||
(Acquisitions) disposals of financial assets | 2.5 | i 560 | ( i 32) | ( i 80) | ||||||||||||||||||||||||||||
Other
investing activities net | ( i 170) | ( i 139) | ( i 254) | |||||||||||||||||||||||||||||
Net cash used in investing activities | ( i 5,848) | ( i 4,483) | ( i 340) | |||||||||||||||||||||||||||||
Financing activities: | ||||||||||||||||||||||||||||||||
Payments from mandatorily convertible subordinated notes/ mandatorily convertible bonds | 11.2 | ( i 340) | i — | ( i 1,196) | ||||||||||||||||||||||||||||
Proceeds
from short-term debt | 6.1.3 | i 218 | i 434 | i 287 | ||||||||||||||||||||||||||||
Proceeds
from long-term debt | 6.1.3 | i 134 | i 3,893 | i 147 | ||||||||||||||||||||||||||||
Payments
of short-term debt | 6.1.3 | ( i 1,670) | ( i 1,044) | ( i 1,664) | ||||||||||||||||||||||||||||
Payments
of long-term debt | 6.1.3 | ( i 16) | i — | ( i 2,332) | ||||||||||||||||||||||||||||
Share
buyback | 11.1 | ( i 1,208) | ( i 2,937) | ( i 5,170) | ||||||||||||||||||||||||||||
Dividends
paid (includes i 162, i 331 and i 260
of dividends paid to non-controlling shareholders in 2023, 2022 and 2021, respectively) | ( i 531) | ( i 663) | ( i 572) | |||||||||||||||||||||||||||||
Repayment of cash pooling liability to Acciaierie d'Italia | 2.3 | i — | i — | ( i 199) | ||||||||||||||||||||||||||||
Payment
of principal portion of lease liabilities and other financing activities | 6.1.3 | ( i 253) | ( i 160) | ( i 199) | ||||||||||||||||||||||||||||
Net cash used in financing activities | ( i 3,666) | ( i 477) | ( i 10,898) | |||||||||||||||||||||||||||||
Net
(decrease) increase in cash and cash equivalents | ( i 1,869) | i 5,243 | ( i 1,333) | |||||||||||||||||||||||||||||
Effect
of exchange rate changes on cash | i 255 | ( i 158) | ( i 55) | |||||||||||||||||||||||||||||
Cash and cash equivalents: | ||||||||||||||||||||||||||||||||
At the beginning of the year | i 9,300 | i 4,215 | i 5,600 | |||||||||||||||||||||||||||||
Reclassification
of the period-end cash and cash equivalents from held for sale | 2.3 | i — | i — | i 3 | ||||||||||||||||||||||||||||
At the end of the year | i 7,686 | i 9,300 | i 4,215 |
Consolidated financial statements | ||
(millions of U.S. dollar, except share and per share data) |
NOTE 1: ACCOUNTING PRINCIPLES | |||||
1.1 | Basis of presentation | ||||
1.2 | Climate change disclosures | ||||
1.3 | Use of judgment and estimates | ||||
1.4 | Accounting standards applied | ||||
NOTE 2: SCOPE OF CONSOLIDATION | |||||
2.1 | Basis of consolidation | ||||
2.2 | Investments in subsidiaries | ||||
2.3 | Divestments and assets held for sale | ||||
2.4 | Investments in associates and joint arrangements | ||||
2.5 | Other investments | ||||
2.6 | Income (loss) from investments in associates, joint ventures and other investments | ||||
NOTE 3: SEGMENT REPORTING | |||||
3.1 | Reportable segments | ||||
3.2 | Geographical information | ||||
3.3 | Sales by type of products | ||||
3.4 | Disaggregated revenue | ||||
NOTE 4: OPERATING DATA | |||||
4.1 | Revenue | ||||
4.2 | Cost of sales | ||||
4.3 | Trade accounts receivable and other | ||||
4.4 | Inventories | ||||
4.5 | Prepaid expenses and other current assets | ||||
4.6 | Other assets | ||||
4.7 | Trade accounts payable and other | ||||
4.8 | Accrued expenses and other liabilities | ||||
NOTE 5: GOODWILL, INTANGIBLE AND TANGIBLE ASSETS | |||||
5.1 | Goodwill and intangible assets | ||||
5.2 | Property, plant and equipment and biological assets | ||||
5.3 | Impairment of intangible assets, including goodwill, and tangible assets | ||||
NOTE 6: FINANCING AND FINANCIAL INSTRUMENTS | |||||
6.1 | Financial assets and liabilities | ||||
6.2 | Financing costs - net | ||||
6.3 | Risk management policy | ||||
NOTE 7: LEASES | |||||
NOTE 8: PERSONNEL EXPENSES AND DEFERRED EMPLOYEE BENEFITS | |||||
8.1 | Employees and key management personnel | ||||
8.2 | Deferred employee benefits | ||||
8.3 | Share-based payments | ||||
NOTE 9: PROVISIONS, CONTINGENCIES AND COMMITMENTS | |||||
9.1 | Provisions | ||||
9.2 | Other long-term obligations | ||||
9.3 | Contingent liabilities | ||||
9.4 | Commitments | ||||
Consolidated financial statements | ||
(millions of U.S. dollar, except share and per share data) |
NOTE 10: INCOME TAXES | |||||
10.1 | Income tax expense | ||||
10.2 | Income tax recorded directly in equity and/or other comprehensive income | ||||
10.3 | Uncertain tax positions | ||||
10.4 | Deferred tax assets and liabilities | ||||
10.5 | Tax losses, tax credits and other tax benefits carried forward | ||||
NOTE 11: EQUITY | |||||
11.1 | Share details | ||||
11.2 | Equity instruments and hybrid instruments | ||||
11.3 | Earnings per common share | ||||
11.4 | Dividends | ||||
11.5 | Non-controlling interests | ||||
NOTE 12: RELATED PARTIES | |||||
12.1 | Sales and trade receivables | ||||
12.2 | Purchases and trade payables | ||||
12.3 | Other transactions with related parties | ||||
Consolidated financial statements | ||
(millions of U.S. dollar, except share and per share data) |
Consolidated financial statements | ||
(millions of U.S. dollar, except share and per share data) |
Hamilton (Canada) | In October 2022, ArcelorMittal, broke ground on its decarbonization project (the governments of Canada and Ontario having committed CAD$ i 400 million
and CAD$ i 500 million, respectively, to the overall project cost) at the ArcelorMittal Dofasco plant in Hamilton, Ontario, Canada, which is expected to contribute to a considerable reduction of CO2 emissions. The project includes the construction of a i 2.5
million tonnes DRI facility and i one EAF. | ||||
Gijón and Sestao (Spain) | ArcelorMittal is planning to invest € i 1
billion in the Company's plant in Gijón including the construction of a i 2.3 million-tonne hydrogen DRI plant. This investment is expected to deliver a reduction in carbon emissions at the Spanish operations of up to i 50%. At
a later stage, around i 1 million tonnes per year of DRI would be supplied to Sestao to be used as feedstock for the plant’s i two EAFs. On February 17, 2023, the European Commission approved,
under EU state aid rules, a € i 450 million Spanish measure to support ArcelorMittal España in construction of the new DRI installation in Gijón. The Company is also planning to construct a new EAF for long products. | ||||
Hamburg (Germany) | ArcelorMittal already operates Europe’s only DRI-EAF plant in Hamburg, where the switch to using hydrogen instead of natural gas in the iron ore reduction process is being prepared. The
Company is planning to test the ability of hydrogen DRI on an industrial scale, as well as testing carbon-free DRI in the EAF steelmaking process. The European Commission approved € i 55 million of funding support from the German Federal Government towards the plant construction. | ||||
Dunkirk(France) | In Dunkirk, ArcelorMittal would build a i 2.5
million tonnes per year DRI. This DRI will be coupled with an innovative technology electric furnace and complemented by an additional EAF. On July 20, 2023, the Company received the European Commission’s approval of € i 850 million in state aid for the funding of this project. | ||||
Bremen and Eisenhüttenstadt (Germany) | ArcelorMittal is developing a project to build a large-scale
industrial plant for the DRI based steelmaking at its site in Bremen, as well as EAFs in Bremen and Eisenhüttenstadt, following the announcement of the planned expansion of Germany’s hydrogen infrastructure and alongside its existing H2 Hamburg project. In February 2024, the Company received the European Commission's approval of € i 1.3 billion in state aid. | ||||
Ghent (Belgium) | ArcelorMittal Belgium
is planning to build a i 2.5 million-tonnes per year DRI plant and i two EAFs at its Ghent site. The DRI plant and EAF facility will operate alongside Ghent’s state-of-the-art blast furnace that is ready to take waste wood and plastic
as a substitute for fossil carbon. On June 22, 2023 the Company received the European Commission approval of € i 280 million in state aid for the funding of the project. |
264 Consolidated financial statements |
Topic | Note | Content | ||||||
Estimate and judgment | Note 1.3 Use of judgment and estimates | Judgments and estimates made in assessing the impact of climate change and the transition to a low carbon economy: useful lives of property, plant and equipment, estimates of future cash flow projections for impairment of non-financial assets, decommissioning costs | ||||||
Sustainable investment | •Note 2.2.4 Acquisitions •Note 2.4.1 Joint ventures •Note 2.5 Other investments •Note 5.2 Property, plant and equipment and biological assets | Investments
in renewable energy projects, scrap metal recycling businesses and breakthrough technologies through ArcelorMittal XCarb® Innovation Fund | ||||||
Measurement of non-financial assets | Note 5.1 Goodwill and intangible assets | Recognition and measurement of emission rights | ||||||
Note 5.2 Property, plant and equipment and biological assets | Residual useful lives of certain assets, capital expenditures with respect to decarbonization strategy | |||||||
Note 5.3 Impairment of intangible assets, including goodwill, and tangible assets | Inclusion of climate-related risks in the assumptions for impairment testing | |||||||
Provisions | Note 9.1 Provisions | Recognition of emission obligations | ||||||
Share-based payments | Note 8.3 Share-based payments | Description of equity incentive plans requiring achievement of specific climate-related targets | ||||||
Consolidated financial statements | ||
(millions of U.S. dollar, except share and per share data) |
Consolidated financial statements | ||
(millions of U.S. dollar, except share and per share data) |
Consolidated financial statements | ||
(millions of U.S. dollar, except share and per share data) |
Consolidated financial statements | ||
(millions of U.S. dollar, except share and per share data) |
Consolidated financial statements | ||
(millions of U.S. dollar, except share and per share data) |
Consolidated financial statements | ||
(millions of U.S. dollar, except share and per share data) |
Consolidated financial statements | ||
(millions of U.S. dollar, except share and per share data) |
Consolidated financial statements | ||
(millions of U.S. dollar, except share and per share data) |
Name of Subsidiary | Country | % of Ownership | ||||||||||||
NAFTA | ||||||||||||||
ArcelorMittal Dofasco G.P. | Canada | i 100.00% | ||||||||||||
ArcelorMittal México S.A. de C.V. | Mexico | i 100.00% | ||||||||||||
ArcelorMittal Long Products Canada G.P. | Canada | i 100.00% | ||||||||||||
ArcelorMittal
Texas HBI LLC | USA | i 80.00% | ||||||||||||
Brazil and neighboring countries ("Brazil") | ||||||||||||||
ArcelorMittal Brasil S.A. | Brazil | i 97.08% | ||||||||||||
Acindar Industria Argentina de Aceros S.A. ("Acindar") | Argentina | i 100.00% | ||||||||||||
ArcelorMittal Pecém 1 | Brazil | i 100.00% | ||||||||||||
Europe | ||||||||||||||
ArcelorMittal France S.A.S. | France | i 100.00% | ||||||||||||
ArcelorMittal Belgium N.V. | Belgium | i 100.00% | ||||||||||||
ArcelorMittal España S.A. | Spain | i 99.85% | ||||||||||||
ArcelorMittal Flat Carbon Europe S.A. | Luxembourg | i 100.00% | ||||||||||||
ArcelorMittal Poland S.A. | Poland | i 100.00% | ||||||||||||
ArcelorMittal Eisenhüttenstadt GmbH | Germany | i 100.00% | ||||||||||||
ArcelorMittal Bremen GmbH | Germany | i 100.00% | ||||||||||||
ArcelorMittal Méditerranée S.A.S. | France | i 100.00% | ||||||||||||
ArcelorMittal Belval & Differdange S.A. | Luxembourg | i 100.00% | ||||||||||||
ArcelorMittal Hamburg GmbH | Germany | i 100.00% | ||||||||||||
ArcelorMittal Duisburg GmbH | Germany | i 100.00% | ||||||||||||
ArcelorMittal International Luxembourg S.A. | Luxembourg | i 100.00% | ||||||||||||
Africa and Commonwealth of Independent States ("ACIS") | ||||||||||||||
ArcelorMittal South Africa Ltd. ("AMSA") | South Africa | i 69.22% | ||||||||||||
JSC ArcelorMittal Temirtau 3 | Kazakhstan | i — | ||||||||||||
PJSC ArcelorMittal Kryvyi Rih ("AM Kryvyi Rih") | Ukraine | i 95.13% | ||||||||||||
Mining | ||||||||||||||
ArcelorMittal Mining Canada G.P. and ArcelorMittal Infrastructure Canada G.P. ("AMMC") | Canada | i 85.00% | ||||||||||||
ArcelorMittal Liberia Ltd2 | Liberia | i 85.00% | ||||||||||||
Consolidated financial statements | ||
(millions of U.S. dollar, except share and per share data) |
Consolidated financial statements | ||
(millions of U.S. dollar, except share and per share data) |
Consolidated financial statements | ||
(millions of U.S. dollar, except share and per share data) |
2023 | 2022 | 2021 | ||||||||||||||||||||||||
ArcelorMittal
Pecém | AMDS acquisitions | JLM | ASL | CSM | ArcelorMittal Texas HBI | ALBA | Condesa | |||||||||||||||||||
Current assets | i 3,123 | i 25 | i 10 | i 11 | i 68 | i 283 | i 34 | i 92 | ||||||||||||||||||
Property, plant and equipment | i 1,824 | i 75 | i 10 | i 14 | i 16 | i 949 | i 53 | i 39 | ||||||||||||||||||
Intangible assets | i 100 | i 32 | i 24 | i 16 | i — | i 11 | i 30 | i — | ||||||||||||||||||
Other non-current assets | i 138 | i 8 | i — | i 1 | i 1 | i — | i — | i 10 | ||||||||||||||||||
Total assets | i 5,185 | i 140 | i 44 | i 42 | i 85 | i 1,243 | i 117 | i 141 | ||||||||||||||||||
Deferred tax liabilities | i — | ( i 14) | ( i 8) | ( i 6) | i — | ( i 30) | ( i 13) | i — | ||||||||||||||||||
Other liabilities | ( i 3,156) | ( i 46) | ( i 13) | ( i 10) | ( i 51) | ( i 82) | ( i 70) | ( i 84) | ||||||||||||||||||
Total liabilities | ( i 3,156) | ( i 60) | ( i 21) | ( i 16) | ( i 51) | ( i 112) | ( i 83) | ( i 84) | ||||||||||||||||||
Net assets acquired | i 2,029 | i 80 | i 23 | i 26 | i 34 | i 1,131 | i 34 | i 57 | ||||||||||||||||||
Consideration paid net of cash acquired | i 2,193 | i 152 | i 43 | i 39 | i 7 | i 805 | i 45 | i 25 | ||||||||||||||||||
Deferred consideration | i — | i — | i — | i — | i — | i — | i 11 | i — | ||||||||||||||||||
Non-controlling interests | i — | i — | i — | i — | i 4 | i 229 | i — | i — | ||||||||||||||||||
Debt assumed | i — | ( i 15) | i — | i — | i — | i — | i — | i — | ||||||||||||||||||
Fair value of previously held interests at acquisition date | i — | i — | i — | i — | i 20 | i — | i — | i 11 | ||||||||||||||||||
Remeasurement gain relating to the equity interest previously held | i — | i — | i — | i — | i — | i — | i — | ( i 3) | ||||||||||||||||||
Goodwill/(bargain purchase gain) | i 164 | i 57 | i 20 | i 13 | ( i 3) | ( i 97) | i 22 | ( i 24) | ||||||||||||||||||
Consolidated financial statements | ||
(millions of U.S. dollar, except share and per share data) |
Consolidated financial statements | ||
(millions of U.S. dollar, except share and per share data) |
2023 | 2021 | ||||||||||
ArcelorMittal Temirtau | Acciaerie d'Italia | ||||||||||
Cash and cash equivalents | i 24 | i 4 | |||||||||
Other current assets | i 645 | i 2,446 | |||||||||
Intangible assets | i — | i 17 | |||||||||
Property, plant and equipment | i 972 | i 1,875 | |||||||||
Other assets | i 9 | i 297 | |||||||||
Total assets | i 1,650 | i 4,639 | |||||||||
Current liabilities | i 882 | i 2,204 | |||||||||
Other long-term liabilities | i 490 | i 1,669 | |||||||||
Total liabilities | i 1,372 | i 3,873 | |||||||||
Total net assets | i 278 | i 766 | |||||||||
% of net assets sold | i 100 | % | i 100 | % | |||||||
Total net assets disposed of | i 278 | i 766 | |||||||||
ArcelorMittal retained interest i 62% | i — | i 1,205 | |||||||||
Goodwill allocation | ( i 194) | ( i 52) | |||||||||
Consideration | i 278 | i — | |||||||||
Reclassification of foreign exchange and other | ( i 1,469) | ( i 283) | |||||||||
Gain (loss) on disposal/derecognition | ( i 1,663) | i 104 |
December 31, | |||||||||||
Category | 2023 | 2022 | |||||||||
Joint ventures | i 5,611 | i 6,372 | |||||||||
Associates | i 3,109 | i 3,060 | |||||||||
Individually
immaterial joint ventures and associates1 | i 1,358 | i 1,333 | |||||||||
Total | i 10,078 | i 10,765 |
Consolidated financial statements | ||
(millions of U.S. dollar, except share and per share data) |
December 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Joint Ventures | AMNS India | Calvert | VAMA | Tameh | Borçelik | Al Jubail | VdSA | Total | ||||||||||||||||||||||||||||||||||||||||||||||||
Place
of incorporation and operation 1 | India | United States | China | Poland | Turkey | Saudi Arabia | Brazil | |||||||||||||||||||||||||||||||||||||||||||||||||
Principal Activity | Integrated flat steel producer
4,5 | Automotive steel finishing 6 | Automotive steel finishing | Energy production and supply | Manufacturing and sale of steel 2,3 | Production and sale seamless line pipes and tubes | Renewable energy production and supply | |||||||||||||||||||||||||||||||||||||||||||||||||
Ownership and voting rights at December 31, 2023 | i 60.00 | % | i 50.00 | % | i 50.00 | % | i 50.00 | % | i 50.00 | % | i 33.34 | % | i 55.00 | % | ||||||||||||||||||||||||||||||||||||||||||
Current assets | i 3,653 | i 1,798 | i 853 | i 389 | i 559 | i 935 | i 93 | i 8,280 | ||||||||||||||||||||||||||||||||||||||||||||||||
of which cash, cash equivalents and restricted cash | i 926 | i 83 | i 201 | i 46 | i 12 | i 297 | i 3 | i 1,568 | ||||||||||||||||||||||||||||||||||||||||||||||||
Non-current assets | i 10,208 | i 2,125 | i 788 | i 454 | i 238 | i 1,149 | i 190 | i 15,152 | ||||||||||||||||||||||||||||||||||||||||||||||||
Current liabilities | i 1,617 | i 1,017 | i 557 | i 462 | i 329 | i 542 | i 7 | i 4,531 | ||||||||||||||||||||||||||||||||||||||||||||||||
of which trade and other payables and provisions | i 1,310 | i 169 | i 449 | i 368 | i 323 | i 404 | i 7 | i 3,030 | ||||||||||||||||||||||||||||||||||||||||||||||||
Non-current liabilities | i 6,763 | i 1,103 | i 51 | i 37 | i 39 | i 633 | i — | i 8,626 | ||||||||||||||||||||||||||||||||||||||||||||||||
of which trade and other payables and provisions | i 997 | i — | i 1 | i 28 | i 39 | i 61 | i — | i 1,126 | ||||||||||||||||||||||||||||||||||||||||||||||||
Non-controlling interest | i 27 | i — | i — | i — | i — | i — | i — | i 27 | ||||||||||||||||||||||||||||||||||||||||||||||||
Net assets attributable to equity holders of the parent | i 5,454 | i 1,803 | i 1,033 | i 344 | i 429 | i 909 | i 276 | i 10,248 | ||||||||||||||||||||||||||||||||||||||||||||||||
Company's share of net assets | i 3,272 | i 902 | i 517 | i 172 | i 215 | i 303 | i 151 | i 5,532 | ||||||||||||||||||||||||||||||||||||||||||||||||
Adjustments for differences in accounting policies and other | i 139 | ( i 6) | i — | ( i 20) | ( i 40) | i 6 | i — | i 79 | ||||||||||||||||||||||||||||||||||||||||||||||||
Carrying amount in the statements of financial position | i 3,411 | i 896 | i 517 | i 152 | i 175 | i 309 | i 151 | i 5,611 | ||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | i 6,710 | i 4,860 | i 1,787 | i 945 | i 1,549 | i 1,205 | i — | i 17,056 | ||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | ( i 446) | ( i 70) | ( i 36) | ( i 37) | ( i 25) | ( i 69) | i — | ( i 683) | ||||||||||||||||||||||||||||||||||||||||||||||||
Interest income | i 54 | i — | i 2 | i 2 | i 1 | i — | i — | i 59 | ||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | ( i 207) | ( i 51) | ( i 5) | ( i 14) | ( i 35) | ( i 49) | i — | ( i 361) | ||||||||||||||||||||||||||||||||||||||||||||||||
Income tax benefit (expense) | ( i 279) | i — | ( i 53) | ( i 7) | ( i 33) | i 21 | i — | ( i 351) | ||||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) from continuing operations | i 1,070 | i 99 | i 352 | i 7 | i 29 | i 274 | i — | i 1,831 | ||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | ( i 998) | ( i 20) | i — | ( i 14) | ( i 6) | i — | i — | ( i 1,038) | ||||||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income (loss) | i 72 | i 79 | i 352 | ( i 7) | i 23 | i 274 | i — | i 793 | ||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends received by the Company | i — | i 58 | i — | i — | i 21 | i — | i — | i 79 |
Consolidated financial statements | ||
(millions of U.S. dollar, except share and per share data) |
December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Joint Ventures | AMNS India | Acciaierie d'Italia | Calvert | VAMA | Tameh | Borçelik | Al Jubail | Total | ||||||||||||||||||||||||||||||||||||||||||||||||
Place
of incorporation and operation 1 | India | Italy | United States | China | Poland | Turkey | Saudi Arabia | |||||||||||||||||||||||||||||||||||||||||||||||||
Principal Activity | Integrated flat steel producer
4,5 | Integrated flat steel producer6 | Automotive steel finishing 7 | Automotive steel finishing | Energy production and supply | Manufacturing and sale of steel 2,3 | Production and sale seamless line pipes and tubes | |||||||||||||||||||||||||||||||||||||||||||||||||
Ownership and voting rights at December 31, 2022 | i 60.00 | % | i 62.00 | % | i 50.00 | % | i 50.00 | % | i 50.00 | % | i 50.00 | % | i 33.34 | % | ||||||||||||||||||||||||||||||||||||||||||
Current assets | i 3,494 | i 2,558 | i 2,019 | i 534 | i 448 | i 624 | i 662 | i 10,339 | ||||||||||||||||||||||||||||||||||||||||||||||||
of which cash, cash equivalents and restricted cash | i 800 | i 179 | i 216 | i 159 | i 26 | i 70 | i 101 | i 1,551 | ||||||||||||||||||||||||||||||||||||||||||||||||
Non-current assets | i 9,680 | i 2,765 | i 1,764 | i 761 | i 436 | i 254 | i 1,137 | i 16,797 | ||||||||||||||||||||||||||||||||||||||||||||||||
Current liabilities | i 1,809 | i 2,754 | i 968 | i 533 | i 434 | i 390 | i 429 | i 7,317 | ||||||||||||||||||||||||||||||||||||||||||||||||
of which trade and other payables and provisions | i 1,567 | i 1,844 | i 203 | i 388 | i 390 | i 333 | i 265 | i 4,990 | ||||||||||||||||||||||||||||||||||||||||||||||||
Non-current liabilities | i 5,928 | i 908 | i 975 | i 61 | i 120 | i 34 | i 738 | i 8,764 | ||||||||||||||||||||||||||||||||||||||||||||||||
of which trade and other payables and provisions | i 602 | i 153 | i — | i — | i 27 | i 34 | i 29 | i 845 | ||||||||||||||||||||||||||||||||||||||||||||||||
Non-controlling interest | i 3 | i — | i — | i — | i — | i — | i — | i 3 | ||||||||||||||||||||||||||||||||||||||||||||||||
Net assets attributable to equity holders of the parent | i 5,434 | i 1,661 | i 1,840 | i 701 | i 330 | i 454 | i 632 | i 11,052 | ||||||||||||||||||||||||||||||||||||||||||||||||
Company's share of net assets | i 3,260 | i 1,030 | i 920 | i 351 | i 165 | i 227 | i 211 | i 6,164 | ||||||||||||||||||||||||||||||||||||||||||||||||
Adjustments for differences in accounting policies and other | i 144 | i 146 | ( i 36) | i — | i — | ( i 42) | ( i 4) | i 208 | ||||||||||||||||||||||||||||||||||||||||||||||||
Carrying amount in the statements of financial position | i 3,404 | i 1,176 | i 884 | i 351 | i 165 | i 185 | i 207 | i 6,372 | ||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | i 7,287 | i 4,525 | i 4,969 | i 1,495 | i 1,080 | i 1,868 | i 918 | i 22,142 | ||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | ( i 350) | ( i 157) | ( i 67) | ( i 32) | ( i 45) | ( i 25) | ( i 71) | ( i 747) | ||||||||||||||||||||||||||||||||||||||||||||||||
Interest income | i 70 | i — | i — | i 2 | i 3 | i 2 | i — | i 77 | ||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | ( i 162) | ( i 34) | ( i 36) | ( i 5) | ( i 16) | ( i 22) | ( i 43) | ( i 318) | ||||||||||||||||||||||||||||||||||||||||||||||||
Income tax benefit (expense) | ( i 273) | i 25 | i — | ( i 37) | ( i 13) | ( i 55) | ( i 8) | ( i 361) | ||||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) from continuing operations | i 323 | i 106 | i 102 | i 249 | i 57 | i 90 | i 29 | i 956 | ||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | ( i 139) | i — | i 71 | i — | i 6 | i 22 | ( i 1) | ( i 41) | ||||||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income (loss) | i 184 | i 106 | i 173 | i 249 | i 63 | i 112 | i 28 | i 915 | ||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends received by the Company | i — | i — | i 65 | i — | i 13 | i 52 | i — | i 130 |
Consolidated financial statements | ||
(millions of U.S. dollar, except share and per share data) |
December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Joint Ventures | AMNS India | Acciaierie d'Italia | Calvert | VAMA | Tameh | Borçelik | Al Jubail | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Place
of incorporation and operation1 | India | Italy | United States | China | Poland | Turkey | Saudi Arabia | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Principal Activity | Integrated
flat steel producer 5,6 | Integrated flat steel producer7 | Automotive steel finishing8 | Automotive steel finishing | Energy production and supply | Manufacturing and sale of steel 2,3,4 | Production and sale seamless line pipes and tubes 9 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ownership and voting rights at December 31, 2021 | i 60.00 | % | i 62.00 | % | i 50.00 | % | i 50.00 | % | i 50.00 | % | i 50.00 | % | i 29.23 | % | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current assets | i 5,536 | i 3,643 | i 2,334 | i 293 | i 356 | i 983 | i 573 | i 13,718 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
of which cash and cash equivalents | i 1,285 | i 92 | i 256 | i 56 | i 62 | i 155 | i 88 | i 1,994 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-current assets | i 6,260 | i 2,669 | i 1,418 | i 679 | i 497 | i 243 | i 1,197 | i 12,963 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current liabilities | i 764 | i 3,313 | i 1,162 | i 466 | i 376 | i 723 | i 533 | i 7,337 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
of which trade and other payables and provisions | i 620 | i 2,840 | i 202 | i 272 | i 330 | i 581 | i 120 | i 4,965 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Non-current liabilities | i 5,770 | i 1,365 | i 790 | i 8 | i 169 | i 56 | i 640 | i 8,798 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
of which trade and other payables and provisions | i 331 | i 1,342 | i — | i — | i 24 | i 44 | i 45 | i 1,786 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net assets | i 5,262 | i 1,634 | i 1,800 | i 498 | i 308 | i 447 | i 597 | i 10,546 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Company's share of net assets | i 3,157 | i 1,013 | i 900 | i 249 | i 154 | i 224 | i 175 | i 5,872 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Adjustments for differences in accounting policies and other | i 148 | i 146 | ( i 34) | i — | i — | ( i 29) | ( i 16) | i 215 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carrying amount in the statements of financial position | i 3,305 | i 1,159 | i 866 | i 249 | i 154 | i 195 | i 159 | i 6,087 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | i 7,226 | i 3,291 | i 4,808 | i 1,452 | i 721 | i 1,791 | i 334 | i 19,623 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | ( i 378) | ( i 119) | ( i 65) | ( i 34) | ( i 34) | ( i 24) | ( i 42) | ( i 696) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest income | i 53 | i — | i — | i 3 | i — | i 1 | i — | i 57 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | ( i 139) | ( i 12) | ( i 28) | ( i 7) | ( i 6) | ( i 18) | ( i 27) | ( i 237) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income tax benefit (expense) | ( i 71) | i 211 | i — | ( i 12) | ( i 4) | ( i 65) | i — | i 59 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income (loss) from continuing operations | i 1,436 | i 393 | i 861 | i 95 | i 18 | i 105 | ( i 85) | i 2,823 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | i 818 | i — | i 9 | i — | i 8 | i 9 | i — | i 844 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income (loss) | i 2,254 | i 393 | i 870 | i 95 | i 26 | i 114 | ( i 85) | i 3,667 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash dividends received by the Company | i — | i — | i 50 | i — | i 10 | i 13 | i — | i 73 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consolidated financial statements | ||
(millions of U.S. dollar, except share and per share data) |
Consolidated financial statements | ||
(millions of U.S. dollar, except share and per share data) |
Consolidated financial statements | ||
(millions of U.S. dollar, except share and per share data) |
Consolidated financial statements | ||
(millions of U.S. dollar, except share and per share data) |
December 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Associates | China Oriental | DHS Group | Gonvarri Steel Industries | Baffinland 6 | Total | |||||||||||||||||||||||||||||||||||||||||||||
Financial statements reporting date | June 30, 2023 | September 30, 2023 | September 30, 2023 | December 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||
Place of incorporation and operation1 | Bermuda | Germany | Spain | Canada | ||||||||||||||||||||||||||||||||||||||||||||||
Principal Activity | Iron and steel manufacturing | Steel manufacturing 3 | Steel manufacturing 4 | Extraction of iron ore 5 | ||||||||||||||||||||||||||||||||||||||||||||||
Ownership and voting rights at December 31, 2023 | i i 37.00 / | % | i i 33.43 / | % | i i 35.00 / | % | i i 25.23 / | % | ||||||||||||||||||||||||||||||||||||||||||
Current assets | i 3,681 | i 1,919 | i 3,351 | i 720 | i 9,671 | |||||||||||||||||||||||||||||||||||||||||||||
Non-current assets | i 3,124 | i 2,430 | i 2,086 | i 10,572 | i 18,212 | |||||||||||||||||||||||||||||||||||||||||||||
Current liabilities | i 2,909 | i 505 | i 1,857 | i 905 | i 6,176 | |||||||||||||||||||||||||||||||||||||||||||||
Non-current liabilities | i 395 | i 994 | i 940 | i 3,335 | i 5,664 | |||||||||||||||||||||||||||||||||||||||||||||
Non-controlling interests | i 369 | i 125 | i 448 | i — | i 942 | |||||||||||||||||||||||||||||||||||||||||||||
Net assets attributable to equity holders of the parent | i 3,132 | i 2,725 | i 2,192 | i 7,052 | i 15,101 | |||||||||||||||||||||||||||||||||||||||||||||
Company's share of net assets | i 1,159 | i 911 | i 767 | i 1,779 | i 4,616 | |||||||||||||||||||||||||||||||||||||||||||||
Adjustments for differences in accounting policies and other | i — | i 134 | ( i 40) | ( i 1,479) | ( i 1,385) | |||||||||||||||||||||||||||||||||||||||||||||
Other
adjustments2 | i 48 | ( i 190) | i 20 | i — | ( i 122) | |||||||||||||||||||||||||||||||||||||||||||||
Carrying amount in the statements of financial position | i 1,207 | i 855 | i 747 | i 300 | i 3,109 | |||||||||||||||||||||||||||||||||||||||||||||
Revenue | i 3,183 | i 2,800 | i 5,874 | i 536 | i 12,393 | |||||||||||||||||||||||||||||||||||||||||||||
Income / (loss) from continuing operations | i 40 | i 184 | i 222 | ( i 227) | i 219 | |||||||||||||||||||||||||||||||||||||||||||||
Other comprehensive income | i 1 | ( i 1) | ( i 25) | i — | ( i 25) | |||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income (loss) | i 41 | i 183 | i 197 | ( i 227) | i 194 | |||||||||||||||||||||||||||||||||||||||||||||
Cash dividends received by the Company | i 5 | i 43 | i 35 | i — | i 83 |
Consolidated financial statements | ||
(millions of U.S. dollar, except share and per share data) |
December 31, 2022 | ||||||||||||||||||||||||||||||||
Associates | China Oriental | DHS Group | Gonvarri Steel Industries | Baffinland6 | Total | |||||||||||||||||||||||||||
Financial statements reporting date | June 30, 2022 | September 30, 2022 | September 30, 2022 | December 31, 2022 | ||||||||||||||||||||||||||||
Place of incorporation and operation1 | Bermuda | Germany | Spain | Canada | ||||||||||||||||||||||||||||
Principal Activity | Iron and steel manufacturing | Steel
manufacturing 3 | Steel manufacturing 4 | Extraction of iron ore 5 | ||||||||||||||||||||||||||||
Ownership and voting rights at December 31, 2022 | i i 37.00 / | % | i i 33.43 / | % | i i 35.00 / | % | i i 25.23 / | % | ||||||||||||||||||||||||
Current assets | i 5,081 | i 1,827 | i 3,400 | i 758 | i 11,066 | |||||||||||||||||||||||||||
Non-current assets | i 3,218 | i 2,257 | i 1,802 | i 10,700 | i 17,977 | |||||||||||||||||||||||||||
Current liabilities | i 4,134 | i 640 | i 2,067 | i 770 | i 7,611 | |||||||||||||||||||||||||||
Non-current liabilities | i 314 | i 863 | i 815 | i 3,379 | i 5,371 | |||||||||||||||||||||||||||
Non-controlling interests | i 348 | i 115 | i 416 | i — | i 879 | |||||||||||||||||||||||||||
Net assets attributable to equity holders of the parent | i 3,503 | i 2,466 | i 1,904 | i 7,309 | i 15,182 | |||||||||||||||||||||||||||
Company's share of net assets | i 1,296 | i 824 | i 666 | i 1,844 | i 4,630 | |||||||||||||||||||||||||||
Adjustments for differences in accounting policies and other | i — | i 150 | ( i 43) | ( i 1,488) | ( i 1,381) | |||||||||||||||||||||||||||
Other
adjustments2 | ( i 56) | ( i 183) | i 50 | i — | ( i 189) | |||||||||||||||||||||||||||
Carrying amount in the statements of financial position | i 1,240 | i 791 | i 673 | i 356 | i 3,060 | |||||||||||||||||||||||||||
Revenue | i 3,857 | i 2,715 | i 5,628 | i 482 | i 12,682 | |||||||||||||||||||||||||||
Income / (loss) from continuing operations | i 190 | i 428 | i 236 | ( i 136) | i 718 | |||||||||||||||||||||||||||
Other comprehensive income (loss) | i 4 | i 18 | i 62 | i — | i 84 | |||||||||||||||||||||||||||
Total comprehensive income (loss) | i 193 | i 446 | i 298 | ( i 136) | i 801 | |||||||||||||||||||||||||||
Cash dividends received by the Company | i 28 | i 10 | i 26 | i — | i 64 |
Consolidated financial statements | ||
(millions of U.S. dollar, except share and per share data) |
December 31, 2021 | ||||||||||||||||||||||||||||||||
Associates | China Oriental | DHS Group | Gonvarri Steel Industries | Baffinland 6 | Total | |||||||||||||||||||||||||||
Financial statements reporting date | June 30, 2021 | September 30, 2021 | September 30, 2021 | December 31, 2021 | ||||||||||||||||||||||||||||
Place of incorporation and operation1 | Bermuda | Germany | Spain | Canada | ||||||||||||||||||||||||||||
Principal Activity | Iron and steel manufacturing | Steel
manufacturing 3 | Steel manufacturing 4 | Extraction of iron ore 5 | ||||||||||||||||||||||||||||
Ownership and voting rights at December 31, 2021 | i i 37.00 / | % | i i 33.43 / | % | i i 35.00 / | % | i i 25.23 / | % | ||||||||||||||||||||||||
Current assets | i 4,636 | i 1,364 | i 2,840 | i 479 | i 9,319 | |||||||||||||||||||||||||||
Non-current assets | i 2,978 | i 2,668 | i 1,797 | i 10,790 | i 18,233 | |||||||||||||||||||||||||||
Current liabilities | i 3,571 | i 472 | i 1,568 | i 477 | i 6,088 | |||||||||||||||||||||||||||
Non-current liabilities | i 533 | i 1,107 | i 716 | i 3,365 | i 5,721 | |||||||||||||||||||||||||||
Non-controlling interests | i 88 | i 103 | i 415 | i — | i 606 | |||||||||||||||||||||||||||
Net assets attributable to equity holders of the parent | i 3,422 | i 2,350 | i 1,938 | i 7,427 | i 15,137 | |||||||||||||||||||||||||||
Company's share of net assets | i 1,266 | i 786 | i 678 | i 1,874 | i 4,604 | |||||||||||||||||||||||||||
Adjustments for differences in accounting policies and other | i — | i 55 | ( i 47) | ( i 1,488) | ( i 1,480) | |||||||||||||||||||||||||||
Other
adjustments 2 | i 66 | ( i 191) | ( i 14) | i — | ( i 139) | |||||||||||||||||||||||||||
Carrying amount in the statements of financial position | i 1,332 | i 650 | i 617 | i 386 | i 2,985 | |||||||||||||||||||||||||||
Revenue | i 3,863 | i 2,011 | i 4,465 | i 676 | i 11,015 | |||||||||||||||||||||||||||
Net income (loss) | i 250 | ( i 44) | i 197 | ( i 45) | i 358 | |||||||||||||||||||||||||||
Other comprehensive income (loss) | i — | i 7 | i 33 | i — | i 40 | |||||||||||||||||||||||||||
Total comprehensive income (loss) | i 250 | ( i 37) | i 230 | ( i 45) | i 398 | |||||||||||||||||||||||||||
Cash dividends received by the Company | i 36 | i — | i 17 | i — | i 53 |
Consolidated financial statements | ||
(millions of U.S. dollar, except share and per share data) |
December 31, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||
Associates | Joint Ventures | Total | Associates | Joint Ventures | Total | |||||||||||||||||||||||||||||||||
Carrying amount of interests in associates and joint ventures | i 481 | i 877 | i 1,358 | i 422 | i 911 | i 1,333 | ||||||||||||||||||||||||||||||||
Share of: | ||||||||||||||||||||||||||||||||||||||
Income from continuing operations | i 56 | i 81 | i 137 | i 79 | i 239 | i 318 | ||||||||||||||||||||||||||||||||
Other comprehensive income (loss) | i 4 | ( i 2) | i 2 | i 2 | i 5 | i 7 | ||||||||||||||||||||||||||||||||
Total comprehensive income (loss) | i 60 | i 79 | i 139 | i 81 | i 244 | i 325 |
December 31, | |||||||||||
2023 | 2022 | ||||||||||
Erdemir | i 205 | i 910 | |||||||||
ArcelorMittal XCarb | i 152 | i 76 | |||||||||
Stalprodukt S.A. | i 65 | i 58 | |||||||||
Others | i 91 | i 75 | |||||||||
Investments in equity instruments at FVOCI | i 513 | i 1,119 |
Consolidated financial statements | ||
(millions of U.S. dollar, except share and per share data) |
Year ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Share in net earnings of equity-accounted companies | i 1,181 | i 1,193 | i 2,091 | ||||||||||||||
Impairment charges | ( i 1,405) | i — | i — | ||||||||||||||
Gain (loss) on disposal | i — | i — | i 16 | ||||||||||||||
Dividend
income 1 | i 3 | i 124 | i 97 | ||||||||||||||
Total | ( i 221) | i 1,317 | i 2,204 |
Consolidated financial statements | ||
(millions of U.S. dollar, except share and per share data) |
Consolidated financial statements | ||
(millions of U.S. dollar, except share and per share data) |
NAFTA | Brazil | Europe | ACIS | Mining | Others
1 | Elimination | Total | ||||||||||||||||||||||||||||||||||||||||
Year ended December 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||
Sales to external customers | i 12,856 | i 11,185 | i 37,919 | i 5,124 | i 1,171 | i 20 | — | i 68,275 | |||||||||||||||||||||||||||||||||||||||
Intersegment
sales 2 | i 122 | i 1,978 | i 386 | i 298 | i 1,906 | i 18 | ( i 4,708) | — | |||||||||||||||||||||||||||||||||||||||
Operating income (loss) | i 1,917 | i 1,461 | i 1,104 | ( i 3,021) | i 1,144 | ( i 341) | i 76 | i 2,340 | |||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | ( i 535) | ( i 341) | ( i 1,241) | ( i 278) | ( i 238) | ( i 42) | i — | ( i 2,675) | |||||||||||||||||||||||||||||||||||||||
Impairment | i — | i — | i — | ( i 1,038) | i — | i — | i — | ( i 1,038) | |||||||||||||||||||||||||||||||||||||||
Capital expenditures | i 426 | i 917 | i 1,612 | i 406 | i 784 | i 479 | ( i 11) | i 4,613 | |||||||||||||||||||||||||||||||||||||||
Year ended December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||
Sales to external customers | i 13,716 | i 11,929 | i 47,015 | i 5,863 | i 1,305 | i 16 | — | i 79,844 | |||||||||||||||||||||||||||||||||||||||
Intersegment
sales 2 | i 58 | i 1,803 | i 248 | i 505 | i 2,091 | i 16 | ( i 4,721) | — | |||||||||||||||||||||||||||||||||||||||
Operating income (loss) | i 2,818 | i 2,775 | i 4,292 | ( i 930) | i 1,483 | ( i 315) | i 149 | i 10,272 | |||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | ( i 427) | ( i 246) | ( i 1,268) | ( i 369) | ( i 234) | ( i 36) | i — | ( i 2,580) | |||||||||||||||||||||||||||||||||||||||
Impairment
| i — | i — | i — | ( i 1,026) | i — | i — | i — | ( i 1,026) | |||||||||||||||||||||||||||||||||||||||
Capital expenditures | i 500 | i 708 | i 1,204 | i 483 | i 488 | i 85 | i — | i 3,468 | |||||||||||||||||||||||||||||||||||||||
Year
ended December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
Sales to external customers | i 12,492 | i 10,830 | i 43,200 | i 8,392 | i 1,640 | i 17 | — | i 76,571 | |||||||||||||||||||||||||||||||||||||||
Intersegment
sales 2 | i 38 | i 2,026 | i 134 | i 1,462 | i 2,405 | i 17 | ( i 6,082) | — | |||||||||||||||||||||||||||||||||||||||
Operating income (loss) | i 2,800 | i 3,798 | i 5,672 | i 2,705 | i 2,371 | ( i 228) | ( i 142) | i 16,976 | |||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | ( i 325) | ( i 228) | ( i 1,252) | ( i 450) | ( i 228) | ( i 40) | i — | ( i 2,523) | |||||||||||||||||||||||||||||||||||||||
Impairment
reversal | i — | i — | i 218 | i — | i — | i — | i — | i 218 | |||||||||||||||||||||||||||||||||||||||
Capital expenditures | i 369 | i 412 | i 1,282 | i 619 | i 302 | i 24 | i — | i 3,008 |
Year ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Operating income | i 2,340 | i 10,272 | i 16,976 | ||||||||||||||
Income from investments in associates and joint ventures | i 1,184 | i 1,317 | i 2,204 | ||||||||||||||
Impairments
of equity method investments | ( i 1,405) | i — | i — | ||||||||||||||
Financing costs - net | ( i 859) | ( i 334) | ( i 1,155) | ||||||||||||||
Income before taxes | i 1,260 | i 11,255 | i 18,025 | ||||||||||||||
Income tax expense | i 238 | i 1,717 | i 2,460 | ||||||||||||||
Net income (including non-controlling interests) | i 1,022 | i 9,538 | i 15,565 |
Consolidated financial statements | ||
(millions of U.S. dollar, except share and per share data) |
Year ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Americas | |||||||||||||||||
United States | i 8,886 | i 8,835 | i 7,300 | ||||||||||||||
Brazil | i 8,243 | i 8,715 | i 8,204 | ||||||||||||||
Canada | i 3,485 | i 4,188 | i 4,282 | ||||||||||||||
Mexico | i 3,288 | i 2,876 | i 2,356 | ||||||||||||||
Argentina | i 1,233 | i 1,908 | i 1,440 | ||||||||||||||
Others | i 1,110 | i 1,538 | i 1,826 | ||||||||||||||
Total Americas | i 26,245 | i 28,060 | i 25,408 | ||||||||||||||
Europe | |||||||||||||||||
Germany | i 6,550 | i 7,761 | i 6,541 | ||||||||||||||
Poland | i 4,466 | i 5,930 | i 5,298 | ||||||||||||||
France | i 4,611 | i 5,703 | i 4,874 | ||||||||||||||
Spain | i 3,981 | i 4,737 | i 4,187 | ||||||||||||||
Italy1 | i 2,608 | i 4,017 | i 5,426 | ||||||||||||||
Czech Republic | i 1,183 | i 1,432 | i 1,362 | ||||||||||||||
Turkey | i 1,119 | i 1,231 | i 1,508 | ||||||||||||||
United Kingdom | i 1,341 | i 1,593 | i 1,519 | ||||||||||||||
Belgium | i 2,061 | i 2,110 | i 1,847 | ||||||||||||||
Netherlands | i 1,445 | i 1,774 | i 1,623 | ||||||||||||||
Russia | i 901 | i 996 | i 1,583 | ||||||||||||||
Romania | i 386 | i 461 | i 443 | ||||||||||||||
Ukraine | i 508 | i 464 | i 948 | ||||||||||||||
Others | i 4,620 | i 6,310 | i 5,025 | ||||||||||||||
Total Europe | i 35,780 | i 44,519 | i 42,184 | ||||||||||||||
Asia & Africa | |||||||||||||||||
South Africa | i 1,862 | i 2,259 | i 2,448 | ||||||||||||||
Morocco | i 745 | i 806 | i 689 | ||||||||||||||
Rest of Africa | i 524 | i 499 | i 1,068 | ||||||||||||||
China | i 764 | i 765 | i 943 | ||||||||||||||
Kazakhstan2 | i 503 | i 625 | i 747 | ||||||||||||||
South Korea | i 410 | i 383 | i 608 | ||||||||||||||
India | i 102 | i 131 | i 142 | ||||||||||||||
Rest of Asia | i 1,340 | i 1,797 | i 2,334 | ||||||||||||||
Total Asia & Africa | i 6,250 | i 7,265 | i 8,979 | ||||||||||||||
Total | i 68,275 | i 79,844 | i 76,571 |
December 31, | |||||||||||
2023 | 2022 | ||||||||||
Americas | |||||||||||
Canada | i 5,141 | i 5,105 | |||||||||
Brazil2 | i 7,103 | i 4,075 | |||||||||
United
States | i 963 | i 1,079 | |||||||||
Mexico | i 1,767 | i 1,747 | |||||||||
Argentina | i 289 | i 404 | |||||||||
Venezuela | i 32 | i 24 | |||||||||
Others | i 21 | i 19 | |||||||||
Total Americas | i 15,316 | i 12,453 | |||||||||
Europe | |||||||||||
France | i 4,190 | i 3,618 | |||||||||
Germany | i 2,629 | i 2,457 | |||||||||
Belgium | i 2,800 | i 2,534 | |||||||||
Poland | i 2,545 | i 2,302 | |||||||||
Ukraine | i 695 | i 658 | |||||||||
Spain | i 2,058 | i 1,978 | |||||||||
Luxembourg | i 1,898 | i 1,998 | |||||||||
Bosnia and Herzegovina | i 159 | i 161 | |||||||||
Romania | i 37 | i 26 | |||||||||
Czech Republic | i 25 | i 27 | |||||||||
Others | i 368 | i 271 | |||||||||
Total Europe | i 17,404 | i 16,030 | |||||||||
Asia & Africa | |||||||||||
Kazakhstan3 | i — | i 1,555 | |||||||||
South Africa | i 424 | i 567 | |||||||||
Liberia | i 915 | i 420 | |||||||||
Morocco | i 103 | i 88 | |||||||||
India | i 587 | i 80 | |||||||||
Others | i 101 | i 110 | |||||||||
Total Asia & Africa | i 2,130 | i 2,820 | |||||||||
Unallocated assets | i 25,827 | i 26,126 | |||||||||
Total | i 60,677 | i 57,429 |
Consolidated financial statements | ||
(millions of U.S. dollar, except share and per share data) |
Year ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Flat products | i 38,647 | i 44,776 | i 41,895 | ||||||||||||||
Long products | i 14,124 | i 17,486 | i 18,118 | ||||||||||||||
Tubular products | i 2,160 | i 2,683 | i 2,233 | ||||||||||||||
Mining products | i 1,269 | i 1,391 | i 1,860 | ||||||||||||||
Others | i 12,075 | i 13,508 | i 12,465 | ||||||||||||||
Total | i 68,275 | i 79,844 | i 76,571 |
Year ended December 31, 2023 | NAFTA | Brazil | Europe | ACIS | Mining | Others | Total | ||||||||||||||||||||||||||||||||||
Steel sales | i 11,830 | i 10,393 | i 33,569 | i 4,234 | i — | i — | i 60,026 | ||||||||||||||||||||||||||||||||||
Non-steel
sales 1 | i 541 | i 160 | i 1,585 | i 424 | i 1,140 | i — | i 3,850 | ||||||||||||||||||||||||||||||||||
By-product
sales 2 | i 94 | i 174 | i 1,305 | i 168 | i — | i — | i 1,741 | ||||||||||||||||||||||||||||||||||
Other
sales 3 | i 391 | i 458 | i 1,460 | i 298 | i 31 | i 20 | i 2,658 | ||||||||||||||||||||||||||||||||||
Total | i 12,856 | i 11,185 | i 37,919 | i 5,124 | i 1,171 | i 20 | i 68,275 |
Year ended December 31, 2022 | NAFTA | Brazil | Europe | ACIS | Mining | Others | Total | ||||||||||||||||||||||||||||||||||
Steel sales | i 12,796 | i 11,133 | i 41,804 | i 5,061 | i — | i — | i 70,794 | ||||||||||||||||||||||||||||||||||
Non-steel
sales 1 | i 491 | i 189 | i 2,212 | i 373 | i 1,274 | i — | i 4,539 | ||||||||||||||||||||||||||||||||||
By-product
sales 2 | i 97 | i 125 | i 1,397 | i 173 | i — | i — | i 1,792 | ||||||||||||||||||||||||||||||||||
Other
sales 3 | i 332 | i 482 | i 1,602 | i 256 | i 31 | i 16 | i 2,719 | ||||||||||||||||||||||||||||||||||
Total | i 13,716 | i 11,929 | i 47,015 | i 5,863 | i 1,305 | i 16 | i 79,844 |
Year ended December 31, 2021 | NAFTA | Brazil | Europe | ACIS | Mining | Others | Total | ||||||||||||||||||||||||||||||||||
Steel sales | i 12,127 | i 10,225 | i 38,302 | i 7,148 | i — | i — | i 67,802 | ||||||||||||||||||||||||||||||||||
Non-steel
sales 1 | i 1 | i 202 | i 2,240 | i 769 | i 1,607 | i — | i 4,819 | ||||||||||||||||||||||||||||||||||
By-product
sales 2 | i 132 | i 111 | i 943 | i 171 | i — | i — | i 1,357 | ||||||||||||||||||||||||||||||||||
Other
sales 3 | i 232 | i 292 | i 1,715 | i 304 | i 33 | i 17 | i 2,593 | ||||||||||||||||||||||||||||||||||
Total | i 12,492 | i 10,830 | i 43,200 | i 8,392 | i 1,640 | i 17 | i 76,571 |
Consolidated financial statements | ||
(millions of U.S. dollar, except share and per share data) |
Year ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Trade accounts receivable and other - opening balance | i 3,839 | i 5,143 | i 3,072 | ||||||||||||||
Performance obligations satisfied | i 68,275 | i 79,844 | i 76,571 | ||||||||||||||
Payments received | ( i 68,590) | ( i 80,977) | ( i 74,036) | ||||||||||||||
Impairment of receivables (net of write backs and utilization) | ( i 165) | i — | ( i 69) | ||||||||||||||
Reclassification
of the period-end receivables from /(to) held for sale and recognition (derecognition) of receivables related to business combination and divestments 1 | i 189 | i 190 | i 182 | ||||||||||||||
TSR
receivables retained in ArcelorMittal USA divestment 2 | i — | i — | ( i 260) | ||||||||||||||
Foreign exchange and others | i 113 | ( i 361) | ( i 317) | ||||||||||||||
Trade accounts receivable and other - closing balance | i 3,661 | i 3,839 | i 5,143 |
Consolidated financial statements | ||
(millions of U.S. dollar, except share and per share data) |
Year ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Materials | i 46,422 | i 51,353 | i 42,737 | ||||||||||||||
Labor costs | i 7,038 | i 6,721 | i 6,886 | ||||||||||||||
Logistic expenses | i 4,028 | i 4,096 | i 3,931 | ||||||||||||||
Depreciation and amortization | i 2,675 | i 2,580 | i 2,523 | ||||||||||||||
Net
impairment charges/ (reversal) (note 5.3) | i 1,038 | i 1,026 | ( i 218) | ||||||||||||||
Foreign exchange translation losses upon disposal of Kazakhstan operations (note 2.3) | i 1,469 | i — | i — | ||||||||||||||
Other | i 868 | i 1,533 | i 1,478 | ||||||||||||||
Total | i 63,538 | i 67,309 | i 57,337 |
December 31, | |||||||||||
2023 | 2022 | ||||||||||
Gross amount | i 4,025 | i 4,029 | |||||||||
Allowance for lifetime expected credit losses | ( i 364) | ( i 190) | |||||||||
Total | i 3,661 | i 3,839 |
December 31, | |||||||||||
2023 | 2022 | ||||||||||
NAFTA | i 337 | i 289 | |||||||||
Brazil | i 1,400 | i 1,127 | |||||||||
Europe | i 1,587 | i 2,011 | |||||||||
ACIS | i 264 | i 347 | |||||||||
Mining | i 73 | i 65 | |||||||||
Total | i 3,661 | i 3,839 |
Consolidated financial statements | ||
(millions of U.S. dollar, except share and per share data) |
December 31, | December 31, | ||||||||||||||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||||||||||||||
Gross | Allowance | Total | Gross | Allowance | Total | ||||||||||||||||||||||||||||||
Not past due | i 3,070 | ( i 19) | i 3,051 | i 3,063 | ( i 17) | i 3,046 | |||||||||||||||||||||||||||||
Overdue 1-30 days | i 303 | ( i 1) | i 302 | i 366 | ( i 2) | i 364 | |||||||||||||||||||||||||||||
Overdue 31-60 days | i 83 | ( i 2) | i 81 | i 120 | ( i 1) | i 119 | |||||||||||||||||||||||||||||
Overdue 61-90 days | i 44 | ( i 1) | i 43 | i 40 | i — | i 40 | |||||||||||||||||||||||||||||
Overdue 91-180 days | i 143 | ( i 12) | i 131 | i 97 | ( i 2) | i 95 | |||||||||||||||||||||||||||||
More than 180 days | i 382 | ( i 329) | i 53 | i 343 | ( i 168) | i 175 | |||||||||||||||||||||||||||||
Total | i 4,025 | ( i 364) | i 3,661 | i 4,029 | ( i 190) | i 3,839 |
Year ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Allowance - opening balance | i 190 | i 206 | i 136 | ||||||||||||||
Additions | i 178 | i 19 | i 87 | ||||||||||||||
Write backs / utilization | ( i 13) | ( i 19) | ( i 18) | ||||||||||||||
Foreign exchange and others | i 9 | ( i 16) | i 1 | ||||||||||||||
Allowance - closing balance | i 364 | i 190 | i 206 |
December 31, | |||||||||||
2023 | 2022 | ||||||||||
Finished products | i 5,372 | i 5,906 | |||||||||
Production in process | i 4,741 | i 5,343 | |||||||||
Raw materials | i 6,334 | i 6,639 | |||||||||
Manufacturing supplies, spare parts and other 1 | i 2,312 | i 2,199 | |||||||||
Total | i 18,759 | i 20,087 |
Consolidated financial statements | ||
(millions of U.S. dollar, except share and per share data) |
Year ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Inventory write-downs - opening balance | i 1,629 | i 1,023 | i 1,079 | ||||||||||||||
Additions
1 | i 516 | i 759 | i 178 | ||||||||||||||
Deductions
/ Releases 2 | ( i 681) | ( i 136) | ( i 236) | ||||||||||||||
Foreign exchange and others | ( i 30) | ( i 17) | i 2 | ||||||||||||||
Inventory write-downs - closing balance | i 1,434 | i 1,629 | i 1,023 |
December 31, | |||||||||||
2023 | 2022 | ||||||||||
VAT receivables | i 792 | i 1,144 | |||||||||
Prepaid expenses and non-trade receivables | i 658 | i 732 | |||||||||
Financial
amounts receivable2 | i 247 | i 122 | |||||||||
Income tax receivable | i 209 | i 158 | |||||||||
Receivables from public authorities | i 206 | i 152 | |||||||||
Receivables from sale of intangible, tangible and financial assets | i 81 | i 67 | |||||||||
Derivative financial instruments (notes 6.1 and 6.3) | i 643 | i 737 | |||||||||
CO2
emission rights | i 3 | i 491 | |||||||||
Other 1 | i 198 | i 175 | |||||||||
Total | i 3,037 | i 3,778 |
December 31, | |||||||||||
2023 | 2022 | ||||||||||
Derivative financial instruments (notes 6.1 and 6.3) | i 163 | i 835 | |||||||||
Financial
amounts receivable2 | i 785 | i 429 | |||||||||
Long-term VAT receivables | i 215 | i 74 | |||||||||
Cash guarantees and deposits | i 178 | i 155 | |||||||||
Receivables from public authorities | i 115 | i 73 | |||||||||
Accrued interest | i 27 | i 24 | |||||||||
Receivables from sale of intangible, tangible and financial assets | i 100 | i 139 | |||||||||
Income tax receivable | i 91 | i 68 | |||||||||
Other 1 | i 185 | i 124 | |||||||||
Total | i 1,859 | i 1,921 |
Consolidated financial statements | ||
(millions of U.S. dollar, except share and per share data) |
December 31, | |||||||||||
2023 | 2022 | ||||||||||
Accrued payroll and employee related expenses | i 1,403 | i 1,415 | |||||||||
Accrued interest and other payables | i 1,134 | i 1,049 | |||||||||
Payable from acquisition of intangible, tangible & financial assets | i 1,270 | i 1,123 | |||||||||
Other amounts due to public authorities | i 691 | i 652 | |||||||||
Derivative financial instruments (notes 6.1 and 6.3) | i 360 | i 379 | |||||||||
Put option liability ArcelorMittal Sul Fluminense (note 11.5.2) | i — | i 179 | |||||||||
Unearned revenue and accrued payables | i 109 | i 67 | |||||||||
Total | i 4,967 | i 4,864 |
December 31, | |||||||||||
2023 | 2022 | ||||||||||
Goodwill on acquisitions | i 3,908 | i 3,767 | |||||||||
Concessions, patents and licenses | i 266 | i 208 | |||||||||
Customer relationships and trade marks | i 155 | i 133 | |||||||||
Emission
rights | i 642 | i 748 | |||||||||
Other | i 131 | i 47 | |||||||||
Total | i 5,102 | i 4,903 |
December 31, 2022 | Acquisitions1 | Foreign exchange differences and other movements | Divestments2 | December 31, 2023 | ||||||||||||||||
NAFTA | i 1,540 | i — | i 23 | i — | i 1,563 | |||||||||||||||
Brazil | i 1,070 | i 164 | i 82 | i — | i 1,316 | |||||||||||||||
Europe | i 523 | i 57 | i 33 | i — | i 613 | |||||||||||||||
ACIS | i 634 | i — | ( i 24) | ( i 194) | i 416 | |||||||||||||||
Total | i 3,767 | i 221 | i 114 | ( i 194) | i 3,908 |
December 31, 2021 | Acquisitions1 | Foreign exchange differences and other movements | December 31, 2022 | |||||||||||||||||||||||
NAFTA | i 1,576 | i — | ( i 36) | i 1,540 | ||||||||||||||||||||||
Brazil | i 1,010 | i — | i 60 | i 1,070 | ||||||||||||||||||||||
Europe | i 499 | i 55 | ( i 31) | i 523 | ||||||||||||||||||||||
ACIS | i 846 | i — | ( i 212) | i 634 | ||||||||||||||||||||||
Total | i 3,931 | i 55 | ( i 219) | i 3,767 |
Consolidated financial statements | ||
(millions of U.S. dollar, except share and per share data) |
Concessions, patents and licenses | Customer relationships and trade marks | Other | Total | ||||||||||||||||||||
Cost | |||||||||||||||||||||||
At December 31, 2021 | i 417 | i 1,081 | i 390 | i 1,888 | |||||||||||||||||||
Acquisitions1 | i 54 | i — | i 743 | i 797 | |||||||||||||||||||
Acquisitions through business combinations (note 2.2.4) | i 11 | i 70 | i — | i 81 | |||||||||||||||||||
Disposals | i — | i — | ( i 3) | ( i 3) | |||||||||||||||||||
Foreign exchange differences | ( i 43) | ( i 60) | ( i 12) | ( i 115) | |||||||||||||||||||
Transfers and other movements | i 7 | i — | ( i 128) | ( i 121) | |||||||||||||||||||
At December 31, 2022 | i 446 | i 1,091 | i 990 | i 2,527 | |||||||||||||||||||
Acquisitions1 | i 75 | i — | i 102 | i 177 | |||||||||||||||||||
Acquisitions through business combination (note 2.2.4) | i 8 | i 24 | i 100 | i 132 | |||||||||||||||||||
Disposal | i — | i — | ( i 222) | ( i 222) | |||||||||||||||||||
Divestment
(note 2.3) | ( i 18) | i — | i — | ( i 18) | |||||||||||||||||||
Foreign exchange differences | i 32 | i 49 | i 36 | i 117 | |||||||||||||||||||
Transfers and other movements | i 13 | i 4 | i 18 | i 35 | |||||||||||||||||||
At December 31, 2023 | i 556 | i 1,168 | i 1,024 | i 2,748 | |||||||||||||||||||
Accumulated amortization and impairment losses | |||||||||||||||||||||||
At December 31, 2021 | i 222 | i 1,001 | i 171 | i 1,394 | |||||||||||||||||||
Amortization charge | i 50 | i 6 | i 31 | i 87 | |||||||||||||||||||
Impairment charge (note 5.3) | i 6 | i — | i — | i 6 | |||||||||||||||||||
Foreign exchange differences | ( i 33) | ( i 50) | ( i 7) | ( i 90) | |||||||||||||||||||
Transfers and other movements | ( i 7) | i 1 | i — | ( i 6) | |||||||||||||||||||
At December 31, 2022 | i 238 | i 958 | i 195 | i 1,391 | |||||||||||||||||||
Divestment
(note 2.3) | ( i 18) | i — | i — | ( i 18) | |||||||||||||||||||
Amortization charge | i 59 | i 12 | i 52 | i 123 | |||||||||||||||||||
Foreign exchange differences | i 23 | i 43 | i 8 | i 74 | |||||||||||||||||||
Transfers and other movements | ( i 12) | i — | ( i 4) | ( i 16) | |||||||||||||||||||
At December 31, 2023 | i 290 | i 1,013 | i 251 | i 1,554 | |||||||||||||||||||
Carrying amount | |||||||||||||||||||||||
At December 31, 2022 | i 208 | i 133 | i 795 | i 1,136 | |||||||||||||||||||
At December 31, 2023 | i 266 | i 155 | i 773 | i 1,194 |
Asset Category | Useful Life Range | |||||||
Land | Not depreciated | |||||||
Buildings | i 10
to i 50 years | |||||||
Property plant & equipment | i 15 to i 64
years | |||||||
Auxiliary facilities | i 15 to i 60 years | |||||||
Other facilities | i 5 to i 20 years |
Consolidated financial statements | ||
(millions of U.S. dollar, except share and per share data) |
Consolidated financial statements | ||
(millions of U.S. dollar, except share and per share data) |
Consolidated financial statements | ||
(millions of U.S. dollar, except share and per share data) |
Consolidated financial statements | ||
(millions of U.S. dollar, except share and per share data) |
Land, buildings and Improvements | Machinery,
equipment and other2 | Construction in progress | Right-of-use assets | Mining Assets | Total | ||||||||||||||||||||||||||||||
Cost | |||||||||||||||||||||||||||||||||||
i 10,121 | i 35,348 | i 4,533 | i 1,750 | i 3,407 | i 55,159 | ||||||||||||||||||||||||||||||
Additions | i 34 | i 220 | i 3,533 | i 381 | i 33 | i 4,201 | |||||||||||||||||||||||||||||
Acquisitions through business combinations (note 2.2.4) | i 193 | i 742 | i 70 | i 37 | i — | i 1,042 | |||||||||||||||||||||||||||||
Foreign exchange differences | ( i 811) | ( i 3,344) | ( i 109) | ( i 124) | ( i 87) | ( i 4,475) | |||||||||||||||||||||||||||||
Disposals | ( i 137) | ( i 545) | ( i 4) | i — | ( i 18) | ( i 704) | |||||||||||||||||||||||||||||
Other
movements 1 | i 76 | i 1,712 | ( i 2,136) | ( i 41) | i 105 | ( i 284) | |||||||||||||||||||||||||||||
At December 31, 2022 | i 9,476 | i 34,133 | i 5,887 | i 2,003 | i 3,440 | i 54,939 | |||||||||||||||||||||||||||||
Additions | i 61 | i 291 | i 4,372 | i 258 | i 52 | i 5,034 | |||||||||||||||||||||||||||||
Acquisitions through business combinations (note 2.2.4) | i 789 | i 1,057 | i 23 | i 30 | i — | i 1,899 | |||||||||||||||||||||||||||||
Foreign exchange differences | i 473 | i 1,458 | i 112 | i 68 | i 7 | i 2,118 | |||||||||||||||||||||||||||||
Disposals | ( i 191) | ( i 850) | ( i 1) | i — | ( i 7) | ( i 1,049) | |||||||||||||||||||||||||||||
Divestments
(note 2.3) | ( i 40) | ( i 2,074) | ( i 550) | i — | ( i 661) | ( i 3,325) | |||||||||||||||||||||||||||||
Other
movements 1 | i 282 | i 1,950 | ( i 2,500) | ( i 87) | i 201 | ( i 154) | |||||||||||||||||||||||||||||
At December 31, 2023 | i 10,850 | i 35,965 | i 7,343 | i 2,272 | i 3,032 | i 59,462 | |||||||||||||||||||||||||||||
Accumulated depreciation and impairment | |||||||||||||||||||||||||||||||||||
i 3,643 | i 17,596 | i 999 | i 678 | i 2,168 | i 25,084 | ||||||||||||||||||||||||||||||
Depreciation charge for the year | i 283 | i 1,893 | i — | i 193 | i 124 | i 2,493 | |||||||||||||||||||||||||||||
Impairment
(note 5.3) | i 146 | i 688 | i 155 | i 10 | i 21 | i 1,020 | |||||||||||||||||||||||||||||
Disposals | ( i 109) | ( i 502) | ( i 1) | i — | ( i 18) | ( i 630) | |||||||||||||||||||||||||||||
Foreign exchange differences | ( i 496) | ( i 2,403) | ( i 9) | ( i 59) | ( i 68) | ( i 3,035) | |||||||||||||||||||||||||||||
Other
movements 1 | ( i 19) | ( i 71) | ( i 17) | ( i 29) | ( i 24) | ( i 160) | |||||||||||||||||||||||||||||
At December 31, 2022 | i 3,448 | i 17,201 | i 1,127 | i 793 | i 2,203 | i 24,772 | |||||||||||||||||||||||||||||
Depreciation charge for the year | i 315 | i 1,875 | i — | i 235 | i 127 | i 2,552 | |||||||||||||||||||||||||||||
Impairment (note 5.3) | i 16 | i 529 | i 233 | i — | i 66 | i 844 | |||||||||||||||||||||||||||||
Disposals | ( i 187) | ( i 808) | i — | i — | ( i 7) | ( i 1,002) | |||||||||||||||||||||||||||||
Foreign exchange differences | i 248 | i 977 | ( i 2) | i 12 | i 6 | i 1,241 | |||||||||||||||||||||||||||||
Divestments
(note 2.3) | ( i 26) | ( i 1,521) | ( i 235) | i — | ( i 571) | ( i 2,353) | |||||||||||||||||||||||||||||
Other
movements 1 | i 5 | ( i 101) | ( i 40) | ( i 112) | i — | ( i 248) | |||||||||||||||||||||||||||||
At December 31, 2023 | i 3,819 | i 18,152 | i 1,083 | i 928 | i 1,824 | i 25,806 | |||||||||||||||||||||||||||||
Carrying amount | |||||||||||||||||||||||||||||||||||
At December 31, 2022 | i 6,028 | i 16,932 | i 4,760 | i 1,210 | i 1,237 | i 30,167 | |||||||||||||||||||||||||||||
At December 31, 2023 | i 7,031 | i 17,813 | i 6,260 | i 1,344 | i 1,208 | i 33,656 |
Consolidated financial statements | ||
(millions of U.S. dollar, except share and per share data) |
Year ended December 31, | ||||||||||||||||||||
Type of asset | 2023 | 2022 | 2021 | |||||||||||||||||
Goodwill | i 194 | i — | i — | |||||||||||||||||
Intangible assets | i — | i 6 | i — | |||||||||||||||||
Tangible assets | i 844 | i 1,020 | ( i 218) | |||||||||||||||||
Total | i 1,038 | i 1,026 | ( i 218) |
Consolidated financial statements | ||
(millions of U.S. dollar, except share and per share data) |
NAFTA | Brazil | Europe | ACIS | ||||||||||||||||||||||||||
GCGU weighted average pre-tax discount rate used in 2023 (in %) | i 13.0 | i 17.2 | i 11.5 | i 20.8 | |||||||||||||||||||||||||
GCGU weighted average pre-tax discount rate used in 2022 (in %) | i 13.3 | i 18.7 | i 10.6 | i 18.4 |
ACIS | |||||
Excess of recoverable amount over carrying amount | i 149 | ||||
Increase in pre-tax discount rate (change in basis points) | i 97 | ||||
Decrease in average selling price (change in %) | i 1.3 | % | |||
Decrease in shipments (change in %) | i 4.3 | % |
Consolidated financial statements | ||
(millions of U.S. dollar, except share and per share data) |
Cash Generating Unit | Region | Operating
Segment | Recoverable Amount (Value in Use) | Total Impairment Recorded | 2023 Pre-Tax Discount Rate | 2022 Pre-Tax Discount Rate | Carrying Amount of property, plant and equipment as of December 31, 2023 | ||||||||||||||||||||||||||||||||||
Long Products South Africa | South Africa | ACIS | i 264 | i 112 | i 17.3 | % | i 17.5 | % | i 86 |
Consolidated financial statements | ||
(millions of U.S. dollar, except share and per share data) |
Cash-Generating Unit | Region | Operating Segment | Recoverable Amount (Value in Use) | Total Impairment Recorded | 2022 Pre-Tax Discount Rates | 2021 Pre-Tax Discount Rate | Carrying amount of property, plant and equipment as of December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||
Applied to 2023 projections | Applied to subsequent projections | ||||||||||||||||||||||||||||||||||||||||||||||
AMKR | Ukraine | ACIS | i 1,003 | i 1,026 | i 47.1 | % | i 20.0 | % | i 16.9 | % | i 655 |
Cash-Generating Unit | Region | Operating Segment | Impairment Reversed | 2021 Pre-Tax Discount Rate | 2020 Pre-Tax Discount Rate | Carrying amount of property, plant and equipment as of December 31, 2021 | ||||||||||||||||||||||||||||||||
Europe flat products | Europe | Europe | i 218 | i 8.5 | % | i 8.5 | % | i 11,005 |
Consolidated financial statements | ||
(millions of U.S. dollar, except share and per share data) |
December 31, 2023 | |||||||||||||||||||||||||||||||||||
Carrying amount in the consolidated 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 | i 7,686 | i — | i 7,686 | i — | i — | i — | |||||||||||||||||||||||||||||
Restricted cash | i 97 | i — | i 97 | i — | i — | i — | |||||||||||||||||||||||||||||
Trade accounts receivable and other | i 3,661 | i — | i 3,491 | i — | i 170 | i — | |||||||||||||||||||||||||||||
Inventories | i 18,759 | i 18,759 | i — | i — | i — | i — | |||||||||||||||||||||||||||||
Prepaid expenses and other current assets | i 3,037 | i 1,304 | i 1,090 | i — | i — | i 643 | |||||||||||||||||||||||||||||
Total current assets | i 33,240 | i 20,063 | i 12,364 | i — | i 170 | i 643 | |||||||||||||||||||||||||||||
Non-current assets: | |||||||||||||||||||||||||||||||||||
Goodwill and intangible assets | i 5,102 | i 5,102 | i — | i — | i — | i — | |||||||||||||||||||||||||||||
Property, plant and equipment and biological assets | i 33,656 | i 33,592 | i — | i 64 | i — | i — | |||||||||||||||||||||||||||||
Investments in associates and joint ventures | i 10,078 | i 10,078 | i — | i — | i — | i — | |||||||||||||||||||||||||||||
Other investments | i 513 | i — | i — | i — | i 513 | i — | |||||||||||||||||||||||||||||
Deferred tax assets | i 9,469 | i 9,469 | i — | i — | i — | i — | |||||||||||||||||||||||||||||
Other assets | i 1,859 | i 465 | i 1,095 | i 136 | i — | i 163 | |||||||||||||||||||||||||||||
Total non-current assets | i 60,677 | i 58,706 | i 1,095 | i 200 | i 513 | i 163 | |||||||||||||||||||||||||||||
Total assets | i 93,917 | i 78,769 | i 13,459 | i 200 | i 683 | i 806 | |||||||||||||||||||||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||||||||||||||
Short-term debt and current portion of long-term debt | i 2,312 | i — | i 2,312 | i — | — | i — | |||||||||||||||||||||||||||||
Trade accounts payable and other | i 13,605 | i — | i 13,605 | i — | — | i — | |||||||||||||||||||||||||||||
Short-term provisions | i 588 | i 561 | i 27 | i — | — | i — | |||||||||||||||||||||||||||||
Accrued expenses and other liabilities | i 4,967 | i 892 | i 3,715 | i — | — | i 360 | |||||||||||||||||||||||||||||
Income tax liabilities | i 297 | i 297 | i — | i — | — | i — | |||||||||||||||||||||||||||||
Total current liabilities | i 21,769 | i 1,750 | i 19,659 | i — | — | i 360 | |||||||||||||||||||||||||||||
Non-current liabilities: | |||||||||||||||||||||||||||||||||||
Long-term debt, net of current portion | i 8,369 | i — | i 8,369 | i — | — | i — | |||||||||||||||||||||||||||||
Deferred tax liabilities | i 2,432 | i 2,432 | i — | i — | — | i — | |||||||||||||||||||||||||||||
Deferred employee benefits | i 2,741 | i 2,741 | i — | i — | — | i — | |||||||||||||||||||||||||||||
Long-term provisions | i 1,477 | i 1,477 | i — | i — | — | i — | |||||||||||||||||||||||||||||
Other long-term obligations | i 1,061 | i 439 | i 546 | i — | — | i 76 | |||||||||||||||||||||||||||||
Total non-current liabilities | i 16,080 | i 7,089 | i 8,915 | i — | — | i 76 | |||||||||||||||||||||||||||||
Equity: | |||||||||||||||||||||||||||||||||||
Equity attributable to the equity holders of the parent | i 53,961 | i 53,961 | — | — | — | — | |||||||||||||||||||||||||||||
Non-controlling interests | i 2,107 | i 2,107 | — | — | — | — | |||||||||||||||||||||||||||||
Total equity | i 56,068 | i 56,068 | — | — | — | — | |||||||||||||||||||||||||||||
Total liabilities and equity | i 93,917 | i 64,907 | i 28,574 | — | — | i 436 |
Consolidated financial statements | ||
(millions of U.S. dollar, except share and per share data) |
December 31, 2022 | |||||||||||||||||||||||||||||||||||
Carrying amount in the consolidated 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 | i 9,300 | i — | i 9,300 | i — | i — | i — | |||||||||||||||||||||||||||||
Restricted cash | i 114 | i — | i 114 | i — | i — | i — | |||||||||||||||||||||||||||||
Trade accounts receivable and other | i 3,839 | i — | i 3,633 | i — | i 206 | i — | |||||||||||||||||||||||||||||
Inventories | i 20,087 | i 20,087 | i — | i — | i — | i — | |||||||||||||||||||||||||||||
Prepaid expenses and other current assets | i 3,778 | i 1,566 | i 1,475 | i — | i — | i 737 | |||||||||||||||||||||||||||||
Total current assets | i 37,118 | i 21,653 | i 14,522 | i — | i 206 | i 737 | |||||||||||||||||||||||||||||
Non-current assets: | |||||||||||||||||||||||||||||||||||
Goodwill and intangible assets | i 4,903 | i 4,903 | i — | i — | i — | i — | |||||||||||||||||||||||||||||
Property, plant and equipment and biological assets | i 30,167 | i 30,120 | i — | i 47 | i — | i — | |||||||||||||||||||||||||||||
Investments in associates and joint ventures | i 10,765 | i 10,765 | i — | i — | i — | i — | |||||||||||||||||||||||||||||
Other investments | i 1,119 | i — | i — | i — | i 1,119 | i — | |||||||||||||||||||||||||||||
Deferred tax assets | i 8,554 | i 8,554 | i — | i — | i — | i — | |||||||||||||||||||||||||||||
Other assets | i 1,921 | i 259 | i 691 | i 136 | i — | i 835 | |||||||||||||||||||||||||||||
Total non-current assets | i 57,429 | i 54,601 | i 691 | i 183 | i 1,119 | i 835 | |||||||||||||||||||||||||||||
Total assets | i 94,547 | i 76,254 | i 15,213 | i 183 | i 1,325 | i 1,572 | |||||||||||||||||||||||||||||
LIABILITIES AND EQUITY | |||||||||||||||||||||||||||||||||||
Current liabilities: | |||||||||||||||||||||||||||||||||||
Short-term debt and current portion of long-term debt | i 2,583 | i — | i 2,583 | i — | — | i — | |||||||||||||||||||||||||||||
Trade accounts payable and other | i 13,532 | i — | i 13,532 | i — | — | i — | |||||||||||||||||||||||||||||
Short-term provisions | i 1,101 | i 1,078 | i 23 | i — | — | i — | |||||||||||||||||||||||||||||
Accrued expenses and other liabilities | i 4,864 | i 822 | i 3,663 | i — | — | i 379 | |||||||||||||||||||||||||||||
Income tax liabilities | i 318 | i 318 | i — | i — | — | i — | |||||||||||||||||||||||||||||
Total current liabilities | i 22,398 | i 2,218 | i 19,801 | i — | — | i 379 | |||||||||||||||||||||||||||||
Non-current liabilities: | |||||||||||||||||||||||||||||||||||
Long-term debt, net of current portion | i 9,067 | i — | i 9,067 | i — | — | i — | |||||||||||||||||||||||||||||
Deferred tax liabilities | i 2,666 | i 2,666 | i — | i — | — | i — | |||||||||||||||||||||||||||||
Deferred employee benefits | i 2,606 | i 2,606 | i — | i — | — | i — | |||||||||||||||||||||||||||||
Long-term provisions | i 1,306 | i 1,304 | i 2 | i — | — | i — | |||||||||||||||||||||||||||||
Other long-term obligations | i 914 | i 305 | i 564 | i — | — | i 45 | |||||||||||||||||||||||||||||
Total non-current liabilities | i 16,559 | i 6,881 | i 9,633 | i — | — | i 45 | |||||||||||||||||||||||||||||
Equity: | |||||||||||||||||||||||||||||||||||
Equity attributable to the equity holders of the parent | i 53,152 | i 53,152 | — | — | — | — | |||||||||||||||||||||||||||||
Non-controlling interests | i 2,438 | i 2,438 | — | — | — | — | |||||||||||||||||||||||||||||
Total equity | i 55,590 | i 55,590 | — | — | — | — | |||||||||||||||||||||||||||||
Total liabilities and equity | i 94,547 | i 64,689 | i 29,434 | — | — | i 424 |
Consolidated financial statements | ||
(millions of U.S. dollar, except share and per share data) |
As of December 31, 2023 | ||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||
Assets at fair value: | ||||||||||||||||||||||||||
Investments in equity instruments at FVOCI | i 315 | i — | i 198 | i 513 | ||||||||||||||||||||||
Trade accounts receivable and other subject to TSR programs* | i — | i — | i 170 | i 170 | ||||||||||||||||||||||
Derivative financial current assets | i — | i 643 | i — | i 643 | ||||||||||||||||||||||
Derivative financial non-current assets | i — | i 163 | i — | i 163 | ||||||||||||||||||||||
Total assets at fair value | i 315 | i 806 | i 368 | i 1,489 | ||||||||||||||||||||||
Liabilities at fair value: | ||||||||||||||||||||||||||
Derivative financial current liabilities | i — | i 332 | i 28 | i 360 | ||||||||||||||||||||||
Derivative financial non-current liabilities | i — | i 22 | i 54 | i 76 | ||||||||||||||||||||||
Total liabilities at fair value | i — | i 354 | i 82 | i 436 |
As of December 31, 2022 | ||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||
Assets at fair value: | ||||||||||||||||||||||||||
Investments in equity instruments at FVOCI | i 996 | i — | i 123 | i 1,119 | ||||||||||||||||||||||
Trade accounts receivable and other subject to TSR programs* | i — | i — | i 206 | i 206 | ||||||||||||||||||||||
Derivative financial current assets | i — | i 737 | i — | i 737 | ||||||||||||||||||||||
Derivative financial non-current assets | i — | i 835 | i — | i 835 | ||||||||||||||||||||||
Total assets at fair value | i 996 | i 1,572 | i 329 | i 2,897 | ||||||||||||||||||||||
Liabilities at fair value: | ||||||||||||||||||||||||||
Derivative financial current liabilities | i — | i 379 | i — | i 379 | ||||||||||||||||||||||
Derivative financial non-current liabilities | i — | i 45 | i — | i 45 | ||||||||||||||||||||||
Total liabilities at fair value | i — | i 424 | i — | i 424 |
Consolidated financial statements | ||
(millions of U.S. dollar, except share and per share data) |
December 31, | |||||||||||
2023 | 2022 | ||||||||||
Short-term bank loans and other credit facilities including commercial paper 1 | i 980 | i 1,017 | |||||||||
Current portion of long-term debt | i 1,125 | i 1,338 | |||||||||
Lease
obligations2 | i 207 | i 228 | |||||||||
Total | i 2,312 | i 2,583 |
Consolidated financial statements | ||
(millions of U.S. dollar, except share and per share data) |
December 31, | |||||||||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||||||||
Year of maturity | Type of Interest | Interest rate1 | Carrying amount at amortized cost | ||||||||||||||||||||||||||
Corporate | |||||||||||||||||||||||||||||
i 5.4
billion Revolving Credit Facility | 2023 - 2025 | Floating | i — | i — | |||||||||||||||||||||||||
€ i 500
million Unsecured Notes | 2023 | Fixed | i 0.95 | % | i — | i 391 | |||||||||||||||||||||||
€ i 750
million Unsecured Notes | 2023 | Fixed | i 1.00 | % | i — | i 799 | |||||||||||||||||||||||
€ i 1.0
billion Unsecured Notes | 2024 | Fixed | i 2.25 | % | i 585 | i 567 | |||||||||||||||||||||||
i 750
Unsecured Notes | 2024 | Fixed | i 3.60 | % | i 290 | i 289 | |||||||||||||||||||||||
i 500
Unsecured Notes | 2025 | Fixed | i 6.13 | % | i 183 | i 183 | |||||||||||||||||||||||
€ i 750
million Unsecured Notes | 2025 | Fixed | i 1.75 | % | i 826 | i 796 | |||||||||||||||||||||||
i 750
Unsecured Notes | 2026 | Fixed | i 4.55 | % | i 400 | i 399 | |||||||||||||||||||||||
€ i 600
million Unsecured Notes | 2026 | Fixed | i 4.88 | % | i 659 | i 635 | |||||||||||||||||||||||
i 1.2
billion Unsecured Notes | 2027 | Fixed | i 6.55 | % | i 1,195 | i 1,193 | |||||||||||||||||||||||
i 500
Unsecured Notes | 2029 | Fixed | i 4.25 | % | i 496 | i 495 | |||||||||||||||||||||||
i 1.0
billion Unsecured Notes | 2032 | Fixed | i 6.80 | % | i 989 | i 988 | |||||||||||||||||||||||
i 1.5
billion Unsecured Bonds | 2039 | Fixed | i 7.00 | % | i 672 | i 672 | |||||||||||||||||||||||
i 1.0
billion Unsecured Notes | 2041 | Fixed | i 6.75 | % | i 428 | i 428 | |||||||||||||||||||||||
EIB loan | 2025 | Fixed | i 1.16 | % | i 81 | i 140 | |||||||||||||||||||||||
EIB loan | 2032 | Floating | i 5.22 | % | i 309 | i 299 | |||||||||||||||||||||||
Schuldschein loans | 2025 - 2027 | Fixed | i 2.5% - i 3.0% | i 100 | i 96 | ||||||||||||||||||||||||
Schuldschein loans | 2025 - 2027 | Floating | i 5.1% - i 5.4% | i 699 | i 674 | ||||||||||||||||||||||||
Other loans | 2023 | Fixed | i 1.8 % | i — | i 18 | ||||||||||||||||||||||||
Other loans | 2029 - 2035 | Floating | i 0.7% - i 4.2% | i 223 | i 243 | ||||||||||||||||||||||||
Total Corporate | i 8,135 | i 9,305 | |||||||||||||||||||||||||||
Americas | |||||||||||||||||||||||||||||
Other loans | 2024 - 2030 | Fixed/Floating | i 0.0% - i 9.5% | i 45 | i 57 | ||||||||||||||||||||||||
Total Americas | i 45 | i 57 | |||||||||||||||||||||||||||
Europe, Asia & Africa | |||||||||||||||||||||||||||||
EBRD Facility | 2024 - 2026 | Floating | i 7.2% - i 7.9% | i 177 | i 86 | ||||||||||||||||||||||||
Other loans | 2023 - 2043 | Fixed/Floating | i 0.0% - i 8.0% | i 198 | i 129 | ||||||||||||||||||||||||
Total Europe, Asia & Africa | i 375 | i 215 | |||||||||||||||||||||||||||
Total | i 8,555 | i 9,577 | |||||||||||||||||||||||||||
Less current portion of long-term debt | ( i 1,125) | ( i 1,338) | |||||||||||||||||||||||||||
Total long-term debt (excluding lease obligations) | i 7,430 | i 8,239 | |||||||||||||||||||||||||||
Long-term
lease obligations2 | i 939 | i 828 | |||||||||||||||||||||||||||
Total long-term debt, net of current portion | i 8,369 | i 9,067 |
Consolidated financial statements | ||
(millions of U.S. dollar, except share and per share data) |
Initial value | Nominal amount of outstanding value | Date of issuance | Repayment date | Interest rate1 | Issued at | |||||||||||||||||||||||||||||||||
€ i 250
million Unsecured Notes | € i 132 million | Jul 4, 2019 | Jan 17, 2024 | i 2.25 | % | i 105.59 | % | |||||||||||||||||||||||||||||||
€ i 750
million Unsecured Notes | € i 397 million | Jan 17, 2019 | Jan 17, 2024 | i 2.25 | % | i 99.72 | % | |||||||||||||||||||||||||||||||
i 750
Unsecured Notes | i 290 | Jul 16, 2019 | Jul 16, 2024 | i 3.60 | % | i 99.86 | % | |||||||||||||||||||||||||||||||
i 500
Unsecured Notes | i 184 | Jun 1, 2015 | Jun 1, 2025 | i 6.13 | % | i 100.00 | % | |||||||||||||||||||||||||||||||
€ i 750
million Unsecured Notes | € i 750 million | Nov 19, 2019 | Nov 19, 2025 | i 1.75 | % | i 99.41 | % | |||||||||||||||||||||||||||||||
i 750
Unsecured Notes | i 401 | Mar 11, 2019 | Mar 11, 2026 | i 4.55 | % | i 99.72 | % | |||||||||||||||||||||||||||||||
€ i 600
million Unsecured Notes | € i 600 million | Sep 26, 2022 | Sep 28, 2026 | i 4.88 | % | i 99.65 | % | |||||||||||||||||||||||||||||||
i 1.2
billion Unsecured Bonds | i 1.2 Billion | Nov 29, 2022 | Nov 29, 2027 | i 6.55 | % | i 99.91 | % | |||||||||||||||||||||||||||||||
i 500
Unsecured Notes | i 500 | Jul 16, 2019 | Jul 16, 2029 | i 4.25 | % | i 99.00 | % | |||||||||||||||||||||||||||||||
i 1.0
billion Unsecured Bonds | i 1.0 Billion | Nov 29, 2022 | Nov 29, 2032 | i 6.80 | % | i 99.37 | % | |||||||||||||||||||||||||||||||
i 1.0
billion Unsecured Bonds | i 457 | Oct 8, 2009 | Oct 15, 2039 | i 7.00 | % | i 95.20 | % | |||||||||||||||||||||||||||||||
i 500
Unsecured Bonds | i 229 | Aug 5, 2010 | Oct 15, 2039 | i 7.00 | % | i 104.84 | % | |||||||||||||||||||||||||||||||
i 1.0
billion Unsecured Notes | i 434 | Mar 7, 2011 | Mar 1, 2041 | i 6.75 | % | i 99.18 | % |
Consolidated financial statements | ||
(millions of U.S. dollar, except share and per share data) |
Consolidated financial statements | ||
(millions of U.S. dollar, except share and per share data) |
Year of maturity | Amount | |||||||
2024 | i 2,312 | |||||||
2025 | i 1,720 | |||||||
2026 | i 1,335 | |||||||
2027 | i 1,749 | |||||||
2028 | i 154 | |||||||
Subsequent years | i 3,411 | |||||||
Total | i 10,681 |
As of December 31, 2023 | Carrying amount | Fair Value | |||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||||
Instruments payable bearing interest at fixed rates | i 8,165 | i 6,969 | i 1,273 | i — | i 8,242 | ||||||||||||||||||||||||
Instruments payable bearing interest at variable rates | i 1,536 | i — | i 1,539 | i — | i 1,539 | ||||||||||||||||||||||||
Total long-term debt, including current portion | i 9,701 | i 6,969 | i 2,812 | i — | i 9,781 | ||||||||||||||||||||||||
Short term bank loans and other credit facilities including commercial paper | i 980 | i — | i 988 | i — | i 988 |
As of December 31, 2022 | Carrying amount | Fair Value | |||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||||
Instruments payable bearing interest at fixed rates | i 9,214 | i 7,783 | i 1,180 | i — | i 8,963 | ||||||||||||||||||||||||
Instruments payable bearing interest at variable rates | i 1,419 | i — | i 1,350 | i — | i 1,350 | ||||||||||||||||||||||||
Total long-term debt, including current portion | i 10,633 | i 7,783 | i 2,530 | i — | i 10,313 | ||||||||||||||||||||||||
Short term bank loans and other credit facilities including commercial paper | i 1,017 | i — | i 1,017 | i — | i 1,017 |
Consolidated financial statements | ||
(millions of U.S. dollar, except share and per share data) |
December 31, | |||||||||||
2023 | 2022 | ||||||||||
Cash at bank | i 5,405 | i 4,489 | |||||||||
Term deposits | i 774 | i 828 | |||||||||
Money
market funds1 | i 1,507 | i 3,983 | |||||||||
Total | i 7,686 | i 9,300 |
Long-term debt, net of current portion | Short-term debt and current portion of long term debt | ||||||||||
Balance as of December 31, 2021 (note 6.1.2) | i 6,488 | i 1,913 | |||||||||
Proceeds from long-term debt | i 3,893 | — | |||||||||
Payments of long-term debt | i — | — | |||||||||
Amortized cost | i 2 | i 2 | |||||||||
Proceeds from short-term debt | — | i 434 | |||||||||
Payments of short-term debt | — | ( i 1,044) | |||||||||
Current portion of long-term debt | ( i 1,566) | i 1,566 | |||||||||
Payments
of principal portion of lease liabilities (note 7) 1 | ( i 10) | ( i 175) | |||||||||
Additions to lease liabilities (notes 5.2 and 7) | i 318 | i 100 | |||||||||
Unrealized foreign exchange effects and other movements | ( i 58) | ( i 213) | |||||||||
Balance as of December 31, 2022 (note 6.1.2) | i 9,067 | i 2,583 | |||||||||
Proceeds from long-term debt | i 134 | — | |||||||||
Payments of long-term debt | ( i 16) | — | |||||||||
Amortized cost | i 8 | ( i 3) | |||||||||
Proceeds from short-term debt | — | i 218 | |||||||||
Payments of short-term debt | — | ( i 1,670) | |||||||||
Current portion of long-term debt | ( i 1,332) | i 1,332 | |||||||||
Payments
of principal portion of lease liabilities (note 7) 1 | ( i 8) | ( i 245) | |||||||||
Additions to lease liabilities (notes 5.2 and 7) | i 250 | i 38 | |||||||||
Unrealized foreign exchange effects and other movements | i 266 | i 59 | |||||||||
Balance as of December 31, 2023 (note 6.1.2) | i 8,369 | i 2,312 |
Consolidated financial statements | ||
(millions of U.S. dollar, except share and per share data) |
As of December 31, 2023 | Total | EUR | USD | ARS | BRL | INR | Other | ||||||||||||||||||||||||||||||||||
Short-term debt and current portion of long-term debt | i 2,312 | i 1,414 | i 533 | i — | i 31 | i 68 | i 266 | ||||||||||||||||||||||||||||||||||
Long-term debt, net of current portion | i 8,369 | i 3,312 | i 4,560 | i — | i 86 | i 1 | i 410 | ||||||||||||||||||||||||||||||||||
Cash and cash equivalents and restricted cash | ( i 7,783) | ( i 5,660) | ( i 886) | ( i 461) | ( i 171) | ( i 62) | ( i 543) | ||||||||||||||||||||||||||||||||||
Net debt | i 2,898 | ( i 934) | i 4,207 | ( i 461) | ( i 54) | i 7 | i 133 |
As of December 31, 2022 | Total | EUR | USD | ARS | BRL | INR | Other | ||||||||||||||||||||||||||||||||||
Short-term debt and current portion of long-term debt | i 2,583 | i 2,059 | i 227 | i — | i 28 | i 2 | i 267 | ||||||||||||||||||||||||||||||||||
Long-term debt, net of current portion | i 9,067 | i 3,777 | i 4,868 | i — | i 74 | i — | i 348 | ||||||||||||||||||||||||||||||||||
Cash and cash equivalents, restricted cash and other restricted funds | ( i 9,414) | ( i 6,514) | ( i 1,494) | ( i 364) | ( i 275) | ( i 85) | ( i 682) | ||||||||||||||||||||||||||||||||||
Net debt | i 2,236 | ( i 678) | i 3,601 | ( i 364) | ( i 173) | ( i 83) | ( i 67) |
Consolidated financial statements | ||
(millions of U.S. dollar, except share and per share data) |
December 31, 2023 | |||||||||||||||||||||||
Assets | Liabilities | ||||||||||||||||||||||
Notional Amount | Fair Value | Notional Amount | Fair Value | ||||||||||||||||||||
Interest rate instruments | |||||||||||||||||||||||
Other interest rate instruments | i 221 | i — | i 453 | i — | |||||||||||||||||||
Total
interest rate instruments | i — | i — | |||||||||||||||||||||
Foreign exchange rate instruments | |||||||||||||||||||||||
Forward purchase contracts | i 1,198 | i 60 | i 4,114 | ( i 82) | |||||||||||||||||||
Forward sale contracts | i 2,510 | i 53 | i 825 | ( i 11) | |||||||||||||||||||
Exchange option purchases | i 619 | i 34 | i 760 | ( i 3) | |||||||||||||||||||
Exchange options sales | i 920 | i 19 | i 608 | ( i 46) | |||||||||||||||||||
Total foreign exchange rate instruments | i 166 | ( i 142) | |||||||||||||||||||||
Raw materials (base metals), freight, energy, emission rights | |||||||||||||||||||||||
Term contracts sales | i 1,350 | i 373 | i 486 | ( i 46) | |||||||||||||||||||
Term contracts purchases | i 1,538 | i 267 | i 1,235 | ( i 166) | |||||||||||||||||||
Options sales/purchases | i 18 | i — | i — | i — | |||||||||||||||||||
Total raw materials (base metals), freight, energy, emission rights | i 640 | ( i 212) | |||||||||||||||||||||
Total | i 806 | ( i 354) |
December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||
Assets | Liabilities | ||||||||||||||||||||||||||||||||||||||||
Notional Amount | Fair Value | Notional Amount | Fair Value | ||||||||||||||||||||||||||||||||||||||
Foreign exchange rate instruments | |||||||||||||||||||||||||||||||||||||||||
Forward purchase contracts | i 657 | i 58 | i 3,678 | ( i 19) | |||||||||||||||||||||||||||||||||||||
Forward sale contracts | i 1,478 | i 38 | i 753 | ( i 6) | |||||||||||||||||||||||||||||||||||||
Exchange option purchases | i 1,462 | i 17 | i 2,536 | ( i 16) | |||||||||||||||||||||||||||||||||||||
Exchange options sales | i 2,222 | i 41 | i 2,055 | ( i 20) | |||||||||||||||||||||||||||||||||||||
Total foreign exchange rate instruments | i 154 | ( i 61) | |||||||||||||||||||||||||||||||||||||||
Raw materials (base metals), freight, energy, emission rights | |||||||||||||||||||||||||||||||||||||||||
Term contracts sales | i 1,128 | i 263 | i 316 | ( i 52) | |||||||||||||||||||||||||||||||||||||
Term contracts purchases | i 1,755 | i 1,150 | i 785 | ( i 306) | |||||||||||||||||||||||||||||||||||||
Option sales/purchases | i 207 | i 5 | i 197 | ( i 5) | |||||||||||||||||||||||||||||||||||||
Total raw materials (base metals), freight, energy, emission rights | i 1,418 | ( i 363) | |||||||||||||||||||||||||||||||||||||||
Total | i 1,572 | ( i 424) |
Consolidated financial statements | ||
(millions of U.S. dollar, except share and per share data) |
Electricity option | Call option on i i 660 /
mandatory convertible bonds | |||||||||||||
Balance as of December 31, 2021 | i — | i 15 | ||||||||||||
Change in fair value | i — | ( i 15) | ||||||||||||
Balance as of December 31, 2022 | i — | i — | ||||||||||||
Change in fair value | ( i 82) | i — | ||||||||||||
Balance as of December 31, 2023 | ( i 82) | i — |
Consolidated financial statements | ||
(millions of U.S. dollar, except share and per share data) |
Year ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Interest expense | ( i 715) | ( i 401) | ( i 357) | ||||||||||||||
Interest income | i 570 | i 188 | i 79 | ||||||||||||||
Change
in fair value adjustment on call option on mandatory convertible bonds | i — | ( i 15) | ( i 44) | ||||||||||||||
Accretion of defined benefit obligations and other long term liabilities | ( i 243) | ( i 51) | ( i 164) | ||||||||||||||
Net foreign exchange gain/(loss) | ( i 48) | i 191 | ( i 155) | ||||||||||||||
Other1 | ( i 423) | ( i 246) | ( i 514) | ||||||||||||||
Total | ( i 859) | ( i 334) | ( i 1,155) |
Consolidated financial statements | ||
(millions of U.S. dollar, except share and per share data) |
December 31, | |||||||||||
2023 | 2022 | ||||||||||
Total equity | i 56,068 | i 55,590 | |||||||||
Net debt | i 2,898 | i 2,236 | |||||||||
Gearing | i 5.2 | % | i 4.0 | % |
December 31, 2023 | |||||||||||
Trade receivables | Trade payables | ||||||||||
USD | i 776 | i 4,989 | |||||||||
EUR | i 928 | i 5,531 | |||||||||
BRL | i 1,111 | i 823 | |||||||||
CAD | i 49 | i 512 | |||||||||
GBP | i 27 | i 104 | |||||||||
ZAR | i 139 | i 382 | |||||||||
MXN | i 39 | i 53 | |||||||||
UAH | i 63 | i 164 | |||||||||
PLN | i 211 | i 697 | |||||||||
ARS | i 51 | i 62 | |||||||||
Other | i 267 | i 288 | |||||||||
Total | i 3,661 | i 13,605 |
Consolidated financial statements | ||
(millions of U.S. dollar, except share and per share data) |
10% increase | 10% decrease | ||||||||||||||||||||||
Trade receivables | Trade payables | Trade receivables | Trade payables | ||||||||||||||||||||
EUR | i 93 | i 553 | ( i 93) | ( i 553) | |||||||||||||||||||
BRL | i 111 | i 82 | ( i 111) | ( i 82) | |||||||||||||||||||
CAD | i 5 | i 51 | ( i 5) | ( i 51) | |||||||||||||||||||
GBP | i 3 | i 10 | ( i 3) | ( i 10) | |||||||||||||||||||
ZAR | i 14 | i 38 | ( i 14) | ( i 38) | |||||||||||||||||||
MXN | i 4 | i 5 | ( i 4) | ( i 5) | |||||||||||||||||||
UAH | i 6 | i 16 | ( i 6) | ( i 16) | |||||||||||||||||||
PLN | i 21 | i 70 | ( i 21) | ( i 70) | |||||||||||||||||||
ARS | i 5 | i 6 | ( i 5) | ( i 6) |
Consolidated financial statements | ||
(millions of U.S. dollar, except share and per share data) |
December 31, 2023 | |||||||||||||||||||||||||||||||||||
Carrying amount | Contractual Cash Flow | 2024 | 2025 | from 2026 to 2028 | After 2028 | ||||||||||||||||||||||||||||||
Non-derivative financial liabilities | |||||||||||||||||||||||||||||||||||
Bonds | ( i 6,812) | ( i 9,393) | ( i 1,223) | ( i 1,329) | ( i 2,963) | ( i 3,878) | |||||||||||||||||||||||||||||
Loans over 100 | ( i 1,345) | ( i 1,942) | ( i 237) | ( i 457) | ( i 462) | ( i 786) | |||||||||||||||||||||||||||||
Trade and other payables | ( i 13,605) | ( i 13,605) | ( i 13,605) | i — | i — | i — | |||||||||||||||||||||||||||||
Other loans and leases | ( i 2,525) | ( i 2,931) | ( i 1,333) | ( i 339) | ( i 665) | ( i 594) | |||||||||||||||||||||||||||||
Total | ( i 24,287) | ( i 27,871) | ( i 16,398) | ( i 2,125) | ( i 4,090) | ( i 5,258) | |||||||||||||||||||||||||||||
Derivative financial liabilities | |||||||||||||||||||||||||||||||||||
Foreign exchange contracts | ( i 142) | ( i 142) | ( i 139) | ( i 1) | ( i 2) | i — | |||||||||||||||||||||||||||||
Commodity
contracts1 | ( i 294) | ( i 294) | ( i 221) | ( i 19) | i — | ( i 54) | |||||||||||||||||||||||||||||
Total | ( i 436) | ( i 436) | ( i 360) | ( i 20) | ( i 2) | ( i 54) |
December 31, 2022 | |||||||||||||||||||||||||||||||||||
Carrying amount | Contractual Cash Flow | 2023 | 2024 | from 2025 to 2027 | After 2027 | ||||||||||||||||||||||||||||||
Non-derivative financial liabilities | |||||||||||||||||||||||||||||||||||
Bonds | ( i 7,926) | ( i 10,341) | ( i 1,547) | ( i 1,171) | ( i 3,969) | ( i 3,654) | |||||||||||||||||||||||||||||
Loans over 100 | ( i 1,234) | ( i 1,364) | ( i 244) | ( i 114) | ( i 827) | ( i 179) | |||||||||||||||||||||||||||||
Trade and other payables | ( i 13,532) | ( i 13,554) | ( i 13,554) | i — | i — | i — | |||||||||||||||||||||||||||||
Other loans and leases | ( i 2,490) | ( i 3,175) | ( i 1,247) | ( i 314) | ( i 589) | ( i 1,025) | |||||||||||||||||||||||||||||
Total | ( i 25,182) | ( i 28,434) | ( i 16,592) | ( i 1,599) | ( i 5,385) | ( i 4,858) | |||||||||||||||||||||||||||||
Derivative financial liabilities | |||||||||||||||||||||||||||||||||||
Foreign exchange contracts | ( i 61) | ( i 61) | ( i 57) | i — | ( i 4) | i — | |||||||||||||||||||||||||||||
Commodity
contracts1 | ( i 363) | ( i 363) | ( i 322) | ( i 22) | ( i 19) | i — | |||||||||||||||||||||||||||||
Total | ( i 424) | ( i 424) | ( i 379) | ( i 22) | ( i 23) | i — |
December 31, 2023 | |||||||||||||||||||||||||||||||||||
Assets/ (liabilities) | (Outflows)/inflows | ||||||||||||||||||||||||||||||||||
Fair value | 3 months and less | 3-6 months | 6-12 months | 2025 | After 2025 | ||||||||||||||||||||||||||||||
Foreign exchange contracts | ( i 38) | ( i 3) | ( i 34) | ( i 1) | i — | i — | |||||||||||||||||||||||||||||
Commodities | i 412 | i 50 | i 70 | i 171 | i 60 | i 61 | |||||||||||||||||||||||||||||
Emission rights | i — | i — | i — | i — | i — | i — | |||||||||||||||||||||||||||||
Total | i 374 | i 47 | i 36 | i 170 | i 60 | i 61 |
Consolidated financial statements | ||
(millions of U.S. dollar, except share and per share data) |
December 31, 2022 | |||||||||||||||||||||||||||||||||||
Assets/ (liabilities) | (Outflows)/inflows | ||||||||||||||||||||||||||||||||||
Fair value | 3 months and less | 3-6 months | 6-12 months | 2024 | After 2024 | ||||||||||||||||||||||||||||||
Foreign exchange contracts | i 4 | ( i 2) | ( i 3) | i — | i 9 | i — | |||||||||||||||||||||||||||||
Commodities | i 1,003 | ( i 10) | i 63 | i 175 | i 419 | i 356 | |||||||||||||||||||||||||||||
Emission rights | i 53 | i 1 | i 1 | i 51 | i — | i — | |||||||||||||||||||||||||||||
Total | i 1,060 | ( i 11) | i 61 | i 226 | i 428 | i 356 |
December 31, 2023 | |||||||||||||||||||||||||||||||||||
Cash flow hedge reserve1 | (Expense)/income | ||||||||||||||||||||||||||||||||||
Carrying amount | 3 months and less | 3-6 months | 6-12 months | 2025 | After 2025 | ||||||||||||||||||||||||||||||
Foreign exchange contracts | i 28 | i 5 | i 2 | i 10 | i 11 | i — | |||||||||||||||||||||||||||||
Commodity contracts | i 633 | i 35 | i 69 | i 169 | i 233 | i 127 | |||||||||||||||||||||||||||||
Emission rights | i 900 | i — | i — | i — | i — | i 900 | |||||||||||||||||||||||||||||
Total | i 1,561 | i 40 | i 71 | i 179 | i 244 | i 1,027 |
Cash
flow hedge reserve1 | (Expense)/income | ||||||||||||||||||||||||||||||||||
Carrying amount | 3 months and less | 3-6 months | 6-12 months | 2024 | After 2024 | ||||||||||||||||||||||||||||||
Foreign exchange contracts | i 13 | i — | i 2 | i 4 | i 7 | i — | |||||||||||||||||||||||||||||
Commodity contracts | i 1,020 | i 7 | i 37 | i 157 | i 387 | i 432 | |||||||||||||||||||||||||||||
Emission rights | i 849 | i — | i — | i — | i — | i 849 | |||||||||||||||||||||||||||||
Total | i 1,882 | i 7 | i 39 | i 161 | i 394 | i 1,281 |
Consolidated financial statements | ||
(millions of U.S. dollar, except share and per share data) |
December 31, 2023 | |||||||||||||||||||||||
Hedging Instruments | Nominal amount of the hedging instrument | Assets carrying amount | Liabilities carrying amount | Line item in the statement of financial position where the hedging instrument is located | |||||||||||||||||||
Cash flow hedges | |||||||||||||||||||||||
Foreign exchange risk - Option/forward/swap contracts | i 2,840 | i 12 | ( i 50) | Prepaid expenses and other current assets/Accrued expenses and other liabilities | |||||||||||||||||||
Foreign exchange risk - Option/forward/swap contracts | i — | i — | i — | Other assets/Other long-term obligations | |||||||||||||||||||
Price risk - Commodities forwards | i 1,118 | i 361 | ( i 70) | Prepaid expenses and other current assets/Accrued expenses and other liabilities | |||||||||||||||||||
Price risk - Commodities forwards | i 524 | i 127 | ( i 6) | Other assets/Other long-term obligations | |||||||||||||||||||
Price risk - Emission rights forwards | i — | i — | i — | Prepaid expenses and other current assets/Accrued expenses and other liabilities | |||||||||||||||||||
Total | i 500 | ( i 126) | |||||||||||||||||||||
Current derivative assets classified as cash flow hedge | i 373 | ||||||||||||||||||||||
Other current derivative assets | i 270 | ||||||||||||||||||||||
Total current derivative assets (note 4.5) | i 643 | ||||||||||||||||||||||
Non-current derivative assets classified as cash flow hedge | i 127 | ||||||||||||||||||||||
Other non-current derivative assets | i 36 | ||||||||||||||||||||||
Total non-current derivative assets (note 4.6) | i 163 | ||||||||||||||||||||||
Current derivative liabilities classified as cash flow hedge | ( i 120) | ||||||||||||||||||||||
Other current derivative liabilities | ( i 240) | ||||||||||||||||||||||
Total current derivative liabilities (note 4.8) | ( i 360) | ||||||||||||||||||||||
Non-current derivative liabilities classified as cash flow hedge | ( i 6) | ||||||||||||||||||||||
Other non-current derivative liabilities | ( i 70) | ||||||||||||||||||||||
Total non-current derivative liabilities (note 9.2) | ( i 76) |
December 31, 2023 | |||||||||||||||||||||||||||||
Hedging Instruments | Cash flow hedge reserve at December 31, 2022 | Hedging gains or losses of the reporting period that were recognized in OCI | Gains or losses reclassification adjustment and hedge ineffectiveness | Basis adjustment | Line item in the statement of comprehensive income that includes the reclassification adjustment and hedge ineffectiveness | ||||||||||||||||||||||||
Cash flow hedges | |||||||||||||||||||||||||||||
Foreign exchange risk - Option/Forward contracts | i 13 | i 16 | ( i 17) | i 16 | Sales | i 28 | |||||||||||||||||||||||
Price risk - Commodities Option/Forward contracts | i 1,020 | ( i 402) | ( i 10) | i 25 | Sales, Cost of sales | i 633 | |||||||||||||||||||||||
Price risk - Emission rights forwards | i 849 | i 54 | ( i 3) | i — | Cost of sales | i 900 | |||||||||||||||||||||||
Total | i 1,882 | ( i 332) | ( i 30) | i 41 | i 1,561 |
Consolidated financial statements | ||
(millions of U.S. dollar, except share and per share data) |
December 31, 2022 | |||||||||||||||||||||||
Hedging Instruments | Nominal amount of the hedging instrument | Assets carrying amount | Liabilities carrying amount | Line item in the statement of financial position where the hedging instrument is located | |||||||||||||||||||
Cash flow hedges | |||||||||||||||||||||||
Foreign exchange risk - Option/Forward contracts | i 3,044 | i 21 | ( i 26) | Prepaid expenses and other current assets/Accrued expenses and other liabilities | |||||||||||||||||||
Foreign exchange risk - Option/Forward/Swap contracts | i 300 | i 12 | ( i 3) | Other assets/Other long-term obligations | |||||||||||||||||||
Price risk - Commodities forwards | i 1,467 | i 490 | ( i 261) | Prepaid expenses and other current assets/Accrued expenses and other liabilities | |||||||||||||||||||
Price risk - Commodities forwards | i 1,533 | i 816 | ( i 42) | Other assets/Other long-term obligations | |||||||||||||||||||
Price risk - Emission rights forwards | i 488 | i 53 | i — | Prepaid expenses and other current assets/Accrued expenses and other liabilities | |||||||||||||||||||
Total | i 1,392 | ( i 332) | |||||||||||||||||||||
Current derivative assets classified as cash flow hedge | i 564 | ||||||||||||||||||||||
Other current derivative assets | i 173 | ||||||||||||||||||||||
Total current derivative assets (note 4.5) | i 737 | ||||||||||||||||||||||
Non-current derivative assets classified as cash flow hedge | i 828 | ||||||||||||||||||||||
Other non-current derivative assets | i 7 | ||||||||||||||||||||||
Total non-current derivative assets (note 4.6) | i 835 | ||||||||||||||||||||||
Current derivative liabilities classified as cash flow hedge | ( i 287) | ||||||||||||||||||||||
Other current derivative liabilities | ( i 92) | ||||||||||||||||||||||
Total current derivative liabilities (note 4.8) | ( i 379) | ||||||||||||||||||||||
Non-current derivative liabilities classified as cash flow hedge | ( i 45) | ||||||||||||||||||||||
Other non-current derivative liabilities | i — | ||||||||||||||||||||||
Total non-current derivative liabilities (note 9.2) | ( i 45) |
December 31, 2022 | |||||||||||||||||||||||||||||||||||
Hedging Instruments | Cash flow hedge reserve at December 31, 2021 | Hedging gains or losses of the reporting period that were recognized in OCI | Gains or losses reclassification adjustment and hedge ineffectiveness | Basis adjustment | Line item in the statement of comprehensive income that includes the reclassification adjustment and hedge ineffectiveness | ||||||||||||||||||||||||||||||
Cash flow hedges | |||||||||||||||||||||||||||||||||||
Foreign exchange risk - Option/Forward contracts | ( i 1) | i 146 | i 4 | ( i 136) | Sales | i 13 | |||||||||||||||||||||||||||||
Price
risk - Commodities forwards1 | i 302 | i 951 | ( i 153) | ( i 80) | Sales, Cost of sales | i 1,020 | |||||||||||||||||||||||||||||
Price risk - Emission rights forwards | i 1,786 | i 120 | ( i 104) | ( i 953) | Cost of sales | i 849 | |||||||||||||||||||||||||||||
Total | i 2,087 | i 1,217 | ( i 253) | ( i 1,169) | i 1,882 |
Consolidated financial statements | ||
(millions of U.S. dollar, except share and per share data) |
Date traded | Date maturity /unwound | Notional | OCI gross | Deferred tax | OCI net of deferred tax | ||||||||||||||||||
December, 2014 | January, 2016 | i 375 | i 83 | ( i 24) | i 59 | ||||||||||||||||||
May, 2015 | March, 2020 | i 500 | i 11 | ( i 3) | i 8 | ||||||||||||||||||
May, 2015 | July, 2019 | i 500 | ( i 16) | i 5 | ( i 11) | ||||||||||||||||||
March, 2018 | June, 2018 | i 100 | i 8 | ( i 2) | i 6 | ||||||||||||||||||
April, 2019 | November, 2019 | i 200 | i 11 | ( i 3) | i 8 | ||||||||||||||||||
Total | i 97 | ( i 27) | i 70 |
December 31, 2023 | |||||||||||||||||||||||||||||||||||||||||
Hedging Instruments | Nominal amount of the hedging instrument | Assets carrying amount | Liabilities carrying amount | Line item in the statement of financial position where the hedging instrument is located | Change in value used for calculating hedge ineffectiveness for 2021 | Line item in the statement of comprehensive income that includes the recognized hedge ineffectiveness | Foreign currency translation reserve | ||||||||||||||||||||||||||||||||||
Net investment hedges | |||||||||||||||||||||||||||||||||||||||||
Foreign exchange risk - Cross Currency Swap | i — | i — | i — | N/a | i — | N/a | i 70 | ||||||||||||||||||||||||||||||||||
Foreign exchange risk - EUR debt | i 4,017 | i — | i 4,009 | Short-term debt and current portion of long-term debt; long-term debt, net of current portion | i — | N/a | i 332 | ||||||||||||||||||||||||||||||||||
Total | i 4,017 | i — | i 4,009 | i — | i 402 |
December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||
Hedging Instruments | Nominal amount of the hedging instrument | Assets carrying amount | Liabilities carrying amount | Line item in the statement of financial position where the hedging instrument is located | Change in value used for calculating hedge ineffectiveness for 2020 | Line item in the statement of comprehensive income that includes the recognized hedge ineffectiveness | Foreign currency translation reserve | ||||||||||||||||||||||||||||||||||
Net investment hedges | |||||||||||||||||||||||||||||||||||||||||
Foreign exchange risk - Cross Currency Swap | i — | i — | i — | N/a | i — | N/a | i 70 | ||||||||||||||||||||||||||||||||||
Foreign exchange risk - EUR debt | i 5,196 | i — | ( i 5,186) | Short-term debt and current portion of long-term debt; long-term debt, net of current portion | i — | N/a | i 456 | ||||||||||||||||||||||||||||||||||
Total | i 5,196 | i — | ( i 5,186) | i — | i 526 |
Consolidated financial statements | ||
(millions of U.S. dollar, except share and per share data) |
December 31, | |||||||||||
2023 | 2022 | ||||||||||
Base metals | ( i 3) | i 5 | |||||||||
Freight | i 12 | ( i 1) | |||||||||
Energy (oil, gas, electricity) | i 401 | i 998 | |||||||||
Emission rights | i 18 | i 53 | |||||||||
Total | i 428 | i 1,055 | |||||||||
Derivative assets associated with raw materials, energy, freight and emission rights | i 640 | i 1,418 | |||||||||
Derivative liabilities associated with raw materials, energy, freight and emission rights | ( i 212) | ( i 363) | |||||||||
Total | i 428 | i 1,055 |
December 31, 2023 | |||||||||||
Income (loss) | Other Equity | ||||||||||
10% strengthening in U.S. dollar | i 68 | i 283 | |||||||||
10%
weakening in U.S. dollar | ( i 134) | ( i 286) |
December 31, 2022 | |||||||||||
(loss) Income | Other Equity | ||||||||||
10% strengthening in U.S. dollar | i 136 | i 141 | |||||||||
10%
weakening in U.S. dollar | ( i 141) | ( i 153) |
Consolidated financial statements | ||
(millions of U.S. dollar, except share and per share data) |
December 31, 2023 | |||||||||||
Floating portion of net debt1 | Interest Rate Swaps/Forward Rate Agreements | ||||||||||
i 100
bp increase | i 53 | i 1 | |||||||||
i 100
bp decrease | ( i 53) | ( i 1) |
December 31, 2022 | |||||||||||
Floating portion of net debt1 | Interest Rate Swaps/Forward Rate Agreements | ||||||||||
i 100 bp increase | i 70 | i — | |||||||||
i 100
bp decrease | ( i 70) | i — |
December 31, 2023 | |||||||||||
Income (loss) | Other Equity Cash Flow Hedging Reserves | ||||||||||
'+ i 10%
in prices | |||||||||||
Base Metals | ( i 1) | i 18 | |||||||||
Iron Ore | ( i 2) | i 4 | |||||||||
Freight | i — | i 3 | |||||||||
Emission rights | ( i 12) | i — | |||||||||
Energy | i — | i 71 | |||||||||
'- i 10%
in prices | |||||||||||
Base Metals | i 1 | ( i 18) | |||||||||
Iron Ore | i 2 | ( i 4) | |||||||||
Freight | i — | ( i 3) | |||||||||
Emission rights | i 12 | i — | |||||||||
Energy | i — | ( i 71) |
December 31, 2022 | |||||||||||
Income (loss) | Other Equity Cash Flow Hedging Reserves | ||||||||||
'+ i 10% in prices | |||||||||||
Base Metals | i 1 | i 21 | |||||||||
Iron Ore | i — | i 5 | |||||||||
Freight | i 1 | i — | |||||||||
Emission rights | i — | i 29 | |||||||||
Energy | i 1 | i 145 | |||||||||
'- i 10%
in prices | |||||||||||
Base Metals | ( i 1) | ( i 22) | |||||||||
Iron Ore | i — | ( i 5) | |||||||||
Freight | ( i 1) | i — | |||||||||
Emission rights | i — | ( i 29) | |||||||||
Energy | ( i 1) | ( i 144) |
Consolidated financial statements | ||
(millions of U.S. dollar, except share and per share data) |
As at December 31, 2023 | As at December 31, 2022 | |||||||||||||
Lease liabilities | i 1,146 | i 1,056 | ||||||||||||
Right of-use assets: | ||||||||||||||
Land, buildings and improvements | i 944 | i 854 | ||||||||||||
Machinery, equipment and others | i 400 | i 356 | ||||||||||||
Total right-of-use assets | i 1,344 | i 1,210 | ||||||||||||
Year ended December 31, 2023 | Year ended December 31, 2022 | |||||||||||||
Depreciation and impairment charges: | ||||||||||||||
Land, buildings and improvements | i 154 | i 133 | ||||||||||||
Machinery, equipment and others | i 81 | i 70 | ||||||||||||
Total depreciation and impairment charges | i 235 | i 203 | ||||||||||||
Other lease related expenses: | ||||||||||||||
Interest expense on lease liabilities | i 55 | i 34 | ||||||||||||
Expenses of short-term leases | i 93 | i 96 | ||||||||||||
Expenses of leases of low-value assets | i 81 | i 71 | ||||||||||||
Expenses related to variable lease payments not included in the measurement of lease liabilities | i 68 | i 87 | ||||||||||||
Additions to right-of-use assets | i 288 | i 418 | ||||||||||||
Lease payments recorded as reduction of lease liabilities and cash outflow from financing activities | i 253 | i 185 |
Consolidated financial statements | ||
(millions of U.S. dollar, except share and per share data) |
1 year or less | 2-3 years | 4-5 years | Greater than 5 years | TOTAL | |||||||||||||
Lease liabilities (undiscounted) | i 278 | i 340 | i 217 | i 1,251 | i 2,086 |
1 year or less | 2-3 years | 4-5 years | Greater than 5 years | TOTAL | |||||||||||||
Lease liabilities (undiscounted) | i 270 | i 297 | i 183 | i 1,028 | i 1,778 |
1 year or less | 2-3 years | 4-5 years | Greater than 5 years | TOTAL | |||||||||||||
Potential variable lease payments | i 70 | i 111 | i 72 | i 61 | i 314 |
1 year or less | 2-3 years | 4-5 years | Greater than 5 years | TOTAL | |||||||||||||
Potential variable lease payments | i 76 | i 124 | i 85 | i 83 | i 368 |
1 year or less | 2-3 years | 4-5 years | Greater than 5 years | TOTAL | |||||||||||||
Potential extension options | i 1 | i 1 | i — | i — | i 2 | ||||||||||||
Potential termination options | i — | ( i 1) | i — | ( i 1) | ( i 2) | ||||||||||||
Potential residual value guarantees | i 9 | i 9 | i 6 | i — | i 24 |
1 year or less | 2-3 years | 4-5 years | Greater than 5 years | TOTAL | |||||||||||||
Potential extension options | i 1 | i 2 | i 1 | i — | i 4 | ||||||||||||
Potential termination options | i — | ( i 1) | i — | ( i 1) | ( i 2) | ||||||||||||
Potential residual value guarantees | i 1 | i 2 | i 2 | i 1 | i 6 |
Consolidated financial statements | ||
(millions of U.S. dollar, except share and per share data) |
1 year or less | 2-3 years | 4-5 years | Greater than 5 years | TOTAL | |||||||||||||
Leases not yet commenced | i 4 | i 10 | i 10 | i 69 | i 93 |
1 year or less | 2-3 years | 4-5 years | Greater than 5 years | TOTAL | |||||||||||||
Leases not yet commenced | i 2 | i 8 | i 9 | i 66 | i 85 |
Year ended December 31, | |||||||||||||||||
Employee Information | 2023 | 2022 | 2021 | ||||||||||||||
Wages and salaries | i 6,868 | i 6,463 | i 6,707 | ||||||||||||||
Defined benefits cost (see note 8.2) | i 148 | i 153 | i 117 | ||||||||||||||
Other staff expenses | i 1,318 | i 1,300 | i 1,166 | ||||||||||||||
Total | i 8,334 | i 7,916 | i 7,990 |
Year ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Base salary and directors fees | i 11 | i 11 | i 10 | ||||||||||||||
Short-term performance-related bonus | i 9 | i 16 | i 12 | ||||||||||||||
Post-employment benefits | i 1 | i 1 | i 2 | ||||||||||||||
Share-based payments | i 9 | i 7 | i 7 |
Consolidated financial statements | ||
(millions of U.S. dollar, except share and per share data) |
December 31, | |||||||||||
2023 | 2022 | ||||||||||
Pension plan benefits | i 1,594 | i 1,543 | |||||||||
Other post-employment benefits and other long-term employee benefits ("OPEB") | i 967 | i 861 | |||||||||
Termination benefits | i 134 | i 150 | |||||||||
Defined benefit liabilities | i 2,695 | i 2,554 | |||||||||
Provisions for social plans (non-current) | i 46 | i 52 | |||||||||
Total | i 2,741 | i 2,606 |
Consolidated financial statements | ||
(millions of U.S. dollar, except share and per share data) |
Consolidated financial statements | ||
(millions of U.S. dollar, except share and per share data) |
Consolidated financial statements | ||
(millions of U.S. dollar, except share and per share data) |
Year ended December 31, 2023 | |||||||||||||||||||||||||||||||||||
Total | Canada | Brazil | Europe | Other | |||||||||||||||||||||||||||||||
Change in benefit obligation | |||||||||||||||||||||||||||||||||||
Benefit obligation at beginning of the period | i 4,932 | i 2,375 | i 431 | i 1,849 | i 277 | ||||||||||||||||||||||||||||||
Current service cost | i 74 | i 14 | i — | i 48 | i 12 | ||||||||||||||||||||||||||||||
Interest cost on DBO | i 267 | i 120 | i 43 | i 69 | i 35 | ||||||||||||||||||||||||||||||
Past service cost - Plan amendments | i 9 | i — | i — | i 3 | i 6 | ||||||||||||||||||||||||||||||
Past service cost - Curtailments | ( i 6) | i — | i — | ( i 6) | i — | ||||||||||||||||||||||||||||||
Plan participants’ contribution | i 1 | i — | i — | i 1 | i — | ||||||||||||||||||||||||||||||
Actuarial (gain) loss | i 272 | i 130 | i 38 | i 88 | i 16 | ||||||||||||||||||||||||||||||
Demographic assumptions | i 15 | i 4 | i — | i 10 | i 1 | ||||||||||||||||||||||||||||||
Financial assumptions | i 246 | i 123 | i 33 | i 86 | i 4 | ||||||||||||||||||||||||||||||
Experience adjustment | i 11 | i 3 | i 5 | ( i 8) | i 11 | ||||||||||||||||||||||||||||||
Benefits paid | ( i 382) | ( i 193) | ( i 40) | ( i 121) | ( i 28) | ||||||||||||||||||||||||||||||
Divestment (see note 2.3) | ( i 50) | i — | i — | i — | ( i 50) | ||||||||||||||||||||||||||||||
Foreign currency exchange rate differences and other movements | i 167 | i 52 | i 35 | i 56 | i 24 | ||||||||||||||||||||||||||||||
Benefit obligation at end of the period | i 5,284 | i 2,498 | i 507 | i 1,987 | i 292 | ||||||||||||||||||||||||||||||
Change in plan assets | |||||||||||||||||||||||||||||||||||
Fair value of plan assets at beginning of the period | i 3,466 | i 2,400 | i 391 | i 647 | i 28 | ||||||||||||||||||||||||||||||
Interest income on plan assets | i 183 | i 118 | i 39 | i 25 | i 1 | ||||||||||||||||||||||||||||||
Return on plan assets less than discount rate | i 221 | i 118 | i 26 | i 75 | i 2 | ||||||||||||||||||||||||||||||
Employer contribution | i 89 | i 19 | i 4 | i 66 | i — | ||||||||||||||||||||||||||||||
Plan participants’ contribution | i 1 | i — | i — | i 1 | i — | ||||||||||||||||||||||||||||||
Benefits paid | ( i 297) | ( i 192) | ( i 40) | ( i 64) | ( i 1) | ||||||||||||||||||||||||||||||
Foreign currency exchange rate differences and other movements | i 108 | i 54 | i 31 | i 23 | i — | ||||||||||||||||||||||||||||||
Fair value of plan assets at end of the period | i 3,771 | i 2,517 | i 451 | i 773 | i 30 | ||||||||||||||||||||||||||||||
Present value of the wholly or partly funded obligation | ( i 4,198) | ( i 2,487) | ( i 507) | ( i 1,173) | ( i 31) | ||||||||||||||||||||||||||||||
Fair value of plan assets | i 3,771 | i 2,517 | i 451 | i 773 | i 30 | ||||||||||||||||||||||||||||||
Net present value of the wholly or partly funded obligation | ( i 427) | i 30 | ( i 56) | ( i 400) | ( i 1) | ||||||||||||||||||||||||||||||
Present value of the unfunded obligation | ( i 1,086) | ( i 11) | i — | ( i 814) | ( i 261) | ||||||||||||||||||||||||||||||
Prepaid due to unrecoverable surpluses | ( i 35) | ( i 28) | ( i 4) | ( i 3) | i — | ||||||||||||||||||||||||||||||
Net amount recognized | ( i 1,548) | ( i 9) | ( i 60) | ( i 1,217) | ( i 262) | ||||||||||||||||||||||||||||||
Net assets related to funded obligations | i 46 | i 42 | i — | i 4 | i — | ||||||||||||||||||||||||||||||
Recognized liabilities | ( i 1,594) | ( i 51) | ( i 60) | ( i 1,221) | ( i 262) | ||||||||||||||||||||||||||||||
Change in unrecoverable surplus | |||||||||||||||||||||||||||||||||||
Unrecoverable surplus at beginning of the period | ( i 33) | ( i 27) | ( i 3) | ( i 3) | i — | ||||||||||||||||||||||||||||||
Interest cost on unrecoverable surplus | ( i 2) | ( i 2) | i — | i — | i — | ||||||||||||||||||||||||||||||
Change in unrecoverable surplus in excess of interest | i 1 | i 1 | i — | i — | i — | ||||||||||||||||||||||||||||||
Exchange rates changes | ( i 1) | i — | ( i 1) | i — | i — | ||||||||||||||||||||||||||||||
Unrecoverable surplus at end of the period | ( i 35) | ( i 28) | ( i 4) | ( i 3) | i — |
Consolidated financial statements | ||
(millions of U.S. dollar, except share and per share data) |
Year ended December 31, 2022 | |||||||||||||||||||||||||||||||||||
Total | Canada | Brazil | Europe | Other | |||||||||||||||||||||||||||||||
Change in benefit obligation | |||||||||||||||||||||||||||||||||||
Benefit obligation at beginning of the period | i 6,739 | i 3,306 | i 398 | i 2,751 | i 284 | ||||||||||||||||||||||||||||||
Current service cost | i 99 | i 24 | i — | i 63 | i 12 | ||||||||||||||||||||||||||||||
Interest cost on DBO | i 183 | i 95 | i 39 | i 26 | i 23 | ||||||||||||||||||||||||||||||
Past service cost - Plan amendments | i 5 | i 9 | i — | ( i 4) | i — | ||||||||||||||||||||||||||||||
Past service cost - Curtailments | ( i 26) | i — | i — | ( i 26) | i — | ||||||||||||||||||||||||||||||
Plan participants’ contribution | i 1 | i — | i — | i 1 | i — | ||||||||||||||||||||||||||||||
Actuarial (gain) loss | ( i 1,287) | ( i 647) | i — | ( i 645) | i 5 | ||||||||||||||||||||||||||||||
Demographic assumptions | i 42 | i — | i — | ( i 1) | i 43 | ||||||||||||||||||||||||||||||
Financial assumptions | ( i 1,452) | ( i 678) | ( i 31) | ( i 699) | ( i 44) | ||||||||||||||||||||||||||||||
Experience adjustment | i 123 | i 31 | i 31 | i 55 | i 6 | ||||||||||||||||||||||||||||||
Benefits paid | ( i 388) | ( i 208) | ( i 36) | ( i 117) | ( i 27) | ||||||||||||||||||||||||||||||
Foreign currency exchange rate differences and other movements | ( i 394) | ( i 204) | i 30 | ( i 200) | ( i 20) | ||||||||||||||||||||||||||||||
Benefit obligation at end of the period | i 4,932 | i 2,375 | i 431 | i 1,849 | i 277 | ||||||||||||||||||||||||||||||
Change in plan assets | |||||||||||||||||||||||||||||||||||
Fair value of plan assets at beginning of the period | i 4,496 | i 3,163 | i 376 | i 918 | i 39 | ||||||||||||||||||||||||||||||
Interest income on plan assets | i 130 | i 87 | i 34 | i 8 | i 1 | ||||||||||||||||||||||||||||||
Return on plan assets less than discount rate | ( i 705) | ( i 473) | ( i 9) | ( i 213) | ( i 10) | ||||||||||||||||||||||||||||||
Employer contribution | i 65 | i 22 | i — | i 43 | i — | ||||||||||||||||||||||||||||||
Plan participants’ contribution | i 1 | i — | i — | i 1 | i — | ||||||||||||||||||||||||||||||
Benefits paid | ( i 296) | ( i 206) | ( i 36) | ( i 52) | ( i 2) | ||||||||||||||||||||||||||||||
Foreign currency exchange rate differences and other movements | ( i 225) | ( i 193) | i 26 | ( i 58) | i — | ||||||||||||||||||||||||||||||
Fair value of plan assets at end of the period | i 3,466 | i 2,400 | i 391 | i 647 | i 28 | ||||||||||||||||||||||||||||||
Present value of the wholly or partly funded obligation | ( i 3,895) | ( i 2,364) | ( i 431) | ( i 1,072) | ( i 28) | ||||||||||||||||||||||||||||||
Fair value of plan assets | i 3,466 | i 2,400 | i 391 | i 647 | i 28 | ||||||||||||||||||||||||||||||
Net present value of the wholly or partly funded obligation | ( i 429) | i 36 | ( i 40) | ( i 425) | i — | ||||||||||||||||||||||||||||||
Present value of the unfunded obligation | ( i 1,037) | ( i 11) | i — | ( i 777) | ( i 249) | ||||||||||||||||||||||||||||||
Prepaid due to unrecoverable surpluses | ( i 33) | ( i 27) | ( i 3) | ( i 3) | i — | ||||||||||||||||||||||||||||||
Net amount recognized | ( i 1,499) | ( i 2) | ( i 43) | ( i 1,205) | ( i 249) | ||||||||||||||||||||||||||||||
Net assets related to funded obligations | i 44 | i 39 | i — | i 4 | i 1 | ||||||||||||||||||||||||||||||
Recognized liabilities | ( i 1,543) | ( i 41) | ( i 43) | ( i 1,209) | ( i 250) | ||||||||||||||||||||||||||||||
Change in unrecoverable surplus | |||||||||||||||||||||||||||||||||||
Unrecoverable surplus at beginning of the period | ( i 33) | ( i 28) | ( i 2) | ( i 3) | i — | ||||||||||||||||||||||||||||||
Interest cost on unrecoverable surplus | ( i 1) | ( i 1) | i — | i — | i — | ||||||||||||||||||||||||||||||
Change in unrecoverable surplus in excess of interest | ( i 1) | i — | ( i 1) | i — | i — | ||||||||||||||||||||||||||||||
Exchange rates changes | i 2 | i 2 | i — | i — | i — | ||||||||||||||||||||||||||||||
Unrecoverable surplus at end of the period | ( i 33) | ( i 27) | ( i 3) | ( i 3) | i — |
Consolidated financial statements | ||
(millions of U.S. dollar, except share and per share data) |
Year ended December 31, 2023 | |||||||||||||||||||||||||||||||||||
Net periodic pension cost (income) | Total | Canada | Brazil | Europe | Others | ||||||||||||||||||||||||||||||
Current service cost | i 74 | i 14 | i — | i 48 | i 12 | ||||||||||||||||||||||||||||||
Past service cost - Plan amendments | i 9 | i — | i — | i 3 | i 6 | ||||||||||||||||||||||||||||||
Past service cost - Curtailments | ( i 6) | i — | i — | ( i 6) | i — | ||||||||||||||||||||||||||||||
Net interest cost (income) on net DB liability (asset) | i 82 | i — | i 4 | i 44 | i 34 | ||||||||||||||||||||||||||||||
Total | i 159 | i 14 | i 4 | i 89 | i 52 |
Year ended December 31, 2022 | |||||||||||||||||||||||||||||||||||
Net periodic pension cost (income) | Total | Canada | Brazil | Europe | Others | ||||||||||||||||||||||||||||||
Current service cost | i 99 | i 24 | i — | i 63 | i 12 | ||||||||||||||||||||||||||||||
Past service cost - Plan amendments | i 5 | i 9 | i — | ( i 4) | i — | ||||||||||||||||||||||||||||||
Past service cost - Curtailments | ( i 26) | i — | i — | ( i 26) | i — | ||||||||||||||||||||||||||||||
Net interest cost/(income) on net DB liability (asset) | i 52 | i 7 | i 5 | i 18 | i 22 | ||||||||||||||||||||||||||||||
Total | i 130 | i 40 | i 5 | i 51 | i 34 |
Year ended December 31, 2021 | |||||||||||||||||||||||||||||||||||
Net periodic pension cost (income) | Total | Canada | Brazil | Europe | Others | ||||||||||||||||||||||||||||||
Current service cost | i 105 | i 29 | i — | i 69 | i 7 | ||||||||||||||||||||||||||||||
Past service cost - Plan amendments | i 31 | i 28 | i — | i 3 | i — | ||||||||||||||||||||||||||||||
Net interest cost (income) on net DB liability (asset) | i 55 | i 14 | i 7 | i 12 | i 22 | ||||||||||||||||||||||||||||||
Total | i 191 | i 71 | i 7 | i 84 | i 29 |
Consolidated financial statements | ||
(millions of U.S. dollar, except share and per share data) |
Year ended December 31, 2023 | |||||||||||||||||||||||||||||
Total | Canada | Europe | Others | ||||||||||||||||||||||||||
Change in benefit obligation | |||||||||||||||||||||||||||||
Benefit obligation at beginning of the period | i 866 | i 455 | i 314 | i 97 | |||||||||||||||||||||||||
Current service cost | i 27 | i 7 | i 17 | i 3 | |||||||||||||||||||||||||
Interest cost on DBO | i 46 | i 24 | i 14 | i 8 | |||||||||||||||||||||||||
Past service cost - Plan amendments | i 6 | i — | ( i 2) | i 8 | |||||||||||||||||||||||||
Actuarial (gain) loss | i 64 | i 41 | i 30 | ( i 7) | |||||||||||||||||||||||||
Demographic assumptions | i 18 | i 18 | i — | i — | |||||||||||||||||||||||||
Financial assumptions | i 44 | i 26 | i 19 | ( i 1) | |||||||||||||||||||||||||
Experience adjustment | i 2 | ( i 3) | i 11 | ( i 6) | |||||||||||||||||||||||||
Benefits paid | ( i 75) | ( i 29) | ( i 35) | ( i 11) | |||||||||||||||||||||||||
Foreign currency exchange rate differences and other movements | i 37 | i 10 | i 17 | i 10 | |||||||||||||||||||||||||
Benefit obligation at end of the period | i 971 | i 508 | i 355 | i 108 | |||||||||||||||||||||||||
Change in plan assets | |||||||||||||||||||||||||||||
Fair value of plan assets at beginning of the period | i 5 | i — | i 5 | i — | |||||||||||||||||||||||||
Benefits paid | ( i 1) | i — | ( i 1) | i — | |||||||||||||||||||||||||
Fair value of plan assets at end of the period | i 4 | i — | i 4 | i — | |||||||||||||||||||||||||
Present value of the wholly or partly funded obligation | ( i 19) | i — | ( i 19) | i — | |||||||||||||||||||||||||
Fair value of plan assets | i 4 | i — | i 4 | i — | |||||||||||||||||||||||||
Net present value of the wholly or partly funded obligation | ( i 15) | i — | ( i 15) | i — | |||||||||||||||||||||||||
Present value of the unfunded obligation | ( i 952) | ( i 508) | ( i 336) | ( i 108) | |||||||||||||||||||||||||
Net amount recognized | ( i 967) | ( i 508) | ( i 351) | ( i 108) |
Consolidated financial statements | ||
(millions of U.S. dollar, except share and per share data) |
Year ended December 31, 2022 | |||||||||||||||||||||||||||||
Total | Canada | Europe | Others | ||||||||||||||||||||||||||
Change in benefit obligation | |||||||||||||||||||||||||||||
Benefit obligation at beginning of the period | i 1,190 | i 661 | i 423 | i 106 | |||||||||||||||||||||||||
Current service cost | i 37 | i 11 | i 21 | i 5 | |||||||||||||||||||||||||
Interest cost on DBO | i 30 | i 19 | i 5 | i 6 | |||||||||||||||||||||||||
Actuarial (gain) loss | ( i 250) | ( i 163) | ( i 71) | ( i 16) | |||||||||||||||||||||||||
Demographic assumptions | i 1 | i — | i — | i 1 | |||||||||||||||||||||||||
Financial assumptions | ( i 251) | ( i 155) | ( i 84) | ( i 12) | |||||||||||||||||||||||||
Experience adjustment | i — | ( i 8) | i 13 | ( i 5) | |||||||||||||||||||||||||
Benefits paid | ( i 71) | ( i 32) | ( i 32) | ( i 7) | |||||||||||||||||||||||||
Foreign currency exchange rate differences and other movements | ( i 70) | ( i 41) | ( i 32) | i 3 | |||||||||||||||||||||||||
Benefit obligation at end of the period | i 866 | i 455 | i 314 | i 97 | |||||||||||||||||||||||||
Change in plan assets | |||||||||||||||||||||||||||||
Fair value of plan assets at beginning of the period | i 6 | i — | i 6 | i — | |||||||||||||||||||||||||
Return on plan assets less than discount rate | ( i 1) | i — | ( i 1) | i — | |||||||||||||||||||||||||
Fair value of plan assets at end of the period | i 5 | i — | i 5 | i — | |||||||||||||||||||||||||
Present value of the wholly or partly funded obligation | ( i 20) | i — | ( i 20) | i — | |||||||||||||||||||||||||
Fair value of plan assets | i 5 | i — | i 5 | i — | |||||||||||||||||||||||||
Net present value of the wholly or partly funded obligation | ( i 15) | i — | ( i 15) | i — | |||||||||||||||||||||||||
Present value of the unfunded obligation | ( i 846) | ( i 455) | ( i 294) | ( i 97) | |||||||||||||||||||||||||
Net amount recognized | ( i 861) | ( i 455) | ( i 309) | ( i 97) |
Consolidated financial statements | ||
(millions of U.S. dollar, except share and per share data) |
Year ended December 31, 2023 | |||||||||||||||||||||||||||||
Components of net periodic OPEB cost (income) | Total | Canada | Europe | Others | |||||||||||||||||||||||||
Current service cost | i 27 | i 7 | i 17 | i 3 | |||||||||||||||||||||||||
Past service cost - Plan amendments | i 6 | i — | ( i 2) | i 8 | |||||||||||||||||||||||||
Net interest cost (income) on net DB liability (asset) | i 46 | i 24 | i 14 | i 8 | |||||||||||||||||||||||||
Actuarial gain recognized during the year | i 11 | i — | i 11 | i — | |||||||||||||||||||||||||
Total | i 90 | i 31 | i 40 | i 19 |
Year ended December 31, 2022 | |||||||||||||||||||||||||||||
Components of net periodic OPEB cost (income) | Total | Canada | Europe | Others | |||||||||||||||||||||||||
Current service cost | i 37 | i 11 | i 21 | i 5 | |||||||||||||||||||||||||
Net interest cost (income) on net DB liability (asset) | i 29 | i 19 | i 4 | i 6 | |||||||||||||||||||||||||
Actuarial gain recognized during the year | ( i 20) | i — | ( i 20) | i — | |||||||||||||||||||||||||
Total | i 46 | i 30 | i 5 | i 11 |
Year ended December 31, 2021 | |||||||||||||||||||||||||||||
Components of net periodic OPEB cost (income) | Total | Canada | Europe | Others | |||||||||||||||||||||||||
Current service cost | i 9 | ( i 1) | i 7 | i 3 | |||||||||||||||||||||||||
Past service cost - Plan amendments | ( i 57) | i 1 | ( i 58) | i — | |||||||||||||||||||||||||
Past service cost - Curtailments | ( i 7) | i — | ( i 7) | i — | |||||||||||||||||||||||||
Net interest cost (income) on net DB liability (asset) | i 25 | i 18 | i 2 | i 5 | |||||||||||||||||||||||||
Actuarial losses recognized during the year | ( i 14) | ( i 1) | ( i 13) | i — | |||||||||||||||||||||||||
Total | ( i 44) | i 17 | ( i 69) | i 8 |
Year ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Net periodic pension cost | i 159 | i 130 | i 191 | ||||||||||||||
Net periodic OPEB cost | i 90 | i 46 | ( i 44) | ||||||||||||||
Total | i 249 | i 176 | i 147 | ||||||||||||||
Cost of sales | i 100 | i 115 | i 72 | ||||||||||||||
Selling, general and administrative expenses | i 14 | i — | i 9 | ||||||||||||||
Financing costs - net | i 135 | i 61 | i 66 | ||||||||||||||
Total | i 249 | i 176 | i 147 |
Consolidated financial statements | ||
(millions of U.S. dollar, except share and per share data) |
December 31, 2023 | |||||||||||||||||||||||
Canada | Brazil | Europe | |||||||||||||||||||||
Equity Securities | i 27 | % | i 2 | % | i 8 | % | |||||||||||||||||
- Asset classes that have a quoted market price in an active market | i 20 | % | i — | i 8 | % | ||||||||||||||||||
- Asset classes that do not have a quoted market price in an active market | i 7 | % | i 2 | % | i — | ||||||||||||||||||
Fixed Income Securities (including cash) | i 33 | % | i 67 | % | i 58 | % | |||||||||||||||||
- Asset classes that have a quoted market price in an active market | i 24 | % | i 67 | % | i 58 | % | |||||||||||||||||
- Asset classes that do not have a quoted market price in an active market | i 9 | % | i — | i — | |||||||||||||||||||
Real Estate | i 9 | % | i 1 | % | i — | ||||||||||||||||||
- Asset classes that have a quoted market price in an active market | i — | i — | i — | ||||||||||||||||||||
- Asset classes that do not have a quoted market price in an active market | i 9 | % | i 1 | % | i — | ||||||||||||||||||
Other | i 31 | % | i 30 | % | i 34 | % | |||||||||||||||||
- Asset classes that have a quoted market price in an active market | i — | i 30 | % | i 7 | % | ||||||||||||||||||
- Asset classes that do not have a quoted market price in an active market | i 31 | % | i — | i 27 | % | '1 | |||||||||||||||||
Total | i 100 | % | i 100 | % | i 100 | % |
December 31, 2022 | |||||||||||||||||||||||
Canada | Brazil | Europe | |||||||||||||||||||||
Equity Securities | i 36 | % | i 6 | % | i 1 | % | |||||||||||||||||
- Asset classes that have a quoted market price in an active market | i 27 | % | i 4 | % | i 1 | % | |||||||||||||||||
- Asset classes that do not have a quoted market price in an active market | i 9 | % | i 2 | % | i — | ||||||||||||||||||
Fixed Income Securities (including cash) | i 43 | % | i 77 | % | i 69 | % | |||||||||||||||||
- Asset classes that have a quoted market price in an active market | i 42 | % | i 77 | % | i 55 | % | |||||||||||||||||
- Asset classes that do not have a quoted market price in an active market | i 1 | % | i — | i 14 | % | ||||||||||||||||||
Real Estate | i 10 | % | i 1 | % | i — | ||||||||||||||||||
- Asset classes that have a quoted market price in an active market | i — | i — | i — | ||||||||||||||||||||
- Asset classes that do not have a quoted market price in an active market | i 10 | % | i 1 | % | i — | ||||||||||||||||||
Other | i 11 | % | i 16 | % | i 30 | % | |||||||||||||||||
- Asset classes that have a quoted market price in an active market | i — | i 16 | % | i 7 | % | ||||||||||||||||||
- Asset classes that do not have a quoted market price in an active market | i 11 | % | i — | i 23 | % | '1 | |||||||||||||||||
Total | i 100 | % | i 100 | % | i 100 | % |
Consolidated financial statements | ||
(millions of U.S. dollar, except share and per share data) |
December 31, 2023 | |||||||||||||||||||||||
Canada | Brazil | Europe | |||||||||||||||||||||
Equity Securities | i 27 | % | i 2 | % | i 16 | % | |||||||||||||||||
Fixed Income Securities (including cash) | i 34 | % | i 67 | % | i 62 | % | |||||||||||||||||
Real Estate | i 8 | % | i 1 | % | i — | ||||||||||||||||||
Other'1 | i 31 | % | i 30 | % | i 22 | % | |||||||||||||||||
Total | i 100 | % | i 100 | % | i 100 | % |
Pension Plans | Other Post-employment Benefits | ||||||||||||||||||||||||||||||||||
2023 | 2022 | 2021 | 2023 | 2022 | 2021 | ||||||||||||||||||||||||||||||
Discount rate | |||||||||||||||||||||||||||||||||||
Range | i 3.30%
- i 18.00% | i 3.75% - i 24.00% | i 1.00%
- i 11.00% | i 3.30% - i 10.15% | i 3.50%
- i 9.30% | i 1.00% - i 7.95% | |||||||||||||||||||||||||||||
Weighted average | i 5.02% | i 5.44% | i 2.75% | i 4.68% | i 5.10% | i 2.65% | |||||||||||||||||||||||||||||
Rate of compensation increase | |||||||||||||||||||||||||||||||||||
Range | i 2.00% - i 11.00% | i 2.00%
- i 15.00% | i 2.00% - i 10.00% | i 2.00%
- i 4.80% | i 2.00% - i 4.80% | i 2.00%
- i 4.80% | |||||||||||||||||||||||||||||
Weighted average | i 2.93% | i 3.01% | i 2.87% | i 3.26% | i 3.29% | i 3.14% |
Other Post-employment Benefits | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Healthcare cost trend rate assumed | |||||||||||||||||
Range | i 2.20% - i 6.59% | i 2.00%
- i 4.50% | i 1.30% - i 4.50% | ||||||||||||||
Weighted average | i 4.06% | i 3.97% | i 3.95% |
Consolidated financial statements | ||
(millions of U.S. dollar, except share and per share data) |
Effect on 2024 Pre-Tax Pension Expense (sum of service cost and interest cost) | Effect
on December 31, 2023 DBO | ||||||||||
Change in assumption | |||||||||||
i 100 basis points decrease in discount rate | ( i 15) | i 578 | |||||||||
i 100
basis points increase in discount rate | i 12 | ( i 475) | |||||||||
i 100
basis points decrease in rate of compensation | ( i 13) | ( i 123) | |||||||||
i 100
basis points increase in rate of compensation | i 13 | i 127 | |||||||||
i 1
year increase of the expected life of the beneficiaries | i 6 | i 115 |
Effect
on 2024 Pre-Tax OPEB Expense (sum of service cost and interest cost) | Effect on December 31, 2023 DBO | ||||||||||
Change in assumption | |||||||||||
i 100 basis points decrease
in discount rate | i — | i 117 | |||||||||
i 100
basis points increase in discount rate | i — | ( i 96) | |||||||||
i 100
basis points decrease in healthcare cost trend rate | ( i 4) | ( i 51) | |||||||||
i 100
basis points increase in healthcare cost trend rate | i 5 | i 63 | |||||||||
i 1
year increase of the expected life of the beneficiaries | i — | i 17 |
Consolidated financial statements | ||
(millions of U.S. dollar, except share and per share data) |
Consolidated financial statements | ||
(millions of U.S. dollar, except share and per share data) |
Executive Office | Executive Officers | ||||||||||||||||||||||||||||||||||
2023
Grant | l | PSUs with a three year performance period | l | PSUs with a three year performance period | |||||||||||||||||||||||||||||||
l | Value at grant i i 120 / %
of base salary for the Executive Chairman and the CEO | ||||||||||||||||||||||||||||||||||
l | Vesting conditions: | l | Vesting conditions: | ||||||||||||||||||||||||||||||||
Target | Stretch | Threshold | Target | Stretch | |||||||||||||||||||||||||||||||
TSR vs.
peer group ( i 50%) / EPS vs. peer group ( i 20%) | i 100%
vs. weighted average | ≥ i 120% vs. weighted average | TSR vs. peer group ( i 40%) | — | i 100%
weighted average | ≥ i 120% weighted average | |||||||||||||||||||||||||||||
Vesting percentage | i 100% | i 150% | Vesting percentage | — | i 100% | i 150% | |||||||||||||||||||||||||||||
ROCE
( i 40%) | 2/3 of Target | i 100%
of target | 4/3 of target | ||||||||||||||||||||||||||||||||
ESG ( i 30%): H&S i 10%,
Climate action i 10% and D&I i 10% | i 100%
of target | i 120% of target | Vesting percentage | i 50% | i 100% | i 150% | |||||||||||||||||||||||||||||
ESG
( i 20%): H&S i 10%,
Climate action i 5% and D&I i 5% | — | i 100%
of target | i 120% of target | ||||||||||||||||||||||||||||||||
Vesting percentage | i 100% | i 150% | Vesting percentage | — | i 100% | i 150% | |||||||||||||||||||||||||||||
l | RSUs
with a three year vesting period |
Consolidated financial statements | ||
(millions of U.S. dollar, except share and per share data) |
Executive Office | Executive Officers | |||||||||||||||||||||||||||||||
2020 Grant | l | PSUs with a three year performance period | l | PSUs with a three year performance period | ||||||||||||||||||||||||||||
l | Value at grant i i 100 / %
of base salary for the Executive Chairman and the CEO | |||||||||||||||||||||||||||||||
l | Vesting conditions: | l | Vesting conditions: | |||||||||||||||||||||||||||||
Threshold | Target | Threshold | Target | |||||||||||||||||||||||||||||
TSR/EPS vs. peer group | i i 100 / %
median | ≥ i i 120 / %
median | TSR/EPS vs. peer group | i i 100 / %
median | ≥ i i 120 / %
median | |||||||||||||||||||||||||||
Vesting percentage | i i 50 / % | i i 100 / % | ||||||||||||||||||||||||||||||
TSR vs. S&P 500 | Performance equal to Index | ≥Performance equal to Index + i 2% p.a. outperformance | Gap to competition (where applicable) | i 100%
target i 100% vesting | ||||||||||||||||||||||||||||
Vesting percentage | i 50% | i 100% | Vesting percentage | i 0% | i 100% | |||||||||||||||||||||||||||
l | RSUs
with a three year vesting period | |||||||||||||||||||||||||||||||
l | RSUs with a one year vesting period | |||||||||||||||||||||||||||||||
Executive Office | Executive Officers | |||||||||||||||||||||||||||||||
2021 Grant | l | PSUs with a three year performance period | l | PSUs with a three year performance period | ||||||||||||||||||||||||||||
l | Value at grant i i 100 / %
of base salary for the Executive Chairman and the CEO | |||||||||||||||||||||||||||||||
l | Vesting conditions: | l | Vesting conditions: | |||||||||||||||||||||||||||||
Threshold | Target | Target | Stretch | |||||||||||||||||||||||||||||
TSR vs. peer group ( i 50%)
/ EPS vs. peer group ( i 20%) | i i 100 / %
median | ≥ i i 120 / %
median | TSR vs. peer group ( i 40%) | i 100%
weighted average | ≥ i 120% weighted average | |||||||||||||||||||||||||||
Vesting percentage | i i 50 / % | i i 100 / % | Vesting percentage | i 100% | i 150% | |||||||||||||||||||||||||||
Gap
to competition ( i 40%) | i 100%
of target | i 120% of target | ||||||||||||||||||||||||||||||
ESG ( i 30%) | i 100%
of target | Vesting percentage | i 100% | i 150% | ||||||||||||||||||||||||||||
ESG
( i 20%) | i 100%
of target | i 120% of target | ||||||||||||||||||||||||||||||
Vesting percentage | i 100% | i 100% | i 150% | |||||||||||||||||||||||||||||
l | RSUs
with a three year vesting period | |||||||||||||||||||||||||||||||
l | RSUs with a two year vesting period |
Consolidated financial statements | ||
(millions of U.S. dollar, except share and per share data) |
Executive Office | Executive Officers | |||||||||||||||||||||||||||||||
2022 Grant | l | PSUs with a three year performance period | l | PSUs with a three year performance period | ||||||||||||||||||||||||||||
l | Value at grant i i 120 / %
of base salary for the Executive Chairman and the CEO | |||||||||||||||||||||||||||||||
l | Vesting conditions: | l | Vesting conditions | |||||||||||||||||||||||||||||
Threshold | Target | Target | Stretch | |||||||||||||||||||||||||||||
TSR vs. peer group ( i 50%)
/ EPS vs. peer group ( i 20%) | i 100%
vs. weighted average | ≥ i 120% vs. weighted average | TSR vs. peer group ( i 40%) | i 100%
weighted average | ≥ i 120% weighted average | |||||||||||||||||||||||||||
Vesting percentage | i 100% | i 150% | Vesting percentage | i 100% | i 150% | |||||||||||||||||||||||||||
Gap
to competition ( i 40%) | i 100%
of target | i 120% of target | ||||||||||||||||||||||||||||||
ESG ( i 30%):
H&S i 10%, Climate action i 10%
and D&I i 10% | i 100%
of target | i 120% of target | Vesting percentage | i 100% | i 150% | |||||||||||||||||||||||||||
ESG
( i 20%): H&S i 10%,
Climate action i 5% and D&I i 5% | i 100%
of target | i 120% of target | ||||||||||||||||||||||||||||||
Vesting percentage | i 100% | i 150% | Vesting percentage | i 100% | i 150% | |||||||||||||||||||||||||||
l | RSUs
with a three year vesting period |
At Grant date | Number of shares issued as of December 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Grant date | Type of plan | Number of shares | Number of beneficiaries | Maturity | Fair value per share | Shares outstanding | Shares forfeited | Shares vested | ||||||||||||||||||||||||||||||||||||||||||||||||
December 8, 2023 | RSU | i 1,269,300 | i 958 | December 8, 2026 | i 25.58 | i 1,269,300 | i — | i — | ||||||||||||||||||||||||||||||||||||||||||||||||
December 8, 2023 | PSU | i 985,700 | i 256 | January 1, 2027 | i 22.06 | i 985,700 | i — | i — | ||||||||||||||||||||||||||||||||||||||||||||||||
December 8, 2023 | Executive Office | i 141,973 | i 2 | January 1, 2027 | i 20.49 | i 141,973 | i — | i — | ||||||||||||||||||||||||||||||||||||||||||||||||
December 13, 2022 | RSU | i 866,000 | i 802 | December 13, 2025 | i 27.61 | i 831,600 | i 32,934 | i 1,466 | ||||||||||||||||||||||||||||||||||||||||||||||||
December 13, 2022 | PSU | i 644,800 | i 242 | January 1, 2026 | i 23.64 | i 636,300 | i 8,500 | i — | ||||||||||||||||||||||||||||||||||||||||||||||||
December 13, 2022 | Executive Office | i 141,564 | i 2 | January 1, 2026 | i 22.47 | i 141,564 | i — | i — | ||||||||||||||||||||||||||||||||||||||||||||||||
December 16, 2021 | RSU | i 729,250 | i 658 | December 16, 2024 | i 32.66 | i 656,900 | i 63,659 | i 8,691 | ||||||||||||||||||||||||||||||||||||||||||||||||
December 16, 2021 | PSU | i 575,400 | i 244 | January 1, 2025 | i 28.29 | i 529,150 | i 46,250 | i — | ||||||||||||||||||||||||||||||||||||||||||||||||
December 16, 2021 | Executive Office | i 109,143 | i 2 | January 1, 2025 | i 27.20 | i 109,143 | i — | i — | ||||||||||||||||||||||||||||||||||||||||||||||||
December 14, 2020 | PSU | i 714,250 | i 235 | January 1, 2024 | i 19.74 | i 602,050 | i 112,200 | i — | ||||||||||||||||||||||||||||||||||||||||||||||||
December 14, 2020 | Executive Office | i 148,422 | i 2 | January 1, 2024 | i 18.19 | i 148,422 | i — | i — | ||||||||||||||||||||||||||||||||||||||||||||||||
Total | i 6,325,802 | $ i 18.19
– $ i 32.66 | i 6,052,102 | i 263,543 | i 10,157 |
Consolidated financial statements | ||
(millions of U.S. dollar, except share and per share data) |
RSUs | PSUs and Executive Office | ||||||||||||||||||||||
Number of shares | Fair value per share | Number of shares | Fair value per share | ||||||||||||||||||||
Outstanding, December 31, 2020 | i 1,391,284 | i 21.15 | i 7,150,167 | i 17.18 | |||||||||||||||||||
Granted | i 1,079,250 | i 32.62 | i 684,543 | i 28.12 | |||||||||||||||||||
Exited | ( i 315,699) | i 21.20 | ( i 613,385) | i 14.04 | |||||||||||||||||||
Forfeited | ( i 59,885) | i 23.47 | ( i 2,915,514) | i 15.37 | |||||||||||||||||||
Outstanding, December 31, 2021 | i 2,094,950 | i 26.99 | i 4,305,811 | i 20.58 | |||||||||||||||||||
Granted | i 866,000 | i 27.61 | i 786,364 | i 23.43 | |||||||||||||||||||
Exited | ( i 17,294) | i 26.21 | ( i 673,661) | i 20.84 | |||||||||||||||||||
Forfeited | ( i 106,506) | i 26.36 | ( i 725,018) | i 19.54 | |||||||||||||||||||
Outstanding, December 31, 2022 | i 2,837,150 | i 27.20 | i 3,693,496 | i 21.35 | |||||||||||||||||||
Granted | i 1,269,300 | i 25.58 | i 1,127,673 | i 21.86 | |||||||||||||||||||
Exited | ( i 1,232,074) | i 24.05 | ( i 1,434,251) | i 18.16 | |||||||||||||||||||
Forfeited | ( i 116,576) | i 26.90 | ( i 92,616) | i 22.21 | |||||||||||||||||||
Outstanding, December 31, 2023 | i 2,757,800 | i 27.88 | i 3,294,302 | i 22.89 |
Consolidated financial statements | ||
(millions of U.S. dollar, except share and per share data) |
Consolidated financial statements | ||
(millions of U.S. dollar, except share and per share data) |
Balance
at December 31, 2022 | Additions1 | Deductions/ Payments | Effects of foreign exchange and other movements | Balance at December 31, 2023 | |||||||||||||||||||||||||||||||
Environmental | i 566 | i 113 | ( i 76) | i 17 | i 620 | ||||||||||||||||||||||||||||||
Emission obligations | i 522 | i 3 | ( i 486) | ( i 10) | i 29 | ||||||||||||||||||||||||||||||
Asset retirement obligations | i 349 | i 21 | ( i 3) | i 13 | i 380 | ||||||||||||||||||||||||||||||
Site restoration | i 152 | i 8 | ( i 17) | i 4 | i 147 | ||||||||||||||||||||||||||||||
Staff related obligations | i 137 | i 50 | ( i 29) | i 4 | i 162 | ||||||||||||||||||||||||||||||
Voluntary separation plans | i 23 | i 8 | ( i 17) | i 18 | i 32 | ||||||||||||||||||||||||||||||
Litigation and other (see note 9.3) | i 289 | i 66 | ( i 62) | i 56 | i 349 | ||||||||||||||||||||||||||||||
Tax claims | i 73 | i 16 | ( i 14) | i 6 | i 81 | ||||||||||||||||||||||||||||||
Other legal claims | i 216 | i 50 | ( i 48) | i 50 | i 268 | ||||||||||||||||||||||||||||||
Commercial agreements and onerous contracts | i 28 | i 6 | ( i 6) | i 1 | i 29 | ||||||||||||||||||||||||||||||
Other | i 341 | i 85 | ( i 117) | i 8 | i 317 | ||||||||||||||||||||||||||||||
i 2,407 | i 360 | ( i 813) | i 111 | i 2,065 | |||||||||||||||||||||||||||||||
Short-term provisions | i 1,101 | i 588 | |||||||||||||||||||||||||||||||||
Long-term provisions | i 1,306 | i 1,477 | |||||||||||||||||||||||||||||||||
i 2,407 | i 2,065 |
Balance
at December 31, 2021 | Additions1 | Deductions/ Payments | Effects of foreign exchange and other movements | Balance at December 31, 2022 | |||||||||||||||||||||||||||||||
Environmental | i 595 | i 59 | ( i 61) | ( i 27) | i 566 | ||||||||||||||||||||||||||||||
Emission obligations | i 492 | i 477 | ( i 443) | ( i 4) | i 522 | ||||||||||||||||||||||||||||||
Asset retirement obligations | i 397 | i 22 | ( i 41) | ( i 29) | i 349 | ||||||||||||||||||||||||||||||
Site restoration | i 220 | i — | ( i 54) | ( i 14) | i 152 | ||||||||||||||||||||||||||||||
Staff related obligations | i 120 | i 40 | ( i 29) | i 6 | i 137 | ||||||||||||||||||||||||||||||
Voluntary separation plans | i 31 | i 3 | ( i 18) | i 7 | i 23 | ||||||||||||||||||||||||||||||
Litigation and other (see note 9.3) | i 323 | i 53 | ( i 103) | i 16 | i 289 | ||||||||||||||||||||||||||||||
Tax claims | i 79 | i 9 | ( i 24) | i 9 | i 73 | ||||||||||||||||||||||||||||||
Other legal claims | i 244 | i 44 | ( i 79) | i 7 | i 216 | ||||||||||||||||||||||||||||||
Commercial agreements and onerous contracts | i 23 | i 9 | ( i 4) | i — | i 28 | ||||||||||||||||||||||||||||||
Other | i 361 | i 84 | ( i 124) | i 20 | i 341 | ||||||||||||||||||||||||||||||
i 2,562 | i 747 | ( i 877) | ( i 25) | i 2,407 | |||||||||||||||||||||||||||||||
Short-term provisions | i 1,064 | i 1,101 | |||||||||||||||||||||||||||||||||
Long-term provisions | i 1,498 | i 1,306 | |||||||||||||||||||||||||||||||||
i 2,562 | i 2,407 |
Consolidated financial statements | ||
(millions of U.S. dollar, except share and per share data) |
Consolidated financial statements | ||
(millions of U.S. dollar, except share and per share data) |
Consolidated financial statements | ||
(millions of U.S. dollar, except share and per share data) |
Balance at December 31, | |||||||||||
2023 | 2022 | ||||||||||
Derivative financial instruments (notes 6.1 and 6.3) | i 76 | i 45 | |||||||||
Payable from acquisition of financial assets | i 125 | i 85 | |||||||||
Unfavorable contracts | i 233 | i 92 | |||||||||
Income tax payable | i 185 | i 202 | |||||||||
Put option liability ArcelorMittal Texas HBI (note 11.5.2) | i 158 | i 181 | |||||||||
Put option liability Sonasid (note 11.5.2) | i 116 | i 122 | |||||||||
Other | i 168 | i 187 | |||||||||
Total | i 1,061 | i 914 |
Consolidated financial statements | ||
(millions of U.S. dollar, except share and per share data) |
Consolidated financial statements | ||
(millions of U.S. dollar, except share and per share data) |
Consolidated financial statements | ||
(millions of U.S. dollar, except share and per share data) |
Consolidated financial statements | ||
(millions of U.S. dollar, except share and per share data) |
Consolidated financial statements | ||
(millions of U.S. dollar, except share and per share data) |
December 31, | |||||||||||
2023 | 2022 | ||||||||||
Commitments related to purchases of raw materials and energy | i 11,346 | i 11,668 | |||||||||
Guarantees, pledges and other collateral | i 8,888 | i 8,470 | |||||||||
Capital expenditure commitments | i 2,799 | i 2,930 | |||||||||
Other commitments | i 1,374 | i 1,533 | |||||||||
Total | i 24,407 | i 24,601 |
Consolidated financial statements | ||
(millions of U.S. dollar, except share and per share data) |
Consolidated financial statements | ||
(millions of U.S. dollar, except share and per share data) |
Consolidated financial statements | ||
(millions of U.S. dollar, except share and per share data) |
Year ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Total current tax expense | i 1,008 | i 2,080 | i 2,953 | ||||||||||||||
Total
deferred tax expense (benefit) | ( i 770) | ( i 363) | ( i 493) | ||||||||||||||
Total income tax expense | i 238 | i 1,717 | i 2,460 |
Year ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Net income (loss) (including non-controlling interests) | i 1,022 | i 9,538 | i 15,565 | ||||||||||||||
Income tax expense | i 238 | i 1,717 | i 2,460 | ||||||||||||||
Income before tax | i 1,260 | i 11,255 | i 18,025 | ||||||||||||||
Tax
expense at the statutory rates applicable to income in the countries1 | i 454 | i 2,818 | i 4,146 | ||||||||||||||
Permanent items | ( i 101) | ( i 303) | i 500 | ||||||||||||||
Rate changes | i — | i — | i 12 | ||||||||||||||
Net change in measurement of deferred tax assets | ( i 423) | ( i 1,154) | ( i 2,956) | ||||||||||||||
Tax effects of foreign currency translation | ( i 20) | ( i 34) | i — | ||||||||||||||
Tax credits | ( i 26) | ( i 22) | ( i 24) | ||||||||||||||
Other taxes | i 324 | i 394 | i 688 | ||||||||||||||
Others | i 30 | i 18 | i 94 | ||||||||||||||
Income tax expense | i 238 | i 1,717 | i 2,460 |
Permanent items | Year ended December 31, | ||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Taxable reversals of (tax deductible) write-downs on shares and receivables | ( i 647) | ( i 109) | i 735 | ||||||||||||||
Non-deductible loss on disposal of Kazakhstan operations | i 573 | i — | i — | ||||||||||||||
Juros sobre o Capital Próprio | ( i 117) | ( i 229) | ( i 323) | ||||||||||||||
Other permanent items | i 90 | i 35 | i 88 | ||||||||||||||
Total permanent items | ( i 101) | ( i 303) | i 500 |
Consolidated financial statements | ||
(millions of U.S. dollar, except share and per share data) |
Others | Year ended December 31, | ||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Tax contingencies/settlements | i 43 | ( i 3) | i 137 | ||||||||||||||
Prior period taxes | ( i 4) | i 14 | ( i 31) | ||||||||||||||
Others | ( i 9) | i 7 | ( i 12) | ||||||||||||||
Total | i 30 | i 18 | i 94 |
Consolidated financial statements | ||
(millions of U.S. dollar, except share and per share data) |
Year ended December 31, | ||||||||||||||||||||
2023 | 2022 | 2021 | ||||||||||||||||||
Recognized in other comprehensive income on: | ||||||||||||||||||||
Deferred tax expense (benefit) | ||||||||||||||||||||
Unrealized gain on investments in equity instruments at FVOCI | i — | i — | i 167 | |||||||||||||||||
Gain (loss) on derivative financial instruments | ( i 126) | ( i 31) | i 648 | |||||||||||||||||
Recognized actuarial gain (loss) | ( i 18) | i 193 | i 144 | |||||||||||||||||
Foreign currency translation adjustments | i 110 | i 143 | i 59 | |||||||||||||||||
( i 34) | i 305 | i 1,018 | ||||||||||||||||||
Recognized directly in equity on: | ||||||||||||||||||||
Current tax expense (benefit) | ||||||||||||||||||||
Realized gain on investments in equity instruments at FVOCI | i — | i — | i — | |||||||||||||||||
Deferred tax expense (benefit) | ||||||||||||||||||||
Loss related to repurchase of MCNs | ( i 231) | i — | ( i 185) | |||||||||||||||||
Realized gain on investments in equity instruments at FVOCI | i — | i — | i — | |||||||||||||||||
( i 231) | i — | ( i 185) | ||||||||||||||||||
Total | ( i 265) | i 305 | i 833 |
Assets | Liabilities | Net | |||||||||||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||
Intangible assets | i 19 | i 21 | ( i 618) | ( i 553) | ( i 599) | ( i 532) | |||||||||||||||||||||||||||||
Property, plant and equipment | i 412 | i 172 | ( i 3,666) | ( i 3,757) | ( i 3,254) | ( i 3,585) | |||||||||||||||||||||||||||||
Inventories | i 193 | i 214 | ( i 73) | ( i 116) | i 120 | i 98 | |||||||||||||||||||||||||||||
Financial instruments | i 16 | i 47 | ( i 139) | ( i 16) | ( i 123) | i 31 | |||||||||||||||||||||||||||||
Other assets | i 201 | i 161 | ( i 499) | ( i 538) | ( i 298) | ( i 377) | |||||||||||||||||||||||||||||
Provisions | i 815 | i 819 | ( i 472) | ( i 389) | i 343 | i 430 | |||||||||||||||||||||||||||||
Other liabilities | i 464 | i 474 | ( i 126) | ( i 119) | i 338 | i 355 | |||||||||||||||||||||||||||||
Tax losses and other tax benefits carried forward | i 10,302 | i 9,340 | i — | i — | i 10,302 | i 9,340 | |||||||||||||||||||||||||||||
Tax credits carried forward | i 208 | i 128 | i — | i — | i 208 | i 128 | |||||||||||||||||||||||||||||
Deferred tax assets (liabilities) | i 12,630 | i 11,376 | ( i 5,593) | ( i 5,488) | i 7,037 | i 5,888 | |||||||||||||||||||||||||||||
Deferred tax assets | i 9,469 | i 8,554 | |||||||||||||||||||||||||||||||||
Deferred tax liabilities | ( i 2,432) | ( i 2,666) |
Consolidated financial statements | ||
(millions of U.S. dollar, except share and per share data) |
Gross amount | Total deferred tax assets | Recognized deferred tax assets | Unrecognized deferred tax assets | ||||||||||||||||||||
Tax losses and other tax benefits carried forward | i 139,108 | i 34,360 | i 10,302 | i 24,058 | |||||||||||||||||||
Tax credits carried forward | i 690 | i 690 | i 208 | i 482 | |||||||||||||||||||
Other temporary differences | i 13,140 | i 3,108 | i 2,120 | i 988 | |||||||||||||||||||
Total | i 38,158 | i 12,630 | i 25,528 |
Gross amount | Total deferred tax assets | Recognized deferred tax assets | Unrecognized deferred tax assets | ||||||||||||||||||||
Tax losses and other tax benefits carried forward | i 126,685 | i 31,587 | i 9,340 | i 22,247 | |||||||||||||||||||
Tax credits carried forward | i 600 | i 600 | i 128 | i 472 | |||||||||||||||||||
Other temporary differences | i 10,543 | i 2,663 | i 1,908 | i 755 | |||||||||||||||||||
Total | i 34,850 | i 11,376 | i 23,474 |
Consolidated financial statements | ||
(millions of U.S. dollar, except share and per share data) |
Year expiring | Recognized | Unrecognized | Total | |||||||||||||||||
2024 | i 25 | i 43 | i 68 | |||||||||||||||||
2025 | i 10 | i 63 | i 73 | |||||||||||||||||
2026 | i 1 | i 30 | i 31 | |||||||||||||||||
2027 | i 4 | i 3 | i 7 | |||||||||||||||||
2028 | i 272 | i 34 | i 306 | |||||||||||||||||
2029
- 2044 | i 1,066 | i 13,619 | i 14,685 | |||||||||||||||||
Total | i 1,378 | i 13,792 | i 15,170 |
Year expiring | Recognized | Unrecognized | Total | |||||||||||||||||
2024 | i — | i 1 | i 1 | |||||||||||||||||
2025 | i — | i 1 | i 1 | |||||||||||||||||
2026 | i — | i 1 | i 1 | |||||||||||||||||
2027 | i — | i 1 | i 1 | |||||||||||||||||
2028 | i — | i 1 | i 1 | |||||||||||||||||
2028 - 2043 | i 129 | i 365 | i 494 | |||||||||||||||||
Total | i 129 | i 370 | i 499 |
Consolidated financial statements | ||
(millions of U.S. dollar, except share and per share data) |
December 31, 2021 | Movement in year | December 31, 2022 | Movement in year | December 31, 2023 | |||||||||||||||||||||||||
Issued shares | i 982,809,772 | ( i 105,000,000) | i 877,809,772 | ( i 25,000,000) | i 852,809,772 | ||||||||||||||||||||||||
Treasury shares | ( i 71,916,570) | ( i 555,273) | ( i 72,471,843) | i 38,933,827 | ( i 33,538,016) | ||||||||||||||||||||||||
Total outstanding shares | i 910,893,202 | ( i 105,555,273) | i 805,337,929 | i 13,933,827 | i 819,271,756 |
Consolidated financial statements | ||
(millions of U.S. dollar, except share and per share data) |
Consolidated financial statements | ||
(millions of U.S. dollar, except share and per share data) |
Year ended December 31, | |||||||||||||||||
2023 | 2022 | 2021 | |||||||||||||||
Net income attributable to equity holders of the parent | i 919 | i 9,302 | i 14,956 | ||||||||||||||
Weighted average common shares outstanding (in millions) for the purposes of basic earnings per share | i 842 | i 911 | i 1,105 | ||||||||||||||
Incremental shares from assumed conversion of restricted share units and performance share units (in millions) | i 3 | i 3 | i 3 | ||||||||||||||
Weighted average common shares outstanding (in millions) for the purposes of diluted earnings per share | i 845 | i 914 | i 1,108 |
Consolidated financial statements | ||
(millions of U.S. dollar, except share and per share data) |
Description | Approved by | Dividend per share (in $) | Payout date | Total (in millions of $) | |||||||||||||||||||
Dividend for financial year 2020 | Annual general shareholders’ meeting on June 8, 2021 | i 0.30 | June 15, 2021 | i 312 | |||||||||||||||||||
Dividend for financial year 2021 | Annual general shareholders’ meeting on May 4, 2022 | i 0.38 | June 10, 2022 | i 332 | |||||||||||||||||||
Dividend for financial year 2022 | Annual general shareholders’ meeting on May 2, 2023 | i 0.44 | June 15, 2023 and December 7, 2023 | i 369 |
Consolidated financial statements | ||
(millions of U.S. dollar, except share and per share data) |
Name of Subsidiary | Country of incorporation and operation | % of non-controlling interests and non- controlling voting rights at December 31, 2023 | % of non-controlling interests and non- controlling voting rights at December 31, 2022 | Net income (loss) attributable to non- controlling interests for the year ended December 31, 2023 | Non-controlling interests at December 31, 2023 | Net income (loss) attributable to non- controlling interests for the year ended December 31, 2022 | Non-controlling interests at December 31, 2022 | Net income (loss) attributable to non- controlling interests for the year ended December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||
AMSA | South Africa | i 30.78 | % | i 30.78 | % | ( i 67) | i 115 | i 55 | i 198 | i 151 | ||||||||||||||||||||||||||||||||||||||||
Société
Nationale de Sidérurgie S.A. ("Sonasid")1 | Morocco | i 67.57 | % | i 67.57 | % | i 3 | i 115 | i 5 | i 103 | i 9 | ||||||||||||||||||||||||||||||||||||||||
AMKR | Ukraine | i 4.87 | % | i 4.87 | % | ( i 15) | i 55 | ( i 68) | i 74 | i 45 | ||||||||||||||||||||||||||||||||||||||||
Belgo Bekaert Arames ("BBA") | Brazil | i 45.00 | % | i 45.00 | % | i 55 | i 225 | i 60 | i 215 | i 127 | ||||||||||||||||||||||||||||||||||||||||
Hera
Ermac2 | Luxembourg | i — | i — | i | i 532 | i — | i 855 | i — | ||||||||||||||||||||||||||||||||||||||||||
AMMC | Canada | i 15.00 | % | i 15.00 | % | i 149 | i 561 | i 183 | i 492 | i 257 | ||||||||||||||||||||||||||||||||||||||||
Arceo | Belgium | i 62.86 | % | i 62.86 | % | i 3 | i 150 | i 1 | i 144 | i 2 | ||||||||||||||||||||||||||||||||||||||||
ArcelorMittal
Liberia Ltd3 | Liberia | i 15.00 | % | i 15.00 | % | ( i 11) | ( i 169) | i — | ( i 173) | i 4 | ||||||||||||||||||||||||||||||||||||||||
ArcelorMittal
Texas HBI4 | USA | i 20.00 | % | i 20.00 | % | ( i 8) | i 216 | ( i 9) | i 225 | i — | ||||||||||||||||||||||||||||||||||||||||
Other | ( i 6) | i 307 | i 9 | i 305 | i 14 | |||||||||||||||||||||||||||||||||||||||||||||
Total | i 103 | i 2,107 | i 236 | i 2,438 | i 609 |
December 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Summarized statements of financial position | AMSA | Sonasid | AMKR | BBA | Hera Ermac | AMMC | Arceo | AM Liberia | ArcelorMittal Texas HBI LLC | ||||||||||||||||||||||||||||||||||||||||||||
Current assets | i 1,058 | i 318 | i 561 | i 293 | i 166 | i 1,860 | i 205 | i 186 | i 361 | ||||||||||||||||||||||||||||||||||||||||||||
Non-current assets | i 464 | i 113 | i 1,230 | i 232 | i 990 | i 3,108 | i 39 | i 919 | i 812 | ||||||||||||||||||||||||||||||||||||||||||||
Total assets | i 1,522 | i 431 | i 1,791 | i 525 | i 1,156 | i 4,968 | i 244 | i 1,105 | i 1,173 | ||||||||||||||||||||||||||||||||||||||||||||
Current liabilities | i 876 | i 251 | i 638 | i 94 | i 58 | i 530 | i — | i 546 | i 68 | ||||||||||||||||||||||||||||||||||||||||||||
Non-current liabilities | i 273 | i 17 | i 168 | i 15 | i 200 | i 504 | i — | i 1,512 | i 25 | ||||||||||||||||||||||||||||||||||||||||||||
Net assets | i 373 | i 163 | i 985 | i 416 | i 898 | i 3,934 | i 244 | ( i 953) | i 1,080 |
December 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Summarized statements of operations | AMSA | Sonasid | AMKR | BBA | Hera Ermac | AMMC | Arceo | AM Liberia | ArcelorMittal Texas HBI LLC | ||||||||||||||||||||||||||||||||||||||||||||
Revenue | i 2,256 | i 471 | i 1,144 | i 915 | i — | i 3,216 | i — | i 248 | i 732 | ||||||||||||||||||||||||||||||||||||||||||||
Net
(loss) income | ( i 217) | i 4 | ( i 328) | i 128 | ( i 51) | i 943 | i 5 | ( i 85) | ( i 40) | ||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income (loss) | ( i 216) | i 13 | ( i 336) | i 127 | ( i 51) | i 935 | i 5 | ( i 85) | ( i 43) |
Consolidated financial statements | ||
(millions of U.S. dollar, except share and per share data) |
December 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Summarized statements of cash flows | AMSA | Sonasid | AMKR | BBA | Hera Ermac | AMMC | Arceo | AM Liberia | ArcelorMittal Texas HBI LLC | ||||||||||||||||||||||||||||||||||||||||||||
Net cash provided by / (used in) operating activities | i 52 | i 16 | i 49 | i 209 | i 33 | i 997 | i 10 | i 90 | i 125 | ||||||||||||||||||||||||||||||||||||||||||||
Net cash provided by / (used in) investing activities | ( i 93) | ( i 20) | ( i 112) | ( i 66) | i 509 | ( i 553) | ( i 7) | ( i 314) | ( i 122) | ||||||||||||||||||||||||||||||||||||||||||||
Net cash provided by / (used in) financing activities | i 27 | ( i 13) | i 52 | ( i 148) | ( i 535) | ( i 538) | ( i 3) | i 225 | ( i 6) | ||||||||||||||||||||||||||||||||||||||||||||
Impact of currency movements on cash | ( i 9) | i 5 | ( i 1) | i 1 | i — | i — | i 2 | i — | i — | ||||||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents: | |||||||||||||||||||||||||||||||||||||||||||||||||||||
At the beginning of the year / at acquisition date | i 157 | i 89 | i 26 | i 18 | i — | i 206 | i 93 | i 4 | i 4 | ||||||||||||||||||||||||||||||||||||||||||||
At the end of the year | i 134 | i 77 | i 14 | i 14 | i 7 | i 112 | i 95 | i 5 | i 1 | ||||||||||||||||||||||||||||||||||||||||||||
Dividend to non-controlling interests | i — | ( i 4) | i — | ( i 62) | i — | ( i 79) | ( i 2) | i — | ( i 1) |
December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Summarized statements of financial position | AMSA | Sonasid | AMKR | BBA | Hera Ermac | AMMC | Arceo | AM Liberia | ArcelorMittal Texas HBI LLC | |||||||||||||||||||||||||||||||||||||||||
Current assets | i 1,124 | i 280 | i 801 | i 362 | i 704 | i 1,444 | i 191 | i 371 | i 311 | |||||||||||||||||||||||||||||||||||||||||
Non-current assets | i 608 | i 98 | i 1,186 | i 160 | i 953 | i 3,029 | i 42 | i 423 | i 963 | |||||||||||||||||||||||||||||||||||||||||
Total assets | i 1,732 | i 378 | i 1,987 | i 522 | i 1,657 | i 4,473 | i 233 | i 794 | i 1,274 | |||||||||||||||||||||||||||||||||||||||||
Current liabilities | i 762 | i 193 | i 493 | i 107 | i 64 | i 480 | i — | i 1,727 | i 113 | |||||||||||||||||||||||||||||||||||||||||
Non-current liabilities | i 327 | i 32 | i 165 | i 15 | i 102 | i 460 | i — | i 36 | i 31 | |||||||||||||||||||||||||||||||||||||||||
Net assets | i 643 | i 153 | i 1,329 | i 400 | i 1,491 | i 3,533 | i 233 | ( i 969) | i 1,130 |
December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Summarized statements of operations | AMSA | Sonasid | AMKR | BBA | Hera Ermac | AMMC | Arceo | AM Liberia | ArcelorMittal Texas HBI LLC | ||||||||||||||||||||||||||||||||||||||||||||
Revenue | i 2,516 | i 471 | i 1,435 | i 1,032 | i — | i 3,467 | i — | i 303 | i 462 | ||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | i 177 | i 9 | ( i 1,429) | i 141 | ( i 55) | i 1,171 | i 2 | i 4 | ( i 43) | ||||||||||||||||||||||||||||||||||||||||||||
Total comprehensive income (loss) | i 178 | i 15 | ( i 1,386) | i 140 | ( i 55) | i 1,273 | i 2 | i 4 | ( i 43) |
Consolidated financial statements | ||
(millions of U.S. dollar, except share and per share data) |
December 31, 2022 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Summarized statements of cash flows | AMSA | Sonasid | AMKR | BBA | Hera Ermac | AMMC | Arceo | AM Liberia | ArcelorMittal Texas HBI LLC | |||||||||||||||||||||||||||||||||||||||||
Net cash provided by / (used in) operating activities | i 22 | i 30 | i 77 | i 202 | i 17 | i 1,159 | i 6 | i 154 | i 125 | |||||||||||||||||||||||||||||||||||||||||
Net cash provided by / (used in) investing activities | ( i 69) | ( i 14) | ( i 73) | ( i 59) | ( i 11) | i 432 | i 6 | ( i 452) | ( i 133) | |||||||||||||||||||||||||||||||||||||||||
Net cash provided by / (used in) financing activities | i 5 | ( i 15) | ( i 20) | ( i 156) | ( i 6) | ( i 1,601) | ( i 3) | i 300 | i — | |||||||||||||||||||||||||||||||||||||||||
Impact of currency movements on cash | ( i 4) | ( i 11) | ( i 6) | i — | i — | i — | ( i 5) | i — | i — | |||||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents: | ||||||||||||||||||||||||||||||||||||||||||||||||||
At the beginning of the year | i 203 | i 99 | i 48 | i 31 | i — | i 216 | i 89 | i 2 | i 12 | |||||||||||||||||||||||||||||||||||||||||
At the end of the year | i 157 | i 89 | i 26 | i 18 | i — | i 206 | i 93 | i 4 | i 4 | |||||||||||||||||||||||||||||||||||||||||
Dividend to non-controlling interests | i — | ( i 10) | i — | ( i 71) | i — | ( i 237) | ( i 2) | i — | i — |
December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
Summarized statements of operations | AMSA | Sonasid | AMKR | BBA | Hera Ermac | AMMC | Arceo | AM Liberia | |||||||||||||||||||||||||||||||||||||||
Revenue | i 2,695 | i 480 | i 4,015 | i 1,021 | i — | i 3,997 | i — | i 372 | |||||||||||||||||||||||||||||||||||||||
Net income (loss) | i 489 | i 15 | i 920 | i 272 | ( i 4) | i 1,713 | i 3 | i 63 | |||||||||||||||||||||||||||||||||||||||
Total comprehensive income (loss) | i 491 | i 17 | i 918 | i 273 | ( i 4) | i 1,796 | i 3 | i 63 |
December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
Summarized statements of cash flows | AMSA | Sonasid | AMKR | BBA | Hera Ermac | AMMC | Arceo | AM Liberia | |||||||||||||||||||||||||||||||||||||||
Net cash provided by / (used in) operating activities | i 180 | i 23 | i 778 | i 90 | i 5 | i 2,310 | i 8 | i 214 | |||||||||||||||||||||||||||||||||||||||
Net cash provided by / (used in) investing activities | ( i 85) | ( i 6) | ( i 313) | ( i 5) | i 8 | ( i 844) | i 19 | ( i 78) | |||||||||||||||||||||||||||||||||||||||
Net cash provided by / (used in) financing activities | ( i 49) | ( i 4) | ( i 449) | ( i 72) | ( i 13) | ( i 1,375) | ( i 5) | ( i 135) | |||||||||||||||||||||||||||||||||||||||
Impact of currency movements on cash | ( i 16) | ( i 6) | i 1 | ( i 2) | i — | i — | ( i 6) | i — | |||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents: | |||||||||||||||||||||||||||||||||||||||||||||||
At the beginning of the year | i 173 | i 92 | i 31 | i 20 | i — | i 125 | i 73 | i 1 | |||||||||||||||||||||||||||||||||||||||
At the end of the year | i 203 | i 99 | i 48 | i 31 | i — | i 216 | i 89 | i 2 | |||||||||||||||||||||||||||||||||||||||
Dividend to non-controlling interests | i — | ( i 2) | ( i 17) | ( i 22) | i — | ( i 202) | ( i 3) | i — |
Consolidated financial statements | ||
(millions of U.S. dollar, except share and per share data) |
Year ended December 31, | December 31, | ||||||||||||||||||||||||||||||||||
Sales | Trade receivables | ||||||||||||||||||||||||||||||||||
Related parties and their subsidiaries where applicable | Category | 2023 | 2022 | 2021 | 2023 | 2022 | |||||||||||||||||||||||||||||
Calvert | Joint Venture | i 3,405 | i 3,521 | i 3,549 | i 17 | i 38 | |||||||||||||||||||||||||||||
Gonvarri
Steel Industries 1 | Associate | i 2,474 | i 2,526 | i 2,234 | i 98 | i 118 | |||||||||||||||||||||||||||||
Aperam | Other | i 445 | i 536 | i 478 | i 44 | i 69 | |||||||||||||||||||||||||||||
Borçelik | Joint Venture | i 371 | i 427 | i 484 | i 33 | i 6 | |||||||||||||||||||||||||||||
Bamesa | Associate | i 345 | i 311 | i 370 | i 33 | i 20 | |||||||||||||||||||||||||||||
Tuper | Joint Venture | i 238 | i 336 | i 326 | i 39 | i 43 | |||||||||||||||||||||||||||||
ArcelorMittal CLN Distribuzione Italia | Joint Venture | i 214 | i 333 | i 499 | i 1 | i 2 | |||||||||||||||||||||||||||||
Tameh | Joint Venture | i 214 | i 292 | i 107 | i 16 | i 29 | |||||||||||||||||||||||||||||
Coils Lamiere Nastri (C.L.N.) | Associate | i 185 | i 195 | i 150 | i 21 | i 3 | |||||||||||||||||||||||||||||
WDI
2 | Associate | i 183 | i 195 | i 195 | i 1 | i 1 | |||||||||||||||||||||||||||||
AMNS
India | Joint Venture | i 101 | i 69 | i 59 | i 1 | i 31 | |||||||||||||||||||||||||||||
ArcelorMittal RZK Çelik Servis Merkezi | Joint Venture | i 88 | i 177 | i 154 | i 2 | i 6 | |||||||||||||||||||||||||||||
Other
3 | i 562 | i 826 | i 1,914 | i 66 | i 311 | ||||||||||||||||||||||||||||||
Total | i 8,825 | i 9,744 | i 10,519 | i 372 | i 677 |
Consolidated financial statements | ||
(millions of U.S. dollar, except share and per share data) |
Year ended December 31, | December 31, | ||||||||||||||||||||||||||||||||||
Purchases | Trade payables | ||||||||||||||||||||||||||||||||||
Related parties and their subsidiaries where applicable | Category | 2023 | 2022 | 2021 | 2023 | 2022 | |||||||||||||||||||||||||||||
Tameh | Joint Venture | i 669 | i 830 | i 404 | i 111 | i 147 | |||||||||||||||||||||||||||||
Global Chartering | Joint Venture | i 296 | i 413 | i 286 | i 13 | i 13 | |||||||||||||||||||||||||||||
Integrated Metal Recycling | Joint Venture | i 125 | i 99 | i 167 | i 1 | i 3 | |||||||||||||||||||||||||||||
AMNS India | Joint Venture | i 96 | i 105 | i 166 | i 20 | i 8 | |||||||||||||||||||||||||||||
Aperam | Other | i 92 | i 126 | i 86 | i 10 | i 12 | |||||||||||||||||||||||||||||
Exeltium | Associate | i 85 | i 85 | i 71 | i 16 | i 14 | |||||||||||||||||||||||||||||
Alkat | Associate | i 75 | i 90 | i 68 | i 12 | i 9 | |||||||||||||||||||||||||||||
Baycoat | Joint Venture | i 62 | i 60 | i 53 | i 8 | i 6 | |||||||||||||||||||||||||||||
Enerfos | Joint Venture | i 60 | i 44 | i 46 | i 21 | i 9 | |||||||||||||||||||||||||||||
Sitrel | Joint Venture | i 60 | i 110 | i 88 | i 3 | i — | |||||||||||||||||||||||||||||
CFL Cargo | Associate | i 59 | i 52 | i 71 | i 4 | i 14 | |||||||||||||||||||||||||||||
Other | i 370 | i 286 | i 367 | i 141 | i 131 | ||||||||||||||||||||||||||||||
Total | i 2,049 | i 2,300 | i 1,873 | i 360 | i 366 |
This ‘20-F’ Filing | Date | Other Filings | ||
---|---|---|---|---|
12/4/34 | ||||
12/5/32 | ||||
12/28/29 | ||||
12/4/29 | ||||
12/31/28 | ||||
12/31/27 | ||||
12/5/27 | ||||
1/1/27 | ||||
12/31/26 | ||||
12/8/26 | ||||
9/7/26 | ||||
6/1/26 | ||||
5/30/26 | ||||
4/30/26 | ||||
1/30/26 | ||||
1/1/26 | ||||
12/31/25 | ||||
12/19/25 | ||||
12/13/25 | ||||
10/31/25 | ||||
9/30/25 | ||||
1/1/25 | ||||
12/31/24 | ||||
12/19/24 | ||||
12/16/24 | ||||
12/4/24 | ||||
11/7/24 | ||||
9/30/24 | ||||
9/3/24 | ||||
8/1/24 | ||||
7/31/24 | ||||
6/30/24 | ||||
5/31/24 | ||||
5/2/24 | ||||
4/30/24 | ||||
4/1/24 | ||||
2/29/24 | ||||
Filed on: | 2/28/24 | |||
2/20/24 | ||||
2/19/24 | ||||
2/18/24 | ||||
2/16/24 | ||||
2/9/24 | ||||
2/8/24 | 6-K | |||
2/7/24 | ||||
2/1/24 | SC 13G | |||
1/31/24 | ||||
1/24/24 | ||||
1/18/24 | ||||
1/17/24 | ||||
1/16/24 | ||||
1/15/24 | ||||
1/3/24 | ||||
1/2/24 | ||||
1/1/24 | ||||
For Period end: | 12/31/23 | |||
12/22/23 | 6-K | |||
12/21/23 | 6-K | |||
12/20/23 | ||||
12/19/23 | 6-K | |||
12/18/23 | ||||
12/14/23 | ||||
12/10/23 | ||||
12/8/23 | 6-K | |||
12/7/23 | ||||
11/29/23 | ||||
11/28/23 | ||||
11/23/23 | ||||
11/17/23 | ||||
11/15/23 | 6-K | |||
11/9/23 | 6-K | |||
10/31/23 | ||||
10/30/23 | 6-K | |||
10/28/23 | ||||
10/24/23 | ||||
10/16/23 | ||||
10/4/23 | 6-K | |||
10/1/23 | ||||
9/30/23 | ||||
9/19/23 | ||||
9/18/23 | ||||
9/15/23 | ||||
8/30/23 | ||||
8/25/23 | ||||
8/23/23 | ||||
8/16/23 | ||||
8/15/23 | ||||
8/7/23 | ||||
8/1/23 | ||||
7/31/23 | 6-K | |||
7/20/23 | ||||
7/11/23 | ||||
7/6/23 | 6-K | |||
7/4/23 | ||||
6/30/23 | 6-K | |||
6/22/23 | ||||
6/21/23 | ||||
6/19/23 | ||||
6/16/23 | ||||
6/15/23 | ||||
6/14/23 | 6-K | |||
6/6/23 | ||||
6/5/23 | ||||
5/25/23 | ||||
5/23/23 | 6-K | |||
5/19/23 | ||||
5/18/23 | 25-NSE | |||
5/17/23 | ||||
5/11/23 | ||||
5/7/23 | ||||
5/6/23 | ||||
5/5/23 | 6-K | |||
5/2/23 | 6-K | |||
4/28/23 | 6-K | |||
4/25/23 | 6-K | |||
4/21/23 | ||||
4/18/23 | ||||
4/14/23 | ||||
4/13/23 | ||||
4/3/23 | 6-K | |||
3/31/23 | 6-K | |||
3/30/23 | ||||
3/28/23 | ||||
3/27/23 | ||||
3/16/23 | ||||
3/14/23 | ||||
3/10/23 | 6-K | |||
3/9/23 | 6-K | |||
3/8/23 | 20-F, 6-K | |||
3/7/23 | ||||
2/24/23 | ||||
2/21/23 | ||||
2/17/23 | ||||
2/15/23 | ||||
2/14/23 | ||||
1/31/23 | ||||
1/27/23 | 6-K | |||
1/26/23 | ||||
1/17/23 | ||||
1/8/23 | ||||
1/3/23 | ||||
1/1/23 | ||||
12/31/22 | 20-F, SD | |||
12/27/22 | ||||
12/20/22 | ||||
12/15/22 | ||||
12/13/22 | ||||
12/8/22 | 6-K | |||
12/5/22 | ||||
11/29/22 | 6-K | |||
11/16/22 | 6-K | |||
11/15/22 | ||||
11/10/22 | 6-K | |||
10/31/22 | 6-K | |||
10/19/22 | ||||
10/14/22 | 6-K | |||
10/13/22 | ||||
10/1/22 | ||||
9/30/22 | ||||
9/28/22 | ||||
9/22/22 | ||||
9/20/22 | ||||
9/1/22 | ||||
8/26/22 | ||||
8/25/22 | ||||
8/22/22 | ||||
8/10/22 | ||||
8/9/22 | SC 13G/A | |||
7/31/22 | ||||
7/29/22 | 6-K | |||
7/27/22 | ||||
7/26/22 | ||||
7/15/22 | ||||
7/7/22 | ||||
7/1/22 | 6-K | |||
6/30/22 | 6-K | |||
6/24/22 | ||||
6/22/22 | ||||
6/10/22 | ||||
6/9/22 | ||||
6/8/22 | ||||
6/1/22 | ||||
5/31/22 | ||||
5/24/22 | 6-K | |||
5/18/22 | 6-K | |||
5/13/22 | ||||
5/9/22 | ||||
5/6/22 | ||||
5/5/22 | 6-K | |||
5/4/22 | ||||
5/2/22 | 6-K | |||
4/25/22 | 6-K | |||
4/11/22 | ||||
4/1/22 | ||||
3/30/22 | ||||
3/18/22 | 6-K | |||
3/16/22 | ||||
3/15/22 | ||||
3/11/22 | 20-F | |||
3/7/22 | ||||
3/3/22 | 6-K, SC 13D/A | |||
2/28/22 | 6-K | |||
2/25/22 | 6-K | |||
2/24/22 | ||||
2/11/22 | ||||
2/8/22 | ||||
2/4/22 | 6-K, SC 13G | |||
2/1/22 | ||||
1/27/22 | ||||
1/26/22 | 6-K | |||
1/21/22 | ||||
1/19/22 | ||||
1/18/22 | 6-K | |||
1/14/22 | ||||
1/1/22 | ||||
12/31/21 | 20-F, SD | |||
12/29/21 | 6-K | |||
12/28/21 | 6-K | |||
12/23/21 | 6-K | |||
12/16/21 | ||||
12/9/21 | 6-K | |||
12/8/21 | ||||
11/29/21 | ||||
11/19/21 | SC 13D/A | |||
11/17/21 | 6-K | |||
11/16/21 | 6-K | |||
11/10/21 | ||||
10/31/21 | ||||
10/29/21 | 6-K | |||
10/21/21 | ||||
10/1/21 | ||||
9/30/21 | 6-K | |||
9/22/21 | 6-K | |||
9/6/21 | ||||
8/23/21 | ||||
8/9/21 | ||||
8/4/21 | 6-K | |||
7/31/21 | ||||
7/29/21 | 6-K | |||
7/28/21 | ||||
7/27/21 | ||||
7/14/21 | ||||
7/5/21 | ||||
6/30/21 | 6-K | |||
6/25/21 | 6-K | |||
6/22/21 | SC 13D/A | |||
6/18/21 | 6-K | |||
6/17/21 | 6-K | |||
6/15/21 | 6-K | |||
6/10/21 | 6-K | |||
6/8/21 | 6-K | |||
6/7/21 | ||||
6/3/21 | ||||
6/2/21 | ||||
5/7/21 | 6-K | |||
4/30/21 | 6-K | |||
4/28/21 | ||||
4/27/21 | 6-K | |||
4/14/21 | 6-K | |||
4/1/21 | 6-K | |||
3/31/21 | ||||
3/29/21 | ||||
3/10/21 | SC 13G/A | |||
3/8/21 | 20-F, 6-K | |||
3/4/21 | 6-K | |||
3/3/21 | 6-K | |||
2/28/21 | ||||
2/12/21 | ||||
2/11/21 | 4, 6-K | |||
2/9/21 | 6-K | |||
2/5/21 | SC 13G | |||
1/29/21 | ||||
1/21/21 | ||||
1/4/21 | ||||
1/1/21 | ||||
12/31/20 | 20-F, 6-K, SD | |||
12/22/20 | 6-K | |||
12/14/20 | 6-K | |||
12/12/20 | ||||
12/10/20 | ||||
12/9/20 | 3, 6-K | |||
11/30/20 | 6-K | |||
11/26/20 | ||||
11/25/20 | 6-K | |||
11/4/20 | ||||
8/5/20 | ||||
8/1/20 | ||||
6/25/20 | 6-K | |||
6/17/20 | ||||
6/13/20 | ||||
5/25/20 | 6-K | |||
5/18/20 | 6-K, 8-A12B | |||
5/14/20 | 6-K | |||
3/16/20 | ||||
3/6/20 | ||||
3/4/20 | 6-K | |||
3/3/20 | 20-F | |||
1/23/20 | ||||
12/31/19 | 20-F, SD | |||
12/18/19 | ||||
12/16/19 | 6-K | |||
12/12/19 | ||||
11/27/19 | 6-K | |||
11/8/19 | ||||
10/1/19 | ||||
8/8/19 | ||||
8/1/19 | 6-K | |||
7/31/19 | ||||
7/26/19 | ||||
5/17/19 | ||||
5/7/19 | 6-K | |||
5/5/19 | ||||
3/29/19 | ||||
2/25/19 | 20-F, 6-K, IRANNOTICE | |||
2/2/19 | ||||
1/26/19 | ||||
1/1/19 | ||||
12/21/18 | 6-K | |||
12/19/18 | ||||
10/25/18 | ||||
10/17/18 | 6-K | |||
9/21/18 | ||||
9/7/18 | 6-K | |||
8/20/18 | ||||
8/7/18 | 6-K | |||
7/19/18 | ||||
7/1/18 | ||||
5/9/18 | 6-K | |||
5/2/18 | ||||
5/1/18 | ||||
4/1/18 | ||||
3/23/18 | ||||
1/5/18 | ||||
12/21/17 | ||||
11/7/17 | ||||
5/25/17 | ||||
5/10/17 | 6-K | |||
1/1/17 | ||||
12/23/16 | ||||
12/21/16 | ||||
12/16/16 | ||||
5/17/16 | ||||
3/8/16 | ||||
1/1/16 | ||||
4/30/15 | 6-K | |||
4/27/15 | ||||
1/1/15 | ||||
12/3/14 | ||||
9/30/14 | ||||
4/16/14 | ||||
1/1/14 | ||||
7/4/13 | ||||
4/6/13 | ||||
1/31/13 | ||||
1/24/13 | 6-K | |||
1/23/13 | ||||
10/30/12 | ||||
10/26/12 | ||||
8/1/12 | ||||
5/15/12 | ||||
4/5/12 | 6-K | |||
2/22/12 | 20-F | |||
9/27/11 | 6-K | |||
8/1/11 | 6-K | |||
5/24/11 | 6-K | |||
5/10/11 | 6-K | |||
4/20/11 | ||||
1/25/11 | 6-K | |||
12/31/10 | 20-F | |||
9/30/10 | ||||
12/31/09 | 20-F | |||
12/28/09 | ||||
8/1/09 | ||||
4/23/09 | ||||
5/13/08 | 6-K | |||
1/11/08 | 6-K | |||
11/5/07 | ||||
7/11/07 | ||||
12/28/06 | ||||
6/29/06 | ||||
6/25/06 | ||||
5/19/06 | ||||
1/1/05 | ||||
12/31/04 | ARS | |||
4/21/04 | ||||
10/13/03 | ||||
12/21/01 | ||||
6/8/01 | ||||
8/13/97 | ||||
4/3/96 | ||||
List all Filings |
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 4/08/24 ArcelorMittal F-3ASR 4/08/24 18:1.6M Toppan Merrill/FA |
As Of Filer Filing For·On·As Docs:Size Issuer Filing Agent 3/08/23 ArcelorMittal 20-F 12/31/22 201:89M 3/11/22 ArcelorMittal 20-F 12/31/21 204:102M 3/08/21 ArcelorMittal 20-F 12/31/20 196:71M 3/03/20 ArcelorMittal 20-F 12/31/19 194:61M 2/25/19 ArcelorMittal 20-F 12/31/18 187:61M 2/22/12 ArcelorMittal 20-F 12/31/11 8:8.1M 6/29/06 Mittal Steel Co. N.V. 6-K 6/29/06 2:155K Cleary Gottlieb Ste… LLP 3/31/05 Mittal Steel Co. N.V. 20-F 12/31/04 10:829K Donnelley … Solutions/FA |