Document and Entity Information
Document and Entity Information Document | 12 Months Ended |
Dec. 31, 2017shares | |
Document and Entity Information [Abstract] | |
Entity Registrant Name | ARCELORMITTAL |
Entity Central Index Key | 1,243,429 |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Large Accelerated Filer |
Document Type | 20-F |
Document Period End Date | Dec. 31, 2017 |
Document Fiscal Year Focus | 2,017 |
Document Fiscal Period Focus | FY |
Amendment Flag | false |
Entity Common Stock, Shares Outstanding | 1,019,916,787 |
Entity Well-known Seasoned Issuer | Yes |
Entity Current Reporting Status | Yes |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Profit or loss [abstract] | ||||
Sales | $ 68,679 | $ 56,791 | $ 63,578 | |
Cost of sales | 60,876 | 50,428 | 65,196 | |
Gross margin | 7,803 | 6,363 | (1,618) | |
Selling, general and administrative expenses | 2,369 | 2,202 | 2,543 | |
Operating income (loss) | 5,434 | 4,161 | (4,161) | |
Income (loss) from investments in associates, joint ventures and other investments | 448 | 615 | (502) | |
Financing costs - net | (875) | (2,056) | (2,858) | |
Income (loss) before taxes | 5,007 | 2,720 | (7,521) | |
Income tax expense | 432 | 986 | 902 | |
Net income (loss) (including non-controlling interests) | 4,575 | 1,734 | (8,423) | |
Net income (loss) attributable to equity holders of the parent | 4,568 | 1,779 | (7,946) | |
Net income (loss) attributable to non-controlling interests | $ 7 | $ (45) | $ (477) | |
Earnings (loss) per common share (in U.S. dollars) | ||||
Basic earnings (loss) per share (USD per share) | [1] | $ 4.48 | $ 1.87 | $ (10.29) |
Diluted earnings (loss) per share (USD per share) | [1] | $ 4.46 | $ 1.86 | $ (10.29) |
Weighted average common shares outstanding (in millions) | ||||
Basic (in shares) | 1,020 | 953 | 772 | |
Diluted (in shares) | 1,024 | 955 | 772 | |
[1] | Following the completion of the Company’s share consolidation of each three existing shares into one share without nominal value on May 22, 2017, the earnings (loss) per common share and corresponding basic and diluted weighted average common shares outstanding for prior periods has been recast in accordance with IFRS. Please refer to note 10 for more information. |
Consolidated Statements of Ope3
Consolidated Statements of Operations (Parenthetical) $ in Millions | 12 Months Ended | |||
Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | May 22, 2017 | |
Profit or loss [abstract] | ||||
Sales to related parties | $ 7,503 | $ 5,634 | $ 6,124 | |
Purchases from related parties | $ 1,033 | $ 1,390 | $ 1,460 | |
Reverse stock split ratio | 3 |
Consolidated Statements of Othe
Consolidated Statements of Other Comprehensive Income Consolidated Statements of Other Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement of comprehensive income [abstract] | |||
Net income (loss) (including non-controlling interests) | $ 4,575 | $ 1,734 | $ (8,423) |
Available-for-sale investments: | |||
Gain (loss) arising during the period | 497 | 333 | (439) |
Reclassification adjustments for (gain) loss included in the consolidated statements of operations | 0 | (74) | 70 |
Available-for-sale investments | 497 | 259 | (369) |
Derivative financial instruments: | |||
Gain (loss) arising during the period | (340) | 40 | 107 |
Reclassification adjustments for (gain) loss included in the consolidated statements of operations | 28 | (14) | (93) |
Derivative financial instruments | (312) | 26 | 14 |
Exchange differences arising on translation of foreign operations: | |||
Gain (loss) arising during the period | 2,025 | (398) | (7,876) |
Reclassification adjustments for (gain) loss included in the consolidated statements of operations | (21) | (13) | (11) |
Exchange differences arising on translation of foreign operations | 2,004 | (411) | (7,887) |
Share of other comprehensive income (loss) related to associates and joint ventures | |||
Gain (loss) arising during the period | 341 | (79) | (666) |
Reclassification adjustments for (gain) loss included in the consolidated statements of operations | 217 | 86 | 4 |
Share of other comprehensive income (loss) related to associates and joint ventures | 558 | 7 | (662) |
Income tax benefit (expense) related to components of other comprehensive income (loss) that can be recycled to the consolidated statements of operations | 167 | (26) | 79 |
Items that cannot be recycled to the consolidated statements of operations | |||
Employee benefits - Recognized actuarial gains (losses) | 1,098 | 9 | 24 |
Share of other comprehensive income (loss) related to associates and joint ventures | 29 | (24) | (36) |
Income tax benefit (expense) related to components of other comprehensive income that cannot be recycled to the consolidated statements of operations | 42 | 1 | (47) |
Total other comprehensive income (loss) | 4,083 | (159) | (8,884) |
Equity holders of the parent | 4,037 | (186) | (8,554) |
Non-controlling interests | 46 | 27 | (330) |
Total comprehensive income (loss) | 8,658 | 1,575 | (17,307) |
Total comprehensive income (loss) attributable to: | |||
Equity holders of the parent | 8,605 | 1,593 | (16,500) |
Non-controlling interests | $ 53 | $ (18) | $ (807) |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 2,574 | $ 2,501 |
Restricted cash | 212 | 114 |
Trade accounts receivable and other (including 406 and 322 from related parties at December 31, 2017 and 2016, respectively) | 3,863 | 2,974 |
Inventories | 17,986 | 14,734 |
Prepaid expenses and other current assets | 1,931 | 1,665 |
Assets held for sale | 179 | 259 |
Total current assets | 26,745 | 22,247 |
Non-current assets: | ||
Goodwill and intangible assets | 5,737 | 5,651 |
Property, plant and equipment and biological assets | 36,971 | 34,831 |
Investments in associates and joint ventures | 5,084 | 4,297 |
Other investments | 1,471 | 926 |
Deferred tax assets | 7,055 | 5,837 |
Other assets | 2,234 | 1,353 |
Total non-current assets | 58,552 | 52,895 |
Total assets | 85,297 | 75,142 |
Current liabilities: | ||
Short-term debt and current portion of long-term debt | 2,785 | 1,885 |
Trade accounts payable and other (including 260 and 179 to related parties at December 31, 2017 and 2016, respectively) | 13,428 | 11,633 |
Short-term provisions | 410 | 426 |
Accrued expenses and other liabilities | 4,505 | 3,943 |
Income tax liabilities | 232 | 133 |
Liabilities held for sale | 50 | 95 |
Total current liabilities | 21,410 | 18,115 |
Non-current liabilities: | ||
Long-term debt, net of current portion | 10,143 | 11,789 |
Deferred tax liabilities | 2,684 | 2,529 |
Deferred employee benefits | 7,630 | 8,297 |
Long-term provisions | 1,612 | 1,521 |
Other long-term obligations | 963 | 566 |
Total non-current liabilities | 23,032 | 24,702 |
Total liabilities | 44,442 | 42,817 |
Equity: | ||
Common shares (no par value, 1,151,576,921 and 1,124,093,985 shares authorized, 1,021,903,623 and 1,021,903,623 shares issued, and 1,019,916,787 and 1,019,496,143 shares outstanding at December 31, 2017 and 2016, respectively) | 401 | 401 |
Treasury shares (1,986,836 and 2,407,480 common shares at December 31, 2017 and 2016, respectively, at cost) | (362) | (371) |
Additional paid-in capital | 34,848 | 34,826 |
Retained earnings | 20,635 | 16,049 |
Reserves | (16,733) | (20,770) |
Equity attributable to the equity holders of the parent | 38,789 | 30,135 |
Non-controlling interests | 2,066 | 2,190 |
Total equity | 40,855 | 32,325 |
Total liabilities and equity | $ 85,297 | $ 75,142 |
Consolidated Statements of Fin6
Consolidated Statements of Financial Position (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Statement of financial position [abstract] | ||
Receivables due from related parties | $ 406 | $ 322 |
Trade accounts payable and other to related parties | $ 260 | $ 179 |
Shares authorized (in shares) | 1,151,576,921 | 1,124,093,985 |
Shares issued (in shares) | 1,021,903,623 | 1,021,903,623 |
Shares outstanding (in shares) | 1,019,916,787 | 1,019,496,143 |
Treasury shares (in shares) | 1,986,836 | 2,407,480 |
Consolidated Statements of Chan
Consolidated Statements of Changes In Equity Statement € in Millions, $ in Millions | USD ($)shares | Share capitalUSD ($)shares | Share capitalEUR (€)shares | Treasury SharesUSD ($) | Mandatorily convertible notesUSD ($) | Additional Paid-in CapitalUSD ($) | Retained EarningsUSD ($) | Foreign Currency Translation AdjustmentsUSD ($) | Unrealized Gains (Losses) on Derivative Financial InstrumentsUSD ($) | Unrealized Gains (Losses) on Available-for-Sale SecuritiesUSD ($) | Recognized actuarial (losses) gainsUSD ($) | Equity attributable to the equity holders of the parentUSD ($) | Non-controlling interestsUSD ($) | |||
Number of shares outstanding, beginning of period at Dec. 31, 2014 | shares | [1] | 552,000,000 | 552,000,000 | |||||||||||||
Beginning balance at Dec. 31, 2014 | $ 45,160 | $ 10,011 | $ (399) | $ 1,838 | $ 20,258 | $ 22,182 | $ (7,627) | $ 89 | $ 405 | $ (4,671) | $ 42,086 | $ 3,074 | ||||
Changes in equity [abstract] | ||||||||||||||||
Net income (loss) (including non-controlling interests) | (8,423) | (7,946) | (7,946) | (477) | ||||||||||||
Other comprehensive income (loss) | (8,884) | (8,166) | 25 | (354) | (59) | (8,554) | (330) | |||||||||
Total comprehensive income (loss) | (17,307) | (7,946) | (8,166) | 25 | (354) | (59) | (16,500) | (807) | ||||||||
Other changes in non-controlling interests (note 10.5) | 148 | 148 | ||||||||||||||
Recognition of share based payments (note 7.3) | 20 | 4 | 16 | 20 | ||||||||||||
Conversion of mandatorily convertible notes (in shares) | shares | [1] | 1,000,000 | 1,000,000 | |||||||||||||
Conversion of the mandatorily convertible notes (note 10.2) | 18 | (38) | 20 | |||||||||||||
Mandatory convertible bonds extension (note 10.2) | (20) | (20) | ||||||||||||||
Dividend (note 10.4) | (417) | (331) | (331) | (86) | ||||||||||||
Other movements | $ (14) | (3) | (3) | (11) | ||||||||||||
Number of shares outstanding, end of period at Dec. 31, 2015 | shares | 552,270,378 | 553,000,000 | [1] | 553,000,000 | [1] | |||||||||||
Ending balance at Dec. 31, 2015 | $ 27,570 | $ 10,011 | (377) | 1,800 | 20,294 | 13,902 | (15,793) | 114 | 51 | (4,730) | 25,272 | 2,298 | ||||
Changes in equity [abstract] | ||||||||||||||||
Net income (loss) (including non-controlling interests) | 1,734 | 1,779 | 1,779 | (45) | ||||||||||||
Other comprehensive income (loss) | (159) | (471) | 28 | 271 | (14) | (186) | 27 | |||||||||
Total comprehensive income (loss) | 1,575 | 1,779 | (471) | 28 | 271 | (14) | 1,593 | (18) | ||||||||
Equity offering (in shares) | shares | [1] | 421,000,000 | 421,000,000 | |||||||||||||
Equity offering (note 10.1) | 3,115 | $ 144 | 2,971 | 3,115 | ||||||||||||
Recognition of share based payments (note 7.3) | 13 | 6 | 7 | 13 | ||||||||||||
Conversion of mandatorily convertible notes (in shares) | shares | [1] | 46,000,000 | 46,000,000 | |||||||||||||
Conversion of the mandatorily convertible notes (note 10.2) | $ 622 | (1,800) | 1,178 | |||||||||||||
Dividend (note 10.4) | (63) | 0 | 0 | (63) | ||||||||||||
Equity offering in ArcelorMittal South Africa (AMSA) (note 10.5.2) | 56 | 437 | (301) | 136 | (80) | |||||||||||
Reduction of the share capital par value (note 10.1) | $ (10,376) | 10,376 | ||||||||||||||
Equity share option plan in AMSA (note 10.5.2) | (36) | 21 | (15) | 15 | ||||||||||||
AMSA B-BBEE transaction (note 10.5.2) | 63 | 44 | 44 | 19 | ||||||||||||
Other movements | $ (4) | (77) | 54 | (23) | 19 | |||||||||||
Number of shares outstanding, end of period at Dec. 31, 2016 | shares | 1,019,496,143 | 1,020,000,000 | [1] | 1,020,000,000 | [1] | |||||||||||
Ending balance at Dec. 31, 2016 | $ 32,325 | $ 401 | (371) | 0 | 34,826 | 16,049 | (16,544) | 142 | 322 | (4,690) | 30,135 | 2,190 | ||||
Beginning balance at Jan. 14, 2016 | $ 10,011 | € 6,883 | ||||||||||||||
Changes in equity [abstract] | ||||||||||||||||
Conversion of mandatorily convertible notes (in shares) | shares | 137,967,116 | 137,967,116 | 137,967,116 | |||||||||||||
Conversion of the mandatorily convertible notes (note 10.2) | $ 622 | € 570 | ||||||||||||||
Ending balance at Jan. 15, 2016 | 10,633 | 7,453 | ||||||||||||||
Beginning balance at Mar. 09, 2016 | 10,633 | 7,453 | ||||||||||||||
Changes in equity [abstract] | ||||||||||||||||
Reduction of the share capital par value (note 10.1) | (10,376) | (7,273) | ||||||||||||||
Ending balance at Mar. 10, 2016 | 257 | € 180 | ||||||||||||||
Beginning balance at Dec. 31, 2016 | $ 32,325 | $ 401 | (371) | 0 | 34,826 | 16,049 | (16,544) | 142 | 322 | (4,690) | 30,135 | 2,190 | ||||
Changes in equity [abstract] | ||||||||||||||||
Net income (loss) (including non-controlling interests) | 4,575 | 4,568 | 4,568 | 7 | ||||||||||||
Other comprehensive income (loss) | 4,083 | 2,602 | (235) | 501 | 1,169 | 4,037 | 46 | |||||||||
Total comprehensive income (loss) | 8,658 | 4,568 | 2,602 | (235) | 501 | 1,169 | 8,605 | 53 | ||||||||
Recognition of share based payments (note 7.3) | 31 | 9 | 22 | 31 | ||||||||||||
Mandatory convertible bonds extension (note 10.2) | (83) | (83) | ||||||||||||||
Dividend (note 10.4) | (145) | (145) | ||||||||||||||
Acquisition of Sumaré (note 2.2.4) | 48 | 48 | ||||||||||||||
Other movements | $ 21 | 18 | 18 | 3 | ||||||||||||
Number of shares outstanding, end of period at Dec. 31, 2017 | shares | 1,019,916,787 | 1,020,000,000 | [1] | 1,020,000,000 | [1] | |||||||||||
Ending balance at Dec. 31, 2017 | $ 40,855 | $ 401 | $ (362) | $ 0 | $ 34,848 | $ 20,635 | $ (13,942) | $ (93) | $ 823 | $ (3,521) | $ 38,789 | $ 2,066 | ||||
[1] | Amounts are in millions of shares (treasury shares are excluded). On May 22, 2017, ArcelorMittal completed the consolidation of each three existing shares in ArcelorMittal without nominal value into one share without nominal value. As a result of this reverse stock split, the number of outstanding shares decreased from 3,058 to 1,020 and all prior periods have been recast in accordance with IFRS. Please refer to note 10 for further information. |
Consolidated Statements of Cha8
Consolidated Statements of Changes In Equity Parenthetical (Details) | Dec. 31, 2017shares | May 22, 2017shares | May 21, 2017shares | Dec. 31, 2016shares | Dec. 31, 2015shares |
Statement of changes in equity [abstract] | |||||
Reverse stock split ratio | 3 | ||||
Shares outstanding (in shares) | 1,019,916,787 | 1,020,000,000 | 3,058,000,000 | 1,019,496,143 | 552,270,378 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Operating activities: | |||
Net income (loss) (including non-controlling interests) | $ 4,575 | $ 1,734 | $ (8,423) |
Adjustments to reconcile net income (loss) to net cash provided by operations: | |||
Depreciation and amortization | 2,768 | 2,721 | 3,192 |
Impairment | 206 | 205 | 4,764 |
Interest expense | 879 | 1,172 | 1,383 |
Interest income | (56) | (58) | (105) |
Income tax expense (benefit) | 432 | 986 | 902 |
Remeasurement gain relating to US deferred employee benefits | 0 | (832) | 0 |
Net gain on disposal of subsidiaries | (18) | (23) | (72) |
(Income) loss from investments in associates, joint ventures and other investments | (448) | (615) | 502 |
Provision on pensions and OPEB | 555 | 439 | 558 |
Change in fair value adjustment on call option on mandatory convertible bonds and pellet purchase agreement | (578) | (138) | 108 |
Unrealized foreign exchange effects | (541) | 486 | 425 |
Write-downs (reversal) of inventories to net realizable value, provisions and other non-cash operating expenses net | 781 | (201) | 1,420 |
Changes in assets and liabilities that provided (required) cash, net of acquisitions: | |||
Trade accounts receivable | (620) | (373) | 335 |
Inventories | (2,347) | (2,055) | 288 |
Trade accounts payable and other | 1,094 | 1,405 | (1,012) |
Interest paid | (947) | (1,354) | (1,561) |
Interest received | 57 | 60 | 89 |
Income taxes paid | (506) | (296) | (398) |
Dividends received from associates, joint ventures and other investments | 232 | 176 | 227 |
Cash contributions to plan assets and benefits paid for pensions and OPEB | (496) | (395) | (556) |
VAT and other amounts received (paid) from/to public authorities | (177) | 46 | 166 |
Other working capital and provisions movements | (282) | (382) | (81) |
Net cash provided by operating activities | 4,563 | 2,708 | 2,151 |
Investing activities: | |||
Purchase of property, plant and equipment and intangibles | (2,819) | (2,444) | (2,707) |
Disposals of net assets of subsidiaries, net of cash disposed of 13, nil and 10 in 2017, 2016 and 2015, respectively | 6 | 185 | 0 |
Acquisitions of net assets of subsidiaries, net of cash acquired of 617, 63 and nil in 2017, 2016 and 2015, respectively | 16 | 7 | 0 |
Disposals of associates and joint ventures | 0 | 1,017 | 23 |
Disposals of financial assets | 44 | 165 | 172 |
Other investing activities net | (77) | (73) | 342 |
Net cash used in investing activities | (2,830) | (1,143) | (2,170) |
Financing activities: | |||
Disposal of non-controlling interests | 0 | 56 | 0 |
Proceeds from short-term debt | 1,859 | 1,516 | 543 |
Proceeds from long-term debt | 1,407 | 110 | 3,256 |
Payments of short-term debt | (2,102) | (2,721) | (2,490) |
Payments of long-term debt | (2,691) | (4,912) | (501) |
Equity offering | 0 | 3,115 | 0 |
Dividends paid (includes 141, 61 and 85 of dividends paid to non-controlling shareholders in 2017, 2016 and 2015, respectively) | (141) | (61) | (416) |
Other financing activities net | (63) | (29) | 3 |
Net cash (used in) provided by financing activities | (1,731) | (2,926) | 395 |
Net increase (decrease) in cash and cash equivalents | 2 | (1,361) | 376 |
Effect of exchange rate changes on cash | 58 | (127) | (267) |
Cash and cash equivalents: | |||
At the beginning of the year | 2,501 | 4,002 | 3,893 |
Reclassification of the period-end cash and cash equivalents from (to) held for sale | 13 | (13) | 0 |
At the end of the year | $ 2,574 | $ 2,501 | $ 4,002 |
Consolidated Statements of Ca10
Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement of cash flows [abstract] | |||
Cash disposed | $ 13 | $ 0 | $ 10 |
Cash acquired from acquisition | 617 | 63 | 0 |
Dividends paid to non-controlling shareholders | $ 141 | $ 61 | $ 85 |
ACCOUNTING PRINCIPLES
ACCOUNTING PRINCIPLES | 12 Months Ended |
Dec. 31, 2017 | |
General Information About Financial Statements [Abstract] | |
ACCOUNTING PRINCIPLES | NOTE 1: ACCOUNTING PRINCIPLES ArcelorMittal (“ArcelorMittal” or the “Company”), together with its subsidiaries, owns and operates steel manufacturing and mining facilities in Europe, North and South America, Asia and Africa. Collectively, these subsidiaries and facilities are referred to in the consolidated financial statements as the “operating subsidiaries”. These consolidated financial statements were authorized for issuance on February 15 , 2018 by the Company’s Board of Directors. 1.1 Basis of presentation The consolidated financial statements have been prepared on a historical cost basis, except for available-for-sale financial assets, derivative financial instruments, biological assets and certain assets and liabilities held for sale, which are measured at fair value less cost to sell, inventories, which are measured at the lower of net realizable value or cost, and the financial statements of the Company’s Venezuelan tubular production facilities Industrias Unicon CA (“Unicon”), for which hyperinflationary accounting is applied (see note 2.2.2). The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) and are presented in U.S. dollars with all amounts rounded to the nearest million, except for share and per share data. 1.2 Use of judgment and estimates The preparation of consolidated financial statements in conformity with IFRS recognition and measurement principles and, in particular, making the critical accounting judgments requires the use of estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Management reviews its estimates on an ongoing basis using currently available information. Changes in facts and circumstances or obtaining new information or more experience may result in revised estimates, and actual results could differ from those estimates. The following summary provides further information about the Company’s critical accounting policies under which significant judgments, estimates and assumptions are made. It should be read in conjunction with the notes mentioned in the summary: • Deferred tax assets (note 9): The Company assesses the recoverability of deferred tax assets based on future taxable income projections, which are inherently uncertain and may be subject to changes over time. Judgment is required to assess the impact of such changes on the measurement of these assets and the time frame for their utilization. In addition, the Company applies judgment to recognize income tax liabilities when they are probable and can be reasonably estimated depending on the interpretation, which may be uncertain, of applicable tax laws and regulations. ArcelorMittal periodically reviews its estimates to reflect changes in facts and circumstances. • Provisions for pensions and other post-employment benefits (note 7.2): Benefit obligations and plan assets can be subject to significant volatility, in particular due to changes in market conditions and actuarial assumptions. Such assumptions differ by plan, take local conditions into account and include discount rates, expected rates of compensation increases, health care cost trend rates, mortality and retirement rates. They are determined following a formal process involving the Company's expertise and independent actuaries. Assumptions are reviewed annually and adjusted following actuarial and experience changes. • Provisions (note 8): Provisions, which result from legal or constructive obligations arising as a result of past events, are recognized based on the Company's, and in certain instances, third-party's best estimate of costs when the obligation arises. They are reviewed periodically to take into consideration changes in laws and regulations and underlying facts and circumstances. • Impairment of tangible and intangible assets, including goodwill (note 5.3): In the framework of the determination of the recoverable amount of assets, the estimates, judgments and assumptions applied for the value in use calculations relate primarily to growth rates, expected changes to average selling prices, shipments and direct costs. Assumptions for average selling prices and shipments are based on historical experience and expectations of future changes in the market. Discount rates are reviewed annually. • Derivative financial instruments (note 6.1.5): Certain of the Company's derivative financial instruments are classified as Level 3 as they include unobservable inputs. In particular, the Company uses estimates to compute unobservable volatility based on movements of stock market prices for the fair valuation of the call option on the 1,000 mandatory convertible bonds. • Mining reserve estimates (note 5.2): Proven iron ore and coal reserves are those quantities whose recoverability can be determined with reasonable certainty from a given date forward and under existing government regulations, economic and operating conditions; probable reserves have a lower degree of assurance but high enough to assume continuity between points of observation. Their estimates and the estimates of mine lives have been prepared by ArcelorMittal experienced engineers and geologists and detailed independent verifications of the methods and procedures are conducted on a regular basis by external consultants. Reserves are updated annually and calculated using a 3-year average reference price duly adjusted for quality, ore content, logistics and other considerations. In order to estimate reserves, estimates are required for a range of geological, technical and economic factors, including quantities, grades, production techniques, recovery rates, production costs, transport costs, commodity demand, commodity prices and exchange rates. Estimating the quantity and/or grade of reserves requires the size, shape and depth of ore bodies to be determined by analyzing geological data such as drilling samples. This process may require complex and difficult geological judgments to interpret the data. Because the economic assumptions used to estimate reserves change from period to period, and because additional geological data is generated during the course of operations, estimates of reserves may change from period to period. 1.3 Accounting standards applied 1.3.1 Adoption of new IFRS standards, amendments and interpretations applicable from January 1, 2017 On January 1, 2017, the Company adopted the following amendments which have an impact on the disclosure in the consolidated financial statements of the Company: • Amendments to IAS 7 “Statement of Cash Flows” issued on January 29, 2016, which clarify that entities shall provide disclosures that enable users of financial statements to evaluate changes in liabilities arising from financing activities, including non-cash changes and changes arising from cash flows. The additional disclosures are reflected in note 6.1.3. On January 1, 2017, the Company adopted the following amendments which did not have any material impact on the consolidated financial statements of the Company: • Amendments to IAS 12 “Income Taxes” issued on January 19, 2016, which clarify how to account for deferred tax assets related to debt instruments measured at fair value and how to recognize deferred tax assets for unrealized losses. • Annual Improvements 2014 – 2016 published on December 8, 2016, which amended IFRS 12 “Disclosure of Interests in Other Entities” and clarifies the scope of the standard by specifying that the disclosure requirements in the standard apply to an entity’s interests that are classified as held for sale, as held for distribution or as discontinued operations in accordance with IFRS 5 “Non-current Assets Held for Sale and Discontinued Operations”. 1.3.2 New IFRS standards , amendments and interpretations applicable from 2018 onward On May 28, 2014, the IASB issued IFRS 15 “Revenue from Contracts with Customers” which provides a unified five-step model for determining the timing, measurement and recognition of revenue. The focus of the new standard is to recognize revenue as performance obligations are met rather than based on the transfer of risks and rewards. IFRS 15 includes a comprehensive set of disclosure requirements including qualitative and quantitative information about contracts with customers to understand the nature, amount, timing and uncertainty of revenue. The standard supersedes IAS 18 “Revenue”, IAS 11 “Construction Contracts” and a number of revenue-related interpretations. On September 11, 2015, the IASB issued an amendment formalizing a one-year deferral of the effective date for annual periods beginning on or after January 1, 2018, with early application permitted. On April 12, 2016, the IASB issued amendments to IFRS 15 which clarify how to identify a performance obligation, determine whether a company is a principal or an agent and determine when the revenue from granting a license should be recognized. These amendments are also effective for annual periods beginning on or after January 1, 2018, with early application permitted. The Company’s revenue is predominantly derived from the single performance obligation to transfer steel and mining products under arrangements in which the transfer of risks and rewards of ownership and the fulfillment of the Company’s performance obligation occur at the same time. The Company has laid out a detailed assessment and implementation plan for the roll out of IFRS 15. As part of this process the Company assessed its performance obligations underlying the revenue recognition, estimation of variable considerations including rebates, methods for estimating warranties, and customized products. The Company concluded that there will not be a material impact, except for the impact it will have on the disclosures. ArcelorMittal has established the procedures and controls to commence applying IFRS 15 as of January 1, 2018, and intends to apply the full retrospective transition approach without any practical expedients and will accordingly recast its comparative information where applicable. On July 24, 2014, the IASB issued the final version of IFRS 9 “Financial Instruments (2014)” which replaces IAS 39 and modifies substantially the classification and measurement of financial instruments. The final version of the standard contains requirements in the following areas: • Classification and measurement: Financial assets are classified and measured by reference to the business model within which they are held and their contractual cash flow characteristics. Financial liabilities are classified in a similar manner to IAS 39, however there are differences in the requirements regarding the measurement of an entity's own credit risk. • Impairment: The standard introduces an 'expected credit loss' model replacing the current incurred loss model for the measurement of the impairment of financial assets; it is therefore no longer necessary for a credit event to have occurred before a credit loss is recognized. • Hedge accounting: The standard introduces a new hedge accounting model that is designed to more closely align with how entities undertake risk management activities when hedging financial and non-financial risk exposures, which may result in the increased application of hedge accounting. • Derecognition: The requirements for derecognition of financial assets and liabilities are carried forward from IAS 39. IFRS 9 is effective for annual periods beginning on or after January 1, 2018, with early application permitted and is applied retrospectively, except for the hedge accounting requirements which are applied prospectively. The Company has substantially finalized its assessment of the impact upon adoption of IFRS 9 and does not expect this impact to be material. While ArcelorMittal will provide additional disclosures as required by the new standard and update the hedge documentation when hedge accounting is applied, the Company does not expect the standard to materially impact the measurement of either its financial liabilities, which are mainly carried at amortized cost or its financial assets, which are mainly comprised of cash and cash equivalents, trade receivables and available-for-sale equity instruments. However, the Company will make the irrevocable election upon adoption of IFRS 9 to classify the latter at fair value through other comprehensive income, as a result of which unrealized gains and losses which the Company currently recognizes in the consolidated statements of other comprehensive income (823 net gain as at December 31, 2017) will not be any longer recycled to the consolidated statements of operations upon disposal. On January 13, 2016, the IASB issued IFRS 16 “Leases” which will replace IAS 17 “Leases”. This new standard specifies how to recognize, measure, present and disclose leases. The standard provides a single lessee accounting model, requiring lessees to recognize assets and liabilities for all leases unless the lease term is 12 months or less or the underlying asset has a low value. This standard is effective for annual periods beginning on or after January 1, 2019, with early application permitted if IFRS 15 has also been applied. At December 31, 2017 and 2016, the Company has non-cancellable operating lease commitments on an undiscounted basis of 1,311 and 1,312 , respectively (see note 8.3). A preliminary review and assessment of the Company's lease arrangements indicates that most of these arrangements will meet the definition of a lease under IFRS 16. The Company intends to apply the modified retrospective transition approach with the cumulative effect of initial application of IFRS 16 recognized at January 1, 2019. In addition, it intends to apply the practical expedient to grandfather the definition of a lease on transition and accordingly apply IFRS 16 to all contracts entered into before January 1, 2019 and identified as leases in accordance with IAS 17 and IFRIC 4. Hence, the Company will recognize a right-of-use asset and corresponding liability in respect of the net present value of these leases unless they qualify for short-term leases upon the application of IFRS 16. The actual quantification of the impact of the application of IFRS 16 on the consolidated financial statements is ongoing and will depend on future economic conditions, including the Company's incremental borrowing rate and the composition of the Company's lease portfolio at January 1, 2019. On June 20, 2016, the IASB issued amendments to IFRS 2 “Share-based Payment”. These amendments clarify the effects of vesting and non-vesting conditions on the measurement of cash-settled share-based payments; the treatment of share-based payment transactions with a net settlement feature for withholding tax obligations; and the treatment of a modification to the terms and conditions of a share-based payment that changes the classification of the transaction from cash-settled to equity-settled. These amendments are effective for annual periods beginning on or after January 1, 2018, with early application permitted. The Company does not expect that the adoption of these amendments will have a material impact to its consolidated financial statements. On September 12, 2016, the IASB issued amendments to IFRS 4 “Insurance Contracts”. These amendments propose two approaches (an overlay approach and a deferral approach) in order to address temporary volatility in reported results arising from implementing the new financial instruments Standard IFRS 9 before implementing the replacement standard that the board is developing for IFRS 4. These amendments to IFRS 4 supplement existing options in the Standard that can already be used to address the temporary volatility. These amendments are effective when an insurer first applies IFRS 9 (overlay approach) or during the three years period beginning on January 1, 2018 (deferral approach). The Company does not expect that the adoption of these amendments will have a material impact to its consolidated financial statements. On December 8, 2016, the IASB issued IFRIC 22 “Foreign Currency Transactions and Advance Consideration”. This interpretation provides guidance about which exchange rate to use in reporting foreign currency transactions (such as revenue transactions) when payment is made or received in advance. This interpretation is effective for annual periods beginning on or after January 1, 2018, with early application permitted. The Company does not expect that the adoption of this interpretation will have a material impact to its consolidated financial statements. On May 18, 2017, the IASB issued IFRS 17 "Insurance Contracts", which is designed to achieve the goal of a consistent, principle-based accounting for insurance contracts. IFRS 17 requires insurance liabilities to be measured at a current fulfillment value and provides a more uniform measurement and presentation approach for all insurance contracts. IFRS 17 supersedes IFRS 4 "Insurance Contracts" and related interpretations and is effective for periods beginning on or after January 1, 2021, with earlier adoption permitted if both IFRS 15 "Revenue from Contracts with Customers" and IFRS 9 "Financial Instruments" have also been applied. The Company is in the process of assessing whether there will be a material change to its consolidated financial statements upon adoption of this new standard. On June 7, 2017, the IASB issued IFRIC 23 “Uncertainty over Income Tax Treatments”. This interpretation addresses the determination of taxable profit (tax loss), tax bases, unused tax losses, unused tax credits and tax rates when there is uncertainty over income tax treatments under IAS 12. This interpretation is effective for annual periods beginning on or after January 1, 2019, with early application permitted. The Company does not expect that the adoption of this interpretation will have a material impact to its consolidated financial statements. On October 12, 2017, the IASB issued an amendment to IFRS 9 in respect of prepayment features with negative compensation, which amends the existing requirements in IFRS 9 regarding termination rights in order to allow measurement at amortized cost (or, depending on the business model, at fair value through other comprehensive income) even in the case of negative compensation payments. This amendment is effective for annual periods beginning on or after January 1, 2019, with early application permitted. The Company does not expect that the adoption of this interpretation will have a material impact to its consolidated financial statements. Also, on October 12, 2017, the IASB issued an amendment to IAS 28 “Investments in Associates and Joint Ventures” in relation to long-term interests in associates and joint ventures. The amendment clarifies that an entity applies IFRS 9 to long-term interests in an associate or joint venture that form part of the net investment in the associate or joint venture but to which the equity method is not applied. This amendment is effective for annual periods beginning on or after January 1, 2019, with early application permitted. The Company does not expect that the adoption of this amendment will have a material impact to its consolidated financial statements. On December 12, 2017 the IASB issued Annual Improvements 2015–2017 to make amendments to the following standards: • IFRS 3 "Business Combinations" clarifies that when an entity obtains control of a business that is a joint operation, it remeasures previously held interests in that business. • IFRS 11 "Joint Arrangements" clarifies that when an entity obtains joint control of a business that is a joint operation, the entity does not remeasure previously held interests in that business. • IAS 12 "Income Taxes" clarifies that all income tax consequences of dividends should be recognized in profit or loss, regardless of how the tax arises. • IAS 23 "Borrowing Costs" clarifies that if any specific borrowing remains outstanding after the related asset is ready for its intended use or sale, that borrowing becomes part of the funds that an entity borrows generally when calculating the capitalization rate on general borrowings. These amendments are effective for annual periods beginning on or after January 1, 2019, with early application permitted. The Company does not expect that the adoption of these amendments will have a material impact to its consolidated financial statements. On February 7, 2018, the IASB issued amendments to IAS 19 “Employee benefits” which clarify that current service cost and net interest after a remeasurement resulting from a plan amendment, curtailment or settlement should be determined using the assumptions applied for the remeasurement. In addition, the amendments clarify the effect of a plan amendment, curtailment or settlement on the requirements regarding the asset ceiling. These amendments are effective for annual periods beginning on or after January 1, 2019, with early application permitted. The Company does not expect that the adoption of these amendments will have a material impact to its consolidated financial statements. The Company does not plan to early adopt the new accounting standards, amendments and interpretations. |
SCOPE OF CONSOLIDATION
SCOPE OF CONSOLIDATION | 12 Months Ended |
Dec. 31, 2017 | |
Basis Of Consolidation [Abstract] | |
SCOPE OF CONSOLIDATION | NOTE 2: SCOPE OF CONSOLIDATION 2.1 Basis of consolidation The consolidated financial statements include the accounts of the Company, its subsidiaries and its interests in associated companies and joint arrangements. Subsidiaries are consolidated from the date the Company obtains control (ordinarily the date of acquisition) until the date control ceases. The Company controls an entity when the Company is exposed to or has rights to variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Associated companies are those companies over which the Company has the ability to exercise significant influence on the financial and operating policy decisions, which it does not control. Generally, significant influence is presumed to exist when the Company holds more than 20% of the voting rights. Joint arrangements, which include joint ventures and joint operations, are those over whose activities the Company has joint control, typically under a contractual arrangement. In joint ventures, ArcelorMittal exercises joint control and has rights to the net assets of the arrangement. The investment is accounted for under the equity method and therefore recognized at cost at the date of acquisition and subsequently adjusted for ArcelorMittal’s share in undistributed earnings or losses since acquisition, less any impairment incurred. Any excess of the cost of the acquisition over the Company’s share of the net fair value of the identifiable assets, liabilities, and contingent liabilities of the associate or joint venture recognized at the date of acquisition is considered as goodwill. The goodwill is included in the carrying amount of the investment and is evaluated for impairment as part of the investment. The consolidated statements of operations include the Company’s share of the profit or loss of associates and joint ventures from the date that significant influence or joint control commences until the date significant influence or joint control ceases, adjusted for any impairment losses. Adjustments to the carrying amount may also be necessary for changes in the Company’s proportionate interest in the investee arising from changes in the investee’s equity that have not been recognized in the investee’s profit or loss. The Company’s share of those changes is recognized directly in the relevant reserve within equity. The Company assesses the recoverability of its investments accounted for under the equity method whenever there is an indication of impairment. In determining the value in use of its investments, the Company estimates its share in the present value of the projected future cash flows expected to be generated by operations of associates and joint ventures. The amount of any impairment is included in income (loss) from investments in associates, joint ventures and other investments in the consolidated statements of operations (see also note 2.6). For investments in joint operations, in which ArcelorMittal exercises joint control and has rights to the assets and obligations for the liabilities relating to the arrangement, the Company recognizes its assets, liabilities and transactions, including its share of those incurred jointly. Investments in other entities, over which the Company and/or its operating subsidiaries do not have the ability to exercise significant influence and have a readily determinable fair value, are accounted for as available-for-sale at fair value with any resulting gain or loss, net of related tax effect, recognized in the consolidated statements of other comprehensive income, until realized. Realized gains and losses from the sale of available-for-sale securities are determined on an average cost method. To the extent that these investments do not have a readily determinable fair value, they are accounted for under the cost method. While there are certain limitations on the Company’s operating and financial flexibility arising from the restrictive and financial covenants of the Company’s principal credit facilities described in note 6.1.2. There are no significant restrictions resulting from borrowing agreements or regulatory requirements on the ability of consolidated subsidiaries, associates and jointly controlled entities to transfer funds to the parent in the form of cash dividends to pay commitments as they come due. Intercompany balances and transactions, including income, expenses and dividends, are eliminated in the consolidated financial statements. Gains and losses resulting from intercompany transactions are also eliminated. Non-controlling interests represent the portion of profit or loss and net assets not held by the Company and are presented separately in the consolidated statements of operations, in the consolidated statements of other comprehensive income and within equity in the consolidated statements of financial position. 2.2.1 List of subsidiaries The table below provides a list of the Company’s principal operating subsidiaries at December 31, 2017 . Unless otherwise stated, the subsidiaries listed below have share capital consisting solely of ordinary shares or voting interests in the case of partnerships, which are held directly or indirectly by the Company and the proportion of ownership interests held equals to the voting rights held by the Company. The country of incorporation corresponds to their principal place of operations. Name of Subsidiary Country % of Ownership NAFTA ArcelorMittal Dofasco G.P. Canada 100.00% ArcelorMittal México S.A. de C.V. Mexico 100.00% ArcelorMittal USA LLC United States 100.00% ArcelorMittal Long Products Canada G.P. Canada 100.00% Brazil and neighboring countries ("Brazil") ArcelorMittal Brasil S.A. Brazil 100.00% Acindar Industria Argentina de Aceros S.A. Argentina 100.00% Europe ArcelorMittal Atlantique et Lorraine S.A.S. France 100.00% ArcelorMittal Belgium N.V. Belgium 100.00% ArcelorMittal España S.A. Spain 99.85% ArcelorMittal Flat Carbon Europe S.A. Luxembourg 100.00% ArcelorMittal Galati S.A. Romania 99.70% ArcelorMittal Poland S.A. Poland 100.00% ArcelorMittal Eisenhüttenstadt GmbH Germany 100.00% ArcelorMittal Bremen GmbH Germany 100.00% ArcelorMittal Méditerranée S.A.S. France 100.00% ArcelorMittal Belval & Differdange S.A. Luxembourg 100.00% ArcelorMittal Hamburg GmbH Germany 100.00% ArcelorMittal Ostrava a.s. Czech Republic 100.00% ArcelorMittal Duisburg GmbH Germany 100.00% ArcelorMittal International Luxembourg S.A. Luxembourg 100.00% 1 Africa and Commonwealth of Independent States ("ACIS") ArcelorMittal South Africa Ltd. ("AMSA") South Africa 69.22% 2 JSC ArcelorMittal Temirtau Kazakhstan 100.00% PJSC ArcelorMittal Kryvyi Rih ("AM Kryvyi Rih") Ukraine 95.13% Mining ArcelorMittal Mining Canada G.P. and ArcelorMittal Infrastructure G.P.("AMMIC") Canada 85.00% ArcelorMittal Liberia Ltd Liberia 85.00% JSC ArcelorMittal Temirtau Kazakhstan 100.00% PJSC ArcelorMittal Kryvyi Rih Ukraine 95.13% 1. ArcelorMittal International Luxembourg S.A. is managed by Europe reportable segment as of January 1, 2017. 2. In 2016, AMSA issued shares in a B-BBEE (“broad-based black economic empowerment”) transaction resulting in a decrease in ArcelorMittal's voting rights to 53.92% (see note 10.5). 2.2.2 Translation of financial statements denominated in foreign currency The functional currency of ArcelorMittal S.A. is the U.S. dollar. The functional currency of each of the principal operating subsidiaries is the local currency, except for ArcelorMittal México, AMMIC and ArcelorMittal International Luxembourg, whose functional currency is the U.S. dollar and ArcelorMittal Ostrava, ArcelorMittal Poland and ArcelorMittal Galati, whose functional currency is the euro. Transactions in currencies other than the functional currency of a subsidiary are recorded at the rates of exchange prevailing at the date of the transaction. Monetary assets and liabilities in currencies other than the functional currency are remeasured at the rates of exchange prevailing on the date of the consolidated statements of financial position and the related translation gains and losses are reported within financing costs in the consolidated statements of operations. Non-monetary items that are carried at cost are translated using the rate of exchange prevailing at the date of the transaction. Non-monetary items that are carried at fair value are translated using the exchange rate prevailing when the fair value was determined and the related translation gains and losses are reported in the consolidated statements of comprehensive income. Upon consolidation, the results of operations of ArcelorMittal’s subsidiaries, associates and joint arrangements whose functional currency is other than the U.S. dollar are translated into U.S. dollars at the monthly average exchange rates and assets and liabilities are translated at the year-end exchange rates. Translation adjustments are recognized directly in other comprehensive income and are included in net income (including non-controlling interests) only upon sale or liquidation of the underlying foreign subsidiary, associate or joint arrangement. Since 2010 Venezuela has been considered a hyperinflationary economy and therefore the financial statements of Unicon are adjusted to reflect the changes in the general purchasing power of the local currency before being translated into U.S. dollars. The Company used estimated general price indices of 2,055.5% , 533.9% and 146.7% for the years ended December 31, 2017 , 2016 and 2015 , respectively, for this purpose. As a result of the inflation-related adjustments on monetary items, losses of 31 , 8 and 161 were recognized in net financing costs for the years ended December 31, 2017 , 2016 and 2015 , respectively. Effective January 1, 2016, the Company applied the DICOM rate to translate its Venezuelan operations. As a result of this change, ArcelorMittal’s net equity in Unicon decreased from 628 to 43 at January 1, 2016. The DICOM rate was originally set at 206 bolivars per U.S. dollar on March 10, 2016, before falling to 674 bolivars per U.S. dollar at December 31, 2016. The DICOM rate continued to weaken during 2017 to 3,345 bolivars per U.S. dollar on August 31, 2017, when the Venezuelan government temporarily suspended the sale of U.S. dollars through its DICOM auction system. On February 5, 2018, the Venezuelan government reopened the auction at the new DICOM rate of 30,987 bolivars per euro ( 25,000 bolivars per U.S. dollar). The Company continued to translate its Unicon's operations at the DICOM rate. At December 31, 2017, ArcelorMittal’s net investment in Unicon was 65 . The foreign exchange controls in Venezuela may limit the ability to repatriate earnings and ArcelorMittal’s Venezuelan operations’ ability to remit dividends and pay intercompany balances at any official exchange rate or at all. 2.2.3 Business combinations Business combinations are accounted for using the acquisition method as of the acquisition date, which is the date on which control is transferred to ArcelorMittal. The Company controls an entity when it is exposed to or has rights to variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The Company measures goodwill at the acquisition date as the total of the fair value of consideration transferred, plus the proportionate amount of any non-controlling interest, plus the fair value of any previously held equity interest in the acquiree, if any, less the net recognized amount (generally at fair value) of the identifiable assets acquired and liabilities assumed. In a business combination in which the fair value of the identifiable net assets acquired exceeds the cost of the acquired business, the Company reassesses the fair value of the assets acquired and liabilities assumed. If, after reassessment, ArcelorMittal’s interest in the net fair value of the acquiree’s identifiable assets, liabilities and contingent liabilities exceeds the cost of the business combination, the excess (bargain purchase) is recognized immediately as a reduction of cost of sales in the consolidated statements of operations. Any contingent consideration payable is recognized at fair value at the acquisition date and any costs directly attributable to the business combination are expensed as incurred. 2.2.4 Acquisitions On December 21, 2017, the Company acquired from Alcatel Lucent the reinsurance company Electro-Re S.A. for total consideration of €246 million ( 290 ; cash inflow was 35 , net of cash acquired of 325 ). The reinsurance company is incorporated in Luxembourg and operates through a series of reinsurance agreements with the Company’s subsidiaries. On June 28, 2017, AM InvestCo Italy S.r.l. ("AM InvestCo"), a consortium formed by ArcelorMittal and Marcegaglia with respective interests of 85% and 15% , signed a lease agreement with the Italian Government with an obligation to purchase Ilva S.p.A. and certain of its subsidiaries ("Ilva"). Intesa Sanpaolo will formally join the consortium before the transaction closing. Ilva is Europe’s largest single steel site and only integrated steelmaker in Italy with its main production facility based in Taranto. Ilva also has significant steel finishing capacity in Taranto, Novi Ligure and Genova. The purchase price amounts to €1.8 billion ( $2.16 billion ) subject to certain adjustments, with annual leasing costs of €180 million ( 216 ) to be paid in quarterly installments. Ilva’s business units will be initially leased with rental payments qualifying as down payments against the purchase price and will be part of the Europe reportable segment. The lease period is for a minimum of two years . The closing of the transaction is subject to certain conditions precedent, including receipt of antitrust approvals. ArcelorMittal notified the European Commission of AM InvestCo's proposed acquisition of Ilva on September 21, 2017, and submitted commitments on October 19, 2017. On November 8, 2017, the European Commission initiated a Phase II review of AM InvestCo’s proposed acquisition of Ilva and ArcelorMittal confirmed it will continue to work closely and constructively with the Commission to explain the dynamics of the steel industry, the rationale of the proposed acquisition and the benefits it will bring to industry, customers, the environment and the local economy. The Company continues to engage in dialogue with the Commission seeking to secure approval for this transaction. Based on current facts and circumstances, the Company expects that this transaction is a business combination as it will obtain control of the business subject to the lease. The agreement includes industrial capital expenditure commitments of approximately €1.3 billion ( $1.6 billion ) over a seven -year period focused on blast furnaces, steel shops and finishing lines, environmental capital expenditure commitments of approximately €0.8 billion ( $1.0 billion ) and environmental remediation commitments of approximately €288 million ( 345 ), the latter of which will be funded with funds seized by the Italian Government from the former shareholder. On June 21, 2017, as a result of the extension of the partnership between ArcelorMittal and Bekaert Group ("Bekaert") in the steel cord business in Brazil, the Company completed the acquisition from Bekaert of a 55.5% controlling interest in Bekaert Sumaré Ltda. subsequently renamed ArcelorMittal Bekaert Sumaré Ltda. ("Sumaré"), which subsequently merged into Belgo-Mineira Bekaert Artefatos de Arames Ltda. a manufacturer of metal ropes for automotive tires located in the municipality of Sumaré/SP, Brazil. The Company agreed to pay total cash consideration of €56 million ( 63 ; 49 , net of cash acquired of 14 ) of which €52 million ( 58 ) settled on closing date and €4 million ( 5 ) to be paid subsequently upon conclusion of certain business restructuring measures by Bekaert. Sumaré is part of the Brazil reportable segment. On May 18, 2017, the Company acquired from Crédit Agricole Assurances the reinsurance company Crédit Agricole Reinsurance S.A. for consideration of €186 million ( 208 ; cash inflow was 20 , net of cash acquired of 228 ). The reinsurance company is incorporated in Luxembourg and operates through a series of reinsurance agreements with the Company’s subsidiaries. On February 23, 2017, ArcelorMittal and Votorantim S.A.signed an agreement, pursuant to which Votorantim’s long steel businesses in Brazil, Votorantim Siderurgia, will become a subsidiary of ArcelorMittal Brasil and Votorantim will hold a non-controlling interest in ArcelorMittal Brasil. The combined operations include ArcelorMittal Brasil’s production sites at Monlevade, Cariacica, Juiz de Fora, Piracicaba and Itaúna, and Votorantim Siderurgia’s production sites at Barra Mansa, Resende and its participation in Sitrel, in Três Lagoas. On February 7, 2018, the Brazilian antitrust authority CADE approved the transaction, which is expected to close during the first half of 2018, conditioned to the fulfillment of divestment commitments by ArcelorMittal Brasil. Until closing, ArcelorMittal Brasil and Votorantim Siderurgia will remain fully separate and independent companies. On January 18, 2017, the Company acquired from Parfinada B.V. the reinsurance company Artzare S.A. for total consideration of € 43 million ( 45 ; cash inflow was 5 , net of cash acquired of 50 ). The reinsurance company is incorporated in Luxembourg and operates through a series of reinsurance agreements with the Company’s subsidiaries. On December 21, 2016, ArcelorMittal acquired from Skanska Financial Services AB the reinsurance company SCEM Reinsurance S.A. (“SCEM”) for total consideration of €54 million ( 56 ; cash inflow was 7 , net of cash acquired of 63 ). The Company concluded that the acquisitions of Electro-Re S.A., SCEM, Artzare S.A. and Crédit Agricole Reinsurance S.A. were not business combinations mainly as the transactions did not include the acquisition of any strategic management processes, operational processes and resource management processes. There were no significant acquisitions in 2015. The table below summarizes the estimated acquisition-date fair value of the assets acquired and liabilities assumed in respect of Sumaré: Sumaré Other current assets 50 Property, plant and equipment 69 Intangible assets 21 Other non-current assets 7 Total assets acquired 147 Deferred tax liabilities (23 ) Other liabilities (29 ) Total liabilities acquired (52 ) Net assets acquired 95 Non-controlling interests (48 ) Consideration paid, net 44 Consideration payable 5 Goodwill 2 2.3 Divestments and assets held for sale Non-current assets and disposal groups that are classified as held for sale are measured at the lower of carrying amount and fair value less costs to sell. Assets and disposal groups are classified as held for sale if their carrying amount will be recovered through a sale transaction rather than through continuing use. The non-current asset, or disposal group, is classified as held for sale only when the sale is highly probable and is available for immediate sale in its present condition and is marketed for sale at a price that is reasonable in relation to its current fair value. Assets held for sale are presented separately in the consolidated statements of financial position and are not depreciated. Gains (losses) on disposal of subsidiaries are recognized in cost of sales, whereas gains (losses) on disposal of investments accounted for under the equity method and other investments are recognized in income (loss) from investments in associates, joint ventures and other investments. 2.3.1 Divestments Divestments in 2017 On December 15, 2017, ArcelorMittal completed the sale of its 100% shareholding in ArcelorMittal Georgetown Inc. ("Georgetown"), a wire rod mill in Georgetown in the United States for total cash consideration of 19 and the result on disposal was 18 . The fair value measurement of Georgetown, which was part of the NAFTA reportable segment, was determined using the contract price, a Level 3 unobservable input. On March 13, 2017, ArcelorMittal and the management of ArcelorMittal Tailored Blanks Americas (“AMTBA”), comprising the Company’s tailored blanks operations in Canada, Mexico and the United States, entered into a joint venture agreement following which the Company recognized an investment of 65 in AMTBA accounted for under the equity method. AMTBA was part of the NAFTA reportable segment and was classified as held for sale at December 31, 2016. On February 10, 2017, ArcelorMittal completed the sale of certain ArcelorMittal Downstream Solutions entities in the Europe segment following its commitment to sell such operations in December 2015. The Company recorded an impairment charge of 18 in cost of sales in 2015. The assets and liabilities subject to the sale were classified as held for sale at December 31, 2016. The fair value measurement of these operations, which were part of the Europe reportable segment, was determined using the contract price, a Level 3 unobservable input. Divestments in 2016 On September 30, 2016, ArcelorMittal completed the sale of its wholly owned subsidiary ArcelorMittal Zaragoza in Spain to Megasa Siderúrgica S.L. for total consideration of € 80 million ( 89 ). Prior to the disposal, the Company recorded an impairment charge of 49 (of which 2 related to allocated goodwill) in cost of sales to write the net carrying amount down to the net proceeds from the sale. The fair value measurement of ArcelorMittal Zaragoza was determined using the contract price, a Level 3 unobservable input. ArcelorMittal Zaragoza was part of the Europe reportable segment. On August 7, 2016, ArcelorMittal completed the sale of the Company’s 49% interest in its associates ArcelorMittal Algérie and ArcelorMittal Tebessa and its 70% interest in its subsidiary ArcelorMittal Pipes and Tubes Algeria, which was announced on October 7, 2015 as part of an outline agreement for restructuring the shareholding of its Algerian activities. As part of the agreement, ArcelorMittal transferred such interests to IMETAL, an Algerian state-owned entity. ArcelorMittal Pipes and Tubes Algeria and ArcelorMittal Algérie were part of the ACIS reportable segment while ArcelorMittal Tebessa was part of the Mining reportable segment. Previously, on January 10, 2015, ArcelorMittal had completed the sale of a 21% controlling stake in ArcelorMittal Tebessa, which holds two iron ore mines in Ouenza and Boukadra, Tebessa, to Sider and the Ferphos Group, two Algerian state-owned entities. The Company accounted for its remaining 49% stake under the equity method. The assets and liabilities of ArcelorMittal Pipes and Tubes Algeria and ArcelorMittal Tebessa were classified as held for sale at December 31, 2016 . On April 4, 2016, ArcelorMittal completed the sale of the LaPlace and Vinton Long Carbon facilities in the United States. The total consideration was 96 and the result on disposal was nil . In 2015, the Company recorded an impairment charge of 231 (of which 13 relating to allocated goodwill) in cost of sales to write the carrying amount of the LaPlace, Steelton and Vinton facilities down to the expected net proceeds from the sale. The fair value measurement of the Long Carbon facilities in the United States was determined using the contract price, a Level 3 unobservable input. These facilities were part of the NAFTA reportable segment. The assets and liabilities of the Steelton facility remained classified as held for sale at December 31, 2017 and 2016 (see note 2.3.2). Divestments in 2015 On March 30, 2015, following an agreement signed on October 21, 2014, the Company established the joint venture ArcelorMittal CLN Distribuzione Italia S.r.l. (“AMCDI”) with Coils Lamiere Nastri S.P.A. (“CLN”) through the contribution of assets and liabilities of its wholly owned subsidiary ArcelorMittal Distribution Solutions Italia S.R.L (“AMDSI”). ArcelorMittal holds a 49% stake in AMCDI, which is accounted for under the equity method. AMDSI was part of the Europe reportable segment. On February 26, 2015, following an agreement signed on September 18, 2014, ArcelorMittal established the investment ArcelorMittal RZK Celik Servis Merkezi Sanayi ve Ticaret Anonim Sirketi (“AM RZK”) with a local partner in Turkey through the contribution of assets and liabilities of the Company’s wholly owned subsidiary Rozak Demir Profil Ticaret ve Sanayi Anonim Sirketi (“Rozak”). ArcelorMittal holds a 50% stake in AM RZK and the investment is accounted for under the equity method. Rozak was part of the Europe reportable segment. On January 23, 2015, ArcelorMittal completed the disposal of the building on Avenue de la Liberté in Luxembourg city (the “Liberté Building”), formerly the headquarters of the Company, to the Banque et Caisse d’Epargne de l’Etat (“BCEE”) following a memorandum of understanding signed on November 14, 2014. The result on disposal for the 2015 disposals described above was immaterial. The aggregate net assets disposed of amounted to 97 . The table below summarizes the significant divestments : 2017 2016 AMTBA Downstream Solutions Europe Georgetown ArcelorMittal Zaragoza ArcelorMittal Tubular Products Algeria LaPlace and Vinton Cash and cash equivalents 13 — — — — — Other current assets 46 38 — 53 15 118 Property, plant and equipment 55 2 4 74 2 13 Other assets 10 17 — — — 7 Total assets 124 57 4 127 17 138 Current liabilities 52 18 1 38 16 33 Other long-term liabilities 7 12 2 — 12 9 Total liabilities 59 30 3 38 28 42 Total net assets/(liabilities) 65 27 1 89 (11 ) 96 % of net assets sold 100 % 100 % 100 % 100 % 100 % 100 % Total net assets/(liabilities) disposed of 65 27 1 89 (11 ) 96 Consideration 65 6 19 89 — 96 Reclassification of foreign exchange translation difference — 21 — 8 4 — Gain on disposal — — 18 8 15 — 2.3.2 Assets held for sale In December 2017, ArcelorMittal committed to a plan to sell its 100% owned subsidiary Go Steel Frýdek Místek ("Frýdek Mistek"). Frýdek Místek forms part of the Europe reportable segment. Accordingly, at December 31, 2017, the carrying amount of assets and liabilities subject to the transaction were classified as held for sale. The fair value of the assets and liabilities classified as held for sale were in line with their carrying value. The fair value measurement was determined using the contract price, a Level 3 unobservable input. In addition, the assets and liabilities of the Steelton facility in the United States remained classified as held for sale at December 31, 2017 (see note 2.3.1). The details for the entities classified as held for sale as at December 31, 2016, which have been disposed during 2017 are disclosed in note 2.3.1 Divestments. The table below provides details of the assets and liabilities held for sale after elimination of intra-group balances in the consolidated statements of financial position: December 31, 2017 Frydek Místek Steelton Total ASSETS Current assets: Trade accounts receivable and other — 23 23 Inventories 25 21 46 Total current assets 25 44 69 Non-current assets: Property, plant and equipment 34 76 110 Total non-current assets 34 76 110 Total assets 59 120 179 LIABILITIES Current liabilities: Trade accounts payable and other 5 17 22 Accrued expenses and other liabilities 2 5 7 Total current liabilities 7 22 29 Non-current liabilities: Long-term provisions 4 17 21 Total non-current liabilities 4 17 21 Total liabilities 11 39 50 December 31, 2016 AMTBA Downstream Solutions Europe Steelton Total ASSETS Current assets: Cash and cash equivalents 13 — — 13 Trade accounts receivable and other 24 15 18 57 Inventories 18 6 15 39 Prepaid expenses and other current assets 4 1 — 5 Total current assets 59 22 33 114 Non-current assets: Property, plant and equipment 55 — 76 131 Other assets 12 2 — 14 Total non-current assets 67 2 76 145 Total assets 126 24 109 259 LIABILITIES Current liabilities: Short-term debt and current portion of long-term debt 2 — — 2 Trade accounts payable and other 30 10 9 49 Accrued expenses and other liabilities 4 6 2 12 Total current liabilities 36 16 11 63 Non-current liabilities: Long-term debt net of current portion 7 — — 7 Long-term provisions — 5 20 25 Total non-current liabilities 7 5 20 32 Total liabilities 43 21 31 95 2.4 Investments in associates and joint arrangements The carrying amounts of the Company’s investments accounted for under the equity method were as follows: December 31, Category 2017 2016 Joint ventures 1,249 1,507 Associates 2,854 2,000 Individually immaterial joint ventures and associates 1 981 790 Total 5,084 4,297 1. Individually immaterial joint ventures and associates represent in aggregate less than 20% of the total carrying amount of investments in joint ventures and associates at December 31, 2017 and 2016 , and none of them have a carrying value exceeding 100 at December 31, 2017 and 2016 . 2.4.1 Joint ventures The following tables summarize the latest available financial information and reconcile it to the carrying value of each of the Company’s material joint ventures , as well as the income statement of the Company’s material joint ventures : December 31, 2017 Joint Ventures Calvert Macsteel VAMA Tameh Borçelik Total Place of incorporation and operation 1 United States Netherlands China Poland Turkey Principal Activity Automotive steel finishing Steel trading and shipping Automotive steel finishing Energy production and supply Manufacturing and sale of steel 2,3 Ownership and voting rights at December 31, 2017 50.00% 50.00% 49.00% 50.00% 45.33% Current assets 1,135 739 283 158 519 2,834 of which cash and cash equivalents 13 95 71 57 7 243 Non-current assets 1,303 389 754 476 296 3,218 Current liabilities 612 404 449 132 357 1,954 of which trade and other payables and provisions 118 235 190 118 244 905 Non-current liabilities 947 43 277 189 46 1,502 of which trade and other payables and provisions — 3 — 20 — 23 Net assets 879 681 311 313 412 2,596 Company's share of net assets 440 341 152 156 187 1,276 Adjustments for differences in accounting policies and other 6 (3 ) — — (30 ) (27 ) Carrying amount in the statements of financial position 446 338 152 156 157 1,249 Revenue 2,870 2,775 489 330 1,234 7,698 Depreciation and amortization (62 ) (1 ) (30 ) (27 ) (22 ) (142 ) Interest income — 14 1 — 1 16 Interest expense (35 ) (10 ) (28 ) 4 (12 ) (81 ) Income tax benefit (expense) — (5 ) — (7 ) (20 ) (32 ) Net income (loss) 270 31 5 42 65 413 Other comprehensive income (loss) — 2 — (1 ) (1 ) — Total comprehensive income (loss) 270 33 5 41 64 413 Cash dividends received by the Company 20 — — 4 30 54 1. The country of incorporation corresponds to the country of operation except for Tameh whose country of operation is also the Czech Republic and Macsteel whose countries of operation are mainly the United States, the United Arab Emirates and China. 2. The non-current liabilities include 40 deferred tax liability. 3. Adjustment in Borçelik relates primarily to differences in accounting policies regarding revaluation of fixed assets. December 31, 2016 Joint Ventures Calvert Macsteel Baffinland VAMA Tameh Borçelik Total Place of incorporation and operation 1 United States Netherlands Canada China Poland Turkey Principal Activity Automotive steel finishing Steel trading and shipping Extraction of iron ore 3 Automotive steel finishing Energy production and supply Manufacturing and sale of steel 2, 4 Ownership and voting rights at December 31, 2016 50.00% 50.00% 44.54% 49.00% 50.00% 45.33% Current assets 836 636 197 230 120 404 2,423 of which cash and cash equivalents 45 77 7 75 47 39 290 Non-current assets 1,287 374 1,506 721 354 325 4,567 Current liabilities 490 312 354 362 83 254 1,855 of which trade and other payables and provisions 160 170 190 248 83 112 963 Non-current liabilities 984 41 262 302 159 45 1,793 of which trade and other payables and provisions — 3 37 — 19 — 59 Net assets 649 657 1,087 287 232 430 3,342 Company's share of net assets 325 328 484 141 116 195 1,589 Adjustments for differences in accounting policies and other 6 — (59 ) — 2 (31 ) (82 ) Carrying amount in the statements of financial position 331 328 425 141 118 164 1,507 Revenue 2,358 2,353 116 335 254 845 6,261 Depreciation and amortization (59 ) (1 ) (3 ) (30 ) (20 ) (20 ) (133 ) Interest income — 12 — 1 — 1 14 Interest expense (31 ) (9 ) (20 ) (28 ) (1 ) (7 ) (96 ) Income tax benefit (expense) — (4 ) (26 ) 18 (10 ) (28 ) (50 ) Net income (loss) 148 15 (43 ) (58 ) 29 75 166 Other comprehensive income (loss) — 10 — — 3 — 13 Total comprehensive income (loss) 148 25 (43 ) |
SEGMENT REPORTING
SEGMENT REPORTING | 12 Months Ended |
Dec. 31, 2017 | |
Operating Segments [Abstract] | |
Segment Reporting | NOTE 3: SEGMENT REPORTING 3.1 Reportable segments The Company is organized in five operating and reportable segments, which are components engaged in business activities from which they may earn revenues and incur expenses (including revenues and expenses relating to transactions with other components of the Company), for which discrete financial information is available and whose operating results are evaluated regularly by the chief operating decision maker “CODM” to make decisions about resources to be allocated to the segment and assess its performance. As of January 1, 2016, the Group Management Board “GMB” (ArcelorMittal’s previous CODM) was replaced by the CEO Office - comprising the CEO, Mr. Lakshmi N. Mittal and the CFO, Mr. Aditya Mittal. These operating segments include the attributable goodwill, intangible assets, property, plant and equipment, and certain equity method investments. They do not include cash and short-term deposits, short-term investments, tax assets and other current financial assets. Attributable liabilities are also those resulting from the normal activities of the segment, excluding tax liabilities and indebtedness but including post retirement obligations where directly attributable to the segment. The treasury function is managed centrally for the Company and is not directly attributable to individual operating segments or geographical areas. ArcelorMittal’s segments are structured as follows: • NAFTA represents the flat, long and tubular facilities of the Company located in North America (Canada, United States and Mexico). NAFTA produces flat products such as slabs, hot-rolled coil, cold-rolled coil, coated steel and plate. These products are sold primarily to customers in the following sectors: automotive, energy, construction, packaging and appliances and via distributors or processors. NAFTA also produces long products such as wire rod, sections, rebar, billets, blooms and wire drawing, and tubular products; • Brazil includes the flat operations of Brazil and the long and tubular operations of Brazil and neighboring countries including Argentina, Costa Rica and Venezuela. Flat products include slabs, hot-rolled coil, cold-rolled coil and coated steel. Long products consist of wire rod, sections, bar and rebar, billets, blooms and wire drawing; • Europe is the largest flat steel producer in Europe, with operations that range from Spain in the west to Romania in the east, and covering the flat carbon steel product portfolio in all major countries and markets. Europe produces hot-rolled coil, cold-rolled coil, coated products, tinplate, plate and slab. These products are sold primarily to customers in the automotive, general and packaging sectors. Europe also produces long products consisting of sections, wire rod, rebar, billets, blooms and wire drawing, and tubular products. In addition, it includes Downstream Solutions, primarily an in-house trading and distribution arm of ArcelorMittal. Downstream Solutions also provides value-added and customized steel solutions through further steel processing to meet specific customer requirements; • ACIS produces a combination of flat, long and tubular products. Its facilities are located in Africa and the Commonwealth of Independent States; and • Mining comprises all mines owned by ArcelorMittal in the Americas (Canada, United States, Mexico and Brazil), Asia (Kazakhstan), Europe (Ukraine and Bosnia & Herzegovina) and Africa (Liberia). It provides the Company's steel operations with high quality and low-cost iron ore and coal reserves and also sells limited amounts of mineral products to third parties. The following table summarizes certain financial data for ArcelorMittal’s operations by reportable segments. NAFTA Brazil Europe ACIS Mining Others 1 Elimination Total Year ended December 31, 2015 Sales to external customers 17,225 7,954 31,586 5,932 824 57 — 63,578 Intersegment sales 2 68 549 307 196 2,563 311 (3,994 ) — Operating income (loss) (705 ) 628 171 (624 ) (3,522 ) (140 ) 31 (4,161 ) Depreciation and amortization 616 336 1,192 408 614 26 — 3,192 Impairment 526 176 398 294 3,370 — — 4,764 Capital expenditures 392 422 1,045 365 476 7 — 2,707 Year ended December 31, 2016 Sales to external customers 15,769 5,526 28,999 5,675 781 41 — 56,791 Intersegment sales 2 37 697 273 210 2,333 260 (3,810 ) — Operating income (loss) 2,002 614 1,270 211 366 (208 ) (94 ) 4,161 Depreciation and amortization 549 258 1,184 311 396 23 — 2,721 Impairment — — 49 156 — — — 205 Capital expenditures 445 237 951 397 392 22 — 2,444 Year ended December 31, 2017 Sales to external customers 17,893 6,571 35,825 7,323 985 82 — 68,679 Intersegment sales 2 104 1,184 383 298 3,048 303 (5,320 ) — Operating income (loss) 1,185 697 2,359 508 991 (288 ) (18 ) 5,434 Depreciation and amortization 518 293 1,201 313 416 27 — 2,768 Impairment — — — 206 — — — 206 Capital expenditures 466 263 1,143 427 495 25 — 2,819 1. Others include all other operational and non-operational items which are not segmented, such as corporate and shared services, financial activities, and shipping and logistics. 2. Transactions between segments are reported on the same basis of accounting as transactions with third parties except for certain mining products shipped internally and reported on a cost plus basis. The reconciliation from operating income (loss) to net income (loss) (including non-controlling interests) is as follows: Year ended December 31, 2017 2016 2015 Operating income (loss) 5,434 4,161 (4,161 ) Income/ (loss) from investments in associates and joint ventures 448 615 (502 ) Financing costs - net (875 ) (2,056 ) (2,858 ) Income (loss) before taxes 5,007 2,720 (7,521 ) Income tax expense 432 986 902 Net income/ (loss) (including non-controlling interests) 4,575 1,734 (8,423 ) The Company does not regularly provide a measure of total assets and liabilities for each reportable segment to the CODM. 3.2 Geographical information Geographical information, by country or region, is separately disclosed and represents ArcelorMittal’s most significant regional markets. Attributed assets are operational assets employed in each region and include items such as pension balances that are specific to a country. Unless otherwise stated in the table heading as a segment disclosure, these disclosures are specific to the country or region stated. They do not include goodwill, deferred tax assets, other investments or receivables and other non-current financial assets. Attributed liabilities are those arising within each region, excluding indebtedness. Sales (by destination) Year ended December 31, 2017 2016 2015 Americas United States 14,367 12,284 13,619 Brazil 4,149 3,506 3,809 Canada 3,034 2,818 2,913 Mexico 2,251 1,806 1,913 Argentina 1,230 858 1,370 Venezuela 68 105 1,334 Others 937 830 951 Total Americas 26,036 22,207 25,909 Europe Germany 5,933 4,768 5,473 France 4,051 3,655 3,743 Spain 3,751 3,015 3,406 Poland 3,746 2,997 3,023 Italy 2,711 2,067 2,278 Turkey 1,937 1,789 1,962 Czech Republic 1,400 1,107 1,476 United Kingdom 1,370 1,159 1,246 Russia 1,204 688 638 Belgium 1,129 929 1,108 Netherlands 1,117 1,030 867 Romania 621 526 583 Others 4,948 3,886 4,024 Total Europe 33,918 27,616 29,827 Asia & Africa South Africa 2,560 2,026 2,111 Egypt 310 499 404 Morocco 596 498 533 Rest of Africa 1,033 658 945 China 622 549 557 Kazakhstan 392 350 456 South Korea 259 184 242 India 163 85 197 Rest of Asia 2,790 2,119 2,397 Total Asia & Africa 8,725 6,968 7,842 Total 68,679 56,791 63,578 Revenues from external customers attributed to the country of domicile (Luxembourg) were 111 , 88 and 85 for the years ended December 31, 2017 , 2016 and 2015 , respectively. Non-current assets 1 per significant country: December 31, 2017 2016 Americas Canada 5,368 5,208 Brazil 4,466 4,471 United States 4,029 4,209 Mexico 978 906 Argentina 137 152 Venezuela 100 43 Others 20 21 Total Americas 15,098 15,010 Europe France 4,738 4,194 Belgium 2,827 2,458 Germany 2,737 2,395 Poland 2,421 2,112 Ukraine 2,077 2,110 Spain 2,035 1,797 Luxembourg 1,277 1,142 Romania 633 573 Czech Republic 621 585 Bosnia and Herzegovina 202 182 Italy 171 158 Others 264 236 Total Europe 20,003 17,942 Asia & Africa Kazakhstan 1,322 1,223 South Africa 677 788 Morocco 103 104 Liberia 93 49 Others 119 116 Total Asia & Africa 2,314 2,280 Unallocated assets 21,137 17,663 Total 58,552 52,895 1. Non-current assets do not include goodwill (as it is not allocated to the individual countries), deferred tax assets, investment in associate and joint ventures, other investments and other non-current financial assets. Such assets are presented under the caption “Unallocated assets”. 3.3 Sales by type of products The table below presents sales to external customers by product type. In addition to steel produced by the Company, amounts include material purchased for additional transformation and sold through distribution services. Others mainly includes non-steel sales and services. Year ended December 31, 2017 2016 2015 Flat products 43,065 34,215 36,226 Long products 13,685 12,104 13,996 Tubular products 1,810 1,500 2,809 Mining products 985 781 824 Others 9,134 8,191 9,723 Total 68,679 56,791 63,578 |
OPERATING DATA
OPERATING DATA | 12 Months Ended |
Dec. 31, 2017 | |
Revenue, Cost Of Sales, Current Assets, And Current Liabilities [Abstract] | |
Operating Data | NOTE 4: OPERATING DATA 4.1 Revenue Revenue is measured at the fair value of the consideration received or receivable. Revenue is reduced for estimated customer returns and other similar allowances. Revenue from the sale of goods is recognized when the Company has transferred to the buyer the significant risks and rewards of ownership of the goods, no longer retains control over the goods sold, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the Company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. Revenue from the sale of iron ore is recognized when the risk and rewards of ownership are transferred to the buyer. The selling price is contractually determined on a provisional basis, based on a reliable estimate of the selling price and adjustments in the price may subsequently occur depending on movements in the reference price or contractual iron ore prices to the date of the final pricing and final product specifications. ArcelorMittal records amounts billed to a customer in a sale transaction for shipping and handling costs as sales and the related shipping and handling costs incurred as cost of sales. 4.2 Cost of sales Cost of sales includes the following components: Year ended December 31, 2017 2016 2015 Materials 42,813 34,276 41,788 Labor costs 1 8,842 7,572 9,125 Logistic expenses 4,161 3,760 4,252 Depreciation and amortization 2,768 2,721 3,192 Impairment 206 205 4,764 Other 2,086 1,894 2,075 Total 60,876 50,428 65,196 1. In 2016, labor costs include an 832 gain relating to changes in post-employment benefit plans in the US (see note 7.2). 4.3 Trade accounts receivable and other Trade accounts receivable are initially recorded at their fair value and do not carry any interest. ArcelorMittal maintains an allowance for doubtful accounts at an amount that it considers to be a reliable estimate of losses resulting from the inability of its customers to make required payments. In judging the adequacy of the allowance for doubtful accounts, ArcelorMittal considers multiple factors including historical bad debt experience, the current economic environment and the aging of the receivables. Recoveries of trade receivables previously reserved in the allowance for doubtful accounts are recognized as gains in selling, general and administrative expenses. ArcelorMittal’s policy is to record an allowance and a charge in selling, general and administrative expense when a specific account is deemed uncollectible and to provide for each receivable overdue by more than 180 days; an allowance is utilized when there is legal evidence that the receivable will not be collected. Based on historical experience, such receivables are generally not recoverable, unless it can be clearly demonstrated that the receivable is still collectible. Estimated unrecoverable amounts of trade receivables between 60 days and 180 days overdue are provided for based on past historic loss rate. Trade accounts receivable and allowance for doubtful accounts December 31, 2017 2016 Gross amount 4,056 3,158 Allowance for doubtful accounts (193 ) (184 ) Total 3,863 2,974 The carrying amount of the trade accounts receivable and other approximates their fair value. Before granting credit to any new customer, ArcelorMittal uses an internally developed credit scoring system to assess the potential customer’s credit quality and to define credit limits by customer. For all significant customers the credit terms must be approved by the credit committees of each reportable segment. Limits and scoring attributed to customers are reviewed periodically. There are no customers who represent more than 5% of the total balance of trade accounts receivable. Exposure to credit risk by reportable segment The maximum exposure to credit risk for trade accounts receivable by reportable segment is as follows: December 31, 2017 2016 NAFTA 343 308 Brazil 857 693 Europe 2,052 1,464 ACIS 546 395 Mining 65 114 Total 3,863 2,974 Aging of trade accounts receivable December 31, December 31, 2017 2016 Gross Allowance Total Gross Allowance Total Not past due 3,134 (4 ) 3,130 2,476 (6 ) 2,470 Overdue 1-30 days 538 (9 ) 529 292 (1 ) 291 Overdue 31-60 days 106 (1 ) 105 63 (1 ) 62 Overdue 61-90 days 34 — 34 32 (1 ) 31 Overdue 91-180 days 46 (13 ) 33 50 (6 ) 44 More than 180 days 198 (166 ) 32 245 (169 ) 76 Total 4,056 (193 ) 3,863 3,158 (184 ) 2,974 The movement in the allowance for doubtful accounts in respect of trade accounts receivable during the periods presented is as follows: Balance as of December 31, 2014 Additions Deductions/ Foreign exchange and others Balance as of December 31, 2015 175 41 (19) (27) 170 Balance as of December 31, 2015 Additions Deductions/ Foreign exchange and others Balance as of December 31, 2016 170 34 (25) 5 184 Balance as of December 31, 2016 Additions Deductions/ Foreign exchange and others Balance as of December 31, 2017 184 34 (38) 13 193 The Company has established a number of programs for sales without recourse of trade accounts receivable to various financial institutions (referred to as true sale of receivables (“TSR”)). Through the TSR programs, certain operating subsidiaries of ArcelorMittal surrender the control, risks and benefits associated with the accounts receivable sold; therefore, the amount of receivables sold is recorded as a sale of financial assets and the balances are removed from the consolidated statements of financial position at the moment of sale. 4.4 Inventories Inventories are carried at the lower of cost or net realizable value. Cost is determined using the average cost method. Costs of production in process and finished goods include the purchase costs of raw materials and conversion costs such as direct labor and an allocation of fixed and variable production overheads. Raw materials and spare parts are valued at cost, inclusive of freight, shipping, handling as well as any other costs incurred in bringing the inventories to their present location and condition. Interest charges, if any, on purchases have been recorded as financing costs. Costs incurred when production levels are abnormally low are capitalized as inventories based on normal capacity with the remaining costs incurred recorded as a component of cost of sales in the consolidated statements of operations. Net realizable value represents the estimated selling price at which the inventories can be realized in the normal course of business after allowing for the cost of conversion from their existing state to a finished condition and for the cost of marketing, selling, and distribution. Net realizable value is estimated based on the most reliable evidence available at the time the estimates were made of the amount that the inventory is expected to realize, taking into account the purpose for which the inventory is held. Previous write-downs are reversed in case the circumstances that previously caused inventories to be written down below cost no longer exist. Inventories, net of allowance for slow-moving inventory, excess of cost over net realizable value and obsolescence of 1,239 and 1,097 as of December 31, 2017 and 2016 , respectively, are comprised of the following: December 31, 2017 2016 Finished products 6,321 4,861 Production in process 4,049 3,264 Raw materials 5,883 5,141 Manufacturing supplies, spare parts and other 1,733 1,468 Total 17,986 14,734 Note 4.2 discloses the cost of inventories (materials) recognized as an expense during the year. The movement in the inventory reserve is as follows: Balance as of December 31, 2014 Additions 1 Deductions / Releases 2 Foreign exchange and others Balance as of December 31, 2015 1,293 1,256 (637) (205) 1,707 Balance as of December 31, 2015 Additions 1 Deductions / Releases 2 Foreign exchange and others Balance as of December 31, 2016 1,707 473 (964) (119) 1,097 Balance as of December 31, 2016 Additions 1 Deductions / Releases 2 Foreign exchange and others Balance as of December 31, 2017 1,097 442 (404) 104 1,239 1. Additions refer to write-downs of inventories including those utilized or written back during the same financial year. 2. Deductions/releases correspond to write-backs and utilizations related to the current and prior periods. 4.5 Prepaid expenses and other current assets December 31, 2017 2016 VAT receivables 822 672 Prepaid expenses and non-trade receivables 321 369 Financial amounts receivable 219 118 Income tax receivable 176 111 Receivables from public authorities 147 67 Receivables from sale of financial and intangible assets 118 34 Derivative financial instruments 87 243 Other 1 41 51 Total 1,931 1,665 1. Other includes mainly advances to employees, accrued interest and other miscellaneous receivables. 4.6 Other assets Other assets consisted of the following: December 31, 2017 2016 Derivative financial instruments (see Note 6.1.5.) 995 189 Financial amounts receivable 345 297 Long-term VAT receivables 198 196 Cash guarantees and deposits 190 187 Receivables from public authorities 173 136 Accrued interest 96 91 Receivables from sale of financial and intangible assets 93 43 Income tax receivable 14 55 Other 1 130 159 Total 2,234 1,353 1. Other mainly includes assets in pension funds and other amounts receivable . 4.7 Trade accounts payable and other Trade accounts payable are obligations to pay for goods that have been acquired in the ordinary course of business from suppliers. Trade accounts payable have maturities from 15 to 180 days depending on the type of material, the geographic area in which the purchase transaction occurs and the various contractual agreements. The carrying value of trade accounts payable approximates fair value. 4.8 Accrued expenses and other liabilities Accrued expenses and other liabilities are comprised of the following as of : December 31, 2017 2016 Accrued payroll and employee related expenses 1,787 1,560 Accrued interest and other payables 794 781 Payable from acquisition of intangible, tangible & financial assets 943 833 Other amounts due to public authorities 587 504 Derivative financial instruments 325 226 Unearned revenue and accrued payables 69 39 Total 4,505 3,943 |
GOODWILL, INTANGIBLE AND TANGIB
GOODWILL, INTANGIBLE AND TANGIBLE ASSETS | 12 Months Ended |
Dec. 31, 2017 | |
Intangible Assets [Abstract] | |
GOODWILL, INTANGIBLE AND TANGIBLE ASSETS | NOTE 5: GOODWILL, INTANGIBLE AND TANGIBLE ASSETS 5.1 Goodwill and intangible assets The carrying amounts of goodwill and intangible assets are summarized as follows: December 31, 2017 2016 Goodwill on acquisitions 5,294 5,248 Concessions, patents and licenses 275 252 Customer relationships and trade marks 118 120 Other 50 31 Total 5,737 5,651 Goodwill Goodwill arising on an acquisition is recognized as previously described within the business combinations section in note 2.2.3. Goodwill is allocated to those groups of cash-generating units that are expected to benefit from the business combination in which the goodwill arose and in all cases is at the operating segment level, which represents the lowest level at which goodwill is monitored for internal management purposes. Goodwill acquired in business combinations for each of the Company’s operating segments is as follows: December 31, 2015 Foreign exchange differences and other movements Divestments 1 December 31, 2016 NAFTA 2,209 6 (13 ) 2,202 Brazil 1,426 242 — 1,668 Europe 547 (16 ) (2 ) 529 ACIS 961 (112 ) — 849 Total 5,143 120 (15 ) 5,248 1. See note 2.3.1 December 31, 2016 Foreign exchange differences and other movements 1 Divestments December 31, 2017 NAFTA 2,202 47 — 2,249 Brazil 1,668 (28 ) — 1,640 Europe 529 53 — 582 ACIS 849 (26 ) — 823 Total 5,248 46 — 5,294 1. The movements for Brazil includes 2 related to Sumaré acquisition (please refer to note 2.2.4) Intangible assets Intangible assets are recognized only when it is probable that the expected future economic benefits attributable to the assets will accrue to the Company and the cost can be reliably measured. Intangible assets acquired separately by ArcelorMittal are initially recorded at cost and those acquired in a business combination are initially recorded at fair value at the date of the business combination. These primarily include the cost of technology and licenses purchased from third parties and operating authorizations granted by governments or other public bodies (concessions). Intangible assets are amortized on a straight-line basis over their estimated economic useful lives, which typically do not exceed five years . Amortization is included in the consolidated statements of operations as part of cost of sales. ArcelorMittal’s industrial sites which are regulated by the European Directive 2003/87/EC of October 13, 2003 on carbon dioxide (“CO 2 ”) emission rights, effective as of January 1, 2005, are located primarily in Belgium, Czech Republic, France, Germany, Luxembourg, Poland, Romania and Spain. ArcelorMittal's operations in Ontario, Canada are subject to the “Climate Change Mitigation and Low-carbon Economy Act, 2016”, a cap and trade program regulation effective from July 1, 2016. The emission rights allocated to the Company on a no-charge basis pursuant to the annual national allocation plan are recorded at nil value and purchased emission rights are recorded at cost. Other intangible assets are summarized as follows: Concessions, patents and licenses Customer relationships and trade marks Other Total Cost At December 31, 2015 730 1,077 36 1,843 Acquisitions 5 — 30 35 Disposals (2 ) — (5 ) (7 ) Foreign exchange differences (1 ) 22 (1 ) 20 Transfers and other movements 1 15 3 (4 ) 14 Fully amortized intangible assets 2 (71 ) (2 ) — (73 ) At December 31, 2016 676 1,100 56 1,832 Acquisitions 6 21 34 61 Disposals (1 ) — — (1 ) Foreign exchange differences 83 97 9 189 Transfers and other movements 1 20 (1 ) (3 ) 16 Fully amortized intangible assets 2 (18 ) (3 ) — (21 ) At December 31, 2017 766 1,214 96 2,076 Accumulated amortization and impairment losses At December 31, 2015 464 907 23 1,394 Amortization charge 28 60 5 93 Foreign exchange differences 3 15 (1 ) 17 Transfers and other movements — — (2 ) (2 ) Fully amortized intangible assets 2 (71 ) (2 ) — (73 ) At December 31, 2016 424 980 25 1,429 Amortization charge 31 31 16 78 Foreign exchange differences 58 89 5 152 Transfers and other movements (4 ) (1 ) — (5 ) Fully amortized intangible assets 2 (18 ) (3 ) — (21 ) At December 31, 2017 491 1,096 46 1,633 Carrying amount At December 31, 2016 252 120 31 403 At December 31, 2017 275 118 50 443 1. Transfers and other movements correspond mainly to transfer from assets under construction into patents and licenses in 2017 and 2016 . 2. Fully amortized assets correspond mainly to licenses in 2017 and 2016 . Research and development costs not meeting the criteria for capitalization are expensed as incurred. These costs amounted to 278 , 239 and 227 for the years ended December 31, 2017 , 2016 , and 2015 , respectively and were recognized in selling, general and administrative expenses. 5.2 Property, plant and equipment and biological assets Property, plant and equipment is recorded at cost less accumulated depreciation and impairment. Cost includes all related costs directly attributable to the acquisition or construction of the asset. Except for land and assets used in mining activities, property, plant and equipment is depreciated using the straight-line method over the useful lives of the related assets as presented in the table below. Asset Category Useful Life Range Land Not depreciated Buildings 10 to 50 years Property plant & equipment 15 to 50 years Auxiliary facilities 15 to 45 years Other facilities 5 to 20 years The Company’s annual review of useful lives leverages on the experience gained from an in-depth review performed every five years, any significant change in the expected pattern of consumption embodied in the asset, and the specialized knowledge of ArcelorMittal’s network of chief technical officers. The chief technical officer network includes engineers with facility-specific expertise related to plant and equipment used in the principal production units of the Company’s operations. The most recent in-depth review took place in 2014, during which the Company performed a review of the useful lives of its assets and determined its maintenance and operating practices enabled an extension of the useful lives of plant and equipment. In performing this review, the Company gathered and evaluated data, including commissioning dates, designed capacities, maintenance records and programs, and asset performance history, among other attributes. In accordance with IAS 16, Property, Plant and Equipment, the Company considered this information at the level of components significant in relation to the total cost of the item of plant and equipment. Other factors the Company considered in its determination of useful lives included the expected use of the assets, technical or commercial obsolescence, and operational factors that led to improvements in monitoring and process control that contribute to longer asset lives. In addition, the Company considered the accumulated technical experience and knowledge sharing programs that allowed for the exchange of best practices within the chief technical officer network and the deployment of these practices across the Company’s principal production units. Major improvements, which add to productive capacity or extend the life of an asset, are capitalized, while repairs and maintenance are expensed as incurred. Where a tangible fixed asset comprises major components having different useful lives, these components are accounted for as separate items. Property, plant and equipment under construction is recorded as construction in progress until it is ready for its intended use; thereafter it is transferred to the related class of property, plant and equipment and depreciated over its estimated useful life. Interest incurred during construction is capitalized if the borrowing cost is directly attributable to the construction. Gains and losses on retirement or disposal of assets are recognized in cost of sales. Property, plant and equipment acquired by way of finance leases is stated at an amount equal to the lower of the fair value and the present value of the minimum lease payments at the inception of the lease. Each lease payment is allocated between the finance charges and a reduction of the lease liability. The interest element of the finance cost is charged to the consolidated statements of operations over the lease period so as to achieve a constant rate of interest on the remaining balance of the liability. The residual values and useful lives of property, plant and equipment are reviewed at each reporting date and adjusted if expectations differ from previous estimates. Depreciation methods applied to property, plant and equipment are reviewed at each reporting date and changed if there has been a significant change in the expected pattern of consumption of the future economic benefits embodied in the asset. Mining assets comprise: • Mineral rights acquired; • Capitalized developmental stripping (as described below in “Stripping and overburden removal costs”). Property, plant and equipment used in mining activities is depreciated over its useful life or over the remaining life of the mine, if shorter, and if there is no alternative use. For the majority of assets used in mining activities, the economic benefits from the asset are consumed in a pattern which is linked to the production level and accordingly, assets used in mining activities are primarily depreciated on a units-of-production basis. A unit-of-production is based on the available estimate of proven and probable reserves. Capitalization of pre-production expenditures ceases when the mining property is capable of commercial production as it is intended by management. General administration costs that are not directly attributable to a specific exploration area are charged to the consolidated statements of operations. Mining Reserves Reserves are estimates of the amount of product that can be economically and legally extracted from the Company’s properties. In order to estimate reserves, estimates are required for a range of geological, technical and economic factors, including quantities, grades, production techniques, recovery rates, production costs, transport costs, commodity demand, commodity prices and exchange rates. Estimating the quantity and/or grade of reserves requires the size, shape and depth of ore bodies to be determined by analyzing geological data such as drilling samples. This process may require complex and difficult geological judgments to interpret the data. Because the economic assumptions used to estimate reserves change from period to period, and because additional geological data is generated during the course of operations, estimates of reserves may change from period to period. Changes in reported reserves may affect the Company’s financial results and financial position in a number of ways, including the following: • Asset carrying amounts may be affected due to changes in estimated future cash flows. • Depreciation, depletion and amortization charged in the consolidated statements of operations may change where such charges are determined by the units of production basis, or where the useful economic lives of assets change. • Overburden removal costs recognized in the consolidated statements of financial position or charged to the consolidated statements of operations may change due to changes in stripping ratios or the units of production basis of depreciation. • Decommissioning, site restoration and environmental provisions may change where changes in estimated reserves affect expectations about the timing or cost of these activities. Stripping and overburden removal costs In open pit and underground mining operations, it is often necessary to remove overburden and other waste materials to access the deposit from which minerals can be extracted. This process is referred to as stripping. Stripping costs can be incurred before the mining production commences (“developmental stripping”) or during the production stage (“production stripping”). A mine can operate several open pits that are regarded as separate operations for the purpose of mine planning and production. In this case, stripping costs are accounted for separately, by reference to the ore extracted from each separate pit. If, however, the pits are highly integrated for the purpose of mine planning and production, stripping costs are aggregated. The determination of whether multiple pit mines are considered separate or integrated operations depends on each mine’s specific circumstances. The following factors would point towards the stripping costs for the individual pits being accounted for separately: • If mining of the second and subsequent pits is conducted consecutively with that of the first pit, rather than concurrently. • If separate investment decisions are made to develop each pit, rather than a single investment decision being made at the outset. • If the pits are operated as separate units in terms of mine planning and the sequencing of overburden and ore mining, rather than as an integrated unit. • If expenditures for additional infrastructure to support the second and subsequent pits are relatively large. • If the pits extract ore from separate and distinct ore bodies, rather than from a single ore body. The relative importance of each factor is considered by local management to determine whether the stripping costs should be attributed to the individual pit or to the combined output from several pits. Developmental stripping costs contribute to the future economic benefits of mining operations when the production begins and so are capitalized as tangible assets (construction in progress), whereas production stripping is a part of on-going activities and commences when the production stage of mining operations begins and continues throughout the life of a mine. Capitalization of developmental stripping costs ends when the commercial production of the minerals commences. Production stripping costs are incurred to extract the ore in the form of inventories and/or to improve access to an additional component of an ore body or deeper levels of material. Production stripping costs are accounted for as inventories to the extent the benefit from production stripping activity is realized in the form of inventories. Production stripping costs are recognized as a non-current asset (“stripping activity assets”) to the extent it is probable that future economic benefit in terms of improved access to ore will flow to the Company, the components of the ore body for which access has been improved can be identified and the costs relating to the stripping activity associated with that component can be measured reliably. All stripping costs assets (either stripping activity assets or capitalized developmental stripping costs) are presented within a specific “mining assets” class of property, plant and equipment and then depreciated on a units-of-production basis. Exploration and evaluation expenditure Exploration and evaluation activities involve the search for iron ore and coal resources, the determination of technical feasibility and the assessment of commercial viability of an identified resource. Exploration and evaluation activities include: • researching and analyzing historical exploration data; • conducting topographical, geological, geochemical and geophysical studies; • carrying out exploratory drilling, trenching and sampling activities; • drilling, trenching and sampling activities to determine the quantity and grade of the deposit; • examining and testing extraction methods and metallurgical or treatment processes; and • detailed economic feasibility evaluations to determine whether development of the reserves is commercially justified and to plan methods for mine development. Exploration and evaluation expenditure is charged to the consolidated statements of operations as incurred except in the following circumstances, in which case the expenditure is capitalized: (i) the exploration and evaluation activity is within an area of interest which was previously acquired in a business combination and measured at fair value on acquisition; or (ii) when management has a high degree of confidence in the project’s economic viability and it is probable that future economic benefits will flow to the Company. Capitalized exploration and evaluation expenditures are generally recorded as a component of property, plant and equipment at cost less impairment charges, unless their nature requires them to be recorded as an intangible asset. As the asset is not available for use, it is not depreciated and all capitalized exploration and evaluation expenditure is monitored for indications of impairment. To the extent that capitalized expenditure is not expected to be recovered, it is recognized as an expense in the consolidated statements of operations. Cash flows associated with exploration and evaluation expenditure are classified as operating activities when they are related to expenses or as an investing activity when they are related to a capitalized asset in the consolidated statements of cash flows. Development expenditure Development is the establishment of access to the mineral reserve and other preparations for commercial production. Development activities often continue during production and include: • sinking shafts and underground drifts (often called mine development); • making permanent excavations; • developing passageways and rooms or galleries; • building roads and tunnels; and • advance removal of overburden and waste rock. Development (or construction) also includes the installation of infrastructure (e.g., roads, utilities and housing), machinery, equipment and facilities. When reserves are determined and development is approved, expenditures capitalized as exploration and evaluation are reclassified as construction in progress and are reported as a component of property, plant and equipment. All subsequent development expenditures are capitalized and classified as construction in progress. On completion of development, all assets included in construction in progress are individually reclassified to the appropriate category of property, plant and equipment and depreciated accordingly. Biological assets Biological assets are part of the Brazil operating segment and consist of eucalyptus forests located in the Brazilian state of Minas Gerais exclusively from renewable plantations and intended for the production of charcoal to be utilized as fuel and a source of carbon in the direct reduction process of pig iron production in some of the Company’s blast furnaces in Brazil. Biological assets are measured at their fair value, net of estimated costs to sell at the time of harvest. The fair value is determined based on the discounted cash flow method, taking into consideration the cubic volume of wood, segregated by plantation year, and the equivalent sales value of standing trees. The average sales price was estimated based on domestic market prices. In determining the fair value of biological assets, a discounted cash flow model was used, with a harvest cycle of 6 to 7 years. Property, plant and equipment and biological assets are summarized as follows: Land, buildings and Machinery, equipment and other 2 Construction in progress Mining Total Cost At December 31, 2015 11,732 43,934 3,510 3,659 62,835 Additions 16 299 2,074 37 2,426 Foreign exchange differences (606 ) (1,122 ) (57 ) (13 ) (1,798 ) Disposals (129 ) (1,386 ) (24 ) (4 ) (1,543 ) Divestments (note 2.3) (64 ) (186 ) (4 ) — (254 ) Transfers to assets held for sale (note 2.3) (3 ) (97 ) (18 ) — (118 ) Other movements 1 162 1,875 (2,224 ) 72 (115 ) At December 31, 2016 11,108 43,317 3,257 3,751 61,433 Additions 90 357 2,441 50 2,938 Foreign exchange differences 1,629 5,560 154 — 7,343 Disposals (97 ) (853 ) (7 ) (1 ) (958 ) Divestments (note 2.3) (7 ) (40 ) — — (47 ) Transfers to assets held for sale (note 2.3) (21 ) (95 ) — — (116 ) Other movements 1 143 1,928 (2,113 ) 75 33 At December 31, 2017 12,845 50,174 3,732 3,875 70,626 Accumulated depreciation and impairment At December 31, 2015 3,344 20,220 1,060 2,431 27,055 Depreciation charge for the year 339 2,178 — 111 2,628 Impairment (note 5.3) (14 ) 219 — — 205 Disposals (103 ) (1,336 ) (24 ) (9 ) (1,472 ) Foreign exchange differences (414 ) (1,083 ) (15 ) (1 ) (1,513 ) Divestments (note 2.3) (14 ) (168 ) — — (182 ) Transfers to assets held for sale (note 2.3) — (63 ) — — (63 ) Other movements 1 — 13 (28 ) (41 ) (56 ) At December 31, 2016 3,138 19,980 993 2,491 26,602 Depreciation charge for the year 329 2,249 — 112 2,690 Impairment (note 5.3) 10 196 — — 206 Disposals (61 ) (820 ) (1 ) — (882 ) Foreign exchange differences 940 4,080 18 2 5,040 Divestments (note 2.3) (4 ) (39 ) — — (43 ) Transfers to assets held for sale (note 2.3) (18 ) (64 ) — — (82 ) Other movements 1 22 118 (22 ) 6 124 At December 31, 2017 4,356 25,700 988 2,611 33,655 Carrying amount At December 31, 2016 7,970 23,337 2,264 1,260 34,831 At December 31, 2017 8,489 24,474 2,744 1,264 36,971 1. Other movements predominantly represent transfers from construction in progress to other categories and retirement of fully amortized assets. 2. Machinery, equipment and other includes biological assets of 36 and 49 as of December 31, 2017 and 2016 , respectively, and bearer plants of 35 and 36 as of December 31, 2017 and 2016 , respectively. The carrying amount of temporarily idle property, plant and equipment at December 31, 2017 and 2016 was 325 and 359 including 297 and 298 in Brazil, 6 and 43 in NAFTA and 22 and 18 in the Europe segment, respectively. The carrying amount of property, plant and equipment retired from active use and not classified as held for sale was 51 and 75 at December 31, 2017 and 2016 , respectively. Such assets are carried at their recoverable amount. Lease arrangements The Company may enter into arrangements that do not take the legal form of a lease, but may contain a lease. This will be the case if the following two criteria are met: • The fulfillment of the arrangement depends on the use of a specific asset and • The arrangement conveys a right to use the asset. Assets under lease arrangements which transfer substantially all of the risks and rewards of ownership to the Company are classified as finance leases. On initial recognition, the leased asset and its related liability are measured at an amount equal to the lower of its fair value and the present value of the minimum lease payments. Subsequent to initial recognition, the asset is accounted for in accordance with the accounting policy applicable to that asset while the minimum lease payments are apportioned between financing costs and reduction of the lease liability. Assets held under lease arrangements that are not finance leases are classified as operating leases and are not recognized in the consolidated statements of financial position. Payments made under operating leases are recognized in cost of sales in the consolidated statements of operations on a straight-line basis over the lease terms. The carrying amount of capitalized leases was 415 and 467 as of December 31, 2017 and 2016 , respectively including 364 and 421 related to machinery and equipment and 51 and 46 to buildings, respectively. The total future minimum lease payments related to finance leases for the year ended December 31, 2017 were as follows: 2018 144 2019 – 2022 440 2023 and beyond 160 Total minimum lease commitments 744 Less: future finance charges 256 Present value of minimum lease payments 488 The total future minimum lease payments related to finance leases for the year ended December 31, 2016 were as follows: 2017 133 2018 – 2021 467 2022 and beyond 221 Total minimum lease commitments 821 Less: future finance charges 292 Present value of minimum lease payments 529 The present value of the future minimum lease payments was 488 and 529 for the year ended December 31, 2017 and 2016 , respectively. The 2017 calculation is based on an average discount rate of 13.2% ( 13.1% in 2016 ) considering maturities from 1 to 14 years (from 1 to 15 years in 2016 ) including the renewal option when intended to be exercised. 5.3 Impairment of intangible assets, including goodwill, and tangible assets Impairment charges recognized, were as follows: Year ended December 31, Type of asset 2017 2016 2015 Goodwill — — 854 Intangible assets — — 157 Tangible assets 206 205 3,753 Total 206 205 4,764 Impairment test of goodwill Goodwill is tested for impairment annually, as of October 31 or whenever changes in circumstances indicate that the carrying amount may not be recoverable, at the level of the groups of cash-generating units (“GCGU”) which correspond to the operating segments representing the lowest level at which goodwill is monitored for internal management purposes. Whenever the cash-generating units comprising the operating segments are tested for impairment at the same time as goodwill, the cash-generating units are tested first and any impairment of the assets is recorded prior to the testing of goodwill. The recoverable amounts of the GCGUs are mainly determined based on their value in use. The value in use of each GCGU is determined by estimating future cash flows. The 2017 impairment test of goodwill did not include the GCGU corresponding to the Mining segment as goodwill allocated to this GCGU was fully impaired in 2015 . The key assumptions for the value in use calculations are primarily the discount rates, growth rates, expected changes to average selling prices, shipments and direct costs during the period. Assumptions for average selling prices and shipments are based on historical experience and expectations of future changes in the market. In addition, with respect to raw material price assumptions, the Company applied a range of $57 /t to $67 /t for iron ore and $118 /t to $168 /t for coking coal. Cash flow forecasts adjusted for the risks specific to the tested assets are derived from the most recent financial plans approved by management for the next five years. Beyond the specifically forecasted period, the Company extrapolates cash flows for the remaining years based on an estimated growth rate of 2% . This rate does not exceed the average long-term growth rate for the relevant markets. Management estimates discount rates using pre-tax rates that reflect current market rates for investments of similar risk. The rate for each GCGU was estimated from the weighted average cost of capital of producers, which operate a portfolio of assets similar to those of the Company’s assets. NAFTA Brazil Europe ACIS GCGU weighted average pre-tax discount rate used in 2017 (in %) 11.9 15.6 11.0 16.3 GCGU weighted average pre-tax discount rate used in 2016 (in %) 11.7 16.0 10.9 18.7 Once recognized, impairment losses for goodwill are not reversed. There was no impairment charge recognized with respect to goodwill following the Company’s impairment test as of October 31, 2017. The total value in use calculated for all GCGUs increased overall in 2017 as compared to 2016 . In validating the value in use determined for the GCGUs, the Company performed a sensitivity analysis of key assumptions used in the discounted cash-flow model (such as discount rates, average selling prices, shipments and terminal growth rate). The Company believes that reasonably possible changes in key assumptions could cause an impairment loss to be recognized in respect of ACIS and the Brazil segments. ACIS produces a combination of flat and long products. Its facilities are located in Asia, Africa and Commonwealth of Independent States. ACIS is significantly self-sufficient in raw materials. The Company believes that sales volumes, prices and discount rates are the key assumptions most sensitive to change. ACIS is also exposed to export markets and international steel prices which are volatile, reflecting the cyclical nature of the global steel industry, developments in particular steel consuming industries and macroeconomic trends of emerging markets, such as economic growth. Discount rates may be affected by changes in countries’ specific risks; such risk premium decreased in 2017 in the case of Ukraine due to improved political and market conditions. The ACIS value in use model anticipates a limited increase in sales volumes in 2018 compared to 2017 ( 13.1 million tonnes for the year ended December 31, 2017 ) and marginal improvements thereafter. Average selling prices in the model are expected to increase in 2018 due to higher international raw material prices and stabilize subsequently in line with such long-term prices. The Brazil segment produces a combination of flat and long products. Its facilities are mainly located in Brazil and Argentina. The Company believes that sales volumes, prices and discount rates are the key assumptions most sensitive to change. It is also exposed to export markets and international steel prices which are volatile, reflecting the cyclical nature of the global steel industry, developments in particular steel consuming industries and macroeconomic trends of emerging markets, such as economic growth. Discount rates may be affected by changes in countries’ specific risks, in particular in Brazil, whose economy starts however a turnaround with improved market conditions leading to higher steel prices and higher steel consumption, particularly in the automotive industry whereas some weakness remains in the construction business. The Brazil value in use model anticipates a marginal increase in sales volumes in 2018 compared to 2017 ( 10.8 million tonnes for the year ended December 31, 2017 ), a slight decrease in 2019 and continuous improvements thereafter. Average selling prices in the model are expected to increase in 2018 following higher raw material prices and adjust to a stable but lower level subsequently. The following changes in key assumptions in projected earnings in every year of initial five-year period and perpetuity, at the GCGU level, assuming unchanged values for the other assumptions, would cause the recoverable amount to equal respective carrying value as of the impairment test date (i.e.: October 31, 2017 and 2016). 2017 2016 ACIS Brazil ACIS Brazil Excess of recoverable amount over carrying amount 272 1,307 705 555 Increase in pre-tax discount rate (change in basis points) 72 140 191 93 Decrease in average selling price (change in %) 0.49 1.37 1.72 1.03 Decrease in shipments (change in %) 2.16 4.11 5.10 2.36 Impairment test of intangible assets In 2015, in connection with management’s annual test for impairment of goodwill as of October 31, 2015, intangible assets were also tested for impairment at that date. Accordingly, ArcelorMittal recognized impairment charges of 94 and 63 with respect to mining permits and concessions in ArcelorMittal Princeton in the United States and ArcelorMittal Liberia (Mining), respectively. Impairment test of property, plant and equipment At each reporting date, ArcelorMittal reviews the carrying amounts of its intangible assets (excluding goodwill) and tangible assets to determine whether there is any indication that the carrying amount of those assets may not be recoverable through continuing use. If any such indication exists, the recoverable amount of the asset (or cash generating unit) is reviewed in order to determine the amount of the impairment, if any. The recoverable amount is the higher of its net selling price (fair value reduced by selling costs) and its value in use. In estimating its value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset (or cash-generating unit). For an asset that does not generate cash inflows largely independent of those from other assets, the recoverable amount is determined for the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets corresponding to operating units that generate cash inflows. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, an impairment loss is recognized. An impairment loss is recognized as an expense immediately as part of operating income in the consolidated statements of operations. In the case of permanently idled assets, the impairment is measured at the individual asset level. Otherwise, the Company’s assets are measured for impairment at the cash-generating unit level. In certain instances, the cash-generating unit is an integrated manufacturing facility which may also be an operating subsidiary. Further, a manufacturing facility may be operated in concert with another facility with |
FINANCING AND FINANCIAL INSTRUM
FINANCING AND FINANCIAL INSTRUMENTS | 12 Months Ended |
Dec. 31, 2017 | |
Financial Instruments [Abstract] | |
FINANCING AND FINANCIAL INSTRUMENTS | NOTE 6: FINANCING AND FINANCIAL INSTRUMENTS 6.1 Financial assets and liabilities Financial assets and liabilities mainly comprise: • gross debt (see note 6.1.2) • cash and cash equivalents, restricted cash and reconciliations of cash flows (see note 6.1.3) • net debt (see note 6.1.4) • derivative financial instruments (see note 6.1.5) • other non-derivative financial assets and liabilities (see note 6.1.6) 6.1.1 Fair values versus carrying amounts The estimated fair values of certain financial instruments have been determined using available market information or other valuation methodologies that require judgment in interpreting market data and developing estimates. The following tables summarize assets and liabilities based on their categories . December 31, 2017 Carrying amount in the consolidated statements of financial position Non-financial assets and liabilities Loan and receivables Liabilities at amortized cost Fair value recognized in profit or loss Available-for-sale assets Derivatives ASSETS Current assets: Cash and cash equivalents 2,574 — 2,574 — — — — Restricted cash 212 — 212 — — — — Trade accounts receivable and other 3,863 — 3,863 — — — — Inventories 17,986 17,986 — — — — — Prepaid expenses and other current assets 1,931 1,270 574 — — — 87 Assets held for sale 179 179 — — — — — Total current assets 26,745 19,435 7,223 — — — 87 Non-current assets: Goodwill and intangible assets 5,737 5,737 — — — — — Property, plant and equipment and biological assets 36,971 36,935 — — 36 — — Investments in associates and joint ventures 5,084 5,084 — — — — — Other investments 1,471 — — — — 1,471 — Deferred tax assets 7,055 7,055 — — — — — Other assets 2,234 411 834 — — — 989 Total non-current assets 58,552 55,222 834 — 36 1,471 989 Total assets 85,297 74,657 8,057 — 36 1,471 1,076 LIABILITIES AND EQUITY Current liabilities: Short-term debt and current portion of long-term debt 2,785 — — 2,785 — — — Trade accounts payable and other 13,428 — — 13,428 — — — Short-term provisions 410 394 — 16 — — — Accrued expenses and other liabilities 4,505 1,080 — 3,100 — — 325 Income tax liabilities 232 232 — — — — — Liabilities held for sale 50 50 — — — — — Total current liabilities 21,410 1,756 — 19,329 — — 325 Non-current liabilities: Long-term debt, net of current portion 10,143 — — 10,143 — — — Deferred tax liabilities 2,684 2,684 — — — — — Deferred employee benefits 7,630 7,630 — — — — — Long-term provisions 1,612 1,612 — — — — — Other long-term obligations 963 204 — 415 — — 344 Total non-current liabilities 23,032 12,130 — 10,558 — — 344 Equity: Equity attributable to the equity holders of the parent 38,789 38,789 — — — — — Non-controlling interests 2,066 2,066 — — — — — Total equity 40,855 40,855 — — — — — Total liabilities and equity 85,297 54,741 — 29,887 — — 669 December 31, 2016 Carrying amount in the consolidated statements of financial position Non-financial assets and liabilities Loan and receivables Liabilities at amortized cost Fair value recognized in profit or loss Available-for-sale assets Derivatives ASSETS Current assets: Cash and cash equivalents 2,501 — 2,501 — — — — Restricted cash 114 — 114 — — — — Trade accounts receivable and other 2,974 — 2,974 — — — — Inventories 14,734 14,734 — — — — — Prepaid expenses and other current assets 1,665 967 455 — — — 243 Assets held for sale 259 259 — — — — — Total current assets 22,247 15,960 6,044 — — — 243 Non-current assets: Goodwill and intangible assets 5,651 5,651 — — — — — Property, plant and equipment and biological assets 34,831 34,782 — — 49 — — Investments in associates and joint ventures 4,297 4,297 — — — — — Other investments 926 — — — — 926 — Deferred tax assets 5,837 5,837 — — — — — Other assets 1,353 408 756 — — — 189 Total non-current assets 52,895 50,975 756 — 49 926 189 Total assets 75,142 66,935 6,800 — 49 926 432 LIABILITIES AND EQUITY Current liabilities: Short-term debt and current portion of long-term debt 1,885 — — 1,885 — — — Trade accounts payable and other 11,633 — — 11,633 — — — Short-term provisions 426 410 — 16 — — — Accrued expenses and other liabilities 3,943 880 — 2,837 — — 226 Income tax liabilities 133 133 — — — — — Liabilities held for sale 95 95 — — — — — Total current liabilities 18,115 1,518 — 16,371 — — 226 Non-current liabilities: Long-term debt, net of current portion 11,789 — — 11,789 — — — Deferred tax liabilities 2,529 2,529 — — — — — Deferred employee benefits 8,297 8,297 — — — — — Long-term provisions 1,521 1,518 — 3 — — — Other long-term obligations 566 186 — 310 — — 70 Total non-current liabilities 24,702 12,530 — 12,102 — — 70 Equity: Equity attributable to the equity holders of the parent 30,135 30,135 — — — — — Non-controlling interests 2,190 2,190 — — — — — Total equity 32,325 32,325 — — — — — Total liabilities and equity 75,142 46,373 — 28,473 — — 296 The Company classifies the bases used to measure certain assets and liabilities at their fair value. Assets and liabilities carried or measured at fair value have been classified into three levels based upon a fair value hierarchy that reflects the significance of the inputs used in making the measurements. The levels are as follows: Level 1: Quoted prices in active markets for identical assets or liabilities that the entity can access at the measurement date; Level 2: Significant inputs other than within Level 1 that are observable for the asset or liability, either directly (i.e.: as prices) or indirectly (i.e.: derived from prices); Level 3: Inputs for the assets or liabilities that are not based on observable market data and require management assumptions or inputs from unobservable markets. The following tables summarize the bases used to measure certain assets and liabilities at their fair value. As of December 31, 2017 Level 1 Level 2 Level 3 Total Assets at fair value: Available-for-sale financial assets 1 1,444 — — 1,444 Derivative financial current assets — 87 — 87 Derivative financial non-current assets — 5 984 989 Total assets at fair value 1,444 92 984 2,520 Liabilities at fair value: Derivative financial current liabilities — 247 78 325 Derivative financial non-current liabilities — 158 186 344 Total liabilities at fair value — 405 264 669 1. The balance does not include equity investments of 27 carried at cost As of December 31, 2016 Level 1 Level 2 Level 3 Total Assets at fair value: Available-for-sale financial assets 1 894 — — 894 Derivative financial current assets — 243 — 243 Derivative financial non-current assets — 14 175 189 Total assets at fair value 894 257 175 1,326 Liabilities at fair value: Derivative financial current liabilities — 226 — 226 Derivative financial non-current liabilities — 37 33 70 Total liabilities at fair value — 263 33 296 1. The balance does not include equity investments of 32 carried at cost Available-for-sale financial assets classified as Level 1 refer to listed securities quoted in active markets. A quoted market price in an active market provides the most reliable evidence of fair value and is used without adjustment to measure fair value whenever available, with limited exceptions. The total fair value is either the price of the most recent trade at the time of the market close or the official close price as defined by the exchange on which the asset is most actively traded on the last trading day of the period, multiplied by the number of units held without consideration of transaction costs. The increase in available-for-sale financial assets in 2017 is mainly related to the increase in the share price of Erdemir. Derivative financial assets and liabilities classified as Level 2 refer to instruments to hedge fluctuations in interest rates, foreign exchange rates, raw materials (base metals), freight, energy and emission rights, see note 6.1.5 for further information. Derivative financial assets and liabilities classified as Level 3 are described in note 6.1.5. 6.1.2 Gross debt Gross debt includes bank debt, debenture loans and finance lease obligations and is stated at amortized cost. However, loans that are hedged under a fair value hedge are remeasured for the changes in the fair value that are attributable to the risk that is being hedged. 6.1.2.1 Short-term debt Short-term debt, including the current portion of long-term debt, consisted of the following: December 31, 2017 2016 Short-term bank loans and other credit facilities including commercial paper 1 1,735 1,123 Current portion of long-term debt 976 697 Lease obligations 74 65 Total 2,785 1,885 1. The weighted average interest rate on short-term borrowings outstanding was 3.1% and 2.7% as of December 31, 2017 and 2016 , respectively. In 2014, ArcelorMittal entered into certain short-term committed bilateral credit facilities. The facilities were extended in 2015, 2016 and 2017 . As of December 31, 2017 , the facilities, totaling approximately 0.8 billion , remain fully available. On September 15, 2017, ArcelorMittal entered into a short-term borrowing with a financial institution for net proceeds of CAD 936 million ( 771 ) with repayment over several dates in 2017 and 2018. As of December 31, 2017, CAD 236 million (188) was outstanding. Commercial paper The Company has a commercial paper program enabling borrowings of up to €1 billion . As of December 31, 2017 and 2016, the outstanding amount was 1,125 and 392 , respectively. 6.1.2.2 Long-term debt Long-term debt is comprised of the following: December 31, Year of maturity Type of Interest Interest rate 1 2017 2016 Corporate 5.5 billion Revolving Credit Facility - 2.3 billion tranche 2019 Floating — — 5.5 billion Revolving Credit Facility - 3.2 billion tranche 2021 Floating — — €1.0 billion Unsecured Bonds 2 2017 Fixed 5.88% — 568 €500 million Unsecured Notes 2018 Fixed 5.75% 400 351 €400 million Unsecured Notes 2018 Floating 1.70% 480 421 1.5 billion Unsecured Notes 3 2018 Fixed 6.13% — 648 €750 million Unsecured Notes 2019 Fixed 3.00% 897 788 1.5 billion Unsecured Notes 4 2019 Fixed 10.60% — 842 500 Unsecured Notes 2020 Fixed 5.13% 323 323 CHF 225 million Unsecured Notes 2020 Fixed 2.50% 230 220 €600 million Unsecured Notes 2020 Fixed 2.88% 715 627 1.0 billion Unsecured Bonds 2020 Fixed 5.75% 622 620 1.5 billion Unsecured Notes 2021 Fixed 6.00% 753 752 €500 million Unsecured Notes 2021 Fixed 3.00% 597 523 €750 million Unsecured Notes 2022 Fixed 3.13% 895 786 1.1 billion Unsecured Notes 5 2022 Fixed 6.75% 655 1,092 €500 million Unsecured Notes 2023 Fixed 0.95% 593 — 500 Unsecured Notes 2025 Fixed 6.13% 497 497 1.5 billion Unsecured Bonds 5 2039 Fixed 7.50% 1,092 1,466 1.0 billion Unsecured Notes 5 2041 Fixed 7.25% 619 984 Other loans 2018-2021 Fixed 1.25% - 2.15% 53 29 EIB loan 2019-2025 Fixed 1.16% 420 — ICO loan 2017 Floating 2.18% — 7 Other loans 2018 - 2035 Floating 0.01% - 3.99% 672 250 Total Corporate 10,513 11,794 Other loans - Americas 2018 - 2025 Fixed/Floating 0.00% - 10.00% 107 198 Other loans - Europe 2019 - 2027 Fixed/Floating 0.00% - 4.63% 85 30 Total 10,705 12,022 Less current portion of long-term debt (976 ) (697 ) Total long-term debt (excluding lease obligations) 9,729 11,325 Long-term lease obligations 6 414 464 Total long-term debt, net of current portion 10,143 11,789 1. Rates applicable to balances outstanding at December 31, 2017 , including the effect of step-ups and step-downs following rating changes. For debt that has been redeemed in its entirety during 2017 , the interest rates refer to the rates at repayment date. 2. Amount outstanding was repaid at the original maturity, November 17, 2017. 3. Early redeemed on December 28, 2017. 4. Early redeemed on April 3, 2017. 5. Bonds or Notes partially repurchased on October 16, 2017, pursuant to cash tender offer. 6. Net of current portion of 74 and 65 in 2017 and in 2016 , respectively. Corporate 5.5 billion Revolving Credit Facility On December 21, 2016, ArcelorMittal signed an agreement for a 5.5 billion revolving credit facility (the "Facility"). This Facility amends and restates the 6 billion revolving credit facility dated April 30, 2015. The amended agreement incorporates a first tranche of 2.3 billion maturing on December 21, 2019, and a second tranche of 3.2 billion maturing on December 21, 2021, restoring the Facility to the original tenors of 3 years and 5 years. The Facility may be used for general corporate purposes. As of December 31, 2017 , the 5.5 billion revolving credit facility was fully available. Bonds On December 28, 2017, ArcelorMittal redeemed 644 (the remaining outstanding balance) of its 1.5 billion 6.125% Notes due June 1, 2018 for a total aggregate purchase price including accrued interest and premium on early repayment of 658 , which was financed with existing cash and liquidity. On December 4, 2017, ArcelorMittal issued €500 million ( 600 ) 0.95% Notes due January 17, 2023, under its wholesale Euro Medium Term Notes Program. On November 17, 2017, at maturity, ArcelorMittal repaid the €540 million ( 647 ) principal amount that remained outstanding, following the cash tender offers in April 2016, of its €1 billion 4.625% unsecured bonds. On October 16, 2017, pursuant to cash tender offers and financed with existing cash and liquidity, ArcelorMittal purchased: • 441 of its U.S. dollar denominated 6.25% Notes due February 25, 2022 (the “USD 2022 Notes”) for a total aggregate purchase price (including premiums and accrued interest) of 510 . Following this purchase, 659 principal amount of the USD 2022 Notes remained outstanding. • 371 of its U.S. dollar denominated 6.75% Notes due March 1, 2041 (the “USD 2041 Notes”) for a total aggregate purchase price (including premiums and accrued interest) of 445 . Following this purchase, 629 principal amount of the USD 2041 Notes remained outstanding. • 383 of its U.S. dollar denominated 7.00% Notes due October 15, 2039 (the “2039 Notes”) for a total aggregate purchase price (including premiums and accrued interest) of 464 . Following this purchase, 1,117 principal amount of the USD 2039 Notes remained outstanding. On April 3, 2017, ArcelorMittal redeemed all of its outstanding 1.5 billion 9.85% Notes due June 1, 2019 for a total aggregate purchase price including accrued interest and premium on early repayment of 1,040 , which was financed with existing cash and liquidity. As a result of the above mentioned redemptions, net financing costs for the year ended December 31, 2017 included 389 of premiums and other fees. The margin applicable to ArcelorMittal’s principal credit facilities ( 5.5 billion revolving credit facility and certain other credit facilities) and the coupons on certain of its outstanding bonds are subject to adjustment in the event of a change in its long-term credit ratings. The following table provides details of the outstanding bonds on maturity, the original coupons and the current interest rates for the bonds impacted by changes in the long-term credit rating: Nominal value Date of issuance Repayment date Original interest rate Current interest rate 1 Issued at €400 million Unsecured Notes Apr 9, 2015 Apr 9, 2018 Euribor 3M + 2.03% Euribor 3M + 2.03% 100.00% €500 million Unsecured Notes Mar 29, 2012 Mar 29, 2018 4.50% 5.75% 99.71% €750 million Unsecured Notes Mar 25, 2014 Mar 25, 2019 3.00% 3.00% 99.65% 500 million Unsecured Notes Jun 1, 2015 Jun 1, 2020 5.13% 5.13% 100.00% CHF 225 million Unsecured Notes Jul 3, 2015 Jul 3, 2020 2.50% 2.50% 100.00% €600 million Unsecured Notes Jul 4, 2014 Jul 6, 2020 2.88% 2.88% 99.18% 1.0 billion Unsecured Bonds Aug 5, 2010 Aug 5, 2020 5.25% 5.75% 98.46% 1.5 billion Unsecured Notes Mar 7, 2011 Mar 1, 2021 5.50% 6.00% 99.36% €500 million Unsecured Notes Apr 9, 2015 Apr 9, 2021 3.00% 3.00% 99.55% €750 million Unsecured Notes Jan 14, 2015 Jan 14, 2022 3.13% 3.13% 99.73% 1.1 billion Unsecured Notes Feb 28, 2012 Feb 25, 2022 6.25% 6.75% 98.28% €500 million Unsecured Notes Dec 4, 2017 Jan 17, 2023 0.95% 0.95% 99.38% 500 million Unsecured Notes Jun 1, 2015 Jun 1, 2025 6.13% 6.13% 100.00% 1.0 billion Unsecured Bonds Oct 8, 2009 Oct 15, 2039 7.00% 7.50% 95.20% 500 Unsecured Bonds Aug 5, 2010 Oct 15, 2039 7.00% 7.50% 104.84% 1.0 billion Unsecured Notes Mar 7, 2011 Mar 1, 2041 6.75% 7.25% 99.18% 1. Rates applicable at December 31, 2017. European Investment Bank (“EIB”) Loan On December 16, 2016, ArcelorMittal signed a €350 million finance contract with the European Investment Bank in order to finance European research, development and innovation projects over the period 2017-2020 within the European Union, namely predominantly France, Belgium and Spain, but also in Czech Republic, Poland, Luxembourg and Romania. This operation benefits from a guarantee from the European Union under the European Fund for Strategic Investments. As of December 31, 2017 , €350 million ( 420 ) was fully drawn. Instituto de Crédito Oficial (“ICO”) Loan The Company entered into an agreement with the ICO on April 9, 2010, for the financing of the Company investment plan in Spain for the period 2008-2011. The last installment under this agreement was due on April 7, 2017. The outstanding amount at maturity was 7 . The facility was repaid at maturity. Other loans Other loans relate to various debt with banks and public institutions. On October 9, 2017, ArcelorMittal completed the offering of a €300 million ( 360 ) variable rate loan in the German Schuldschein market. The proceeds of the issuance were used to repay or prepay existing indebtedness. Americas 1 billion senior secured asset-based revolving credit facility On May 23, 2016, ArcelorMittal USA LLC signed a 1 billion senior secured asset-based revolving credit facility maturing on May 23, 2021. Borrowings under the facility are secured by inventory and certain other working capital and related assets of ArcelorMittal USA and certain of its subsidiaries in the United States. The facility may be used for general corporate purposes. The facility is not guaranteed by ArcelorMittal. As of December 31, 2017 , the facility is fully available. Other loans Other loans relate mainly to loans contracted by ArcelorMittal Brazil with different counterparties. Europe, Asia and Africa On December 21, 2017, ArcelorMittal Kryvyi Rih entered into a 175 loan agreement with the European Bank for Reconstruction and Development in order to support the upgrade of its production facilities, energy efficiency improvement and environmental impact reduction. The loan agreement also provides for an additional 175 in loan facilities which are currently uncommitted. As of December 31, 2017, the facility remains fully available. On May 25, 2017, ArcelorMittal South Africa signed a 4.5 billion South African rand revolving borrowing base finance facility maturing on May 25, 2020. Any borrowings under the facility are secured by certain eligible inventory and receivables, as well as certain other working capital and related assets of ArcelorMittal South Africa. The facility is used for general corporate purposes. The facility is not guaranteed by ArcelorMittal. As of December 31, 2017, 3.7 billion South African rand ( 298 ) was drawn. Other loans Other loans mainly relate to loans contracted by ArcelorMittal in Spain with different counterparties. Other Certain debt agreements of the Company or its subsidiaries contain certain restrictive covenants. Among other things, these covenants limit encumbrances on the assets of ArcelorMittal and its subsidiaries, the ability of ArcelorMittal’s subsidiaries to incur debt and the ability of ArcelorMittal and its subsidiaries to dispose of assets in certain circumstances. Certain of these agreements also require compliance with a financial covenant. As of December 31, 2017 the scheduled maturities of short-term debt, long-term debt and long-term lease obligations, including their current portion are as follows: Year of maturity Amount 2018 2,785 2019 1,211 2020 2,100 2021 1,789 2022 1,710 Subsequent years 3,333 Total 12,928 The carrying amount and the estimated fair value of the Company’s short and long-term debt is: December 31, 2017 December 31, 2016 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Instruments payable bearing interest at fixed rates 9,862 11,084 11,657 12,666 Instruments payable bearing interest at variable rates 1,331 1,301 894 838 Total long-term debt, including current portion 11,193 12,385 12,551 13,504 Short term bank loans and other credit facilities including commercial paper 1,735 1,731 1,123 1,139 The following tables summarize the Company’s bases used to measure its debt at fair value. Fair value measurement has been classified into three levels based upon a fair value hierarchy that reflects the significance of the inputs used in making the measurements. As of December 31, 2017 Carrying amount Fair Value Level 1 Level 2 Level 3 Total Instruments payable bearing interest at fixed rates 9,862 9,946 1,138 — 11,084 Instruments payable bearing interest at variable rates 1,331 481 820 — 1,301 Total long-term debt, including current portion 11,193 10,427 1,958 — 12,385 Short term bank loans and other credit facilities including commercial paper 1,735 1,731 — 1,731 As of December 31, 2016 Carrying amount Fair Value Level 1 Level 2 Level 3 Total Instruments payable bearing interest at fixed rates 11,657 11,939 727 — 12,666 Instruments payable bearing interest at variable rates 894 408 430 — 838 Total long-term debt, including current portion 12,551 12,347 1,157 — 13,504 Short term bank loans and other credit facilities including commercial paper 1,123 1,139 — 1,139 Instruments payable classified as Level 1 refer to the Company’s listed bonds quoted in active markets. The total fair value is the official closing price as defined by the exchange on which the instrument is most actively traded on the last trading day of the period, multiplied by the number of units held without consideration of transaction costs. Instruments payable classified as Level 2 refer to all debt instruments not classified as Level 1. The fair value of the debt is based on estimated future cash flows converted into U.S. dollar at the forward rate and discounted using current U.S. dollar zero coupon rates and ArcelorMittal’s credit spread quotations for the relevant maturities. There were no instruments payable classified as Level 3. 6.1.3 Cash and cash equivalents, restricted cash and reconciliations of cash flows Cash and cash equivalents consist of cash and short-term highly liquid investments that are readily convertible to cash with original maturities of three months or less at the time of purchase and are carried at cost plus accrued interest, which approximates fair value. Significant cash or cash equivalent balances may be held from time to time at the Company’s international operating subsidiaries, including in particular those in France and the United States, where the Company maintains cash management systems under which most of its cash and cash equivalents are centralized. Other subsidiaries which may hold significant cash balances, include those in Argentina, Brazil, Canada, Kazakhstan, Morocco, South Africa and Ukraine. Some of these operating subsidiaries have debt outstanding or are subject to acquisition agreements that impose restrictions on such operating subsidiaries’ ability to pay dividends, but such restrictions are not significant in the context of ArcelorMittal’s overall liquidity. Repatriation of funds from operating subsidiaries may also be affected by tax and foreign exchange policies in place from time to time in the various countries where the Company operates, though none of these policies are currently significant in the context of ArcelorMittal’s overall liquidity. Cash and cash equivalents consisted of the following: December 31, 2017 2016 Cash at bank 1,701 1,601 Term deposits 297 329 Money market funds 1 576 571 Total 2,574 2,501 1 Money market funds are highly liquid investments with a maturity of 3 months or less from the date of acquisition. Restricted cash represents cash and cash equivalents not readily available to the Company, mainly related to insurance deposits, cash accounts in connection with environmental obligations and true sale of receivables programs, as well as various other deposits or required balance obligations related to letters of credit and credit arrangements. Changes in restricted cash are included within other investing activities (net) in the consolidated statements of cash flows. Restricted cash of 212 as of December 31, 2017 included 112 relating to various environmental obligations and true sales of receivables programs in ArcelorMittal South Africa. Restricted cash as of December 31, 2017 and 2016 included 75 in connection with the mandatory convertible bonds (see note 10.2). Reconciliation of liabilities arising from financing activities The table below details changes in the Company's liabilities arising from financing activities, including both cash and non-cash changes. Liabilities arising from financing activities are those for which cash flows were, or future cash flows will be classified in the Company's consolidated statements of cash flows from financing activities. Long-term debt, net of current portion Short-term debt and current portion of long term debt Balance as of December 31, 2016 (note 6.1.2) 11,789 1,885 Proceeds from long-term debt 1,407 — Payments of long-term debt (2,691 ) — Amortized cost 19 22 Unrealized foreign exchange effects 589 190 Proceeds from short-term debt — 1,859 Payments of short-term debt 1 — (2,164 ) Current portion of long-term debt (976 ) 976 Other movements 6 17 Balance as of December 31, 2017 (note 6.1.2) 10,143 2,785 1. Cash payments by the Company for the reduction of the outstanding liability relating to a lease is classified under other financing activities in the Company's consolidated statements of cash flows. 6.1.4 Net debt The Company monitors its net debt in order to manage its capital. The following table presents the structure of the Company’s net debt by original currency at December 31, 2017 : Total USD EUR USD CHF ZAR CAD Other Short-term debt and current portion of long-term debt 2,785 1,875 291 — 304 191 124 Long-term debt, net of current portion 10,143 4,831 5,044 230 4 1 33 Cash and cash equivalents including restricted cash (2,786 ) (724 ) (1,387 ) (1 ) (249 ) (17 ) (408 ) Net debt 10,142 5,982 3,948 229 59 175 (251 ) 6.1.5 Derivative financial instruments The Company uses derivative financial instruments principally to manage its exposure to fluctuations in interest rates, exchange rates, prices of raw materials, energy and emission rights allowances arising from operating, financing and investing activities. Derivative financial instruments are classified as current or non-current assets or liabilities based on their maturity dates and are accounted for at the trade date. Embedded derivatives are separated from the host contract and accounted for separately if they are not closely related to the host contract. The Company measures all derivative financial instruments based on fair values derived from market prices of the instruments or from option pricing models, as appropriate. Gains or losses arising from changes in fair value of derivatives are recognized in the consolidated statements of operations, except for derivatives that are highly effective and qualify for cash flow or net investment hedge accounting. Changes in the fair value of a derivative that is highly effective and that is designated and qualifies as a cash flow hedge are recorded in other comprehensive income. Amounts deferred in equity are recorded in the consolidated statements of operations in the periods when the hedged item is recognized in the consolidated statements of operations and within the same line item (see note 6.3 Cash flow hedges). The Company formally assesses, both at the hedge’s inception and on an ongoing basis, whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in fair values or cash flows of hedged items. When a hedging instrument is sold, terminated, expired or exercised, the accumulated unrealized gain or loss on the hedging instrument is maintained in equity until the forecasted transaction occurs. If the hedged transaction is no longer probable, the cumulative unrealized gain or loss, which had been recognized in equity, is reported immediately in the consolidated statements of operations. Foreign currency differences arising on the translation of a financial liability designated as a hedge of a net investment in a foreign operation are recognized directly as a separate component of equity, to the extent that the hedge is effective. To the extent that the hedge is ineffective, such differences are recognized in the consolidated statements of operations (see note 6.3 Net investment hedge). The Company manages the counter-party risk associated with its instruments by centralizing its commitments and by applying procedures which specify, for each type of transaction and underlying position, risk limits and/or the characteristics of the counter-party. The Company does not generally grant to or require guarantees from its counterparties for the risks incurred. Allowing for exceptions, the Company’s counterparties are part of its financial partners and the related market transactions are governed by framework agreements (mainly International Swaps and Derivatives Association agreements which allow netting only in case of counterparty default). Accordingly, derivative assets and derivative liabilities are not offset. Derivative financial instruments classified as Level 2: The following tables summarize this portfolio : December 31, 2017 Assets Liabilities Notional Amount Fair Value Average Rate 1 Notional Amount Fair Value Average Rate 1 Interest rate swaps - fixed rate borrowings/loans 6 — 0.98 % 6 — 1.01 % Foreign exchange rate instruments Forward purchase contracts 586 8 3,939 (140 ) Forward sale contracts 525 17 774 (11 ) Currency swaps purchases — — 9 (7 ) Currency swaps sales — — 1,000 (157 ) Exchange option purchases — — 338 (7 ) Exchange options sales — — 319 (5 ) Total foreign exchange rate instruments 25 (327 ) Raw materials (base metals), freight, energy, emission rights Term contracts sales 20 1 467 (38 ) Term contracts purchases 796 65 534 (40 ) Options sales/purchases 9 1 — — Total raw materials (base metals), freight, energy, emission rights 67 (78 ) Total 92 (405 ) 1. The average rate is determined for fixed rate instruments on basis of the U.S. dollar and foreign currency rates and for variable rate instruments generally on the basis of Euribor or Libor. December 31, 2016 Assets Liabilities Notional Amount Fair Value Notional Amount Fair Value Foreign exchange rate instruments Forward purchase contracts 3,784 153 658 (21 ) Forward sale contracts 685 10 657 (26 ) Currency swaps purchases 138 6 44 (33 ) Currency swaps sales 500 4 500 (24 ) Exchange option purchases 169 1 37 — Exchange options sales 109 1 — — Total foreign exchange rate instruments 175 (104 ) Raw materials (base metals), freight, energy, emission rights Term contracts sales 329 18 312 (36 ) Term contracts purchases 416 64 841 (123 ) Option sales/purchases 6 — 6 — Total raw materials (base metals), freight, energy, emission rights 82 (159 ) Total 257 (263 ) Derivative financial assets and liabilities classified as Level 2 refer to instruments to hedge fluctuations in interest rates, foreign exchange rates, raw materials (base metals), freight, energy and emission rights. The total fair value is based on the price a dealer would pay or receive for the security or similar securities, adjusted for any terms specific to that asset or liability. Market inputs are obtained from well-established and recognized vendors of market data and the fair value is calculated using standard industry models based on significant observable market inputs such as foreign exchange rates, commodity prices, swap rates and interest rates. Derivative financial instruments classified as Level 3: Derivative financial non-current assets classified as Level 3 refer to the call option on the 1,000 mandatory convertible bonds (see note 10.2). The fair valuation of Level 3 derivative instruments is established at each reporting date and compared to the prior period. ArcelorMittal’s valuation policies for Level 3 derivatives are an integral part of its internal control procedures and have been reviewed and approved according to the Company’s principles for establishing such procedures. In particular, such procedures address the accuracy and reliability of input data, the accuracy of the valuation model and the knowledge of the staff performing the valuations. ArcelorMitta |
PERSONNEL EXPENSES AND DEFERRED
PERSONNEL EXPENSES AND DEFERRED EMPLOYEE BENEFITS | 12 Months Ended |
Dec. 31, 2017 | |
Employee Benefits [Abstract] | |
Personnel expenses and deferred employee benefits | NOTE 7: PERSONNEL EXPENSES AND DEFERRED EMPLOYEE BENEFITS 7.1 Employees and key management personnel As of December 31, 2017 , 2016 and 2015, ArcelorMittal had approximately 197,000 , 199,000 and 209,000 employees, respectively, and the total annual compensation of ArcelorMittal’s employees in 2017 , 2016 and 2015 was as follows: Year Ended December 31, Employee Information 2017 2016 2015 Wages and salaries 7,912 7,675 8,392 Pension cost (see note 7.2) 265 124 237 Gain following new labor agreement in the U.S. (see note 7.2) — (832 ) — Other staff expenses 1,791 1,591 1,695 Total 9,968 8,558 10,324 As of January 1, 2016, the Group Management Board (“GMB”), ArcelorMittal’s former senior management, was replaced by the CEO Office supported by six other Executive officers. ArcelorMittal’s CEO Office is comprised by the CEO, Mr. Lakshmi N. Mittal and the CFO, Mr. Aditya Mittal. Together, the Executive officers are responsible for the implementation of the Company strategy, overall management of the business and all operational decisions. The key management personnel compensation for 2017 and 2016 reflects this new structure. The total annual compensation of ArcelorMittal’s key management personnel (as described above for 2017 and 2016), including its Board of Directors, expensed in 2017 , 2016 and 2015 was as follows: Year Ended December 31, 2017 2016 2015 Base salary and directors fees 8 12 7 Short-term performance-related bonus 7 2 5 Post-employment benefits 1 1 — Share based compensation 3 2 7 The fair value of the stock options granted and shares allocated based on Restricted Share Unit (“RSU”) and Preference Share Unit (“PSU”) plans to the ArcelorMittal’s key management personnel is recorded as an expense in the consolidated statements of operations over the relevant vesting periods. As of December 31, 2017 , 2016 and 2015 , ArcelorMittal did not have any outstanding loans or advances to members of its Board of Directors or key management personnel, and, as of December 31, 2017 , 2016 and 2015 , ArcelorMittal had not given any guarantees for the benefit of any member of its Board of Directors or key management personnel. 7.2 Deferred employee benefits ArcelorMittal’s operating subsidiaries sponsor different types of pension plans for their employees. Also, some of the operating subsidiaries offer other post-employment benefits, that are principally post-retirement healthcare plans. These benefits are broken down into defined contribution plans and defined benefit plans. Defined contribution plans are those plans where ArcelorMittal pays fixed or determinable contributions to external life insurance or other funds for certain categories of employees. Contributions are paid in return for services rendered by the employees during the period. Contributions are expensed as incurred consistent with the recognition of wages and salaries. No provisions are established with respect to defined contribution plans as they do not generate future commitments for ArcelorMittal. Defined benefit plans are those plans that provide guaranteed benefits to certain categories of employees, either by way of contractual obligations or through a collective agreement. For defined benefit plans, the cost of providing benefits is determined using the projected unit credit method, with actuarial valuations being carried out each fiscal year. The retirement benefit obligation recognized in the consolidated statements of financial position represents the present value of the defined benefit obligation less the fair value of plan assets. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of high quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating to the terms of the related pension obligation. In countries where there is no deep market in such bonds, the market rates on government bonds are used. Remeasurement arising from experience adjustments and changes in actuarial assumptions are charged or credited to other comprehensive income in the period in which they arise. Any asset resulting from this calculation is limited to the present value of available refunds and reductions in future contributions to the plan. Current service cost, which is the increase of the present value of the defined benefit obligation resulting from the employee service in the current period, is recorded as an expense as part of cost of sales and selling, general and administrative expenses in the consolidated statements of operations. The net interest cost, which is the change during the period in the net defined benefit liability or asset that arises from the passage of time, is recognized as part of financing costs net in the consolidated statements of operations. The Company recognizes gains and losses on the settlement of a defined benefit plan when the settlement occurs. The gain or loss on settlement comprises any resulting change in the fair value of plan assets and any change in the present value of the defined benefit obligation. Past service cost is the change in the present value of the defined benefit obligation resulting from a plan amendment or a curtailment. Past service cost is recognized immediately in the consolidated statements of operations in the period in which it arises. Voluntary retirement plans primarily correspond to the practical implementation of social plans or are linked to collective agreements signed with certain categories of employees. Early retirement plans are those plans that primarily correspond to terminating an employee’s contract before the normal retirement date. Liabilities for early retirement plans are recognized when the affected employees have formally been informed and when amounts owed have been determined using an appropriate actuarial calculation. Liabilities relating to the early retirement plans are calculated annually on the basis of the number of employees likely to take early retirement and are discounted using an interest rate which corresponds to that of high quality bonds that have maturity dates similar to the terms of the Company’s early retirement obligations. Termination benefits are provided in connection with voluntary separation plans. The Company recognizes a liability and expense when it can no longer withdraw the offer or, if earlier, when it has a detailed formal plan which has been communicated to employees or their representatives. Other long-term employee benefits include various plans that depend on the length of service, such as long service and sabbatical awards, disability benefits and long-term compensated absences such as sick leave. The amount recognized as a liability is the present value of benefit obligations at the consolidated statements of financial position date, and all changes in the provision (including actuarial gains and losses or past service costs) are recognized in the consolidated statements of operations in the period in which they arise. The expense associated with the above pension plans and post-employment benefits, as well as the carrying amount of the related liability/asset on the consolidated statements of financial position are based on a number of assumptions and factors such as discount rates, expected rate of compensation increase, healthcare cost trend rates, mortality rates and retirement rates. • Discount rates – The discount rate is based on several high quality corporate bond indexes and yield curves in the appropriate jurisdictions (rated AA or higher by a recognized rating agency). In countries where there is no deep market in such bonds, the market rates on government bonds are used. Nominal interest rates vary worldwide due to exchange rates and local inflation rates. • Rate of compensation increase – The rate of compensation increase reflects actual experience and the Company’s long-term outlook, including contractually agreed upon wage rate increases for represented hourly employees. • Healthcare cost trend rate – The healthcare cost trend rate is based on historical retiree cost data, near-term healthcare outlook, including appropriate cost control measures implemented by the Company, and industry benchmarks and surveys. • Mortality and retirement rates – Mortality and retirement rates are based on actual and projected plan experience. Statements of Financial Position Total deferred employee benefits including pension or other post-employment benefits, are as follows: December 31, 2017 2016 Pension plan benefits 3,067 3,061 Other post-employment benefits 4,140 4,801 Early retirement benefits 280 279 Defined benefit liabilities 7,487 8,141 Termination benefits 143 156 Total 7,630 8,297 The early retirement benefits and termination benefits are mainly related to European countries (Belgium, Spain, Germany and Luxembourg). Pension plans A summary of the significant defined benefit pension plans is as follows: U.S. ArcelorMittal USA’s pension plan is a non-contributory defined benefit plan covering approximately 14% of its employees. Certain non-represented salaried employees hired before 2003 receive pension benefits which are determined under a “Cash Balance” formula as an account balance which grows with interest credits and allocations based on a percentage of pay. Certain wage and salaried employees represented by a union hired before November 2005 receive a monthly benefit at retirement based on a fixed rate and years of service. These plans are closed to new participants. Represented employees hired after November 2005 and employees at locations which were acquired from International Steel Group Inc. receive defined pension benefits through a multi-employer pension plan that is accounted for as a defined contribution plan, due to the limited information made available to each of the 483 (as of December 31, 2016 ) different participating employers. ArcelorMittal USA’s labour agreement with the United Steelworkers (“USW”) increased the contributions to the multi-employer plan to $2.70 per contributory hour (retroactive to September 1, 2015) from $2.65 . The contribution rate increased by $0.05 each September 1 for the term of the contract which ends September 1, 2018. Canada The primary pension plans are those of ArcelorMittal Dofasco, AMMIC and ArcelorMittal Long Products Canada. The ArcelorMittal Dofasco pension plan is a hybrid plan providing the benefits of both a defined benefit and defined contribution pension plan. The defined contribution component is financed by both employer and employee contributions. The employer’s defined contribution is based on a percentage of company profits. The defined benefit pension plan was closed for new hires on December 31, 2010 and replaced by a new defined contribution pension plan with contributions related to age, service and earnings. At the end of 2012, ArcelorMittal Dofasco froze and capped benefits for its hourly and salaried employees who were still accruing service under the defined benefit plan and began transitioning these employees to the new defined contribution pension plan for future pension benefits. The AMMIC defined benefit plan provides salary related benefit for non-union employees and a flat dollar pension depending on an employee’s length of service for union employees. This plan was closed for new non-union hires on December 31, 2009 and replaced by a defined contribution pension plan with contributions related to age and service. Effective January 1, 2015, AMMIC implemented a plan to transition its non-union employees who were still benefiting under the defined benefit plan to a defined contribution pension plan. Transition dates can extend up to January 1, 2025 depending on the age and service of each member. ArcelorMittal Long Products Canada sponsors several defined benefit and defined contribution pension plans for its various groups of employees, with most defined benefit plans closed to new entrants several years ago. The primary defined benefit pension plan sponsored by ArcelorMittal Long Products Canada provides certain unionized employees with a flat dollar pension depending on an employee’s length of service. ArcelorMittal Long Products Canada entered into a six-year collective labor agreement during the third quarter of 2014 with its Contrecoeur-West union group. The defined benefit plan was closed to new hires. A new defined contribution type arrangement was established for new hires. Brazil The primary defined benefit plans, financed through trust funds, have been closed to new entrants. Brazilian entities have all established defined contribution plans that are financed by employer and employee contributions. Europe Certain European operating subsidiaries maintain primarily unfunded defined benefit pension plans for a certain number of employees. Benefits are based on such employees’ length of service and applicable pension table under the terms of individual agreements. Some of these unfunded plans have been closed to new entrants and replaced by defined contributions pension plans for active members financed by employer and employee contributions. As from December 2015 new Belgian legislation modifies the minimum guaranteed rates of return applicable to Belgian Defined Contribution Plans. For insured plans, the rates of 3.25% on employer contributions and 3.75% on employee contributions will continue to apply to the accumulated pre-2016 contributions. For contributions paid as from January, 1, 2016, a new variable minimum guaranteed rate of return applies. For 2016 and 2017, the minimum guaranteed rate of return was 1.75% and this is also the best estimate for 2018. Due to the statutory minimum guaranteed return, Belgian defined contribution plans do not meet the definition of defined contribution plans under IFRS. Therefore, the Belgian defined contribution plans are classified as defined benefit plans. On April 25, 2016, the Company agreed with unions in France to cap the annual indexation of the IRUS pension plan until 2026 and to pay a lump sum amount to cover the indexation obligation for subsequent years. These changes resulted in a gain of 96 recorded in cost of sales and selling, general and administrative expenses in the statements of operations. Others A very limited number of defined benefit plans are in place in other countries (such as South Africa, Mexico, Kazakhstan, Ukraine and Morocco). The majority of the funded defined benefit pension plans described earlier provide benefit payments from trustee-administered funds. ArcelorMittal also sponsors a number of unfunded plans where the Company meets the benefit payment obligation as it falls due. Plan assets held in trusts are legally separated from the Company and are governed by local regulations and practice in each country, as is the nature of the relationship between the Company and the governing bodies and their composition. In general terms, governing bodies are required by law to act in the best interest of the plan members and are responsible for certain tasks related to the plan (e.g. setting the plan's investment policy). In case of the funded pension plans, the investment positions are managed within an asset-liability matching ("ALM") framework that has been developed to achieve long-term investments that are in line with the obligations of the pension plans. A long-term investment strategy has been set for ArcelorMittal’s major funded pension plans, with its asset allocation comprising of a mixture of equity securities, fixed income securities, real estate and other appropriate assets. This recognizes that different asset classes are likely to produce different long-term returns and some asset classes may be more volatile than others. The long-term investment strategy ensures, in particular, that investments are adequately diversified. The following tables detail the reconciliation of defined benefit obligation (“DBO”), plan assets, irrecoverable surplus and statements of financial position. Year ended December 31, 2017 Total United States Canada Brazil Europe Other Change in benefit obligation Benefit obligation at beginning of the period 10,054 3,627 3,053 704 2,582 88 Current service cost 125 32 26 4 60 3 Interest cost on DBO 397 142 119 79 46 11 Past service cost - Plan amendments 14 — 13 — 1 — Plan participants’ contribution 3 — 1 — 2 — Actuarial (gain) loss 323 (28 ) 237 40 72 2 Demographic assumptions (131 ) (130 ) 1 — (2 ) — Financial assumptions 418 154 188 22 54 — Experience adjustment 36 (52 ) 48 18 20 2 Benefits paid (656 ) (265 ) (197 ) (49 ) (130 ) (15 ) Foreign currency exchange rate differences and other movements 575 — 229 (12 ) 357 1 Benefit obligation at end of the period 10,835 3,508 3,481 766 2,990 90 Change in plan assets Fair value of plan assets at beginning of the period 7,048 2,768 2,795 684 777 24 Interest income on plan assets 292 94 107 75 15 1 Return on plan assets greater/(less) than discount rate 468 274 169 16 17 (8 ) Employer contribution 249 117 83 8 41 — Plan participants’ contribution 3 — 1 — 2 — Benefits paid (545 ) (260 ) (196 ) (49 ) (37 ) (3 ) Foreign currency exchange rate differences and other movements 307 — 208 (11 ) 109 1 Fair value of plan assets at end of the period 7,822 2,993 3,167 723 924 15 Present value of the wholly or partly funded obligation (9,352 ) (3,477 ) (3,463 ) (765 ) (1,635 ) (12 ) Fair value of plan assets 7,822 2,993 3,167 723 924 15 Net present value of the wholly or partly funded obligation (1,530 ) (484 ) (296 ) (42 ) (711 ) 3 Present value of the unfunded obligation (1,483 ) (31 ) (18 ) (1 ) (1,355 ) (78 ) Prepaid due to unrecoverable surpluses (34 ) — (23 ) (3 ) (6 ) (2 ) Net amount recognized (3,047 ) (515 ) (337 ) (46 ) (2,072 ) (77 ) Net assets related to funded obligations 20 — 17 — 3 — Recognized liabilities (3,067 ) (515 ) (354 ) (46 ) (2,075 ) (77 ) Change in unrecoverable surplus Unrecoverable surplus at beginning of the period (34 ) — (18 ) (3 ) (4 ) (9 ) Interest cost on unrecoverable surplus (1 ) — (1 ) — — — Change in unrecoverable surplus in excess of interest 2 — (3 ) — (2 ) 7 Exchange rates changes (1 ) — (1 ) — — — Unrecoverable surplus at end of the period (34 ) — (23 ) (3 ) (6 ) (2 ) Year ended December 31, 2016 Total United States Canada Brazil Europe Other Change in benefit obligation Benefit obligation at beginning of the period 9,883 3,623 2,928 495 2,601 236 Current service cost 112 31 25 2 50 4 Interest cost on DBO 406 151 125 66 52 12 Past service cost - Plan amendments (80 ) 12 4 — (96 ) — Plan participants’ contribution 4 — 1 1 2 — Curtailments and settlements (10 ) — — — (4 ) (6 ) Actuarial (gain) loss 388 71 65 82 170 — Demographic assumptions (12 ) (21 ) 1 — 8 — Financial assumptions 370 80 23 96 170 1 Experience adjustment 30 12 41 (14 ) (8 ) (1 ) Benefits paid (633 ) (261 ) (186 ) (42 ) (129 ) (15 ) Foreign currency exchange rate differences and other movements 1 (16 ) — 91 100 (64 ) (143 ) Benefit obligation at end of the period 10,054 3,627 3,053 704 2,582 88 Change in plan assets Fair value of plan assets at beginning of the period 6,828 2,795 2,633 498 753 149 Interest income on plan assets 308 104 111 72 17 4 Return on plan assets greater/(less) than discount rate 273 126 91 30 24 2 Employer contribution 124 16 64 21 23 — Plan participants’ contribution 4 — 1 1 2 — Settlements (4 ) — — — (4 ) — Benefits paid (529 ) (261 ) (185 ) (42 ) (38 ) (3 ) Foreign currency exchange rate differences and other movements 1 44 (12 ) 80 104 — (128 ) Fair value of plan assets at end of the period 7,048 2,768 2,795 684 777 24 Present value of the wholly or partly funded obligation (8,730 ) (3,593 ) (3,040 ) (703 ) (1,379 ) (15 ) Fair value of plan assets 7,048 2,768 2,795 684 777 24 Net present value of the wholly or partly funded obligation (1,682 ) (825 ) (245 ) (19 ) (602 ) 9 Present value of the unfunded obligation (1,324 ) (34 ) (13 ) (1 ) (1,203 ) (73 ) Prepaid due to unrecoverable surpluses (34 ) — (18 ) (3 ) (4 ) (9 ) Net amount recognized (3,040 ) (859 ) (276 ) (23 ) (1,809 ) (73 ) Net assets related to funded obligations 21 — 18 — 3 — Recognized liabilities (3,061 ) (859 ) (294 ) (23 ) (1,812 ) (73 ) Change in unrecoverable surplus Unrecoverable surplus at beginning of the period (80 ) — (21 ) (53 ) (3 ) (3 ) Interest cost on unrecoverable surplus (10 ) — (1 ) (8 ) — (1 ) Change in unrecoverable surplus in excess of interest 67 — 5 67 (1 ) (4 ) Exchange rates changes (11 ) — (1 ) (9 ) — (1 ) Unrecoverable surplus at end of the period (34 ) — (18 ) (3 ) (4 ) (9 ) 1. Others: includes the derecognition of the benefit obligation and plan assets in ArcelorMittal Point Lisas for 136 and 127 , respectively. The following tables detail the components of net periodic pension cost: Year ended December 31, 2017 Net periodic pension cost (benefit) Total United States Canada Brazil Europe Others Current service cost 125 32 26 4 60 3 Past service cost - Plan amendments 14 — 13 — 1 — Net interest cost/(income) on net DB liability/(asset) 106 48 13 4 31 10 Total 245 80 52 8 92 13 Year ended December 31, 2016 Net periodic pension cost (benefit) Total United States Canada Brazil Europe Others Current service cost 112 31 25 2 50 4 Past service cost - Plan amendments (80 ) 12 4 — (96 ) — Past service cost - Curtailments (6 ) — — — — (6 ) Net interest cost/(income) on net DB liability/(asset) 108 47 15 2 35 9 Total 134 90 44 4 (11 ) 7 Year ended December 31, 2015 Net periodic pension cost (benefit) Total United States Canada Brazil Europe Others Current service cost 121 36 31 2 44 8 Past service cost - Plan amendments 4 — 1 — 2 1 Past service cost - Curtailments (1 ) — — — (1 ) — Net interest cost/(income) on net DB liability/(asset) 117 45 18 7 37 10 Total 241 81 50 9 82 19 Other post-employment benefits and other long-term employee benefits ("OPEB") ArcelorMittal’s principal operating subsidiaries in the United States, Canada, Europe and certain other countries, provide other post-employment benefits and other long-term employee benefits (“OPEB”), including medical benefits and life insurance benefits, work medals and retirement indemnity plans, to employees and retirees. Substantially all union-represented ArcelorMittal USA employees hired before June 2016 are covered under post-employment life insurance and medical benefit plans that require a level of cost sharing from retirees. The post-employment life insurance benefit formula used in the determination of post-employment benefit cost is primarily based on a specific amount for hourly employees. ArcelorMittal USA does not pre-fund most of these post-employment benefits. ArcelorMittal’s USA labor agreement with the United Steelworkers (“USW”) was ratified in 2016. This labor agreement is valid until September 1, 2018. ArcelorMittal performed a number of changes mainly related to healthcare post-employment benefits in its subsidiary ArcelorMittal USA. Also, in accordance with the new agreement, required payments into an existing Voluntary Employee Beneficiary Association (“VEBA”) trust were fixed at 5% of ArcelorMittal USA’s operating income of their separate financial statements after the first quarter of 2018. The changes resulted in a gain of 832 recorded in cost of sales in the consolidated statements of operations in 2016. The Company has significant assets mostly in the VEBA post-employment benefit plan. These assets consist of 70% in fixed income and 30% in equities. The total fair value of the assets in the VEBA trust was 490 as of December 31, 2017 . Summary of changes in the other post-employment benefit obligation and changes in plan assets are as follows: Year ended December 31, 2017 Total United States Canada Europe Others Change in benefit obligation Benefit obligation at beginning of the period 5,400 4,183 592 492 133 Current service cost 100 58 9 26 7 Interest cost on DBO 226 181 23 11 11 Past service cost - Plan amendments 4 — 1 2 1 Plan participants’ contribution 29 29 — — — Actuarial (gain) loss (942 ) (1,005 ) 45 7 11 Demographic assumptions (153 ) (168 ) 2 3 10 Financial assumptions (680 ) (728 ) 40 9 (1 ) Experience adjustment (109 ) (109 ) 3 (5 ) 2 Benefits paid (258 ) (177 ) (32 ) (42 ) (7 ) Foreign currency exchange rate differences and other movements 127 — 41 83 3 Benefit obligation at end of the period 4,686 3,269 679 579 159 Change in plan assets Fair value of plan assets at beginning of the period 599 592 — 7 — Interest income on plan assets 22 22 — — — Return on plan assets greater/(less) than discount rate 17 15 — 2 — Employer contribution (44 ) (44 ) — — — Plan participants’ contribution 12 12 — — — Benefits paid (61 ) (59 ) — (2 ) — Foreign currency exchange rate differences and other movements 1 — — 1 — Fair value of plan assets at end of the period 546 538 — 8 — Present value of the wholly or partly funded obligation (757 ) (689 ) — (68 ) — Fair value of plan assets 546 538 — 8 — Net present value of the wholly or partly funded obligation (211 ) (151 ) — (60 ) — Present value of the unfunded obligation (3,929 ) (2,580 ) (679 ) (511 ) (159 ) Net amount recognized (4,140 ) (2,731 ) (679 ) (571 ) (159 ) Year ended December 31, 2016 Total United States Canada Europe Others Change in benefit obligation Benefit obligation at beginning of the period 6,251 4,995 573 516 167 Current service cost 100 59 7 27 7 Interest cost on DBO 249 203 25 12 9 Past service cost - Plan amendments (851 ) (844 ) (3 ) (4 ) — Plan participants’ contribution 18 18 — — — Actuarial (gain) loss (48 ) (62 ) 1 8 5 Demographic assumptions (184 ) (154 ) (32 ) — 2 Financial assumptions 189 160 23 14 (8 ) Experience adjustment (53 ) (68 ) 10 (6 ) 11 Benefits paid (323 ) (240 ) (31 ) (40 ) (12 ) Foreign currency exchange rate differences and other movements 1 4 54 20 (27 ) (43 ) Benefit obligation at end of the period 5,400 4,183 592 492 133 Change in plan assets Fair value of plan assets at beginning of the period 706 698 — 8 — Interest income on plan assets 26 26 — — — Return on plan assets greater/(less) than discount rate 5 4 — 1 — Employer contribution 86 86 — — — Plan participants’ contribution 18 18 — — — Benefits paid (242 ) (240 ) — (2 ) — Fair value of plan assets at end of the period 599 592 — 7 — Present value of the wholly or partly funded obligation (821 ) (760 ) — (61 ) — Fair value of plan assets 599 592 — 7 — Net present value of the wholly or partly funded obligation (222 ) (168 ) — (54 ) — Present value of the unfunded obligation (4,579 ) (3,423 ) (592 ) (431 ) (133 ) Net amount recognized (4,801 ) (3,591 ) (592 ) (485 ) (133 ) 1. Includes a 53 increase in benefit obligation retained by the Company in respect of Steelton, which has been classified as held for sale at December 31, 2016 (see note 2.3.2). The following tables detail the components of net periodic other post-employment cost: Year ended December 31, 2017 Components of net periodic OPEB cost (benefit) Total United States Canada Europe Others Current service cost 100 58 9 26 7 Past service cost - Plan amendments 4 — 1 2 1 Net interest cost/(income) on net DB liability/(asset) 204 159 23 11 11 Actuarial (gains)/losses recognized during the year 2 — — 2 — Total 310 217 33 41 19 Year ended December 31, 2016 Components of net periodic OPEB cost (benefit) Total United States Canada Europe Others Current service cost 100 59 7 27 7 Past service cost - Plan amendments (851 ) (844 ) (3 ) (4 ) — Net interest cost/(income) on net DB liability/(asset) 223 177 25 12 9 Actuarial (gains)/losses recognized during the year 1 — — 1 — Total (527 ) (608 ) 29 36 16 Year ended December 31, 2015 Components of net periodic OPEB cost (benefit) Total United States Canada Europe Others Current service cost 96 50 9 28 9 Past service cost - Plan amendments (2 ) — (2 ) — — Cost of termination benefits 6 6 — — — Net interest cost/(income) on net DB liability/(asset) 220 169 26 11 14 Actuarial (gains)/losses recognized during the year (3 ) — — (3 ) — Total 317 225 33 36 23 The following tables detail where the expense is recognized in the consolidated statements of operations: Year ended December 31, 2017 2016 2015 Net periodic pension cost 245 134 241 Net periodic OPEB cost 310 (527 ) 317 Total 555 (393 ) 558 Cost of sales 220 (725 ) 197 Selling, general and administrative expenses 23 — 27 Financing costs - net 312 332 334 Total 555 (393 ) 558 Plan Assets The weighted-average asset allocations for the funded defined benefit plans by asset category were as follows: December 31, 2017 United States Canada Brazil Europe Others Equity Securities 53 % 56 % — 3 % 41 % - Asset classes that have a quoted market price in an active market 26 % 47 % — 3 % 41 % - Asset classes that do not have a quoted market price in an active market 27 % 9 % — — — Fixed Income Securities (including cash) 34 % 42 % 97 % 71 % 49 % - Asset classes that have a quoted market price in an active market 4 % 33 % 97 % 67 % 49 % - Asset classes that do not have a quoted market price in an active market 30 % 9 % — 4 % — Real Estate — 2 % 1 % — 2 % - Asset classes that have a quoted market price in an active market — — 1 % — 2 % - Asset classes that do not have a quoted market price in an active market — 2 % — — — Other 13 % — 2 % 26 % 8 % - Asset classes that have a quoted market price in an active market 4 % — 2 % 3 % 8 % - Asset classes that do not have a quoted market price in an active market 9 % — — 23 % — Total 100 % 100 % 100 % 100 % 100 % December 31, 2016 United States Canada Brazil Europe Others Equity Securities 50 % 53 % — 3 % 40 % - Asset classes that have a quoted market price in an active market 25 % 46 % — 3 % 40 % - Asset classes that do not have a quoted market price in an active market 25 % 7 % — — — Fixed Income Securities (including cash) 37 % 47 % 98 % 72 % 50 % - Asset classes that have a quoted market price in an active market 2 % 35 % 98 % 71 % 50 % - Asset classes that do not have a quoted market price in an active market 35 % 12 % — 1 % — Real Estate 4 % — 1 % — 2 % - Asset classes that have a quoted market price in an active market — — — — 2 % - Asset classes that do not have a quoted market price in an active market 4 % — 1 % — — Other 9 % — 1 % 25 % 8 % - Asset classes that have a quoted market price in an active market — — 1 % 5 % 8 % - Asset classes that do not have a quoted market price in an active market 9 % — — 20 % — Total 100 % 100 % 100 % 100 % 100 % These assets include investments in ArcelorMittal stock of approximately 3 , but not in property or other assets occupied or used by ArcelorMittal. These assets may also include ArcelorMittal shares held by mutual fund investments. The invested assets produced an actual return of 799 and 612 in 2017 and 2016, respectively. The Finance and Retirement Committees of the Boards of Directors for the respective operating subsidiaries have general supervisory authority over the respective trust funds. These committees have established asset allocation targets for the period as described below. Asset managers are permitted some flexibility to vary the asset allocation from the long-term investment strategy within control ranges agreed upon. December 31, 2017 United States Canada Brazil Europe Equity Securities 37 % 46 % 1 % 3 % Fixed Income Securities (including cash) 43 % 41 % 93 % 71 % Real Estate 3 % 8 % 3 % — % Other 17 % 5 % 3 % 26 % Total 100 % 100 % 100 % 100 % Assumptions used to determine benefit obligations at December 31, Pension Plans Other Post-employment Benefits 2017 2016 2015 2017 2016 2015 Discount rate Range 1.50% - 15.00% 1.60% - 16.00% 2.05% - 17.00% 1.30% - 7.65% 0.90% - 7.65% 0.90% - 30.00% Weighted average 3.45% 3.92% 4.21% 3.60% 4.19% 4.49% Rate of compensation increase Range 1.80% - 9.00% 1.80% - 10.00% 2.00% - 11.00% 2.00% - 4.50% 2.00% - 32.00% 2.00% - 27.00% Weighted average 2.81% 3.11% 3.11% 3.32% 3.38% 3.98% Other Post-employment Benefits 2017 2016 2015 Healthcare cost trend rate assumed Range 1.80% - 5.00% 1.80% - 5.60% 2.00% - 7.00% Weighted average 4.48% 4.51% 4.75% Cash contributions and maturity profile of the plans In 2018, the Company expects its cash contributions to amount to 299 for pension plans, 144 for other post-employment benefits plans, 120 for defined contribution plans and 73 for United States multi-employer plans. Cash contributions to defined contribution plans and to United States multi-employer plans sponsored by the Company, were respectively 104 and 67 in 2017. At December 31, 2017, the weighted average duration of the liabilities related to the pension and other post-employment benefits plans were 12 (2016: 11 ) and 14 (2016: 13 ), respectively. Risks associated with |
PROVISIONS, CONTINGENCIES AND C
PROVISIONS, CONTINGENCIES AND COMMITMENTS | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Other Provisions, Contingent Liabilities and Commitments [Abstract] | |
PROVISIONS, CONTINGENCIES AND COMMITMENTS | NOTE 8: PROVISIONS, CONTINGENCIES AND COMMITMENTS ArcelorMittal recognizes provisions for liabilities and probable losses that have been incurred when it has a present legal or constructive obligation as a result of past events, it is probable that the Company will be required to settle the obligation and a reliable estimate of the amount of the obligation can be made. If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, where appropriate, the risks specific to the liability. Where discounting is used, the increase in the provision due to the passage of time is recognized as a financing cost. Future operating expenses or losses are excluded from recognition as provisions as they do not meet the definition of a liability. Contingent assets and contingent liabilities are excluded from recognition in the consolidated statements of financial position. Provisions for onerous contracts are recorded in the consolidated statements of operations when it becomes known that the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be received. Assets dedicated to the onerous contracts are tested for impairment before recognizing a separate provision for the onerous contract. Provisions for restructuring are recognized when and only when a detailed formal plan exists and a valid expectation in those affected by the restructuring has been raised, by starting to implement the plan or announcing its main features. ArcelorMittal records asset retirement obligations (“ARO”) initially at the fair value of the legal or constructive obligation in the period in which it is incurred and capitalizes the ARO by increasing the carrying amount of the related non-current asset. The fair value of the obligation is determined as the discounted value of the expected future cash flows. The liability is accreted to its present value through net financing cost and the capitalized cost is depreciated in accordance with the Company’s depreciation policies for property, plant and equipment. Subsequently, when reliably measurable, ARO is recorded on the consolidated statements of financial position increasing the cost of the asset and the fair value of the related obligation. Foreign exchange gains or losses on AROs denominated in foreign currencies are recorded in the consolidated statements of operations. ArcelorMittal is subject to changing and increasingly stringent environmental laws and regulations concerning air emissions, water discharges and waste disposal, as well as certain remediation activities that involve the clean-up of soil and groundwater. ArcelorMittal is currently engaged in the investigation and remediation of environmental contamination at a number of its facilities. Most of these are legacy obligations arising from acquisitions. Environmental costs that relate to current operations or to an existing condition caused by past operations, and which do not contribute to future revenue generation or cost reduction, are expensed. Liabilities are recorded when environmental assessments and/or remedial efforts are probable and the cost can be reliably estimated based on ongoing engineering studies, discussions with the environmental authorities and other assumptions relevant to the nature and extent of the remediation that may be required. The ultimate cost to ArcelorMittal is dependent upon factors beyond its control such as the scope and methodology of the remedial action requirements to be established by environmental and public health authorities, new laws or government regulations, rapidly changing technology and the outcome of any potential related litigation. Environmental liabilities are discounted if the aggregate amount of the obligation and the amount and timing of the cash payments are fixed or reliably determinable. The estimates of loss contingencies for environmental matters and other contingencies are based on various judgments and assumptions including the likelihood, nature, magnitude and timing of assessment, remediation and/or monitoring activities and the probable cost of these activities. In some cases, judgments and assumptions are made relating to the obligation or willingness and ability of third parties to bear a proportionate or allocated share of cost of these activities, including third parties who sold assets to ArcelorMittal or purchased assets from it subject to environmental liabilities. ArcelorMittal also considers, among other things, the activity to date at particular sites, information obtained through consultation with applicable regulatory authorities and third-party consultants and contractors and its historical experience with other circumstances judged to be comparable. Due to the numerous variables associated with these judgments and assumptions, and the effects of changes in governmental regulation and environmental technologies, both the precision and reliability of the resulting estimates of the related contingencies are subject to substantial uncertainties. As estimated costs to remediate change, the Company will reduce or increase the recorded liabilities through write backs or additional provisions in the consolidated statements of operations. ArcelorMittal does not expect these environmental issues to affect the utilization of its plants, now or in the future. ArcelorMittal is currently and may in the future be involved in litigation, arbitration or other legal proceedings. Provisions related to legal and arbitration proceedings are recorded in accordance with the principles described above. Most of these claims involve highly complex issues. Often these issues are subject to substantial uncertainties and, therefore, the probability of loss and an estimation of damages are difficult to ascertain. Consequently, ArcelorMittal may be unable to make a reliable estimate of the expected financial effect that will result from ultimate resolution of the proceeding. In those cases, ArcelorMittal has disclosed information with respect to the nature of the contingency. ArcelorMittal has not accrued a provision for the potential outcome of these cases. For cases in which the Company was able to make a reliable estimate of the expected loss or range of probable loss and has accrued a provision for such loss, it believes that publication of this information on a case-by-case basis would seriously prejudice the Company’s position in the ongoing legal proceedings or in any related settlement discussions. Accordingly, in these cases, the Company has disclosed information with respect to the nature of the contingency, but has not disclosed its estimate of the range of potential loss. In the cases in which quantifiable fines and penalties have been assessed, the Company has indicated the amount of such fine or penalty or the amount of provision accrued that is the estimate of the probable loss. These assessments can involve series of complex judgments about future events and can rely heavily on estimates and assumptions. The assessments are based on estimates and assumptions that have been deemed reasonable by management. The Company believes that the aggregate provisions recorded for the above matters are adequate based upon currently available information. However, given the inherent uncertainties related to these cases and in estimating contingent liabilities, the Company could, in the future, incur judgments that have a material adverse effect on its results of operations in any particular period. The Company considers it highly unlikely, however, that any such judgments could have a material adverse effect on its liquidity or financial condition. 8.1 Provisions overview Balance at December 31, 2016 Additions 1 Deductions/ Effects of foreign exchange and other movements Balance at December 31, 2017 Environmental (see note 8.2) 745 64 (57 ) 63 2 815 Asset retirement obligations (see note 8.2) 358 60 (9 ) 18 427 Site restoration 43 — (9 ) 6 40 Staff related obligations 168 48 (41 ) 8 183 Voluntary separation plans 79 22 (44 ) 22 79 Litigation and other (see note 8.2) 413 64 (173 ) 24 328 Tax claims 211 11 (109 ) 13 126 Other legal claims 202 53 (64 ) 11 202 Commercial agreements and onerous contracts 26 18 (22 ) 2 24 Other 115 39 (37 ) 9 126 1,947 315 (392 ) 152 2,022 Short-term provisions 426 410 Long-term provisions 1,521 1,612 1,947 2,022 Balance at December 31, 2015 Additions 1 Deductions/ Effects of foreign exchange and other movements Balance at December 31, 2016 Environmental (see note 8.2) 697 108 (65 ) 5 745 Asset retirement obligations (see note 8.2) 297 70 (4 ) (5 ) 358 Site restoration 64 8 (20 ) (9 ) 43 Staff related obligations 167 48 (63 ) 16 168 Voluntary separation plans 97 25 (68 ) 25 79 Litigation and other (see note 8.2) 463 66 (71 ) (45 ) 413 Tax claims 189 20 (22 ) 24 211 Other legal claims 269 46 (44 ) (69 ) 3 202 Other unasserted claims 5 — (5 ) — — Commercial agreements and onerous contracts 273 18 (254 ) 4 (11 ) 26 Other 146 31 (51 ) (11 ) 115 2,204 374 (596 ) (35 ) 1,947 Short-term provisions 770 426 Long-term provisions 1,434 1,521 2,204 1,947 1. Additions exclude provisions reversed or utilized during the same year. 2. Effects of foreign exchange and other movements in 2017 are mainly related to the depreciation of U.S. dollar against local currencies primarily in Europe. 3. On November 16, 2016, upon settlement of the competition commission case in South Africa, the provision of 84 recorded for this case was reclassified to "other long-term obligations" ( 65 ) and "Accrued expenses and other liabilities" ( 19 ). 4. Deductions and payments for commercial agreements and onerous contracts reflect the increase in raw materials and steel prices. There are uncertainties regarding the timing and amount of the provisions above. Changes in underlying facts and circumstances for each provision could result in differences in the amounts provided for and the actual outflows. In general, provisions are presented on a non-discounted basis due to the uncertainties regarding the timing or the short period of their expected consumption. Environmental provisions have been estimated based on internal and third-party estimates of contaminations, available remediation technology, and environmental regulations. Estimates are subject to revision as further information develops or circumstances change. Provisions for site restoration are related to costs incurred for dismantling of site facilities, mainly in France. Provisions for staff related obligations primarily concern the United States and Brazil and are related to various employees’ compensation. Provisions for voluntary separation plans primarily concern plans in Spain, Czech Republic, Belgium and the United States which are expected to be settled within one year. Provisions for litigation include losses relating to a present legal obligation that are considered to be probable. Further detail regarding legal matters is provided in note 8.2. Other mainly includes provisions for technical warranties and guarantees. 8.2 Environmental liabilities, asset retirement obligations and legal proceedings Environmental Liabilities ArcelorMittal’s operations are subject to a broad range of laws and regulations relating to the protection of human health and the environment at its multiple locations and operating subsidiaries. As of December 31, 2017 , excluding asset retirement obligations, ArcelorMittal had established provisions of 815 for environmental remedial activities and liabilities. The provisions for all operations by geographic area were 473 in Europe, 141 in the United States, 165 in South Africa and 36 in Canada. In addition, ArcelorMittal and the previous owners of its facilities have expended substantial amounts to achieve or maintain ongoing compliance with applicable environmental laws and regulations. ArcelorMittal expects to continue to expend resources in this respect in the future. United States ArcelorMittal’s operations in the United States have environmental provisions of 141 (exclusive of asset retirement obligations) to address existing environmental liabilities, of which 16 is expected to be spent in 2018. The environmental provisions principally relate to the investigation, monitoring and remediation of soil and groundwater at ArcelorMittal’s current and former facilities. ArcelorMittal USA continues to have significant environmental provisions relating to investigation and remediation at Indiana Harbor, Lackawanna, and its closed coal mining operations in southwestern Pennsylvania. ArcelorMittal USA’s environmental provisions also include 36 , with anticipated spending of 2 during 2018, to specifically address the removal and disposal of asbestos-containing materials and polychlorinated biphenyls (“PCBs”). All of ArcelorMittal’s major operating and former operating sites in the United States are or may be subject to a corrective action program or other laws and regulations relating to environmental remediation, including projects relating to the reclamation of industrial properties. In some cases, soil or groundwater contamination requiring remediation is present at both currently operating and historical sites where ArcelorMittal has a continuing obligation. In other cases, we are required to conduct studies to determine the extent of contamination, if any, that exists at these sites. ArcelorMittal USA’s Indiana Harbor facility was party to a lawsuit filed by the United States Environmental Protection Agency (the “EPA”) under the United States Resource Conservation and Recovery Act (“RCRA”). An ArcelorMittal USA predecessor company entered into a Consent Decree, which, among other things, requires facility-wide RCRA Corrective Action and sediment assessment and remediation in the adjacent Indiana Harbor Ship Canal. ArcelorMittal USA entered into a Consent Decree Amendment defining the objectives for limited sediment assessment and remediation of a small portion of the Indiana Harbor Ship Canal. The provisions for environmental liabilities include 7 for such sediment assessment and remediation, and 4 for RCRA Corrective Action at the Indiana Harbor facility itself. Remediation ultimately may be necessary for other contamination that may be present at Indiana Harbor, but the potential costs of any such remediation cannot yet be reasonably estimated. ArcelorMittal USA’s properties in Lackawanna, New York are subject to an Administrative Order on Consent with the EPA requiring facility-wide RCRA Corrective Action. The Administrative Order requires the Company to perform a Remedial Facilities Investigation (“RFI”) and a Corrective Measures Study, to implement appropriate interim and final remedial measures, and to perform required post-remedial closure activities. The New York State Department of Environmental Conservation and the EPA conditionally approved the RFI. ArcelorMittal USA has executed Orders on Consent to perform certain interim corrective measures while advancing the Corrective Measures Study. These include installation and operation of a ground water treatment system and dredging of a local waterway known as Smokes Creek. A Corrective Measure Order on Consent was executed for other site remediation activities. ArcelorMittal USA’s provisions for environmental liabilities include 35 for anticipated remediation and post-remediation activities at this site. The provisioned amount is based on the extent of soil and groundwater contamination identified by the RFI and the remedial measures likely to be required, including excavation and consolidation of containment structures in an on-site landfill and continuation of groundwater pump and treatment systems. ArcelorMittal USA is required to prevent acid mine drainage from discharging to surface waters at its closed mining operations in southwestern Pennsylvania. ArcelorMittal USA entered into a revised Consent Order and Agreement outlining a schedule for implementation of capital improvements and requiring the establishment of a treatment trust, estimated by the PaDEP to be the net present value of all future treatment cost. ArcelorMittal USA has been funding the treatment trust, which reached the target value in 2017. This target value is based on average spending over the last three years. The trust had a market value of 46 as of December 31, 2017 . ArcelorMittal can be reimbursed from the fund for the continuing cost of treatment of acid mine drainage. ArcelorMittal USA’s provisions for environmental liabilities include 31 for this matter. In 2006, the United States EPA Region V issued ArcelorMittal USA’s Burns Harbor, Indiana facility a Notice of Violation (“NOV”) alleging multiple violations of the Clean Air Act’s Prevention of Significant Deterioration (“PSD”) air permit requirements, based on alleged failures by Bethlehem Steel (a previous owner) dating back to early 1994. Based on recent court decisions and ongoing negotiations with the United States EPA, it is very likely that the United States EPA will not enforce the alleged PSD permit violations by Bethlehem Steel against ArcelorMittal USA. The United States EPA Region V also conducted a series of inspections and issued information requests under the Federal Clean Air Act relating to the Burns Harbor, Indiana Harbor and Cleveland facilities. Some of the EPA’s information requests and subsequent allegations relate to recent operations while others relate to historical actions under former facility owners that occurred several years ago. In 2011, the United States EPA issued NOVs to Indiana Harbor, Burns Harbor and Cleveland alleging operational noncompliance based primarily on self-reported Title V permit concerns. Comprehensive settlement discussions with the United States EPA and affected state agencies involving all NOVs are ongoing and a comprehensive settlement with the United States EPA, which is anticipated to encompass self-reported non-compliance through at least December 31, 2015, is being finalized with execution anticipated in 2018. The settlement will include payment of penalties and injunctive relief. Efforts to mitigate the total penalty to be paid by proposing a supplemental environmental proposal are also being pursued. Liabilities associated with a comprehensive settlement are estimated at 12 . In 2014, the ArcelorMittal Monessen coke plant was re-started after having been idled since 2008. Since re-start, state regulatory authorities (“PADEP”) issued numerous NOVs, the majority of which concerns Clean Air Act violations. United States EPA Region 3 also issued an NOV and, in addition, issued an information request seeking detailed testing and information concerning air compliance related issues. PADEP issued a proposed penalty assessment of 1 for alleged violations occurring from April 2014 through May 2015. Penalties are being finalized as part of comprehensive Consent Decree negotiations with PADEP and United States EPA enforcement officials and with Penn Environment, a local environmental group which filed a Citizen Suit under the Clean Air Act in 2015. The litigation was stayed in 2016 pending a final settlement which is expected in 2018 along with the final Consent Decree. Europe Environmental provisions for ArcelorMittal’s operations in Europe total 473 and are mainly related to the investigation and remediation of environmental contamination at current and former operating sites in France ( 90 ), Belgium ( 248 ), Luxembourg ( 62 ), Poland ( 30 ), Germany ( 26 ), Czech Republic ( 10 ) and Spain ( 6 ). This investigation and remediation work relates to various matters such as decontamination of water discharges, waste disposal, cleaning water ponds and remediation activities that involve the clean-up of soil and groundwater. These provisions also relate to human health protection measures such as fire prevention and additional contamination prevention measures to comply with local health and safety regulations. France In France, there is an environmental provision of 90 , principally relating to the remediation of former sites, including several coke plants, and the capping and monitoring of landfills or basins previously used for residues and secondary materials. The remediation of the coke plants concerns mainly the Thionville, Moyeuvre Grande, Homecourt, Hagondange and Micheville sites, and is related to treatment of soil and groundwater. At Moyeuvre Petite, the recovery of the slag is complete and ArcelorMittal is responsible for closure and final rehabilitation of the site. At other sites, ArcelorMittal is responsible for monitoring the concentration of heavy metals in soil and groundwater. ArcelorMittal Atlantique et Lorraine has an environmental provision that principally relates to the remediation and improvement of storage of secondary materials, the disposal of waste at different ponds and landfills and an action plan for removing asbestos from the installations and mandatory financial guarantees to cover risks of major accident hazard or for gasholders and waste storage. Most of the provision relates to the stocking areas at the Dunkirk site that will need to be restored to comply with local law and to the mothballing of the liquid phase in Florange, including study and surveillance of soil and water to prevent environmental damage, treatment and elimination of waste and financial guarantees demanded by Public Authorities. The environmental provisions also include treatment of slag dumps at Florange and Dunkirk sites as well as removal and disposal of asbestos-containing material at the Dunkirk and Mardyck sites. Industeel France has an environmental provision that principally relates to ground remediation at the Le Creusot site and to the rehabilitation of waste disposal areas at the Châteauneuf site. Belgium In Belgium, there is an environmental provision of 248 of which the most significant elements are legal site remediation obligations linked to the closure of the primary installations at ArcelorMittal Belgium (Liège). The provisions also concern the external recovery and disposal of waste, residues or by-products that cannot be recovered internally on the ArcelorMittal Gent and Liège sites and the removal and disposal of asbestos-containing material. Luxembourg In Luxembourg, there is an environmental provision of 62 , which relates to the post-closure monitoring and remediation of former production sites, waste disposal areas, slag deposits and mining sites. In 2007, ArcelorMittal Luxembourg sold the former Ehlerange slag deposit ( 93 hectares) to the State of Luxembourg. ArcelorMittal Luxembourg is contractually liable to clean the site and move approximately 400,000 cubic meters of material to other sites. ArcelorMittal Luxembourg also has an environmental provision to secure, stabilize and conduct waterproofing treatment on mining galleries and entrances and various dumping areas in Mondercange, Differdange and Dommeldange. In addition, ArcelorMittal Luxembourg has secured the disposal of laddle slag, sludge and certain other residues coming from different sites at the Differdange dump for a total volume of 1,000,000 cubic meters until mid 2020. A provision of 53 covers these obligations. ArcelorMittal Belval and Differdange has an environmental provision of 8 to clean historical landfills in order to meet the requirements of the Luxembourg Environment Administration and to cover dismantling and soil cleaning costs of the former PRIMOREC installation. Poland ArcelorMittal Poland S.A.’s environmental provision of 30 mainly relates to the obligation to reclaim a landfill site and to dispose of the residues which cannot be internally recycled or externally recovered. The provision also concerns the storage and disposal of iron-bearing sludge which cannot be reused in the manufacturing process. Germany In Germany, the environmental provision of 26 essentially relates to ArcelorMittal Bremen’s post-closure obligations mainly established for soil remediation, groundwater treatment and monitoring at the Prosper coke plant in Bottrop. Czech Republic In the Czech Republic, there is an environmental provision of 10 , which essentially relates to the post-closure dismantling of buildings and soil remediation at the corresponding areas of the Ostrava site. Spain In Spain, ArcelorMittal España has environmental provisions of 6 due to obligations of sealing landfills basically located in the Asturias site and post-closure obligations in accordance with national legislation. These obligations include the collection and treatment of leachates that can be generated during the operational phase and a period of 30 years after the closure. South Africa AMSA has environmental provisions of 165 to be used over 15 years, mainly relating to environmental remediation obligations attributable to historical or legacy settling/evaporation dams and waste disposal activities. An important determinant in the final timing of the remediation work relates to the obtaining of the necessary environmental authorizations. A provision of 40 relates to the decommissioned Pretoria Works site. This site is in a state of partial decommissioning and rehabilitation with one coke battery and a small-sections rolling facility still in operation. AMSA transformed this old plant into an industrial hub for light industry since the late 1990s. Particular effort is directed to landfill sites, with sales of slag from legacy disposal sites to vendors in the construction industry continuing unabated, but other remediation works continued at a slow pace as remediation actions for these sites are long-term in nature due to a complex legal process that needs to be followed with authorities and surrounding landowners. The Vanderbijlpark Works site, the main flat carbon steel operation of AMSA , contains a number of legacy facilities and areas requiring remediation. The remediation entails the implementation of rehabilitation and decontamination measures of waste disposal sites, waste water dams, ground water and historically contaminated open areas. 21 of the provision is allocated to this site. The Newcastle Works site is the main long carbon steel operation of AMSA . A provision of 34 is allocated to this site. As with all operating sites of AMSA, the above retirement and remediation actions dovetail with numerous large capital expenditure projects dedicated to environmental management. In the case of the Newcastle site, the major current environmental capital project is for air quality improvements. A provision of 67 relates to the environmental rehabilitation of the Thabazimbi Mine. In terms of the Amended and Restated Settlement and Supply Agreement between Sishen Iron Ore Company ("SIOC") and AMSA, AMSA is liable for the costs relating to the rehabilitation of SIOC's Thabazimbi iron ore mine for the period that it was a captive mine. The mine ceased to be a captive mine on December 31, 2014. The local board approved the takeover of the Thabazimbi mine from SIOC subject to the approval by the Department of Mineral Resources ("DMR") and a positive taxation ruling by the South African Revenue Services ("SARS"). The tax ruling is expected during the first quarter of 2018 . AMSA and SIOC have been in discussions and will continue to engage the DMR in regards to the takeover of the mine. The remainder of the obligation of 3 relates to Vereeniging site for the historical pollution that needs to be remediated at waste disposal sites, waste water dams and groundwater aquifers. Canada In Canada, ArcelorMittal Dofasco has an environmental provision of 30 for the expected cost of remediating toxic sediment located in the Company’s East Boatslip site, of which 2 is expected to be spent in 2018. ArcelorMittal Long Products Canada has an environmental provision of 6 for future disposal of sludge left in ponds after flat mills closure at Contrecoeur. Asset Retirement Obligations (“AROs”) AROs arise from legal requirements and represent management’s best estimate of the present value of the costs that will be required to retire plant and equipment or to restore a site at the end of its useful life. As of December 31, 2017 , ArcelorMittal had established provisions for asset retirement obligations of 427 , including 44 for Ukraine, 128 for Canada, 86 for the United States, 46 for Mexico, 15 for Belgium, 38 for Germany, 16 for South Africa, 12 for Spain, 11 for Brazil, 14 for Kazakhstan and 17 for Liberia. The AROs in Ukraine are legal obligations for site rehabilitation at the iron ore mining site in Kryvyi Rih, upon closure of the mine pursuant to its restoration plan. The AROs in Canada are legal obligations for site restoration and dismantling of the facilities near the mining sites in Mont-Wright and Fire Lake, and the accumulation area of mineral substances at the facility of Port-Cartier in Quebec, upon closure of the mine pursuant to the restoring plan of the mines. The AROs in the United States principally relate to mine closure costs of the Hibbing and Minorca iron ore mines and Princeton coal mines. The AROs in Mexico relate to the restoration costs following the closure of the Las Truchas, El Volcan and the joint operation of Pena Colorada iron ore mines. In Belgium, the AROs are to cover the demolition costs for primary facilities at the Liège sites. In Spain, the AROs relate to the discontinuance of the activities of various assets within the upstream installations. In Germany, AROs principally relate to the Hamburg site, which operates on leased land with the contractual obligation to remove all buildings and other facilities upon the termination of the lease, and to the Prosper coke plant in Bottrop for filling the basin, restoring the layer and stabilizing the shoreline at the harbor. The AROs in South Africa are for the Pretoria, Vanderbijlpark, Saldanha, Newcastle as well as the Coke and Chemical sites, and relate to the closure and clean-up of the plant associated with decommissioned tank farms, tar plants, chemical stores, railway lines, pipelines and defunct infrastructure. In Brazil, the AROs relate to legal obligations to clean and restore the mining areas of Serra Azul and Andrade, both located in the State of Minas Gerais. The related provisions are expected to be settled in 2024 and 2029, respectively. In Kazakhstan, the AROs relate to the restoration obligations of the iron ore and coal mines. In Liberia, the AROs relate to iron ore mine and associated infrastructure and mine related environmental damage and compensation. They cover the closure and rehabilitation plan under both the current operating phase and the not yet completed Phase 2 expansion project. Tax Claims ArcelorMittal is a party to various tax claims. As of December 31, 2017 , ArcelorMittal had recorded provisions in the aggregate of 126 for tax claims in respect of which it considers the risk of loss to be probable. Set out below is a summary description of the tax claims (i) in respect of which ArcelorMittal had recorded a provision as of December 31, 2017 , (ii) that constitute a contingent liability, or (iii) that were resolved in 2017 , in each case involving amounts deemed material by ArcelorMittal. The Company is vigorously defending against the pending claims discussed below. Brazil In 2003, the Brazilian Federal Revenue Service granted ArcelorMittal Brasil (through its predecessor company, then known as CST) a tax benefit for certain investments. ArcelorMittal Brasil had received certificates from SUDENE, the former Agency for the Development of the Northeast Region of Brazil, confirming ArcelorMittal Brasil’s entitlement to this benefit. In September 2004, ArcelorMittal Brasil was notified of the annulment of these certificates. ArcelorMittal Brasil has pursued its right to this tax benefit through the courts against both ADENE, the successor to SUDENE, and against the Brazilian Federal Revenue Service. The Brazilian Federal Revenue Service issued a tax assessment in this regard for 451 in December 2007. In December 2008, the administrative tribunal of first instance upheld the amount of the assessment. ArcelorMittal Brasil appealed to the administrative tribunal of second instance, and, on August 8, 2012, the administrative tribunal of the second instance found in favor of ArcelorMittal invalidating the tax assessment, thereby ending this case except for 6 , which is still pending a final decision. On April 16, 2011, ArcelorMittal Brasil received a further tax assessment for the periods of March, June and September 2007, which, taking into account interest and currency fluctuations, amounted to 185 as of December 31, 2017 . In Octob |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2017 | |
Income Taxes [Abstract] | |
Income Taxes | NOTE 9: INCOME TAXES The current tax payable (recoverable) is based on taxable profit (loss) for the year. Taxable profit differs from profit as reported in the consolidated statements of operations because it excludes items of income or expense that are taxable or deductible in other years or are never taxable or deductible. The Company’s current income tax expense (benefit) is calculated using tax rates that have been enacted or substantively enacted as of the date of the consolidated statements of financial position. Tax is charged or credited to the consolidated statements of operations, except when it relates to items charged or credited to other comprehensive income or directly to equity, in which case the tax is recognized in other comprehensive income or in equity. Deferred tax is recognized on differences between the carrying amounts of assets and liabilities, in the consolidated financial statements and the corresponding tax basis used in the computation of taxable profit, and is accounted for using the statements of financial position liability method. Deferred tax liabilities are generally recognized for all taxable temporary differences, and deferred tax assets are generally recognized for all deductible temporary differences and net operating loss carry forwards to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilized. Such assets and liabilities are not recognized if the taxable temporary difference arises from the initial recognition of non-deductible goodwill or if the differences arise from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the profit reported in the consolidated statements of operations. Deferred tax liabilities are recognized for taxable temporary differences associated with investments in subsidiaries, associates and joint ventures, except if the Company is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets arising from deductible temporary differences associated with such investments are only recognized to the extent that it is probable that there will be sufficient taxable profits against which the benefits of the temporary differences can be utilized and are expected to reverse in the foreseeable future. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realized, based on tax rates (and tax laws) that have been enacted or substantively enacted by the consolidated statements of financial position date. The measurement of deferred tax assets and liabilities reflects the tax consequences that would follow from the manner in which the Company expects, at the reporting date, to recover or settle the carrying amount of its assets and liabilities. The carrying amount of deferred tax assets is reviewed at each consolidated statements of financial position date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to enable all or part of the asset to be recovered. The Company reviews the deferred tax assets in the different jurisdictions in which it operates to assess the possibility of realizing such assets based on projected taxable profit, the expected timing of the reversals of existing temporary differences, the carry forward period of temporary differences and tax losses carried forward and the implementation of tax-planning strategies. Due to the numerous variables associated with these judgments and assumptions, both the precision and reliability of the resulting estimates of the deferred tax assets are subject to substantial uncertainties. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities, when they relate to income taxes levied by the same taxation authority and when the Company intends to settle its current tax assets and liabilities on a net basis. 9.1 Income tax expense (benefit) The components of income tax expense (benefit) are summarized as follows: Year Ended December 31, 2017 2016 2015 Total current tax expense (benefit) 583 255 331 Total deferred tax expense (benefit) (151) 731 571 Total income tax expense (benefit) 432 986 902 The following table reconciles the expected tax expense (benefit) at the statutory rates applicable in the countries where the Company operates to the total income tax expense (benefit) as calculated: Year Ended December 31, 2017 2016 2015 Net income (loss) (including non-controlling interests) 4,575 1,734 (8,423 ) Income tax expense (benefit) 432 986 902 Income (loss) before tax 5,007 2,720 (7,521 ) Tax expense (benefit) at the statutory rates applicable to profits (losses) in the countries 1 1,407 677 (2,146 ) Permanent items (522 ) (5,940 ) (2,124 ) Rate changes (94 ) 593 — Net change in measurement of deferred tax assets (281 ) 5,344 4,940 Tax effects of foreign currency translation (157 ) 73 153 Tax credits (66 ) (21 ) (13 ) Other taxes 90 126 18 Others 55 134 74 Income tax expense (benefit) 432 986 902 1. Tax expense (benefit) at the statutory rates is based on income (loss) before tax excluding income (loss) from investments in associates and joint ventures. ArcelorMittal’s consolidated income tax expense (benefit) is affected by the income tax laws and regulations in effect in the various countries in which it operates and the pre-tax results of its subsidiaries in each of these countries, which can change from year to year. ArcelorMittal operates in jurisdictions, mainly in Eastern Europe and Asia, which have a structurally lower corporate income tax rate than the statutory tax rate as enacted in Luxembourg ( 26.01% ), as well as in jurisdictions, mainly in Western Europe, Brazil and Mexico, which have a structurally higher corporate income tax rate. Permanent items Year Ended December 31, 2017 2016 2015 Tax deductible write-downs on shares and receivables (652 ) (5,971 ) (2,622 ) Non tax deductible goodwill impairment — — 250 Non tax deductible hyperinflationary adjustment 26 22 114 Taxable income (tax loss) of AMTFS (34 ) 20 196 Taxable dividends 65 19 — Other permanent items 73 (30 ) (62 ) Total permanent items (522 ) (5,940 ) (2,124 ) Tax deductible write-downs on shares and receivables: in connection with the Company's impairment test for goodwill and property, plant and equipment (“PP&E”), the recoverability of the carrying amounts of investments in shares and intragroup receivables is also reviewed annually, resulting in tax deductible write-downs of the values of loans and shares of consolidated subsidiaries in Luxembourg. Non tax deductible goodwill impairment: in 2015 ArcelorMittal impaired the goodwill related to the Mining segment for a total amount of 0.9 billion (see note 5.3). Non tax deductible hyperinflationary adjustment: non-monetary items in Venezuela are revalued according to the inflation rate for tax purposes. The resulting difference is non-deductible to the extent it generates a tax loss. Taxable income of AMTFS: ArcelorMittal Treasury Financial Services S.à r.l. (“AMTFS”), a subsidiary of ArcelorMittal Treasury Americas LLC (“AMTAUS”), is a limited liability company organized under the laws of Luxembourg subject to taxation in Luxembourg on its worldwide income. AMTFS has filed an election to be treated as a disregarded entity for United States federal income tax purposes. Taxable dividend: the dividends received from some of the ArcelorMittal subsidiaries are subject to tax in the receiving country with the corresponding (foreign) tax credit available. Rate changes The 2017 tax benefit from rate changes of (94) is mainly due to the impact of the decrease in the future income tax rate on deferred tax liabilities in Belgium ( 60 ), France ( 31 ), Argentina and USA . The 2016 tax expense from rate changes of 593 is mainly due to the impact of the decrease in the future income tax rate on deferred tax assets in Luxembourg resulting in tax expense of 647 , partly offset by a tax benefit of (50) in France. Net change in measurement of deferred tax assets The 2017 net change in measurement of deferred tax assets of (281) primarily consists of tax expense of 652 due to the unrecognized part of deferred tax assets on write-downs of the value of shares and loans of consolidated subsidiaries in Luxembourg, tax expense of 364 due to non-recognition and derecognition of other deferred tax assets in other tax jurisdictions, partially offset by an additional recognition of deferred tax assets for losses and other deductible temporary differences of previous years of (1,297) . In 2017, the Company recognized 1.1 billion of previously unrecognized deferred tax assets relating to the Luxembourg tax integration. The recognition in Luxembourg includes 0.3 billion increase in projections of future taxable income in Luxembourg driven primarily by the improved market conditions of the steel industry and higher financial income mainly from further reduction in the forecasted interest expense following improved credit rating. The 2016 net change in measurement of deferred tax assets of 5,344 primarily consists of tax expense of 5,971 due to the unrecognized part of deferred tax assets on write-downs of the value of shares and loans of consolidated subsidiaries in Luxembourg, tax expense of 285 due to non-recognition and derecognition of other deferred tax assets in other tax jurisdictions, partially offset by an additional recognition of deferred tax assets for losses and other deductible temporary differences of previous years of (912) . In 2016, the Company recognized 0.4 billion of previously unrecognized deferred tax assets relating to the Luxembourg tax integration. The recognition in Luxembourg includes a 0.8 billion increase in projections of future taxable income in Luxembourg driven primarily by the improved market conditions of the steel industry and higher interest income from favorable foreign exchange rate relating to the funding of Group subsidiaries as well as further reduction in the forecasted interest expense following debt repayments. This recognition is partially offset by a derecognition of 0.7 billion related to revised expectations of euro denominated deferred tax assets recoverability in U.S. dollars terms. The 2015 net change in measurement of deferred tax assets of 4,940 primarily consists of tax expense of 2,622 due to the unrecognized part of deferred tax assets on write-downs of the value of shares of consolidated subsidiaries in Luxembourg, tax expense of 2,405 due to non-recognition and derecognition of other deferred tax assets in other tax jurisdictions, partially offset by additional recognition of deferred tax assets for losses and other deductible temporary differences of previous years of (87) . In 2015, the Company derecognized 0.4 billion of previously recognized deferred tax assets, out of which 0.3 billion relates to the Luxembourg tax integration. The derecognition in Luxembourg represents the net reduction in projections of future taxable income in Luxembourg driven primarily by the challenging market conditions affecting the steel industry and unfavorable foreign exchange movements, partially offset by reductions in forecasted interest expense due to the Company’s announced plans in 2016 to repay debt with proceeds from a 3 billion equity rights offering and selling its 35% shareholding in Gestamp for €875 million . The taxable income projection also included the effect of the anticipated elimination of the current USD exposure of Luxembourgish deferred tax assets denominated in euro. Tax effects of foreign currency translation The tax effects of foreign currency translation of (157) , 73 and 153 at December 31, 2017 , 2016 and 2015 respectively, refer mainly to deferred tax assets and liabilities of certain entities with a different functional currency than the currency applied for tax filing purposes. In 2017, the effects are mainly due to the depreciation of the U.S. dollar against the euro. Tax credits The tax credits are mainly attributable to the Company’s operating subsidiaries in Brazil, Mexico and Spain. They relate to credits claimed on foreign investment, credits for research and development and tax sparing credits. Other taxes Other taxes mainly include withholding taxes on dividends, services, royalties and interests as well as mining duties in Canada and Mexico, and state tax in the United States. Others Year Ended December 31, 2017 2016 2015 Tax contingencies/settlements 7 149 (8 ) Prior period taxes (7 ) (18 ) 96 Others 55 3 (14 ) Total 55 134 74 In 2016, others of 134 primarily consist of uncertain tax positions for 149 mainly related to Europe and North America. In 2015, others of 74 primarily consist of prior period taxes for 96 related mainly to Luxembourg and Mexico. 9.2 Income tax recorded directly in equity Year Ended December 31, 2017 2016 2015 Recognized in other comprehensive income on: Deferred tax expense (benefit) Unrealized gain (loss) on derivative financial instruments (77 ) (1 ) 4 Recognized actuarial gain (loss) (42 ) (1 ) 47 Foreign currency translation adjustments (90 ) 27 (83 ) (209 ) 25 (32 ) Recognized directly in equity on: Deferred tax expense (benefit) Others 9 — — Total (200 ) 25 (32 ) 9.3 Uncertain tax positions The Company operates in multiple jurisdictions with complex legal and tax regulatory environments. In certain of these jurisdictions, ArcelorMittal has taken income tax positions that management believes are supportable and are intended to withstand challenge by tax authorities. Some of these positions are inherently uncertain and include those relating to transfer pricing matters and the interpretation of income tax laws applied in complex transactions. The Company periodically reassesses its tax positions. Changes to the financial statement recognition, measurement, and disclosure of tax positions are based on management’s best judgment given any changes in the facts, circumstances, information available and applicable tax laws. Considering all available information and the history of resolving income tax uncertainties, the Company believes that the ultimate resolution of such matters will not have a material effect on the Company’s financial position, statements of operations or cash flows (see note 8 “Provisions, contingencies and commitments”). 9.4 Deferred tax assets and liabilities The origin of the deferred tax assets and liabilities is as follows: Assets Liabilities Net 2017 2016 2017 2016 2017 2016 Intangible assets 63 34 (869 ) (900 ) (806 ) (866 ) Property, plant and equipment 235 457 (5,334 ) (5,782 ) (5,099 ) (5,325 ) Inventories 291 367 (179 ) (315 ) 112 52 Financial instruments 129 21 (559 ) (206 ) (430 ) (185 ) Other assets 203 307 (336 ) (310 ) (133 ) (3 ) Provisions 1,577 1,928 (424 ) (330 ) 1,153 1,598 Other liabilities 359 468 (225 ) (555 ) 134 (87 ) Tax losses carried forward 9,275 7,906 — — 9,275 7,906 Tax credits and other tax benefits carried forward 233 270 — — 233 270 Untaxed reserves — — (68 ) (52 ) (68 ) (52 ) Deferred tax assets / (liabilities) 12,365 11,758 (7,994 ) (8,450 ) 4,371 3,308 Deferred tax assets 7,055 5,837 Deferred tax liabilities (2,684 ) (2,529 ) The deferred tax assets recognized by the Company as of December 31, 2017 are analyzed as follows: Gross amount Total deferred tax assets Recognized deferred tax assets Unrecognized deferred tax assets Tax losses carried forward 110,855 28,313 9,275 19,038 Tax credits and other tax benefits carried forward 1,803 1,034 233 801 Other temporary differences 17,417 3,978 2,857 1,121 Total 33,325 12,365 20,960 The deferred tax assets recognized by the Company as of December 31, 2016 are analyzed as follows: Gross amount Total deferred tax assets Recognized deferred tax assets Unrecognized deferred tax assets Tax losses carried forward 96,648 25,735 7,906 17,829 Tax credits and other tax benefits carried forward 1,807 1,107 270 837 Other temporary differences 17,946 5,440 3,582 1,858 Total 32,282 11,758 20,524 As of December 31, 2017 , the majority of the deferred tax assets not recognized relates to tax losses carried forward attributable to various subsidiaries located in different jurisdictions (primarily France, Germany, Luxembourg, Spain and the United States) with different statutory tax rates. The amount of the total deferred tax assets is the aggregate amount of the various deferred tax assets recognized and unrecognized at the various subsidiaries and not the result of a computation with a given blended rate. The utilization of tax losses carried forward is restricted to the taxable income of the subsidiary or tax consolidation group to which it belongs. The utilization of tax losses carried forward also may be restricted by the character of the income, expiration dates and limitations on the yearly use of tax losses against taxable income. As at December 31, 2017 , the total amount of accumulated tax losses in Luxembourg with respect to the main tax consolidation amounted to approximately 80.8 billion , of which 30.8 billion was considered realizable, resulting in the recognition of 7.6 billion of deferred tax assets at the applicable income tax rate in Luxembourg. As at December 31, 2016 , the total amount of accumulated tax losses in Luxembourg with respect to the main tax consolidation amounted to approximately 70.5 billion , of this amount 23.6 billion was considered realizable, resulting in the recognition of 6.1 billion of deferred tax assets at the applicable income tax rate in Luxembourg. Under the Luxembourg tax legislation tax losses generated before 2017 can be carried forward indefinitely and are not subject to any specific yearly loss utilization limitations. The tax losses carried forward relate primarily to tax deductible write-down charges taken on investments in shares of consolidated subsidiaries recorded by certain of ArcelorMittal’s holding companies in Luxembourg. Of the total tax losses carried forward, 30.1 billion may be subject to recapture in the future if the write-downs that caused them are reversed creating taxable income unless the Company converts them to permanent through sales or other organizational restructuring activities. The Company believes that it is probable that sufficient future taxable profits will be generated to support the recognized deferred tax asset for tax losses carried forward in Luxembourg. As part of its recoverability assessment the Company has taken into account (i) its most recent forecast approved by management and the Board of Directors, (ii) the likelihood that the factors that have contributed to past losses in Luxembourg will not recur, (iii) the fact that ArcelorMittal in Luxembourg is the main provider of funding to the Company’s consolidated subsidiaries, leading to significant amounts of taxable interest income, (iv) the implementation of an Industrial Franchising Arrangement between ArcelorMittal and numerous worldwide operating subsidiaries, and (v) other significant and reliable sources of operational income earned from ArcelorMittal’s European and worldwide operating subsidiaries for centralized distribution and procurement activities performed in Luxembourg. In performing the assessment, the Company estimates at which point in time its earnings projections are no longer reliable, and thus taxable profits are no longer probable. Accordingly, the Company has established consistent forecast periods for its different income streams for estimating probable future taxable profits, against which the unused tax losses can be utilized in Luxembourg. At December 31, 2017 , based upon the level of historical taxable income and projections for future taxable income over the periods in which the deductible temporary differences are anticipated to reverse, management believes it is probable that ArcelorMittal will realize the benefits of the deferred tax assets of 7.1 billion recognized. The amount of future taxable income required to be generated by ArcelorMittal’s subsidiaries to utilize the deferred tax assets of 7.1 billion is at least 31.3 billion . Historically, the Company has been able to generate sufficient taxable income and believes that it will generate sufficient levels of taxable income in the coming years to allow the Company to utilize tax benefits associated with tax losses carried forward and other deferred tax assets that have been recognized in its consolidated financial statements. Where the Company has had a history of recent losses, it relied on convincing other evidence such as the character of (historical) losses and planning opportunities to support the deferred tax assets recognized. For the period ended December 31, 2017 ArcelorMittal recorded approximately 59 ( December 31, 2016 : 58 ) of deferred income tax liabilities in respect of deferred taxation that would arise if temporary differences on investments in subsidiaries, associates and interests in joint ventures were to be realized in the foreseeable future. No deferred tax liability has been recognized in respect of other temporary differences on investments in subsidiaries, associates and interests in joint ventures because the Company is able to control the timing of the reversal of the temporary difference and it is probable that such differences will not reverse in the foreseeable future. The amount of these unrecognized deferred tax liabilities is approximately 875 . 9.5 Tax losses, tax credits and other tax benefits carried forward At December 31, 2017 , the Company had total estimated tax losses carried forward of 110.9 billion . This amount includes net operating losses of 7.3 billion primarily related to subsidiaries in Basque Country in Spain, Liberia, the Netherlands, Romania and the United States, which expire as follows: Year expiring Recognized Unrecognized Total 2018 26 4 30 2019 10 60 70 2020 73 149 222 2021 44 909 953 2022 231 608 839 2022 - 2036 849 4,329 5,178 Total 1,233 6,059 7,292 The remaining tax losses carried forward for an amount of 103.6 billion (of which 35.7 billion are recognized and 67.8 billion are unrecognized) are carried forward for unlimited period of time and primarily relate to the Company’s operations in Brazil, France, Germany, Luxembourg and Spain. At December 31, 2017 , the Company also had total estimated tax credits and other tax benefits carried forward of 1,034 (tax effected). Such amount includes tax credits and other tax benefits of 727 primarily attributable to subsidiaries in Belgium, Basque Country in Spain and the United States of which 80 recognized and 647 unrecognized, which expire as follows: Year expiring Recognized Unrecognized Total 2018 — 36 36 2019 — 1 1 2020 — 2 2 2021 — 1 1 2022 — — — 2022 - 2036 80 607 687 Total 80 647 727 The remaining tax credits and other tax benefits for an amount of 307 (of which 153 are recognized and 154 are unrecognized) are indefinite and primarily attributable to the Company’s operations in Brazil, Belgium and Spain. Tax losses, tax credits and other tax benefits carried forward are denominated in the currency of the countries in which the respective subsidiaries are located and operate. Fluctuations in currency exchange rates could reduce the U.S. dollar equivalent value of these tax losses carried forward in future years. |
EQUITY
EQUITY | 12 Months Ended |
Dec. 31, 2017 | |
Share Capital, Reserves And Other Equity Interest [Abstract] | |
Equity | NOTE 10: EQUITY 10.1 Share details On May 22, 2017, ArcelorMittal completed the consolidation of each three existing shares in ArcelorMittal without nominal value into one share without nominal value. As a result of this reverse stock split, the number of issued shares decreased from 3,065,710,869 to 1,021,903,623 and all prior periods have been recast in accordance with IFRS. The Company’s shares consist of the following: December 31, 2015 Movement in year 1 December 31, 2016 Movement in year 1 December 31, 2017 Issued shares 555,130,741 466,772,882 1,021,903,623 — 1,021,903,623 Treasury shares (2,860,363 ) 452,883 (2,407,480 ) 420,644 (1,986,836 ) Total outstanding shares 552,270,378 467,225,765 1,019,496,143 420,644 1,019,916,787 1. refer to note 10.2 on the mandatorily convertible notes ( 137,967,116 or 45,989,039 after reverse stock split). On January 15, 2016, following the maturity of the mandatorily convertible notes (see 10.2 below), the Company increased share capital by €570 million ( 622 ) from €6,883 million ( 10,011 ) to €7,453 million ( 10,633 ) through the issuance of 137,967,116 ( 45,989,039 after reverse stock split) new shares fully paid up. The aggregate number of shares issued and fully paid up increased to 1,803,359,338 ( 601,119,779 after reverse stock split). Following the extraordinary general meeting held on March 10, 2016, ArcelorMittal decreased share capital by €7,273 million ( 10,376 ) from €7,453 million ( 10,633 ) to €180 million ( 257 ) through a reduction of the accounting par value per share to €0.10 without any distribution to shareholders, the balance being allocated to additional paid-in capital. On April 8, 2016, ArcelorMittal completed an equity offering with net proceeds of 3,115 (net of transaction costs of 40 ) by way of the issuance of 1,803,359,338 ( 601,119,779 after reverse stock split) non-statutory preferential subscription rights with a subscription price of €2.20 per share at a ratio of 7 shares for 10 rights subsequently to the adoption of enabling resolutions by the extraordinary general meeting of shareholders on March 10, 2016. The Company increased share capital by €126 million ( 144 ) from €180 million ( 257 ) to €306 million ( 401 ) through the issuance of 1,262,351,531 ( 420,783,844 after reverse stock split) new shares fully paid up. The aggregate number of shares issued and fully paid up increased to 3,065,710,869 ( 1,021,903,623 after reverse stock split). Authorized shares At the Extraordinary General Meeting held on May 8, 2012, the shareholders approved an increase of the authorized share capital of ArcelorMittal by €643 million represented by 156 million shares ( 52 after reverse stock split), or approximately 10% of ArcelorMittal’s outstanding capital. Following this approval, which is valid for 5 years, the total authorized share capital was €7.7 billion represented by 1,773,091,461 ( 591,030,487 after reverse stock split) shares without par value. At the Extraordinary General Meeting held on May 8, 2013, the shareholders approved an increase of the authorized share capital of ArcelorMittal by €524 million represented by 223 million shares ( 74 after reverse stock split), or approximately 8% of ArcelorMittal’s outstanding capital. Following this approval, which is valid for five years , the total authorized share capital was €8.2 billion represented by 1,995,857,213 ( 665,285,738 after reverse stock split) shares without par value. At the Extraordinary General Meeting held on March 10, 2016, the shareholders approved a decrease of the authorized share capital of the Company by €8,049 million through a reduction of the accounting par value per share to €0.10 and a subsequent increase by €3 billion . Following the completion of the equity offering on April 8, 2016, the Company’s authorized share capital was decreased by €2.9 billion . As a result of the approval given by the shareholders on March 10, 2016 and which is valid for five years, the total authorized share capital was €337 million represented by 3,372,281,956 ( 1,124,093,985 after reverse stock split) shares without par value . At the Extraordinary General Meeting held on May 10, 2017, the shareholders approved a reverse stock split and an increase of the authorized share capital to €345 million . Following this approval, on May 22, 2017 ArcelorMittal completed the consolidation of each three existing shares in ArcelorMittal without nominal value into one share without nominal value. As a result, the authorized share capital increased with a decrease in representative shares from €337 million represented by 3,372,281,956 ordinary shares without nominal value as of December 31, 2016 to €345 million represented by 1,151,576,921 ordinary shares without nominal value. Treasury shares ArcelorMittal held, indirectly and directly, 2.0 million and 2.4 million treasury shares (corresponding to 7.2 million shares prior to the reverse stock split) as of December 31, 2017 and December 31, 2016 , respectively. 10.2 Equity instruments and hybrid instruments Mandatorily convertible notes Mandatorily convertible notes issued by the Company were accounted for as compound financial instruments. The net present value of the coupon payments at issuance date was recognized as a long-term obligation and carried at amortized cost. The value of the equity component was determined based upon the difference of the cash proceeds received from the issuance of the notes and the net present value of the financial liability component on the date of issuance and was included in equity. On January 16, 2013, ArcelorMittal issued mandatorily convertible subordinated notes (“MCNs”) with net proceeds of 2,222 . The notes had a maturity of 3 years , were issued at 100% of the principal amount and were mandatorily converted into ordinary shares of ArcelorMittal at maturity unless converted earlier at the option of the holders or ArcelorMittal or upon specified events in accordance with the terms of the MCNs. The MCNs paid a coupon of 6.00% per annum, payable quarterly in arrears. The minimum conversion price of the MCNs was set at $16.75 (prior to reverse stock split), corresponding to the placement price of shares in the concurrent ordinary shares offering as described above, and the maximum conversion price was set at approximately 125% of the minimum conversion price (corresponding to $20.94 , prior to reverse stock split). The minimum and maximum conversion prices were subject to adjustment upon the occurrence of certain events, and were, as of December 31, 2015, $15.98 and $19.98 , respectively (prior to reverse stock split). The Company determined the notes met the definition of a compound financial instrument and as such determined the fair value of the financial liability component of the bond was 384 on the date of issuance and recognized it as a long-term obligation. The value of the equity component of 1,838 was determined based upon the difference of the cash proceeds received from the issuance of the bond and the fair value of the financial liability component on the date of issuance and was included in equity. During the fourth quarter of 2015, the Company delivered 2,275,026 treasury shares ( 758,342 after reverse stock split) against 1,817,869 notes converted at the option of their holders. As a result of such voluntary conversions, the carrying amount of MCNs decreased by 38 . On January 15, 2016, upon final maturity of the MCNs, the remaining outstanding 88,182,131 notes were converted into 137,967,116 new common shares ( 45,989,039 after reverse stock split). Accordingly, share capital and additional paid-in-capital increased by 622 and 1,178 , respectively and the carrying amount of MCNs decreased by 1,800 . Mandatory convertible bonds On December 28, 2009, the Company issued through Hera Ermac, a wholly-owned subsidiary, 750 unsecured and unsubordinated bonds mandatorily convertible into preferred shares of such subsidiary. The bonds were placed privately with a Luxembourg affiliate of Crédit Agricole (formerly Calyon) and are not listed. The Company has the option to call the mandatory convertible bonds until 10 business days before the maturity date. Hera Ermac invested the proceeds of the bonds issuance and an equity contribution by the Company in notes issued by subsidiaries of the Company linked to the values of shares of Erdemir and China Oriental. On April 20, 2011, the Company signed an agreement for an extension of the conversion date of the mandatory convertible bonds to January 31, 2013. On September 27, 2011, the Company increased the mandatory convertible bonds from 750 to 1,000 . The Company further extended the conversion date for the mandatory convertible bonds on December 18, 2012 and January 17, 2014 to January 31, 2014 and January 29, 2016, respectively. On November 20, 2015, the conversion date of the 1,000 mandatory convertible bonds was extended from January 29, 2016 to January 31, 2018. The other main features of the mandatory convertible bonds remained unchanged. The Company determined that this transaction led to the extinguishment of the existing compound instrument and the recognition of a new compound instrument including non-controlling interests for 880 (net of cumulative tax and fees) and other liabilities for 106 . The derecognition of the previous instrument and the recognition at fair value of the new instrument resulted in a 79 expense included in financing costs-net in the consolidated statement of operations and a 20 decrease in non-controlling interests. On December 14, 2017, the conversion date of the 1,000 mandatory convertible bonds was extended from January 31, 2018 to January 29, 2021. The other main features of the mandatory convertible bonds remained unchanged. The Company determined that this transaction led to the extinguishment of the existing compound instrument and the recognition of a new compound instrument including non-controlling interests for 797 (net of cumulative tax and fees) and other liabilities for 184 . The derecognition of the previous instrument and the recognition at fair value of the new instrument resulted in a 92 expense included in financing costs-net in the consolidated statement of operations and a 83 decrease in non-controlling interests. 10.3 Earnings per common share Basic earnings per common share is computed by dividing net income (loss) by the weighted average number of common shares outstanding during the year. Net income (loss) attributable to ordinary shareholders takes into consideration dividend rights of preferred shareholders such as holders of subordinated perpetual capital securities. Diluted earnings per share is computed by dividing income (loss) available to equity holders by the weighted average number of common shares and potential common shares from share unit plans and outstanding stock options as well as potential common shares from the conversion of certain convertible bonds whenever the conversion results in a dilutive effect. On April 8, 2016, the Company issued 1,262,351,531 ( 420,783,844 after reverse stock split) new shares at a subscription price of €2.20 (prior to reverse stock split) per share representing a 35% discount compared to the theoretical ex-right price (“TERP”) of €3.40 (prior to reverse stock split) based on the closing price of ArcelorMittal’s shares on Euronext Amsterdam on March 10, 2016. In accordance with IFRS, such a rights issue includes a bonus element increasing the number of ordinary shares outstanding to be used in calculating basic and diluted earnings per share for all periods before the rights issue. Accordingly, the table below presents the numerators, a reconciliation of the weighted average common shares outstanding for the purposes of basic and diluted earnings per share for the years ended December 31, 2017 and as retrospectively adjusted for the above mentioned bonus element for the years ended December 31, 2016 and 2015 . On May 22, 2017, ArcelorMittal completed the consolidation of each three existing shares in ArcelorMittal without nominal value into one share without nominal value. As a result of this reverse stock split, the number of outstanding shares for the prior periods have been recast in accordance with IFRS. Year Ended December 31, 2017 2016 2015 Net income (loss) attributable to equity holders of the parent 4,568 1,779 (7,946 ) Weighted average common shares outstanding (in millions) for the purposes of basic earnings per share 1,020 953 598 Incremental shares from the rights issue on April 8, 2016 retrospectively adjusted for all prior periods — — 174 Weighted average common shares outstanding (in millions) for the purposes of basic earnings per share (restated) 1,020 953 772 Incremental shares from assumed conversion of restricted share units and performance share units (in millions) 4 2 — Weighted average common shares outstanding (in millions) for the purposes of diluted earnings per share 1,024 955 772 For the purpose of calculating earnings per common share, diluted weighted average common shares outstanding excludes 3 million potential common shares from share unit plans for the year ended December 31, 2015 , because such share unit plans are anti-dilutive. 10.4 Dividends Calculations to determine the amounts available for dividends are based on ArcelorMittal’s financial statements (“ArcelorMittal SA”) which are prepared in accordance with IFRS, as endorsed by the European Union. ArcelorMittal SA has no significant manufacturing operations of its own. Accordingly, it can only pay dividends or distributions to the extent it is entitled to receive cash dividend distributions from its subsidiaries’ recognized gains, from the sale of its assets or records share premium from the issuance of common shares. Dividends are declared in U.S. dollars and are payable in either U.S. dollars or in euros. Description Approved by Dividend per Payout date Total (in Dividend for financial year 2014 Annual General Shareholders’ meeting on May 5, 2015 1 0.45 June 15, 2015 331 Dividend for financial year 2015 Annual General Shareholders’ meeting on May 4, 2016 — — — Dividend for financial year 2016 Annual General Shareholders’ meeting on May 10, 2017 — — — 1. On May 22, 2017, ArcelorMittal completed the consolidation of each three existing shares in ArcelorMittal without nominal value into one share without nominal value. As a result of this reverse stock split, the dividend per share has been adjusted accordingly. Following the Company’s equity offering in April 2016, the dividends declared per share for prior periods has been recast for the year ended December 31, 2014, to include the bonus element derived from the 35% discount to the theoretical ex-right price included in the subscription price. The actual dividends paid were $0.60 per issued share as of December 31, 2014. The Board has agreed on a new dividend policy which will be proposed to shareholders at the annual general meeting in May 2018, dividends will begin at $0.10 /share in 2018 (paid from 2017 results). 10.5.1 Non-wholly owned subsidiaries that have material non-controlling interests The tables below provide a list of the principal subsidiaries which include non-controlling interests at December 31, 2017 and 2016 and for the years ended December 31, 2017 , 2016 and 2015 . Name of Subsidiary Country of incorporation and operation % of non-controlling interests and non- controlling voting rights at December 31, 2017 % of non-controlling interests and non- controlling voting rights at December 31, 2016 Net income (loss) attributable to non- controlling interests for the year ended December 31, 2017 Non-controlling interests at December 31, 2017 Net income (loss) attributable to non- controlling interests for the year ended December 31, 2016 Non-controlling interests at December 31, 2016 Net income (loss) attributable to non- controlling interests for the year ended December 31, 2015 AMSA South Africa 30.78% 30.78% (124 ) 195 (103 ) 307 (301 ) Sonasid 1 Morocco 67.57% 67.57% 3 107 (5 ) 95 (6 ) ArcelorMittal Kryvyi Rih Ukraine 4.87% 4.87% 10 164 5 163 3 Belgo Bekaert Arames ("BBA") Brazil 45.00% 45.00% 25 146 23 154 25 Hera Ermac 2 Luxembourg — — — 797 — 880 — AMMIC 3 Canada 15.00% 15.00% 91 479 28 488 32 Arceo 4 Belgium 62.86% 62.86% 4 168 5 148 4 ArcelorMittal Liberia Ltd Liberia 15.00% 15.00% (11 ) (266 ) (5 ) (256 ) (239 ) Other 9 276 7 211 5 Total 7 2,066 (45 ) 2,190 (477 ) 1. Sonasid - ArcelorMittal holds a controlling stake of 50% in Nouvelles Sidérurgies Industrielles. ArcelorMittal controls Nouvelles Sidérurgies Industrielles on the basis of a shareholders’ agreement which includes deadlock arrangements in favor of the Company. Nouvelles Sidérurgies Industrielles holds a 64.86% stake in Sonasid. The total non-controlling interests in Sonasid of 67.57% are the result of ArcelorMittal’s indirect ownership percentage in Sonasid of 32.43% through its controlling stake in Nouvelles Sidérurgies Industrielles. 2. Hera Ermac - The non-controlling interests correspond to the equity component of the mandatory convertible bonds maturing on January 29, 2021 (see note 10.2) . 3. AMMIC - On March 15, 2013 and May 30, 2013, a consortium led by POSCO and China Steel Corporation acquired a 15% non-controlling interest in joint venture partnerships holding ArcelorMittal’s Labrador Trough iron ore mining and infrastructure assets. 4. Arceo - On June 1, 2015, the Company signed an agreement with Sogepa, an investment fund of the Walloon Region in Belgium, to restructure the research and development activities of their combined investment in Arceo, an investment previously accounted for under the equity method by the Company. On June 11, 2015, Sogepa made a capital injection into Arceo, decreasing the Company’s percentage ownership from 50.1% to 37.7% . Following the signed agreement to restructure the activities of Arceo, the Company obtained control and fully consolidated the investment, which resulted in an increase in non-controlling interests by 148 . Additionally, on December 13, 2016, Sogepa made a capital injection into Arceo, decreasing the Company's percentage ownership from 37.7% to 37.1% . The tables below provide summarized statements for the above-mentioned subsidiaries of financial position as of December 31, 2017 and 2016 and the summarized statements of operations and summarized statements of cash flows for the year ended December 31, 2017 , 2016 and 2015 . Summarized statements of financial position December 31, 2017 AMSA Sonasid AM Kryvyi Rih BBA Hera Ermac AMMIC Arceo AM Liberia Current assets 1,457 181 1,228 220 210 1,050 56 107 Non-current assets 1,047 108 2,801 190 3,350 3,135 213 93 Total assets 2,504 289 4,029 410 3,560 4,185 269 200 Current liabilities 1,399 100 598 93 67 316 2 1,783 Non-current liabilities 470 34 266 21 616 555 1 35 Net assets 635 155 3,165 296 2,877 3,314 266 (1,618 ) Summarized statements of operations December 31, 2017 AMSA Sonasid AM Kryvyi Rih BBA Hera Ermac AMMIC Arceo AM Liberia Revenue 2,926 371 2,486 698 — 1,943 — 56 Net income (loss) (403 ) 6 209 52 1,130 617 6 (71 ) Total comprehensive income (loss) (421 ) 4 210 52 1,130 613 6 (71 ) Summarized statements of cash flows December 31, 2017 AMSA Sonasid AM Kryvyi Rih BBA Hera Ermac AMMIC Arceo AM Liberia Net cash provided by / (used in) operating activities (119 ) (7 ) 194 63 (12 ) 947 10 (69 ) Net cash provided by / (used in) investing activities (193 ) (3 ) (234 ) (9 ) 12 (301 ) 3 (63 ) Net cash provided by / (used in) financing activities 330 (4 ) — (61 ) — (656 ) (8 ) 132 Impact of currency movements on cash 13 1 (2 ) — — — 1 — Cash and cash equivalents: At the beginning of the year 110 51 102 12 — 168 7 — At the end of the year 141 38 60 5 — 158 13 — Dividend to non-controlling interests — (2 ) — (26 ) — (98 ) (5 ) — Summarized statements of financial position December 31, 2016 AMSA Sonasid AM Kryvyi Rih BBA Hera Ermac AMMIC Arceo AM Liberia Current assets 1,108 155 973 212 221 2,255 21 93 Non-current assets 1,145 107 2,857 206 1,798 3,751 219 49 Total assets 2,253 262 3,830 418 2,019 6,006 240 142 Current liabilities 1,013 94 491 82 65 314 4 1,081 Non-current liabilities 245 28 275 25 127 3,835 1 608 Net assets 995 140 3,064 311 1,827 1,857 235 (1,547 ) Summarized statements of operations December 31, 2016 AMSA Sonasid AM Kryvyi Rih BBA Hera Ermac AMMIC Arceo AM Liberia Revenue 2,228 300 2,068 627 — 1,472 — 56 Net income (loss) (335 ) (7 ) 98 53 402 (66 ) 7 (29 ) Total comprehensive income (loss) (349 ) (8 ) 106 49 402 (74 ) 7 (29 ) Summarized statements of cash flows December 31, 2016 AMSA Sonasid AM Kryvyi Rih BBA Hera Ermac AMMIC Arceo AM Liberia Net cash provided by / (used in) operating activities 11 28 159 63 28 279 4 (45 ) Net cash provided by / (used in) investing activities (149 ) (6 ) (156 ) (15 ) (28 ) (283 ) (78 ) (73 ) Net cash provided by / (used in) financing activities 80 (32 ) — (50 ) — (24 ) 80 117 Impact of currency movements on cash 29 — (5 ) 2 — — — — At the beginning of the year 139 61 104 12 — 196 1 1 At the end of the year 110 51 102 12 — 168 7 — Dividend to non-controlling interests — (6 ) — (25 ) — (30 ) — — Summarized statements of operations December 31, 2015 AMSA Sonasid AM Kryvyi Rih BBA Hera Ermac AMMIC Arceo AM Liberia Revenue 2,478 345 2,118 701 — 1,432 — 86 Net income (loss) (581 ) (10 ) 58 58 (242 ) 475 7 (1,516 ) Total comprehensive income (loss) (516 ) (14 ) 70 61 (242 ) 496 7 (1,516 ) Summarized statements of cash flows December 31, 2015 AMSA Sonasid AM Kryvyi Rih BBA Hera Ermac AMMIC Arceo AM Liberia Net cash provided by / (used in) operating activities (85 ) 17 174 60 25 146 17 (103 ) Net cash provided by / (used in) investing activities (99 ) (6 ) (154 ) (10 ) (23 ) (171 ) (142 ) (102 ) Net cash provided by / (used in) financing activities 307 15 — (52 ) (2 ) (97 ) 127 205 Impact of currency movements on cash (23 ) (2 ) (43 ) (4 ) — — (1 ) — Cash and cash equivalents: At the beginning of the year 39 37 127 18 — 318 — 1 At the end of the year 139 61 104 12 — 196 1 1 Dividend to non-controlling interests — (6 ) — (17 ) — (57 ) — — 10.5.2 Transactions with non-controlling interests Acquisitions of non-controlling interests, which do not result in a change of control, are accounted for as transactions with owners in their capacity as owners and therefore no goodwill is recognized as a result of such transactions. In such circumstances, the carrying amounts of the controlling and non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiary. Any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recognized directly in equity and attributed to the owners of the parent. On February 23, 2017, ArcelorMittal and Votorantim S.A. announced the signing of an agreement, pursuant to which Votorantim’s long steel businesses in Brazil, Votorantim Siderurgia, will become a subsidiary of ArcelorMittal Brasil and Votorantim will hold a non-controlling interest in ArcelorMittal Brasil. The combined operations include ArcelorMittal Brasil’s production sites at Monlevade, Cariacica, Juiz de Fora, Piracicaba and Itaúna, and Votorantim Siderurgia’s production sites at Barra Mansa, Resende and its participation in Sitrel, in Três Lagoas (see note 2.2.4). Transactions with non-controlling interests in 2016 were as follows: AMSA On January 15, 2016, AMSA completed a rights offering fully underwritten by ArcelorMittal. The total cash proceeds amounted to ZAR 4.5 billion . ArcelorMittal subscribed the capital increase through repayment of an outstanding intragroup loan of ZAR 3.2 billion and an additional cash injection of ZAR 0.5 billion . As a result of the rights issue, ArcelorMittal’s shareholding in AMSA increased from 52% to 70.55% and non-controlling interests decreased by 80 . Effective October 17, 2016, ArcelorMittal’s interest in AMSA decreased to 69.22% . In the framework of AMSA’s transformation initiatives in order to maximize its score under the Broad-Based Black Economic Empowerment (“B-BBEE”) Codes of Good Practice, it launched on October 1, 2015 an employee share ownership plan following which the Ikageng Broad-Based Employee Share Trust obtained an ownership interest of 1.33% in AMSA to be attributed to qualifying employees upon vesting date of the plan. In addition, on September 28, 2016, AMSA announced that it had entered into agreements to implement a transaction which includes the issuance of a 17% shareholding in AMSA using a new class of notionally funded shares to a special purpose vehicle owned by Likamva Resources Proprietary Limited (“Likamva”). Likamva has undertaken to introduce broad-based social and community development organizations as shareholders to hold an effective 5% interest (of the 17% , leaving Likamva with a 12% shareholding) within 24 months. The transaction also includes the issuance of a 5.1% shareholding in AMSA using another new class of notionally funded shares to the ArcelorMittal South Africa Employee Empowerment Share Trust for the benefit of AMSA employees and AMSA management. All the shares have certain restrictions on disposal for a period of 10 years thereby promoting long-term sustainable B-BBEE in AMSA. The shares were issued on December 7, 2016. The Company concluded that the transaction does not correspond to a share issue but qualifies as an in substance option (resulting in the recognition of an expense of 63 , which is recognized in financing costs - net and corresponds to the fair value at inception). The shares give the holders rights to notional dividends which will be used to repay the notional funding and voting rights for up to 10 years , resulting in a decrease of ArcelorMittal's voting rights to 53.92% . The Company will recognize non-controlling interests at the end of the 10 year period depending on the value of the shares based on a pre-defined formula. 2016 Non-controlling interests 80 Purchase price (selling price), net 1 (56 ) Adjustment to equity attributable to the equity holders of the parent 136 1. Amount paid in by non-controlling shareholders in AMSA following the rights issue Transactions with non-controlling interests include also the mandatory convertible bonds (see note 10.2). There were no transactions with non-controlling interests in 2015 . |
RELATED PARTIES
RELATED PARTIES | 12 Months Ended |
Dec. 31, 2017 | |
Related Party [Abstract] | |
Related Parties | NOTE 11: RELATED PARTIES The related parties of the Group are predominately subsidiaries, joint operations, joint ventures, associates and key management personnel (see note 7.1) of the Group. Transaction between the parent company, its subsidiaries and joint operations are eliminated on consolidation and are not disclosed in this note. Related parties include the Significant Shareholder, which is a trust of which Mr. Lakshmi N. Mittal and Mrs. Usha Mittal are the beneficiaries and which owns 37.4% of ArcelorMittal’s ordinary shares. Transactions with related parties of the Company mainly relate to sales and purchases of raw materials and steel products and were as follows: 11.1 Sales and trade receivables Year Ended December 31, December 31, Sales Trade receivables Related parties and their subsidiaries where applicable Category 2017 2016 2015 2017 2016 Calvert Joint Venture 2,030 1,400 1,271 13 35 Gonvarri Steel Industries 1 Associate 1,666 1,210 1,233 92 58 Macsteel Joint Venture 521 399 516 38 17 ArcelorMittal CLN Distribuzione Italia S.r.l. Joint Venture 472 414 310 18 — Borçelik Joint Venture 426 240 305 11 4 Bamesa Associate 397 371 367 35 23 I/N Kote L.P. Joint Venture 321 346 377 7 12 Aperam Société Anonyme ("Aperam") Other 262 189 165 32 40 AM RZK Joint Venture 235 163 148 15 8 C.L.N. Coils Lamiere Nastri S.p.A. Associate 233 203 310 5 5 Tuper S.A. 2 Joint Venture 154 13 — 45 25 WDI 3 Associate 127 151 181 4 2 Stalprodukt S.A. 4 Available-for-sale — 31 146 — — Gestamp 5 Other — 26 310 — — Other 659 478 485 91 93 Total 7,503 5,634 6,124 406 322 1. Gonvarri Steel Industries includes ArcelorMittal Gonvarri Brasil Productos Siderúrgicos which is a joint venture. 2. The joint venture Tuper S.A. was acquired on October 6, 2016. 3. WDI includes Westfälische Drahtindustrie Verwaltungsgesellschaft mbH & Co. KG and Westfälische Drahtindustrie GmbH. 4. ArcelorMittal partially disposed of its former associate Stalprodukt S.A. and was then reclassified as available-for-sale on April 28, 2016 (see note 2). 5. ArcelorMittal disposed of the former associate Gestamp on February 1, 2016 (see note 2). 11.2 Purchases and trade payables Year Ended December 31, December 31, Purchases Trade payables Related parties and their subsidiaries where applicable Category 2017 2016 2015 2017 2016 Tameh Joint Venture 286 236 245 45 53 Baffinland 1 Associate 142 75 19 22 2 Aperam Other 94 65 131 11 10 Calvert Joint Venture 65 15 13 11 3 CFL Cargo S.A. Associate 60 58 58 13 4 Exeltium S.A.S. Associate 53 71 80 — — Baycoat Limited Partnership Joint Venture 42 41 42 5 5 EIMP 2 Other 36 310 228 — — Gonvarri Steel Industries 3 Associate 19 146 176 51 23 Other 236 373 468 102 79 Total 1,033 1,390 1,460 260 179 1. Baffinland was classified as an associate as of October 31, 2017 (see note 2). 2. In addition to trade payables and purchases with related parties as defined by IAS 24, the Company also discloses this information for EIMP due to the close relationship with this entity. The Company's 21% stake in the EIMP was disposed of on August 7, 2017. 3. Gonvarri Steel Industries includes ArcelorMittal Gonvarri Brasil Productos Siderúrgicos which is a joint venture. 11.3 Other transactions with related parties At December 31, 2017, the shareholder loans granted by the Company to Al Jubail, with different maturity dates , had a carrying value of 140 (see note 2.4). As of March 13, 2017, the Company granted a credit facility to AMTBA bearing compound interest (Libor 3 months + margin) maturing on February 28, 2018 for a maximum aggregated amount of 35 . At December 31, 2017, the facility was fully drawn. As of December 3, 2014, ArcelorMittal Calvert LLC signed a member capital expenditure loan agreement with the joint venture Calvert and as of December 31, 2017 , the loans amounted to 135 including accrued interest. The loans bear interest from 3% to 3.95% and have various maturity dates range from less than 1 to 25 years . In May 2014, ArcelorMittal entered into a 5 -year off take agreement with its associate Baffinland (the "AM Sourcing Contract"), whereby it will buy the lesser of 50% of the annual quantity of iron ore produced by Baffinland or 2 million tonnes of iron ore per year. The AM Sourcing Contract has been extended to December 31, 2021 and the maximum quantity shall increase to the lesser of 50% of the annual quantity of iron ore produced by Baffinland or 4 million tonnes per contract year, after completion of Phase 3. The purchase price includes a premium to reference prices based on high iron ore content. ArcelorMittal paid advances to Baffinland for an amount equivalent to the value of iron ore stockpiled by Baffinland outside the salable season until August 31, 2017. From September 1, 2017 to December 31, 2021, ArcelorMittal will not pay advances to Baffinland anymore as payments for the purchases will occur upon loading on vessel for shipment at port of Milne. In May 2014, ArcelorMittal also entered into an additional contract with Baffinland whereby it agreed to act as a sales agent (“Marketing agreement”) for all of Baffinland’s iron ore (excluding the shipments subject to the offtake agreement mentioned above). The Company also entered into an agreement to advance 80% of the lesser of 50% of the annual quantity of iron ore produced by Baffinland or 1.5 million tonnes of iron ore per year. The contract expired on the extended maturity at April 30, 2016. On August 24, 2016, Baffinland entered into an agreement with a bank to finance an amount which does not exceed the lesser of 50% of iron ore stockpiled by Baffinland outside the salable season and 2.3 million tonnes in any contract year. This agreement expired on the extended maturity at October 20, 2017. On December 1, 2017, Baffinland entered into a new agreement with a bank to finance up to 4 million tonnes at 78% of the value of the iron ore produced and hauled to the port by Baffinland (the "EXW Purchase Contract"). The EXW Purchase Contract matures on October 20, 2018. Under this agreement, the bank purchases product from Baffinland up to 50% of which is then sold to ArcelorMittal under a separate back-to-back contract (“AM Purchase Contract”). ArcelorMittal contracts with third-party steel mills for onward sale of the product purchased from the bank under the AM Purchase Contract. The remaining 50% of product purchased by the bank under the EXW Purchase Contract is sold to ArcelorMittal under the AM Sourcing Contract as a result of Baffinland assigning its rights under that contract to the bank on December 22, 2017. Following the Extraordinary General Meeting held on March 10, 2016, when the final terms of the rights issuance were defined, the Company decided, in accordance with its risk management policies, to hedge part of its foreign exchange exposure arising from the euro denominated proceeds of the rights issuance. Accordingly, on March 10, 2016, the Company entered into currency forward transactions with a credit institution to sell euro and buy U.S. dollar at an amount of €1 billion . The transactions settled on March 30, 2016. In parallel, the commitment by the Significant Shareholder to exercise its rights under the euro-denominated rights issuance gave rise to a foreign exchange exposure opposite to the one of the Company. Accordingly, on the same date, the Significant Shareholder entered into currency forward transactions, with the same credit institution as the Company, to hedge its foreign exchange exposure arising from potential fluctuations in the USD/Euro exchange rate. The transactions, which consisted of buying euro and selling U.S. dollar at an amount of €1 billion , settled on March 30, 2016. |
SUBSEQUENT EVENTS (Notes)
SUBSEQUENT EVENTS (Notes) | 12 Months Ended |
Dec. 31, 2017 | |
Subsequent Events1 [Abstract] | |
SUBSEQUENT EVENTS | NOTE 12: SUBSEQUENT EVENTS On February 12, 2018, ArcelorMittal announced that its subsidiary ArcelorMittal India Private Limited ("AMIPL") has submitted an offer for Essar Steel India Limited ("Essar"), an Indian steel company, in the framework of the corporate insolvency resolution process. In its offer, AMIPL set out a detailed industrial plan for Essar aimed at improving its performance and profitability and ensuring it can participate in the anticipated growth of steel demand in India. Essar is an integrated flat steel producer, with its main production facility in Gujarat. It has a nameplate crude steel capacity of 9.6 million tonnes per year, although the current maximum achievable crude steel production level is 6.1 million tonnes per year, due to a bottleneck in the steelmaking and casting process. |
ACCOUNTING PRINCIPLES (Policies
ACCOUNTING PRINCIPLES (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
General Information About Financial Statements [Abstract] | |
Basis of presentation | 1.1 Basis of presentation The consolidated financial statements have been prepared on a historical cost basis, except for available-for-sale financial assets, derivative financial instruments, biological assets and certain assets and liabilities held for sale, which are measured at fair value less cost to sell, inventories, which are measured at the lower of net realizable value or cost, and the financial statements of the Company’s Venezuelan tubular production facilities Industrias Unicon CA (“Unicon”), for which hyperinflationary accounting is applied (see note 2.2.2). The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) and are presented in U.S. dollars with all amounts rounded to the nearest million, except for share and per share data. |
Use of estimates | 1.2 Use of judgment and estimates The preparation of consolidated financial statements in conformity with IFRS recognition and measurement principles and, in particular, making the critical accounting judgments requires the use of estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Management reviews its estimates on an ongoing basis using currently available information. Changes in facts and circumstances or obtaining new information or more experience may result in revised estimates, and actual results could differ from those estimates. The following summary provides further information about the Company’s critical accounting policies under which significant judgments, estimates and assumptions are made. It should be read in conjunction with the notes mentioned in the summary: • Deferred tax assets (note 9): The Company assesses the recoverability of deferred tax assets based on future taxable income projections, which are inherently uncertain and may be subject to changes over time. Judgment is required to assess the impact of such changes on the measurement of these assets and the time frame for their utilization. In addition, the Company applies judgment to recognize income tax liabilities when they are probable and can be reasonably estimated depending on the interpretation, which may be uncertain, of applicable tax laws and regulations. ArcelorMittal periodically reviews its estimates to reflect changes in facts and circumstances. • Provisions for pensions and other post-employment benefits (note 7.2): Benefit obligations and plan assets can be subject to significant volatility, in particular due to changes in market conditions and actuarial assumptions. Such assumptions differ by plan, take local conditions into account and include discount rates, expected rates of compensation increases, health care cost trend rates, mortality and retirement rates. They are determined following a formal process involving the Company's expertise and independent actuaries. Assumptions are reviewed annually and adjusted following actuarial and experience changes. • Provisions (note 8): Provisions, which result from legal or constructive obligations arising as a result of past events, are recognized based on the Company's, and in certain instances, third-party's best estimate of costs when the obligation arises. They are reviewed periodically to take into consideration changes in laws and regulations and underlying facts and circumstances. • Impairment of tangible and intangible assets, including goodwill (note 5.3): In the framework of the determination of the recoverable amount of assets, the estimates, judgments and assumptions applied for the value in use calculations relate primarily to growth rates, expected changes to average selling prices, shipments and direct costs. Assumptions for average selling prices and shipments are based on historical experience and expectations of future changes in the market. Discount rates are reviewed annually. • Derivative financial instruments (note 6.1.5): Certain of the Company's derivative financial instruments are classified as Level 3 as they include unobservable inputs. In particular, the Company uses estimates to compute unobservable volatility based on movements of stock market prices for the fair valuation of the call option on the 1,000 mandatory convertible bonds. • Mining reserve estimates (note 5.2): Proven iron ore and coal reserves are those quantities whose recoverability can be determined with reasonable certainty from a given date forward and under existing government regulations, economic and operating conditions; probable reserves have a lower degree of assurance but high enough to assume continuity between points of observation. Their estimates and the estimates of mine lives have been prepared by ArcelorMittal experienced engineers and geologists and detailed independent verifications of the methods and procedures are conducted on a regular basis by external consultants. Reserves are updated annually and calculated using a 3-year average reference price duly adjusted for quality, ore content, logistics and other considerations. In order to estimate reserves, estimates are required for a range of geological, technical and economic factors, including quantities, grades, production techniques, recovery rates, production costs, transport costs, commodity demand, commodity prices and exchange rates. Estimating the quantity and/or grade of reserves requires the size, shape and depth of ore bodies to be determined by analyzing geological data such as drilling samples. This process may require complex and difficult geological judgments to interpret the data. Because the economic assumptions used to estimate reserves change from period to period, and because additional geological data is generated during the course of operations, estimates of reserves may change from period to period. |
Critical accounting policies | The following summary provides further information about the Company’s critical accounting policies under which significant judgments, estimates and assumptions are made. It should be read in conjunction with the notes mentioned in the summary: • Deferred tax assets (note 9): The Company assesses the recoverability of deferred tax assets based on future taxable income projections, which are inherently uncertain and may be subject to changes over time. Judgment is required to assess the impact of such changes on the measurement of these assets and the time frame for their utilization. In addition, the Company applies judgment to recognize income tax liabilities when they are probable and can be reasonably estimated depending on the interpretation, which may be uncertain, of applicable tax laws and regulations. ArcelorMittal periodically reviews its estimates to reflect changes in facts and circumstances. • Provisions for pensions and other post-employment benefits (note 7.2): Benefit obligations and plan assets can be subject to significant volatility, in particular due to changes in market conditions and actuarial assumptions. Such assumptions differ by plan, take local conditions into account and include discount rates, expected rates of compensation increases, health care cost trend rates, mortality and retirement rates. They are determined following a formal process involving the Company's expertise and independent actuaries. Assumptions are reviewed annually and adjusted following actuarial and experience changes. • Provisions (note 8): Provisions, which result from legal or constructive obligations arising as a result of past events, are recognized based on the Company's, and in certain instances, third-party's best estimate of costs when the obligation arises. They are reviewed periodically to take into consideration changes in laws and regulations and underlying facts and circumstances. • Impairment of tangible and intangible assets, including goodwill (note 5.3): In the framework of the determination of the recoverable amount of assets, the estimates, judgments and assumptions applied for the value in use calculations relate primarily to growth rates, expected changes to average selling prices, shipments and direct costs. Assumptions for average selling prices and shipments are based on historical experience and expectations of future changes in the market. Discount rates are reviewed annually. • Derivative financial instruments (note 6.1.5): Certain of the Company's derivative financial instruments are classified as Level 3 as they include unobservable inputs. In particular, the Company uses estimates to compute unobservable volatility based on movements of stock market prices for the fair valuation of the call option on the 1,000 mandatory convertible bonds. • Mining reserve estimates (note 5.2): Proven iron ore and coal reserves are those quantities whose recoverability can be determined with reasonable certainty from a given date forward and under existing government regulations, economic and operating conditions; probable reserves have a lower degree of assurance but high enough to assume continuity between points of observation. Their estimates and the estimates of mine lives have been prepared by ArcelorMittal experienced engineers and geologists and detailed independent verifications of the methods and procedures are conducted on a regular basis by external consultants. Reserves are updated annually and calculated using a 3-year average reference price duly adjusted for quality, ore content, logistics and other considerations. In order to estimate reserves, estimates are required for a range of geological, technical and economic factors, including quantities, grades, production techniques, recovery rates, production costs, transport costs, commodity demand, commodity prices and exchange rates. Estimating the quantity and/or grade of reserves requires the size, shape and depth of ore bodies to be determined by analyzing geological data such as drilling samples. This process may require complex and difficult geological judgments to interpret the data. Because the economic assumptions used to estimate reserves change from period to period, and because additional geological data is generated during the course of operations, estimates of reserves may change from period to period. |
Disclosure of general information about financial statements | NOTE 1: ACCOUNTING PRINCIPLES ArcelorMittal (“ArcelorMittal” or the “Company”), together with its subsidiaries, owns and operates steel manufacturing and mining facilities in Europe, North and South America, Asia and Africa. Collectively, these subsidiaries and facilities are referred to in the consolidated financial statements as the “operating subsidiaries”. These consolidated financial statements were authorized for issuance on February 15 , 2018 by the Company’s Board of Directors. 1.1 Basis of presentation The consolidated financial statements have been prepared on a historical cost basis, except for available-for-sale financial assets, derivative financial instruments, biological assets and certain assets and liabilities held for sale, which are measured at fair value less cost to sell, inventories, which are measured at the lower of net realizable value or cost, and the financial statements of the Company’s Venezuelan tubular production facilities Industrias Unicon CA (“Unicon”), for which hyperinflationary accounting is applied (see note 2.2.2). The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) and are presented in U.S. dollars with all amounts rounded to the nearest million, except for share and per share data. 1.2 Use of judgment and estimates The preparation of consolidated financial statements in conformity with IFRS recognition and measurement principles and, in particular, making the critical accounting judgments requires the use of estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses. Management reviews its estimates on an ongoing basis using currently available information. Changes in facts and circumstances or obtaining new information or more experience may result in revised estimates, and actual results could differ from those estimates. The following summary provides further information about the Company’s critical accounting policies under which significant judgments, estimates and assumptions are made. It should be read in conjunction with the notes mentioned in the summary: • Deferred tax assets (note 9): The Company assesses the recoverability of deferred tax assets based on future taxable income projections, which are inherently uncertain and may be subject to changes over time. Judgment is required to assess the impact of such changes on the measurement of these assets and the time frame for their utilization. In addition, the Company applies judgment to recognize income tax liabilities when they are probable and can be reasonably estimated depending on the interpretation, which may be uncertain, of applicable tax laws and regulations. ArcelorMittal periodically reviews its estimates to reflect changes in facts and circumstances. • Provisions for pensions and other post-employment benefits (note 7.2): Benefit obligations and plan assets can be subject to significant volatility, in particular due to changes in market conditions and actuarial assumptions. Such assumptions differ by plan, take local conditions into account and include discount rates, expected rates of compensation increases, health care cost trend rates, mortality and retirement rates. They are determined following a formal process involving the Company's expertise and independent actuaries. Assumptions are reviewed annually and adjusted following actuarial and experience changes. • Provisions (note 8): Provisions, which result from legal or constructive obligations arising as a result of past events, are recognized based on the Company's, and in certain instances, third-party's best estimate of costs when the obligation arises. They are reviewed periodically to take into consideration changes in laws and regulations and underlying facts and circumstances. • Impairment of tangible and intangible assets, including goodwill (note 5.3): In the framework of the determination of the recoverable amount of assets, the estimates, judgments and assumptions applied for the value in use calculations relate primarily to growth rates, expected changes to average selling prices, shipments and direct costs. Assumptions for average selling prices and shipments are based on historical experience and expectations of future changes in the market. Discount rates are reviewed annually. • Derivative financial instruments (note 6.1.5): Certain of the Company's derivative financial instruments are classified as Level 3 as they include unobservable inputs. In particular, the Company uses estimates to compute unobservable volatility based on movements of stock market prices for the fair valuation of the call option on the 1,000 mandatory convertible bonds. • Mining reserve estimates (note 5.2): Proven iron ore and coal reserves are those quantities whose recoverability can be determined with reasonable certainty from a given date forward and under existing government regulations, economic and operating conditions; probable reserves have a lower degree of assurance but high enough to assume continuity between points of observation. Their estimates and the estimates of mine lives have been prepared by ArcelorMittal experienced engineers and geologists and detailed independent verifications of the methods and procedures are conducted on a regular basis by external consultants. Reserves are updated annually and calculated using a 3-year average reference price duly adjusted for quality, ore content, logistics and other considerations. In order to estimate reserves, estimates are required for a range of geological, technical and economic factors, including quantities, grades, production techniques, recovery rates, production costs, transport costs, commodity demand, commodity prices and exchange rates. Estimating the quantity and/or grade of reserves requires the size, shape and depth of ore bodies to be determined by analyzing geological data such as drilling samples. This process may require complex and difficult geological judgments to interpret the data. Because the economic assumptions used to estimate reserves change from period to period, and because additional geological data is generated during the course of operations, estimates of reserves may change from period to period. 1.3 Accounting standards applied 1.3.1 Adoption of new IFRS standards, amendments and interpretations applicable from January 1, 2017 On January 1, 2017, the Company adopted the following amendments which have an impact on the disclosure in the consolidated financial statements of the Company: • Amendments to IAS 7 “Statement of Cash Flows” issued on January 29, 2016, which clarify that entities shall provide disclosures that enable users of financial statements to evaluate changes in liabilities arising from financing activities, including non-cash changes and changes arising from cash flows. The additional disclosures are reflected in note 6.1.3. On January 1, 2017, the Company adopted the following amendments which did not have any material impact on the consolidated financial statements of the Company: • Amendments to IAS 12 “Income Taxes” issued on January 19, 2016, which clarify how to account for deferred tax assets related to debt instruments measured at fair value and how to recognize deferred tax assets for unrealized losses. • Annual Improvements 2014 – 2016 published on December 8, 2016, which amended IFRS 12 “Disclosure of Interests in Other Entities” and clarifies the scope of the standard by specifying that the disclosure requirements in the standard apply to an entity’s interests that are classified as held for sale, as held for distribution or as discontinued operations in accordance with IFRS 5 “Non-current Assets Held for Sale and Discontinued Operations”. 1.3.2 New IFRS standards , amendments and interpretations applicable from 2018 onward On May 28, 2014, the IASB issued IFRS 15 “Revenue from Contracts with Customers” which provides a unified five-step model for determining the timing, measurement and recognition of revenue. The focus of the new standard is to recognize revenue as performance obligations are met rather than based on the transfer of risks and rewards. IFRS 15 includes a comprehensive set of disclosure requirements including qualitative and quantitative information about contracts with customers to understand the nature, amount, timing and uncertainty of revenue. The standard supersedes IAS 18 “Revenue”, IAS 11 “Construction Contracts” and a number of revenue-related interpretations. On September 11, 2015, the IASB issued an amendment formalizing a one-year deferral of the effective date for annual periods beginning on or after January 1, 2018, with early application permitted. On April 12, 2016, the IASB issued amendments to IFRS 15 which clarify how to identify a performance obligation, determine whether a company is a principal or an agent and determine when the revenue from granting a license should be recognized. These amendments are also effective for annual periods beginning on or after January 1, 2018, with early application permitted. The Company’s revenue is predominantly derived from the single performance obligation to transfer steel and mining products under arrangements in which the transfer of risks and rewards of ownership and the fulfillment of the Company’s performance obligation occur at the same time. The Company has laid out a detailed assessment and implementation plan for the roll out of IFRS 15. As part of this process the Company assessed its performance obligations underlying the revenue recognition, estimation of variable considerations including rebates, methods for estimating warranties, and customized products. The Company concluded that there will not be a material impact, except for the impact it will have on the disclosures. ArcelorMittal has established the procedures and controls to commence applying IFRS 15 as of January 1, 2018, and intends to apply the full retrospective transition approach without any practical expedients and will accordingly recast its comparative information where applicable. On July 24, 2014, the IASB issued the final version of IFRS 9 “Financial Instruments (2014)” which replaces IAS 39 and modifies substantially the classification and measurement of financial instruments. The final version of the standard contains requirements in the following areas: • Classification and measurement: Financial assets are classified and measured by reference to the business model within which they are held and their contractual cash flow characteristics. Financial liabilities are classified in a similar manner to IAS 39, however there are differences in the requirements regarding the measurement of an entity's own credit risk. • Impairment: The standard introduces an 'expected credit loss' model replacing the current incurred loss model for the measurement of the impairment of financial assets; it is therefore no longer necessary for a credit event to have occurred before a credit loss is recognized. • Hedge accounting: The standard introduces a new hedge accounting model that is designed to more closely align with how entities undertake risk management activities when hedging financial and non-financial risk exposures, which may result in the increased application of hedge accounting. • Derecognition: The requirements for derecognition of financial assets and liabilities are carried forward from IAS 39. IFRS 9 is effective for annual periods beginning on or after January 1, 2018, with early application permitted and is applied retrospectively, except for the hedge accounting requirements which are applied prospectively. The Company has substantially finalized its assessment of the impact upon adoption of IFRS 9 and does not expect this impact to be material. While ArcelorMittal will provide additional disclosures as required by the new standard and update the hedge documentation when hedge accounting is applied, the Company does not expect the standard to materially impact the measurement of either its financial liabilities, which are mainly carried at amortized cost or its financial assets, which are mainly comprised of cash and cash equivalents, trade receivables and available-for-sale equity instruments. However, the Company will make the irrevocable election upon adoption of IFRS 9 to classify the latter at fair value through other comprehensive income, as a result of which unrealized gains and losses which the Company currently recognizes in the consolidated statements of other comprehensive income (823 net gain as at December 31, 2017) will not be any longer recycled to the consolidated statements of operations upon disposal. On January 13, 2016, the IASB issued IFRS 16 “Leases” which will replace IAS 17 “Leases”. This new standard specifies how to recognize, measure, present and disclose leases. The standard provides a single lessee accounting model, requiring lessees to recognize assets and liabilities for all leases unless the lease term is 12 months or less or the underlying asset has a low value. This standard is effective for annual periods beginning on or after January 1, 2019, with early application permitted if IFRS 15 has also been applied. At December 31, 2017 and 2016, the Company has non-cancellable operating lease commitments on an undiscounted basis of 1,311 and 1,312 , respectively (see note 8.3). A preliminary review and assessment of the Company's lease arrangements indicates that most of these arrangements will meet the definition of a lease under IFRS 16. The Company intends to apply the modified retrospective transition approach with the cumulative effect of initial application of IFRS 16 recognized at January 1, 2019. In addition, it intends to apply the practical expedient to grandfather the definition of a lease on transition and accordingly apply IFRS 16 to all contracts entered into before January 1, 2019 and identified as leases in accordance with IAS 17 and IFRIC 4. Hence, the Company will recognize a right-of-use asset and corresponding liability in respect of the net present value of these leases unless they qualify for short-term leases upon the application of IFRS 16. The actual quantification of the impact of the application of IFRS 16 on the consolidated financial statements is ongoing and will depend on future economic conditions, including the Company's incremental borrowing rate and the composition of the Company's lease portfolio at January 1, 2019. On June 20, 2016, the IASB issued amendments to IFRS 2 “Share-based Payment”. These amendments clarify the effects of vesting and non-vesting conditions on the measurement of cash-settled share-based payments; the treatment of share-based payment transactions with a net settlement feature for withholding tax obligations; and the treatment of a modification to the terms and conditions of a share-based payment that changes the classification of the transaction from cash-settled to equity-settled. These amendments are effective for annual periods beginning on or after January 1, 2018, with early application permitted. The Company does not expect that the adoption of these amendments will have a material impact to its consolidated financial statements. On September 12, 2016, the IASB issued amendments to IFRS 4 “Insurance Contracts”. These amendments propose two approaches (an overlay approach and a deferral approach) in order to address temporary volatility in reported results arising from implementing the new financial instruments Standard IFRS 9 before implementing the replacement standard that the board is developing for IFRS 4. These amendments to IFRS 4 supplement existing options in the Standard that can already be used to address the temporary volatility. These amendments are effective when an insurer first applies IFRS 9 (overlay approach) or during the three years period beginning on January 1, 2018 (deferral approach). The Company does not expect that the adoption of these amendments will have a material impact to its consolidated financial statements. On December 8, 2016, the IASB issued IFRIC 22 “Foreign Currency Transactions and Advance Consideration”. This interpretation provides guidance about which exchange rate to use in reporting foreign currency transactions (such as revenue transactions) when payment is made or received in advance. This interpretation is effective for annual periods beginning on or after January 1, 2018, with early application permitted. The Company does not expect that the adoption of this interpretation will have a material impact to its consolidated financial statements. On May 18, 2017, the IASB issued IFRS 17 "Insurance Contracts", which is designed to achieve the goal of a consistent, principle-based accounting for insurance contracts. IFRS 17 requires insurance liabilities to be measured at a current fulfillment value and provides a more uniform measurement and presentation approach for all insurance contracts. IFRS 17 supersedes IFRS 4 "Insurance Contracts" and related interpretations and is effective for periods beginning on or after January 1, 2021, with earlier adoption permitted if both IFRS 15 "Revenue from Contracts with Customers" and IFRS 9 "Financial Instruments" have also been applied. The Company is in the process of assessing whether there will be a material change to its consolidated financial statements upon adoption of this new standard. On June 7, 2017, the IASB issued IFRIC 23 “Uncertainty over Income Tax Treatments”. This interpretation addresses the determination of taxable profit (tax loss), tax bases, unused tax losses, unused tax credits and tax rates when there is uncertainty over income tax treatments under IAS 12. This interpretation is effective for annual periods beginning on or after January 1, 2019, with early application permitted. The Company does not expect that the adoption of this interpretation will have a material impact to its consolidated financial statements. On October 12, 2017, the IASB issued an amendment to IFRS 9 in respect of prepayment features with negative compensation, which amends the existing requirements in IFRS 9 regarding termination rights in order to allow measurement at amortized cost (or, depending on the business model, at fair value through other comprehensive income) even in the case of negative compensation payments. This amendment is effective for annual periods beginning on or after January 1, 2019, with early application permitted. The Company does not expect that the adoption of this interpretation will have a material impact to its consolidated financial statements. Also, on October 12, 2017, the IASB issued an amendment to IAS 28 “Investments in Associates and Joint Ventures” in relation to long-term interests in associates and joint ventures. The amendment clarifies that an entity applies IFRS 9 to long-term interests in an associate or joint venture that form part of the net investment in the associate or joint venture but to which the equity method is not applied. This amendment is effective for annual periods beginning on or after January 1, 2019, with early application permitted. The Company does not expect that the adoption of this amendment will have a material impact to its consolidated financial statements. On December 12, 2017 the IASB issued Annual Improvements 2015–2017 to make amendments to the following standards: • IFRS 3 "Business Combinations" clarifies that when an entity obtains control of a business that is a joint operation, it remeasures previously held interests in that business. • IFRS 11 "Joint Arrangements" clarifies that when an entity obtains joint control of a business that is a joint operation, the entity does not remeasure previously held interests in that business. • IAS 12 "Income Taxes" clarifies that all income tax consequences of dividends should be recognized in profit or loss, regardless of how the tax arises. • IAS 23 "Borrowing Costs" clarifies that if any specific borrowing remains outstanding after the related asset is ready for its intended use or sale, that borrowing becomes part of the funds that an entity borrows generally when calculating the capitalization rate on general borrowings. These amendments are effective for annual periods beginning on or after January 1, 2019, with early application permitted. The Company does not expect that the adoption of these amendments will have a material impact to its consolidated financial statements. On February 7, 2018, the IASB issued amendments to IAS 19 “Employee benefits” which clarify that current service cost and net interest after a remeasurement resulting from a plan amendment, curtailment or settlement should be determined using the assumptions applied for the remeasurement. In addition, the amendments clarify the effect of a plan amendment, curtailment or settlement on the requirements regarding the asset ceiling. These amendments are effective for annual periods beginning on or after January 1, 2019, with early application permitted. The Company does not expect that the adoption of these amendments will have a material impact to its consolidated financial statements. The Company does not plan to early adopt the new accounting standards, amendments and interpretations. |
Adoption of new IFRS standards, amendments and interpretations applicable from January 1, 2016 and 2017 onward | 1.3.1 Adoption of new IFRS standards, amendments and interpretations applicable from January 1, 2017 On January 1, 2017, the Company adopted the following amendments which have an impact on the disclosure in the consolidated financial statements of the Company: • Amendments to IAS 7 “Statement of Cash Flows” issued on January 29, 2016, which clarify that entities shall provide disclosures that enable users of financial statements to evaluate changes in liabilities arising from financing activities, including non-cash changes and changes arising from cash flows. The additional disclosures are reflected in note 6.1.3. On January 1, 2017, the Company adopted the following amendments which did not have any material impact on the consolidated financial statements of the Company: • Amendments to IAS 12 “Income Taxes” issued on January 19, 2016, which clarify how to account for deferred tax assets related to debt instruments measured at fair value and how to recognize deferred tax assets for unrealized losses. • Annual Improvements 2014 – 2016 published on December 8, 2016, which amended IFRS 12 “Disclosure of Interests in Other Entities” and clarifies the scope of the standard by specifying that the disclosure requirements in the standard apply to an entity’s interests that are classified as held for sale, as held for distribution or as discontinued operations in accordance with IFRS 5 “Non-current Assets Held for Sale and Discontinued Operations”. |
Disclosure of expected impact of initial application of new standards or interpretations [text block] | 1.3.2 New IFRS standards , amendments and interpretations applicable from 2018 onward On May 28, 2014, the IASB issued IFRS 15 “Revenue from Contracts with Customers” which provides a unified five-step model for determining the timing, measurement and recognition of revenue. The focus of the new standard is to recognize revenue as performance obligations are met rather than based on the transfer of risks and rewards. IFRS 15 includes a comprehensive set of disclosure requirements including qualitative and quantitative information about contracts with customers to understand the nature, amount, timing and uncertainty of revenue. The standard supersedes IAS 18 “Revenue”, IAS 11 “Construction Contracts” and a number of revenue-related interpretations. On September 11, 2015, the IASB issued an amendment formalizing a one-year deferral of the effective date for annual periods beginning on or after January 1, 2018, with early application permitted. On April 12, 2016, the IASB issued amendments to IFRS 15 which clarify how to identify a performance obligation, determine whether a company is a principal or an agent and determine when the revenue from granting a license should be recognized. These amendments are also effective for annual periods beginning on or after January 1, 2018, with early application permitted. The Company’s revenue is predominantly derived from the single performance obligation to transfer steel and mining products under arrangements in which the transfer of risks and rewards of ownership and the fulfillment of the Company’s performance obligation occur at the same time. The Company has laid out a detailed assessment and implementation plan for the roll out of IFRS 15. As part of this process the Company assessed its performance obligations underlying the revenue recognition, estimation of variable considerations including rebates, methods for estimating warranties, and customized products. The Company concluded that there will not be a material impact, except for the impact it will have on the disclosures. ArcelorMittal has established the procedures and controls to commence applying IFRS 15 as of January 1, 2018, and intends to apply the full retrospective transition approach without any practical expedients and will accordingly recast its comparative information where applicable. On July 24, 2014, the IASB issued the final version of IFRS 9 “Financial Instruments (2014)” which replaces IAS 39 and modifies substantially the classification and measurement of financial instruments. The final version of the standard contains requirements in the following areas: • Classification and measurement: Financial assets are classified and measured by reference to the business model within which they are held and their contractual cash flow characteristics. Financial liabilities are classified in a similar manner to IAS 39, however there are differences in the requirements regarding the measurement of an entity's own credit risk. • Impairment: The standard introduces an 'expected credit loss' model replacing the current incurred loss model for the measurement of the impairment of financial assets; it is therefore no longer necessary for a credit event to have occurred before a credit loss is recognized. • Hedge accounting: The standard introduces a new hedge accounting model that is designed to more closely align with how entities undertake risk management activities when hedging financial and non-financial risk exposures, which may result in the increased application of hedge accounting. • Derecognition: The requirements for derecognition of financial assets and liabilities are carried forward from IAS 39. IFRS 9 is effective for annual periods beginning on or after January 1, 2018, with early application permitted and is applied retrospectively, except for the hedge accounting requirements which are applied prospectively. The Company has substantially finalized its assessment of the impact upon adoption of IFRS 9 and does not expect this impact to be material. While ArcelorMittal will provide additional disclosures as required by the new standard and update the hedge documentation when hedge accounting is applied, the Company does not expect the standard to materially impact the measurement of either its financial liabilities, which are mainly carried at amortized cost or its financial assets, which are mainly comprised of cash and cash equivalents, trade receivables and available-for-sale equity instruments. However, the Company will make the irrevocable election upon adoption of IFRS 9 to classify the latter at fair value through other comprehensive income, as a result of which unrealized gains and losses which the Company currently recognizes in the consolidated statements of other comprehensive income (823 net gain as at December 31, 2017) will not be any longer recycled to the consolidated statements of operations upon disposal. On January 13, 2016, the IASB issued IFRS 16 “Leases” which will replace IAS 17 “Leases”. This new standard specifies how to recognize, measure, present and disclose leases. The standard provides a single lessee accounting model, requiring lessees to recognize assets and liabilities for all leases unless the lease term is 12 months or less or the underlying asset has a low value. This standard is effective for annual periods beginning on or after January 1, 2019, with early application permitted if IFRS 15 has also been applied. At December 31, 2017 and 2016, the Company has non-cancellable operating lease commitments on an undiscounted basis of 1,311 and 1,312 , respectively (see note 8.3). A preliminary review and assessment of the Company's lease arrangements indicates that most of these arrangements will meet the definition of a lease under IFRS 16. The Company intends to apply the modified retrospective transition approach with the cumulative effect of initial application of IFRS 16 recognized at January 1, 2019. In addition, it intends to apply the practical expedient to grandfather the definition of a lease on transition and accordingly apply IFRS 16 to all contracts entered into before January 1, 2019 and identified as leases in accordance with IAS 17 and IFRIC 4. Hence, the Company will recognize a right-of-use asset and corresponding liability in respect of the net present value of these leases unless they qualify for short-term leases upon the application of IFRS 16. The actual quantification of the impact of the application of IFRS 16 on the consolidated financial statements is ongoing and will depend on future economic conditions, including the Company's incremental borrowing rate and the composition of the Company's lease portfolio at January 1, 2019. On June 20, 2016, the IASB issued amendments to IFRS 2 “Share-based Payment”. These amendments clarify the effects of vesting and non-vesting conditions on the measurement of cash-settled share-based payments; the treatment of share-based payment transactions with a net settlement feature for withholding tax obligations; and the treatment of a modification to the terms and conditions of a share-based payment that changes the classification of the transaction from cash-settled to equity-settled. These amendments are effective for annual periods beginning on or after January 1, 2018, with early application permitted. The Company does not expect that the adoption of these amendments will have a material impact to its consolidated financial statements. On September 12, 2016, the IASB issued amendments to IFRS 4 “Insurance Contracts”. These amendments propose two approaches (an overlay approach and a deferral approach) in order to address temporary volatility in reported results arising from implementing the new financial instruments Standard IFRS 9 before implementing the replacement standard that the board is developing for IFRS 4. These amendments to IFRS 4 supplement existing options in the Standard that can already be used to address the temporary volatility. These amendments are effective when an insurer first applies IFRS 9 (overlay approach) or during the three years period beginning on January 1, 2018 (deferral approach). The Company does not expect that the adoption of these amendments will have a material impact to its consolidated financial statements. On December 8, 2016, the IASB issued IFRIC 22 “Foreign Currency Transactions and Advance Consideration”. This interpretation provides guidance about which exchange rate to use in reporting foreign currency transactions (such as revenue transactions) when payment is made or received in advance. This interpretation is effective for annual periods beginning on or after January 1, 2018, with early application permitted. The Company does not expect that the adoption of this interpretation will have a material impact to its consolidated financial statements. On May 18, 2017, the IASB issued IFRS 17 "Insurance Contracts", which is designed to achieve the goal of a consistent, principle-based accounting for insurance contracts. IFRS 17 requires insurance liabilities to be measured at a current fulfillment value and provides a more uniform measurement and presentation approach for all insurance contracts. IFRS 17 supersedes IFRS 4 "Insurance Contracts" and related interpretations and is effective for periods beginning on or after January 1, 2021, with earlier adoption permitted if both IFRS 15 "Revenue from Contracts with Customers" and IFRS 9 "Financial Instruments" have also been applied. The Company is in the process of assessing whether there will be a material change to its consolidated financial statements upon adoption of this new standard. On June 7, 2017, the IASB issued IFRIC 23 “Uncertainty over Income Tax Treatments”. This interpretation addresses the determination of taxable profit (tax loss), tax bases, unused tax losses, unused tax credits and tax rates when there is uncertainty over income tax treatments under IAS 12. This interpretation is effective for annual periods beginning on or after January 1, 2019, with early application permitted. The Company does not expect that the adoption of this interpretation will have a material impact to its consolidated financial statements. On October 12, 2017, the IASB issued an amendment to IFRS 9 in respect of prepayment features with negative compensation, which amends the existing requirements in IFRS 9 regarding termination rights in order to allow measurement at amortized cost (or, depending on the business model, at fair value through other comprehensive income) even in the case of negative compensation payments. This amendment is effective for annual periods beginning on or after January 1, 2019, with early application permitted. The Company does not expect that the adoption of this interpretation will have a material impact to its consolidated financial statements. Also, on October 12, 2017, the IASB issued an amendment to IAS 28 “Investments in Associates and Joint Ventures” in relation to long-term interests in associates and joint ventures. The amendment clarifies that an entity applies IFRS 9 to long-term interests in an associate or joint venture that form part of the net investment in the associate or joint venture but to which the equity method is not applied. This amendment is effective for annual periods beginning on or after January 1, 2019, with early application permitted. The Company does not expect that the adoption of this amendment will have a material impact to its consolidated financial statements. On December 12, 2017 the IASB issued Annual Improvements 2015–2017 to make amendments to the following standards: • IFRS 3 "Business Combinations" clarifies that when an entity obtains control of a business that is a joint operation, it remeasures previously held interests in that business. • IFRS 11 "Joint Arrangements" clarifies that when an entity obtains joint control of a business that is a joint operation, the entity does not remeasure previously held interests in that business. • IAS 12 "Income Taxes" clarifies that all income tax consequences of dividends should be recognized in profit or loss, regardless of how the tax arises. • IAS 23 "Borrowing Costs" clarifies that if any specific borrowing remains outstanding after the related asset is ready for its intended use or sale, that borrowing becomes part of the funds that an entity borrows generally when calculating the capitalization rate on general borrowings. These amendments are effective for annual periods beginning on or after January 1, 2019, with early application permitted. The Company does not expect that the adoption of these amendments will have a material impact to its consolidated financial statements. On February 7, 2018, the IASB issued amendments to IAS 19 “Employee benefits” which clarify that current service cost and net interest after a remeasurement resulting from a plan amendment, curtailment or settlement should be determined using the assumptions applied for the remeasurement. In addition, the amendments clarify the effect of a plan amendment, curtailment or settlement on the requirements regarding the asset ceiling. These amendments are effective for annual periods beginning on or after January 1, 2019, with early application permitted. The Company does not expect that the adoption of these amendments will have a material impact to its consolidated financial statements. The Company does not plan to early adopt the new accounting standards, amendments and interpretations. |
Basis of consolidation | The consolidated financial statements include the accounts of the Company, its subsidiaries and its interests in associated companies and joint arrangements. Subsidiaries are consolidated from the date the Company obtains control (ordinarily the date of acquisition) until the date control ceases. The Company controls an entity when the Company is exposed to or has rights to variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Intercompany balances and transactions, including income, expenses and dividends, are eliminated in the consolidated financial statements. Gains and losses resulting from intercompany transactions are also eliminated. Non-controlling interests represent the portion of profit or loss and net assets not held by the Company and are presented separately in the consolidated statements of operations, in the consolidated statements of other comprehensive income and within equity in the consolidated statements of financial position. |
Investment in associates and joint ventures | Associated companies are those companies over which the Company has the ability to exercise significant influence on the financial and operating policy decisions, which it does not control. Generally, significant influence is presumed to exist when the Company holds more than 20% of the voting rights. Joint arrangements, which include joint ventures and joint operations, are those over whose activities the Company has joint control, typically under a contractual arrangement. In joint ventures, ArcelorMittal exercises joint control and has rights to the net assets of the arrangement. The investment is accounted for under the equity method and therefore recognized at cost at the date of acquisition and subsequently adjusted for ArcelorMittal’s share in undistributed earnings or losses since acquisition, less any impairment incurred. Any excess of the cost of the acquisition over the Company’s share of the net fair value of the identifiable assets, liabilities, and contingent liabilities of the associate or joint venture recognized at the date of acquisition is considered as goodwill. The goodwill is included in the carrying amount of the investment and is evaluated for impairment as part of the investment. The consolidated statements of operations include the Company’s share of the profit or loss of associates and joint ventures from the date that significant influence or joint control commences until the date significant influence or joint control ceases, adjusted for any impairment losses. Adjustments to the carrying amount may also be necessary for changes in the Company’s proportionate interest in the investee arising from changes in the investee’s equity that have not been recognized in the investee’s profit or loss. The Company’s share of those changes is recognized directly in the relevant reserve within equity. The Company assesses the recoverability of its investments accounted for under the equity method whenever there is an indication of impairment. In determining the value in use of its investments, the Company estimates its share in the present value of the projected future cash flows expected to be generated by operations of associates and joint ventures. The amount of any impairment is included in income (loss) from investments in associates, joint ventures and other investments in the consolidated statements of operations (see also note 2.6). For investments in joint operations, in which ArcelorMittal exercises joint control and has rights to the assets and obligations for the liabilities relating to the arrangement, the Company recognizes its assets, liabilities and transactions, including its share of those incurred jointly. |
Available-for-sale financial assets | Investments in other entities, over which the Company and/or its operating subsidiaries do not have the ability to exercise significant influence and have a readily determinable fair value, are accounted for as available-for-sale at fair value with any resulting gain or loss, net of related tax effect, recognized in the consolidated statements of other comprehensive income, until realized. Realized gains and losses from the sale of available-for-sale securities are determined on an average cost method. To the extent that these investments do not have a readily determinable fair value, they are accounted for under the cost method. Available-for-sale financial assets classified as Level 1 refer to listed securities quoted in active markets. A quoted market price in an active market provides the most reliable evidence of fair value and is used without adjustment to measure fair value whenever available, with limited exceptions. The total fair value is either the price of the most recent trade at the time of the market close or the official close price as defined by the exchange on which the asset is most actively traded on the last trading day of the period, multiplied by the number of units held without consideration of transaction costs. The increase in available-for-sale financial assets in 2017 is mainly related to the increase in the share price of Erdemir. Derivative financial assets and liabilities classified as Level 2 refer to instruments to hedge fluctuations in interest rates, foreign exchange rates, raw materials (base metals), freight, energy and emission rights, see note 6.1.5 for further information. |
Functional currency | The functional currency of ArcelorMittal S.A. is the U.S. dollar. The functional currency of each of the principal operating subsidiaries is the local currency, except for ArcelorMittal México, AMMIC and ArcelorMittal International Luxembourg, whose functional currency is the U.S. dollar and ArcelorMittal Ostrava, ArcelorMittal Poland and ArcelorMittal Galati, whose functional currency is the euro. Transactions in currencies other than the functional currency of a subsidiary are recorded at the rates of exchange prevailing at the date of the transaction. Monetary assets and liabilities in currencies other than the functional currency are remeasured at the rates of exchange prevailing on the date of the consolidated statements of financial position and the related translation gains and losses are reported within financing costs in the consolidated statements of operations. Non-monetary items that are carried at cost are translated using the rate of exchange prevailing at the date of the transaction. Non-monetary items that are carried at fair value are translated using the exchange rate prevailing when the fair value was determined and the related translation gains and losses are reported in the consolidated statements of comprehensive income. Upon consolidation, the results of operations of ArcelorMittal’s subsidiaries, associates and joint arrangements whose functional currency is other than the U.S. dollar are translated into U.S. dollars at the monthly average exchange rates and assets and liabilities are translated at the year-end exchange rates. Translation adjustments are recognized directly in other comprehensive income and are included in net income (including non-controlling interests) only upon sale or liquidation of the underlying foreign subsidiary, associate or joint arrangement. |
Business combinations | Business combinations are accounted for using the acquisition method as of the acquisition date, which is the date on which control is transferred to ArcelorMittal. The Company controls an entity when it is exposed to or has rights to variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The Company measures goodwill at the acquisition date as the total of the fair value of consideration transferred, plus the proportionate amount of any non-controlling interest, plus the fair value of any previously held equity interest in the acquiree, if any, less the net recognized amount (generally at fair value) of the identifiable assets acquired and liabilities assumed. In a business combination in which the fair value of the identifiable net assets acquired exceeds the cost of the acquired business, the Company reassesses the fair value of the assets acquired and liabilities assumed. If, after reassessment, ArcelorMittal’s interest in the net fair value of the acquiree’s identifiable assets, liabilities and contingent liabilities exceeds the cost of the business combination, the excess (bargain purchase) is recognized immediately as a reduction of cost of sales in the consolidated statements of operations. Any contingent consideration payable is recognized at fair value at the acquisition date and any costs directly attributable to the business combination are expensed as incurred. |
Divestments and assets held for sale | Non-current assets and disposal groups that are classified as held for sale are measured at the lower of carrying amount and fair value less costs to sell. Assets and disposal groups are classified as held for sale if their carrying amount will be recovered through a sale transaction rather than through continuing use. The non-current asset, or disposal group, is classified as held for sale only when the sale is highly probable and is available for immediate sale in its present condition and is marketed for sale at a price that is reasonable in relation to its current fair value. Assets held for sale are presented separately in the consolidated statements of financial position and are not depreciated. Gains (losses) on disposal of subsidiaries are recognized in cost of sales, whereas gains (losses) on disposal of investments accounted for under the equity method and other investments are recognized in income (loss) from investments in associates, joint ventures and other investments. |
Reportable segments | The Company is organized in five operating and reportable segments, which are components engaged in business activities from which they may earn revenues and incur expenses (including revenues and expenses relating to transactions with other components of the Company), for which discrete financial information is available and whose operating results are evaluated regularly by the chief operating decision maker “CODM” to make decisions about resources to be allocated to the segment and assess its performance. As of January 1, 2016, the Group Management Board “GMB” (ArcelorMittal’s previous CODM) was replaced by the CEO Office - comprising the CEO, Mr. Lakshmi N. Mittal and the CFO, Mr. Aditya Mittal. These operating segments include the attributable goodwill, intangible assets, property, plant and equipment, and certain equity method investments. They do not include cash and short-term deposits, short-term investments, tax assets and other current financial assets. Attributable liabilities are also those resulting from the normal activities of the segment, excluding tax liabilities and indebtedness but including post retirement obligations where directly attributable to the segment. The treasury function is managed centrally for the Company and is not directly attributable to individual operating segments or geographical areas. ArcelorMittal’s segments are structured as follows: • NAFTA represents the flat, long and tubular facilities of the Company located in North America (Canada, United States and Mexico). NAFTA produces flat products such as slabs, hot-rolled coil, cold-rolled coil, coated steel and plate. These products are sold primarily to customers in the following sectors: automotive, energy, construction, packaging and appliances and via distributors or processors. NAFTA also produces long products such as wire rod, sections, rebar, billets, blooms and wire drawing, and tubular products; • Brazil includes the flat operations of Brazil and the long and tubular operations of Brazil and neighboring countries including Argentina, Costa Rica and Venezuela. Flat products include slabs, hot-rolled coil, cold-rolled coil and coated steel. Long products consist of wire rod, sections, bar and rebar, billets, blooms and wire drawing; • Europe is the largest flat steel producer in Europe, with operations that range from Spain in the west to Romania in the east, and covering the flat carbon steel product portfolio in all major countries and markets. Europe produces hot-rolled coil, cold-rolled coil, coated products, tinplate, plate and slab. These products are sold primarily to customers in the automotive, general and packaging sectors. Europe also produces long products consisting of sections, wire rod, rebar, billets, blooms and wire drawing, and tubular products. In addition, it includes Downstream Solutions, primarily an in-house trading and distribution arm of ArcelorMittal. Downstream Solutions also provides value-added and customized steel solutions through further steel processing to meet specific customer requirements; • ACIS produces a combination of flat, long and tubular products. Its facilities are located in Africa and the Commonwealth of Independent States; and • Mining comprises all mines owned by ArcelorMittal in the Americas (Canada, United States, Mexico and Brazil), Asia (Kazakhstan), Europe (Ukraine and Bosnia & Herzegovina) and Africa (Liberia). It provides the Company's steel operations with high quality and low-cost iron ore and coal reserves and also sells limited amounts of mineral products to third parties. |
Revenue | Revenue is measured at the fair value of the consideration received or receivable. Revenue is reduced for estimated customer returns and other similar allowances. Revenue from the sale of goods is recognized when the Company has transferred to the buyer the significant risks and rewards of ownership of the goods, no longer retains control over the goods sold, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the Company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. Revenue from the sale of iron ore is recognized when the risk and rewards of ownership are transferred to the buyer. The selling price is contractually determined on a provisional basis, based on a reliable estimate of the selling price and adjustments in the price may subsequently occur depending on movements in the reference price or contractual iron ore prices to the date of the final pricing and final product specifications. ArcelorMittal records amounts billed to a customer in a sale transaction for shipping and handling costs as sales and the related shipping and handling costs incurred as cost of sales. |
Trade accounts receivable and other | Trade accounts receivable are initially recorded at their fair value and do not carry any interest. ArcelorMittal maintains an allowance for doubtful accounts at an amount that it considers to be a reliable estimate of losses resulting from the inability of its customers to make required payments. In judging the adequacy of the allowance for doubtful accounts, ArcelorMittal considers multiple factors including historical bad debt experience, the current economic environment and the aging of the receivables. Recoveries of trade receivables previously reserved in the allowance for doubtful accounts are recognized as gains in selling, general and administrative expenses. ArcelorMittal’s policy is to record an allowance and a charge in selling, general and administrative expense when a specific account is deemed uncollectible and to provide for each receivable overdue by more than 180 days; an allowance is utilized when there is legal evidence that the receivable will not be collected. Based on historical experience, such receivables are generally not recoverable, unless it can be clearly demonstrated that the receivable is still collectible. Estimated unrecoverable amounts of trade receivables between 60 days and 180 days overdue are provided for based on past historic loss rate. |
Inventories | Inventories are carried at the lower of cost or net realizable value. Cost is determined using the average cost method. Costs of production in process and finished goods include the purchase costs of raw materials and conversion costs such as direct labor and an allocation of fixed and variable production overheads. Raw materials and spare parts are valued at cost, inclusive of freight, shipping, handling as well as any other costs incurred in bringing the inventories to their present location and condition. Interest charges, if any, on purchases have been recorded as financing costs. Costs incurred when production levels are abnormally low are capitalized as inventories based on normal capacity with the remaining costs incurred recorded as a component of cost of sales in the consolidated statements of operations. Net realizable value represents the estimated selling price at which the inventories can be realized in the normal course of business after allowing for the cost of conversion from their existing state to a finished condition and for the cost of marketing, selling, and distribution. Net realizable value is estimated based on the most reliable evidence available at the time the estimates were made of the amount that the inventory is expected to realize, taking into account the purpose for which the inventory is held. Previous write-downs are reversed in case the circumstances that previously caused inventories to be written down below cost no longer exist. |
Intangible assets | Intangible assets are recognized only when it is probable that the expected future economic benefits attributable to the assets will accrue to the Company and the cost can be reliably measured. Intangible assets acquired separately by ArcelorMittal are initially recorded at cost and those acquired in a business combination are initially recorded at fair value at the date of the business combination. These primarily include the cost of technology and licenses purchased from third parties and operating authorizations granted by governments or other public bodies (concessions). Intangible assets are amortized on a straight-line basis over their estimated economic useful lives, which typically do not exceed five years . Amortization is included in the consolidated statements of operations as part of cost of sales. ArcelorMittal’s industrial sites which are regulated by the European Directive 2003/87/EC of October 13, 2003 on carbon dioxide (“CO 2 ”) emission rights, effective as of January 1, 2005, are located primarily in Belgium, Czech Republic, France, Germany, Luxembourg, Poland, Romania and Spain. ArcelorMittal's operations in Ontario, Canada are subject to the “Climate Change Mitigation and Low-carbon Economy Act, 2016”, a cap and trade program regulation effective from July 1, 2016. The emission rights allocated to the Company on a no-charge basis pursuant to the annual national allocation plan are recorded at nil value and purchased emission rights are recorded at cost. |
Property, plant and equipment and biological assets | Property, plant and equipment is recorded at cost less accumulated depreciation and impairment. Cost includes all related costs directly attributable to the acquisition or construction of the asset. Except for land and assets used in mining activities, property, plant and equipment is depreciated using the straight-line method over the useful lives of the related assets as presented in the table below. Asset Category Useful Life Range Land Not depreciated Buildings 10 to 50 years Property plant & equipment 15 to 50 years Auxiliary facilities 15 to 45 years Other facilities 5 to 20 years The Company’s annual review of useful lives leverages on the experience gained from an in-depth review performed every five years, any significant change in the expected pattern of consumption embodied in the asset, and the specialized knowledge of ArcelorMittal’s network of chief technical officers. The chief technical officer network includes engineers with facility-specific expertise related to plant and equipment used in the principal production units of the Company’s operations. The most recent in-depth review took place in 2014, during which the Company performed a review of the useful lives of its assets and determined its maintenance and operating practices enabled an extension of the useful lives of plant and equipment. In performing this review, the Company gathered and evaluated data, including commissioning dates, designed capacities, maintenance records and programs, and asset performance history, among other attributes. In accordance with IAS 16, Property, Plant and Equipment, the Company considered this information at the level of components significant in relation to the total cost of the item of plant and equipment. Other factors the Company considered in its determination of useful lives included the expected use of the assets, technical or commercial obsolescence, and operational factors that led to improvements in monitoring and process control that contribute to longer asset lives. In addition, the Company considered the accumulated technical experience and knowledge sharing programs that allowed for the exchange of best practices within the chief technical officer network and the deployment of these practices across the Company’s principal production units. Major improvements, which add to productive capacity or extend the life of an asset, are capitalized, while repairs and maintenance are expensed as incurred. Where a tangible fixed asset comprises major components having different useful lives, these components are accounted for as separate items. Property, plant and equipment under construction is recorded as construction in progress until it is ready for its intended use; thereafter it is transferred to the related class of property, plant and equipment and depreciated over its estimated useful life. Interest incurred during construction is capitalized if the borrowing cost is directly attributable to the construction. Gains and losses on retirement or disposal of assets are recognized in cost of sales. Property, plant and equipment acquired by way of finance leases is stated at an amount equal to the lower of the fair value and the present value of the minimum lease payments at the inception of the lease. Each lease payment is allocated between the finance charges and a reduction of the lease liability. The interest element of the finance cost is charged to the consolidated statements of operations over the lease period so as to achieve a constant rate of interest on the remaining balance of the liability. The residual values and useful lives of property, plant and equipment are reviewed at each reporting date and adjusted if expectations differ from previous estimates. Depreciation methods applied to property, plant and equipment are reviewed at each reporting date and changed if there has been a significant change in the expected pattern of consumption of the future economic benefits embodied in the asset. Mining assets comprise: • Mineral rights acquired; • Capitalized developmental stripping (as described below in “Stripping and overburden removal costs”). Property, plant and equipment used in mining activities is depreciated over its useful life or over the remaining life of the mine, if shorter, and if there is no alternative use. For the majority of assets used in mining activities, the economic benefits from the asset are consumed in a pattern which is linked to the production level and accordingly, assets used in mining activities are primarily depreciated on a units-of-production basis. A unit-of-production is based on the available estimate of proven and probable reserves. Capitalization of pre-production expenditures ceases when the mining property is capable of commercial production as it is intended by management. General administration costs that are not directly attributable to a specific exploration area are charged to the consolidated statements of operations. Mining Reserves Reserves are estimates of the amount of product that can be economically and legally extracted from the Company’s properties. In order to estimate reserves, estimates are required for a range of geological, technical and economic factors, including quantities, grades, production techniques, recovery rates, production costs, transport costs, commodity demand, commodity prices and exchange rates. Estimating the quantity and/or grade of reserves requires the size, shape and depth of ore bodies to be determined by analyzing geological data such as drilling samples. This process may require complex and difficult geological judgments to interpret the data. Because the economic assumptions used to estimate reserves change from period to period, and because additional geological data is generated during the course of operations, estimates of reserves may change from period to period. Changes in reported reserves may affect the Company’s financial results and financial position in a number of ways, including the following: • Asset carrying amounts may be affected due to changes in estimated future cash flows. • Depreciation, depletion and amortization charged in the consolidated statements of operations may change where such charges are determined by the units of production basis, or where the useful economic lives of assets change. • Overburden removal costs recognized in the consolidated statements of financial position or charged to the consolidated statements of operations may change due to changes in stripping ratios or the units of production basis of depreciation. • Decommissioning, site restoration and environmental provisions may change where changes in estimated reserves affect expectations about the timing or cost of these activities. Stripping and overburden removal costs In open pit and underground mining operations, it is often necessary to remove overburden and other waste materials to access the deposit from which minerals can be extracted. This process is referred to as stripping. Stripping costs can be incurred before the mining production commences (“developmental stripping”) or during the production stage (“production stripping”). A mine can operate several open pits that are regarded as separate operations for the purpose of mine planning and production. In this case, stripping costs are accounted for separately, by reference to the ore extracted from each separate pit. If, however, the pits are highly integrated for the purpose of mine planning and production, stripping costs are aggregated. The determination of whether multiple pit mines are considered separate or integrated operations depends on each mine’s specific circumstances. The following factors would point towards the stripping costs for the individual pits being accounted for separately: • If mining of the second and subsequent pits is conducted consecutively with that of the first pit, rather than concurrently. • If separate investment decisions are made to develop each pit, rather than a single investment decision being made at the outset. • If the pits are operated as separate units in terms of mine planning and the sequencing of overburden and ore mining, rather than as an integrated unit. • If expenditures for additional infrastructure to support the second and subsequent pits are relatively large. • If the pits extract ore from separate and distinct ore bodies, rather than from a single ore body. The relative importance of each factor is considered by local management to determine whether the stripping costs should be attributed to the individual pit or to the combined output from several pits. Developmental stripping costs contribute to the future economic benefits of mining operations when the production begins and so are capitalized as tangible assets (construction in progress), whereas production stripping is a part of on-going activities and commences when the production stage of mining operations begins and continues throughout the life of a mine. Capitalization of developmental stripping costs ends when the commercial production of the minerals commences. Production stripping costs are incurred to extract the ore in the form of inventories and/or to improve access to an additional component of an ore body or deeper levels of material. Production stripping costs are accounted for as inventories to the extent the benefit from production stripping activity is realized in the form of inventories. Production stripping costs are recognized as a non-current asset (“stripping activity assets”) to the extent it is probable that future economic benefit in terms of improved access to ore will flow to the Company, the components of the ore body for which access has been improved can be identified and the costs relating to the stripping activity associated with that component can be measured reliably. All stripping costs assets (either stripping activity assets or capitalized developmental stripping costs) are presented within a specific “mining assets” class of property, plant and equipment and then depreciated on a units-of-production basis. Exploration and evaluation expenditure Exploration and evaluation activities involve the search for iron ore and coal resources, the determination of technical feasibility and the assessment of commercial viability of an identified resource. Exploration and evaluation activities include: • researching and analyzing historical exploration data; • conducting topographical, geological, geochemical and geophysical studies; • carrying out exploratory drilling, trenching and sampling activities; • drilling, trenching and sampling activities to determine the quantity and grade of the deposit; • examining and testing extraction methods and metallurgical or treatment processes; and • detailed economic feasibility evaluations to determine whether development of the reserves is commercially justified and to plan methods for mine development. Exploration and evaluation expenditure is charged to the consolidated statements of operations as incurred except in the following circumstances, in which case the expenditure is capitalized: (i) the exploration and evaluation activity is within an area of interest which was previously acquired in a business combination and measured at fair value on acquisition; or (ii) when management has a high degree of confidence in the project’s economic viability and it is probable that future economic benefits will flow to the Company. Capitalized exploration and evaluation expenditures are generally recorded as a component of property, plant and equipment at cost less impairment charges, unless their nature requires them to be recorded as an intangible asset. As the asset is not available for use, it is not depreciated and all capitalized exploration and evaluation expenditure is monitored for indications of impairment. To the extent that capitalized expenditure is not expected to be recovered, it is recognized as an expense in the consolidated statements of operations. Cash flows associated with exploration and evaluation expenditure are classified as operating activities when they are related to expenses or as an investing activity when they are related to a capitalized asset in the consolidated statements of cash flows. Development expenditure Development is the establishment of access to the mineral reserve and other preparations for commercial production. Development activities often continue during production and include: • sinking shafts and underground drifts (often called mine development); • making permanent excavations; • developing passageways and rooms or galleries; • building roads and tunnels; and • advance removal of overburden and waste rock. Development (or construction) also includes the installation of infrastructure (e.g., roads, utilities and housing), machinery, equipment and facilities. When reserves are determined and development is approved, expenditures capitalized as exploration and evaluation are reclassified as construction in progress and are reported as a component of property, plant and equipment. All subsequent development expenditures are capitalized and classified as construction in progress. On completion of development, all assets included in construction in progress are individually reclassified to the appropriate category of property, plant and equipment and depreciated accordingly. |
Biological assets | Biological assets Biological assets are part of the Brazil operating segment and consist of eucalyptus forests located in the Brazilian state of Minas Gerais exclusively from renewable plantations and intended for the production of charcoal to be utilized as fuel and a source of carbon in the direct reduction process of pig iron production in some of the Company’s blast furnaces in Brazil. Biological assets are measured at their fair value, net of estimated costs to sell at the time of harvest. The fair value is determined based on the discounted cash flow method, taking into consideration the cubic volume of wood, segregated by plantation year, and the equivalent sales value of standing trees. The average sales price was estimated based on domestic market prices. In determining the fair value of biological assets, a discounted cash flow model was used, with a harvest cycle of 6 to 7 years. |
Lease arrangements | Lease arrangements The Company may enter into arrangements that do not take the legal form of a lease, but may contain a lease. This will be the case if the following two criteria are met: • The fulfillment of the arrangement depends on the use of a specific asset and • The arrangement conveys a right to use the asset. Assets under lease arrangements which transfer substantially all of the risks and rewards of ownership to the Company are classified as finance leases. On initial recognition, the leased asset and its related liability are measured at an amount equal to the lower of its fair value and the present value of the minimum lease payments. Subsequent to initial recognition, the asset is accounted for in accordance with the accounting policy applicable to that asset while the minimum lease payments are apportioned between financing costs and reduction of the lease liability. Assets held under lease arrangements that are not finance leases are classified as operating leases and are not recognized in the consolidated statements of financial position. Payments made under operating leases are recognized in cost of sales in the consolidated statements of operations on a straight-line basis over the lease terms. |
Impairment of assets | Impairment test of property, plant and equipment At each reporting date, ArcelorMittal reviews the carrying amounts of its intangible assets (excluding goodwill) and tangible assets to determine whether there is any indication that the carrying amount of those assets may not be recoverable through continuing use. If any such indication exists, the recoverable amount of the asset (or cash generating unit) is reviewed in order to determine the amount of the impairment, if any. The recoverable amount is the higher of its net selling price (fair value reduced by selling costs) and its value in use. In estimating its value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset (or cash-generating unit). For an asset that does not generate cash inflows largely independent of those from other assets, the recoverable amount is determined for the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets corresponding to operating units that generate cash inflows. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, an impairment loss is recognized. An impairment loss is recognized as an expense immediately as part of operating income in the consolidated statements of operations. In the case of permanently idled assets, the impairment is measured at the individual asset level. Otherwise, the Company’s assets are measured for impairment at the cash-generating unit level. In certain instances, the cash-generating unit is an integrated manufacturing facility which may also be an operating subsidiary. Further, a manufacturing facility may be operated in concert with another facility with neither facility generating cash flows that are largely independent from the cash flows of the other. In this instance, the two facilities are combined for purposes of testing for impairment. As of December 31, 2017 , the Company determined it has 59 cash-generating units. An impairment loss, related to intangible assets other than goodwill and tangible assets recognized in prior years is reversed if, and only if, there has been a change in the estimates used to determine the asset’s recoverable amount since the last impairment loss was recognized. However, the increased carrying amount of an asset due to a reversal of an impairment loss will not exceed the carrying amount that would have been determined (net of amortization or depreciation) had no impairment loss been recognized for the asset in prior years. A reversal of an impairment loss is recognized immediately as part of operating income in the consolidated statements of operations. Impairment test of goodwill Goodwill is tested for impairment annually, as of October 31 or whenever changes in circumstances indicate that the carrying amount may not be recoverable, at the level of the groups of cash-generating units (“GCGU”) which correspond to the operating segments representing the lowest level at which goodwill is monitored for internal management purposes. Whenever the cash-generating units comprising the operating segments are tested for impairment at the same time as goodwill, the cash-generating units are tested first and any impairment of the assets is recorded prior to the testing of goodwill. |
Fair value measurement | The Company classifies the bases used to measure certain assets and liabilities at their fair value. Assets and liabilities carried or measured at fair value have been classified into three levels based upon a fair value hierarchy that reflects the significance of the inputs used in making the measurements. The levels are as follows: Level 1: Quoted prices in active markets for identical assets or liabilities that the entity can access at the measurement date; Level 2: Significant inputs other than within Level 1 that are observable for the asset or liability, either directly (i.e.: as prices) or indirectly (i.e.: derived from prices); Level 3: Inputs for the assets or liabilities that are not based on observable market data and require management assumptions or inputs from unobservable markets. |
Borrowings | Gross debt includes bank debt, debenture loans and finance lease obligations and is stated at amortized cost. However, loans that are hedged under a fair value hedge are remeasured for the changes in the fair value that are attributable to the risk that is being hedged. |
Description of accounting policy for determining components of cash and cash equivalents | Cash and cash equivalents consist of cash and short-term highly liquid investments that are readily convertible to cash with original maturities of three months or less at the time of purchase and are carried at cost plus accrued interest, which approximates fair value. Significant cash or cash equivalent balances may be held from time to time at the Company’s international operating subsidiaries, including in particular those in France and the United States, where the Company maintains cash management systems under which most of its cash and cash equivalents are centralized. Other subsidiaries which may hold significant cash balances, include those in Argentina, Brazil, Canada, Kazakhstan, Morocco, South Africa and Ukraine. Some of these operating subsidiaries have debt outstanding or are subject to acquisition agreements that impose restrictions on such operating subsidiaries’ ability to pay dividends, but such restrictions are not significant in the context of ArcelorMittal’s overall liquidity. Repatriation of funds from operating subsidiaries may also be affected by tax and foreign exchange policies in place from time to time in the various countries where the Company operates, though none of these policies are currently significant in the context of ArcelorMittal’s overall liquidity. |
Description of accounting policy for restricted cash | Restricted cash represents cash and cash equivalents not readily available to the Company, mainly related to insurance deposits, cash accounts in connection with environmental obligations and true sale of receivables programs, as well as various other deposits or required balance obligations related to letters of credit and credit arrangements. Changes in restricted cash are included within other investing activities (net) in the consolidated statements of cash flows. |
Description of accounting policy for derivative financial instruments and hedging | The Company uses derivative financial instruments principally to manage its exposure to fluctuations in interest rates, exchange rates, prices of raw materials, energy and emission rights allowances arising from operating, financing and investing activities. Derivative financial instruments are classified as current or non-current assets or liabilities based on their maturity dates and are accounted for at the trade date. Embedded derivatives are separated from the host contract and accounted for separately if they are not closely related to the host contract. The Company measures all derivative financial instruments based on fair values derived from market prices of the instruments or from option pricing models, as appropriate. Gains or losses arising from changes in fair value of derivatives are recognized in the consolidated statements of operations, except for derivatives that are highly effective and qualify for cash flow or net investment hedge accounting. Changes in the fair value of a derivative that is highly effective and that is designated and qualifies as a cash flow hedge are recorded in other comprehensive income. Amounts deferred in equity are recorded in the consolidated statements of operations in the periods when the hedged item is recognized in the consolidated statements of operations and within the same line item (see note 6.3 Cash flow hedges). The Company formally assesses, both at the hedge’s inception and on an ongoing basis, whether the derivatives that are used in hedging transactions are highly effective in offsetting changes in fair values or cash flows of hedged items. When a hedging instrument is sold, terminated, expired or exercised, the accumulated unrealized gain or loss on the hedging instrument is maintained in equity until the forecasted transaction occurs. If the hedged transaction is no longer probable, the cumulative unrealized gain or loss, which had been recognized in equity, is reported immediately in the consolidated statements of operations. Foreign currency differences arising on the translation of a financial liability designated as a hedge of a net investment in a foreign operation are recognized directly as a separate component of equity, to the extent that the hedge is effective. To the extent that the hedge is ineffective, such differences are recognized in the consolidated statements of operations (see note 6.3 Net investment hedge). The Company manages the counter-party risk associated with its instruments by centralizing its commitments and by applying procedures which specify, for each type of transaction and underlying position, risk limits and/or the characteristics of the counter-party. The Company does not generally grant to or require guarantees from its counterparties for the risks incurred. Allowing for exceptions, the Company’s counterparties are part of its financial partners and the related market transactions are governed by framework agreements (mainly International Swaps and Derivatives Association agreements which allow netting only in case of counterparty default). Accordingly, derivative assets and derivative liabilities are not offset. |
Other Non-Derivative Financial Assets And Liabilities | Other non-derivative financial assets and liabilities include cash and cash equivalents and restricted cash (see note 6.1.3), trade and certain other receivables (see note 4.3, 4.5 and 4.6), investments in available-for-sale equity securities (see note 2.5), trade payables and certain other liabilities (see notes 4.7 and 4.8). These instruments are recognized initially at fair value when the Company becomes a party to the contractual provisions of the instrument. Non-derivative financial assets are derecognized if the Company’s contractual rights to the cash flows from the financial instruments expire or if the Company transfers the financial instruments to another party without retaining control of substantially all risks and rewards of the instruments. Non-derivative financial liabilities are derecognized when they are extinguished (i.e. when the obligation specified in the contract is discharged, cancelled or expired). |
Share-based payments | ArcelorMittal issues equity-settled share-based payments to certain employees, including stock options, RSUs and PSUs. Equity-settled share-based payments are measured at fair value (excluding the effect of non market-based vesting conditions) at the date of grant. The fair value determined at the grant date of the equity-settled share-based payments is expensed on a graded vesting basis over the vesting period, based on the Company’s estimate of the shares that will eventually vest and adjusted for the effect of non market-based vesting conditions. For stock options, RSUs and PSUs, fair value is measured using the Black-Scholes-Merton pricing model and the market value of the shares at the date of the grant after deduction of dividend payments during the vesting period, respectively. Where the fair value calculation requires modeling of the Company’s performance against other market index, fair value is measured using the Monte Carlo pricing model to estimate the forecasted target performance goal for the company and its peer companies. The expected life used in the model has been adjusted, based on management’s best estimate, for the effects of non-transferability, exercise restrictions and behavioral considerations. In addition, the expected annualized volatility has been set by reference to the implied volatility of options available on ArcelorMittal shares in the open market, as well as, historical patterns of volatility. For the RSUs and PSUs, the fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight line method over the vesting period and adjusted for the effect of non market-based vesting conditions. |
Provisions | ArcelorMittal recognizes provisions for liabilities and probable losses that have been incurred when it has a present legal or constructive obligation as a result of past events, it is probable that the Company will be required to settle the obligation and a reliable estimate of the amount of the obligation can be made. If the effect of the time value of money is material, provisions are discounted using a current pre-tax rate that reflects, where appropriate, the risks specific to the liability. Where discounting is used, the increase in the provision due to the passage of time is recognized as a financing cost. Future operating expenses or losses are excluded from recognition as provisions as they do not meet the definition of a liability. Contingent assets and contingent liabilities are excluded from recognition in the consolidated statements of financial position. Provisions for onerous contracts are recorded in the consolidated statements of operations when it becomes known that the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be received. Assets dedicated to the onerous contracts are tested for impairment before recognizing a separate provision for the onerous contract. Provisions for restructuring are recognized when and only when a detailed formal plan exists and a valid expectation in those affected by the restructuring has been raised, by starting to implement the plan or announcing its main features. ArcelorMittal records asset retirement obligations (“ARO”) initially at the fair value of the legal or constructive obligation in the period in which it is incurred and capitalizes the ARO by increasing the carrying amount of the related non-current asset. The fair value of the obligation is determined as the discounted value of the expected future cash flows. The liability is accreted to its present value through net financing cost and the capitalized cost is depreciated in accordance with the Company’s depreciation policies for property, plant and equipment. Subsequently, when reliably measurable, ARO is recorded on the consolidated statements of financial position increasing the cost of the asset and the fair value of the related obligation. Foreign exchange gains or losses on AROs denominated in foreign currencies are recorded in the consolidated statements of operations. ArcelorMittal is subject to changing and increasingly stringent environmental laws and regulations concerning air emissions, water discharges and waste disposal, as well as certain remediation activities that involve the clean-up of soil and groundwater. ArcelorMittal is currently engaged in the investigation and remediation of environmental contamination at a number of its facilities. Most of these are legacy obligations arising from acquisitions. Environmental costs that relate to current operations or to an existing condition caused by past operations, and which do not contribute to future revenue generation or cost reduction, are expensed. Liabilities are recorded when environmental assessments and/or remedial efforts are probable and the cost can be reliably estimated based on ongoing engineering studies, discussions with the environmental authorities and other assumptions relevant to the nature and extent of the remediation that may be required. The ultimate cost to ArcelorMittal is dependent upon factors beyond its control such as the scope and methodology of the remedial action requirements to be established by environmental and public health authorities, new laws or government regulations, rapidly changing technology and the outcome of any potential related litigation. Environmental liabilities are discounted if the aggregate amount of the obligation and the amount and timing of the cash payments are fixed or reliably determinable. The estimates of loss contingencies for environmental matters and other contingencies are based on various judgments and assumptions including the likelihood, nature, magnitude and timing of assessment, remediation and/or monitoring activities and the probable cost of these activities. In some cases, judgments and assumptions are made relating to the obligation or willingness and ability of third parties to bear a proportionate or allocated share of cost of these activities, including third parties who sold assets to ArcelorMittal or purchased assets from it subject to environmental liabilities. ArcelorMittal also considers, among other things, the activity to date at particular sites, information obtained through consultation with applicable regulatory authorities and third-party consultants and contractors and its historical experience with other circumstances judged to be comparable. Due to the numerous variables associated with these judgments and assumptions, and the effects of changes in governmental regulation and environmental technologies, both the precision and reliability of the resulting estimates of the related contingencies are subject to substantial uncertainties. As estimated costs to remediate change, the Company will reduce or increase the recorded liabilities through write backs or additional provisions in the consolidated statements of operations. ArcelorMittal does not expect these environmental issues to affect the utilization of its plants, now or in the future. ArcelorMittal is currently and may in the future be involved in litigation, arbitration or other legal proceedings. Provisions related to legal and arbitration proceedings are recorded in accordance with the principles described above. Most of these claims involve highly complex issues. Often these issues are subject to substantial uncertainties and, therefore, the probability of loss and an estimation of damages are difficult to ascertain. Consequently, ArcelorMittal may be unable to make a reliable estimate of the expected financial effect that will result from ultimate resolution of the proceeding. In those cases, ArcelorMittal has disclosed information with respect to the nature of the contingency. ArcelorMittal has not accrued a provision for the potential outcome of these cases. For cases in which the Company was able to make a reliable estimate of the expected loss or range of probable loss and has accrued a provision for such loss, it believes that publication of this information on a case-by-case basis would seriously prejudice the Company’s position in the ongoing legal proceedings or in any related settlement discussions. Accordingly, in these cases, the Company has disclosed information with respect to the nature of the contingency, but has not disclosed its estimate of the range of potential loss. In the cases in which quantifiable fines and penalties have been assessed, the Company has indicated the amount of such fine or penalty or the amount of provision accrued that is the estimate of the probable loss. These assessments can involve series of complex judgments about future events and can rely heavily on estimates and assumptions. The assessments are based on estimates and assumptions that have been deemed reasonable by management. The Company believes that the aggregate provisions recorded for the above matters are adequate based upon currently available information. However, given the inherent uncertainties related to these cases and in estimating contingent liabilities, the Company could, in the future, incur judgments that have a material adverse effect on its results of operations in any particular period. The Company considers it highly unlikely, however, that any such judgments could have a material adverse effect on its liquidity or financial condition. |
Description of accounting policy for deferred income tax | The current tax payable (recoverable) is based on taxable profit (loss) for the year. Taxable profit differs from profit as reported in the consolidated statements of operations because it excludes items of income or expense that are taxable or deductible in other years or are never taxable or deductible. The Company’s current income tax expense (benefit) is calculated using tax rates that have been enacted or substantively enacted as of the date of the consolidated statements of financial position. Tax is charged or credited to the consolidated statements of operations, except when it relates to items charged or credited to other comprehensive income or directly to equity, in which case the tax is recognized in other comprehensive income or in equity. Deferred tax is recognized on differences between the carrying amounts of assets and liabilities, in the consolidated financial statements and the corresponding tax basis used in the computation of taxable profit, and is accounted for using the statements of financial position liability method. Deferred tax liabilities are generally recognized for all taxable temporary differences, and deferred tax assets are generally recognized for all deductible temporary differences and net operating loss carry forwards to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilized. Such assets and liabilities are not recognized if the taxable temporary difference arises from the initial recognition of non-deductible goodwill or if the differences arise from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the profit reported in the consolidated statements of operations. Deferred tax liabilities are recognized for taxable temporary differences associated with investments in subsidiaries, associates and joint ventures, except if the Company is able to control the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets arising from deductible temporary differences associated with such investments are only recognized to the extent that it is probable that there will be sufficient taxable profits against which the benefits of the temporary differences can be utilized and are expected to reverse in the foreseeable future. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realized, based on tax rates (and tax laws) that have been enacted or substantively enacted by the consolidated statements of financial position date. The measurement of deferred tax assets and liabilities reflects the tax consequences that would follow from the manner in which the Company expects, at the reporting date, to recover or settle the carrying amount of its assets and liabilities. The carrying amount of deferred tax assets is reviewed at each consolidated statements of financial position date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to enable all or part of the asset to be recovered. The Company reviews the deferred tax assets in the different jurisdictions in which it operates to assess the possibility of realizing such assets based on projected taxable profit, the expected timing of the reversals of existing temporary differences, the carry forward period of temporary differences and tax losses carried forward and the implementation of tax-planning strategies. Due to the numerous variables associated with these judgments and assumptions, both the precision and reliability of the resulting estimates of the deferred tax assets are subject to substantial uncertainties. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities, when they relate to income taxes levied by the same taxation authority and when the Company intends to settle its current tax assets and liabilities on a net basis. |
Description of accounting policy for impairment of financial assets | Impairment of financial assets A financial asset is considered to be impaired if objective evidence indicates that one or more events have had a negative effect on the estimated future cash flows of that asset. Estimated future cash flows are determined using various assumptions and techniques, including comparisons to published prices in an active market and discounted cash flow projections using projected growth rates, weighted average cost of capital, and inflation rates. In the case of available-for-sale securities, the Company reviews the available-for-sale investments at the end of each reporting period to assess whether there is any objective evidence of impairment. A significant or prolonged decline in the fair value of an available-for-sale investment below its cost is objective evidence of impairment. The Company considers a prolonged decline in fair value to occur when the market value remains continuously below the cost for more than two years. If any such evidence exists for available-for-sale financial assets, the cumulative loss measured as the difference between the acquisition cost and the current fair value less any impairment loss on that financial asset previously recognized in the consolidated statements of operations is removed from equity and recognized in the consolidated statements of operations. Once an impairment loss is recognized for an investment, any increases in fair value are recorded in other comprehensive income while decreases in fair value are recorded in the consolidated statements of operations. Financial assets are tested for impairment annually or whenever changes in circumstances indicate that the carrying amount may not be recoverable. If objective evidence indicates that cost-method investments need to be tested for impairment, calculations are based on information derived from business plans and other information available for estimating their value in use. Any impairment loss is recognized in the consolidated statements of operations. An impairment loss related to financial assets is reversed if and to the extent there has been a change in the estimates used to determine the recoverable amount. The loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined if no impairment loss had been recognized. Reversals of impairment are recognized in net income except for reversals of impairment of available-for-sale equity securities, which are recognized in equity. |
Deferred employee benefits | ArcelorMittal’s operating subsidiaries sponsor different types of pension plans for their employees. Also, some of the operating subsidiaries offer other post-employment benefits, that are principally post-retirement healthcare plans. These benefits are broken down into defined contribution plans and defined benefit plans. Defined contribution plans are those plans where ArcelorMittal pays fixed or determinable contributions to external life insurance or other funds for certain categories of employees. Contributions are paid in return for services rendered by the employees during the period. Contributions are expensed as incurred consistent with the recognition of wages and salaries. No provisions are established with respect to defined contribution plans as they do not generate future commitments for ArcelorMittal. Defined benefit plans are those plans that provide guaranteed benefits to certain categories of employees, either by way of contractual obligations or through a collective agreement. For defined benefit plans, the cost of providing benefits is determined using the projected unit credit method, with actuarial valuations being carried out each fiscal year. The retirement benefit obligation recognized in the consolidated statements of financial position represents the present value of the defined benefit obligation less the fair value of plan assets. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of high quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating to the terms of the related pension obligation. In countries where there is no deep market in such bonds, the market rates on government bonds are used. Remeasurement arising from experience adjustments and changes in actuarial assumptions are charged or credited to other comprehensive income in the period in which they arise. Any asset resulting from this calculation is limited to the present value of available refunds and reductions in future contributions to the plan. Current service cost, which is the increase of the present value of the defined benefit obligation resulting from the employee service in the current period, is recorded as an expense as part of cost of sales and selling, general and administrative expenses in the consolidated statements of operations. The net interest cost, which is the change during the period in the net defined benefit liability or asset that arises from the passage of time, is recognized as part of financing costs net in the consolidated statements of operations. The Company recognizes gains and losses on the settlement of a defined benefit plan when the settlement occurs. The gain or loss on settlement comprises any resulting change in the fair value of plan assets and any change in the present value of the defined benefit obligation. Past service cost is the change in the present value of the defined benefit obligation resulting from a plan amendment or a curtailment. Past service cost is recognized immediately in the consolidated statements of operations in the period in which it arises. Voluntary retirement plans primarily correspond to the practical implementation of social plans or are linked to collective agreements signed with certain categories of employees. Early retirement plans are those plans that primarily correspond to terminating an employee’s contract before the normal retirement date. Liabilities for early retirement plans are recognized when the affected employees have formally been informed and when amounts owed have been determined using an appropriate actuarial calculation. Liabilities relating to the early retirement plans are calculated annually on the basis of the number of employees likely to take early retirement and are discounted using an interest rate which corresponds to that of high quality bonds that have maturity dates similar to the terms of the Company’s early retirement obligations. Termination benefits are provided in connection with voluntary separation plans. The Company recognizes a liability and expense when it can no longer withdraw the offer or, if earlier, when it has a detailed formal plan which has been communicated to employees or their representatives. Other long-term employee benefits include various plans that depend on the length of service, such as long service and sabbatical awards, disability benefits and long-term compensated absences such as sick leave. The amount recognized as a liability is the present value of benefit obligations at the consolidated statements of financial position date, and all changes in the provision (including actuarial gains and losses or past service costs) are recognized in the consolidated statements of operations in the period in which they arise. The expense associated with the above pension plans and post-employment benefits, as well as the carrying amount of the related liability/asset on the consolidated statements of financial position are based on a number of assumptions and factors such as discount rates, expected rate of compensation increase, healthcare cost trend rates, mortality rates and retirement rates. • Discount rates – The discount rate is based on several high quality corporate bond indexes and yield curves in the appropriate jurisdictions (rated AA or higher by a recognized rating agency). In countries where there is no deep market in such bonds, the market rates on government bonds are used. Nominal interest rates vary worldwide due to exchange rates and local inflation rates. • Rate of compensation increase – The rate of compensation increase reflects actual experience and the Company’s long-term outlook, including contractually agreed upon wage rate increases for represented hourly employees. • Healthcare cost trend rate – The healthcare cost trend rate is based on historical retiree cost data, near-term healthcare outlook, including appropriate cost control measures implemented by the Company, and industry benchmarks and surveys. • Mortality and retirement rates – Mortality and retirement rates are based on actual and projected plan experience. |
Earnings per share | Basic earnings per common share is computed by dividing net income (loss) by the weighted average number of common shares outstanding during the year. Net income (loss) attributable to ordinary shareholders takes into consideration dividend rights of preferred shareholders such as holders of subordinated perpetual capital securities. Diluted earnings per share is computed by dividing income (loss) available to equity holders by the weighted average number of common shares and potential common shares from share unit plans and outstanding stock options as well as potential common shares from the conversion of certain convertible bonds whenever the conversion results in a dilutive effect. |
Transactions with non-controlling interests | Acquisitions of non-controlling interests, which do not result in a change of control, are accounted for as transactions with owners in their capacity as owners and therefore no goodwill is recognized as a result of such transactions. In such circumstances, the carrying amounts of the controlling and non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiary. Any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recognized directly in equity and attributed to the owners of the parent. |
SCOPE OF CONSOLIDATION (Tables)
SCOPE OF CONSOLIDATION (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Basis Of Consolidation [Abstract] | |
Schedule of subsidiaries | The table below provides a list of the Company’s principal operating subsidiaries at December 31, 2017 . Unless otherwise stated, the subsidiaries listed below have share capital consisting solely of ordinary shares or voting interests in the case of partnerships, which are held directly or indirectly by the Company and the proportion of ownership interests held equals to the voting rights held by the Company. The country of incorporation corresponds to their principal place of operations. Name of Subsidiary Country % of Ownership NAFTA ArcelorMittal Dofasco G.P. Canada 100.00% ArcelorMittal México S.A. de C.V. Mexico 100.00% ArcelorMittal USA LLC United States 100.00% ArcelorMittal Long Products Canada G.P. Canada 100.00% Brazil and neighboring countries ("Brazil") ArcelorMittal Brasil S.A. Brazil 100.00% Acindar Industria Argentina de Aceros S.A. Argentina 100.00% Europe ArcelorMittal Atlantique et Lorraine S.A.S. France 100.00% ArcelorMittal Belgium N.V. Belgium 100.00% ArcelorMittal España S.A. Spain 99.85% ArcelorMittal Flat Carbon Europe S.A. Luxembourg 100.00% ArcelorMittal Galati S.A. Romania 99.70% ArcelorMittal Poland S.A. Poland 100.00% ArcelorMittal Eisenhüttenstadt GmbH Germany 100.00% ArcelorMittal Bremen GmbH Germany 100.00% ArcelorMittal Méditerranée S.A.S. France 100.00% ArcelorMittal Belval & Differdange S.A. Luxembourg 100.00% ArcelorMittal Hamburg GmbH Germany 100.00% ArcelorMittal Ostrava a.s. Czech Republic 100.00% ArcelorMittal Duisburg GmbH Germany 100.00% ArcelorMittal International Luxembourg S.A. Luxembourg 100.00% 1 Africa and Commonwealth of Independent States ("ACIS") ArcelorMittal South Africa Ltd. ("AMSA") South Africa 69.22% 2 JSC ArcelorMittal Temirtau Kazakhstan 100.00% PJSC ArcelorMittal Kryvyi Rih ("AM Kryvyi Rih") Ukraine 95.13% Mining ArcelorMittal Mining Canada G.P. and ArcelorMittal Infrastructure G.P.("AMMIC") Canada 85.00% ArcelorMittal Liberia Ltd Liberia 85.00% JSC ArcelorMittal Temirtau Kazakhstan 100.00% PJSC ArcelorMittal Kryvyi Rih Ukraine 95.13% 1. ArcelorMittal International Luxembourg S.A. is managed by Europe reportable segment as of January 1, 2017. 2. In 2016, AMSA issued shares in a B-BBEE (“broad-based black economic empowerment”) transaction resulting in a decrease in ArcelorMittal's voting rights to 53.92% (see note 10.5). The tables below provide a list of the principal subsidiaries which include non-controlling interests at December 31, 2017 and 2016 and for the years ended December 31, 2017 , 2016 and 2015 . Name of Subsidiary Country of incorporation and operation % of non-controlling interests and non- controlling voting rights at December 31, 2017 % of non-controlling interests and non- controlling voting rights at December 31, 2016 Net income (loss) attributable to non- controlling interests for the year ended December 31, 2017 Non-controlling interests at December 31, 2017 Net income (loss) attributable to non- controlling interests for the year ended December 31, 2016 Non-controlling interests at December 31, 2016 Net income (loss) attributable to non- controlling interests for the year ended December 31, 2015 AMSA South Africa 30.78% 30.78% (124 ) 195 (103 ) 307 (301 ) Sonasid 1 Morocco 67.57% 67.57% 3 107 (5 ) 95 (6 ) ArcelorMittal Kryvyi Rih Ukraine 4.87% 4.87% 10 164 5 163 3 Belgo Bekaert Arames ("BBA") Brazil 45.00% 45.00% 25 146 23 154 25 Hera Ermac 2 Luxembourg — — — 797 — 880 — AMMIC 3 Canada 15.00% 15.00% 91 479 28 488 32 Arceo 4 Belgium 62.86% 62.86% 4 168 5 148 4 ArcelorMittal Liberia Ltd Liberia 15.00% 15.00% (11 ) (266 ) (5 ) (256 ) (239 ) Other 9 276 7 211 5 Total 7 2,066 (45 ) 2,190 (477 ) 1. Sonasid - ArcelorMittal holds a controlling stake of 50% in Nouvelles Sidérurgies Industrielles. ArcelorMittal controls Nouvelles Sidérurgies Industrielles on the basis of a shareholders’ agreement which includes deadlock arrangements in favor of the Company. Nouvelles Sidérurgies Industrielles holds a 64.86% stake in Sonasid. The total non-controlling interests in Sonasid of 67.57% are the result of ArcelorMittal’s indirect ownership percentage in Sonasid of 32.43% through its controlling stake in Nouvelles Sidérurgies Industrielles. 2. Hera Ermac - The non-controlling interests correspond to the equity component of the mandatory convertible bonds maturing on January 29, 2021 (see note 10.2) . 3. AMMIC - On March 15, 2013 and May 30, 2013, a consortium led by POSCO and China Steel Corporation acquired a 15% non-controlling interest in joint venture partnerships holding ArcelorMittal’s Labrador Trough iron ore mining and infrastructure assets. 4. Arceo - On June 1, 2015, the Company signed an agreement with Sogepa, an investment fund of the Walloon Region in Belgium, to restructure the research and development activities of their combined investment in Arceo, an investment previously accounted for under the equity method by the Company. On June 11, 2015, Sogepa made a capital injection into Arceo, decreasing the Company’s percentage ownership from 50.1% to 37.7% . Following the signed agreement to restructure the activities of Arceo, the Company obtained control and fully consolidated the investment, which resulted in an increase in non-controlling interests by 148 . Additionally, on December 13, 2016, Sogepa made a capital injection into Arceo, decreasing the Company's percentage ownership from 37.7% to 37.1% . |
Disclosure of detailed information about business combinations | The table below summarizes the estimated acquisition-date fair value of the assets acquired and liabilities assumed in respect of Sumaré: Sumaré Other current assets 50 Property, plant and equipment 69 Intangible assets 21 Other non-current assets 7 Total assets acquired 147 Deferred tax liabilities (23 ) Other liabilities (29 ) Total liabilities acquired (52 ) Net assets acquired 95 Non-controlling interests (48 ) Consideration paid, net 44 Consideration payable 5 Goodwill 2 |
Details of assets and liabilities held for sale | The table below provides details of the assets and liabilities held for sale after elimination of intra-group balances in the consolidated statements of financial position: December 31, 2017 Frydek Místek Steelton Total ASSETS Current assets: Trade accounts receivable and other — 23 23 Inventories 25 21 46 Total current assets 25 44 69 Non-current assets: Property, plant and equipment 34 76 110 Total non-current assets 34 76 110 Total assets 59 120 179 LIABILITIES Current liabilities: Trade accounts payable and other 5 17 22 Accrued expenses and other liabilities 2 5 7 Total current liabilities 7 22 29 Non-current liabilities: Long-term provisions 4 17 21 Total non-current liabilities 4 17 21 Total liabilities 11 39 50 December 31, 2016 AMTBA Downstream Solutions Europe Steelton Total ASSETS Current assets: Cash and cash equivalents 13 — — 13 Trade accounts receivable and other 24 15 18 57 Inventories 18 6 15 39 Prepaid expenses and other current assets 4 1 — 5 Total current assets 59 22 33 114 Non-current assets: Property, plant and equipment 55 — 76 131 Other assets 12 2 — 14 Total non-current assets 67 2 76 145 Total assets 126 24 109 259 LIABILITIES Current liabilities: Short-term debt and current portion of long-term debt 2 — — 2 Trade accounts payable and other 30 10 9 49 Accrued expenses and other liabilities 4 6 2 12 Total current liabilities 36 16 11 63 Non-current liabilities: Long-term debt net of current portion 7 — — 7 Long-term provisions — 5 20 25 Total non-current liabilities 7 5 20 32 Total liabilities 43 21 31 95 |
Investments accounted for under equity method | The carrying amounts of the Company’s investments accounted for under the equity method were as follows: December 31, Category 2017 2016 Joint ventures 1,249 1,507 Associates 2,854 2,000 Individually immaterial joint ventures and associates 1 981 790 Total 5,084 4,297 1. Individually immaterial joint ventures and associates represent in aggregate less than 20% of the total carrying amount of investments in joint ventures and associates at December 31, 2017 and 2016 , and none of them have a carrying value exceeding 100 at December 31, 2017 and 2016 . |
Joint ventures | The following tables summarize the latest available financial information and reconcile it to the carrying value of each of the Company’s material joint ventures , as well as the income statement of the Company’s material joint ventures : December 31, 2017 Joint Ventures Calvert Macsteel VAMA Tameh Borçelik Total Place of incorporation and operation 1 United States Netherlands China Poland Turkey Principal Activity Automotive steel finishing Steel trading and shipping Automotive steel finishing Energy production and supply Manufacturing and sale of steel 2,3 Ownership and voting rights at December 31, 2017 50.00% 50.00% 49.00% 50.00% 45.33% Current assets 1,135 739 283 158 519 2,834 of which cash and cash equivalents 13 95 71 57 7 243 Non-current assets 1,303 389 754 476 296 3,218 Current liabilities 612 404 449 132 357 1,954 of which trade and other payables and provisions 118 235 190 118 244 905 Non-current liabilities 947 43 277 189 46 1,502 of which trade and other payables and provisions — 3 — 20 — 23 Net assets 879 681 311 313 412 2,596 Company's share of net assets 440 341 152 156 187 1,276 Adjustments for differences in accounting policies and other 6 (3 ) — — (30 ) (27 ) Carrying amount in the statements of financial position 446 338 152 156 157 1,249 Revenue 2,870 2,775 489 330 1,234 7,698 Depreciation and amortization (62 ) (1 ) (30 ) (27 ) (22 ) (142 ) Interest income — 14 1 — 1 16 Interest expense (35 ) (10 ) (28 ) 4 (12 ) (81 ) Income tax benefit (expense) — (5 ) — (7 ) (20 ) (32 ) Net income (loss) 270 31 5 42 65 413 Other comprehensive income (loss) — 2 — (1 ) (1 ) — Total comprehensive income (loss) 270 33 5 41 64 413 Cash dividends received by the Company 20 — — 4 30 54 1. The country of incorporation corresponds to the country of operation except for Tameh whose country of operation is also the Czech Republic and Macsteel whose countries of operation are mainly the United States, the United Arab Emirates and China. 2. The non-current liabilities include 40 deferred tax liability. 3. Adjustment in Borçelik relates primarily to differences in accounting policies regarding revaluation of fixed assets. December 31, 2016 Joint Ventures Calvert Macsteel Baffinland VAMA Tameh Borçelik Total Place of incorporation and operation 1 United States Netherlands Canada China Poland Turkey Principal Activity Automotive steel finishing Steel trading and shipping Extraction of iron ore 3 Automotive steel finishing Energy production and supply Manufacturing and sale of steel 2, 4 Ownership and voting rights at December 31, 2016 50.00% 50.00% 44.54% 49.00% 50.00% 45.33% Current assets 836 636 197 230 120 404 2,423 of which cash and cash equivalents 45 77 7 75 47 39 290 Non-current assets 1,287 374 1,506 721 354 325 4,567 Current liabilities 490 312 354 362 83 254 1,855 of which trade and other payables and provisions 160 170 190 248 83 112 963 Non-current liabilities 984 41 262 302 159 45 1,793 of which trade and other payables and provisions — 3 37 — 19 — 59 Net assets 649 657 1,087 287 232 430 3,342 Company's share of net assets 325 328 484 141 116 195 1,589 Adjustments for differences in accounting policies and other 6 — (59 ) — 2 (31 ) (82 ) Carrying amount in the statements of financial position 331 328 425 141 118 164 1,507 Revenue 2,358 2,353 116 335 254 845 6,261 Depreciation and amortization (59 ) (1 ) (3 ) (30 ) (20 ) (20 ) (133 ) Interest income — 12 — 1 — 1 14 Interest expense (31 ) (9 ) (20 ) (28 ) (1 ) (7 ) (96 ) Income tax benefit (expense) — (4 ) (26 ) 18 (10 ) (28 ) (50 ) Net income (loss) 148 15 (43 ) (58 ) 29 75 166 Other comprehensive income (loss) — 10 — — 3 — 13 Total comprehensive income (loss) 148 25 (43 ) (58 ) 32 75 179 Cash dividends received by the Company 19 — — — 6 16 41 1. The country of incorporation corresponds to the country of operation except for Tameh whose country of operation is also the Czech Republic and Macsteel whose countries of operation are mainly the United States, the United Arab Emirates and China. 2. The non-current liabilities include 39 deferred tax liability. 3. Adjustment in Baffinland relates primarily to differences in accounting policies regarding revaluation of fixed assets, preferred shares and locally recognized goodwill. 4. Adjustment in Borçelik relates primarily to differences in accounting policies regarding revaluation of fixed assets. December 31, 2015 Joint Ventures Calvert Macsteel Baffinland VAMA Tameh Borçelik Total Place of incorporation and operation 1 United States Netherlands Canada China Poland Turkey Principal Activity Automotive steel finishing Steel trading and shipping Development of iron ore mine Automotive steel finishing Energy production and supply Manufacturing and sale of steel Ownership and voting rights at December 31, 2015 50.00% 50.00% 46.08% 49.00% 50.00% 45.33% Revenue 2,094 2,722 — 152 308 838 6,114 Depreciation and amortization (58) (1) — (26) (33) (20) (138) Interest income — 13 — 1 — 1 15 Interest expense (31) (10) — (16) (1) (7) (65) Income tax benefit (expense) — (5) (2) 34 (4) (17) 6 Net income (loss) (23) 32 (66) (88) 14 32 (99) Other comprehensive income (loss) — 8 — — — (1) 7 Total comprehensive income (loss) (23) 40 (66) (88) 14 31 (92) Cash dividends received by the Company 22 10 — — — 9 41 1. The country of incorporation corresponds to the country of operation except for Tameh whose country of operation is also the Czech Republic and Macsteel whose countries of operation are mainly the United States, the United Arab Emirates and China. |
Associates | 2.4.2 Associates The following table summarizes the financial information and reconciles it to the carrying amount of each of the Company’s material associates , as well as the income statement of the Company’s material associates : December 31, 2017 Associates China Oriental DHS Group Gonvarri Steel Industries Baffinland Total Financial statements reporting date June 30, 2017 September 30, 2017 September 30, 2017 December 31, 2017 Place of incorporation and operation 1 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, 2017 39.02% 33.43% 35.00% 31.07% Current assets 1,737 1,699 1,967 355 5,758 Non-current assets 1,336 3,096 1,372 1,698 7,502 Current liabilities 1,261 555 889 302 3,007 Non-current liabilities 119 1,121 446 531 2,217 Non-controlling interests 23 136 220 — 379 Net assets attributable to equity holders of the parent 1,670 2,983 1,784 1,220 7,657 Company's share of net assets 652 997 624 379 2,652 Adjustments for differences in accounting policies and other — 32 (54 ) 23 1 Other adjustments 2 183 22 (4 ) — 201 Carrying amount in the statements of financial position 835 1,051 566 402 2,854 Revenue 2,944 1,773 2,862 341 7,920 Profit or loss from continuing operations 368 5 122 24 519 Net income (loss) 275 (4 ) 122 (20 ) 373 Other comprehensive income (loss) (1 ) (5 ) (9 ) — (15 ) Total comprehensive income (loss) 274 (9 ) 113 (20 ) 358 Cash dividends received by the Company 49 — 18 — 67 1. The country of incorporation corresponds to the country of operation except for China Oriental whose country of operation is China. 2. Other adjustments correspond to the difference between the carrying amount at December 31, 2017 and the net assets situation corresponding to the latest financial statements ArcelorMittal is permitted to disclose. 3. The amount for DHS Group includes an adjustment to align the German GAAP financial information with the Company’s accounting policies and is mainly linked to property, plant and equipment, inventory and pension. 4. Adjustments in Gonvarri Steel Industries primarily relate to differences in accounting policies regarding revaluation of fixed assets. 5. Adjustments in Baffinland primarily relate to differences in accounting policies regarding revaluation of fixed assets and locally recognized goodwill. December 31, 2016 Associates China Oriental DHS Group Gonvarri Steel Industries Total Financial statements reporting date June 30, 2016 September 30, 2016 September 30, 2016 Place of incorporation and operation 1 Bermuda Germany Spain Principal Activity Iron and steel manufacturing Steel manufacturing 3 Steel manufacturing 4 Ownership and voting rights at December 31, 2016 46.99% 33.43% 35.00% Current assets 1,422 1,624 1,481 4,527 Non-current assets 1,504 2,999 1,178 5,681 Current liabilities 1,275 609 608 2,492 Non-current liabilities 240 1,052 299 1,591 Non-controlling interests 47 132 218 397 Net assets attributable to equity holders of the parent 1,364 2,830 1,534 5,728 Company's share of net assets 641 946 537 2,124 Adjustments for differences in accounting policies and other — 17 (51 ) (34 ) Other adjustments 2 (18 ) (61 ) (11 ) (90 ) Carrying amount in the statements of financial position 623 902 475 2,000 Revenue 1,751 1,396 2,258 5,405 Profit or loss from continuing operations 123 (91 ) 145 177 Net income (loss) 83 (96 ) 145 132 Other comprehensive income (loss) — (3 ) 4 1 Total comprehensive income (loss) 83 (99 ) 149 133 Cash dividends received by the Company — — 16 16 1. The country of incorporation corresponds to the country of operation except for China Oriental whose country of operation is China. 2. Other adjustments correspond to the difference between the carrying amount at December 31, 2016 and the net assets situation corresponding to the latest financial statements ArcelorMittal is permitted to disclose. 3. The amount for DHS Group includes an adjustment to align the German GAAP financial information with the Company’s accounting policies, and is mainly linked to property, plant and equipment, inventory and pension. 4. Adjustments in Gonvarri Steel Industries primarily relate to differences in accounting policies regarding revaluation of fixed assets. December 31, 2015 Associates China Oriental DHS Group Gestamp 2 Gonvarri Steel Industries Stalprodukt S.A. 2 Total Financial statements reporting date June 30, 2015 September 30, 2015 September 30, 2015 September 30, 2015 September 30, 2015 Place of incorporation and operation 1 Bermuda Germany Spain Spain Poland Principal Activity Iron and steel manufacturing Steel manufacturing Manufacturing of metal components Steel manufacturing Production and distribution of steel products Ownership and voting rights at December 31, 2015 * 46.99% 33.43% 35.00% 35.00% 28.47% Revenue 1,768 1,603 5,642 2,194 628 11,835 Profit or loss from continuing operations 6 (47 ) 169 102 61 291 Net income (loss) 10 (45 ) 109 102 47 223 Other comprehensive income (loss) (1 ) — (35 ) (53 ) — (89 ) Total comprehensive income (loss) 9 (45 ) 74 49 47 134 Cash dividends received by the Company — 4 15 14 — 33 1. The country of incorporation corresponds to the country of operation except for China Oriental whose country of operation is China. 2. Date of the latest available financial statements is September 30, 2015. * The ownership stake is equal to the voting rights percentage, except for Stalprodukt S.A. whose voting rights correspond to 28.26% . |
Other associates and joint ventures that are not individually material | The Company has interests in a number of other joint ventures and associates, none of which are regarded as individually material. The following table summarizes the financial information of all individually immaterial joint ventures and associates that are accounted for using the equity method: December 31, 2017 December 31, 2016 Associates Joint Ventures Associates Joint Ventures Carrying amount of interests in associates and joint ventures 337 644 291 499 Share of: Income (loss) from continuing operations 16 23 56 (2) Other comprehensive income (loss) — 10 (2) 1 Total comprehensive income (loss) 16 33 54 (1) |
Other investments | The Company holds the following other investments: December 31, 2017 2016 Available-for-sale securities (at fair value) 1,444 894 Investments accounted for at cost 27 32 Total 1,471 926 |
Call options' strike prices of unconsolidated structured entities | The aforesaid operating leases have been agreed for a 12 year period, during which the Company is obliged to pay the structured entities minimum fees equivalent to approximately 4 per year and per vessel. In addition, ArcelorMittal holds call options to buy each of the six vessels from the structured entities at pre-determined dates and prices as presented in the table below. The structured entities hold put options enabling them to sell each of the vessels at the end of the lease terms at 6 each to the Company. Call option strike prices Exercise dates at the 60th month at the 72nd month at the 84th month at the 96th month at the 108th month at the 120th month at the 132nd month at the 144th month Amounts per vessel 1 First four vessels 28 26 25 23 21 19 17 14 Fifth vessel 29 27 26 24 22 20 17 14 Sixth vessel 31 30 28 27 26 24 20 14 1. If the actual fair value of each vessel is higher than the strike price at each of the exercise dates, ArcelorMittal is obliged to share 50% of the gain with the structured entities. |
Income (loss) from investments in associates, joint ventures and other investments | Income (loss) from investments in associates, joint ventures and other investments consisted of the following: Year Ended December 31, 2017 2016 2015 Share in net earnings of equity-accounted companies 537 207 (59 ) Impairment charges (26 ) (28 ) (565 ) Gain (loss) on disposal (117 ) 377 46 Dividend income 54 59 76 Total 448 615 (502 ) |
SEGMENT REPORTING (Tables)
SEGMENT REPORTING (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Operating Segments [Abstract] | |
Schedule of Segment Reporting Information, by Segment | The following table summarizes certain financial data for ArcelorMittal’s operations by reportable segments. NAFTA Brazil Europe ACIS Mining Others 1 Elimination Total Year ended December 31, 2015 Sales to external customers 17,225 7,954 31,586 5,932 824 57 — 63,578 Intersegment sales 2 68 549 307 196 2,563 311 (3,994 ) — Operating income (loss) (705 ) 628 171 (624 ) (3,522 ) (140 ) 31 (4,161 ) Depreciation and amortization 616 336 1,192 408 614 26 — 3,192 Impairment 526 176 398 294 3,370 — — 4,764 Capital expenditures 392 422 1,045 365 476 7 — 2,707 Year ended December 31, 2016 Sales to external customers 15,769 5,526 28,999 5,675 781 41 — 56,791 Intersegment sales 2 37 697 273 210 2,333 260 (3,810 ) — Operating income (loss) 2,002 614 1,270 211 366 (208 ) (94 ) 4,161 Depreciation and amortization 549 258 1,184 311 396 23 — 2,721 Impairment — — 49 156 — — — 205 Capital expenditures 445 237 951 397 392 22 — 2,444 Year ended December 31, 2017 Sales to external customers 17,893 6,571 35,825 7,323 985 82 — 68,679 Intersegment sales 2 104 1,184 383 298 3,048 303 (5,320 ) — Operating income (loss) 1,185 697 2,359 508 991 (288 ) (18 ) 5,434 Depreciation and amortization 518 293 1,201 313 416 27 — 2,768 Impairment — — — 206 — — — 206 Capital expenditures 466 263 1,143 427 495 25 — 2,819 1. Others include all other operational and non-operational items which are not segmented, such as corporate and shared services, financial activities, and shipping and logistics. 2. Transactions between segments are reported on the same basis of accounting as transactions with third parties except for certain mining products shipped internally and reported on a cost plus basis. |
Reconciliation of Operating Income (Loss) to Net Income | The reconciliation from operating income (loss) to net income (loss) (including non-controlling interests) is as follows: Year ended December 31, 2017 2016 2015 Operating income (loss) 5,434 4,161 (4,161 ) Income/ (loss) from investments in associates and joint ventures 448 615 (502 ) Financing costs - net (875 ) (2,056 ) (2,858 ) Income (loss) before taxes 5,007 2,720 (7,521 ) Income tax expense 432 986 902 Net income/ (loss) (including non-controlling interests) 4,575 1,734 (8,423 ) |
Disclosure of Geographical Areas | Sales (by destination) Year ended December 31, 2017 2016 2015 Americas United States 14,367 12,284 13,619 Brazil 4,149 3,506 3,809 Canada 3,034 2,818 2,913 Mexico 2,251 1,806 1,913 Argentina 1,230 858 1,370 Venezuela 68 105 1,334 Others 937 830 951 Total Americas 26,036 22,207 25,909 Europe Germany 5,933 4,768 5,473 France 4,051 3,655 3,743 Spain 3,751 3,015 3,406 Poland 3,746 2,997 3,023 Italy 2,711 2,067 2,278 Turkey 1,937 1,789 1,962 Czech Republic 1,400 1,107 1,476 United Kingdom 1,370 1,159 1,246 Russia 1,204 688 638 Belgium 1,129 929 1,108 Netherlands 1,117 1,030 867 Romania 621 526 583 Others 4,948 3,886 4,024 Total Europe 33,918 27,616 29,827 Asia & Africa South Africa 2,560 2,026 2,111 Egypt 310 499 404 Morocco 596 498 533 Rest of Africa 1,033 658 945 China 622 549 557 Kazakhstan 392 350 456 South Korea 259 184 242 India 163 85 197 Rest of Asia 2,790 2,119 2,397 Total Asia & Africa 8,725 6,968 7,842 Total 68,679 56,791 63,578 Non-current assets 1 per significant country: December 31, 2017 2016 Americas Canada 5,368 5,208 Brazil 4,466 4,471 United States 4,029 4,209 Mexico 978 906 Argentina 137 152 Venezuela 100 43 Others 20 21 Total Americas 15,098 15,010 Europe France 4,738 4,194 Belgium 2,827 2,458 Germany 2,737 2,395 Poland 2,421 2,112 Ukraine 2,077 2,110 Spain 2,035 1,797 Luxembourg 1,277 1,142 Romania 633 573 Czech Republic 621 585 Bosnia and Herzegovina 202 182 Italy 171 158 Others 264 236 Total Europe 20,003 17,942 Asia & Africa Kazakhstan 1,322 1,223 South Africa 677 788 Morocco 103 104 Liberia 93 49 Others 119 116 Total Asia & Africa 2,314 2,280 Unallocated assets 21,137 17,663 Total 58,552 52,895 1. Non-current assets do not include goodwill (as it is not allocated to the individual countries), deferred tax assets, investment in associate and joint ventures, other investments and other non-current financial assets. Such assets are presented under the caption “Unallocated assets”. |
Disclosure of products and services [text block] | The table below presents sales to external customers by product type. In addition to steel produced by the Company, amounts include material purchased for additional transformation and sold through distribution services. Others mainly includes non-steel sales and services. Year ended December 31, 2017 2016 2015 Flat products 43,065 34,215 36,226 Long products 13,685 12,104 13,996 Tubular products 1,810 1,500 2,809 Mining products 985 781 824 Others 9,134 8,191 9,723 Total 68,679 56,791 63,578 |
OPERATING DATA (Tables)
OPERATING DATA (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Revenue, Cost Of Sales, Current Assets, And Current Liabilities [Abstract] | |
Schedule of Cost of Sales | Cost of sales includes the following components: Year ended December 31, 2017 2016 2015 Materials 42,813 34,276 41,788 Labor costs 1 8,842 7,572 9,125 Logistic expenses 4,161 3,760 4,252 Depreciation and amortization 2,768 2,721 3,192 Impairment 206 205 4,764 Other 2,086 1,894 2,075 Total 60,876 50,428 65,196 1. In 2016, labor costs include an 832 gain relating to changes in post-employment benefit plans in the US (see note 7.2). |
Schedule of Trade Accounts Receivable and Allowance for Doubtful Accounts | Trade accounts receivable and allowance for doubtful accounts December 31, 2017 2016 Gross amount 4,056 3,158 Allowance for doubtful accounts (193 ) (184 ) Total 3,863 2,974 |
Exposure to Credit Risk by Reportable Segment | The maximum exposure to credit risk for trade accounts receivable by reportable segment is as follows: December 31, 2017 2016 NAFTA 343 308 Brazil 857 693 Europe 2,052 1,464 ACIS 546 395 Mining 65 114 Total 3,863 2,974 |
Aging of Trade Accounts Receivable | Aging of trade accounts receivable December 31, December 31, 2017 2016 Gross Allowance Total Gross Allowance Total Not past due 3,134 (4 ) 3,130 2,476 (6 ) 2,470 Overdue 1-30 days 538 (9 ) 529 292 (1 ) 291 Overdue 31-60 days 106 (1 ) 105 63 (1 ) 62 Overdue 61-90 days 34 — 34 32 (1 ) 31 Overdue 91-180 days 46 (13 ) 33 50 (6 ) 44 More than 180 days 198 (166 ) 32 245 (169 ) 76 Total 4,056 (193 ) 3,863 3,158 (184 ) 2,974 |
Movement in the Allowance for Doubtful Accounts | The movement in the allowance for doubtful accounts in respect of trade accounts receivable during the periods presented is as follows: Balance as of December 31, 2014 Additions Deductions/ Foreign exchange and others Balance as of December 31, 2015 175 41 (19) (27) 170 Balance as of December 31, 2015 Additions Deductions/ Foreign exchange and others Balance as of December 31, 2016 170 34 (25) 5 184 Balance as of December 31, 2016 Additions Deductions/ Foreign exchange and others Balance as of December 31, 2017 184 34 (38) 13 193 |
Schedule of Inventories | Inventories, net of allowance for slow-moving inventory, excess of cost over net realizable value and obsolescence of 1,239 and 1,097 as of December 31, 2017 and 2016 , respectively, are comprised of the following: December 31, 2017 2016 Finished products 6,321 4,861 Production in process 4,049 3,264 Raw materials 5,883 5,141 Manufacturing supplies, spare parts and other 1,733 1,468 Total 17,986 14,734 |
Movement in Inventory Reserve | The movement in the inventory reserve is as follows: Balance as of December 31, 2014 Additions 1 Deductions / Releases 2 Foreign exchange and others Balance as of December 31, 2015 1,293 1,256 (637) (205) 1,707 Balance as of December 31, 2015 Additions 1 Deductions / Releases 2 Foreign exchange and others Balance as of December 31, 2016 1,707 473 (964) (119) 1,097 Balance as of December 31, 2016 Additions 1 Deductions / Releases 2 Foreign exchange and others Balance as of December 31, 2017 1,097 442 (404) 104 1,239 1. Additions refer to write-downs of inventories including those utilized or written back during the same financial year. 2. Deductions/releases correspond to write-backs and utilizations related to the current and prior periods. |
Schedule of Prepaid Expenses and Other Current Assets | December 31, 2017 2016 VAT receivables 822 672 Prepaid expenses and non-trade receivables 321 369 Financial amounts receivable 219 118 Income tax receivable 176 111 Receivables from public authorities 147 67 Receivables from sale of financial and intangible assets 118 34 Derivative financial instruments 87 243 Other 1 41 51 Total 1,931 1,665 1. Other includes mainly advances to employees, accrued interest and other miscellaneous receivables. |
Schedule of Other Assets | Other assets consisted of the following: December 31, 2017 2016 Derivative financial instruments (see Note 6.1.5.) 995 189 Financial amounts receivable 345 297 Long-term VAT receivables 198 196 Cash guarantees and deposits 190 187 Receivables from public authorities 173 136 Accrued interest 96 91 Receivables from sale of financial and intangible assets 93 43 Income tax receivable 14 55 Other 1 130 159 Total 2,234 1,353 1. Other mainly includes assets in pension funds and other amounts receivable |
Schedule of Accrued Expenses and Other Liabilities | Accrued expenses and other liabilities are comprised of the following as of : December 31, 2017 2016 Accrued payroll and employee related expenses 1,787 1,560 Accrued interest and other payables 794 781 Payable from acquisition of intangible, tangible & financial assets 943 833 Other amounts due to public authorities 587 504 Derivative financial instruments 325 226 Unearned revenue and accrued payables 69 39 Total 4,505 3,943 |
GOODWILL, INTANGIBLE AND TANG27
GOODWILL, INTANGIBLE AND TANGIBLE ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Intangible Assets [Abstract] | |
Schedule of Goodwill and Intangible Assets | The carrying amounts of goodwill and intangible assets are summarized as follows: December 31, 2017 2016 Goodwill on acquisitions 5,294 5,248 Concessions, patents and licenses 275 252 Customer relationships and trade marks 118 120 Other 50 31 Total 5,737 5,651 Other intangible assets are summarized as follows: Concessions, patents and licenses Customer relationships and trade marks Other Total Cost At December 31, 2015 730 1,077 36 1,843 Acquisitions 5 — 30 35 Disposals (2 ) — (5 ) (7 ) Foreign exchange differences (1 ) 22 (1 ) 20 Transfers and other movements 1 15 3 (4 ) 14 Fully amortized intangible assets 2 (71 ) (2 ) — (73 ) At December 31, 2016 676 1,100 56 1,832 Acquisitions 6 21 34 61 Disposals (1 ) — — (1 ) Foreign exchange differences 83 97 9 189 Transfers and other movements 1 20 (1 ) (3 ) 16 Fully amortized intangible assets 2 (18 ) (3 ) — (21 ) At December 31, 2017 766 1,214 96 2,076 Accumulated amortization and impairment losses At December 31, 2015 464 907 23 1,394 Amortization charge 28 60 5 93 Foreign exchange differences 3 15 (1 ) 17 Transfers and other movements — — (2 ) (2 ) Fully amortized intangible assets 2 (71 ) (2 ) — (73 ) At December 31, 2016 424 980 25 1,429 Amortization charge 31 31 16 78 Foreign exchange differences 58 89 5 152 Transfers and other movements (4 ) (1 ) — (5 ) Fully amortized intangible assets 2 (18 ) (3 ) — (21 ) At December 31, 2017 491 1,096 46 1,633 Carrying amount At December 31, 2016 252 120 31 403 At December 31, 2017 275 118 50 443 1. Transfers and other movements correspond mainly to transfer from assets under construction into patents and licenses in 2017 and 2016 . 2. Fully amortized assets correspond mainly to licenses in 2017 and 2016 . |
Schedule of Goodwill Acquired | Goodwill acquired in business combinations for each of the Company’s operating segments is as follows: December 31, 2015 Foreign exchange differences and other movements Divestments 1 December 31, 2016 NAFTA 2,209 6 (13 ) 2,202 Brazil 1,426 242 — 1,668 Europe 547 (16 ) (2 ) 529 ACIS 961 (112 ) — 849 Total 5,143 120 (15 ) 5,248 1. See note 2.3.1 December 31, 2016 Foreign exchange differences and other movements 1 Divestments December 31, 2017 NAFTA 2,202 47 — 2,249 Brazil 1,668 (28 ) — 1,640 Europe 529 53 — 582 ACIS 849 (26 ) — 823 Total 5,248 46 — 5,294 1. The movements for Brazil includes 2 related to Sumaré acquisition (please refer to note 2.2.4) |
Schedule of Property, Plant and Equipment | Property, plant and equipment is recorded at cost less accumulated depreciation and impairment. Cost includes all related costs directly attributable to the acquisition or construction of the asset. Except for land and assets used in mining activities, property, plant and equipment is depreciated using the straight-line method over the useful lives of the related assets as presented in the table below. Asset Category Useful Life Range Land Not depreciated Buildings 10 to 50 years Property plant & equipment 15 to 50 years Auxiliary facilities 15 to 45 years Other facilities 5 to 20 years Property, plant and equipment and biological assets are summarized as follows: Land, buildings and Machinery, equipment and other 2 Construction in progress Mining Total Cost At December 31, 2015 11,732 43,934 3,510 3,659 62,835 Additions 16 299 2,074 37 2,426 Foreign exchange differences (606 ) (1,122 ) (57 ) (13 ) (1,798 ) Disposals (129 ) (1,386 ) (24 ) (4 ) (1,543 ) Divestments (note 2.3) (64 ) (186 ) (4 ) — (254 ) Transfers to assets held for sale (note 2.3) (3 ) (97 ) (18 ) — (118 ) Other movements 1 162 1,875 (2,224 ) 72 (115 ) At December 31, 2016 11,108 43,317 3,257 3,751 61,433 Additions 90 357 2,441 50 2,938 Foreign exchange differences 1,629 5,560 154 — 7,343 Disposals (97 ) (853 ) (7 ) (1 ) (958 ) Divestments (note 2.3) (7 ) (40 ) — — (47 ) Transfers to assets held for sale (note 2.3) (21 ) (95 ) — — (116 ) Other movements 1 143 1,928 (2,113 ) 75 33 At December 31, 2017 12,845 50,174 3,732 3,875 70,626 Accumulated depreciation and impairment At December 31, 2015 3,344 20,220 1,060 2,431 27,055 Depreciation charge for the year 339 2,178 — 111 2,628 Impairment (note 5.3) (14 ) 219 — — 205 Disposals (103 ) (1,336 ) (24 ) (9 ) (1,472 ) Foreign exchange differences (414 ) (1,083 ) (15 ) (1 ) (1,513 ) Divestments (note 2.3) (14 ) (168 ) — — (182 ) Transfers to assets held for sale (note 2.3) — (63 ) — — (63 ) Other movements 1 — 13 (28 ) (41 ) (56 ) At December 31, 2016 3,138 19,980 993 2,491 26,602 Depreciation charge for the year 329 2,249 — 112 2,690 Impairment (note 5.3) 10 196 — — 206 Disposals (61 ) (820 ) (1 ) — (882 ) Foreign exchange differences 940 4,080 18 2 5,040 Divestments (note 2.3) (4 ) (39 ) — — (43 ) Transfers to assets held for sale (note 2.3) (18 ) (64 ) — — (82 ) Other movements 1 22 118 (22 ) 6 124 At December 31, 2017 4,356 25,700 988 2,611 33,655 Carrying amount At December 31, 2016 7,970 23,337 2,264 1,260 34,831 At December 31, 2017 8,489 24,474 2,744 1,264 36,971 1. Other movements predominantly represent transfers from construction in progress to other categories and retirement of fully amortized assets. 2. Machinery, equipment and other includes biological assets of 36 and 49 as of December 31, 2017 and 2016 , respectively, and bearer plants of 35 and 36 as of December 31, 2017 and 2016 , respectively. |
Schedule of Future Minimum Lease Payments | The total future minimum lease payments related to finance leases for the year ended December 31, 2017 were as follows: 2018 144 2019 – 2022 440 2023 and beyond 160 Total minimum lease commitments 744 Less: future finance charges 256 Present value of minimum lease payments 488 The total future minimum lease payments related to finance leases for the year ended December 31, 2016 were as follows: 2017 133 2018 – 2021 467 2022 and beyond 221 Total minimum lease commitments 821 Less: future finance charges 292 Present value of minimum lease payments 529 The Company leases various facilities, land and equipment under non-cancellable lease arrangements. Future minimum lease payments required under operating leases that have initial or remaining non-cancellable terms as of December 31, 2017 and 2016 according to maturity periods are as follows: December 31, 2017 2016 Less than 1 year 315 279 1-3 years 412 422 4-5 years 252 267 More than 5 years 332 344 Total 1,311 1,312 |
Schedule of Key Assumptions in Project Earnings | The following changes in key assumptions in projected earnings in every year of initial five-year period and perpetuity, at the GCGU level, assuming unchanged values for the other assumptions, would cause the recoverable amount to equal respective carrying value as of the impairment test date (i.e.: October 31, 2017 and 2016). 2017 2016 ACIS Brazil ACIS Brazil Excess of recoverable amount over carrying amount 272 1,307 705 555 Increase in pre-tax discount rate (change in basis points) 72 140 191 93 Decrease in average selling price (change in %) 0.49 1.37 1.72 1.03 Decrease in shipments (change in %) 2.16 4.11 5.10 2.36 |
Schedule of Impairment of Assets | In connection with management’s annual test for impairment of goodwill as of October 31, 2016, property, plant and equipment was also tested for impairment at that date. The Company concluded that the value in use of property, plant and equipment in AMSA was lower than its carrying amount following a revised competitive outlook. Accordingly, the Company recognized a total impairment charge of 156 consisting mainly of the following: Cash-Generating Unit Country Operating Segment Impairment Recorded 2016 Pre-Tax Discount Rate 2015 Pre-Tax Discount Rate Carrying amount of property, plant and equipment as of December 31, 2016 Vanderbijlpark facility South Africa ACIS 125 14.97 % 14.71 % 330 Management estimates discount rates using pre-tax rates that reflect current market rates for investments of similar risk. The rate for each GCGU was estimated from the weighted average cost of capital of producers, which operate a portfolio of assets similar to those of the Company’s assets. NAFTA Brazil Europe ACIS GCGU weighted average pre-tax discount rate used in 2017 (in %) 11.9 15.6 11.0 16.3 GCGU weighted average pre-tax discount rate used in 2016 (in %) 11.7 16.0 10.9 18.7 Impairment charges recognized, were as follows: Year ended December 31, Type of asset 2017 2016 2015 Goodwill — — 854 Intangible assets — — 157 Tangible assets 206 205 3,753 Total 206 205 4,764 In connection with management’s annual test for impairment of goodwill as of October 31, 2015, property, plant and equipment was also tested for impairment at that date. Management concluded that the recoverable amount of certain of the Company’s property, plant and equipment in the Mining segment was lower than their carrying amount due to a downward revision of cash flow projections primarily resulting from the expected persistence of a lower coking coal and iron ore price outlook. The Company also concluded that the value in use of property, plant and equipment of the Saldanha plant in AMSA was lower than its carrying amount following a revised competitive outlook. Accordingly, the Company recognized a total impairment charge of 2,617 consisting of the following: Cash-Generating Unit Country Operating Segment Impairment Recorded 2015 Pre-Tax Discount Rate 2014 Pre-Tax Discount Rate Carrying amount of property, plant and equipment as of December 31, 2015 ArcelorMittal Liberia Liberia Mining 1,363 14.71 % 17.80 % 25 ArcelorMittal Princeton United States Mining 590 8.50 % 11.00 % 4 Las Truchas Mines Mexico Mining 220 10.96 % 12.26 % — ArcelorMittal Serra Azul Brazil Mining 176 9.90 % 14.56 % — Volcan mine Mexico Mining 10 10.25 % 9.42 % — Saldanha facility South Africa ACIS 258 14.18 % 11.90 % 64 During the six months ended June 30, 2017, management performed a test for impairment relating to the Long Carbon cash-generating unit of ArcelorMittal South Africa as a result of a downward revision of cash flow projections. Accordingly, the Company recognized an impairment charge of 46 consisting of the following: Cash-Generating Unit Country Operating Segment Impairment Recorded 2017 Pre-Tax Discount Rate 2016 Pre-Tax Discount Rate Carrying amount of property, plant and equipment as of June 30, 2017 Long Steel Products South Africa ACIS 46 17.12 % 16.63 % 325 In connection with management’s annual test for impairment of goodwill, property, plant and equipment was also tested for impairment at that date. As of December 31, 2017, the Company concluded that the value in use of property, plant and equipment in AMSA was lower than its carrying amount in the context of the appreciation of the rand against U.S. dollar and the uncertainties about demand outlook. Accordingly, the Company recognized a total impairment charge of 160 consisting mainly of the following: Cash-Generating Unit Country Operating Segment Impairment Recorded 2017 Pre-Tax Discount Rate 2016 Pre-Tax Discount Rate Carrying amount of property, plant and equipment as of December 31, 2017 Vanderbijlpark facility South Africa ACIS 86 15.23 % 14.97 % 296 Long Steel Products South Africa ACIS 33 15.24 % 15.22 % 306 |
FINANCING AND FINANCIAL INSTR28
FINANCING AND FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Financial Instruments [Abstract] | |
Disclosure of assets based on categories | The following tables summarize assets and liabilities based on their categories . December 31, 2017 Carrying amount in the consolidated statements of financial position Non-financial assets and liabilities Loan and receivables Liabilities at amortized cost Fair value recognized in profit or loss Available-for-sale assets Derivatives ASSETS Current assets: Cash and cash equivalents 2,574 — 2,574 — — — — Restricted cash 212 — 212 — — — — Trade accounts receivable and other 3,863 — 3,863 — — — — Inventories 17,986 17,986 — — — — — Prepaid expenses and other current assets 1,931 1,270 574 — — — 87 Assets held for sale 179 179 — — — — — Total current assets 26,745 19,435 7,223 — — — 87 Non-current assets: Goodwill and intangible assets 5,737 5,737 — — — — — Property, plant and equipment and biological assets 36,971 36,935 — — 36 — — Investments in associates and joint ventures 5,084 5,084 — — — — — Other investments 1,471 — — — — 1,471 — Deferred tax assets 7,055 7,055 — — — — — Other assets 2,234 411 834 — — — 989 Total non-current assets 58,552 55,222 834 — 36 1,471 989 Total assets 85,297 74,657 8,057 — 36 1,471 1,076 LIABILITIES AND EQUITY Current liabilities: Short-term debt and current portion of long-term debt 2,785 — — 2,785 — — — Trade accounts payable and other 13,428 — — 13,428 — — — Short-term provisions 410 394 — 16 — — — Accrued expenses and other liabilities 4,505 1,080 — 3,100 — — 325 Income tax liabilities 232 232 — — — — — Liabilities held for sale 50 50 — — — — — Total current liabilities 21,410 1,756 — 19,329 — — 325 Non-current liabilities: Long-term debt, net of current portion 10,143 — — 10,143 — — — Deferred tax liabilities 2,684 2,684 — — — — — Deferred employee benefits 7,630 7,630 — — — — — Long-term provisions 1,612 1,612 — — — — — Other long-term obligations 963 204 — 415 — — 344 Total non-current liabilities 23,032 12,130 — 10,558 — — 344 Equity: Equity attributable to the equity holders of the parent 38,789 38,789 — — — — — Non-controlling interests 2,066 2,066 — — — — — Total equity 40,855 40,855 — — — — — Total liabilities and equity 85,297 54,741 — 29,887 — — 669 December 31, 2016 Carrying amount in the consolidated statements of financial position Non-financial assets and liabilities Loan and receivables Liabilities at amortized cost Fair value recognized in profit or loss Available-for-sale assets Derivatives ASSETS Current assets: Cash and cash equivalents 2,501 — 2,501 — — — — Restricted cash 114 — 114 — — — — Trade accounts receivable and other 2,974 — 2,974 — — — — Inventories 14,734 14,734 — — — — — Prepaid expenses and other current assets 1,665 967 455 — — — 243 Assets held for sale 259 259 — — — — — Total current assets 22,247 15,960 6,044 — — — 243 Non-current assets: Goodwill and intangible assets 5,651 5,651 — — — — — Property, plant and equipment and biological assets 34,831 34,782 — — 49 — — Investments in associates and joint ventures 4,297 4,297 — — — — — Other investments 926 — — — — 926 — Deferred tax assets 5,837 5,837 — — — — — Other assets 1,353 408 756 — — — 189 Total non-current assets 52,895 50,975 756 — 49 926 189 Total assets 75,142 66,935 6,800 — 49 926 432 LIABILITIES AND EQUITY Current liabilities: Short-term debt and current portion of long-term debt 1,885 — — 1,885 — — — Trade accounts payable and other 11,633 — — 11,633 — — — Short-term provisions 426 410 — 16 — — — Accrued expenses and other liabilities 3,943 880 — 2,837 — — 226 Income tax liabilities 133 133 — — — — — Liabilities held for sale 95 95 — — — — — Total current liabilities 18,115 1,518 — 16,371 — — 226 Non-current liabilities: Long-term debt, net of current portion 11,789 — — 11,789 — — — Deferred tax liabilities 2,529 2,529 — — — — — Deferred employee benefits 8,297 8,297 — — — — — Long-term provisions 1,521 1,518 — 3 — — — Other long-term obligations 566 186 — 310 — — 70 Total non-current liabilities 24,702 12,530 — 12,102 — — 70 Equity: Equity attributable to the equity holders of the parent 30,135 30,135 — — — — — Non-controlling interests 2,190 2,190 — — — — — Total equity 32,325 32,325 — — — — — Total liabilities and equity 75,142 46,373 — 28,473 — — 296 |
Disclosure of liabilities based on categories | The following tables summarize assets and liabilities based on their categories . December 31, 2017 Carrying amount in the consolidated statements of financial position Non-financial assets and liabilities Loan and receivables Liabilities at amortized cost Fair value recognized in profit or loss Available-for-sale assets Derivatives ASSETS Current assets: Cash and cash equivalents 2,574 — 2,574 — — — — Restricted cash 212 — 212 — — — — Trade accounts receivable and other 3,863 — 3,863 — — — — Inventories 17,986 17,986 — — — — — Prepaid expenses and other current assets 1,931 1,270 574 — — — 87 Assets held for sale 179 179 — — — — — Total current assets 26,745 19,435 7,223 — — — 87 Non-current assets: Goodwill and intangible assets 5,737 5,737 — — — — — Property, plant and equipment and biological assets 36,971 36,935 — — 36 — — Investments in associates and joint ventures 5,084 5,084 — — — — — Other investments 1,471 — — — — 1,471 — Deferred tax assets 7,055 7,055 — — — — — Other assets 2,234 411 834 — — — 989 Total non-current assets 58,552 55,222 834 — 36 1,471 989 Total assets 85,297 74,657 8,057 — 36 1,471 1,076 LIABILITIES AND EQUITY Current liabilities: Short-term debt and current portion of long-term debt 2,785 — — 2,785 — — — Trade accounts payable and other 13,428 — — 13,428 — — — Short-term provisions 410 394 — 16 — — — Accrued expenses and other liabilities 4,505 1,080 — 3,100 — — 325 Income tax liabilities 232 232 — — — — — Liabilities held for sale 50 50 — — — — — Total current liabilities 21,410 1,756 — 19,329 — — 325 Non-current liabilities: Long-term debt, net of current portion 10,143 — — 10,143 — — — Deferred tax liabilities 2,684 2,684 — — — — — Deferred employee benefits 7,630 7,630 — — — — — Long-term provisions 1,612 1,612 — — — — — Other long-term obligations 963 204 — 415 — — 344 Total non-current liabilities 23,032 12,130 — 10,558 — — 344 Equity: Equity attributable to the equity holders of the parent 38,789 38,789 — — — — — Non-controlling interests 2,066 2,066 — — — — — Total equity 40,855 40,855 — — — — — Total liabilities and equity 85,297 54,741 — 29,887 — — 669 December 31, 2016 Carrying amount in the consolidated statements of financial position Non-financial assets and liabilities Loan and receivables Liabilities at amortized cost Fair value recognized in profit or loss Available-for-sale assets Derivatives ASSETS Current assets: Cash and cash equivalents 2,501 — 2,501 — — — — Restricted cash 114 — 114 — — — — Trade accounts receivable and other 2,974 — 2,974 — — — — Inventories 14,734 14,734 — — — — — Prepaid expenses and other current assets 1,665 967 455 — — — 243 Assets held for sale 259 259 — — — — — Total current assets 22,247 15,960 6,044 — — — 243 Non-current assets: Goodwill and intangible assets 5,651 5,651 — — — — — Property, plant and equipment and biological assets 34,831 34,782 — — 49 — — Investments in associates and joint ventures 4,297 4,297 — — — — — Other investments 926 — — — — 926 — Deferred tax assets 5,837 5,837 — — — — — Other assets 1,353 408 756 — — — 189 Total non-current assets 52,895 50,975 756 — 49 926 189 Total assets 75,142 66,935 6,800 — 49 926 432 LIABILITIES AND EQUITY Current liabilities: Short-term debt and current portion of long-term debt 1,885 — — 1,885 — — — Trade accounts payable and other 11,633 — — 11,633 — — — Short-term provisions 426 410 — 16 — — — Accrued expenses and other liabilities 3,943 880 — 2,837 — — 226 Income tax liabilities 133 133 — — — — — Liabilities held for sale 95 95 — — — — — Total current liabilities 18,115 1,518 — 16,371 — — 226 Non-current liabilities: Long-term debt, net of current portion 11,789 — — 11,789 — — — Deferred tax liabilities 2,529 2,529 — — — — — Deferred employee benefits 8,297 8,297 — — — — — Long-term provisions 1,521 1,518 — 3 — — — Other long-term obligations 566 186 — 310 — — 70 Total non-current liabilities 24,702 12,530 — 12,102 — — 70 Equity: Equity attributable to the equity holders of the parent 30,135 30,135 — — — — — Non-controlling interests 2,190 2,190 — — — — — Total equity 32,325 32,325 — — — — — Total liabilities and equity 75,142 46,373 — 28,473 — — 296 |
Disclosure of fair value measurement of assets | The following tables summarize the bases used to measure certain assets and liabilities at their fair value. As of December 31, 2017 Level 1 Level 2 Level 3 Total Assets at fair value: Available-for-sale financial assets 1 1,444 — — 1,444 Derivative financial current assets — 87 — 87 Derivative financial non-current assets — 5 984 989 Total assets at fair value 1,444 92 984 2,520 Liabilities at fair value: Derivative financial current liabilities — 247 78 325 Derivative financial non-current liabilities — 158 186 344 Total liabilities at fair value — 405 264 669 1. The balance does not include equity investments of 27 carried at cost As of December 31, 2016 Level 1 Level 2 Level 3 Total Assets at fair value: Available-for-sale financial assets 1 894 — — 894 Derivative financial current assets — 243 — 243 Derivative financial non-current assets — 14 175 189 Total assets at fair value 894 257 175 1,326 Liabilities at fair value: Derivative financial current liabilities — 226 — 226 Derivative financial non-current liabilities — 37 33 70 Total liabilities at fair value — 263 33 296 1. The balance does not include equity investments of 32 carried at cost The following table summarizes the reconciliation of the fair value of the conversion option classified as Level 3 with respect to the call option on the 1,000 mandatory convertible bonds and the fair value of the special payment included in the pellet purchase agreement: Call option on 1,000 mandatory convertible bonds Special payment in pellet purchase agreement Total Balance as of December 31, 2015 4 — 4 Change in fair value 171 (33 ) 138 Balance as of December 31, 2016 175 (33 ) 142 Change in fair value 809 (231 ) 578 Balance as of December 31, 2017 984 (264 ) 720 |
Disclosure of fair value measurement of liabilities | The following tables summarize the bases used to measure certain assets and liabilities at their fair value. As of December 31, 2017 Level 1 Level 2 Level 3 Total Assets at fair value: Available-for-sale financial assets 1 1,444 — — 1,444 Derivative financial current assets — 87 — 87 Derivative financial non-current assets — 5 984 989 Total assets at fair value 1,444 92 984 2,520 Liabilities at fair value: Derivative financial current liabilities — 247 78 325 Derivative financial non-current liabilities — 158 186 344 Total liabilities at fair value — 405 264 669 1. The balance does not include equity investments of 27 carried at cost As of December 31, 2016 Level 1 Level 2 Level 3 Total Assets at fair value: Available-for-sale financial assets 1 894 — — 894 Derivative financial current assets — 243 — 243 Derivative financial non-current assets — 14 175 189 Total assets at fair value 894 257 175 1,326 Liabilities at fair value: Derivative financial current liabilities — 226 — 226 Derivative financial non-current liabilities — 37 33 70 Total liabilities at fair value — 263 33 296 1. The balance does not include equity investments of 32 carried at cost The following table summarizes the reconciliation of the fair value of the conversion option classified as Level 3 with respect to the call option on the 1,000 mandatory convertible bonds and the fair value of the special payment included in the pellet purchase agreement: Call option on 1,000 mandatory convertible bonds Special payment in pellet purchase agreement Total Balance as of December 31, 2015 4 — 4 Change in fair value 171 (33 ) 138 Balance as of December 31, 2016 175 (33 ) 142 Change in fair value 809 (231 ) 578 Balance as of December 31, 2017 984 (264 ) 720 |
Disclosure of detailed information about borrowings | Long-term debt is comprised of the following: December 31, Year of maturity Type of Interest Interest rate 1 2017 2016 Corporate 5.5 billion Revolving Credit Facility - 2.3 billion tranche 2019 Floating — — 5.5 billion Revolving Credit Facility - 3.2 billion tranche 2021 Floating — — €1.0 billion Unsecured Bonds 2 2017 Fixed 5.88% — 568 €500 million Unsecured Notes 2018 Fixed 5.75% 400 351 €400 million Unsecured Notes 2018 Floating 1.70% 480 421 1.5 billion Unsecured Notes 3 2018 Fixed 6.13% — 648 €750 million Unsecured Notes 2019 Fixed 3.00% 897 788 1.5 billion Unsecured Notes 4 2019 Fixed 10.60% — 842 500 Unsecured Notes 2020 Fixed 5.13% 323 323 CHF 225 million Unsecured Notes 2020 Fixed 2.50% 230 220 €600 million Unsecured Notes 2020 Fixed 2.88% 715 627 1.0 billion Unsecured Bonds 2020 Fixed 5.75% 622 620 1.5 billion Unsecured Notes 2021 Fixed 6.00% 753 752 €500 million Unsecured Notes 2021 Fixed 3.00% 597 523 €750 million Unsecured Notes 2022 Fixed 3.13% 895 786 1.1 billion Unsecured Notes 5 2022 Fixed 6.75% 655 1,092 €500 million Unsecured Notes 2023 Fixed 0.95% 593 — 500 Unsecured Notes 2025 Fixed 6.13% 497 497 1.5 billion Unsecured Bonds 5 2039 Fixed 7.50% 1,092 1,466 1.0 billion Unsecured Notes 5 2041 Fixed 7.25% 619 984 Other loans 2018-2021 Fixed 1.25% - 2.15% 53 29 EIB loan 2019-2025 Fixed 1.16% 420 — ICO loan 2017 Floating 2.18% — 7 Other loans 2018 - 2035 Floating 0.01% - 3.99% 672 250 Total Corporate 10,513 11,794 Other loans - Americas 2018 - 2025 Fixed/Floating 0.00% - 10.00% 107 198 Other loans - Europe 2019 - 2027 Fixed/Floating 0.00% - 4.63% 85 30 Total 10,705 12,022 Less current portion of long-term debt (976 ) (697 ) Total long-term debt (excluding lease obligations) 9,729 11,325 Long-term lease obligations 6 414 464 Total long-term debt, net of current portion 10,143 11,789 1. Rates applicable to balances outstanding at December 31, 2017 , including the effect of step-ups and step-downs following rating changes. For debt that has been redeemed in its entirety during 2017 , the interest rates refer to the rates at repayment date. 2. Amount outstanding was repaid at the original maturity, November 17, 2017. 3. Early redeemed on December 28, 2017. 4. Early redeemed on April 3, 2017. 5. Bonds or Notes partially repurchased on October 16, 2017, pursuant to cash tender offer. 6. Net of current portion of 74 and 65 in 2017 and in 2016 , respectively. Short-term debt, including the current portion of long-term debt, consisted of the following: December 31, 2017 2016 Short-term bank loans and other credit facilities including commercial paper 1 1,735 1,123 Current portion of long-term debt 976 697 Lease obligations 74 65 Total 2,785 1,885 1. The weighted average interest rate on short-term borrowings outstanding was 3.1% and 2.7% as of December 31, 2017 and 2016 , respectively. The margin applicable to ArcelorMittal’s principal credit facilities ( 5.5 billion revolving credit facility and certain other credit facilities) and the coupons on certain of its outstanding bonds are subject to adjustment in the event of a change in its long-term credit ratings. The following table provides details of the outstanding bonds on maturity, the original coupons and the current interest rates for the bonds impacted by changes in the long-term credit rating: Nominal value Date of issuance Repayment date Original interest rate Current interest rate 1 Issued at €400 million Unsecured Notes Apr 9, 2015 Apr 9, 2018 Euribor 3M + 2.03% Euribor 3M + 2.03% 100.00% €500 million Unsecured Notes Mar 29, 2012 Mar 29, 2018 4.50% 5.75% 99.71% €750 million Unsecured Notes Mar 25, 2014 Mar 25, 2019 3.00% 3.00% 99.65% 500 million Unsecured Notes Jun 1, 2015 Jun 1, 2020 5.13% 5.13% 100.00% CHF 225 million Unsecured Notes Jul 3, 2015 Jul 3, 2020 2.50% 2.50% 100.00% €600 million Unsecured Notes Jul 4, 2014 Jul 6, 2020 2.88% 2.88% 99.18% 1.0 billion Unsecured Bonds Aug 5, 2010 Aug 5, 2020 5.25% 5.75% 98.46% 1.5 billion Unsecured Notes Mar 7, 2011 Mar 1, 2021 5.50% 6.00% 99.36% €500 million Unsecured Notes Apr 9, 2015 Apr 9, 2021 3.00% 3.00% 99.55% €750 million Unsecured Notes Jan 14, 2015 Jan 14, 2022 3.13% 3.13% 99.73% 1.1 billion Unsecured Notes Feb 28, 2012 Feb 25, 2022 6.25% 6.75% 98.28% €500 million Unsecured Notes Dec 4, 2017 Jan 17, 2023 0.95% 0.95% 99.38% 500 million Unsecured Notes Jun 1, 2015 Jun 1, 2025 6.13% 6.13% 100.00% 1.0 billion Unsecured Bonds Oct 8, 2009 Oct 15, 2039 7.00% 7.50% 95.20% 500 Unsecured Bonds Aug 5, 2010 Oct 15, 2039 7.00% 7.50% 104.84% 1.0 billion Unsecured Notes Mar 7, 2011 Mar 1, 2041 6.75% 7.25% 99.18% 1. Rates applicable at December 31, 2017. |
Disclosure of estimated fair value and carrying value of debt | The carrying amount and the estimated fair value of the Company’s short and long-term debt is: December 31, 2017 December 31, 2016 Carrying Amount Estimated Fair Value Carrying Amount Estimated Fair Value Instruments payable bearing interest at fixed rates 9,862 11,084 11,657 12,666 Instruments payable bearing interest at variable rates 1,331 1,301 894 838 Total long-term debt, including current portion 11,193 12,385 12,551 13,504 Short term bank loans and other credit facilities including commercial paper 1,735 1,731 1,123 1,139 The following tables summarize the Company’s bases used to measure its debt at fair value. Fair value measurement has been classified into three levels based upon a fair value hierarchy that reflects the significance of the inputs used in making the measurements. As of December 31, 2017 Carrying amount Fair Value Level 1 Level 2 Level 3 Total Instruments payable bearing interest at fixed rates 9,862 9,946 1,138 — 11,084 Instruments payable bearing interest at variable rates 1,331 481 820 — 1,301 Total long-term debt, including current portion 11,193 10,427 1,958 — 12,385 Short term bank loans and other credit facilities including commercial paper 1,735 1,731 — 1,731 As of December 31, 2016 Carrying amount Fair Value Level 1 Level 2 Level 3 Total Instruments payable bearing interest at fixed rates 11,657 11,939 727 — 12,666 Instruments payable bearing interest at variable rates 894 408 430 — 838 Total long-term debt, including current portion 12,551 12,347 1,157 — 13,504 Short term bank loans and other credit facilities including commercial paper 1,123 1,139 — 1,139 |
Disclosure of cash and cash equivalents | Cash and cash equivalents consisted of the following: December 31, 2017 2016 Cash at bank 1,701 1,601 Term deposits 297 329 Money market funds 1 576 571 Total 2,574 2,501 1 Money market funds are highly liquid investments with a maturity of 3 months or less from the date of acquisition. |
Reconciliation of liabilities arising from financing activities | The table below details changes in the Company's liabilities arising from financing activities, including both cash and non-cash changes. Liabilities arising from financing activities are those for which cash flows were, or future cash flows will be classified in the Company's consolidated statements of cash flows from financing activities. Long-term debt, net of current portion Short-term debt and current portion of long term debt Balance as of December 31, 2016 (note 6.1.2) 11,789 1,885 Proceeds from long-term debt 1,407 — Payments of long-term debt (2,691 ) — Amortized cost 19 22 Unrealized foreign exchange effects 589 190 Proceeds from short-term debt — 1,859 Payments of short-term debt 1 — (2,164 ) Current portion of long-term debt (976 ) 976 Other movements 6 17 Balance as of December 31, 2017 (note 6.1.2) 10,143 2,785 1. Cash payments by the Company for the reduction of the outstanding liability relating to a lease is classified under other financing activities in the Company's consolidated statements of cash flows. |
Schedule of net debt by currency | The Company monitors its net debt in order to manage its capital. The following table presents the structure of the Company’s net debt by original currency at December 31, 2017 : Total USD EUR USD CHF ZAR CAD Other Short-term debt and current portion of long-term debt 2,785 1,875 291 — 304 191 124 Long-term debt, net of current portion 10,143 4,831 5,044 230 4 1 33 Cash and cash equivalents including restricted cash (2,786 ) (724 ) (1,387 ) (1 ) (249 ) (17 ) (408 ) Net debt 10,142 5,982 3,948 229 59 175 (251 ) |
Disclosure of detailed information about financial instruments | The following tables summarize this portfolio : December 31, 2017 Assets Liabilities Notional Amount Fair Value Average Rate 1 Notional Amount Fair Value Average Rate 1 Interest rate swaps - fixed rate borrowings/loans 6 — 0.98 % 6 — 1.01 % Foreign exchange rate instruments Forward purchase contracts 586 8 3,939 (140 ) Forward sale contracts 525 17 774 (11 ) Currency swaps purchases — — 9 (7 ) Currency swaps sales — — 1,000 (157 ) Exchange option purchases — — 338 (7 ) Exchange options sales — — 319 (5 ) Total foreign exchange rate instruments 25 (327 ) Raw materials (base metals), freight, energy, emission rights Term contracts sales 20 1 467 (38 ) Term contracts purchases 796 65 534 (40 ) Options sales/purchases 9 1 — — Total raw materials (base metals), freight, energy, emission rights 67 (78 ) Total 92 (405 ) 1. The average rate is determined for fixed rate instruments on basis of the U.S. dollar and foreign currency rates and for variable rate instruments generally on the basis of Euribor or Libor. December 31, 2016 Assets Liabilities Notional Amount Fair Value Notional Amount Fair Value Foreign exchange rate instruments Forward purchase contracts 3,784 153 658 (21 ) Forward sale contracts 685 10 657 (26 ) Currency swaps purchases 138 6 44 (33 ) Currency swaps sales 500 4 500 (24 ) Exchange option purchases 169 1 37 — Exchange options sales 109 1 — — Total foreign exchange rate instruments 175 (104 ) Raw materials (base metals), freight, energy, emission rights Term contracts sales 329 18 312 (36 ) Term contracts purchases 416 64 841 (123 ) Option sales/purchases 6 — 6 — Total raw materials (base metals), freight, energy, emission rights 82 (159 ) Total 257 (263 ) Fair values of raw material, freight, energy and emission rights instruments categorized as Level 2 are as follows: December 31, 2017 2016 Base metals 26 28 Freight — — Energy (oil, gas, electricity) — (1) Emission rights (37) (104) Total (11) (77) Derivative assets associated with raw materials, energy, freight and emission rights 67 82 Derivative liabilities associated with raw materials, energy, freight and emission rights (78) (159) Total (11) (77) |
Analysis of financing cost | Financing costs - net recognized in the years ended December 31, 2017 , 2016 and 2015 are as follows: Year ended December 31, 2017 2016 2015 Interest expense (879 ) (1,172 ) (1,383 ) Interest income 56 58 105 Change in fair value adjustment on call option on mandatory convertible bonds and pellet purchase agreement (note 6.1.5) 578 138 (108 ) Accretion of defined benefit obligations and other long term liabilities (353 ) (435 ) (399 ) Net foreign exchange result 546 (3 ) (697 ) Other 1 (823 ) (642 ) (376 ) Total (875 ) (2,056 ) (2,858 ) 1. Other mainly includes expenses related to true sale of receivables (“TSR”) programs and bank fees. It also includes premiums and fees of 389 relating to the bonds early redeemed in 2017 ( 399 of premiums and fees relating to bonds early redeemed in 2016 ). In 2017 and in 2015 , other also includes expenses relating to the extension of the mandatory convertible bonds (see note 10.2) of 92 and 79 , respectively. |
Disclosure of capital management | The Company monitors capital using a gearing ratio, being the ratio of net debt as a percentage of total equity. December 31, 2017 2016 Total equity 40,855 32,325 Net debt 10,142 11,059 Gearing 24.8 % 34.2 % |
Disclosure of maturity analysis for non-derivative financial liabilities | As of December 31, 2017 the scheduled maturities of short-term debt, long-term debt and long-term lease obligations, including their current portion are as follows: Year of maturity Amount 2018 2,785 2019 1,211 2020 2,100 2021 1,789 2022 1,710 Subsequent years 3,333 Total 12,928 The contractual maturities of the below financial liabilities include estimated loan repayments, interest payments and settlement of derivatives, excluding any impact of netting agreements. The cash flows are calculated based on market data as of December 31, 2017, and as such are sensitive to movements in mainly forex exchange rates and interest rates. The cash flows are non-discounted, except for derivative financial liabilities where the cash flows equal their fair values. December 31, 2017 Carrying amount Contractual Cash Flow 2018 2019 from 2020 to 2022 After 2022 Non-derivative financial liabilities Bonds (9,458 ) (13,514 ) (1,309 ) (1,306 ) (5,658 ) (5,241 ) Loans over 100 (1,371 ) (1,546 ) (549 ) (118 ) (676 ) (203 ) Trade and other payables (13,428 ) (13,448 ) (13,448 ) — — — Other loans (2,099 ) (2,232 ) (1,444 ) (263 ) (258 ) (267 ) Total (26,356 ) (30,740 ) (16,750 ) (1,687 ) (6,592 ) (5,711 ) Derivative financial liabilities Foreign exchange contracts (327 ) (327 ) (170 ) — (64 ) (93 ) Other commodities contracts 1 (342 ) (342 ) (156 ) (37 ) (68 ) (81 ) Total (669 ) (669 ) (326 ) (37 ) (132 ) (174 ) 1. Commodity contracts include base metals, freight, energy and emission rights. December 31, 2016 Carrying amount Contractual Cash Flow 2017 2018 from 2019 to 2021 After 2021 Non-derivative financial liabilities Bonds (11,597 ) (18,228 ) (1,261 ) (2,076 ) (6,093 ) (8,798 ) Loans over 100 (694 ) (873 ) (546 ) (57 ) (172 ) (98 ) Trade and other payables (11,633 ) (11,647 ) (11,647 ) — — — Other loans (1,383 ) (1,523 ) (856 ) (124 ) (370 ) (173 ) Total (25,307 ) (32,271 ) (14,310 ) (2,257 ) (6,635 ) (9,069 ) Derivative financial liabilities Foreign exchange contracts (104 ) (104 ) (73 ) (7 ) — (24 ) Other commodities contracts 1 (192 ) (192 ) (153 ) (5 ) (1 ) (33 ) Total (296 ) (296 ) (226 ) (12 ) (1 ) (57 ) 1. Commodity contracts include base metals, freight, energy and emission rights. |
Disclosure of maturity analysis for derivative financial liabilities | The contractual maturities of the below financial liabilities include estimated loan repayments, interest payments and settlement of derivatives, excluding any impact of netting agreements. The cash flows are calculated based on market data as of December 31, 2017, and as such are sensitive to movements in mainly forex exchange rates and interest rates. The cash flows are non-discounted, except for derivative financial liabilities where the cash flows equal their fair values. December 31, 2017 Carrying amount Contractual Cash Flow 2018 2019 from 2020 to 2022 After 2022 Non-derivative financial liabilities Bonds (9,458 ) (13,514 ) (1,309 ) (1,306 ) (5,658 ) (5,241 ) Loans over 100 (1,371 ) (1,546 ) (549 ) (118 ) (676 ) (203 ) Trade and other payables (13,428 ) (13,448 ) (13,448 ) — — — Other loans (2,099 ) (2,232 ) (1,444 ) (263 ) (258 ) (267 ) Total (26,356 ) (30,740 ) (16,750 ) (1,687 ) (6,592 ) (5,711 ) Derivative financial liabilities Foreign exchange contracts (327 ) (327 ) (170 ) — (64 ) (93 ) Other commodities contracts 1 (342 ) (342 ) (156 ) (37 ) (68 ) (81 ) Total (669 ) (669 ) (326 ) (37 ) (132 ) (174 ) 1. Commodity contracts include base metals, freight, energy and emission rights. December 31, 2016 Carrying amount Contractual Cash Flow 2017 2018 from 2019 to 2021 After 2021 Non-derivative financial liabilities Bonds (11,597 ) (18,228 ) (1,261 ) (2,076 ) (6,093 ) (8,798 ) Loans over 100 (694 ) (873 ) (546 ) (57 ) (172 ) (98 ) Trade and other payables (11,633 ) (11,647 ) (11,647 ) — — — Other loans (1,383 ) (1,523 ) (856 ) (124 ) (370 ) (173 ) Total (25,307 ) (32,271 ) (14,310 ) (2,257 ) (6,635 ) (9,069 ) Derivative financial liabilities Foreign exchange contracts (104 ) (104 ) (73 ) (7 ) — (24 ) Other commodities contracts 1 (192 ) (192 ) (153 ) (5 ) (1 ) (33 ) Total (296 ) (296 ) (226 ) (12 ) (1 ) (57 ) 1. Commodity contracts include base metals, freight, energy and emission rights. |
Disclosure of information about terms and conditions of cash flow hedges | The following tables present the periods in which the derivatives designated as cash flows hedges are expected to mature: December 31, 2017 Assets/ (liabilities) (Outflows)/inflows Fair value 3 months and less 3-6 months 6-12 months 2019 After 2019 Foreign exchange contracts (118 ) (83 ) (25 ) (10 ) — — Commodities 20 9 4 6 1 — Emission rights (37 ) — — (37 ) — — Total (135 ) (74 ) (21 ) (41 ) 1 — December 31, 2016 Assets/ (liabilities) (Outflows)/inflows Fair value 3 months and less 3-6 months 6-12 months 2018 After 2018 Foreign exchange contracts 87 36 32 19 — — Commodities 22 10 2 5 5 — Emission rights (104 ) — — (104 ) — — Total 5 46 34 (80 ) 5 — Associated gains or losses that were recognized in other comprehensive income are reclassified from equity to the consolidated statements of operations in the same period during which the hedged forecasted cash flow affects the consolidated statements of operations. The following table presents the periods in which the realized and unrealized gains or losses on derivatives designated as cash flows hedges recognized in other comprehensive income, net of tax, are expected to impact the consolidated statements of operations: December 31, 2017 Assets/ (liabilities) (Expense)/income Carrying amount 3 months and less 3-6 months 6-12 months 2019 After 2019 Foreign exchange contracts (141 ) (95 ) (26 ) (20 ) — — Commodity contracts 19 9 4 5 1 — Emission rights 84 — — 7 33 44 Total (38 ) (86 ) (22 ) (8 ) 34 44 December 31, 2016 Assets/ (liabilities) (Expense)/income Carrying amount 3 months and less 3-6 months 6-12 months 2018 After 2018 Foreign exchange contracts 54 4 29 21 — — Commodity contracts 23 11 4 4 4 — Emission rights 22 — — (1 ) 1 22 Total 99 15 33 24 5 22 |
Disclosure of detailed information about hedging instruments | Net investment hedges are as follows: December 31, 2017 Derivatives Notional amount Date traded Fair value at Change in fair value Fair value as of December 31, 2017 1 CCS 5Y 500 May 27, 2015 3 (67) (64) CCS 10Y 300 May 27, 2015 (14) (42) (56) CCS 10Y 160 May 27, 2015 (8) (22) (30) CCS 10Y 40 May 27, 2015 (2) (5) (7) Total 1,000 (21) (136) (157) 1. The net investment hedges were fully effective. As such, the change in fair value is entirely recorded in other comprehensive income. December 31, 2016 Derivatives Notional amount Date traded Fair value at Change in fair value Fair value as of December 31, 2016 1 CCS 30Y 250 December 3, 2014 56 (56) — CCS 30Y 125 December 12, 2014 29 (29) — CCS 5Y 500 May 27, 2015 (7) 10 3 CCS 10Y 300 May 27, 2015 (10) (4) (14) CCS 10Y 160 May 27, 2015 (6) (2) (8) CCS 10Y 40 May 27, 2015 (1) (1) (2) Total 1,375 61 (82) (21) 1. The net investment hedges were fully effective. As such, the change in fair value is entirely recorded in other comprehensive income. |
Sensitivity analysis for types of market risk | The following tables detail the Company’s derivative financial instruments’ sensitivity to a 10% strengthening and a 10% weakening in the U.S. dollar against the euro. A positive number indicates an increase in profit or loss and other equity, where a negative number indicates a decrease in profit or loss and other equity. The sensitivity analysis includes the Company’s complete portfolio of foreign currency derivatives outstanding. The impact on the non €/$ derivatives reflects the estimated move of such currency pairs, when the U.S. dollar appreciates or depreciates 10% against the euro, based on computations of correlations in the foreign exchange markets in 2017 and 2016 . December 31, 2017 Income Other Equity 10% strengthening in U.S. dollar (24) 497 10% weakening in U.S. dollar 13 (511) December 31, 2016 Income Other Equity 10% strengthening in U.S. dollar (3) 377 10% weakening in U.S. dollar 6 (375) The following tables detail the Company’s variable interest rate instruments’ sensitivity. A change of 100 basis points (“bp”) in interest rates during the period would have increased (decreased) profit or loss by the amounts presented below. This analysis assumes that all other variables, in particular foreign currency rates, remain constant. December 31, 2017 Floating porting of net debt 1 Interest Rate Swaps/Forward Rate Agreements 100 bp increase 11 — 100 bp decrease (11) — December 31, 2016 Floating porting of net debt 1 Interest Rate Swaps/Forward Rate Agreements 100 bp increase 11 — 100 bp decrease (11) — 1. Please refer to note 6.1.4 for a description of net debt (including fixed and floating portion) The following tables detail the Company’s sensitivity to a 10% increase and decrease in the price of the relevant base metals, energy, freight and emissions rights. The sensitivity analysis includes only outstanding, un-matured derivative instruments either held for trading at fair value through the consolidated statements of operations or designated in hedge accounting relationships. December 31, 2017 Income Other Equity Cash Flow Hedging Reserves +10% in prices Base Metals 4 30 Iron Ore — — Emission rights — 45 Energy 1 — -10% in prices Base Metals (4) (30) Iron Ore — — Emission rights — (45) Energy (1) — December 31, 2016 Income Other Equity Cash Flow Hedging Reserves +10% in prices Base Metals 4 18 Iron Ore (10) 1 Emission rights — 32 Energy (8) 1 -10% in prices Base Metals (3) (18) Iron Ore 10 (1) Emission rights — (32) Energy 8 (1) |
PERSONNEL EXPENSES AND DEFERR29
PERSONNEL EXPENSES AND DEFERRED EMPLOYEE BENEFITS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Employee Benefits [Abstract] | |
Disclosure of employees total annual compensation | As of December 31, 2017 , 2016 and 2015, ArcelorMittal had approximately 197,000 , 199,000 and 209,000 employees, respectively, and the total annual compensation of ArcelorMittal’s employees in 2017 , 2016 and 2015 was as follows: Year Ended December 31, Employee Information 2017 2016 2015 Wages and salaries 7,912 7,675 8,392 Pension cost (see note 7.2) 265 124 237 Gain following new labor agreement in the U.S. (see note 7.2) — (832 ) — Other staff expenses 1,791 1,591 1,695 Total 9,968 8,558 10,324 |
Disclosure of information about key management personnel | The total annual compensation of ArcelorMittal’s key management personnel (as described above for 2017 and 2016), including its Board of Directors, expensed in 2017 , 2016 and 2015 was as follows: Year Ended December 31, 2017 2016 2015 Base salary and directors fees 8 12 7 Short-term performance-related bonus 7 2 5 Post-employment benefits 1 1 — Share based compensation 3 2 7 |
Disclosure of net defined benefit liability (asset) | The following tables detail the reconciliation of defined benefit obligation (“DBO”), plan assets, irrecoverable surplus and statements of financial position. Year ended December 31, 2017 Total United States Canada Brazil Europe Other Change in benefit obligation Benefit obligation at beginning of the period 10,054 3,627 3,053 704 2,582 88 Current service cost 125 32 26 4 60 3 Interest cost on DBO 397 142 119 79 46 11 Past service cost - Plan amendments 14 — 13 — 1 — Plan participants’ contribution 3 — 1 — 2 — Actuarial (gain) loss 323 (28 ) 237 40 72 2 Demographic assumptions (131 ) (130 ) 1 — (2 ) — Financial assumptions 418 154 188 22 54 — Experience adjustment 36 (52 ) 48 18 20 2 Benefits paid (656 ) (265 ) (197 ) (49 ) (130 ) (15 ) Foreign currency exchange rate differences and other movements 575 — 229 (12 ) 357 1 Benefit obligation at end of the period 10,835 3,508 3,481 766 2,990 90 Change in plan assets Fair value of plan assets at beginning of the period 7,048 2,768 2,795 684 777 24 Interest income on plan assets 292 94 107 75 15 1 Return on plan assets greater/(less) than discount rate 468 274 169 16 17 (8 ) Employer contribution 249 117 83 8 41 — Plan participants’ contribution 3 — 1 — 2 — Benefits paid (545 ) (260 ) (196 ) (49 ) (37 ) (3 ) Foreign currency exchange rate differences and other movements 307 — 208 (11 ) 109 1 Fair value of plan assets at end of the period 7,822 2,993 3,167 723 924 15 Present value of the wholly or partly funded obligation (9,352 ) (3,477 ) (3,463 ) (765 ) (1,635 ) (12 ) Fair value of plan assets 7,822 2,993 3,167 723 924 15 Net present value of the wholly or partly funded obligation (1,530 ) (484 ) (296 ) (42 ) (711 ) 3 Present value of the unfunded obligation (1,483 ) (31 ) (18 ) (1 ) (1,355 ) (78 ) Prepaid due to unrecoverable surpluses (34 ) — (23 ) (3 ) (6 ) (2 ) Net amount recognized (3,047 ) (515 ) (337 ) (46 ) (2,072 ) (77 ) Net assets related to funded obligations 20 — 17 — 3 — Recognized liabilities (3,067 ) (515 ) (354 ) (46 ) (2,075 ) (77 ) Change in unrecoverable surplus Unrecoverable surplus at beginning of the period (34 ) — (18 ) (3 ) (4 ) (9 ) Interest cost on unrecoverable surplus (1 ) — (1 ) — — — Change in unrecoverable surplus in excess of interest 2 — (3 ) — (2 ) 7 Exchange rates changes (1 ) — (1 ) — — — Unrecoverable surplus at end of the period (34 ) — (23 ) (3 ) (6 ) (2 ) Year ended December 31, 2016 Total United States Canada Brazil Europe Other Change in benefit obligation Benefit obligation at beginning of the period 9,883 3,623 2,928 495 2,601 236 Current service cost 112 31 25 2 50 4 Interest cost on DBO 406 151 125 66 52 12 Past service cost - Plan amendments (80 ) 12 4 — (96 ) — Plan participants’ contribution 4 — 1 1 2 — Curtailments and settlements (10 ) — — — (4 ) (6 ) Actuarial (gain) loss 388 71 65 82 170 — Demographic assumptions (12 ) (21 ) 1 — 8 — Financial assumptions 370 80 23 96 170 1 Experience adjustment 30 12 41 (14 ) (8 ) (1 ) Benefits paid (633 ) (261 ) (186 ) (42 ) (129 ) (15 ) Foreign currency exchange rate differences and other movements 1 (16 ) — 91 100 (64 ) (143 ) Benefit obligation at end of the period 10,054 3,627 3,053 704 2,582 88 Change in plan assets Fair value of plan assets at beginning of the period 6,828 2,795 2,633 498 753 149 Interest income on plan assets 308 104 111 72 17 4 Return on plan assets greater/(less) than discount rate 273 126 91 30 24 2 Employer contribution 124 16 64 21 23 — Plan participants’ contribution 4 — 1 1 2 — Settlements (4 ) — — — (4 ) — Benefits paid (529 ) (261 ) (185 ) (42 ) (38 ) (3 ) Foreign currency exchange rate differences and other movements 1 44 (12 ) 80 104 — (128 ) Fair value of plan assets at end of the period 7,048 2,768 2,795 684 777 24 Present value of the wholly or partly funded obligation (8,730 ) (3,593 ) (3,040 ) (703 ) (1,379 ) (15 ) Fair value of plan assets 7,048 2,768 2,795 684 777 24 Net present value of the wholly or partly funded obligation (1,682 ) (825 ) (245 ) (19 ) (602 ) 9 Present value of the unfunded obligation (1,324 ) (34 ) (13 ) (1 ) (1,203 ) (73 ) Prepaid due to unrecoverable surpluses (34 ) — (18 ) (3 ) (4 ) (9 ) Net amount recognized (3,040 ) (859 ) (276 ) (23 ) (1,809 ) (73 ) Net assets related to funded obligations 21 — 18 — 3 — Recognized liabilities (3,061 ) (859 ) (294 ) (23 ) (1,812 ) (73 ) Change in unrecoverable surplus Unrecoverable surplus at beginning of the period (80 ) — (21 ) (53 ) (3 ) (3 ) Interest cost on unrecoverable surplus (10 ) — (1 ) (8 ) — (1 ) Change in unrecoverable surplus in excess of interest 67 — 5 67 (1 ) (4 ) Exchange rates changes (11 ) — (1 ) (9 ) — (1 ) Unrecoverable surplus at end of the period (34 ) — (18 ) (3 ) (4 ) (9 ) 1. Others: includes the derecognition of the benefit obligation and plan assets in ArcelorMittal Point Lisas for 136 and 127 , respectively. Summary of changes in the other post-employment benefit obligation and changes in plan assets are as follows: Year ended December 31, 2017 Total United States Canada Europe Others Change in benefit obligation Benefit obligation at beginning of the period 5,400 4,183 592 492 133 Current service cost 100 58 9 26 7 Interest cost on DBO 226 181 23 11 11 Past service cost - Plan amendments 4 — 1 2 1 Plan participants’ contribution 29 29 — — — Actuarial (gain) loss (942 ) (1,005 ) 45 7 11 Demographic assumptions (153 ) (168 ) 2 3 10 Financial assumptions (680 ) (728 ) 40 9 (1 ) Experience adjustment (109 ) (109 ) 3 (5 ) 2 Benefits paid (258 ) (177 ) (32 ) (42 ) (7 ) Foreign currency exchange rate differences and other movements 127 — 41 83 3 Benefit obligation at end of the period 4,686 3,269 679 579 159 Change in plan assets Fair value of plan assets at beginning of the period 599 592 — 7 — Interest income on plan assets 22 22 — — — Return on plan assets greater/(less) than discount rate 17 15 — 2 — Employer contribution (44 ) (44 ) — — — Plan participants’ contribution 12 12 — — — Benefits paid (61 ) (59 ) — (2 ) — Foreign currency exchange rate differences and other movements 1 — — 1 — Fair value of plan assets at end of the period 546 538 — 8 — Present value of the wholly or partly funded obligation (757 ) (689 ) — (68 ) — Fair value of plan assets 546 538 — 8 — Net present value of the wholly or partly funded obligation (211 ) (151 ) — (60 ) — Present value of the unfunded obligation (3,929 ) (2,580 ) (679 ) (511 ) (159 ) Net amount recognized (4,140 ) (2,731 ) (679 ) (571 ) (159 ) Year ended December 31, 2016 Total United States Canada Europe Others Change in benefit obligation Benefit obligation at beginning of the period 6,251 4,995 573 516 167 Current service cost 100 59 7 27 7 Interest cost on DBO 249 203 25 12 9 Past service cost - Plan amendments (851 ) (844 ) (3 ) (4 ) — Plan participants’ contribution 18 18 — — — Actuarial (gain) loss (48 ) (62 ) 1 8 5 Demographic assumptions (184 ) (154 ) (32 ) — 2 Financial assumptions 189 160 23 14 (8 ) Experience adjustment (53 ) (68 ) 10 (6 ) 11 Benefits paid (323 ) (240 ) (31 ) (40 ) (12 ) Foreign currency exchange rate differences and other movements 1 4 54 20 (27 ) (43 ) Benefit obligation at end of the period 5,400 4,183 592 492 133 Change in plan assets Fair value of plan assets at beginning of the period 706 698 — 8 — Interest income on plan assets 26 26 — — — Return on plan assets greater/(less) than discount rate 5 4 — 1 — Employer contribution 86 86 — — — Plan participants’ contribution 18 18 — — — Benefits paid (242 ) (240 ) — (2 ) — Fair value of plan assets at end of the period 599 592 — 7 — Present value of the wholly or partly funded obligation (821 ) (760 ) — (61 ) — Fair value of plan assets 599 592 — 7 — Net present value of the wholly or partly funded obligation (222 ) (168 ) — (54 ) — Present value of the unfunded obligation (4,579 ) (3,423 ) (592 ) (431 ) (133 ) Net amount recognized (4,801 ) (3,591 ) (592 ) (485 ) (133 ) 1. Includes a 53 increase in benefit obligation retained by the Company in respect of Steelton, which has been classified as held for sale at December 31, 2016 (see note 2.3.2). Total deferred employee benefits including pension or other post-employment benefits, are as follows: December 31, 2017 2016 Pension plan benefits 3,067 3,061 Other post-employment benefits 4,140 4,801 Early retirement benefits 280 279 Defined benefit liabilities 7,487 8,141 Termination benefits 143 156 Total 7,630 8,297 |
Components of net periodic pension cost | The following tables detail the components of net periodic pension cost: Year ended December 31, 2017 Net periodic pension cost (benefit) Total United States Canada Brazil Europe Others Current service cost 125 32 26 4 60 3 Past service cost - Plan amendments 14 — 13 — 1 — Net interest cost/(income) on net DB liability/(asset) 106 48 13 4 31 10 Total 245 80 52 8 92 13 Year ended December 31, 2016 Net periodic pension cost (benefit) Total United States Canada Brazil Europe Others Current service cost 112 31 25 2 50 4 Past service cost - Plan amendments (80 ) 12 4 — (96 ) — Past service cost - Curtailments (6 ) — — — — (6 ) Net interest cost/(income) on net DB liability/(asset) 108 47 15 2 35 9 Total 134 90 44 4 (11 ) 7 Year ended December 31, 2015 Net periodic pension cost (benefit) Total United States Canada Brazil Europe Others Current service cost 121 36 31 2 44 8 Past service cost - Plan amendments 4 — 1 — 2 1 Past service cost - Curtailments (1 ) — — — (1 ) — Net interest cost/(income) on net DB liability/(asset) 117 45 18 7 37 10 Total 241 81 50 9 82 19 The following tables detail the components of net periodic other post-employment cost: Year ended December 31, 2017 Components of net periodic OPEB cost (benefit) Total United States Canada Europe Others Current service cost 100 58 9 26 7 Past service cost - Plan amendments 4 — 1 2 1 Net interest cost/(income) on net DB liability/(asset) 204 159 23 11 11 Actuarial (gains)/losses recognized during the year 2 — — 2 — Total 310 217 33 41 19 Year ended December 31, 2016 Components of net periodic OPEB cost (benefit) Total United States Canada Europe Others Current service cost 100 59 7 27 7 Past service cost - Plan amendments (851 ) (844 ) (3 ) (4 ) — Net interest cost/(income) on net DB liability/(asset) 223 177 25 12 9 Actuarial (gains)/losses recognized during the year 1 — — 1 — Total (527 ) (608 ) 29 36 16 Year ended December 31, 2015 Components of net periodic OPEB cost (benefit) Total United States Canada Europe Others Current service cost 96 50 9 28 9 Past service cost - Plan amendments (2 ) — (2 ) — — Cost of termination benefits 6 6 — — — Net interest cost/(income) on net DB liability/(asset) 220 169 26 11 14 Actuarial (gains)/losses recognized during the year (3 ) — — (3 ) — Total 317 225 33 36 23 |
Expenses recognized in the income statement | The following tables detail where the expense is recognized in the consolidated statements of operations: Year ended December 31, 2017 2016 2015 Net periodic pension cost 245 134 241 Net periodic OPEB cost 310 (527 ) 317 Total 555 (393 ) 558 Cost of sales 220 (725 ) 197 Selling, general and administrative expenses 23 — 27 Financing costs - net 312 332 334 Total 555 (393 ) 558 |
Schedule of weighted-average asset allocations for the funded defined benefit pension plans by asset category | The weighted-average asset allocations for the funded defined benefit plans by asset category were as follows: December 31, 2017 United States Canada Brazil Europe Others Equity Securities 53 % 56 % — 3 % 41 % - Asset classes that have a quoted market price in an active market 26 % 47 % — 3 % 41 % - Asset classes that do not have a quoted market price in an active market 27 % 9 % — — — Fixed Income Securities (including cash) 34 % 42 % 97 % 71 % 49 % - Asset classes that have a quoted market price in an active market 4 % 33 % 97 % 67 % 49 % - Asset classes that do not have a quoted market price in an active market 30 % 9 % — 4 % — Real Estate — 2 % 1 % — 2 % - Asset classes that have a quoted market price in an active market — — 1 % — 2 % - Asset classes that do not have a quoted market price in an active market — 2 % — — — Other 13 % — 2 % 26 % 8 % - Asset classes that have a quoted market price in an active market 4 % — 2 % 3 % 8 % - Asset classes that do not have a quoted market price in an active market 9 % — — 23 % — Total 100 % 100 % 100 % 100 % 100 % December 31, 2016 United States Canada Brazil Europe Others Equity Securities 50 % 53 % — 3 % 40 % - Asset classes that have a quoted market price in an active market 25 % 46 % — 3 % 40 % - Asset classes that do not have a quoted market price in an active market 25 % 7 % — — — Fixed Income Securities (including cash) 37 % 47 % 98 % 72 % 50 % - Asset classes that have a quoted market price in an active market 2 % 35 % 98 % 71 % 50 % - Asset classes that do not have a quoted market price in an active market 35 % 12 % — 1 % — Real Estate 4 % — 1 % — 2 % - Asset classes that have a quoted market price in an active market — — — — 2 % - Asset classes that do not have a quoted market price in an active market 4 % — 1 % — — Other 9 % — 1 % 25 % 8 % - Asset classes that have a quoted market price in an active market — — 1 % 5 % 8 % - Asset classes that do not have a quoted market price in an active market 9 % — — 20 % — Total 100 % 100 % 100 % 100 % 100 % |
Disclosure of fair value of plan assets | The Finance and Retirement Committees of the Boards of Directors for the respective operating subsidiaries have general supervisory authority over the respective trust funds. These committees have established asset allocation targets for the period as described below. Asset managers are permitted some flexibility to vary the asset allocation from the long-term investment strategy within control ranges agreed upon. December 31, 2017 United States Canada Brazil Europe Equity Securities 37 % 46 % 1 % 3 % Fixed Income Securities (including cash) 43 % 41 % 93 % 71 % Real Estate 3 % 8 % 3 % — % Other 17 % 5 % 3 % 26 % Total 100 % 100 % 100 % 100 % |
Actuarial assumptions for defined benefit plans | Assumptions used to determine benefit obligations at December 31, Pension Plans Other Post-employment Benefits 2017 2016 2015 2017 2016 2015 Discount rate Range 1.50% - 15.00% 1.60% - 16.00% 2.05% - 17.00% 1.30% - 7.65% 0.90% - 7.65% 0.90% - 30.00% Weighted average 3.45% 3.92% 4.21% 3.60% 4.19% 4.49% Rate of compensation increase Range 1.80% - 9.00% 1.80% - 10.00% 2.00% - 11.00% 2.00% - 4.50% 2.00% - 32.00% 2.00% - 27.00% Weighted average 2.81% 3.11% 3.11% 3.32% 3.38% 3.98% |
Disclosure of defined benefit plans | Other Post-employment Benefits 2017 2016 2015 Healthcare cost trend rate assumed Range 1.80% - 5.00% 1.80% - 5.60% 2.00% - 7.00% Weighted average 4.48% 4.51% 4.75% |
Disclosure of sensitivity analysis for actuarial assumptions | The following information illustrates the sensitivity to a change of the significant actuarial assumptions related to ArcelorMittal’s pension plans (as of December 31, 2017, the defined benefit obligation for pension plans was 10,835 ): Effect on 2018 Pre-Tax Pension Expense (sum of service cost and interest cost) Effect of December 31, 2017 DBO Change in assumption 100 basis points decrease in discount rate (50) 1,333 100 basis points increase in discount rate 40 (1,095) 100 basis points decrease in rate of compensation (14) (180) 100 basis points increase in rate of compensation 14 177 1 year increase of the expected life of the beneficiaries 12 310 The following table illustrates the sensitivity to a change of the significant actuarial assumptions related to ArcelorMittal’s OPEB plans (as of December 31, 2017 the defined benefit obligation for post-employment benefit plans was 4,686 ): Effect on 2018 Pre-Tax OPEB Expense (sum of service cost and interest cost) Effect of December 31, 2017 DBO Change in assumption 100 basis points decrease in discount rate (3) 697 100 basis points increase in discount rate 2 (553) 100 basis points decrease in healthcare cost trend rate (31) (469) 100 basis points increase in healthcare cost trend rate 40 575 1 year increase of the expected life of the beneficiaries 8 159 |
Disclosure of exercise prices of outstanding share options | Date of grant Exercise prices August 2010 $91.98 August 2009 109.14 November 2008 63.42 August 2008 235.32 |
Changes in stock options issued | Option activity with respect to ArcelorMittal Shares and ArcelorMittal Global Stock Option Plan 2009-2018 is summarized below as of and for each of the years ended December 31, 2017 , 2016 and 2015 : Number of Options Range of Exercise Prices Weighted Average Exercise Price Outstanding, December 31, 2014 6,692,533 63.42 – 235.32 144.79 Expired (961,733 ) 81.93 – 235.32 125.26 Outstanding, December 31, 2015 5,730,800 63.42 – 235.32 148.06 Expired (1,048,266 ) 91.98 – 235.32 125.17 Outstanding, December 31, 2016 4,682,534 63.42 – 235.32 153.19 Expired (1,397,659 ) 63.42 – 235.32 170.40 Outstanding, December 31, 2017 3,284,875 63.42 – 235.32 145.86 Exercisable, December 31, 2015 5,730,800 63.42 – 235.32 148.06 Exercisable, December 31, 2016 4,682,534 63.42 – 235.32 153.19 Exercisable, December 31, 2017 3,284,875 63.42 – 235.32 145.86 |
Number and weighted average remaining contractual life of outstanding share options | The following table summarizes information about total stock options of the Company outstanding as of December 31, 2017 : Options Outstanding Exercise Prices Number of Weighted average contractual life Options exercisable (number of options) Maturity $91.98 1,117,757 2.59 1,117,757 August 3, 2020 109.14 1,058,014 1.59 1,058,014 August 4, 2019 63.42 862 0.86 862 November 10, 2018 235.32 1,108,242 0.59 1,108,242 August 5, 2018 $63.42 – $235.32 3,284,875 1.60 3,284,875 |
Terms and conditions of share-based payment arrangements | The plans in 2016, 2015 and 2014 are summarized below: CEO Office Executive Officers and other qualifying employees 2014 Grant l PSUs with a three-year performance period l RSUs with a three-year vesting period (2014 grant vested in December 2017) l Performance criteria: 50% TSR (½ vs. S&P 500 and ½ vs. peer group) and 50% EPS vs. peer group l PSUs with a three-year performance period l Value at grant: 100% of base salary for the CEO and 80% for the CFO l Performance target: mainly ROCE and mining volume plan for the Mining segment l Vesting conditions: l One PSU can give right to 0 shares up to 1.5 shares l Vesting conditions: Threshold Target Stretch Threshold Target Stretch TSR/EPS vs. peer group 80% median 100% median ≥120% median Performance 80% 100% ≥120% TSR vs. S&P 500 Performance equal to 80% of Index Performance equal to Index ≥Performance equal to Index + 2% outperformance Vesting 50% 100% 150% Vesting percentage 50% 100% 150% 2015 Grant Same as in 2014 Same as in 2014 2016 Special Grant l PSUs with a five-year performance period, 50% vesting after three-year performance period and 50% after additional two-year performance period l PSUs with a five-year performance period, 50% vesting after three-year performance period and 50% after additional two-year performance period l Performance criteria: 50% TSR (½ vs. S&P 500 and ½ vs. peer group) and 50% EPS vs. peer group l Performance criteria: ROCE and Gap to competition in some areas l Value at grant: 150% of base salary for the CEO and the CFO l Vesting conditions: l Vesting conditions: Threshold Target Performance 100% ≥120% TSR/EPS vs. peer group 100% median ≥120% median Target award vesting 100% 100% TSR vs. S&P 500 Performance equal to Index ≥Performance equal to Index + 2% outperformance Overperformance award (=20% of target award) - 100% Vesting percentage 50% 100% Conditions of the 2017 grant were as follows: CEO Office Executive Officers and other qualifying employees 2017 Grant l PSUs with a three-year performance period l PSUs with a three-year performance period l Performance criteria: 50% TSR (½ vs. S&P 500 and ½ vs. peer group) and 50% EPS vs. peer group l Performance criteria: TSR and Gap to competition in some areas l Value at grant: 100% of base salary for the CEO and the CFO l Vesting conditions: l Vesting conditions: Threshold Target Threshold Target TSR/EPS vs. peer group 100% median ≥120% median TSR vs. peer group 100% median ≥120% median TSR vs. S&P 500 Performance equal to Index ≥Performance equal to Index + 2% outperformance Gap to competition (where applicable) - 100% target Vesting percentage 50% 100% |
Summary of share unit plans outstanding | The following table summarizes the Company’s share unit plans outstanding December 31, 2017 : At Grant date Number of shares issued as of December 31, 2017 Grant date Type of plan Number of shares Number of beneficiaries Maturity Fair value Shares outstanding Shares exited Shares forfeited December 20, 2017 PSU 1,081,447 527 January 1, 2021 18.42 1,081,447 — — December 20, 2017 CEO Office 90,084 2 January 1, 2021 22.85 90,084 — — June 30, 2016 PSU II 3,472,355 554 January 1, 2021 13.17 3,238,930 — 233,425 June 30, 2016 CEO PSU II 153,268 2 January 1, 2022 16.62 153,268 — — June 30, 2016 PSU I 3,472,355 554 January 1, 2019 13.74 3,238,930 — 233,425 June 30, 2016 CEO PSU I 153,268 2 January 1, 2020 10.68 153,268 — — December 18, 2015 PSU 295,935 322 January 1, 2019 11.49 246,661 — 49,274 December 18, 2015 RSU 368,534 576 December 18, 2018 11.49 306,005 3,138 59,391 June 30, 2015 GMB PSU 154,767 4 June 30, 2018 25.59 154,767 — — December 17, 2014 PSU 326,678 353 January 1, 2018 30.84 239,481 — 87,197 Total 9,568,691 $10.68 – $30.84 8,902,841 3,138 662,712 |
Schedule of share unit plan activity | Share unit plan activity is summarized below as of and for each year ended December 31, 2017 , 2016 and 2015 : RSUs PSUs Number of shares Fair value per share Number of shares Fair value per share Outstanding, December 31, 2014 1,136,761 36.19 1,086,834 42.29 Granted 368,536 11.49 450,702 16.33 Exited (107,544 ) 42.90 (8,239 ) 50.61 Forfeited (77,099 ) 35.91 (158,622 ) 45.59 Outstanding, December 31, 2015 1,320,654 28.78 1,370,675 33.32 Granted 1 — — 7,252,814 13.46 Exited (564,679 ) 38.24 (19,816 ) 37.11 Forfeited (105,721 ) 26.12 (564,179 ) 37.76 Outstanding, December 31, 2016 650,254 21.00 8,039,494 15.08 Granted 1 — — 1,199,338 19.25 Exited (303,550 ) 30.69 (204,855 ) 43.34 Forfeited (40,699 ) 20.32 (437,141 ) 18.33 Outstanding, December 31, 2017 306,005 11.49 8,596,836 14.83 1. Including 27,807 over-performance shares granted for the targets achievement of the PSU grant September 27, 2013 ( 1,567 over-performance shares for the PSU grant March 29, 2013 in 2016). |
PROVISIONS, CONTINGENCIES AND30
PROVISIONS, CONTINGENCIES AND COMMITMENTS (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Disclosure of Other Provisions, Contingent Liabilities and Commitments [Abstract] | |
Disclosure of changes in provisions | Balance at December 31, 2016 Additions 1 Deductions/ Effects of foreign exchange and other movements Balance at December 31, 2017 Environmental (see note 8.2) 745 64 (57 ) 63 2 815 Asset retirement obligations (see note 8.2) 358 60 (9 ) 18 427 Site restoration 43 — (9 ) 6 40 Staff related obligations 168 48 (41 ) 8 183 Voluntary separation plans 79 22 (44 ) 22 79 Litigation and other (see note 8.2) 413 64 (173 ) 24 328 Tax claims 211 11 (109 ) 13 126 Other legal claims 202 53 (64 ) 11 202 Commercial agreements and onerous contracts 26 18 (22 ) 2 24 Other 115 39 (37 ) 9 126 1,947 315 (392 ) 152 2,022 Short-term provisions 426 410 Long-term provisions 1,521 1,612 1,947 2,022 Balance at December 31, 2015 Additions 1 Deductions/ Effects of foreign exchange and other movements Balance at December 31, 2016 Environmental (see note 8.2) 697 108 (65 ) 5 745 Asset retirement obligations (see note 8.2) 297 70 (4 ) (5 ) 358 Site restoration 64 8 (20 ) (9 ) 43 Staff related obligations 167 48 (63 ) 16 168 Voluntary separation plans 97 25 (68 ) 25 79 Litigation and other (see note 8.2) 463 66 (71 ) (45 ) 413 Tax claims 189 20 (22 ) 24 211 Other legal claims 269 46 (44 ) (69 ) 3 202 Other unasserted claims 5 — (5 ) — — Commercial agreements and onerous contracts 273 18 (254 ) 4 (11 ) 26 Other 146 31 (51 ) (11 ) 115 2,204 374 (596 ) (35 ) 1,947 Short-term provisions 770 426 Long-term provisions 1,434 1,521 2,204 1,947 1. Additions exclude provisions reversed or utilized during the same year. 2. Effects of foreign exchange and other movements in 2017 are mainly related to the depreciation of U.S. dollar against local currencies primarily in Europe. 3. On November 16, 2016, upon settlement of the competition commission case in South Africa, the provision of 84 recorded for this case was reclassified to "other long-term obligations" ( 65 ) and "Accrued expenses and other liabilities" ( 19 ). 4. Deductions and payments for commercial agreements and onerous contracts reflect the increase in raw materials and steel prices. |
Disclosure of commitment obligations | December 31, 2017 2016 Purchase commitments 24,734 24,432 Guarantees, pledges and other collateral 5,021 4,424 Non-cancellable operating leases 1,311 1,312 Capital expenditure commitments 878 466 Other commitments 1,206 1,432 Total 33,150 32,066 |
Disclosure of operating lease by lessee | The total future minimum lease payments related to finance leases for the year ended December 31, 2017 were as follows: 2018 144 2019 – 2022 440 2023 and beyond 160 Total minimum lease commitments 744 Less: future finance charges 256 Present value of minimum lease payments 488 The total future minimum lease payments related to finance leases for the year ended December 31, 2016 were as follows: 2017 133 2018 – 2021 467 2022 and beyond 221 Total minimum lease commitments 821 Less: future finance charges 292 Present value of minimum lease payments 529 The Company leases various facilities, land and equipment under non-cancellable lease arrangements. Future minimum lease payments required under operating leases that have initial or remaining non-cancellable terms as of December 31, 2017 and 2016 according to maturity periods are as follows: December 31, 2017 2016 Less than 1 year 315 279 1-3 years 412 422 4-5 years 252 267 More than 5 years 332 344 Total 1,311 1,312 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Taxes [Abstract] | |
Components of income tax expense (benefit) | The components of income tax expense (benefit) are summarized as follows: Year Ended December 31, 2017 2016 2015 Total current tax expense (benefit) 583 255 331 Total deferred tax expense (benefit) (151) 731 571 Total income tax expense (benefit) 432 986 902 |
Effective income tax rate reconciliation | The following table reconciles the expected tax expense (benefit) at the statutory rates applicable in the countries where the Company operates to the total income tax expense (benefit) as calculated: Year Ended December 31, 2017 2016 2015 Net income (loss) (including non-controlling interests) 4,575 1,734 (8,423 ) Income tax expense (benefit) 432 986 902 Income (loss) before tax 5,007 2,720 (7,521 ) Tax expense (benefit) at the statutory rates applicable to profits (losses) in the countries 1 1,407 677 (2,146 ) Permanent items (522 ) (5,940 ) (2,124 ) Rate changes (94 ) 593 — Net change in measurement of deferred tax assets (281 ) 5,344 4,940 Tax effects of foreign currency translation (157 ) 73 153 Tax credits (66 ) (21 ) (13 ) Other taxes 90 126 18 Others 55 134 74 Income tax expense (benefit) 432 986 902 1. Tax expense (benefit) at the statutory rates is based on income (loss) before tax excluding income (loss) from investments in associates and joint ventures. |
Schedule of permanent items | Year Ended December 31, 2017 2016 2015 Tax deductible write-downs on shares and receivables (652 ) (5,971 ) (2,622 ) Non tax deductible goodwill impairment — — 250 Non tax deductible hyperinflationary adjustment 26 22 114 Taxable income (tax loss) of AMTFS (34 ) 20 196 Taxable dividends 65 19 — Other permanent items 73 (30 ) (62 ) Total permanent items (522 ) (5,940 ) (2,124 ) |
Schedule of other tax item | Year Ended December 31, 2017 2016 2015 Tax contingencies/settlements 7 149 (8 ) Prior period taxes (7 ) (18 ) 96 Others 55 3 (14 ) Total 55 134 74 |
Disclosure of income tax recorded directly in equity | Year Ended December 31, 2017 2016 2015 Recognized in other comprehensive income on: Deferred tax expense (benefit) Unrealized gain (loss) on derivative financial instruments (77 ) (1 ) 4 Recognized actuarial gain (loss) (42 ) (1 ) 47 Foreign currency translation adjustments (90 ) 27 (83 ) (209 ) 25 (32 ) Recognized directly in equity on: Deferred tax expense (benefit) Others 9 — — Total (200 ) 25 (32 ) |
Disclosure of temporary difference, unused tax losses and unused tax credits | The origin of the deferred tax assets and liabilities is as follows: Assets Liabilities Net 2017 2016 2017 2016 2017 2016 Intangible assets 63 34 (869 ) (900 ) (806 ) (866 ) Property, plant and equipment 235 457 (5,334 ) (5,782 ) (5,099 ) (5,325 ) Inventories 291 367 (179 ) (315 ) 112 52 Financial instruments 129 21 (559 ) (206 ) (430 ) (185 ) Other assets 203 307 (336 ) (310 ) (133 ) (3 ) Provisions 1,577 1,928 (424 ) (330 ) 1,153 1,598 Other liabilities 359 468 (225 ) (555 ) 134 (87 ) Tax losses carried forward 9,275 7,906 — — 9,275 7,906 Tax credits and other tax benefits carried forward 233 270 — — 233 270 Untaxed reserves — — (68 ) (52 ) (68 ) (52 ) Deferred tax assets / (liabilities) 12,365 11,758 (7,994 ) (8,450 ) 4,371 3,308 Deferred tax assets 7,055 5,837 Deferred tax liabilities (2,684 ) (2,529 ) The deferred tax assets recognized by the Company as of December 31, 2017 are analyzed as follows: Gross amount Total deferred tax assets Recognized deferred tax assets Unrecognized deferred tax assets Tax losses carried forward 110,855 28,313 9,275 19,038 Tax credits and other tax benefits carried forward 1,803 1,034 233 801 Other temporary differences 17,417 3,978 2,857 1,121 Total 33,325 12,365 20,960 The deferred tax assets recognized by the Company as of December 31, 2016 are analyzed as follows: Gross amount Total deferred tax assets Recognized deferred tax assets Unrecognized deferred tax assets Tax losses carried forward 96,648 25,735 7,906 17,829 Tax credits and other tax benefits carried forward 1,807 1,107 270 837 Other temporary differences 17,946 5,440 3,582 1,858 Total 32,282 11,758 20,524 This amount includes net operating losses of 7.3 billion primarily related to subsidiaries in Basque Country in Spain, Liberia, the Netherlands, Romania and the United States, which expire as follows: Year expiring Recognized Unrecognized Total 2018 26 4 30 2019 10 60 70 2020 73 149 222 2021 44 909 953 2022 231 608 839 2022 - 2036 849 4,329 5,178 Total 1,233 6,059 7,292 Such amount includes tax credits and other tax benefits of 727 primarily attributable to subsidiaries in Belgium, Basque Country in Spain and the United States of which 80 recognized and 647 unrecognized, which expire as follows: Year expiring Recognized Unrecognized Total 2018 — 36 36 2019 — 1 1 2020 — 2 2 2021 — 1 1 2022 — — — 2022 - 2036 80 607 687 Total 80 647 727 The remaining tax credits and other tax benefits for an amount of |
EQUITY (Tables)
EQUITY (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Share Capital, Reserves And Other Equity Interest [Abstract] | |
Classes of share capital | The Company’s shares consist of the following: December 31, 2015 Movement in year 1 December 31, 2016 Movement in year 1 December 31, 2017 Issued shares 555,130,741 466,772,882 1,021,903,623 — 1,021,903,623 Treasury shares (2,860,363 ) 452,883 (2,407,480 ) 420,644 (1,986,836 ) Total outstanding shares 552,270,378 467,225,765 1,019,496,143 420,644 1,019,916,787 1. refer to note 10.2 on the mandatorily convertible notes ( 137,967,116 or 45,989,039 after reverse stock split). |
Earnings per share | Year Ended December 31, 2017 2016 2015 Net income (loss) attributable to equity holders of the parent 4,568 1,779 (7,946 ) Weighted average common shares outstanding (in millions) for the purposes of basic earnings per share 1,020 953 598 Incremental shares from the rights issue on April 8, 2016 retrospectively adjusted for all prior periods — — 174 Weighted average common shares outstanding (in millions) for the purposes of basic earnings per share (restated) 1,020 953 772 Incremental shares from assumed conversion of restricted share units and performance share units (in millions) 4 2 — Weighted average common shares outstanding (in millions) for the purposes of diluted earnings per share 1,024 955 772 |
Dividends | Description Approved by Dividend per Payout date Total (in Dividend for financial year 2014 Annual General Shareholders’ meeting on May 5, 2015 1 0.45 June 15, 2015 331 Dividend for financial year 2015 Annual General Shareholders’ meeting on May 4, 2016 — — — Dividend for financial year 2016 Annual General Shareholders’ meeting on May 10, 2017 — — — 1. On May 22, 2017, ArcelorMittal completed the consolidation of each three existing shares in ArcelorMittal without nominal value into one share without nominal value. As a result of this reverse stock split, the dividend per share has been adjusted accordingly. Following the Company’s equity offering in April 2016, the dividends declared per share for prior periods has been recast for the year ended December 31, 2014, to include the bonus element derived from the 35% discount to the theoretical ex-right price included in the subscription price. The actual dividends paid were $0.60 per issued share as of December 31, 2014. |
Schedule of subsidiaries | The table below provides a list of the Company’s principal operating subsidiaries at December 31, 2017 . Unless otherwise stated, the subsidiaries listed below have share capital consisting solely of ordinary shares or voting interests in the case of partnerships, which are held directly or indirectly by the Company and the proportion of ownership interests held equals to the voting rights held by the Company. The country of incorporation corresponds to their principal place of operations. Name of Subsidiary Country % of Ownership NAFTA ArcelorMittal Dofasco G.P. Canada 100.00% ArcelorMittal México S.A. de C.V. Mexico 100.00% ArcelorMittal USA LLC United States 100.00% ArcelorMittal Long Products Canada G.P. Canada 100.00% Brazil and neighboring countries ("Brazil") ArcelorMittal Brasil S.A. Brazil 100.00% Acindar Industria Argentina de Aceros S.A. Argentina 100.00% Europe ArcelorMittal Atlantique et Lorraine S.A.S. France 100.00% ArcelorMittal Belgium N.V. Belgium 100.00% ArcelorMittal España S.A. Spain 99.85% ArcelorMittal Flat Carbon Europe S.A. Luxembourg 100.00% ArcelorMittal Galati S.A. Romania 99.70% ArcelorMittal Poland S.A. Poland 100.00% ArcelorMittal Eisenhüttenstadt GmbH Germany 100.00% ArcelorMittal Bremen GmbH Germany 100.00% ArcelorMittal Méditerranée S.A.S. France 100.00% ArcelorMittal Belval & Differdange S.A. Luxembourg 100.00% ArcelorMittal Hamburg GmbH Germany 100.00% ArcelorMittal Ostrava a.s. Czech Republic 100.00% ArcelorMittal Duisburg GmbH Germany 100.00% ArcelorMittal International Luxembourg S.A. Luxembourg 100.00% 1 Africa and Commonwealth of Independent States ("ACIS") ArcelorMittal South Africa Ltd. ("AMSA") South Africa 69.22% 2 JSC ArcelorMittal Temirtau Kazakhstan 100.00% PJSC ArcelorMittal Kryvyi Rih ("AM Kryvyi Rih") Ukraine 95.13% Mining ArcelorMittal Mining Canada G.P. and ArcelorMittal Infrastructure G.P.("AMMIC") Canada 85.00% ArcelorMittal Liberia Ltd Liberia 85.00% JSC ArcelorMittal Temirtau Kazakhstan 100.00% PJSC ArcelorMittal Kryvyi Rih Ukraine 95.13% 1. ArcelorMittal International Luxembourg S.A. is managed by Europe reportable segment as of January 1, 2017. 2. In 2016, AMSA issued shares in a B-BBEE (“broad-based black economic empowerment”) transaction resulting in a decrease in ArcelorMittal's voting rights to 53.92% (see note 10.5). The tables below provide a list of the principal subsidiaries which include non-controlling interests at December 31, 2017 and 2016 and for the years ended December 31, 2017 , 2016 and 2015 . Name of Subsidiary Country of incorporation and operation % of non-controlling interests and non- controlling voting rights at December 31, 2017 % of non-controlling interests and non- controlling voting rights at December 31, 2016 Net income (loss) attributable to non- controlling interests for the year ended December 31, 2017 Non-controlling interests at December 31, 2017 Net income (loss) attributable to non- controlling interests for the year ended December 31, 2016 Non-controlling interests at December 31, 2016 Net income (loss) attributable to non- controlling interests for the year ended December 31, 2015 AMSA South Africa 30.78% 30.78% (124 ) 195 (103 ) 307 (301 ) Sonasid 1 Morocco 67.57% 67.57% 3 107 (5 ) 95 (6 ) ArcelorMittal Kryvyi Rih Ukraine 4.87% 4.87% 10 164 5 163 3 Belgo Bekaert Arames ("BBA") Brazil 45.00% 45.00% 25 146 23 154 25 Hera Ermac 2 Luxembourg — — — 797 — 880 — AMMIC 3 Canada 15.00% 15.00% 91 479 28 488 32 Arceo 4 Belgium 62.86% 62.86% 4 168 5 148 4 ArcelorMittal Liberia Ltd Liberia 15.00% 15.00% (11 ) (266 ) (5 ) (256 ) (239 ) Other 9 276 7 211 5 Total 7 2,066 (45 ) 2,190 (477 ) 1. Sonasid - ArcelorMittal holds a controlling stake of 50% in Nouvelles Sidérurgies Industrielles. ArcelorMittal controls Nouvelles Sidérurgies Industrielles on the basis of a shareholders’ agreement which includes deadlock arrangements in favor of the Company. Nouvelles Sidérurgies Industrielles holds a 64.86% stake in Sonasid. The total non-controlling interests in Sonasid of 67.57% are the result of ArcelorMittal’s indirect ownership percentage in Sonasid of 32.43% through its controlling stake in Nouvelles Sidérurgies Industrielles. 2. Hera Ermac - The non-controlling interests correspond to the equity component of the mandatory convertible bonds maturing on January 29, 2021 (see note 10.2) . 3. AMMIC - On March 15, 2013 and May 30, 2013, a consortium led by POSCO and China Steel Corporation acquired a 15% non-controlling interest in joint venture partnerships holding ArcelorMittal’s Labrador Trough iron ore mining and infrastructure assets. 4. Arceo - On June 1, 2015, the Company signed an agreement with Sogepa, an investment fund of the Walloon Region in Belgium, to restructure the research and development activities of their combined investment in Arceo, an investment previously accounted for under the equity method by the Company. On June 11, 2015, Sogepa made a capital injection into Arceo, decreasing the Company’s percentage ownership from 50.1% to 37.7% . Following the signed agreement to restructure the activities of Arceo, the Company obtained control and fully consolidated the investment, which resulted in an increase in non-controlling interests by 148 . Additionally, on December 13, 2016, Sogepa made a capital injection into Arceo, decreasing the Company's percentage ownership from 37.7% to 37.1% . |
Financial information of subsidiaries with material non-controlling interests | The tables below provide summarized statements for the above-mentioned subsidiaries of financial position as of December 31, 2017 and 2016 and the summarized statements of operations and summarized statements of cash flows for the year ended December 31, 2017 , 2016 and 2015 . Summarized statements of financial position December 31, 2017 AMSA Sonasid AM Kryvyi Rih BBA Hera Ermac AMMIC Arceo AM Liberia Current assets 1,457 181 1,228 220 210 1,050 56 107 Non-current assets 1,047 108 2,801 190 3,350 3,135 213 93 Total assets 2,504 289 4,029 410 3,560 4,185 269 200 Current liabilities 1,399 100 598 93 67 316 2 1,783 Non-current liabilities 470 34 266 21 616 555 1 35 Net assets 635 155 3,165 296 2,877 3,314 266 (1,618 ) Summarized statements of operations December 31, 2017 AMSA Sonasid AM Kryvyi Rih BBA Hera Ermac AMMIC Arceo AM Liberia Revenue 2,926 371 2,486 698 — 1,943 — 56 Net income (loss) (403 ) 6 209 52 1,130 617 6 (71 ) Total comprehensive income (loss) (421 ) 4 210 52 1,130 613 6 (71 ) Summarized statements of cash flows December 31, 2017 AMSA Sonasid AM Kryvyi Rih BBA Hera Ermac AMMIC Arceo AM Liberia Net cash provided by / (used in) operating activities (119 ) (7 ) 194 63 (12 ) 947 10 (69 ) Net cash provided by / (used in) investing activities (193 ) (3 ) (234 ) (9 ) 12 (301 ) 3 (63 ) Net cash provided by / (used in) financing activities 330 (4 ) — (61 ) — (656 ) (8 ) 132 Impact of currency movements on cash 13 1 (2 ) — — — 1 — Cash and cash equivalents: At the beginning of the year 110 51 102 12 — 168 7 — At the end of the year 141 38 60 5 — 158 13 — Dividend to non-controlling interests — (2 ) — (26 ) — (98 ) (5 ) — Summarized statements of financial position December 31, 2016 AMSA Sonasid AM Kryvyi Rih BBA Hera Ermac AMMIC Arceo AM Liberia Current assets 1,108 155 973 212 221 2,255 21 93 Non-current assets 1,145 107 2,857 206 1,798 3,751 219 49 Total assets 2,253 262 3,830 418 2,019 6,006 240 142 Current liabilities 1,013 94 491 82 65 314 4 1,081 Non-current liabilities 245 28 275 25 127 3,835 1 608 Net assets 995 140 3,064 311 1,827 1,857 235 (1,547 ) Summarized statements of operations December 31, 2016 AMSA Sonasid AM Kryvyi Rih BBA Hera Ermac AMMIC Arceo AM Liberia Revenue 2,228 300 2,068 627 — 1,472 — 56 Net income (loss) (335 ) (7 ) 98 53 402 (66 ) 7 (29 ) Total comprehensive income (loss) (349 ) (8 ) 106 49 402 (74 ) 7 (29 ) Summarized statements of cash flows December 31, 2016 AMSA Sonasid AM Kryvyi Rih BBA Hera Ermac AMMIC Arceo AM Liberia Net cash provided by / (used in) operating activities 11 28 159 63 28 279 4 (45 ) Net cash provided by / (used in) investing activities (149 ) (6 ) (156 ) (15 ) (28 ) (283 ) (78 ) (73 ) Net cash provided by / (used in) financing activities 80 (32 ) — (50 ) — (24 ) 80 117 Impact of currency movements on cash 29 — (5 ) 2 — — — — At the beginning of the year 139 61 104 12 — 196 1 1 At the end of the year 110 51 102 12 — 168 7 — Dividend to non-controlling interests — (6 ) — (25 ) — (30 ) — — Summarized statements of operations December 31, 2015 AMSA Sonasid AM Kryvyi Rih BBA Hera Ermac AMMIC Arceo AM Liberia Revenue 2,478 345 2,118 701 — 1,432 — 86 Net income (loss) (581 ) (10 ) 58 58 (242 ) 475 7 (1,516 ) Total comprehensive income (loss) (516 ) (14 ) 70 61 (242 ) 496 7 (1,516 ) Summarized statements of cash flows December 31, 2015 AMSA Sonasid AM Kryvyi Rih BBA Hera Ermac AMMIC Arceo AM Liberia Net cash provided by / (used in) operating activities (85 ) 17 174 60 25 146 17 (103 ) Net cash provided by / (used in) investing activities (99 ) (6 ) (154 ) (10 ) (23 ) (171 ) (142 ) (102 ) Net cash provided by / (used in) financing activities 307 15 — (52 ) (2 ) (97 ) 127 205 Impact of currency movements on cash (23 ) (2 ) (43 ) (4 ) — — (1 ) — Cash and cash equivalents: At the beginning of the year 39 37 127 18 — 318 — 1 At the end of the year 139 61 104 12 — 196 1 1 Dividend to non-controlling interests — (6 ) — (17 ) — (57 ) — — |
RELATED PARTIES (Tables)
RELATED PARTIES (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Related Party [Abstract] | |
Disclosure of transactions between related parties | Year Ended December 31, December 31, Sales Trade receivables Related parties and their subsidiaries where applicable Category 2017 2016 2015 2017 2016 Calvert Joint Venture 2,030 1,400 1,271 13 35 Gonvarri Steel Industries 1 Associate 1,666 1,210 1,233 92 58 Macsteel Joint Venture 521 399 516 38 17 ArcelorMittal CLN Distribuzione Italia S.r.l. Joint Venture 472 414 310 18 — Borçelik Joint Venture 426 240 305 11 4 Bamesa Associate 397 371 367 35 23 I/N Kote L.P. Joint Venture 321 346 377 7 12 Aperam Société Anonyme ("Aperam") Other 262 189 165 32 40 AM RZK Joint Venture 235 163 148 15 8 C.L.N. Coils Lamiere Nastri S.p.A. Associate 233 203 310 5 5 Tuper S.A. 2 Joint Venture 154 13 — 45 25 WDI 3 Associate 127 151 181 4 2 Stalprodukt S.A. 4 Available-for-sale — 31 146 — — Gestamp 5 Other — 26 310 — — Other 659 478 485 91 93 Total 7,503 5,634 6,124 406 322 1. Gonvarri Steel Industries includes ArcelorMittal Gonvarri Brasil Productos Siderúrgicos which is a joint venture. 2. The joint venture Tuper S.A. was acquired on October 6, 2016. 3. WDI includes Westfälische Drahtindustrie Verwaltungsgesellschaft mbH & Co. KG and Westfälische Drahtindustrie GmbH. 4. ArcelorMittal partially disposed of its former associate Stalprodukt S.A. and was then reclassified as available-for-sale on April 28, 2016 (see note 2). 5. ArcelorMittal disposed of the former associate Gestamp on February 1, 2016 (see note 2). Year Ended December 31, December 31, Purchases Trade payables Related parties and their subsidiaries where applicable Category 2017 2016 2015 2017 2016 Tameh Joint Venture 286 236 245 45 53 Baffinland 1 Associate 142 75 19 22 2 Aperam Other 94 65 131 11 10 Calvert Joint Venture 65 15 13 11 3 CFL Cargo S.A. Associate 60 58 58 13 4 Exeltium S.A.S. Associate 53 71 80 — — Baycoat Limited Partnership Joint Venture 42 41 42 5 5 EIMP 2 Other 36 310 228 — — Gonvarri Steel Industries 3 Associate 19 146 176 51 23 Other 236 373 468 102 79 Total 1,033 1,390 1,460 260 179 1. Baffinland was classified as an associate as of October 31, 2017 (see note 2). 2. In addition to trade payables and purchases with related parties as defined by IAS 24, the Company also discloses this information for EIMP due to the close relationship with this entity. The Company's 21% stake in the EIMP was disposed of on August 7, 2017. 3. Gonvarri Steel Industries includes ArcelorMittal Gonvarri Brasil Productos Siderúrgicos which is a joint venture. |
ACCOUNTING PRINCIPLES (Details)
ACCOUNTING PRINCIPLES (Details) - USD ($) | Dec. 31, 2017 | Dec. 14, 2017 | Dec. 31, 2016 | Nov. 20, 2015 | Sep. 27, 2011 | Dec. 28, 2009 |
Disclosure of detailed information about financial instruments [line items] | ||||||
Non-cancellable operating lease commitments | $ 1,311,000,000 | $ 1,312,000,000 | ||||
Mandatorily convertible unsecured unsubordinated bonds | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Notional amount | $ 1,000,000,000 | $ 1,000,000,000 | $ 1,000,000,000 | $ 750,000,000 |
SCOPE OF CONSOLIDATION - List o
SCOPE OF CONSOLIDATION - List of Subsidiaries (Details) | Dec. 07, 2016 | Oct. 17, 2016 | Jan. 15, 2016 | Jan. 14, 2016 | Dec. 31, 2017 | Dec. 31, 2016 |
ArcelorMittal Dofasco G.P. | NAFTA | ||||||
Disclosure of subsidiaries [line items] | ||||||
Proportion of ownership interest in subsidiary | 100.00% | |||||
ArcelorMittal México S.A. de C.V. | NAFTA | ||||||
Disclosure of subsidiaries [line items] | ||||||
Proportion of ownership interest in subsidiary | 100.00% | |||||
ArcelorMittal USA LLC | NAFTA | ||||||
Disclosure of subsidiaries [line items] | ||||||
Proportion of ownership interest in subsidiary | 100.00% | |||||
ArcelorMittal Long Products Canada G.P. | NAFTA | ||||||
Disclosure of subsidiaries [line items] | ||||||
Proportion of ownership interest in subsidiary | 100.00% | |||||
ArcelorMittal Brasil S.A. | Brazil | ||||||
Disclosure of subsidiaries [line items] | ||||||
Proportion of ownership interest in subsidiary | 100.00% | |||||
Acindar Industria Argentina de Aceros S.A. | Brazil | ||||||
Disclosure of subsidiaries [line items] | ||||||
Proportion of ownership interest in subsidiary | 100.00% | |||||
ArcelorMittal Atlantique et Lorraine S.A.S. | Europe | ||||||
Disclosure of subsidiaries [line items] | ||||||
Proportion of ownership interest in subsidiary | 100.00% | |||||
ArcelorMittal Belgium N.V. | Europe | ||||||
Disclosure of subsidiaries [line items] | ||||||
Proportion of ownership interest in subsidiary | 100.00% | |||||
ArcelorMittal España S.A. | Europe | ||||||
Disclosure of subsidiaries [line items] | ||||||
Proportion of ownership interest in subsidiary | 99.85% | |||||
ArcelorMittal Flat Carbon Europe S.A. | Europe | ||||||
Disclosure of subsidiaries [line items] | ||||||
Proportion of ownership interest in subsidiary | 100.00% | |||||
ArcelorMittal Galati S.A. | Europe | ||||||
Disclosure of subsidiaries [line items] | ||||||
Proportion of ownership interest in subsidiary | 99.70% | |||||
ArcelorMittal Poland S.A. | Europe | ||||||
Disclosure of subsidiaries [line items] | ||||||
Proportion of ownership interest in subsidiary | 100.00% | |||||
ArcelorMittal Eisenhüttenstadt GmbH | Europe | ||||||
Disclosure of subsidiaries [line items] | ||||||
Proportion of ownership interest in subsidiary | 100.00% | |||||
ArcelorMittal Bremen GmbH | Europe | ||||||
Disclosure of subsidiaries [line items] | ||||||
Proportion of ownership interest in subsidiary | 100.00% | |||||
ArcelorMittal Mediterranée S.A.S. | Europe | ||||||
Disclosure of subsidiaries [line items] | ||||||
Proportion of ownership interest in subsidiary | 100.00% | |||||
ArcelorMittal Belval & Differdange S.A. | Europe | ||||||
Disclosure of subsidiaries [line items] | ||||||
Proportion of ownership interest in subsidiary | 100.00% | |||||
ArcelorMittal Hamburg GmbH | Europe | ||||||
Disclosure of subsidiaries [line items] | ||||||
Proportion of ownership interest in subsidiary | 100.00% | |||||
ArcelorMittal Ostrava a.s. | Europe | ||||||
Disclosure of subsidiaries [line items] | ||||||
Proportion of ownership interest in subsidiary | 100.00% | |||||
ArcelorMittal Duisburg GmbH | Europe | ||||||
Disclosure of subsidiaries [line items] | ||||||
Proportion of ownership interest in subsidiary | 100.00% | |||||
ArcelorMittal International Luxembourg S.A. | Europe | ||||||
Disclosure of subsidiaries [line items] | ||||||
Proportion of ownership interest in subsidiary | 100.00% | |||||
ArcelorMittal South Africa Ltd. (AMSA) | ||||||
Disclosure of subsidiaries [line items] | ||||||
Proportion of ownership interest in subsidiary | 69.22% | 70.55% | 52.00% | |||
Proportion of voting rights held in subsidiary | 53.92% | |||||
ArcelorMittal South Africa Ltd. (AMSA) | ACIS | ||||||
Disclosure of subsidiaries [line items] | ||||||
Proportion of ownership interest in subsidiary | 69.22% | |||||
Proportion of voting rights held in subsidiary | 53.92% | |||||
JSC ArcelorMittal Temirtau | ACIS | ||||||
Disclosure of subsidiaries [line items] | ||||||
Proportion of ownership interest in subsidiary | 100.00% | |||||
JSC ArcelorMittal Temirtau | Mining | ||||||
Disclosure of subsidiaries [line items] | ||||||
Proportion of ownership interest in subsidiary | 100.00% | |||||
PJSC ArcelorMittal Kryvyi Rih (AM Kryvyi Rih) | ACIS | ||||||
Disclosure of subsidiaries [line items] | ||||||
Proportion of ownership interest in subsidiary | 95.13% | |||||
PJSC ArcelorMittal Kryvyi Rih (AM Kryvyi Rih) | Mining | ||||||
Disclosure of subsidiaries [line items] | ||||||
Proportion of ownership interest in subsidiary | 95.13% | |||||
ArcelorMittal Mining Canada G.P. and ArcelorMittal Infrastructure G.P. | Mining | ||||||
Disclosure of subsidiaries [line items] | ||||||
Proportion of ownership interest in subsidiary | 85.00% | |||||
ArcelorMittal Liberia Ltd | Mining | ||||||
Disclosure of subsidiaries [line items] | ||||||
Proportion of ownership interest in subsidiary | 85.00% |
SCOPE OF CONSOLIDATION - Transl
SCOPE OF CONSOLIDATION - Translation of Financial Statements Denominated in Foreign Currency (Details) $ in Millions | 12 Months Ended | |||||||
Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($)VEF / $ | Dec. 31, 2015USD ($) | Feb. 05, 2018VEF / $ | Feb. 05, 2018VEF / € | Aug. 31, 2017VEF / $ | Mar. 10, 2016VEF / $ | Jan. 01, 2016USD ($) | |
Entity Information [Line Items] | ||||||||
Closing foreign exchange rate (bolivars per USD) | VEF / $ | 674 | 3,345 | 206 | |||||
Subsequent Event | ||||||||
Entity Information [Line Items] | ||||||||
Closing foreign exchange rate (bolivars per USD) | 25,000 | 30,987 | ||||||
Industrias Unicon CA | ||||||||
Entity Information [Line Items] | ||||||||
Level of price index | 20.555 | 5.339 | 1.467 | |||||
Losses on net monetary position | $ 31 | $ 8 | $ 161 | |||||
Net investment | $ 65 | $ 628 | $ 43 |
SCOPE OF CONSOLIDATION - Acquis
SCOPE OF CONSOLIDATION - Acquisitions (Details) € in Millions, $ in Millions | Dec. 21, 2017USD ($) | Jun. 28, 2017USD ($) | Jun. 21, 2017USD ($) | Jun. 21, 2017EUR (€) | May 18, 2017USD ($) | Jan. 18, 2017USD ($) | Dec. 21, 2016USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 21, 2017EUR (€) | Jun. 28, 2017EUR (€) | Jun. 21, 2017EUR (€) | May 18, 2017EUR (€) | Jan. 18, 2017EUR (€) | Dec. 21, 2016EUR (€) |
Disclosure of detailed information about business combination [line items] | ||||||||||||||||
Cash acquired from acquisition | $ 617 | $ 63 | $ 0 | |||||||||||||
Capital commitments | 878 | 466 | ||||||||||||||
Cash flows used in obtaining control of subsidiaries or other businesses | $ (16) | $ (7) | $ 0 | |||||||||||||
AM Investco Italy S.r.l. | ||||||||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||||||||
Proportion of ownership interest in subsidiary | 85.00% | |||||||||||||||
Proportion of ownership interests held by non-controlling interests | 15.00% | |||||||||||||||
Electro-Re S.A. | ||||||||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||||||||
Consideration transferred, acquisition-date fair value | $ 290 | € 246 | ||||||||||||||
Cash acquired in excess of payments to acquire business | 35 | |||||||||||||||
Cash acquired from acquisition | $ 325 | |||||||||||||||
Ilva S.p.A. | ||||||||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||||||||
Consideration transferred, acquisition-date fair value | $ 2,160 | € 1,800 | ||||||||||||||
Consideration transferred, annual installments payable | $ 216 | 180 | ||||||||||||||
Annual installments payable, term (in years) | 2 years | |||||||||||||||
Capital commitments | $ 1,600 | 1,300 | ||||||||||||||
Capital commitments, period | 7 years | |||||||||||||||
Environmental capital expenditure commitments | $ 1,000 | 800 | ||||||||||||||
Environmental remediation commitments | $ 345 | € 288 | ||||||||||||||
ArcelorMittal Bekaert Sumaré Ltda. | ||||||||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||||||||
Consideration transferred, acquisition-date fair value | $ 63 | € 56 | ||||||||||||||
Cash acquired from acquisition | $ 14 | |||||||||||||||
Percentage of voting equity interests acquired | 55.50% | 55.50% | ||||||||||||||
Cash transferred | $ 49 | |||||||||||||||
Cash flows used in obtaining control of subsidiaries or other businesses | 58 | € 52 | ||||||||||||||
Consideration payable | $ 5 | € 4 | ||||||||||||||
Crédit Agricole Reinsurance S.A. | ||||||||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||||||||
Consideration transferred, acquisition-date fair value | $ 208 | € 186 | ||||||||||||||
Cash acquired in excess of payments to acquire business | 20 | |||||||||||||||
Cash acquired from acquisition | $ 228 | |||||||||||||||
Artzare S.A. | ||||||||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||||||||
Consideration transferred, acquisition-date fair value | $ 45 | € 43 | ||||||||||||||
Cash acquired in excess of payments to acquire business | 5 | |||||||||||||||
Cash acquired from acquisition | $ 50 | |||||||||||||||
SCEM Reinsurance S.A. | ||||||||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||||||||
Consideration transferred, acquisition-date fair value | $ 56 | € 54 | ||||||||||||||
Cash acquired in excess of payments to acquire business | 7 | |||||||||||||||
Cash acquired from acquisition | $ 63 |
SCOPE OF CONSOLIDATION - Schedu
SCOPE OF CONSOLIDATION - Schedule of Assets Acquired and Liabilities Assumed (Details) - Jun. 21, 2017 - ArcelorMittal Bekaert Sumaré Ltda. € in Millions, $ in Millions | USD ($) | EUR (€) |
Disclosure of detailed information about business combination [line items] | ||
Other current assets | $ 50 | |
Property, plant and equipment | 69 | |
Intangible assets | 21 | |
Other non-current assets | 7 | |
Total assets acquired | 147 | |
Deferred tax liabilities | (23) | |
Other liabilities | (29) | |
Total liabilities acquired | (52) | |
Net assets acquired | 95 | |
Non-controlling interests | (48) | |
Consideration paid, net | 44 | |
Consideration payable | 5 | € 4 |
Goodwill | $ 2 |
SCOPE OF CONSOLIDATION - Divest
SCOPE OF CONSOLIDATION - Divestments - Additional Information (Details) € in Millions | Dec. 15, 2017USD ($) | Sep. 30, 2016USD ($) | Sep. 30, 2016EUR (€) | Aug. 07, 2016 | Apr. 04, 2016USD ($) | Dec. 15, 2015USD ($) | Mar. 30, 2015 | Feb. 26, 2015 | Jan. 10, 2015 | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Mar. 13, 2017USD ($) |
Disclosure of joint ventures [line items] | |||||||||||||
Gain (loss) on disposal | $ (117,000,000) | $ 377,000,000 | $ 46,000,000 | ||||||||||
Joint ventures | $ 1,507,000,000 | ||||||||||||
Total net assets/(liabilities) disposed of | 97,000,000 | ||||||||||||
ArcelorMittal Algérie | |||||||||||||
Disclosure of joint ventures [line items] | |||||||||||||
Proportion of ownership interest in associate sold | 49.00% | ||||||||||||
ArcelorMittal Tebessa | |||||||||||||
Disclosure of joint ventures [line items] | |||||||||||||
Proportion of ownership interest in associate | 49.00% | ||||||||||||
Downstream Solutions Europe | |||||||||||||
Disclosure of joint ventures [line items] | |||||||||||||
Impairment loss on assets held for sale | 18,000,000 | ||||||||||||
LaPlace and Vinton Long Carbon facilities | |||||||||||||
Disclosure of joint ventures [line items] | |||||||||||||
Consideration | $ 96,000,000 | ||||||||||||
Gain (loss) on disposal | $ 0 | ||||||||||||
Impairment loss on assets held for sale | 231,000,000 | ||||||||||||
Impairment of goodwill | $ 13,000,000 | ||||||||||||
AMTBA | |||||||||||||
Disclosure of joint ventures [line items] | |||||||||||||
Joint ventures | $ 65,000,000 | ||||||||||||
AMCDI | |||||||||||||
Disclosure of joint ventures [line items] | |||||||||||||
Proportion of ownership interest in joint venture | 49.00% | ||||||||||||
ArcelorMittal RZK | |||||||||||||
Disclosure of joint ventures [line items] | |||||||||||||
Proportion of ownership interest in joint venture | 50.00% | ||||||||||||
ArcelorMittal Georgetown Inc. | |||||||||||||
Disclosure of joint ventures [line items] | |||||||||||||
Proportion of ownership interest in subsidiary sold | 100.00% | ||||||||||||
Consideration | $ 19,000,000 | ||||||||||||
Gain (loss) on disposal | $ 18,000,000 | ||||||||||||
ArcelorMittal Zaragoza | |||||||||||||
Disclosure of joint ventures [line items] | |||||||||||||
Consideration | $ 89,000,000 | € 80 | |||||||||||
Impairment loss on assets held for sale | 49,000,000 | ||||||||||||
Impairment of goodwill | $ 2,000,000 | ||||||||||||
ArcelorMittal Pipes and Tubes Algeria | |||||||||||||
Disclosure of joint ventures [line items] | |||||||||||||
Proportion of ownership interest in subsidiary sold | 70.00% | ||||||||||||
ArcelorMittal Tebessa | |||||||||||||
Disclosure of joint ventures [line items] | |||||||||||||
Proportion of ownership interest in subsidiary sold | 21.00% |
SCOPE OF CONSOLIDATION - Dive40
SCOPE OF CONSOLIDATION - Divestments (Details) - USD ($) $ in Millions | Apr. 04, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Disclosure Of Non-current Assets Held For Sale And Discontinued Operations [Line Items] | |||||
Cash and cash equivalents | $ 2,574 | $ 2,501 | $ 4,002 | $ 3,893 | |
Other current assets | 41 | 51 | |||
Property, plant and equipment | 36,971 | 34,831 | |||
Other assets | 2,234 | 1,353 | |||
Total assets | 85,297 | 75,142 | |||
Current liabilities | 21,410 | 18,115 | |||
Other long-term liabilities | 963 | 566 | |||
Total liabilities | 44,442 | 42,817 | |||
Total net assets/(liabilities) disposed of | 97 | ||||
Gain on disposal | 18 | 23 | $ 72 | ||
LaPlace and Vinton Long Carbon facilities | |||||
Disclosure Of Non-current Assets Held For Sale And Discontinued Operations [Line Items] | |||||
Consideration | $ 96 | ||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | AMTBA | |||||
Disclosure Of Non-current Assets Held For Sale And Discontinued Operations [Line Items] | |||||
Cash and cash equivalents | 13 | ||||
Other current assets | 46 | ||||
Property, plant and equipment | 55 | ||||
Other assets | 10 | ||||
Total assets | 124 | ||||
Current liabilities | 52 | ||||
Other long-term liabilities | 7 | ||||
Total liabilities | 59 | ||||
Total net assets/(liabilities) | $ 65 | ||||
% of net assets sold | 100.00% | ||||
Total net assets/(liabilities) disposed of | $ 65 | ||||
Consideration | 65 | ||||
Reclassification of foreign exchange translation difference | 0 | ||||
Gain on disposal | 0 | ||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | Downstream Solutions Europe | |||||
Disclosure Of Non-current Assets Held For Sale And Discontinued Operations [Line Items] | |||||
Cash and cash equivalents | 0 | ||||
Other current assets | 38 | ||||
Property, plant and equipment | 2 | ||||
Other assets | 17 | ||||
Total assets | 57 | ||||
Current liabilities | 18 | ||||
Other long-term liabilities | 12 | ||||
Total liabilities | 30 | ||||
Total net assets/(liabilities) | $ 27 | ||||
% of net assets sold | 100.00% | ||||
Total net assets/(liabilities) disposed of | $ 27 | ||||
Consideration | 6 | ||||
Reclassification of foreign exchange translation difference | 21 | ||||
Gain on disposal | 0 | ||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | ArcelorMittal Georgetown Inc. | |||||
Disclosure Of Non-current Assets Held For Sale And Discontinued Operations [Line Items] | |||||
Cash and cash equivalents | 0 | ||||
Other current assets | 0 | ||||
Property, plant and equipment | 4 | ||||
Other assets | 0 | ||||
Total assets | 4 | ||||
Current liabilities | 1 | ||||
Other long-term liabilities | 2 | ||||
Total liabilities | 3 | ||||
Total net assets/(liabilities) | $ 1 | ||||
% of net assets sold | 100.00% | ||||
Total net assets/(liabilities) disposed of | $ 1 | ||||
Consideration | 19 | ||||
Reclassification of foreign exchange translation difference | 0 | ||||
Gain on disposal | $ 18 | ||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | ArcelorMittal Zaragoza | |||||
Disclosure Of Non-current Assets Held For Sale And Discontinued Operations [Line Items] | |||||
Cash and cash equivalents | 0 | ||||
Other current assets | 53 | ||||
Property, plant and equipment | 74 | ||||
Other assets | 0 | ||||
Total assets | 127 | ||||
Current liabilities | 38 | ||||
Other long-term liabilities | 0 | ||||
Total liabilities | 38 | ||||
Total net assets/(liabilities) | $ 89 | ||||
% of net assets sold | 100.00% | ||||
Total net assets/(liabilities) disposed of | $ 89 | ||||
Consideration | 89 | ||||
Reclassification of foreign exchange translation difference | 8 | ||||
Gain on disposal | 8 | ||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | ArcelorMittal Tubular Products Algeria | |||||
Disclosure Of Non-current Assets Held For Sale And Discontinued Operations [Line Items] | |||||
Cash and cash equivalents | 0 | ||||
Other current assets | 15 | ||||
Property, plant and equipment | 2 | ||||
Other assets | 0 | ||||
Total assets | 17 | ||||
Current liabilities | 16 | ||||
Other long-term liabilities | 12 | ||||
Total liabilities | 28 | ||||
Total net assets/(liabilities) | $ (11) | ||||
% of net assets sold | 100.00% | ||||
Total net assets/(liabilities) disposed of | $ (11) | ||||
Consideration | 0 | ||||
Reclassification of foreign exchange translation difference | 4 | ||||
Gain on disposal | 15 | ||||
Disposal Group, Disposed of by Sale, Not Discontinued Operations | LaPlace and Vinton Long Carbon facilities | |||||
Disclosure Of Non-current Assets Held For Sale And Discontinued Operations [Line Items] | |||||
Cash and cash equivalents | 0 | ||||
Other current assets | 118 | ||||
Property, plant and equipment | 13 | ||||
Other assets | 7 | ||||
Total assets | 138 | ||||
Current liabilities | 33 | ||||
Other long-term liabilities | 9 | ||||
Total liabilities | 42 | ||||
Total net assets/(liabilities) | $ 96 | ||||
% of net assets sold | 100.00% | ||||
Total net assets/(liabilities) disposed of | $ 96 | ||||
Consideration | 96 | ||||
Reclassification of foreign exchange translation difference | 0 | ||||
Gain on disposal | $ 0 |
SCOPE OF CONSOLIDATION - Assets
SCOPE OF CONSOLIDATION - Assets Held For Sale (Details) - USD ($) $ in Millions | 1 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Disclosure Of Non-current Assets Held For Sale And Discontinued Operations [Line Items] | ||||
Cash and cash equivalents | $ 2,574 | $ 2,501 | $ 4,002 | $ 3,893 |
Trade accounts receivable and other | 3,863 | 2,974 | ||
Inventories | 17,986 | 14,734 | ||
Prepaid expenses and other current assets | 1,931 | 1,665 | ||
Total current assets | 26,745 | 22,247 | ||
Property, plant and equipment | 36,971 | 34,831 | ||
Other assets | 2,234 | 1,353 | ||
Total non-current assets | 58,552 | 52,895 | ||
Total assets | 85,297 | 75,142 | ||
Short-term debt and current portion of long-term debt | 2,785 | 1,885 | ||
Trade accounts payable and other | 13,428 | 11,633 | ||
Accrued expenses and other liabilities | 4,505 | 3,943 | ||
Total current liabilities | 21,410 | 18,115 | ||
Long-term debt, net of current portion | 10,143 | 11,789 | ||
Total non-current liabilities | 23,032 | 24,702 | ||
Total liabilities | $ 44,442 | 42,817 | ||
Frydek Místek | ||||
Disclosure Of Non-current Assets Held For Sale And Discontinued Operations [Line Items] | ||||
Proportion of ownership interest in subsidiary | 100.00% | |||
Disposal groups classified as held for sale | ||||
Disclosure Of Non-current Assets Held For Sale And Discontinued Operations [Line Items] | ||||
Cash and cash equivalents | 13 | |||
Trade accounts receivable and other | $ 23 | 57 | ||
Inventories | 46 | 39 | ||
Prepaid expenses and other current assets | 5 | |||
Total current assets | 69 | 114 | ||
Property, plant and equipment | 110 | 131 | ||
Other assets | 14 | |||
Total non-current assets | 110 | 145 | ||
Total assets | 179 | 259 | ||
Short-term debt and current portion of long-term debt | 2 | |||
Trade accounts payable and other | 22 | 49 | ||
Accrued expenses and other liabilities | 7 | 12 | ||
Total current liabilities | 29 | 63 | ||
Long-term debt, net of current portion | 7 | |||
Long-term provisions | 21 | 25 | ||
Total non-current liabilities | 21 | 32 | ||
Total liabilities | 50 | 95 | ||
Disposal groups classified as held for sale | Frydek Místek | ||||
Disclosure Of Non-current Assets Held For Sale And Discontinued Operations [Line Items] | ||||
Trade accounts receivable and other | 0 | |||
Inventories | 25 | |||
Total current assets | 25 | |||
Property, plant and equipment | 34 | |||
Total non-current assets | 34 | |||
Total assets | 59 | |||
Trade accounts payable and other | 5 | |||
Accrued expenses and other liabilities | 2 | |||
Total current liabilities | 7 | |||
Long-term provisions | 4 | |||
Total non-current liabilities | 4 | |||
Total liabilities | 11 | |||
Disposal groups classified as held for sale | Steelton | ||||
Disclosure Of Non-current Assets Held For Sale And Discontinued Operations [Line Items] | ||||
Cash and cash equivalents | 0 | |||
Trade accounts receivable and other | 23 | 18 | ||
Inventories | 21 | 15 | ||
Prepaid expenses and other current assets | 0 | |||
Total current assets | 44 | 33 | ||
Property, plant and equipment | 76 | 76 | ||
Other assets | 0 | |||
Total non-current assets | 76 | 76 | ||
Total assets | 120 | 109 | ||
Short-term debt and current portion of long-term debt | 0 | |||
Trade accounts payable and other | 17 | 9 | ||
Accrued expenses and other liabilities | 5 | 2 | ||
Total current liabilities | 22 | 11 | ||
Long-term debt, net of current portion | 0 | |||
Long-term provisions | 17 | 20 | ||
Total non-current liabilities | 17 | 20 | ||
Total liabilities | $ 39 | 31 | ||
Disposal groups classified as held for sale | AMTBA | ||||
Disclosure Of Non-current Assets Held For Sale And Discontinued Operations [Line Items] | ||||
Cash and cash equivalents | 13 | |||
Trade accounts receivable and other | 24 | |||
Inventories | 18 | |||
Prepaid expenses and other current assets | 4 | |||
Total current assets | 59 | |||
Property, plant and equipment | 55 | |||
Other assets | 12 | |||
Total non-current assets | 67 | |||
Total assets | 126 | |||
Short-term debt and current portion of long-term debt | 2 | |||
Trade accounts payable and other | 30 | |||
Accrued expenses and other liabilities | 4 | |||
Total current liabilities | 36 | |||
Long-term debt, net of current portion | 7 | |||
Long-term provisions | 0 | |||
Total non-current liabilities | 7 | |||
Total liabilities | 43 | |||
Disposal groups classified as held for sale | Downstream Solutions Europe | ||||
Disclosure Of Non-current Assets Held For Sale And Discontinued Operations [Line Items] | ||||
Cash and cash equivalents | 0 | |||
Trade accounts receivable and other | 15 | |||
Inventories | 6 | |||
Prepaid expenses and other current assets | 1 | |||
Total current assets | 22 | |||
Property, plant and equipment | 0 | |||
Other assets | 2 | |||
Total non-current assets | 2 | |||
Total assets | 24 | |||
Short-term debt and current portion of long-term debt | 0 | |||
Trade accounts payable and other | 10 | |||
Accrued expenses and other liabilities | 6 | |||
Total current liabilities | 16 | |||
Long-term debt, net of current portion | 0 | |||
Long-term provisions | 5 | |||
Total non-current liabilities | 5 | |||
Total liabilities | $ 21 |
SCOPE OF CONSOLIDATION - Invest
SCOPE OF CONSOLIDATION - Investment In Associates And Joint Arrangements (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Basis Of Consolidation [Abstract] | ||
Joint ventures | $ 1,507,000,000 | |
Associates | $ 2,854,000,000 | 2,000,000,000 |
Individually immaterial joint ventures and associates | 981,000,000 | 790,000,000 |
Total | $ 5,084,000,000 | $ 4,297,000,000 |
Threshold aggregate of individually immaterial joint ventures and associates | 20.00% | 20.00% |
Threshold carrying amount of individually immaterial joint ventures and associates | $ 100,000,000 | $ 100,000,000 |
SCOPE OF CONSOLIDATION - Joint
SCOPE OF CONSOLIDATION - Joint Ventures (Details) t in Millions, $ in Millions | Oct. 31, 2017USD ($) | Dec. 31, 2017USD ($)t | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) |
Disclosure of joint ventures [line items] | |||||
Current assets | $ 26,745 | $ 22,247 | |||
Cash and cash equivalents | 2,574 | 2,501 | $ 4,002 | $ 3,893 | |
Non-current assets | 58,552 | 52,895 | |||
Current liabilities | 21,410 | 18,115 | |||
Non-current liabilities | 23,032 | 24,702 | |||
Carrying amount in the statements of financial position | 1,507 | ||||
Revenue | 68,679 | 56,791 | 63,578 | ||
Depreciation and amortization | (2,768) | (2,721) | (3,192) | ||
Interest income | 56 | 58 | 105 | ||
Interest expense | (879) | (1,172) | (1,383) | ||
Income tax benefit (expense) | (432) | (986) | (902) | ||
Net income (loss) | 4,575 | 1,734 | (8,423) | ||
Other comprehensive income (loss) | 4,083 | (159) | (8,884) | ||
Total comprehensive income (loss) | 8,658 | 1,575 | (17,307) | ||
Deferred tax liabilities | 2,684 | 2,529 | |||
Net gain (loss) on disposal of subsidiaries | 18 | 23 | 72 | ||
Accumulated foreign exchange translation gains (losses) recognized in earnings due to decrease in ownership interest in investment | 21 | 13 | 11 | ||
Joint ventures | |||||
Disclosure of joint ventures [line items] | |||||
Current assets | 2,834 | 2,423 | |||
Cash and cash equivalents | 243 | 290 | |||
Non-current assets | 3,218 | 4,567 | |||
Current liabilities | 1,954 | 1,855 | |||
of which trade and other payables and provisions | 905 | 963 | |||
Non-current liabilities | 1,502 | 1,793 | |||
of which trade and other payables and provisions | 23 | 59 | |||
Total net assets/(liabilities) | 2,596 | 3,342 | |||
Company's share of net assets | 1,276 | 1,589 | |||
Adjustments for differences in accounting policies and other | (27) | (82) | |||
Carrying amount in the statements of financial position | 1,249 | 1,507 | |||
Revenue | 7,698 | 6,261 | 6,114 | ||
Depreciation and amortization | 142 | (133) | (138) | ||
Interest income | 16 | 14 | 15 | ||
Interest expense | 81 | (96) | (65) | ||
Income tax benefit (expense) | 32 | (50) | 6 | ||
Net income (loss) | 413 | 166 | (99) | ||
Other comprehensive income (loss) | 0 | 13 | 7 | ||
Total comprehensive income (loss) | 413 | 179 | (92) | ||
Cash dividends received by the Company | $ 54 | $ 41 | $ 41 | ||
Calvert | |||||
Disclosure of joint ventures [line items] | |||||
Proportion of ownership interest in joint venture | 50.00% | 50.00% | 50.00% | ||
Proportion of voting rights held in joint venture | 50.00% | 50.00% | 50.00% | ||
Current assets | $ 1,135 | $ 836 | |||
Cash and cash equivalents | 13 | 45 | |||
Non-current assets | 1,303 | 1,287 | |||
Current liabilities | 612 | 490 | |||
of which trade and other payables and provisions | 118 | 160 | |||
Non-current liabilities | 947 | 984 | |||
of which trade and other payables and provisions | 0 | 0 | |||
Total net assets/(liabilities) | 879 | 649 | |||
Company's share of net assets | 440 | 325 | |||
Adjustments for differences in accounting policies and other | 6 | 6 | |||
Carrying amount in the statements of financial position | 446 | 331 | |||
Revenue | 2,870 | 2,358 | $ 2,094 | ||
Depreciation and amortization | (62) | (59) | (58) | ||
Interest income | 0 | 0 | 0 | ||
Interest expense | (35) | (31) | (31) | ||
Income tax benefit (expense) | 0 | 0 | 0 | ||
Net income (loss) | 270 | 148 | (23) | ||
Other comprehensive income (loss) | 0 | 0 | 0 | ||
Total comprehensive income (loss) | 270 | 148 | (23) | ||
Cash dividends received by the Company | $ 20 | $ 19 | $ 22 | ||
Purchase agreement amount of tonnes | t | 2 | ||||
Purchase agreement, option to extend term | 3 years | ||||
Purchase agreement term | 6 years | ||||
Macsteel | |||||
Disclosure of joint ventures [line items] | |||||
Proportion of ownership interest in joint venture | 50.00% | 50.00% | 50.00% | ||
Proportion of voting rights held in joint venture | 50.00% | 50.00% | 50.00% | ||
Current assets | $ 739 | $ 636 | |||
Cash and cash equivalents | 95 | 77 | |||
Non-current assets | 389 | 374 | |||
Current liabilities | 404 | 312 | |||
of which trade and other payables and provisions | 235 | 170 | |||
Non-current liabilities | 43 | 41 | |||
of which trade and other payables and provisions | 3 | 3 | |||
Total net assets/(liabilities) | 681 | 657 | |||
Company's share of net assets | 341 | 328 | |||
Adjustments for differences in accounting policies and other | (3) | 0 | |||
Carrying amount in the statements of financial position | 338 | 328 | |||
Revenue | 2,775 | 2,353 | $ 2,722 | ||
Depreciation and amortization | (1) | (1) | (1) | ||
Interest income | 14 | 12 | 13 | ||
Interest expense | (10) | (9) | (10) | ||
Income tax benefit (expense) | (5) | (4) | (5) | ||
Net income (loss) | 31 | 15 | 32 | ||
Other comprehensive income (loss) | 2 | 10 | 8 | ||
Total comprehensive income (loss) | 33 | 25 | 40 | ||
Cash dividends received by the Company | $ 0 | $ 0 | $ 10 | ||
Baffinland | |||||
Disclosure of joint ventures [line items] | |||||
Proportion of ownership interest in joint venture | 44.54% | 46.08% | |||
Proportion of voting rights held in joint venture | 44.54% | 46.08% | |||
Current assets | $ 197 | ||||
Cash and cash equivalents | 7 | ||||
Non-current assets | 1,506 | ||||
Current liabilities | 354 | ||||
of which trade and other payables and provisions | 190 | ||||
Non-current liabilities | 262 | ||||
of which trade and other payables and provisions | 37 | ||||
Total net assets/(liabilities) | 1,087 | ||||
Company's share of net assets | 484 | ||||
Adjustments for differences in accounting policies and other | (59) | ||||
Carrying amount in the statements of financial position | 425 | ||||
Revenue | 116 | $ 0 | |||
Depreciation and amortization | (3) | 0 | |||
Interest income | 0 | 0 | |||
Interest expense | (20) | 0 | |||
Income tax benefit (expense) | (26) | (2) | |||
Net income (loss) | (43) | (66) | |||
Other comprehensive income (loss) | 0 | 0 | |||
Total comprehensive income (loss) | (43) | (66) | |||
Cash dividends received by the Company | $ 0 | $ 0 | |||
Net gain (loss) on disposal of subsidiaries | $ (22) | ||||
Accumulated foreign exchange translation gains (losses) recognized in earnings due to decrease in ownership interest in investment | $ (52) | ||||
VAMA | |||||
Disclosure of joint ventures [line items] | |||||
Proportion of ownership interest in joint venture | 49.00% | 49.00% | 49.00% | ||
Proportion of voting rights held in joint venture | 49.00% | 49.00% | 49.00% | ||
Current assets | $ 283 | $ 230 | |||
Cash and cash equivalents | 71 | 75 | |||
Non-current assets | 754 | 721 | |||
Current liabilities | 449 | 362 | |||
of which trade and other payables and provisions | 190 | 248 | |||
Non-current liabilities | 277 | 302 | |||
of which trade and other payables and provisions | 0 | 0 | |||
Total net assets/(liabilities) | 311 | 287 | |||
Company's share of net assets | 152 | 141 | |||
Adjustments for differences in accounting policies and other | 0 | 0 | |||
Carrying amount in the statements of financial position | 152 | 141 | |||
Revenue | 489 | 335 | $ 152 | ||
Depreciation and amortization | (30) | (30) | (26) | ||
Interest income | 1 | 1 | 1 | ||
Interest expense | (28) | (28) | (16) | ||
Income tax benefit (expense) | 0 | 18 | 34 | ||
Net income (loss) | 5 | (58) | (88) | ||
Other comprehensive income (loss) | 0 | 0 | 0 | ||
Total comprehensive income (loss) | 5 | (58) | (88) | ||
Cash dividends received by the Company | $ 0 | $ 0 | $ 0 | ||
Tameh | |||||
Disclosure of joint ventures [line items] | |||||
Proportion of ownership interest in joint venture | 50.00% | 50.00% | 50.00% | ||
Proportion of voting rights held in joint venture | 50.00% | 50.00% | 50.00% | ||
Current assets | $ 158 | $ 120 | |||
Cash and cash equivalents | 57 | 47 | |||
Non-current assets | 476 | 354 | |||
Current liabilities | 132 | 83 | |||
of which trade and other payables and provisions | 118 | 83 | |||
Non-current liabilities | 189 | 159 | |||
of which trade and other payables and provisions | 20 | 19 | |||
Total net assets/(liabilities) | 313 | 232 | |||
Company's share of net assets | 156 | 116 | |||
Adjustments for differences in accounting policies and other | 0 | 2 | |||
Carrying amount in the statements of financial position | 156 | 118 | |||
Revenue | 330 | 254 | $ 308 | ||
Depreciation and amortization | (27) | (20) | (33) | ||
Interest income | 0 | 0 | 0 | ||
Interest expense | 4 | (1) | (1) | ||
Income tax benefit (expense) | (7) | (10) | (4) | ||
Net income (loss) | 42 | 29 | 14 | ||
Other comprehensive income (loss) | (1) | 3 | 0 | ||
Total comprehensive income (loss) | 41 | 32 | 14 | ||
Cash dividends received by the Company | $ 4 | $ 6 | $ 0 | ||
Borçelik | |||||
Disclosure of joint ventures [line items] | |||||
Proportion of ownership interest in joint venture | 45.33% | 45.33% | 45.33% | ||
Proportion of voting rights held in joint venture | 45.33% | 45.33% | 45.33% | ||
Current assets | $ 519 | $ 404 | |||
Cash and cash equivalents | 7 | 39 | |||
Non-current assets | 296 | 325 | |||
Current liabilities | 357 | 254 | |||
of which trade and other payables and provisions | 244 | 112 | |||
Non-current liabilities | 46 | 45 | |||
of which trade and other payables and provisions | 0 | 0 | |||
Total net assets/(liabilities) | 412 | 430 | |||
Company's share of net assets | 187 | 195 | |||
Adjustments for differences in accounting policies and other | (30) | (31) | |||
Carrying amount in the statements of financial position | 157 | 164 | |||
Revenue | 1,234 | 845 | $ 838 | ||
Depreciation and amortization | (22) | (20) | (20) | ||
Interest income | 1 | 1 | 1 | ||
Interest expense | (12) | (7) | (7) | ||
Income tax benefit (expense) | (20) | (28) | (17) | ||
Net income (loss) | 65 | 75 | 32 | ||
Other comprehensive income (loss) | (1) | 0 | (1) | ||
Total comprehensive income (loss) | 64 | 75 | 31 | ||
Cash dividends received by the Company | 30 | 16 | $ 9 | ||
Deferred tax liabilities | $ 40 | $ 39 | |||
Baffinland | |||||
Disclosure of joint ventures [line items] | |||||
Proportion of ownership interest in associate | 31.07% | ||||
Current assets | $ 355 | ||||
Non-current assets | 1,698 | ||||
Current liabilities | 302 | ||||
Non-current liabilities | 531 | ||||
Company's share of net assets | 379 | ||||
Revenue | 341 | ||||
Net income (loss) | (20) | ||||
Other comprehensive income (loss) | 0 | ||||
Total comprehensive income (loss) | (20) | ||||
Cash dividends received by the Company | 0 | ||||
Net gain (loss) on disposal of subsidiaries | $ (22) |
SCOPE OF CONSOLIDATION - Associ
SCOPE OF CONSOLIDATION - Associates (Details) € in Millions, $ in Millions | Jan. 27, 2017USD ($)shares | Jan. 26, 2017 | Feb. 01, 2016USD ($) | Feb. 01, 2016EUR (€) | Dec. 16, 2015USD ($)shares | Dec. 15, 2015 | Apr. 30, 2015USD ($) | Apr. 30, 2014 | Apr. 29, 2014 | Jun. 30, 2016USD ($) | Dec. 31, 2017USD ($)shares | Dec. 31, 2016USD ($)shares | Dec. 31, 2015USD ($) |
Disclosure of associates [line items] | |||||||||||||
Current assets | $ 26,745 | $ 22,247 | |||||||||||
Non-current assets | 58,552 | 52,895 | |||||||||||
Current liabilities | 21,410 | 18,115 | |||||||||||
Non-current liabilities | 23,032 | 24,702 | |||||||||||
Non-controlling interests | 2,066 | 2,190 | |||||||||||
Net assets attributable to equity holders of the parent | 38,789 | 30,135 | |||||||||||
Carrying amount in the statements of financial position | 2,854 | 2,000 | |||||||||||
Revenue | 68,679 | 56,791 | $ 63,578 | ||||||||||
Net income (loss) | 4,575 | 1,734 | (8,423) | ||||||||||
Other comprehensive income (loss) | 4,083 | (159) | (8,884) | ||||||||||
Total comprehensive income (loss) | $ 8,658 | $ 1,575 | (17,307) | ||||||||||
Increase (decrease) in number of shares outstanding | shares | 420,644 | 467,225,765 | |||||||||||
Net gain (loss) on disposal of subsidiaries | $ 18 | $ 23 | 72 | ||||||||||
Accumulated foreign exchange translation gains (losses) recognized in earnings due to decrease in ownership interest in investment | 21 | 13 | 11 | ||||||||||
Associate | |||||||||||||
Disclosure of associates [line items] | |||||||||||||
Current assets | 5,758 | 4,527 | |||||||||||
Non-current assets | 7,502 | 5,681 | |||||||||||
Current liabilities | 3,007 | 2,492 | |||||||||||
Non-current liabilities | 2,217 | 1,591 | |||||||||||
Non-controlling interests | 379 | 397 | |||||||||||
Net assets attributable to equity holders of the parent | 7,657 | 5,728 | |||||||||||
Company's share of net assets | 2,652 | 2,124 | |||||||||||
Adjustments for differences in accounting policies and other | 1 | (34) | |||||||||||
Other adjustments | 201 | (90) | |||||||||||
Carrying amount in the statements of financial position | 2,854 | 2,000 | |||||||||||
Revenue | 7,920 | 5,405 | 11,835 | ||||||||||
Profit or loss from continuing operations | 519 | 177 | 291 | ||||||||||
Net income (loss) | 373 | 132 | 223 | ||||||||||
Other comprehensive income (loss) | (15) | 1 | (89) | ||||||||||
Total comprehensive income (loss) | 358 | 133 | 134 | ||||||||||
Cash dividends received by the Company | $ 67 | $ 16 | $ 33 | ||||||||||
China Oriental | |||||||||||||
Disclosure of associates [line items] | |||||||||||||
Proportion of ownership interest in associate | 39.02% | 46.99% | 39.02% | 46.99% | 46.99% | ||||||||
Proportion of voting rights held in associate | 39.02% | 46.99% | 46.99% | ||||||||||
Current assets | $ 1,737 | $ 1,422 | |||||||||||
Non-current assets | 1,336 | 1,504 | |||||||||||
Current liabilities | 1,261 | 1,275 | |||||||||||
Non-current liabilities | 119 | 240 | |||||||||||
Non-controlling interests | 23 | 47 | |||||||||||
Net assets attributable to equity holders of the parent | 1,670 | 1,364 | |||||||||||
Company's share of net assets | 652 | 641 | |||||||||||
Adjustments for differences in accounting policies and other | 0 | 0 | |||||||||||
Other adjustments | 183 | (18) | |||||||||||
Carrying amount in the statements of financial position | 835 | 623 | |||||||||||
Revenue | 2,944 | 1,751 | $ 1,768 | ||||||||||
Profit or loss from continuing operations | 368 | 123 | 6 | ||||||||||
Net income (loss) | 275 | 83 | 10 | ||||||||||
Other comprehensive income (loss) | (1) | 0 | (1) | ||||||||||
Total comprehensive income (loss) | 274 | 83 | 9 | ||||||||||
Cash dividends received by the Company | 49 | $ 0 | $ 0 | ||||||||||
Proportion of ownership interest in associate sold | 17.40% | ||||||||||||
Interest in associate sold subject to put option, exercised by co-investee | 7.50% | ||||||||||||
Decrease of accrued expenses and other liabilities | $ 96 | ||||||||||||
Decrease of prepaid expenses and other current assets | $ 112 | ||||||||||||
Increase (decrease) in number of shares outstanding | shares | 586,284,000 | ||||||||||||
Net gain (loss) on disposal of subsidiaries | $ (67) | $ (44) | |||||||||||
Accumulated foreign exchange translation gains (losses) recognized in earnings due to decrease in ownership interest in investment | $ 23 | ||||||||||||
DHS Group | |||||||||||||
Disclosure of associates [line items] | |||||||||||||
Proportion of ownership interest in associate | 33.43% | 33.43% | 33.43% | ||||||||||
Proportion of voting rights held in associate | 33.43% | 33.43% | 33.43% | ||||||||||
Current assets | $ 1,699 | $ 1,624 | |||||||||||
Non-current assets | 3,096 | 2,999 | |||||||||||
Current liabilities | 555 | 609 | |||||||||||
Non-current liabilities | 1,121 | 1,052 | |||||||||||
Non-controlling interests | 136 | 132 | |||||||||||
Net assets attributable to equity holders of the parent | 2,983 | 2,830 | |||||||||||
Company's share of net assets | 997 | 946 | |||||||||||
Adjustments for differences in accounting policies and other | 32 | 17 | |||||||||||
Other adjustments | 22 | (61) | |||||||||||
Carrying amount in the statements of financial position | 1,051 | 902 | |||||||||||
Revenue | 1,773 | 1,396 | $ 1,603 | ||||||||||
Profit or loss from continuing operations | 5 | (91) | (47) | ||||||||||
Net income (loss) | (4) | (96) | (45) | ||||||||||
Other comprehensive income (loss) | (5) | (3) | 0 | ||||||||||
Total comprehensive income (loss) | (9) | (99) | (45) | ||||||||||
Cash dividends received by the Company | $ 0 | $ 0 | $ 4 | ||||||||||
Gonvarri Steel Industries | |||||||||||||
Disclosure of associates [line items] | |||||||||||||
Proportion of ownership interest in associate | 35.00% | 35.00% | 35.00% | ||||||||||
Proportion of voting rights held in associate | 35.00% | 35.00% | 35.00% | ||||||||||
Current assets | $ 1,967 | $ 1,481 | |||||||||||
Non-current assets | 1,372 | 1,178 | |||||||||||
Current liabilities | 889 | 608 | |||||||||||
Non-current liabilities | 446 | 299 | |||||||||||
Non-controlling interests | 220 | 218 | |||||||||||
Net assets attributable to equity holders of the parent | 1,784 | 1,534 | |||||||||||
Company's share of net assets | 624 | 537 | |||||||||||
Adjustments for differences in accounting policies and other | (54) | (51) | |||||||||||
Other adjustments | (4) | (11) | |||||||||||
Carrying amount in the statements of financial position | 566 | 475 | |||||||||||
Revenue | 2,862 | 2,258 | $ 2,194 | ||||||||||
Profit or loss from continuing operations | 122 | 145 | 102 | ||||||||||
Net income (loss) | 122 | 145 | 102 | ||||||||||
Other comprehensive income (loss) | (9) | 4 | (53) | ||||||||||
Total comprehensive income (loss) | 113 | 149 | 49 | ||||||||||
Cash dividends received by the Company | $ 18 | $ 16 | $ 14 | ||||||||||
Baffinland | |||||||||||||
Disclosure of associates [line items] | |||||||||||||
Proportion of ownership interest in associate | 31.07% | ||||||||||||
Proportion of voting rights held in associate | 31.07% | ||||||||||||
Current assets | $ 355 | ||||||||||||
Non-current assets | 1,698 | ||||||||||||
Current liabilities | 302 | ||||||||||||
Non-current liabilities | 531 | ||||||||||||
Non-controlling interests | 0 | ||||||||||||
Net assets attributable to equity holders of the parent | 1,220 | ||||||||||||
Company's share of net assets | 379 | ||||||||||||
Adjustments for differences in accounting policies and other | 23 | ||||||||||||
Other adjustments | 0 | ||||||||||||
Carrying amount in the statements of financial position | 402 | ||||||||||||
Revenue | 341 | ||||||||||||
Profit or loss from continuing operations | 24 | ||||||||||||
Net income (loss) | (20) | ||||||||||||
Other comprehensive income (loss) | 0 | ||||||||||||
Total comprehensive income (loss) | (20) | ||||||||||||
Cash dividends received by the Company | 0 | ||||||||||||
Net gain (loss) on disposal of subsidiaries | $ (22) | ||||||||||||
Gestampc | |||||||||||||
Disclosure of associates [line items] | |||||||||||||
Proportion of ownership interest in associate | 35.00% | 35.00% | |||||||||||
Proportion of voting rights held in associate | 35.00% | ||||||||||||
Revenue | $ 5,642 | ||||||||||||
Profit or loss from continuing operations | 169 | ||||||||||||
Net income (loss) | 109 | ||||||||||||
Other comprehensive income (loss) | (35) | ||||||||||||
Total comprehensive income (loss) | 74 | ||||||||||||
Cash dividends received by the Company | $ 15 | ||||||||||||
Proportion of ownership interest in associate sold | 35.00% | 35.00% | |||||||||||
Net gain (loss) on disposal of subsidiaries | $ 329 | ||||||||||||
Accumulated foreign exchange translation gains (losses) recognized in earnings due to decrease in ownership interest in investment | (90) | ||||||||||||
Proceeds from sales of interests in associates | 971 | € 875 | $ 875 | ||||||||||
Reclassification unrealized gains (losses) on derivative financial instruments | (12) | ||||||||||||
Dividends received from associates | $ 11 | € 10 | |||||||||||
Stalprodukt S.A. | |||||||||||||
Disclosure of associates [line items] | |||||||||||||
Proportion of ownership interest in associate | 28.47% | 33.77% | 28.47% | 28.47% | |||||||||
Proportion of voting rights held in associate | 28.26% | 28.26% | |||||||||||
Revenue | $ 628 | ||||||||||||
Profit or loss from continuing operations | 61 | ||||||||||||
Net income (loss) | 47 | ||||||||||||
Other comprehensive income (loss) | 0 | ||||||||||||
Total comprehensive income (loss) | 47 | ||||||||||||
Cash dividends received by the Company | 0 | ||||||||||||
Increase (decrease) in number of shares outstanding | shares | (356,424) | ||||||||||||
Net gain (loss) on disposal of subsidiaries | $ (6) | $ (26) | |||||||||||
Accumulated foreign exchange translation gains (losses) recognized in earnings due to decrease in ownership interest in investment | (11) | ||||||||||||
Proceeds from sales of interests in associates | 46 | ||||||||||||
Reclassification unrealized gains (losses) on derivative financial instruments | $ 11 | ||||||||||||
Fair value of investments in associates for which there are quoted market prices | $ 155 |
SCOPE OF CONSOLIDATION - Other
SCOPE OF CONSOLIDATION - Other Associates And Joint Ventures That Are Not Individually Material (Details) - USD ($) | Feb. 26, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Disclosure of transactions between related parties [line items] | ||||
Associates | $ 2,854,000,000 | $ 2,000,000,000 | ||
Joint ventures | 1,507,000,000 | |||
Al Jubail | Joint Venture | ||||
Disclosure of transactions between related parties [line items] | ||||
Cash advances and loans made to related parties | 140,000,000 | 168,000,000 | ||
Loan receivable | 152,000,000 | 149,000,000 | ||
Aggregated individually immaterial joint ventures [member] | ||||
Disclosure of transactions between related parties [line items] | ||||
Joint ventures | 644,000,000 | 499,000,000 | ||
Income (loss) from continuing operations | 23,000,000 | (2,000,000) | ||
Other comprehensive income (loss) | 10,000,000 | 1,000,000 | ||
Total comprehensive income (loss) | 33,000,000 | (1,000,000) | ||
ArcelorMittal RZK | ||||
Disclosure of transactions between related parties [line items] | ||||
Cumulative unrecognised share of losses of joint ventures | 0 | 0 | $ 7,000,000 | |
Proportion of ownership interest in joint venture | 50.00% | |||
Al Jubail | ||||
Disclosure of transactions between related parties [line items] | ||||
Joint ventures | $ 0 | |||
Proportion of ownership interest in joint venture | 40.80% | |||
Share of loss of joint ventures | $ 19,000,000 | |||
Aggregated individually immaterial associates [member] | ||||
Disclosure of transactions between related parties [line items] | ||||
Associates | 337,000,000 | 291,000,000 | ||
Income (loss) from continuing operations | 16,000,000 | 56,000,000 | ||
Other comprehensive income (loss) | 0 | (2,000,000) | ||
Total comprehensive income (loss) | $ 16,000,000 | 54,000,000 | ||
ArcelorMittal Algérie Spa | ||||
Disclosure of transactions between related parties [line items] | ||||
Cumulative unrecognised share of losses of associates | $ 0 | $ 8,000,000 |
SCOPE OF CONSOLIDATION - Impair
SCOPE OF CONSOLIDATION - Impairment of Associates and Joint Ventures (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Impairment loss recognised in profit or loss | $ 206 | $ 205 | $ 4,764 |
Kalagadi Manganese (Propriety) Ltd | |||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Impairment loss recognised in profit or loss | 283 | ||
Cumulative unrecognised share of losses of joint ventures | 9 | ||
Kalagadi Manganese (Propriety) Ltd | Investments accounted for using equity method | |||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Impairment loss recognised in profit or loss | $ 205 | ||
Discount rate used in current estimate of value in use | 12.48% | ||
Kalagadi Manganese (Propriety) Ltd | Loan and receivables | |||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Impairment loss recognised in profit or loss | $ 14 | $ 78 | |
Comvex | |||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Proportion of ownership interest in associate | 28.24% | ||
Comvex | Investments accounted for using equity method | |||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Impairment loss recognised in profit or loss | $ 14 | ||
Condesa Tubos S.L. | |||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Proportion of ownership interest in associate | 29.00% | ||
Condesa Tubos S.L. | Investments accounted for using equity method | |||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Impairment loss recognised in profit or loss | $ 69 | ||
Discount rate used in current estimate of value in use | 13.91% | ||
Period of cash flows used in current estimate of value in use | 5 years | ||
Condesa Tubos S.L. | Loan and receivables | |||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Impairment loss recognised in profit or loss | $ 69 | ||
Northern Cape Iron Ore Mining Project | |||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Proportion of ownership interest in associate | 25.00% | ||
Northern Cape Iron Ore Mining Project | Investments accounted for using equity method | |||
Disclosure of impairment loss and reversal of impairment loss [line items] | |||
Impairment loss recognised in profit or loss | $ 22 |
SCOPE OF CONSOLIDATION - Inve47
SCOPE OF CONSOLIDATION - Investments in Joint Operations (Details) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Peña Colorada | ||
Disclosure of joint operations [line items] | ||
Proportion of ownership interest in joint operation | 50.00% | 50.00% |
Hibbing Taconite Mines | ||
Disclosure of joint operations [line items] | ||
Proportion of ownership interest in joint operation | 62.31% | 62.31% |
I/N Tek | ||
Disclosure of joint operations [line items] | ||
Proportion of ownership interest in joint operation | 60.00% | 60.00% |
Double G Coating | ||
Disclosure of joint operations [line items] | ||
Proportion of ownership interest in joint operation | 50.00% | 50.00% |
SCOPE OF CONSOLIDATION - Othe48
SCOPE OF CONSOLIDATION - Other Investments (Details) - USD ($) $ in Millions | Dec. 16, 2015 | Dec. 15, 2015 | Jul. 14, 2015 | Jun. 30, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Disclosure of financial assets [line items] | |||||||
Impairment loss on financial assets | $ 26 | $ 28 | $ 565 | ||||
Net gain (loss) on disposal of subsidiaries | 18 | 23 | 72 | ||||
Accumulated foreign exchange translation gains (losses) recognized in earnings due to decrease in ownership interest in investment | 21 | 13 | $ 11 | ||||
Stalprodukt S.A. | |||||||
Disclosure of financial assets [line items] | |||||||
Ownership interest in associate sold (in shares) | 729,643 | ||||||
Proceeds from sales of interests in associates | $ 46 | ||||||
Proportion of ownership interest in associate | 28.47% | 33.77% | 28.47% | 28.47% | |||
Proportion of voting rights held in associate | 28.26% | 28.26% | |||||
Net gain (loss) on disposal of subsidiaries | $ (6) | $ (26) | |||||
Loss on sale of investment in associate, excluding remeasurement adjustment | 13 | ||||||
Accumulated foreign exchange translation gains (losses) recognized in earnings due to decrease in ownership interest in investment | (11) | ||||||
Reclassification unrealized gains on derivatives | $ 11 | ||||||
Erdemir | |||||||
Disclosure of financial assets [line items] | |||||||
Available-for-sale securities (at fair value) | 1,118 | 618 | |||||
Erdemir | Available-for-sale assets | |||||||
Disclosure of financial assets [line items] | |||||||
Unrealized gains (losses) recognized in OCI | 658 | 183 | |||||
Impairment loss on financial assets | $ 101 | ||||||
Stalprodukt S.A. | |||||||
Disclosure of financial assets [line items] | |||||||
Available-for-sale securities (at fair value) | 171 | 148 | |||||
Unrealized gains (losses) recognized in OCI | 77 | 66 | |||||
Stalprodukt S.A. | Available-for-sale assets | |||||||
Disclosure of financial assets [line items] | |||||||
Proportion of ownership interest in equity investment | 21.20% | ||||||
Proportion of voting rights held in equity investment | 11.61% | ||||||
Remeasuring available-for-sale financial assets | $ 13 | ||||||
Gerdau | |||||||
Disclosure of financial assets [line items] | |||||||
Available-for-sale securities (at fair value) | 112 | 99 | |||||
Unrealized gains (losses) recognized in OCI | 42 | 38 | |||||
Proceeds from transfers of financial assets | $ 28 | ||||||
Gains on swap recognized in profit or loss | $ 55 | ||||||
Other investments | |||||||
Disclosure of financial assets [line items] | |||||||
Available-for-sale securities (at fair value) | 1,444 | 894 | |||||
Investments accounted for at cost | 27 | 32 | |||||
Total | $ 1,471 | $ 926 |
SCOPE OF CONSOLIDATION - Othe49
SCOPE OF CONSOLIDATION - Other Investments - Unconsolidated Structured Entities (Details) $ / vessel in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2017USD ($)$ / vesselvessel | Dec. 31, 2013vessel | Dec. 31, 2016USD ($) | |
Disclosure of unconsolidated structured entities [line items] | |||
Number of vessels under operating leases | vessel | 6 | 5 | |
Receivables due from related parties | $ | $ 406 | $ 322 | |
Unconsolidated structured entities | |||
Disclosure of unconsolidated structured entities [line items] | |||
Operating lease, term of contract | 12 years | ||
Operating lease, expense per vessel | $ | $ 4 | ||
Operating lease, option to purchase, consideration | $ | $ 6 | ||
Percentage of gains to be shared with structured entities | 50.00% | ||
Receivables due from related parties | $ | $ 26 | $ 30 | |
Unconsolidated structured entities | First four vessels | at the 60th month | |||
Disclosure of unconsolidated structured entities [line items] | |||
Call options' strike prices | 28 | ||
Unconsolidated structured entities | First four vessels | at the 72nd month | |||
Disclosure of unconsolidated structured entities [line items] | |||
Call options' strike prices | 26 | ||
Unconsolidated structured entities | First four vessels | at the 84th month | |||
Disclosure of unconsolidated structured entities [line items] | |||
Call options' strike prices | 25 | ||
Unconsolidated structured entities | First four vessels | at the 96th month | |||
Disclosure of unconsolidated structured entities [line items] | |||
Call options' strike prices | 23 | ||
Unconsolidated structured entities | First four vessels | at the 108th month | |||
Disclosure of unconsolidated structured entities [line items] | |||
Call options' strike prices | 21 | ||
Unconsolidated structured entities | First four vessels | at the 120th month | |||
Disclosure of unconsolidated structured entities [line items] | |||
Call options' strike prices | 19 | ||
Unconsolidated structured entities | First four vessels | at the 132nd month | |||
Disclosure of unconsolidated structured entities [line items] | |||
Call options' strike prices | 17 | ||
Unconsolidated structured entities | First four vessels | at the 144th month | |||
Disclosure of unconsolidated structured entities [line items] | |||
Call options' strike prices | 14 | ||
Unconsolidated structured entities | Fifth vessel | at the 60th month | |||
Disclosure of unconsolidated structured entities [line items] | |||
Call options' strike prices | 29 | ||
Unconsolidated structured entities | Fifth vessel | at the 72nd month | |||
Disclosure of unconsolidated structured entities [line items] | |||
Call options' strike prices | 27 | ||
Unconsolidated structured entities | Fifth vessel | at the 84th month | |||
Disclosure of unconsolidated structured entities [line items] | |||
Call options' strike prices | 26 | ||
Unconsolidated structured entities | Fifth vessel | at the 96th month | |||
Disclosure of unconsolidated structured entities [line items] | |||
Call options' strike prices | 24 | ||
Unconsolidated structured entities | Fifth vessel | at the 108th month | |||
Disclosure of unconsolidated structured entities [line items] | |||
Call options' strike prices | 22 | ||
Unconsolidated structured entities | Fifth vessel | at the 120th month | |||
Disclosure of unconsolidated structured entities [line items] | |||
Call options' strike prices | 20 | ||
Unconsolidated structured entities | Fifth vessel | at the 132nd month | |||
Disclosure of unconsolidated structured entities [line items] | |||
Call options' strike prices | 17 | ||
Unconsolidated structured entities | Fifth vessel | at the 144th month | |||
Disclosure of unconsolidated structured entities [line items] | |||
Call options' strike prices | 14 | ||
Unconsolidated structured entities | Sixth vessel | at the 60th month | |||
Disclosure of unconsolidated structured entities [line items] | |||
Call options' strike prices | 31 | ||
Unconsolidated structured entities | Sixth vessel | at the 72nd month | |||
Disclosure of unconsolidated structured entities [line items] | |||
Call options' strike prices | 30 | ||
Unconsolidated structured entities | Sixth vessel | at the 84th month | |||
Disclosure of unconsolidated structured entities [line items] | |||
Call options' strike prices | 28 | ||
Unconsolidated structured entities | Sixth vessel | at the 96th month | |||
Disclosure of unconsolidated structured entities [line items] | |||
Call options' strike prices | 27 | ||
Unconsolidated structured entities | Sixth vessel | at the 108th month | |||
Disclosure of unconsolidated structured entities [line items] | |||
Call options' strike prices | 26 | ||
Unconsolidated structured entities | Sixth vessel | at the 120th month | |||
Disclosure of unconsolidated structured entities [line items] | |||
Call options' strike prices | 24 | ||
Unconsolidated structured entities | Sixth vessel | at the 132nd month | |||
Disclosure of unconsolidated structured entities [line items] | |||
Call options' strike prices | 20 | ||
Unconsolidated structured entities | Sixth vessel | at the 144th month | |||
Disclosure of unconsolidated structured entities [line items] | |||
Call options' strike prices | 14 |
SCOPE OF CONSOLIDATION - Income
SCOPE OF CONSOLIDATION - Income (Loss) from Investments in Associates, Joint Ventures and Other Investments (Details) ¥ in Millions, $ in Millions | Aug. 25, 2017 | Aug. 07, 2017USD ($) | Jan. 27, 2017USD ($) | Sep. 14, 2016USD ($) | Sep. 14, 2016CNY (¥) | Feb. 01, 2016USD ($) | Dec. 16, 2015USD ($) | Jun. 30, 2016USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Oct. 21, 2016USD ($) |
Disclosure of financial assets [line items] | ||||||||||||
Share in net earnings of equity-accounted companies | $ 537 | $ 207 | $ (59) | |||||||||
Impairment charges | (26) | (28) | (565) | |||||||||
Gain (loss) on disposal | (117) | 377 | 46 | |||||||||
Dividend income | 54 | 59 | 76 | |||||||||
Total | 448 | 615 | (502) | |||||||||
Impairment loss recognised in profit or loss | 206 | 205 | 4,764 | |||||||||
Gain (loss) on disposal | 18 | 23 | 72 | |||||||||
EIMP | ||||||||||||
Disclosure of financial assets [line items] | ||||||||||||
Gain (loss) on disposal | $ 133 | |||||||||||
Proceeds from sales of investments other than investments accounted for using equity method | $ 44 | |||||||||||
Ownership interest in equity investment sold | 21.00% | |||||||||||
Hunan Valin | ||||||||||||
Disclosure of financial assets [line items] | ||||||||||||
Gain (loss) on disposal | $ 74 | |||||||||||
Ownership interest in equity investment sold | 10.08% | |||||||||||
Proceeds from disposal of available-for-sale financial assets | $ 165 | ¥ 1,103 | ||||||||||
Gerdau | ||||||||||||
Disclosure of financial assets [line items] | ||||||||||||
Gains on swap recognized in profit or loss | 55 | |||||||||||
China Oriental | ||||||||||||
Disclosure of financial assets [line items] | ||||||||||||
Gain (loss) on disposal | $ (67) | $ (44) | ||||||||||
Baffinland | ||||||||||||
Disclosure of financial assets [line items] | ||||||||||||
Gain (loss) on disposal | (22) | |||||||||||
Gestampc | ||||||||||||
Disclosure of financial assets [line items] | ||||||||||||
Gain (loss) on disposal | $ 329 | |||||||||||
Stalprodukt S.A. | ||||||||||||
Disclosure of financial assets [line items] | ||||||||||||
Gain (loss) on disposal | $ (6) | $ (26) | ||||||||||
Kalagadi Manganese (Propriety) Ltd | ||||||||||||
Disclosure of financial assets [line items] | ||||||||||||
Impairment loss recognised in profit or loss | 283 | |||||||||||
Gain (loss) on disposal | (187) | |||||||||||
Proportion of ownership interest in joint venture sold | 50.00% | |||||||||||
Kalagadi Manganese (Propriety) Ltd | Top of range | ||||||||||||
Disclosure of financial assets [line items] | ||||||||||||
Disposal group, consideration | $ 150 | |||||||||||
Loan and receivables | Kalagadi Manganese (Propriety) Ltd | ||||||||||||
Disclosure of financial assets [line items] | ||||||||||||
Impairment loss recognised in profit or loss | $ 14 | 78 | ||||||||||
Investments accounted for using equity method | Comvex | ||||||||||||
Disclosure of financial assets [line items] | ||||||||||||
Impairment loss recognised in profit or loss | $ 14 | |||||||||||
Investments accounted for using equity method | Kalagadi Manganese (Propriety) Ltd | ||||||||||||
Disclosure of financial assets [line items] | ||||||||||||
Impairment loss recognised in profit or loss | $ 205 | |||||||||||
Associates and Joint Ventures | Loan and receivables | ||||||||||||
Disclosure of financial assets [line items] | ||||||||||||
Impairment loss recognised in profit or loss | 17 | |||||||||||
Joint Venture | Loan and receivables | ||||||||||||
Disclosure of financial assets [line items] | ||||||||||||
Impairment loss recognised in profit or loss | $ 9 |
SEGMENT REPORTING - Reportable
SEGMENT REPORTING - Reportable Segments (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017USD ($)segment | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Disclosure of operating segments [line items] | |||
Number of operating segments | segment | 5 | ||
Number of reportable segments | segment | 5 | ||
Disclosure of operating segments [abstract] | |||
Sales | $ 68,679 | $ 56,791 | $ 63,578 |
Operating income (loss) | 5,434 | 4,161 | (4,161) |
Depreciation and amortization | 2,768 | 2,721 | 3,192 |
Impairment Recorded | 206 | 205 | 4,764 |
Capital expenditures | 2,819 | 2,444 | 2,707 |
Reconciliation From Operating Income [Abstract] | |||
Operating income (loss) | 5,434 | 4,161 | (4,161) |
Income/ (loss) from investments in associates and joint ventures | 448 | 615 | (502) |
Financing costs - net | (875) | (2,056) | (2,858) |
Income (loss) before taxes | 5,007 | 2,720 | (7,521) |
Income tax expense | 432 | 986 | 902 |
Net income (loss) (including non-controlling interests) | 4,575 | 1,734 | (8,423) |
NAFTA | |||
Disclosure of operating segments [abstract] | |||
Sales | 17,893 | 15,769 | 17,225 |
Capital expenditures | 466 | 445 | |
Brazil | |||
Disclosure of operating segments [abstract] | |||
Sales | 6,571 | 5,526 | 7,954 |
Europe | |||
Disclosure of operating segments [abstract] | |||
Sales | 35,825 | 28,999 | 31,586 |
ACIS | |||
Disclosure of operating segments [abstract] | |||
Sales | 7,323 | 5,675 | 5,932 |
Mining | |||
Disclosure of operating segments [abstract] | |||
Sales | 985 | 781 | 824 |
Operating segments | NAFTA | |||
Disclosure of operating segments [abstract] | |||
Operating income (loss) | 1,185 | 2,002 | (705) |
Depreciation and amortization | 518 | 549 | 616 |
Impairment Recorded | 0 | 0 | 526 |
Capital expenditures | 392 | ||
Reconciliation From Operating Income [Abstract] | |||
Operating income (loss) | 1,185 | 2,002 | (705) |
Operating segments | Brazil | |||
Disclosure of operating segments [abstract] | |||
Operating income (loss) | 697 | 614 | 628 |
Depreciation and amortization | 293 | 258 | 336 |
Impairment Recorded | 0 | 0 | 176 |
Capital expenditures | 263 | 237 | 422 |
Reconciliation From Operating Income [Abstract] | |||
Operating income (loss) | 697 | 614 | 628 |
Operating segments | Europe | |||
Disclosure of operating segments [abstract] | |||
Operating income (loss) | 2,359 | 1,270 | 171 |
Depreciation and amortization | 1,201 | 1,184 | 1,192 |
Impairment Recorded | 0 | 49 | 398 |
Capital expenditures | 1,143 | 951 | 1,045 |
Reconciliation From Operating Income [Abstract] | |||
Operating income (loss) | 2,359 | 1,270 | 171 |
Operating segments | ACIS | |||
Disclosure of operating segments [abstract] | |||
Operating income (loss) | 508 | 211 | (624) |
Depreciation and amortization | 313 | 311 | 408 |
Impairment Recorded | 206 | 156 | 294 |
Capital expenditures | 427 | 397 | 365 |
Reconciliation From Operating Income [Abstract] | |||
Operating income (loss) | 508 | 211 | (624) |
Operating segments | Mining | |||
Disclosure of operating segments [abstract] | |||
Operating income (loss) | 991 | 366 | (3,522) |
Depreciation and amortization | 416 | 396 | 614 |
Impairment Recorded | 0 | 0 | 3,370 |
Capital expenditures | 495 | 392 | 476 |
Reconciliation From Operating Income [Abstract] | |||
Operating income (loss) | 991 | 366 | (3,522) |
Other and Intersegment sales | |||
Disclosure of operating segments [abstract] | |||
Sales | (303) | (260) | (311) |
Intersegment sales | |||
Disclosure of operating segments [abstract] | |||
Sales | (5,320) | (3,810) | (3,994) |
Operating income (loss) | (18) | (94) | 31 |
Reconciliation From Operating Income [Abstract] | |||
Operating income (loss) | (18) | (94) | 31 |
Intersegment sales | NAFTA | |||
Disclosure of operating segments [abstract] | |||
Sales | (104) | (37) | (68) |
Intersegment sales | Brazil | |||
Disclosure of operating segments [abstract] | |||
Sales | (1,184) | (697) | (549) |
Intersegment sales | Europe | |||
Disclosure of operating segments [abstract] | |||
Sales | (383) | (273) | (307) |
Intersegment sales | ACIS | |||
Disclosure of operating segments [abstract] | |||
Sales | (298) | (210) | (196) |
Intersegment sales | Mining | |||
Disclosure of operating segments [abstract] | |||
Sales | (3,048) | (2,333) | (2,563) |
Other | |||
Disclosure of operating segments [abstract] | |||
Sales | 82 | 41 | 57 |
Operating income (loss) | (288) | (208) | (140) |
Depreciation and amortization | 27 | 23 | 26 |
Impairment Recorded | 0 | 0 | 0 |
Capital expenditures | 25 | 22 | 7 |
Reconciliation From Operating Income [Abstract] | |||
Operating income (loss) | $ (288) | $ (208) | $ (140) |
SEGMENT REPORTING - Sales by Ge
SEGMENT REPORTING - Sales by Geographical Area (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of geographical areas [line items] | |||
Sales | $ 68,679 | $ 56,791 | $ 63,578 |
Total Americas | |||
Disclosure of geographical areas [line items] | |||
Sales | 26,036 | 22,207 | 25,909 |
United States | |||
Disclosure of geographical areas [line items] | |||
Sales | 14,367 | 12,284 | 13,619 |
Brazil | |||
Disclosure of geographical areas [line items] | |||
Sales | 4,149 | 3,506 | 3,809 |
Canada | |||
Disclosure of geographical areas [line items] | |||
Sales | 3,034 | 2,818 | 2,913 |
Mexico | |||
Disclosure of geographical areas [line items] | |||
Sales | 2,251 | 1,806 | 1,913 |
Argentina | |||
Disclosure of geographical areas [line items] | |||
Sales | 1,230 | 858 | 1,370 |
Venezuela | |||
Disclosure of geographical areas [line items] | |||
Sales | 68 | 105 | 1,334 |
Others | |||
Disclosure of geographical areas [line items] | |||
Sales | 937 | 830 | 951 |
Total Europe | |||
Disclosure of geographical areas [line items] | |||
Sales | 33,918 | 27,616 | 29,827 |
Germany | |||
Disclosure of geographical areas [line items] | |||
Sales | 5,933 | 4,768 | 5,473 |
France | |||
Disclosure of geographical areas [line items] | |||
Sales | 4,051 | 3,655 | 3,743 |
Spain | |||
Disclosure of geographical areas [line items] | |||
Sales | 3,751 | 3,015 | 3,406 |
Poland | |||
Disclosure of geographical areas [line items] | |||
Sales | 3,746 | 2,997 | 3,023 |
Italy | |||
Disclosure of geographical areas [line items] | |||
Sales | 2,711 | 2,067 | 2,278 |
Turkey | |||
Disclosure of geographical areas [line items] | |||
Sales | 1,937 | 1,789 | 1,962 |
Czech Republic | |||
Disclosure of geographical areas [line items] | |||
Sales | 1,400 | 1,107 | 1,476 |
United Kingdom | |||
Disclosure of geographical areas [line items] | |||
Sales | 1,370 | 1,159 | 1,246 |
Russia | |||
Disclosure of geographical areas [line items] | |||
Sales | 1,204 | 688 | 638 |
Belgium | |||
Disclosure of geographical areas [line items] | |||
Sales | 1,129 | 929 | 1,108 |
Netherlands | |||
Disclosure of geographical areas [line items] | |||
Sales | 1,117 | 1,030 | 867 |
Romania | |||
Disclosure of geographical areas [line items] | |||
Sales | 621 | 526 | 583 |
Others | |||
Disclosure of geographical areas [line items] | |||
Sales | 4,948 | 3,886 | 4,024 |
Total Asia & Africa | |||
Disclosure of geographical areas [line items] | |||
Sales | 8,725 | 6,968 | 7,842 |
South Africa | |||
Disclosure of geographical areas [line items] | |||
Sales | 2,560 | 2,026 | 2,111 |
Egypt | |||
Disclosure of geographical areas [line items] | |||
Sales | 310 | 499 | 404 |
Morocco | |||
Disclosure of geographical areas [line items] | |||
Sales | 596 | 498 | 533 |
Rest of Africa | |||
Disclosure of geographical areas [line items] | |||
Sales | 1,033 | 658 | 945 |
China | |||
Disclosure of geographical areas [line items] | |||
Sales | 622 | 549 | 557 |
Kazakhstan | |||
Disclosure of geographical areas [line items] | |||
Sales | 392 | 350 | 456 |
South Korea | |||
Disclosure of geographical areas [line items] | |||
Sales | 259 | 184 | 242 |
India | |||
Disclosure of geographical areas [line items] | |||
Sales | 163 | 85 | 197 |
Rest of Asia | |||
Disclosure of geographical areas [line items] | |||
Sales | 2,790 | 2,119 | 2,397 |
Luxembourg | |||
Disclosure of geographical areas [line items] | |||
Sales | $ 111 | $ 88 | $ 85 |
SEGMENT REPORTING - Non-Current
SEGMENT REPORTING - Non-Current Assets by Geographical Area (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of geographical areas [line items] | ||
Unallocated assets | $ 21,137 | $ 17,663 |
Total non-current assets | 58,552 | 52,895 |
Total Americas | ||
Disclosure of geographical areas [line items] | ||
Non-current assets other than financial instruments, deferred tax assets, post-employment benefit assets, and rights arising under insurance contracts | 15,098 | 15,010 |
Canada | ||
Disclosure of geographical areas [line items] | ||
Non-current assets other than financial instruments, deferred tax assets, post-employment benefit assets, and rights arising under insurance contracts | 5,368 | 5,208 |
Brazil | ||
Disclosure of geographical areas [line items] | ||
Non-current assets other than financial instruments, deferred tax assets, post-employment benefit assets, and rights arising under insurance contracts | 4,466 | 4,471 |
United States | ||
Disclosure of geographical areas [line items] | ||
Non-current assets other than financial instruments, deferred tax assets, post-employment benefit assets, and rights arising under insurance contracts | 4,029 | 4,209 |
Mexico | ||
Disclosure of geographical areas [line items] | ||
Non-current assets other than financial instruments, deferred tax assets, post-employment benefit assets, and rights arising under insurance contracts | 978 | 906 |
Argentina | ||
Disclosure of geographical areas [line items] | ||
Non-current assets other than financial instruments, deferred tax assets, post-employment benefit assets, and rights arising under insurance contracts | 137 | 152 |
Venezuela | ||
Disclosure of geographical areas [line items] | ||
Non-current assets other than financial instruments, deferred tax assets, post-employment benefit assets, and rights arising under insurance contracts | 100 | 43 |
Others | ||
Disclosure of geographical areas [line items] | ||
Non-current assets other than financial instruments, deferred tax assets, post-employment benefit assets, and rights arising under insurance contracts | 20 | 21 |
Total Europe | ||
Disclosure of geographical areas [line items] | ||
Non-current assets other than financial instruments, deferred tax assets, post-employment benefit assets, and rights arising under insurance contracts | 20,003 | 17,942 |
France | ||
Disclosure of geographical areas [line items] | ||
Non-current assets other than financial instruments, deferred tax assets, post-employment benefit assets, and rights arising under insurance contracts | 4,738 | 4,194 |
Belgium | ||
Disclosure of geographical areas [line items] | ||
Non-current assets other than financial instruments, deferred tax assets, post-employment benefit assets, and rights arising under insurance contracts | 2,827 | 2,458 |
Germany | ||
Disclosure of geographical areas [line items] | ||
Non-current assets other than financial instruments, deferred tax assets, post-employment benefit assets, and rights arising under insurance contracts | 2,737 | 2,395 |
Poland | ||
Disclosure of geographical areas [line items] | ||
Non-current assets other than financial instruments, deferred tax assets, post-employment benefit assets, and rights arising under insurance contracts | 2,421 | 2,112 |
Ukraine | ||
Disclosure of geographical areas [line items] | ||
Non-current assets other than financial instruments, deferred tax assets, post-employment benefit assets, and rights arising under insurance contracts | 2,077 | 2,110 |
Spain | ||
Disclosure of geographical areas [line items] | ||
Non-current assets other than financial instruments, deferred tax assets, post-employment benefit assets, and rights arising under insurance contracts | 2,035 | 1,797 |
Luxembourg | ||
Disclosure of geographical areas [line items] | ||
Non-current assets other than financial instruments, deferred tax assets, post-employment benefit assets, and rights arising under insurance contracts | 1,277 | 1,142 |
Romania | ||
Disclosure of geographical areas [line items] | ||
Non-current assets other than financial instruments, deferred tax assets, post-employment benefit assets, and rights arising under insurance contracts | 633 | 573 |
Czech Republic | ||
Disclosure of geographical areas [line items] | ||
Non-current assets other than financial instruments, deferred tax assets, post-employment benefit assets, and rights arising under insurance contracts | 621 | 585 |
Bosnia and Herzegovina | ||
Disclosure of geographical areas [line items] | ||
Non-current assets other than financial instruments, deferred tax assets, post-employment benefit assets, and rights arising under insurance contracts | 202 | 182 |
Italy | ||
Disclosure of geographical areas [line items] | ||
Non-current assets other than financial instruments, deferred tax assets, post-employment benefit assets, and rights arising under insurance contracts | 171 | 158 |
Others | ||
Disclosure of geographical areas [line items] | ||
Non-current assets other than financial instruments, deferred tax assets, post-employment benefit assets, and rights arising under insurance contracts | 264 | 236 |
Total Asia & Africa | ||
Disclosure of geographical areas [line items] | ||
Non-current assets other than financial instruments, deferred tax assets, post-employment benefit assets, and rights arising under insurance contracts | 2,314 | 2,280 |
Kazakhstan | ||
Disclosure of geographical areas [line items] | ||
Non-current assets other than financial instruments, deferred tax assets, post-employment benefit assets, and rights arising under insurance contracts | 1,322 | 1,223 |
South Africa | ||
Disclosure of geographical areas [line items] | ||
Non-current assets other than financial instruments, deferred tax assets, post-employment benefit assets, and rights arising under insurance contracts | 677 | 788 |
Morocco | ||
Disclosure of geographical areas [line items] | ||
Non-current assets other than financial instruments, deferred tax assets, post-employment benefit assets, and rights arising under insurance contracts | 103 | 104 |
Liberia | ||
Disclosure of geographical areas [line items] | ||
Non-current assets other than financial instruments, deferred tax assets, post-employment benefit assets, and rights arising under insurance contracts | 93 | 49 |
Others | ||
Disclosure of geographical areas [line items] | ||
Non-current assets other than financial instruments, deferred tax assets, post-employment benefit assets, and rights arising under insurance contracts | $ 119 | $ 116 |
SEGMENT REPORTING - Sales by Ty
SEGMENT REPORTING - Sales by Type of Products (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of products and services [line items] | |||
Sales | $ 68,679 | $ 56,791 | $ 63,578 |
Flat products | |||
Disclosure of products and services [line items] | |||
Sales | 43,065 | 34,215 | 36,226 |
Long products | |||
Disclosure of products and services [line items] | |||
Sales | 13,685 | 12,104 | 13,996 |
Tubular products | |||
Disclosure of products and services [line items] | |||
Sales | 1,810 | 1,500 | 2,809 |
Mining products | |||
Disclosure of products and services [line items] | |||
Sales | 985 | 781 | 824 |
Other products | |||
Disclosure of products and services [line items] | |||
Sales | $ 9,134 | $ 8,191 | $ 9,723 |
OPERATING DATA - Schedule of Co
OPERATING DATA - Schedule of Cost of Sales (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenue, Cost Of Sales, Current Assets, And Current Liabilities [Abstract] | |||
Materials | $ 42,813 | $ 34,276 | $ 41,788 |
Labor costs 1 | 8,842 | 7,572 | 9,125 |
Logistic expenses | 4,161 | 3,760 | 4,252 |
Depreciation and amortization | 2,768 | 2,721 | 3,192 |
Impairment | 206 | 205 | 4,764 |
Other | 2,086 | 1,894 | 2,075 |
Cost of sales | $ 60,876 | 50,428 | $ 65,196 |
Gain relating to changes in post-employment benefit plans | $ 832 |
OPERATING DATA - Trade Accounts
OPERATING DATA - Trade Accounts Receivable and Other - Narrative (Details) | 12 Months Ended |
Dec. 31, 2017 | |
Individually assessed for credit losses | More than 180 days | |
Disclosure of financial assets that are either past due or impaired [line items] | |
Overdue period | 180 days |
Collectively assessed for credit losses | Bottom of range | |
Disclosure of financial assets that are either past due or impaired [line items] | |
Overdue period | 60 days |
Collectively assessed for credit losses | Top of range | |
Disclosure of financial assets that are either past due or impaired [line items] | |
Overdue period | 180 days |
OPERATING DATA - Schedule of Tr
OPERATING DATA - Schedule of Trade Accounts Receivable and Allowance for Doubtful Accounts (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||
Trade accounts receivable | $ 3,863 | $ 2,974 |
Gross amount | ||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||
Trade accounts receivable | 4,056 | 3,158 |
Allowance for doubtful accounts | ||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||
Trade accounts receivable | $ (193) | $ (184) |
OPERATING DATA - Exposure to Cr
OPERATING DATA - Exposure to Credit Risk by Reportable Segment (Details) - Trade accounts receivables - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of credit risk exposure [line items] | ||
Maximum exposure to credit risk | $ 3,863 | $ 2,974 |
NAFTA | ||
Disclosure of credit risk exposure [line items] | ||
Maximum exposure to credit risk | 343 | 308 |
Brazil | ||
Disclosure of credit risk exposure [line items] | ||
Maximum exposure to credit risk | 857 | 693 |
Europe | ||
Disclosure of credit risk exposure [line items] | ||
Maximum exposure to credit risk | 2,052 | 1,464 |
ACIS | ||
Disclosure of credit risk exposure [line items] | ||
Maximum exposure to credit risk | 546 | 395 |
Mining | ||
Disclosure of credit risk exposure [line items] | ||
Maximum exposure to credit risk | $ 65 | $ 114 |
OPERATING DATA - Aging of Trade
OPERATING DATA - Aging of Trade Accounts Receivable (Details) - Trade accounts receivables - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of provision matrix [line items] | ||
Trade accounts receivables | $ 3,863 | $ 2,974 |
Gross | ||
Disclosure of provision matrix [line items] | ||
Trade accounts receivables | 4,056 | 3,158 |
Allowance | ||
Disclosure of provision matrix [line items] | ||
Trade accounts receivables | (193) | (184) |
Overdue 1-30 days | ||
Disclosure of provision matrix [line items] | ||
Trade accounts receivables | 529 | 291 |
Overdue 1-30 days | Gross | ||
Disclosure of provision matrix [line items] | ||
Trade accounts receivables | 538 | 292 |
Overdue 1-30 days | Allowance | ||
Disclosure of provision matrix [line items] | ||
Trade accounts receivables | (9) | (1) |
Not past due | ||
Disclosure of provision matrix [line items] | ||
Trade accounts receivables | 3,130 | 2,470 |
Not past due | Gross | ||
Disclosure of provision matrix [line items] | ||
Trade accounts receivables | 3,134 | 2,476 |
Not past due | Allowance | ||
Disclosure of provision matrix [line items] | ||
Trade accounts receivables | (4) | (6) |
Overdue 31-60 days | ||
Disclosure of provision matrix [line items] | ||
Trade accounts receivables | 105 | 62 |
Overdue 31-60 days | Gross | ||
Disclosure of provision matrix [line items] | ||
Trade accounts receivables | 106 | 63 |
Overdue 31-60 days | Allowance | ||
Disclosure of provision matrix [line items] | ||
Trade accounts receivables | (1) | (1) |
Overdue 61-90 days | ||
Disclosure of provision matrix [line items] | ||
Trade accounts receivables | 34 | 31 |
Overdue 61-90 days | Gross | ||
Disclosure of provision matrix [line items] | ||
Trade accounts receivables | 34 | 32 |
Overdue 61-90 days | Allowance | ||
Disclosure of provision matrix [line items] | ||
Trade accounts receivables | 0 | (1) |
Overdue 91-180 days | ||
Disclosure of provision matrix [line items] | ||
Trade accounts receivables | 33 | 44 |
Overdue 91-180 days | Gross | ||
Disclosure of provision matrix [line items] | ||
Trade accounts receivables | 46 | 50 |
Overdue 91-180 days | Allowance | ||
Disclosure of provision matrix [line items] | ||
Trade accounts receivables | (13) | (6) |
More than 180 days | ||
Disclosure of provision matrix [line items] | ||
Trade accounts receivables | 32 | 76 |
More than 180 days | Gross | ||
Disclosure of provision matrix [line items] | ||
Trade accounts receivables | 198 | 245 |
More than 180 days | Allowance | ||
Disclosure of provision matrix [line items] | ||
Trade accounts receivables | $ (166) | $ (169) |
OPERATING DATA - Movement in th
OPERATING DATA - Movement in the Allowance for Doubtful Accounts (Details) - Trade accounts receivables - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Reconciliation of changes in allowance account for credit losses of financial assets [abstract] | |||
Balance as of beginning of year | $ 184 | $ 170 | $ 175 |
Additions | 34 | 34 | 41 |
Deductions/ Releases | (38) | (25) | (19) |
Foreign exchange and others | 13 | 5 | (27) |
Balance as of end of year | $ 193 | $ 184 | $ 170 |
OPERATING DATA - Inventories -
OPERATING DATA - Inventories - Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Revenue, Cost Of Sales, Current Assets, And Current Liabilities [Abstract] | ||||
Allowance for slow-moving inventory, excess of cost over net realizable value and obsolescence | $ 1,239 | $ 1,097 | $ 1,707 | $ 1,293 |
OPERATING DATA - Schedule of In
OPERATING DATA - Schedule of Inventories (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Revenue, Cost Of Sales, Current Assets, And Current Liabilities [Abstract] | ||
Finished products | $ 6,321 | $ 4,861 |
Production in process | 4,049 | 3,264 |
Raw materials | 5,883 | 5,141 |
Manufacturing supplies, spare parts and other | 1,733 | 1,468 |
Total | $ 17,986 | $ 14,734 |
OPERATING DATA - Movement in In
OPERATING DATA - Movement in Inventory Reserve (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenue, Cost Of Sales, Current Assets, And Current Liabilities [Abstract] | |||
Balance as of beginning of year | $ 1,097 | $ 1,707 | $ 1,293 |
Additions | 442 | 473 | 1,256 |
Deductions/Releases | (404) | (964) | (637) |
Foreign exchange and others | 104 | (119) | (205) |
Balance as of end of year | $ 1,239 | $ 1,097 | $ 1,707 |
OPERATING DATA - Schedule of Pr
OPERATING DATA - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Revenue, Cost Of Sales, Current Assets, And Current Liabilities [Abstract] | ||
VAT receivables | $ 822 | $ 672 |
Prepaid expenses and non-trade receivables | 321 | 369 |
Financial amounts receivable | 219 | 118 |
Income tax receivable | 176 | 111 |
Receivables from public authorities | 147 | 67 |
Receivables from sale of financial and intangible assets | 118 | 34 |
Derivative financial instruments | 87 | 243 |
Other | 41 | 51 |
Total | $ 1,931 | $ 1,665 |
OPERATING DATA - Schedule of Ot
OPERATING DATA - Schedule of Other Assets (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Revenue, Cost Of Sales, Current Assets, And Current Liabilities [Abstract] | ||
Derivative financial instruments (see Note 6.1.5.) | $ 995 | $ 189 |
Financial amounts receivable | 345 | 297 |
Long-term VAT receivables | 198 | 196 |
Cash guarantees and deposits | 190 | 187 |
Receivables from public authorities | 173 | 136 |
Accrued interest | 96 | 91 |
Receivables from sale of financial and intangible assets | 93 | 43 |
Income tax receivable | 14 | 55 |
Other | 130 | 159 |
Total | $ 2,234 | $ 1,353 |
OPERATING DATA - Trade Accoun66
OPERATING DATA - Trade Accounts Payable and Other - Narrative (Details) | 12 Months Ended |
Dec. 31, 2017 | |
Bottom of range | |
Disclosure of voluntary change in accounting policy [line items] | |
Trade accounts payable maturities | 15 days |
Top of range | |
Disclosure of voluntary change in accounting policy [line items] | |
Trade accounts payable maturities | 180 days |
OPERATING DATA - Schedule of Ac
OPERATING DATA - Schedule of Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Revenue, Cost Of Sales, Current Assets, And Current Liabilities [Abstract] | ||
Accrued payroll and employee related expenses | $ 1,787 | $ 1,560 |
Accrued interest and other payables | 794 | 781 |
Payable from acquisition of intangible, tangible & financial assets | 943 | 833 |
Other amounts due to public authorities | 587 | 504 |
Derivative financial instruments | 325 | 226 |
Unearned revenue and accrued payables | 69 | 39 |
Total | $ 4,505 | $ 3,943 |
GOODWILL, INTANGIBLE AND TANG68
GOODWILL, INTANGIBLE AND TANGIBLE ASSETS - Goodwill and Intangible Assets (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Goodwill and intangible assets | $ 5,737 | $ 5,651 | |
Concessions, patents and licenses | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Goodwill and intangible assets | 275 | 252 | |
Customer relationships and trade marks | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Goodwill and intangible assets | 118 | 120 | |
Other | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Goodwill and intangible assets | 50 | 31 | |
Goodwill | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Goodwill and intangible assets | $ 5,294 | $ 5,248 | $ 5,143 |
GOODWILL, INTANGIBLE AND TANG69
GOODWILL, INTANGIBLE AND TANGIBLE ASSETS - Goodwill and Intangible Assets, Goodwill (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Goodwill beginning balance | $ 5,651 | |
Goodwill ending balance | 5,737 | $ 5,651 |
Goodwill | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Goodwill beginning balance | 5,248 | 5,143 |
Foreign exchange differences and other movements | 46 | 120 |
Divestments | 0 | (15) |
Goodwill ending balance | 5,294 | 5,248 |
Goodwill | NAFTA | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Goodwill beginning balance | 2,202 | 2,209 |
Foreign exchange differences and other movements | 47 | 6 |
Divestments | 0 | (13) |
Goodwill ending balance | 2,249 | 2,202 |
Goodwill | Brazil | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Goodwill beginning balance | 1,668 | 1,426 |
Foreign exchange differences and other movements | (28) | 242 |
Divestments | 0 | 0 |
Goodwill ending balance | 1,640 | 1,668 |
Goodwill | Brazil | Sumaré | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Foreign exchange differences and other movements | 2 | |
Goodwill | Europe | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Goodwill beginning balance | 529 | 547 |
Foreign exchange differences and other movements | 53 | (16) |
Divestments | 0 | (2) |
Goodwill ending balance | 582 | 529 |
Goodwill | ACIS | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Goodwill beginning balance | 849 | 961 |
Foreign exchange differences and other movements | (26) | (112) |
Divestments | 0 | 0 |
Goodwill ending balance | $ 823 | $ 849 |
GOODWILL, INTANGIBLE AND TANG70
GOODWILL, INTANGIBLE AND TANGIBLE ASSETS - Goodwill and Intangible Assets, Other Intangible Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of detailed information about intangible assets [line items] | |||
Useful life | 5 years | ||
Reconciliation of changes in intangible assets other than goodwill [abstract] | |||
Intangible assets other than goodwill | $ 403 | ||
Intangible assets other than goodwill | 443 | $ 403 | |
Research and development costs | 278 | 239 | $ 227 |
Gross carrying amount | |||
Reconciliation of changes in intangible assets other than goodwill [abstract] | |||
Intangible assets other than goodwill | 1,832 | 1,843 | |
Acquisitions | 61 | 35 | |
Disposals | (1) | (7) | |
Foreign exchange differences | 189 | 20 | |
Transfers and other movements | 16 | 14 | |
Fully amortized intangible assets | (21) | (73) | |
Intangible assets other than goodwill | 2,076 | 1,832 | 1,843 |
Accumulated depreciation and impairment | |||
Reconciliation of changes in intangible assets other than goodwill [abstract] | |||
Intangible assets other than goodwill | (1,429) | (1,394) | |
Amortization charge | 78 | 93 | |
Foreign exchange differences | (152) | (17) | |
Transfers and other movements | 5 | 2 | |
Fully amortized intangible assets | 21 | 73 | |
Intangible assets other than goodwill | (1,633) | (1,429) | (1,394) |
Concessions, patents and licenses | |||
Reconciliation of changes in intangible assets other than goodwill [abstract] | |||
Intangible assets other than goodwill | 252 | ||
Intangible assets other than goodwill | 275 | 252 | |
Concessions, patents and licenses | Gross carrying amount | |||
Reconciliation of changes in intangible assets other than goodwill [abstract] | |||
Intangible assets other than goodwill | 676 | 730 | |
Acquisitions | 6 | 5 | |
Disposals | (1) | (2) | |
Foreign exchange differences | 83 | (1) | |
Transfers and other movements | 20 | 15 | |
Fully amortized intangible assets | (18) | (71) | |
Intangible assets other than goodwill | 766 | 676 | 730 |
Concessions, patents and licenses | Accumulated depreciation and impairment | |||
Reconciliation of changes in intangible assets other than goodwill [abstract] | |||
Intangible assets other than goodwill | (424) | (464) | |
Amortization charge | 31 | 28 | |
Foreign exchange differences | (58) | (3) | |
Transfers and other movements | 4 | 0 | |
Fully amortized intangible assets | 18 | 71 | |
Intangible assets other than goodwill | (491) | (424) | (464) |
Customer relationships and trade marks | |||
Reconciliation of changes in intangible assets other than goodwill [abstract] | |||
Intangible assets other than goodwill | 120 | ||
Intangible assets other than goodwill | 118 | 120 | |
Customer relationships and trade marks | Gross carrying amount | |||
Reconciliation of changes in intangible assets other than goodwill [abstract] | |||
Intangible assets other than goodwill | 1,100 | 1,077 | |
Acquisitions | 21 | 0 | |
Disposals | 0 | 0 | |
Foreign exchange differences | 97 | 22 | |
Transfers and other movements | (1) | 3 | |
Fully amortized intangible assets | (3) | (2) | |
Intangible assets other than goodwill | 1,214 | 1,100 | 1,077 |
Customer relationships and trade marks | Accumulated depreciation and impairment | |||
Reconciliation of changes in intangible assets other than goodwill [abstract] | |||
Intangible assets other than goodwill | (980) | (907) | |
Amortization charge | 31 | 60 | |
Foreign exchange differences | (89) | (15) | |
Transfers and other movements | 1 | 0 | |
Fully amortized intangible assets | 3 | 2 | |
Intangible assets other than goodwill | (1,096) | (980) | (907) |
Other | |||
Reconciliation of changes in intangible assets other than goodwill [abstract] | |||
Intangible assets other than goodwill | 31 | ||
Intangible assets other than goodwill | 50 | 31 | |
Other | Gross carrying amount | |||
Reconciliation of changes in intangible assets other than goodwill [abstract] | |||
Intangible assets other than goodwill | 56 | 36 | |
Acquisitions | 34 | 30 | |
Disposals | 0 | (5) | |
Foreign exchange differences | 9 | (1) | |
Transfers and other movements | (3) | (4) | |
Fully amortized intangible assets | 0 | 0 | |
Intangible assets other than goodwill | 96 | 56 | 36 |
Other | Accumulated depreciation and impairment | |||
Reconciliation of changes in intangible assets other than goodwill [abstract] | |||
Intangible assets other than goodwill | (25) | (23) | |
Amortization charge | 16 | 5 | |
Foreign exchange differences | (5) | 1 | |
Transfers and other movements | 0 | 2 | |
Fully amortized intangible assets | 0 | 0 | |
Intangible assets other than goodwill | $ (46) | $ (25) | $ (23) |
GOODWILL, INTANGIBLE AND TANG71
GOODWILL, INTANGIBLE AND TANGIBLE ASSETS - Property, Plant and Equipment and Biological Assets, Useful Lives (Details) | 12 Months Ended |
Dec. 31, 2017 | |
Buildings | Bottom of range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life | 10 years |
Buildings | Top of range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life | 50 years |
Property plant & equipment | Bottom of range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life | 15 years |
Property plant & equipment | Top of range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life | 50 years |
Auxiliary facilities | Bottom of range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life | 15 years |
Auxiliary facilities | Top of range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life | 45 years |
Other facilities | Bottom of range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life | 5 years |
Other facilities | Top of range | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful life | 20 years |
GOODWILL, INTANGIBLE AND TANG72
GOODWILL, INTANGIBLE AND TANGIBLE ASSETS - Property, Plant and Equipment and Biological Assets (Details) - USD ($) $ in Millions | Oct. 31, 2016 | Oct. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Reconciliation of changes in property, plant and equipment [abstract] | ||||||
Property, plant and equipment beginning balance | $ 34,831 | |||||
Impairment | $ 156 | $ 2,617 | $ 160 | $ 205 | $ 3,753 | |
Property, plant and equipment ending balance | 36,971 | 36,971 | 34,831 | |||
Property, plant and equipment, temporarily idle | 325 | 325 | 359 | |||
Property, plant and equipment, assets retired from active use and not classified as held for sale | 51 | 51 | 75 | |||
Brazil | ||||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||||
Property, plant and equipment, temporarily idle | 297 | 297 | 298 | |||
NAFTA | ||||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||||
Property, plant and equipment, temporarily idle | 6 | 6 | 43 | |||
Europe | ||||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||||
Property, plant and equipment, temporarily idle | 22 | 22 | 18 | |||
Gross carrying amount | ||||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||||
Property, plant and equipment beginning balance | 61,433 | 62,835 | ||||
Additions | 2,938 | 2,426 | ||||
Foreign exchange differences | 7,343 | (1,798) | ||||
Disposals | (958) | (1,543) | ||||
Divestments | (47) | (254) | ||||
Transfers to assets held for sale | (116) | (118) | ||||
Other movements | 33 | (115) | ||||
Property, plant and equipment ending balance | 70,626 | 70,626 | 61,433 | 62,835 | ||
Accumulated depreciation and impairment | ||||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||||
Property, plant and equipment beginning balance | (26,602) | (27,055) | ||||
Foreign exchange differences | (5,040) | 1,513 | ||||
Disposals | 882 | 1,472 | ||||
Divestments | 43 | 182 | ||||
Transfers to assets held for sale | 82 | 63 | ||||
Other movements | (124) | 56 | ||||
Depreciation charge for the year | 2,690 | 2,628 | ||||
Impairment | 206 | 205 | ||||
Property, plant and equipment ending balance | (33,655) | (33,655) | (26,602) | (27,055) | ||
Land, buildings and Improvements | ||||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||||
Property, plant and equipment beginning balance | 7,970 | |||||
Property, plant and equipment ending balance | 8,489 | 8,489 | 7,970 | |||
Land, buildings and Improvements | Gross carrying amount | ||||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||||
Property, plant and equipment beginning balance | 11,108 | 11,732 | ||||
Additions | 90 | 16 | ||||
Foreign exchange differences | 1,629 | (606) | ||||
Disposals | (97) | (129) | ||||
Divestments | (7) | (64) | ||||
Transfers to assets held for sale | (21) | (3) | ||||
Other movements | 143 | 162 | ||||
Property, plant and equipment ending balance | 12,845 | 12,845 | 11,108 | 11,732 | ||
Land, buildings and Improvements | Accumulated depreciation and impairment | ||||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||||
Property, plant and equipment beginning balance | (3,138) | (3,344) | ||||
Foreign exchange differences | (940) | 414 | ||||
Disposals | 61 | 103 | ||||
Divestments | 4 | 14 | ||||
Transfers to assets held for sale | 18 | 0 | ||||
Other movements | (22) | 0 | ||||
Depreciation charge for the year | 329 | 339 | ||||
Impairment | 10 | (14) | ||||
Property, plant and equipment ending balance | (4,356) | (4,356) | (3,138) | (3,344) | ||
Machinery, equipment and other | ||||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||||
Property, plant and equipment beginning balance | 23,337 | |||||
Property, plant and equipment ending balance | 24,474 | 24,474 | 23,337 | |||
Biological assets | 36 | 36 | 49 | |||
Bearer plants | 35 | 35 | 36 | |||
Machinery, equipment and other | Gross carrying amount | ||||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||||
Property, plant and equipment beginning balance | 43,317 | 43,934 | ||||
Additions | 357 | 299 | ||||
Foreign exchange differences | 5,560 | (1,122) | ||||
Disposals | (853) | (1,386) | ||||
Divestments | (40) | (186) | ||||
Transfers to assets held for sale | (95) | (97) | ||||
Other movements | 1,928 | 1,875 | ||||
Property, plant and equipment ending balance | 50,174 | 50,174 | 43,317 | 43,934 | ||
Machinery, equipment and other | Accumulated depreciation and impairment | ||||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||||
Property, plant and equipment beginning balance | (19,980) | (20,220) | ||||
Foreign exchange differences | (4,080) | 1,083 | ||||
Disposals | 820 | 1,336 | ||||
Divestments | 39 | 168 | ||||
Transfers to assets held for sale | 64 | 63 | ||||
Other movements | (118) | (13) | ||||
Depreciation charge for the year | 2,249 | 2,178 | ||||
Impairment | 196 | 219 | ||||
Property, plant and equipment ending balance | (25,700) | (25,700) | (19,980) | (20,220) | ||
Construction in progress | ||||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||||
Property, plant and equipment beginning balance | 2,264 | |||||
Property, plant and equipment ending balance | 2,744 | 2,744 | 2,264 | |||
Construction in progress | Gross carrying amount | ||||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||||
Property, plant and equipment beginning balance | 3,257 | 3,510 | ||||
Additions | 2,441 | 2,074 | ||||
Foreign exchange differences | 154 | (57) | ||||
Disposals | (7) | (24) | ||||
Divestments | 0 | (4) | ||||
Transfers to assets held for sale | 0 | (18) | ||||
Other movements | (2,113) | (2,224) | ||||
Property, plant and equipment ending balance | 3,732 | 3,732 | 3,257 | 3,510 | ||
Construction in progress | Accumulated depreciation and impairment | ||||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||||
Property, plant and equipment beginning balance | (993) | (1,060) | ||||
Foreign exchange differences | (18) | 15 | ||||
Disposals | 1 | 24 | ||||
Divestments | 0 | 0 | ||||
Transfers to assets held for sale | 0 | 0 | ||||
Other movements | 22 | 28 | ||||
Depreciation charge for the year | 0 | 0 | ||||
Impairment | 0 | 0 | ||||
Property, plant and equipment ending balance | (988) | (988) | (993) | (1,060) | ||
Mining Assets | ||||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||||
Property, plant and equipment beginning balance | 1,260 | |||||
Property, plant and equipment ending balance | 1,264 | 1,264 | 1,260 | |||
Mining Assets | Gross carrying amount | ||||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||||
Property, plant and equipment beginning balance | 3,751 | 3,659 | ||||
Additions | 50 | 37 | ||||
Foreign exchange differences | 0 | (13) | ||||
Disposals | (1) | (4) | ||||
Divestments | 0 | 0 | ||||
Transfers to assets held for sale | 0 | 0 | ||||
Other movements | 75 | 72 | ||||
Property, plant and equipment ending balance | 3,875 | 3,875 | 3,751 | 3,659 | ||
Mining Assets | Accumulated depreciation and impairment | ||||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||||
Property, plant and equipment beginning balance | (2,491) | (2,431) | ||||
Foreign exchange differences | (2) | 1 | ||||
Disposals | 0 | 9 | ||||
Divestments | 0 | 0 | ||||
Transfers to assets held for sale | 0 | 0 | ||||
Other movements | (6) | 41 | ||||
Depreciation charge for the year | 112 | 111 | ||||
Impairment | 0 | 0 | ||||
Property, plant and equipment ending balance | $ (2,611) | $ (2,611) | $ (2,491) | $ (2,431) | ||
Bottom of range | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Harvest cycle period | 6 years | |||||
Top of range | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Harvest cycle period | 7 years |
GOODWILL, INTANGIBLE AND TANG73
GOODWILL, INTANGIBLE AND TANGIBLE ASSETS - Property, Plant and Equipment and Biological Assets, Lease Arrangements (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of finance lease and operating lease by lessee [line items] | ||
Capitalized amount | $ 415 | $ 467 |
Minimum finance lease payments payable | 744 | 821 |
Less: future finance charges | 256 | 292 |
Present value of minimum lease payments | $ 488 | $ 529 |
Weighted average discount rate | 13.20% | 13.10% |
Top of range | ||
Disclosure of finance lease and operating lease by lessee [line items] | ||
Lease term | 14 years | 15 years |
Bottom of range | ||
Disclosure of finance lease and operating lease by lessee [line items] | ||
Lease term | 1 year | 1 year |
Less than 1 year | ||
Disclosure of finance lease and operating lease by lessee [line items] | ||
Minimum finance lease payments payable | $ 144 | $ 133 |
Later than one year and not later than five years | ||
Disclosure of finance lease and operating lease by lessee [line items] | ||
Minimum finance lease payments payable | 440 | 467 |
More than 5 years | ||
Disclosure of finance lease and operating lease by lessee [line items] | ||
Minimum finance lease payments payable | 160 | 221 |
Machinery, equipment and other | ||
Disclosure of finance lease and operating lease by lessee [line items] | ||
Capitalized amount | 364 | 421 |
Buildings | ||
Disclosure of finance lease and operating lease by lessee [line items] | ||
Capitalized amount | $ 51 | $ 46 |
GOODWILL, INTANGIBLE AND TANG74
GOODWILL, INTANGIBLE AND TANGIBLE ASSETS - Impairment of Intangible Assets, Including Goodwill, and Tangible Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Impairment loss recognised in profit or loss | $ 206 | $ 205 | $ 4,764 |
Goodwill | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Impairment loss recognised in profit or loss | 0 | 0 | 854 |
Intangible assets | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Impairment loss recognised in profit or loss | 0 | 0 | 157 |
Tangible assets | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Impairment loss recognised in profit or loss | $ 206 | $ 205 | $ 3,753 |
GOODWILL, INTANGIBLE AND TANG75
GOODWILL, INTANGIBLE AND TANGIBLE ASSETS - Impairment of Intangible Assets, Including Goodwill, and Tangible Assets, Impairment Test of Goodwill and Intangible Assets (Details) t in Millions | Oct. 31, 2017USD ($) | Oct. 31, 2015USD ($) | Dec. 31, 2017$ / tt | Dec. 31, 2015USD ($) | Dec. 31, 2016 | Oct. 31, 2016USD ($) |
Brazil | ||||||
Disclosure of information for cash-generating units [line items] | ||||||
Increase (decrease) in sales volume | t | 10.8 | |||||
Excess of recoverable amount over carrying amount | $ 1,307,000,000 | $ 555,000,000 | ||||
Increase in pre-tax discount rate (change in basis points) | 1.40% | 0.93% | ||||
Decrease in average selling price (change in %) | 1.37% | 1.03% | ||||
Decrease in shipments (change in %) | 4.11% | 2.36% | ||||
ACIS | ||||||
Disclosure of information for cash-generating units [line items] | ||||||
Increase (decrease) in sales volume | t | 13.1 | |||||
Excess of recoverable amount over carrying amount | $ 272,000,000 | $ 705,000,000 | ||||
Increase in pre-tax discount rate (change in basis points) | 0.72% | 1.91% | ||||
Decrease in average selling price (change in %) | 0.49% | 1.72% | ||||
Decrease in shipments (change in %) | 2.16% | 5.10% | ||||
Mining | ||||||
Disclosure of information for cash-generating units [line items] | ||||||
Impairment of goodwill | $ 900,000,000 | |||||
ArcelorMittal Princeton | Mining | ||||||
Disclosure of information for cash-generating units [line items] | ||||||
Impairment charge recognised on intangible assets and goodwill | $ 94,000,000 | |||||
ArcelorMittal Liberia | Mining | ||||||
Disclosure of information for cash-generating units [line items] | ||||||
Impairment charge recognised on intangible assets and goodwill | $ 63,000,000 | |||||
Cash-generating units | ||||||
Disclosure of information for cash-generating units [line items] | ||||||
Estimated growth rate | 2.00% | |||||
Impairment of goodwill | $ 0 | |||||
Cash-generating units | NAFTA | ||||||
Disclosure of information for cash-generating units [line items] | ||||||
Weighted average pre-tax discount rate used | 11.90% | 11.70% | ||||
Cash-generating units | Brazil | ||||||
Disclosure of information for cash-generating units [line items] | ||||||
Weighted average pre-tax discount rate used | 15.60% | 16.00% | ||||
Cash-generating units | Europe | ||||||
Disclosure of information for cash-generating units [line items] | ||||||
Weighted average pre-tax discount rate used | 11.00% | 10.90% | ||||
Cash-generating units | ACIS | ||||||
Disclosure of information for cash-generating units [line items] | ||||||
Weighted average pre-tax discount rate used | 16.30% | 18.70% | ||||
Cash-generating units | Top of range | ||||||
Disclosure of information for cash-generating units [line items] | ||||||
Iron ore | $ / t | 67 | |||||
Coking coal | $ / t | 168 | |||||
Cash-generating units | Bottom of range | ||||||
Disclosure of information for cash-generating units [line items] | ||||||
Iron ore | $ / t | 57 | |||||
Coking coal | $ / t | 118 |
GOODWILL, INTANGIBLE AND TANG76
GOODWILL, INTANGIBLE AND TANGIBLE ASSETS - Impairment of Intangible Assets, Including Goodwill, and Tangible Assets, Impairment Test of Property, Plant and Equipment (Details) $ in Millions | Oct. 31, 2016USD ($) | Sep. 30, 2016USD ($) | Oct. 31, 2015USD ($) | Dec. 31, 2017USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2016 | Dec. 31, 2017USD ($)cash_generating_unit | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014 |
Disclosure of information for cash-generating units [line items] | ||||||||||
Number of cash-generating units | cash_generating_unit | 59 | |||||||||
Impairment charge related for property, plant and equipment | $ 156 | $ 2,617 | $ 160 | $ 205 | $ 3,753 | |||||
Property, plant and equipment and biological assets | 36,971 | $ 36,971 | $ 34,831 | |||||||
Europe | Spain | ||||||||||
Disclosure of information for cash-generating units [line items] | ||||||||||
Impairment charge related for property, plant and equipment | $ 45 | |||||||||
ArcelorMittal Liberia | Mining | Liberia | ||||||||||
Disclosure of information for cash-generating units [line items] | ||||||||||
Impairment charge related for property, plant and equipment | 1,363 | |||||||||
Discount rate | 14.71% | 17.80% | ||||||||
Property, plant and equipment and biological assets | $ 25 | |||||||||
ArcelorMittal South Africa Ltd. (AMSA) | ||||||||||
Disclosure of information for cash-generating units [line items] | ||||||||||
Impairment charge related for property, plant and equipment | 206 | |||||||||
ArcelorMittal Zaragoza | Europe | ||||||||||
Disclosure of information for cash-generating units [line items] | ||||||||||
Impairment charge related for property, plant and equipment | $ 49 | |||||||||
Sestao facility | Europe | Spain | ||||||||||
Disclosure of information for cash-generating units [line items] | ||||||||||
Impairment charge related for property, plant and equipment | 335 | |||||||||
Georgetown facility | NAFTA | United States | ||||||||||
Disclosure of information for cash-generating units [line items] | ||||||||||
Impairment charge related for property, plant and equipment | 19 | |||||||||
Vereeniging meltshop | ACIS | South Africa | ||||||||||
Disclosure of information for cash-generating units [line items] | ||||||||||
Impairment charge related for property, plant and equipment | 27 | |||||||||
Long Carbon facilities | NAFTA | United States | ||||||||||
Disclosure of information for cash-generating units [line items] | ||||||||||
Impairment charge related for property, plant and equipment | 231 | |||||||||
ArcelorMittal Downstream Solutions | Europe | ||||||||||
Disclosure of information for cash-generating units [line items] | ||||||||||
Impairment charge related for property, plant and equipment | 18 | |||||||||
ArcelorMittal Point Lisas | Brazil | ||||||||||
Disclosure of information for cash-generating units [line items] | ||||||||||
Impairment charge related for property, plant and equipment | 176 | |||||||||
Indiana Harbor East and West | NAFTA | United States | ||||||||||
Disclosure of information for cash-generating units [line items] | ||||||||||
Impairment charge related for property, plant and equipment | $ 276 | |||||||||
Vanderbijlpark Facility | ACIS | South Africa | ||||||||||
Disclosure of information for cash-generating units [line items] | ||||||||||
Impairment charge related for property, plant and equipment | $ 125 | $ 86 | ||||||||
Discount rate | 15.23% | 14.97% | 14.71% | |||||||
Property, plant and equipment and biological assets | $ 296 | 296 | $ 330 | |||||||
Long Steel Products | ACIS | South Africa | ||||||||||
Disclosure of information for cash-generating units [line items] | ||||||||||
Impairment charge related for property, plant and equipment | $ 33 | $ 46 | ||||||||
Discount rate | 15.24% | 17.12% | 16.63% | 15.22% | ||||||
Property, plant and equipment and biological assets | $ 306 | $ 325 | $ 306 | |||||||
ArcelorMittal Princeton | Mining | United States | ||||||||||
Disclosure of information for cash-generating units [line items] | ||||||||||
Impairment charge related for property, plant and equipment | 590 | |||||||||
Discount rate | 8.50% | 11.00% | ||||||||
Property, plant and equipment and biological assets | $ 4 | |||||||||
Las Truchas Mines | Mining | Mexico | ||||||||||
Disclosure of information for cash-generating units [line items] | ||||||||||
Impairment charge related for property, plant and equipment | 220 | |||||||||
Discount rate | 10.96% | 12.26% | ||||||||
Property, plant and equipment and biological assets | $ 0 | |||||||||
ArcelorMittal Serra Azul | Mining | Brazil | ||||||||||
Disclosure of information for cash-generating units [line items] | ||||||||||
Impairment charge related for property, plant and equipment | 176 | |||||||||
Discount rate | 9.90% | 14.56% | ||||||||
Property, plant and equipment and biological assets | $ 0 | |||||||||
Volcan Mine | Mining | Mexico | ||||||||||
Disclosure of information for cash-generating units [line items] | ||||||||||
Impairment charge related for property, plant and equipment | 10 | |||||||||
Discount rate | 10.25% | 9.42% | ||||||||
Property, plant and equipment and biological assets | $ 0 | |||||||||
Saldanha facility | ACIS | South Africa | ||||||||||
Disclosure of information for cash-generating units [line items] | ||||||||||
Impairment charge related for property, plant and equipment | $ 258 | $ 46 | ||||||||
Discount rate | 14.18% | 11.90% | ||||||||
Property, plant and equipment and biological assets | $ 64 |
FINANCING AND FINANCIAL INSTR77
FINANCING AND FINANCIAL INSTRUMENTS - Summary of Assets and Liabilities Based on Categories (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets: | ||||
Cash and cash equivalents | $ 2,574 | $ 2,501 | $ 4,002 | $ 3,893 |
Restricted cash | 212 | 114 | ||
Trade accounts receivable and other | 3,863 | 2,974 | ||
Inventories | 17,986 | 14,734 | ||
Prepaid expenses and other current assets | 1,931 | 1,665 | ||
Assets held for sale | 179 | 259 | ||
Total current assets | 26,745 | 22,247 | ||
Non-current assets: | ||||
Goodwill and intangible assets | 5,737 | 5,651 | ||
Property, plant and equipment and biological assets | 36,971 | 34,831 | ||
Investments in associates and joint ventures | 5,084 | 4,297 | ||
Other investments | 1,471 | 926 | ||
Deferred tax assets | 7,055 | 5,837 | ||
Other assets | 2,234 | 1,353 | ||
Total non-current assets | 58,552 | 52,895 | ||
Total assets | 85,297 | 75,142 | ||
Current liabilities: | ||||
Short-term debt and current portion of long-term debt | 2,785 | 1,885 | ||
Trade accounts payable and other | 13,428 | 11,633 | ||
Short-term provisions | 410 | 426 | ||
Accrued expenses and other liabilities | 4,505 | 3,943 | ||
Income tax liabilities | 232 | 133 | ||
Liabilities held for sale | 50 | 95 | ||
Total current liabilities | 21,410 | 18,115 | ||
Non-current liabilities: | ||||
Long-term debt, net of current portion | 10,143 | 11,789 | ||
Deferred tax liabilities | 2,684 | 2,529 | ||
Deferred employee benefits | 7,630 | 8,297 | ||
Long-term provisions | 1,612 | 1,521 | 1,434 | |
Other long-term obligations | 963 | 566 | ||
Total non-current liabilities | 23,032 | 24,702 | ||
Total liabilities | 44,442 | 42,817 | ||
Equity: | ||||
Equity attributable to the equity holders of the parent | 38,789 | 30,135 | ||
Non-controlling interests | 2,066 | 2,190 | ||
Total equity | 40,855 | 32,325 | $ 27,570 | $ 45,160 |
Total liabilities and equity | 85,297 | 75,142 | ||
Non-financial liabilities | ||||
Current liabilities: | ||||
Short-term debt and current portion of long-term debt | 0 | 0 | ||
Trade accounts payable and other | 0 | 0 | ||
Short-term provisions | 394 | 410 | ||
Accrued expenses and other liabilities | 1,080 | 880 | ||
Income tax liabilities | 232 | 133 | ||
Liabilities held for sale | 50 | 95 | ||
Total current liabilities | 1,756 | 1,518 | ||
Non-current liabilities: | ||||
Long-term debt, net of current portion | 0 | 0 | ||
Deferred tax liabilities | 2,684 | 2,529 | ||
Deferred employee benefits | 7,630 | 8,297 | ||
Long-term provisions | 1,612 | 1,518 | ||
Other long-term obligations | 204 | 186 | ||
Total non-current liabilities | 12,130 | 12,530 | ||
Equity: | ||||
Equity attributable to the equity holders of the parent | 38,789 | 30,135 | ||
Non-controlling interests | 2,066 | 2,190 | ||
Total equity | 40,855 | 32,325 | ||
Total liabilities and equity | 54,741 | 46,373 | ||
Financial liabilities | Liabilities at amortized cost | ||||
Current liabilities: | ||||
Short-term debt and current portion of long-term debt | 2,785 | 1,885 | ||
Trade accounts payable and other | 13,428 | 11,633 | ||
Short-term provisions | 16 | 16 | ||
Accrued expenses and other liabilities | 3,100 | 2,837 | ||
Income tax liabilities | 0 | 0 | ||
Liabilities held for sale | 0 | 0 | ||
Total current liabilities | 19,329 | 16,371 | ||
Non-current liabilities: | ||||
Long-term debt, net of current portion | 10,143 | 11,789 | ||
Deferred tax liabilities | 0 | 0 | ||
Deferred employee benefits | 0 | 0 | ||
Long-term provisions | 0 | 3 | ||
Other long-term obligations | 415 | 310 | ||
Total non-current liabilities | 10,558 | 12,102 | ||
Equity: | ||||
Total liabilities and equity | 29,887 | 28,473 | ||
Financial liabilities | Fair value recognized in profit or loss | ||||
Current liabilities: | ||||
Short-term debt and current portion of long-term debt | 0 | 0 | ||
Trade accounts payable and other | 0 | 0 | ||
Short-term provisions | 0 | 0 | ||
Accrued expenses and other liabilities | 0 | 0 | ||
Income tax liabilities | 0 | 0 | ||
Liabilities held for sale | 0 | 0 | ||
Total current liabilities | 0 | 0 | ||
Non-current liabilities: | ||||
Long-term debt, net of current portion | 0 | 0 | ||
Deferred tax liabilities | 0 | 0 | ||
Deferred employee benefits | 0 | 0 | ||
Long-term provisions | 0 | 0 | ||
Other long-term obligations | 0 | 0 | ||
Total non-current liabilities | 0 | 0 | ||
Financial liabilities | Derivatives | ||||
Current liabilities: | ||||
Short-term debt and current portion of long-term debt | 0 | 0 | ||
Trade accounts payable and other | 0 | 0 | ||
Short-term provisions | 0 | 0 | ||
Accrued expenses and other liabilities | 325 | 226 | ||
Income tax liabilities | 0 | 0 | ||
Liabilities held for sale | 0 | 0 | ||
Total current liabilities | 325 | 226 | ||
Non-current liabilities: | ||||
Long-term debt, net of current portion | 0 | 0 | ||
Deferred tax liabilities | 0 | 0 | ||
Deferred employee benefits | 0 | 0 | ||
Long-term provisions | 0 | 0 | ||
Other long-term obligations | 344 | 70 | ||
Total non-current liabilities | 344 | 70 | ||
Equity: | ||||
Total liabilities and equity | 669 | 296 | ||
Non-financial assets | ||||
Current assets: | ||||
Cash and cash equivalents | 0 | 0 | ||
Restricted cash | 0 | 0 | ||
Trade accounts receivable and other | 0 | 0 | ||
Inventories | 17,986 | 14,734 | ||
Prepaid expenses and other current assets | 1,270 | 967 | ||
Assets held for sale | 179 | 259 | ||
Total current assets | 19,435 | 15,960 | ||
Non-current assets: | ||||
Goodwill and intangible assets | 5,737 | 5,651 | ||
Property, plant and equipment and biological assets | 36,935 | 34,782 | ||
Investments in associates and joint ventures | 5,084 | 4,297 | ||
Other investments | 0 | 0 | ||
Deferred tax assets | 7,055 | 5,837 | ||
Other assets | 411 | 408 | ||
Total non-current assets | 55,222 | 50,975 | ||
Total assets | 74,657 | 66,935 | ||
Financial assets | Loan and receivables | ||||
Current assets: | ||||
Cash and cash equivalents | 2,574 | 2,501 | ||
Restricted cash | 212 | 114 | ||
Trade accounts receivable and other | 3,863 | 2,974 | ||
Inventories | 0 | 0 | ||
Prepaid expenses and other current assets | 574 | 455 | ||
Assets held for sale | 0 | 0 | ||
Total current assets | 7,223 | 6,044 | ||
Non-current assets: | ||||
Goodwill and intangible assets | 0 | 0 | ||
Property, plant and equipment and biological assets | 0 | 0 | ||
Investments in associates and joint ventures | 0 | 0 | ||
Other investments | 0 | 0 | ||
Deferred tax assets | 0 | 0 | ||
Other assets | 834 | 756 | ||
Total non-current assets | 834 | 756 | ||
Total assets | 8,057 | 6,800 | ||
Financial assets | Fair value recognized in profit or loss | ||||
Current assets: | ||||
Cash and cash equivalents | 0 | 0 | ||
Restricted cash | 0 | 0 | ||
Trade accounts receivable and other | 0 | 0 | ||
Inventories | 0 | 0 | ||
Prepaid expenses and other current assets | 0 | 0 | ||
Assets held for sale | 0 | 0 | ||
Total current assets | 0 | 0 | ||
Non-current assets: | ||||
Goodwill and intangible assets | 0 | 0 | ||
Property, plant and equipment and biological assets | 36 | 49 | ||
Investments in associates and joint ventures | 0 | 0 | ||
Other investments | 0 | 0 | ||
Deferred tax assets | 0 | 0 | ||
Other assets | 0 | 0 | ||
Total non-current assets | 36 | 49 | ||
Total assets | 36 | 49 | ||
Financial assets | Available-for-sale assets | ||||
Current assets: | ||||
Cash and cash equivalents | 0 | 0 | ||
Restricted cash | 0 | 0 | ||
Trade accounts receivable and other | 0 | 0 | ||
Inventories | 0 | 0 | ||
Prepaid expenses and other current assets | 0 | 0 | ||
Assets held for sale | 0 | 0 | ||
Total current assets | 0 | 0 | ||
Non-current assets: | ||||
Goodwill and intangible assets | 0 | 0 | ||
Property, plant and equipment and biological assets | 0 | 0 | ||
Investments in associates and joint ventures | 0 | 0 | ||
Other investments | 1,471 | 926 | ||
Deferred tax assets | 0 | 0 | ||
Other assets | 0 | 0 | ||
Total non-current assets | 1,471 | 926 | ||
Total assets | 1,471 | 926 | ||
Financial assets | Derivatives | ||||
Current assets: | ||||
Cash and cash equivalents | 0 | 0 | ||
Restricted cash | 0 | 0 | ||
Trade accounts receivable and other | 0 | 0 | ||
Inventories | 0 | 0 | ||
Prepaid expenses and other current assets | 87 | 243 | ||
Assets held for sale | 0 | 0 | ||
Total current assets | 87 | 243 | ||
Non-current assets: | ||||
Goodwill and intangible assets | 0 | 0 | ||
Property, plant and equipment and biological assets | 0 | 0 | ||
Investments in associates and joint ventures | 0 | 0 | ||
Other investments | 0 | 0 | ||
Deferred tax assets | 0 | 0 | ||
Other assets | 989 | 189 | ||
Total non-current assets | 989 | 189 | ||
Total assets | $ 1,076 | $ 432 |
FINANCING AND FINANCIAL INSTR78
FINANCING AND FINANCIAL INSTRUMENTS - Schedule of Assets and Liabilities at Fair Value (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of fair value measurement of assets [line items] | ||
Total assets | $ 85,297 | $ 75,142 |
Total liabilities | 44,442 | 42,817 |
Other investments | 1,471 | 926 |
Recurring fair value measurement | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 2,520 | 1,326 |
Total liabilities | 669 | 296 |
Recurring fair value measurement | Level 1 | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 1,444 | 894 |
Total liabilities | 0 | 0 |
Recurring fair value measurement | Level 2 | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 92 | 257 |
Total liabilities | 405 | 263 |
Recurring fair value measurement | Level 3 | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 984 | 175 |
Total liabilities | 264 | 33 |
Recurring fair value measurement | Derivative financial current liabilities | ||
Disclosure of fair value measurement of assets [line items] | ||
Total liabilities | 325 | 226 |
Recurring fair value measurement | Derivative financial current liabilities | Level 1 | ||
Disclosure of fair value measurement of assets [line items] | ||
Total liabilities | 0 | 0 |
Recurring fair value measurement | Derivative financial current liabilities | Level 2 | ||
Disclosure of fair value measurement of assets [line items] | ||
Total liabilities | 247 | 226 |
Recurring fair value measurement | Derivative financial current liabilities | Level 3 | ||
Disclosure of fair value measurement of assets [line items] | ||
Total liabilities | 78 | 0 |
Recurring fair value measurement | Derivative financial non-current liabilities | ||
Disclosure of fair value measurement of assets [line items] | ||
Total liabilities | 344 | 70 |
Recurring fair value measurement | Derivative financial non-current liabilities | Level 1 | ||
Disclosure of fair value measurement of assets [line items] | ||
Total liabilities | 0 | 0 |
Recurring fair value measurement | Derivative financial non-current liabilities | Level 2 | ||
Disclosure of fair value measurement of assets [line items] | ||
Total liabilities | 158 | 37 |
Recurring fair value measurement | Derivative financial non-current liabilities | Level 3 | ||
Disclosure of fair value measurement of assets [line items] | ||
Total liabilities | 186 | 33 |
Recurring fair value measurement | Available-for-sale financial assets1 | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 1,444 | 894 |
Recurring fair value measurement | Available-for-sale financial assets1 | Level 1 | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 1,444 | 894 |
Recurring fair value measurement | Available-for-sale financial assets1 | Level 2 | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 0 | 0 |
Recurring fair value measurement | Available-for-sale financial assets1 | Level 3 | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 0 | 0 |
Recurring fair value measurement | Derivative financial current assets | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 87 | 243 |
Recurring fair value measurement | Derivative financial current assets | Level 1 | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 0 | 0 |
Recurring fair value measurement | Derivative financial current assets | Level 2 | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 87 | 243 |
Recurring fair value measurement | Derivative financial current assets | Level 3 | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 0 | 0 |
Recurring fair value measurement | Derivative financial non-current assets | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 989 | 189 |
Recurring fair value measurement | Derivative financial non-current assets | Level 1 | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 0 | 0 |
Recurring fair value measurement | Derivative financial non-current assets | Level 2 | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 5 | 14 |
Recurring fair value measurement | Derivative financial non-current assets | Level 3 | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 984 | 175 |
At cost | ||
Disclosure of fair value measurement of assets [line items] | ||
Other investments | $ 27 | $ 32 |
FINANCING AND FINANCIAL INSTR79
FINANCING AND FINANCIAL INSTRUMENTS - Gross Debt - Short-term Debt (Details) $ in Millions | Dec. 31, 2017USD ($) | Dec. 31, 2017EUR (€) | Dec. 31, 2017CAD | Sep. 15, 2017USD ($) | Sep. 15, 2017CAD | Dec. 31, 2016USD ($) |
Disclosure of detailed information about borrowings [line items] | ||||||
Current portion of long-term debt and lease obligations | $ 976 | $ 697 | ||||
Total | 2,785 | 1,885 | ||||
Short-term bank loans and other credit facilities including commercial paper | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Short-term bank loans and other credit facilities including commercial paper | $ 1,735 | $ 1,123 | ||||
Short-term bank loans and other credit facilities including commercial paper | Weighted average | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Borrowings, interest rate | 3.10% | 3.10% | 3.10% | 2.70% | ||
Current portion of long-term debt | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Current portion of long-term debt and lease obligations | $ 976 | $ 697 | ||||
Lease obligations | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Current portion of long-term debt and lease obligations | 74 | 65 | ||||
Short-term bilateral credit facility | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Undrawn borrowing facilities | 800 | |||||
Short-term bank loan due various dates 2017 and 2018 | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Short-term bank loans and other credit facilities including commercial paper | 188 | CAD 236,000,000 | ||||
Notional amount | $ 771 | CAD 936,000,000 | ||||
Commercial paper | ||||||
Disclosure of detailed information about borrowings [line items] | ||||||
Short-term bank loans and other credit facilities including commercial paper | $ 1,125 | $ 392 | ||||
Amount of potential borrowings | € | € 1,000,000,000 |
FINANCING AND FINANCIAL INSTR80
FINANCING AND FINANCIAL INSTRUMENTS - Gross Debt - Long-term Debt (Details) | Dec. 31, 2017USD ($) | Dec. 31, 2017EUR (€) | Dec. 31, 2017CHF (SFr) | Dec. 28, 2017USD ($) | Dec. 04, 2017 | Nov. 17, 2017EUR (€) | Apr. 07, 2017USD ($) | Apr. 03, 2017 | Dec. 31, 2016USD ($) | Jul. 03, 2015 | Jun. 01, 2015 | Apr. 09, 2015 | Jan. 14, 2015 | Jul. 04, 2014 | Mar. 25, 2014 | Mar. 29, 2012 | Feb. 28, 2012 | Mar. 07, 2011 | Aug. 05, 2010 |
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||
Borrowings | $ 12,928,000,000 | ||||||||||||||||||
Less current portion of long-term debt | (976,000,000) | $ (697,000,000) | |||||||||||||||||
Total long-term debt, net of current portion | 10,143,000,000 | 11,789,000,000 | |||||||||||||||||
Long-term debt | |||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||
Borrowings | 10,705,000,000 | 12,022,000,000 | |||||||||||||||||
Total long-term debt (excluding lease obligations) | |||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||
Less current portion of long-term debt | (976,000,000) | (697,000,000) | |||||||||||||||||
Total long-term debt, net of current portion | 9,729,000,000 | 11,325,000,000 | |||||||||||||||||
Corporate Borrowings | |||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||
Borrowings | 10,513,000,000 | 11,794,000,000 | |||||||||||||||||
5.5 billion Revolving Credit Facility - 2.3 billion tranche, Due in 2019 | |||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||
Borrowings | 0 | 0 | |||||||||||||||||
5.5 billion Revolving Credit Facility - 3.2 billion tranche, Due in 2021 | |||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||
Borrowings | 0 | 0 | |||||||||||||||||
€1.0 billion Unsecured Bonds, Due in 2017 | |||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||
Notional amount | € | € 1,000,000,000 | ||||||||||||||||||
Borrowings, interest rate | 4.625% | ||||||||||||||||||
Borrowings | 0 | € 1,000,000,000 | $ 568,000,000 | ||||||||||||||||
€1.0 billion Unsecured Bonds, Due in 2017 | Fixed interest rate | |||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||
Borrowings, interest rate | 5.88% | ||||||||||||||||||
€500 million Unsecured Notes, Due in 2018 | |||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||
Notional amount | € | € 500,000,000 | ||||||||||||||||||
Borrowings | $ 400,000,000 | $ 351,000,000 | |||||||||||||||||
€500 million Unsecured Notes, Due in 2018 | Fixed interest rate | |||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||
Borrowings, interest rate | 5.75% | 5.75% | 5.75% | 4.50% | |||||||||||||||
€400 million Unsecured Notes, Due in 2018 | |||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||
Notional amount | € | € 400,000,000 | ||||||||||||||||||
Borrowings | $ 480,000,000 | 421,000,000 | |||||||||||||||||
€400 million Unsecured Notes, Due in 2018 | Floating interest rate | |||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||
Borrowings, interest rate | 1.70% | 1.70% | 1.70% | ||||||||||||||||
1.5 billion Unsecured Notes, Due in 2018 | |||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||
Notional amount | $ 1,500,000,000 | $ 1,500,000,000 | |||||||||||||||||
Borrowings | 0 | $ 648,000,000 | |||||||||||||||||
1.5 billion Unsecured Notes, Due in 2018 | Fixed interest rate | |||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||
Borrowings, interest rate | 6.125% | 6.13% | |||||||||||||||||
€750 million Unsecured Notes, Due in 2019 | |||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||
Notional amount | € | € 750,000,000 | ||||||||||||||||||
Borrowings | $ 897,000,000 | $ 788,000,000 | |||||||||||||||||
€750 million Unsecured Notes, Due in 2019 | Fixed interest rate | |||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||
Borrowings, interest rate | 3.00% | 3.00% | 3.00% | 3.00% | |||||||||||||||
1.5 billion Unsecured Notes, Due in 2019 | |||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||
Notional amount | $ 1,500,000,000 | ||||||||||||||||||
Borrowings | 0 | $ 842,000,000 | |||||||||||||||||
1.5 billion Unsecured Notes, Due in 2019 | Fixed interest rate | |||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||
Borrowings, interest rate | 9.85% | 10.60% | |||||||||||||||||
500 Unsecured Notes, Due in 2020 | |||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||
Notional amount | 500,000,000 | ||||||||||||||||||
Borrowings | $ 323,000,000 | $ 323,000,000 | |||||||||||||||||
500 Unsecured Notes, Due in 2020 | Fixed interest rate | |||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||
Borrowings, interest rate | 5.13% | 5.13% | 5.13% | 5.13% | |||||||||||||||
CHF 225 million Unsecured Notes, Due in 2020 | |||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||
Notional amount | SFr | SFr 225,000,000 | ||||||||||||||||||
Borrowings | $ 230,000,000 | 220,000,000 | |||||||||||||||||
CHF 225 million Unsecured Notes, Due in 2020 | Fixed interest rate | |||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||
Borrowings, interest rate | 2.50% | 2.50% | 2.50% | 2.50% | |||||||||||||||
€600 million Unsecured Notes, Due in 2020 | |||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||
Notional amount | € | € 600,000,000 | ||||||||||||||||||
Borrowings | $ 715,000,000 | 627,000,000 | |||||||||||||||||
€600 million Unsecured Notes, Due in 2020 | Fixed interest rate | |||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||
Borrowings, interest rate | 2.88% | 2.88% | 2.88% | 2.88% | |||||||||||||||
1.0 billion Unsecured Bonds, Due in 2020 | |||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||
Notional amount | $ 1,000,000,000 | ||||||||||||||||||
Borrowings | $ 622,000,000 | 620,000,000 | |||||||||||||||||
1.0 billion Unsecured Bonds, Due in 2020 | Fixed interest rate | |||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||
Borrowings, interest rate | 5.75% | 5.75% | 5.75% | 5.25% | |||||||||||||||
1.5 billion Unsecured Notes, Due in 2021 | |||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||
Notional amount | $ 1,500,000,000 | ||||||||||||||||||
Borrowings | $ 753,000,000 | 752,000,000 | |||||||||||||||||
1.5 billion Unsecured Notes, Due in 2021 | Fixed interest rate | |||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||
Borrowings, interest rate | 6.00% | 6.00% | 6.00% | 5.50% | |||||||||||||||
€500 million Unsecured Notes, Due in 2021 | |||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||
Notional amount | € | € 500,000,000 | ||||||||||||||||||
Borrowings | $ 597,000,000 | 523,000,000 | |||||||||||||||||
€500 million Unsecured Notes, Due in 2021 | Fixed interest rate | |||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||
Borrowings, interest rate | 3.00% | 3.00% | 3.00% | 3.00% | |||||||||||||||
€750 million Unsecured Notes, Due in 2022 | |||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||
Notional amount | € | € 750,000,000 | ||||||||||||||||||
Borrowings | $ 895,000,000 | 786,000,000 | |||||||||||||||||
€750 million Unsecured Notes, Due in 2022 | Fixed interest rate | |||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||
Borrowings, interest rate | 3.13% | 3.13% | 3.13% | 3.13% | |||||||||||||||
1.1 billion Unsecured Notes, Due in 2022 | |||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||
Notional amount | $ 1,100,000,000 | ||||||||||||||||||
Borrowings | $ 655,000,000 | 1,092,000,000 | |||||||||||||||||
1.1 billion Unsecured Notes, Due in 2022 | Fixed interest rate | |||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||
Borrowings, interest rate | 6.75% | 6.75% | 6.75% | 6.25% | |||||||||||||||
€500 million Unsecured Notes, Due in 2023 | |||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||
Notional amount | € | € 500,000,000 | ||||||||||||||||||
Borrowings | $ 593,000,000 | 0 | |||||||||||||||||
€500 million Unsecured Notes, Due in 2023 | Fixed interest rate | |||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||
Notional amount | € | € 500,000,000 | ||||||||||||||||||
Borrowings, interest rate | 0.95% | 0.95% | 0.95% | 0.95% | |||||||||||||||
500 Unsecured Notes, Due in 2025 | |||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||
Notional amount | $ 500,000,000 | ||||||||||||||||||
Borrowings | $ 497,000,000 | 497,000,000 | |||||||||||||||||
500 Unsecured Notes, Due in 2025 | Fixed interest rate | |||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||
Borrowings, interest rate | 6.13% | 6.13% | 6.13% | 6.13% | |||||||||||||||
1.5 billion Unsecured Bonds, Due in 2039 | |||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||
Notional amount | $ 1,500,000,000 | ||||||||||||||||||
Borrowings | $ 1,092,000,000 | 1,466,000,000 | |||||||||||||||||
1.5 billion Unsecured Bonds, Due in 2039 | Fixed interest rate | |||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||
Borrowings, interest rate | 7.50% | 7.50% | 7.50% | ||||||||||||||||
1.0 billion Unsecured Notes, Due in 2041 | |||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||
Notional amount | $ 1,000,000,000 | ||||||||||||||||||
Borrowings | $ 619,000,000 | 984,000,000 | |||||||||||||||||
1.0 billion Unsecured Notes, Due in 2041 | Fixed interest rate | |||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||
Borrowings, interest rate | 7.25% | 7.25% | 7.25% | 6.75% | |||||||||||||||
Other Loans, Due in 2018-2021 | |||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||
Borrowings | $ 53,000,000 | 29,000,000 | |||||||||||||||||
Other Loans, Due in 2018-2021 | Fixed interest rate | Bottom of range | |||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||
Borrowings, interest rate | 1.25% | 1.25% | 1.25% | ||||||||||||||||
Other Loans, Due in 2018-2021 | Fixed interest rate | Top of range | |||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||
Borrowings, interest rate | 2.15% | 2.15% | 2.15% | ||||||||||||||||
EIB loan | |||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||
Borrowings | $ 420,000,000 | € 350,000,000 | 0 | ||||||||||||||||
EIB loan | Fixed interest rate | |||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||
Borrowings, interest rate | 1.16% | 1.16% | 1.16% | ||||||||||||||||
ICO loan | |||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||
Borrowings | $ 0 | $ 7,000,000 | $ 7,000,000 | ||||||||||||||||
ICO loan | Floating interest rate | |||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||
Borrowings, interest rate | 2.18% | ||||||||||||||||||
Other Loans, Due in 2018-2035 | |||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||
Borrowings | $ 672,000,000 | $ 250,000,000 | |||||||||||||||||
Other Loans, Due in 2018-2035 | Floating interest rate | Bottom of range | |||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||
Borrowings, interest rate | 0.01% | 0.01% | 0.01% | ||||||||||||||||
Other Loans, Due in 2018-2035 | Floating interest rate | Top of range | |||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||
Borrowings, interest rate | 3.99% | 3.99% | 3.99% | ||||||||||||||||
Other Loans, Fixed/Floating, Due in 2018-2025 | |||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||
Borrowings | $ 107,000,000 | 198,000,000 | |||||||||||||||||
Other Loans, Fixed/Floating, Due in 2018-2025 | Bottom of range | |||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||
Borrowings, interest rate | 0.00% | 0.00% | 0.00% | ||||||||||||||||
Other Loans, Fixed/Floating, Due in 2018-2025 | Top of range | |||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||
Borrowings, interest rate | 10.00% | 10.00% | 10.00% | ||||||||||||||||
Other Loans, Fixed/Floating, Due in 2019-2025 | |||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||
Borrowings | $ 85,000,000 | 30,000,000 | |||||||||||||||||
Other Loans, Fixed/Floating, Due in 2019-2025 | Bottom of range | |||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||
Borrowings, interest rate | 0.00% | 0.00% | 0.00% | ||||||||||||||||
Other Loans, Fixed/Floating, Due in 2019-2025 | Top of range | |||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||
Borrowings, interest rate | 4.63% | 4.63% | 4.63% | ||||||||||||||||
Lease obligations | |||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||
Less current portion of long-term debt | $ (74,000,000) | (65,000,000) | |||||||||||||||||
Total long-term debt, net of current portion | $ 414,000,000 | $ 464,000,000 |
FINANCING AND FINANCIAL INSTR81
FINANCING AND FINANCIAL INSTRUMENTS - Gross Debt - Long-Term Debt, Corporate (Details) - USD ($) | Dec. 21, 2016 | Dec. 31, 2017 | Apr. 30, 2015 |
5.5 Billion Revolving Credit Facility | |||
Disclosure of detailed information about borrowings [line items] | |||
Line of credit, maximum borrowing capacity | $ 5,500,000,000 | $ 5,500,000,000 | |
Undrawn borrowing facilities | 5,500,000,000 | ||
5.5 billion Revolving Credit Facility - 2.3 billion tranche, Due in 2019 | |||
Disclosure of detailed information about borrowings [line items] | |||
Line of credit, maximum borrowing capacity | $ 2,300,000,000 | 2,300,000,000 | |
Borrowings maturity, term (in years) | 3 years | ||
5.5 billion Revolving Credit Facility - 3.2 billion tranche, Due in 2021 | |||
Disclosure of detailed information about borrowings [line items] | |||
Line of credit, maximum borrowing capacity | $ 3,200,000,000 | $ 3,200,000,000 | |
Borrowings maturity, term (in years) | 5 years | ||
6 Billion Revolving Credit Facility | |||
Disclosure of detailed information about borrowings [line items] | |||
Line of credit, maximum borrowing capacity | $ 6,000,000,000 |
FINANCING AND FINANCIAL INSTR82
FINANCING AND FINANCIAL INSTRUMENTS - Gross Debt - Long-Term Debt, Bonds (Details) | Dec. 28, 2017USD ($) | Nov. 17, 2017USD ($) | Nov. 17, 2017EUR (€) | Oct. 16, 2017USD ($) | Apr. 03, 2017USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2017EUR (€) | Dec. 04, 2017USD ($) | Dec. 04, 2017EUR (€) |
Disclosure of detailed information about borrowings [line items] | |||||||||||
Repayments of non-current borrowings | $ 2,691,000,000 | $ 4,912,000,000 | $ 501,000,000 | ||||||||
Borrowings | 12,928,000,000 | ||||||||||
Premiums and other fees | 389,000,000 | ||||||||||
1.5 billion Unsecured Notes, Due in 2018 | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Extinguishment of debt, amount | $ 644,000,000 | ||||||||||
Notional amount | 1,500,000,000 | 1,500,000,000 | |||||||||
Repayments of non-current borrowings | $ 658,000,000 | ||||||||||
Borrowings | 0 | $ 648,000,000 | |||||||||
1.5 billion Unsecured Notes, Due in 2018 | Fixed interest rate | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Borrowings, interest rate | 6.125% | 6.13% | |||||||||
Euro Medium Term Notes Programme | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Notional amount | $ 600,000,000 | € 500,000,000 | |||||||||
Euro Medium Term Notes Programme | Floating interest rate | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Borrowings, interest rate | 0.95% | 0.95% | |||||||||
€1.0 billion Unsecured Bonds, Due in 2017 | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Notional amount | € | € 1,000,000,000 | ||||||||||
Borrowings, interest rate | 4.625% | ||||||||||
Repayments of non-current borrowings | $ 647,000,000 | € 540,000,000 | |||||||||
Borrowings | € 1,000,000,000 | 0 | $ 568,000,000 | ||||||||
€1.0 billion Unsecured Bonds, Due in 2017 | Fixed interest rate | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Borrowings, interest rate | 5.88% | ||||||||||
USD 2022 Notes | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Extinguishment of debt, amount | $ 441,000,000 | ||||||||||
Repayments of non-current borrowings | 510,000,000 | ||||||||||
Borrowings | $ 659,000,000 | ||||||||||
USD 2022 Notes | Fixed interest rate | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Borrowings, interest rate | 6.25% | ||||||||||
USD 2041 Notes | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Extinguishment of debt, amount | $ 371,000,000 | ||||||||||
Repayments of non-current borrowings | 445,000,000 | ||||||||||
Borrowings | $ 629,000,000 | ||||||||||
USD 2041 Notes | Fixed interest rate | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Borrowings, interest rate | 6.75% | ||||||||||
USD 2039 Notes | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Extinguishment of debt, amount | $ 383,000,000 | ||||||||||
Repayments of non-current borrowings | 464,000,000 | ||||||||||
Borrowings | $ 1,117,000,000 | ||||||||||
USD 2039 Notes | Fixed interest rate | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Borrowings, interest rate | 7.00% | ||||||||||
1.5 billion Unsecured Notes, Due in 2019 | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Extinguishment of debt, amount | $ 1,500,000,000 | ||||||||||
Notional amount | 1,500,000,000 | ||||||||||
Repayments of non-current borrowings | $ 1,040,000,000 | ||||||||||
Borrowings | $ 0 | $ 842,000,000 | |||||||||
1.5 billion Unsecured Notes, Due in 2019 | Fixed interest rate | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Borrowings, interest rate | 9.85% | 10.60% |
FINANCING AND FINANCIAL INSTR83
FINANCING AND FINANCIAL INSTRUMENTS - Gross Debt - Interest Rate "Step-Up" and Narrative (Details) | Dec. 31, 2017USD ($) | Dec. 31, 2017EUR (€) | Dec. 31, 2017ZAR | Dec. 31, 2017CHF (SFr) | Dec. 21, 2017USD ($) | Dec. 04, 2017 | Oct. 09, 2017USD ($) | Oct. 09, 2017EUR (€) | May 25, 2017ZAR | Apr. 07, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 16, 2016EUR (€) | May 23, 2016USD ($) | Jul. 03, 2015 | Jun. 01, 2015 | Apr. 09, 2015 | Jan. 14, 2015 | Jul. 04, 2014 | Mar. 25, 2014 | Mar. 29, 2012 | Feb. 28, 2012 | Mar. 07, 2011 | Aug. 05, 2010 | Oct. 08, 2009 |
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||
Borrowings | $ 12,928,000,000 | |||||||||||||||||||||||
€400 million Unsecured Notes, Due in 2018 | ||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||
Notional amount | € | € 400,000,000 | |||||||||||||||||||||||
Borrowings issuance price percentage | 100.00% | |||||||||||||||||||||||
Borrowings | $ 480,000,000 | $ 421,000,000 | ||||||||||||||||||||||
€400 million Unsecured Notes, Due in 2018 | Floating interest rate | ||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||
Borrowings, adjustment to interest rate basis | 2.03% | 2.03% | 2.03% | 2.03% | 2.03% | |||||||||||||||||||
Borrowings, interest rate | 1.70% | 1.70% | 1.70% | 1.70% | ||||||||||||||||||||
€500 million Unsecured Notes, Due in 2018 | ||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||
Notional amount | € | € 500,000,000 | |||||||||||||||||||||||
Borrowings issuance price percentage | 99.71% | |||||||||||||||||||||||
Borrowings | $ 400,000,000 | 351,000,000 | ||||||||||||||||||||||
€500 million Unsecured Notes, Due in 2018 | Fixed interest rate | ||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||
Borrowings, interest rate | 5.75% | 5.75% | 5.75% | 5.75% | 4.50% | |||||||||||||||||||
€750 million Unsecured Notes, Due in 2019 | ||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||
Notional amount | € | € 750,000,000 | |||||||||||||||||||||||
Borrowings issuance price percentage | 99.65% | |||||||||||||||||||||||
Borrowings | $ 897,000,000 | 788,000,000 | ||||||||||||||||||||||
€750 million Unsecured Notes, Due in 2019 | Fixed interest rate | ||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||
Borrowings, interest rate | 3.00% | 3.00% | 3.00% | 3.00% | 3.00% | |||||||||||||||||||
500 Unsecured Notes, Due in 2020 | ||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||
Notional amount | $ 500,000,000 | |||||||||||||||||||||||
Borrowings issuance price percentage | 100.00% | |||||||||||||||||||||||
Borrowings | $ 323,000,000 | 323,000,000 | ||||||||||||||||||||||
500 Unsecured Notes, Due in 2020 | Fixed interest rate | ||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||
Borrowings, interest rate | 5.13% | 5.13% | 5.13% | 5.13% | 5.13% | |||||||||||||||||||
CHF 225 million Unsecured Notes, Due in 2020 | ||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||
Notional amount | SFr | SFr 225,000,000 | |||||||||||||||||||||||
Borrowings issuance price percentage | 100.00% | |||||||||||||||||||||||
Borrowings | $ 230,000,000 | 220,000,000 | ||||||||||||||||||||||
CHF 225 million Unsecured Notes, Due in 2020 | Fixed interest rate | ||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||
Borrowings, interest rate | 2.50% | 2.50% | 2.50% | 2.50% | 2.50% | |||||||||||||||||||
€600 million Unsecured Notes, Due in 2020 | ||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||
Notional amount | € | € 600,000,000 | |||||||||||||||||||||||
Borrowings issuance price percentage | 99.18% | |||||||||||||||||||||||
Borrowings | $ 715,000,000 | 627,000,000 | ||||||||||||||||||||||
€600 million Unsecured Notes, Due in 2020 | Fixed interest rate | ||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||
Borrowings, interest rate | 2.88% | 2.88% | 2.88% | 2.88% | 2.88% | |||||||||||||||||||
1.0 billion Unsecured Bonds, Due in 2020 | ||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||
Notional amount | $ 1,000,000,000 | |||||||||||||||||||||||
Borrowings issuance price percentage | 98.46% | |||||||||||||||||||||||
Borrowings | $ 622,000,000 | 620,000,000 | ||||||||||||||||||||||
1.0 billion Unsecured Bonds, Due in 2020 | Fixed interest rate | ||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||
Borrowings, interest rate | 5.75% | 5.75% | 5.75% | 5.75% | 5.25% | |||||||||||||||||||
1.5 billion Unsecured Notes, Due in 2021 | ||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||
Notional amount | $ 1,500,000,000 | |||||||||||||||||||||||
Borrowings issuance price percentage | 99.36% | |||||||||||||||||||||||
Borrowings | $ 753,000,000 | 752,000,000 | ||||||||||||||||||||||
1.5 billion Unsecured Notes, Due in 2021 | Fixed interest rate | ||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||
Borrowings, interest rate | 6.00% | 6.00% | 6.00% | 6.00% | 5.50% | |||||||||||||||||||
€500 million Unsecured Notes, Due in 2021 | ||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||
Notional amount | € | € 500,000,000 | |||||||||||||||||||||||
Borrowings issuance price percentage | 99.55% | |||||||||||||||||||||||
Borrowings | $ 597,000,000 | 523,000,000 | ||||||||||||||||||||||
€500 million Unsecured Notes, Due in 2021 | Fixed interest rate | ||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||
Borrowings, interest rate | 3.00% | 3.00% | 3.00% | 3.00% | 3.00% | |||||||||||||||||||
€750 million Unsecured Notes, Due in 2022 | ||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||
Notional amount | € | € 750,000,000 | |||||||||||||||||||||||
Borrowings issuance price percentage | 99.73% | |||||||||||||||||||||||
Borrowings | $ 895,000,000 | 786,000,000 | ||||||||||||||||||||||
€750 million Unsecured Notes, Due in 2022 | Fixed interest rate | ||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||
Borrowings, interest rate | 3.13% | 3.13% | 3.13% | 3.13% | 3.13% | |||||||||||||||||||
1.1 billion Unsecured Notes, Due in 2022 | ||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||
Notional amount | $ 1,100,000,000 | |||||||||||||||||||||||
Borrowings issuance price percentage | 98.28% | |||||||||||||||||||||||
Borrowings | $ 655,000,000 | 1,092,000,000 | ||||||||||||||||||||||
1.1 billion Unsecured Notes, Due in 2022 | Fixed interest rate | ||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||
Borrowings, interest rate | 6.75% | 6.75% | 6.75% | 6.75% | 6.25% | |||||||||||||||||||
€500 million Unsecured Notes, Due in 2023 | ||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||
Notional amount | € | € 500,000,000 | |||||||||||||||||||||||
Borrowings issuance price percentage | 99.38% | |||||||||||||||||||||||
Borrowings | $ 593,000,000 | 0 | ||||||||||||||||||||||
€500 million Unsecured Notes, Due in 2023 | Fixed interest rate | ||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||
Notional amount | € | € 500,000,000 | |||||||||||||||||||||||
Borrowings, interest rate | 0.95% | 0.95% | 0.95% | 0.95% | 0.95% | |||||||||||||||||||
500 Unsecured Notes, Due in 2025 | ||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||
Notional amount | $ 500,000,000 | |||||||||||||||||||||||
Borrowings issuance price percentage | 100.00% | |||||||||||||||||||||||
Borrowings | $ 497,000,000 | 497,000,000 | ||||||||||||||||||||||
500 Unsecured Notes, Due in 2025 | Fixed interest rate | ||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||
Borrowings, interest rate | 6.13% | 6.13% | 6.13% | 6.13% | 6.13% | |||||||||||||||||||
1 Billion Unsecured Bonds, Due 2039 | ||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||
Notional amount | $ 1,000,000,000 | |||||||||||||||||||||||
Borrowings issuance price percentage | 95.20% | |||||||||||||||||||||||
1 Billion Unsecured Bonds, Due 2039 | Fixed interest rate | ||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||
Borrowings, interest rate | 7.50% | 7.50% | 7.50% | 7.50% | 7.00% | |||||||||||||||||||
500 Million Unsecured Bonds, Due 2039 | ||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||
Notional amount | $ 500,000,000 | |||||||||||||||||||||||
Borrowings issuance price percentage | 104.84% | |||||||||||||||||||||||
500 Million Unsecured Bonds, Due 2039 | Fixed interest rate | ||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||
Borrowings, interest rate | 7.50% | 7.50% | 7.50% | 7.50% | 7.00% | |||||||||||||||||||
1.0 billion Unsecured Notes, Due in 2041 | ||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||
Notional amount | $ 1,000,000,000 | |||||||||||||||||||||||
Borrowings issuance price percentage | 99.18% | |||||||||||||||||||||||
Borrowings | $ 619,000,000 | 984,000,000 | ||||||||||||||||||||||
1.0 billion Unsecured Notes, Due in 2041 | Fixed interest rate | ||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||
Borrowings, interest rate | 7.25% | 7.25% | 7.25% | 7.25% | 6.75% | |||||||||||||||||||
EIB loan | ||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||
Amount of potential borrowings | € | € 350,000,000 | |||||||||||||||||||||||
Borrowings | $ 420,000,000 | € 350,000,000 | 0 | |||||||||||||||||||||
EIB loan | Fixed interest rate | ||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||
Borrowings, interest rate | 1.16% | 1.16% | 1.16% | 1.16% | ||||||||||||||||||||
ICO loan | ||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||
Borrowings | $ 0 | $ 7,000,000 | $ 7,000,000 | |||||||||||||||||||||
ICO loan | Floating interest rate | ||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||
Borrowings, interest rate | 2.18% | |||||||||||||||||||||||
300 EUR Million Variable Rate Loan | ||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||
Notional amount | $ 360,000,000 | € 300,000,000 | ||||||||||||||||||||||
1 Billion Senior Secured Asset-Based Revolving Credit Facility | ||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||
Line of credit, maximum borrowing capacity | $ 1,000,000,000 | |||||||||||||||||||||||
European Bank for Reconstruction and Development | PJSC ArcelorMittal Kryvyi Rih | ||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||
Notional amount | $ 175,000,000 | |||||||||||||||||||||||
Uncommitted amount | $ 175,000,000 | |||||||||||||||||||||||
4.5 Billion ZAR Revolving Borrowing Base Finance Facility, Due in 2020 | ArcelorMittal South Africa Ltd. (AMSA) | ||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||
Borrowings | $ 298,000,000 | ZAR 3,700,000,000 | ||||||||||||||||||||||
Line of credit, maximum borrowing capacity | ZAR | ZAR 4,500,000,000 |
FINANCING AND FINANCIAL INSTR84
FINANCING AND FINANCIAL INSTRUMENTS - Gross Debt - Maturities (Details) $ in Millions | Dec. 31, 2017USD ($) |
Disclosure of detailed information about borrowings [line items] | |
Borrowings | $ 12,928 |
2,018 | |
Disclosure of detailed information about borrowings [line items] | |
Borrowings | 2,785 |
2,019 | |
Disclosure of detailed information about borrowings [line items] | |
Borrowings | 1,211 |
2,020 | |
Disclosure of detailed information about borrowings [line items] | |
Borrowings | 2,100 |
2,021 | |
Disclosure of detailed information about borrowings [line items] | |
Borrowings | 1,789 |
2,022 | |
Disclosure of detailed information about borrowings [line items] | |
Borrowings | 1,710 |
Subsequent years | |
Disclosure of detailed information about borrowings [line items] | |
Borrowings | $ 3,333 |
FINANCING AND FINANCIAL INSTR85
FINANCING AND FINANCIAL INSTRUMENTS - Gross Debt - Carrying Value and Fair Value (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Long-term debt | ||
Disclosure of financial liabilities [line items] | ||
Carrying Amount | $ 11,193 | $ 12,551 |
Estimated Fair Value | 12,385 | 13,504 |
Short-term debt | ||
Disclosure of financial liabilities [line items] | ||
Carrying Amount | 1,735 | 1,123 |
Estimated Fair Value | 1,731 | 1,139 |
Fixed interest rate | Long-term debt | ||
Disclosure of financial liabilities [line items] | ||
Carrying Amount | 9,862 | 11,657 |
Estimated Fair Value | 11,084 | 12,666 |
Floating interest rate | Long-term debt | ||
Disclosure of financial liabilities [line items] | ||
Carrying Amount | 1,331 | 894 |
Estimated Fair Value | 1,301 | 838 |
Level 1 | Long-term debt | ||
Disclosure of financial liabilities [line items] | ||
Estimated Fair Value | 10,427 | 12,347 |
Level 1 | Short-term debt | ||
Disclosure of financial liabilities [line items] | ||
Estimated Fair Value | ||
Level 1 | Fixed interest rate | Long-term debt | ||
Disclosure of financial liabilities [line items] | ||
Estimated Fair Value | 9,946 | 11,939 |
Level 1 | Floating interest rate | Long-term debt | ||
Disclosure of financial liabilities [line items] | ||
Estimated Fair Value | 481 | 408 |
Level 2 | Long-term debt | ||
Disclosure of financial liabilities [line items] | ||
Estimated Fair Value | 1,958 | 1,157 |
Level 2 | Short-term debt | ||
Disclosure of financial liabilities [line items] | ||
Estimated Fair Value | 1,731 | 1,139 |
Level 2 | Fixed interest rate | Long-term debt | ||
Disclosure of financial liabilities [line items] | ||
Estimated Fair Value | 1,138 | 727 |
Level 2 | Floating interest rate | Long-term debt | ||
Disclosure of financial liabilities [line items] | ||
Estimated Fair Value | 820 | 430 |
Level 3 | Long-term debt | ||
Disclosure of financial liabilities [line items] | ||
Estimated Fair Value | 0 | 0 |
Level 3 | Short-term debt | ||
Disclosure of financial liabilities [line items] | ||
Estimated Fair Value | 0 | 0 |
Level 3 | Fixed interest rate | Long-term debt | ||
Disclosure of financial liabilities [line items] | ||
Estimated Fair Value | 0 | 0 |
Level 3 | Floating interest rate | Long-term debt | ||
Disclosure of financial liabilities [line items] | ||
Estimated Fair Value | $ 0 | $ 0 |
FINANCING AND FINANCIAL INSTR86
FINANCING AND FINANCIAL INSTRUMENTS - Schedule of Cash and Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Entity Information [Line Items] | ||||
Cash at bank | $ 1,701 | $ 1,601 | ||
Term deposits | 297 | 329 | ||
Money market funds | 576 | 571 | ||
Total | 2,574 | 2,501 | $ 4,002 | $ 3,893 |
Restricted cash | 212 | 114 | ||
Cash deposit in connection with the mandatory convertible bonds | 75 | $ 75 | ||
ArcelorMittal South Africa Ltd. (AMSA) | ||||
Entity Information [Line Items] | ||||
Cash deposit in connection with various environmental obligations and true sales of receivable programs | $ 112 |
FINANCING AND FINANCIAL INSTR87
FINANCING AND FINANCIAL INSTRUMENTS - Reconciliation of Liabilities Arising from Financing Activities (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Changes in liabilities arising from financing activities [abstract] | |||
Proceeds from long-term debt | $ 1,407 | $ 110 | $ 3,256 |
Payments of long-term debt | (2,691) | (4,912) | (501) |
Proceeds from short-term debt | 1,859 | 1,516 | 543 |
Payments of short-term debt | (2,102) | (2,721) | $ (2,490) |
Long-term debt, net of current portion | |||
Changes in liabilities arising from financing activities [abstract] | |||
Liabilities arising from financing activities | 11,789 | ||
Proceeds from long-term debt | 1,407 | ||
Payments of long-term debt | (2,691) | ||
Amortized cost | 19 | ||
Unrealized foreign exchange effects | 589 | ||
Current portion of long-term debt | (976) | ||
Other movements | 6 | ||
Liabilities arising from financing activities | 10,143 | 11,789 | |
Short-term debt and current portion of long term debt | |||
Changes in liabilities arising from financing activities [abstract] | |||
Liabilities arising from financing activities | 1,885 | ||
Amortized cost | 22 | ||
Unrealized foreign exchange effects | 190 | ||
Proceeds from short-term debt | 1,859 | ||
Payments of short-term debt | (2,164) | ||
Current portion of long-term debt | 976 | ||
Other movements | 17 | ||
Liabilities arising from financing activities | $ 2,785 | $ 1,885 |
FINANCING AND FINANCIAL INSTR88
FINANCING AND FINANCIAL INSTRUMENTS - Net Debt (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of detailed information about financial instruments [line items] | ||
Short-term debt and current portion of long-term debt | $ 2,785 | $ 1,885 |
Long-term debt, net of current portion | 10,143 | 11,789 |
Cash and cash equivalents including restricted cash | (2,786) | |
Net debt | 10,142 | $ 11,059 |
EUR | ||
Disclosure of detailed information about financial instruments [line items] | ||
Short-term debt and current portion of long-term debt | 1,875 | |
Long-term debt, net of current portion | 4,831 | |
Cash and cash equivalents including restricted cash | (724) | |
Net debt | 5,982 | |
USD | ||
Disclosure of detailed information about financial instruments [line items] | ||
Short-term debt and current portion of long-term debt | 291 | |
Long-term debt, net of current portion | 5,044 | |
Cash and cash equivalents including restricted cash | (1,387) | |
Net debt | 3,948 | |
CHF | ||
Disclosure of detailed information about financial instruments [line items] | ||
Short-term debt and current portion of long-term debt | 0 | |
Long-term debt, net of current portion | 230 | |
Cash and cash equivalents including restricted cash | (1) | |
Net debt | 229 | |
ZAR | ||
Disclosure of detailed information about financial instruments [line items] | ||
Short-term debt and current portion of long-term debt | 304 | |
Long-term debt, net of current portion | 4 | |
Cash and cash equivalents including restricted cash | (249) | |
Net debt | 59 | |
CAD | ||
Disclosure of detailed information about financial instruments [line items] | ||
Short-term debt and current portion of long-term debt | 191 | |
Long-term debt, net of current portion | 1 | |
Cash and cash equivalents including restricted cash | (17) | |
Net debt | 175 | |
Other (in USD) | ||
Disclosure of detailed information about financial instruments [line items] | ||
Short-term debt and current portion of long-term debt | 124 | |
Long-term debt, net of current portion | 33 | |
Cash and cash equivalents including restricted cash | (408) | |
Net debt | $ (251) |
FINANCING AND FINANCIAL INSTR89
FINANCING AND FINANCIAL INSTRUMENTS - Derivative Financial Instruments - Classified as Level 2 (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Level 2 | ||
Disclosure of detailed information about financial instruments [line items] | ||
Derivative assets, fair value | $ 92 | $ 257 |
Derivative liabilities, fair value | (405) | (263) |
Interest rate swaps - fixed rate borrowings/loans | Level 2 | ||
Disclosure of detailed information about financial instruments [line items] | ||
Derivative asset, notional amount | 6 | |
Derivative assets, fair value | $ 0 | |
Derivative assets, average rate | 0.98% | |
Derivative liabilities, notional amount | $ 6 | |
Derivative liabilities, fair value | $ 0 | |
Derivative liabilities, average rate | 1.01% | |
Total foreign exchange rate instruments | Level 2 | ||
Disclosure of detailed information about financial instruments [line items] | ||
Derivative assets, fair value | $ 25 | 175 |
Derivative liabilities, fair value | (327) | (104) |
Forward purchase contracts | Level 2 | ||
Disclosure of detailed information about financial instruments [line items] | ||
Derivative asset, notional amount | 586 | 3,784 |
Derivative assets, fair value | 8 | 153 |
Derivative liabilities, notional amount | 3,939 | 658 |
Derivative liabilities, fair value | (140) | (21) |
Forward sale contracts | Level 2 | ||
Disclosure of detailed information about financial instruments [line items] | ||
Derivative asset, notional amount | 525 | 685 |
Derivative assets, fair value | 17 | 10 |
Derivative liabilities, notional amount | 774 | 657 |
Derivative liabilities, fair value | (11) | (26) |
Currency swaps purchases | Level 2 | ||
Disclosure of detailed information about financial instruments [line items] | ||
Derivative asset, notional amount | 0 | 138 |
Derivative assets, fair value | 0 | 6 |
Derivative liabilities, notional amount | 9 | 44 |
Derivative liabilities, fair value | (7) | (33) |
Currency swaps sales | Level 2 | ||
Disclosure of detailed information about financial instruments [line items] | ||
Derivative asset, notional amount | 0 | 500 |
Derivative assets, fair value | 0 | 4 |
Derivative liabilities, notional amount | 1,000 | 500 |
Derivative liabilities, fair value | (157) | (24) |
Exchange option purchases | Level 2 | ||
Disclosure of detailed information about financial instruments [line items] | ||
Derivative asset, notional amount | 0 | 169 |
Derivative assets, fair value | 0 | 1 |
Derivative liabilities, notional amount | 338 | 37 |
Derivative liabilities, fair value | (7) | 0 |
Exchange options sales | Level 2 | ||
Disclosure of detailed information about financial instruments [line items] | ||
Derivative asset, notional amount | 0 | 109 |
Derivative assets, fair value | 0 | 1 |
Derivative liabilities, notional amount | 319 | 0 |
Derivative liabilities, fair value | (5) | 0 |
Total raw materials (base metals), freight, energy, emission rights | ||
Disclosure of detailed information about financial instruments [line items] | ||
Derivative assets, fair value | 67 | 82 |
Derivative liabilities, fair value | (78) | (159) |
Total raw materials (base metals), freight, energy, emission rights | Level 2 | ||
Disclosure of detailed information about financial instruments [line items] | ||
Derivative assets, fair value | 67 | 82 |
Derivative liabilities, fair value | (78) | (159) |
Term contracts sales | Level 2 | ||
Disclosure of detailed information about financial instruments [line items] | ||
Derivative asset, notional amount | 20 | 329 |
Derivative assets, fair value | 1 | 18 |
Derivative liabilities, notional amount | 467 | 312 |
Derivative liabilities, fair value | (38) | (36) |
Term contracts purchases | Level 2 | ||
Disclosure of detailed information about financial instruments [line items] | ||
Derivative asset, notional amount | 796 | 416 |
Derivative assets, fair value | 65 | 64 |
Derivative liabilities, notional amount | 534 | 841 |
Derivative liabilities, fair value | (40) | (123) |
Options sales/purchases | Level 2 | ||
Disclosure of detailed information about financial instruments [line items] | ||
Derivative asset, notional amount | 9 | 6 |
Derivative assets, fair value | 1 | 0 |
Derivative liabilities, notional amount | 0 | 6 |
Derivative liabilities, fair value | $ 0 | $ 0 |
FINANCING AND FINANCIAL INSTR90
FINANCING AND FINANCIAL INSTRUMENTS - Derivative Financial Instruments - Classified as Level 3 (Details) - USD ($) | 12 Months Ended | |||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 14, 2017 | Nov. 20, 2015 | Sep. 27, 2011 | Dec. 28, 2009 | |
Reconciliation of changes in fair value measurement, assets [abstract] | ||||||
Beginning of period, assets | $ 75,142,000,000 | |||||
End of period, assets | 85,297,000,000 | $ 75,142,000,000 | ||||
Reconciliation of changes in fair value measurement, liabilities [abstract] | ||||||
Beginning of period, liabilities | 42,817,000,000 | |||||
End of period, liabilities | 44,442,000,000 | 42,817,000,000 | ||||
Level 3 | ||||||
Reconciliation Of Changes In Fair Value Measurement, Assets (Liabilities) [Abstract] | ||||||
Beginning of period, assets (liabilities) | 142,000,000 | 4,000,000 | ||||
Change in fair value | 578,000,000 | 138,000,000 | ||||
End of period, assets (liabilities) | 720,000,000 | 142,000,000 | ||||
Level 3 | Call option on 1,000 mandatory convertible bonds | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Spot price | $ 0 | |||||
Volatility percentage | 12.65% | |||||
Reconciliation of changes in fair value measurement, assets [abstract] | ||||||
Beginning of period, assets | $ 175,000,000 | 4,000,000 | ||||
Change in fair value | 809,000,000 | 171,000,000 | ||||
End of period, assets | 984,000,000 | 175,000,000 | ||||
Level 3 | Special payment in pellet purchase agreement | ||||||
Reconciliation of changes in fair value measurement, liabilities [abstract] | ||||||
Beginning of period, liabilities | (33,000,000) | 0 | ||||
Change in fair value | (231,000,000) | (33,000,000) | ||||
End of period, liabilities | $ (264,000,000) | $ (33,000,000) | ||||
Mandatorily convertible unsecured unsubordinated bonds | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Notional amount | $ 1,000,000,000 | $ 1,000,000,000 | $ 1,000,000,000 | $ 750,000,000 |
FINANCING AND FINANCIAL INSTR91
FINANCING AND FINANCIAL INSTRUMENTS - Financing Costs (Details) - USD ($) $ in Millions | Dec. 14, 2017 | Nov. 20, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Disclosure of detailed information about borrowings [line items] | |||||
Interest expense | $ (879) | $ (1,172) | $ (1,383) | ||
Interest income | 56 | 58 | 105 | ||
Change in fair value adjustment on call option on mandatory convertible bonds and pellet purchase agreement (note 6.1.5) | 578 | 138 | (108) | ||
Accretion of defined benefit obligations and other long term liabilities | (353) | (435) | (399) | ||
Net foreign exchange result | 546 | (3) | (697) | ||
Other | (823) | (642) | (376) | ||
Total | (875) | (2,056) | $ (2,858) | ||
Premiums and fees for bonds early redeemed | $ 389 | $ 399 | |||
Mandatorily convertible unsecured unsubordinated bonds | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Finance costs | $ 92 | $ 79 |
FINANCING AND FINANCIAL INSTR92
FINANCING AND FINANCIAL INSTRUMENTS - Risk management policy - Capital Management (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Financial Instruments [Abstract] | ||||
Total equity | $ 40,855 | $ 32,325 | $ 27,570 | $ 45,160 |
Net debt | $ 10,142 | $ 11,059 | ||
Gearing | 24.80% | 34.20% |
FINANCING AND FINANCIAL INSTR93
FINANCING AND FINANCIAL INSTRUMENTS - Risk management Policy - Interest Rate Risk (Details) - Interest rate risk | Dec. 31, 2017 |
Fixed interest rate | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
Risk exposure associated with instruments sharing characteristic, concentration percentage | 88.00% |
Floating interest rate | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
Risk exposure associated with instruments sharing characteristic, concentration percentage | 12.00% |
FINANCING AND FINANCIAL INSTR94
FINANCING AND FINANCIAL INSTRUMENTS - Risk management policy - Foreign Exchange Rate Risk (Details) - Net investment hedge - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 | May 27, 2015 |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Notional amount | $ 1,000,000,000 | $ 1,375,000,000 | |
Cross Currency Swap, 1,000 Notional Amount | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Notional amount | $ 1,000,000,000 |
FINANCING AND FINANCIAL INSTR95
FINANCING AND FINANCIAL INSTRUMENTS - Risk management policy - Liquidity Risk (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Non-derivative Financial Liabilities [Abstract] | ||
Trade and other payables | $ (13,428) | $ (11,633) |
Liquidity risk | ||
Non-derivative Financial Liabilities [Abstract] | ||
Bonds | (9,458) | (11,597) |
Loans over 100 | (1,371) | (694) |
Trade and other payables | (13,428) | (11,633) |
Other loans | (2,099) | (1,383) |
Total | (26,356) | (25,307) |
Bonds, contractual cash flow | (13,514) | (18,228) |
Loans over 100, contractual cash flow | (1,546) | (873) |
Trade and other payables, contractual cash flow | (13,448) | (11,647) |
Other Loans, contractual cash flow | (2,232) | (1,523) |
Non-derivative financial liabilities, contractual cash flow | (30,740) | (32,271) |
Derivative financial liabilities | (669) | (296) |
Derivative financial liabilities, contractual cash flow | (669) | (296) |
Liquidity risk | Foreign exchange contracts | ||
Non-derivative Financial Liabilities [Abstract] | ||
Derivative financial liabilities | (327) | (104) |
Derivative financial liabilities, contractual cash flow | (327) | (104) |
Liquidity risk | Other commodities contracts | ||
Non-derivative Financial Liabilities [Abstract] | ||
Derivative financial liabilities | (342) | (192) |
Derivative financial liabilities, contractual cash flow | (342) | (192) |
Liquidity risk | Less than 1 year | ||
Non-derivative Financial Liabilities [Abstract] | ||
Bonds, contractual cash flow | (1,309) | (1,261) |
Loans over 100, contractual cash flow | (549) | (546) |
Trade and other payables, contractual cash flow | (13,448) | (11,647) |
Other Loans, contractual cash flow | (1,444) | (856) |
Non-derivative financial liabilities, contractual cash flow | (16,750) | (14,310) |
Derivative financial liabilities, contractual cash flow | (326) | (226) |
Liquidity risk | Less than 1 year | Foreign exchange contracts | ||
Non-derivative Financial Liabilities [Abstract] | ||
Derivative financial liabilities, contractual cash flow | (170) | (73) |
Liquidity risk | Less than 1 year | Other commodities contracts | ||
Non-derivative Financial Liabilities [Abstract] | ||
Derivative financial liabilities, contractual cash flow | (156) | (153) |
Liquidity risk | 1-2 years | ||
Non-derivative Financial Liabilities [Abstract] | ||
Bonds, contractual cash flow | (1,306) | (2,076) |
Loans over 100, contractual cash flow | (118) | (57) |
Trade and other payables, contractual cash flow | 0 | 0 |
Other Loans, contractual cash flow | (263) | (124) |
Non-derivative financial liabilities, contractual cash flow | (1,687) | (2,257) |
Derivative financial liabilities, contractual cash flow | (37) | (12) |
Liquidity risk | 1-2 years | Foreign exchange contracts | ||
Non-derivative Financial Liabilities [Abstract] | ||
Derivative financial liabilities, contractual cash flow | 0 | (7) |
Liquidity risk | 1-2 years | Other commodities contracts | ||
Non-derivative Financial Liabilities [Abstract] | ||
Derivative financial liabilities, contractual cash flow | (37) | (5) |
Liquidity risk | 2-5 Years | ||
Non-derivative Financial Liabilities [Abstract] | ||
Bonds, contractual cash flow | (5,658) | (6,093) |
Loans over 100, contractual cash flow | (676) | (172) |
Trade and other payables, contractual cash flow | 0 | 0 |
Other Loans, contractual cash flow | (258) | (370) |
Non-derivative financial liabilities, contractual cash flow | (6,592) | (6,635) |
Derivative financial liabilities, contractual cash flow | (132) | (1) |
Liquidity risk | 2-5 Years | Foreign exchange contracts | ||
Non-derivative Financial Liabilities [Abstract] | ||
Derivative financial liabilities, contractual cash flow | (64) | 0 |
Liquidity risk | 2-5 Years | Other commodities contracts | ||
Non-derivative Financial Liabilities [Abstract] | ||
Derivative financial liabilities, contractual cash flow | (68) | (1) |
Liquidity risk | More than 5 years | ||
Non-derivative Financial Liabilities [Abstract] | ||
Bonds, contractual cash flow | (5,241) | (8,798) |
Loans over 100, contractual cash flow | (203) | (98) |
Trade and other payables, contractual cash flow | 0 | 0 |
Other Loans, contractual cash flow | (267) | (173) |
Non-derivative financial liabilities, contractual cash flow | (5,711) | (9,069) |
Derivative financial liabilities, contractual cash flow | (174) | (57) |
Liquidity risk | More than 5 years | Foreign exchange contracts | ||
Non-derivative Financial Liabilities [Abstract] | ||
Derivative financial liabilities, contractual cash flow | (93) | (24) |
Liquidity risk | More than 5 years | Other commodities contracts | ||
Non-derivative Financial Liabilities [Abstract] | ||
Derivative financial liabilities, contractual cash flow | $ (81) | $ (33) |
FINANCING AND FINANCIAL INSTR96
FINANCING AND FINANCIAL INSTRUMENTS - Risk management policy - Cash Flow Hedges (Details) - Cash flow hedges - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Financial instruments designated as hedging instruments, at fair value | $ (135) | $ 5 |
Reserve of cash flow hedges | (38) | 99 |
3 months and less | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Financial instruments designated as hedging instruments, at fair value | (74) | 46 |
Reserve of cash flow hedges | (86) | 15 |
3-6 months | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Financial instruments designated as hedging instruments, at fair value | (21) | 34 |
Reserve of cash flow hedges | (22) | 33 |
6-12 months | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Financial instruments designated as hedging instruments, at fair value | (41) | (80) |
Reserve of cash flow hedges | (8) | 24 |
1-2 years | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Financial instruments designated as hedging instruments, at fair value | 1 | 5 |
Reserve of cash flow hedges | 34 | 5 |
More than 2 years | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Financial instruments designated as hedging instruments, at fair value | 0 | 0 |
Reserve of cash flow hedges | 44 | 22 |
Foreign exchange contracts | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Financial instruments designated as hedging instruments, at fair value | (118) | 87 |
Reserve of cash flow hedges | (141) | 54 |
Foreign exchange contracts | 3 months and less | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Financial instruments designated as hedging instruments, at fair value | (83) | 36 |
Reserve of cash flow hedges | (95) | 4 |
Foreign exchange contracts | 3-6 months | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Financial instruments designated as hedging instruments, at fair value | (25) | 32 |
Reserve of cash flow hedges | (26) | 29 |
Foreign exchange contracts | 6-12 months | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Financial instruments designated as hedging instruments, at fair value | (10) | 19 |
Reserve of cash flow hedges | (20) | 21 |
Foreign exchange contracts | 1-2 years | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Financial instruments designated as hedging instruments, at fair value | 0 | 0 |
Reserve of cash flow hedges | 0 | 0 |
Foreign exchange contracts | More than 2 years | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Financial instruments designated as hedging instruments, at fair value | 0 | 0 |
Reserve of cash flow hedges | 0 | 0 |
Commodities | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Financial instruments designated as hedging instruments, at fair value | 20 | 22 |
Reserve of cash flow hedges | 19 | 23 |
Commodities | 3 months and less | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Financial instruments designated as hedging instruments, at fair value | 9 | 10 |
Reserve of cash flow hedges | 9 | 11 |
Commodities | 3-6 months | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Financial instruments designated as hedging instruments, at fair value | 4 | 2 |
Reserve of cash flow hedges | 4 | 4 |
Commodities | 6-12 months | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Financial instruments designated as hedging instruments, at fair value | 6 | 5 |
Reserve of cash flow hedges | 5 | 4 |
Commodities | 1-2 years | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Financial instruments designated as hedging instruments, at fair value | 1 | 5 |
Reserve of cash flow hedges | 1 | 4 |
Commodities | More than 2 years | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Financial instruments designated as hedging instruments, at fair value | 0 | 0 |
Reserve of cash flow hedges | 0 | 0 |
Emission rights | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Financial instruments designated as hedging instruments, at fair value | (37) | (104) |
Reserve of cash flow hedges | 84 | 22 |
Emission rights | 3 months and less | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Financial instruments designated as hedging instruments, at fair value | 0 | 0 |
Reserve of cash flow hedges | 0 | 0 |
Emission rights | 3-6 months | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Financial instruments designated as hedging instruments, at fair value | 0 | 0 |
Reserve of cash flow hedges | 0 | 0 |
Emission rights | 6-12 months | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Financial instruments designated as hedging instruments, at fair value | (37) | (104) |
Reserve of cash flow hedges | 7 | (1) |
Emission rights | 1-2 years | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Financial instruments designated as hedging instruments, at fair value | 0 | 0 |
Reserve of cash flow hedges | 33 | 1 |
Emission rights | More than 2 years | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Financial instruments designated as hedging instruments, at fair value | 0 | 0 |
Reserve of cash flow hedges | $ 44 | $ 22 |
FINANCING AND FINANCIAL INSTR97
FINANCING AND FINANCIAL INSTRUMENTS - Risk management policy - Net Investment Hedges (Details) - Net investment hedge € in Millions | Jan. 14, 2016USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | May 27, 2015USD ($) | May 27, 2015EUR (€) | Dec. 31, 2014USD ($) | Dec. 31, 2014EUR (€) |
Disclosure of detailed information about hedging instruments [line items] | |||||||
Notional amount | $ 1,000,000,000 | $ 1,375,000,000 | |||||
Net Investment Hedge Fair Value: | |||||||
Derivative at fair value at beginning of period | (21,000,000) | 61,000,000 | |||||
Change in fair value | (136,000,000) | (82,000,000) | |||||
Derivative at fair value at end of period | (157,000,000) | (21,000,000) | |||||
Cross Currency Swap, 375 Notional Amount | |||||||
Disclosure of detailed information about hedging instruments [line items] | |||||||
Hedged item | € | € 303 | ||||||
Notional amount | $ 375,000,000 | ||||||
Deferred gain on net investment hedge | $ 83,000,000 | ||||||
Deferred gain on net investment hedge, tax | $ 24,000,000 | ||||||
Cross Currency Swap, 250 Notional Amount | |||||||
Disclosure of detailed information about hedging instruments [line items] | |||||||
Notional amount | $ 250,000,000 | ||||||
Net Investment Hedge Fair Value: | |||||||
Derivative maturity term | 30 years | ||||||
Derivative at fair value at beginning of period | 0 | $ 56,000,000 | |||||
Change in fair value | (56,000,000) | ||||||
Derivative at fair value at end of period | 0 | ||||||
Cross Currency Swap, 125 Notional Amount | |||||||
Disclosure of detailed information about hedging instruments [line items] | |||||||
Notional amount | $ 125,000,000 | ||||||
Net Investment Hedge Fair Value: | |||||||
Derivative maturity term | 30 years | ||||||
Derivative at fair value at beginning of period | 0 | $ 29,000,000 | |||||
Change in fair value | (29,000,000) | ||||||
Derivative at fair value at end of period | 0 | ||||||
Cross Currency Swap, 1,000 Notional Amount | |||||||
Disclosure of detailed information about hedging instruments [line items] | |||||||
Hedged item | € | € 918 | ||||||
Notional amount | $ 1,000,000,000 | ||||||
Hedging instrument deferred tax | 44,000,000 | 6,000,000 | |||||
Net Investment Hedge Fair Value: | |||||||
Derivative at fair value at end of period | (157,000,000) | ||||||
Cross Currency Swap, 500 Notional Amount | |||||||
Disclosure of detailed information about hedging instruments [line items] | |||||||
Notional amount | $ 500,000,000 | $ 500,000,000 | |||||
Net Investment Hedge Fair Value: | |||||||
Derivative maturity term | 5 years | 5 years | |||||
Derivative at fair value at beginning of period | $ 3,000,000 | $ (7,000,000) | |||||
Change in fair value | (67,000,000) | 10,000,000 | |||||
Derivative at fair value at end of period | (64,000,000) | 3,000,000 | |||||
Cross Currency Swap, 300 Notional Amount | |||||||
Disclosure of detailed information about hedging instruments [line items] | |||||||
Notional amount | $ 300,000,000 | $ 300,000,000 | |||||
Net Investment Hedge Fair Value: | |||||||
Derivative maturity term | 10 years | 10 years | |||||
Derivative at fair value at beginning of period | $ (14,000,000) | $ (10,000,000) | |||||
Change in fair value | (42,000,000) | (4,000,000) | |||||
Derivative at fair value at end of period | (56,000,000) | (14,000,000) | |||||
Cross Currency Swap, 160 Notional Amount | |||||||
Disclosure of detailed information about hedging instruments [line items] | |||||||
Notional amount | $ 160,000,000 | $ 160,000,000 | |||||
Net Investment Hedge Fair Value: | |||||||
Derivative maturity term | 10 years | 10 years | |||||
Derivative at fair value at beginning of period | $ (8,000,000) | $ (6,000,000) | |||||
Change in fair value | (22,000,000) | (2,000,000) | |||||
Derivative at fair value at end of period | (30,000,000) | (8,000,000) | |||||
Cross Currency Swap, 40 Notional Amount | |||||||
Disclosure of detailed information about hedging instruments [line items] | |||||||
Notional amount | $ 40,000,000 | $ 40,000,000 | |||||
Net Investment Hedge Fair Value: | |||||||
Derivative maturity term | 10 years | 10 years | |||||
Derivative at fair value at beginning of period | $ (2,000,000) | $ (1,000,000) | |||||
Change in fair value | (5,000,000) | (1,000,000) | |||||
Derivative at fair value at end of period | $ (7,000,000) | $ (2,000,000) |
FINANCING AND FINANCIAL INSTR98
FINANCING AND FINANCIAL INSTRUMENTS - Risk management policy - Raw Materials, Freight, Energy Risks and Emission Rights (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Total raw materials (base metals), freight, energy, emission rights | ||
Disclosure of detailed information about financial instruments [line items] | ||
Derivative financial assets | $ 67,000,000 | $ 82,000,000 |
Derivative financial liabilities | (78,000,000) | (159,000,000) |
Net financial derivatives | 11,000,000 | 77,000,000 |
Base Metals | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net financial derivatives | (26,000,000) | (28,000,000) |
Freight | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net financial derivatives | 0 | 0 |
Energy (oil, gas, electricity) | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net financial derivatives | 0 | 1,000,000 |
Emission rights | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net financial derivatives | 37,000,000 | 104,000,000 |
Notional amount | $ 484,000,000 | $ 420,000,000 |
FINANCING AND FINANCIAL INSTR99
FINANCING AND FINANCIAL INSTRUMENTS - Risk management policy - Foreign Currency Sensitivity (Details) - Currency risk - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Reasonably possible increase in risk variable percent | 10.00% | |
Reasonably possible decrease in risk variable percent | 10.00% | |
Reasonably possible increase in risk variable, impact on income | $ (24) | $ (3) |
Reasonably possible increase in risk variable, impact on equity | 497 | 377 |
Reasonably possible decrease in risk variable, impact on income | 13 | 6 |
Reasonably possible decrease in risk variable, impact on equity | $ (511) | $ (375) |
FINANCING AND FINANCIAL INST100
FINANCING AND FINANCIAL INSTRUMENTS - Risk management policy - Cash Flow Sensitivity on Variable Rate Instruments (Details) - Floating interest rate - Interest rate risk - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Reasonably possible increase in risk variable percent | 1.00% | |
Reasonably possible decrease in risk variable percent | 1.00% | |
Reasonable possible increase in risk variable, debt | $ 11 | $ 11 |
Reasonable possible decrease in risk variable, debt | (11) | (11) |
Reasonable possible increase in risk variable, derivatives | 0 | 0 |
Reasonable possible decrease in risk variable, derivatives | $ 0 | $ 0 |
FINANCING AND FINANCIAL INST101
FINANCING AND FINANCIAL INSTRUMENTS - Risk management policy - Sensitivity Analaysis - Base Metals, Energy, Freight, Emissions Right (Details) - Commodity price risk - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Reasonably possible increase in risk variable percent | 10.00% | |
Reasonably possible decrease in risk variable percent | 10.00% | |
Base Metals | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Reasonably possible increase in risk variable, impact on income | $ 4 | $ 4 |
Reasonably possible increase in risk variable, impact on equity | 30 | 18 |
Reasonably possible decrease in risk variable, impact on income | (4) | (3) |
Reasonably possible decrease in risk variable, impact on equity | (30) | (18) |
Iron Ore | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Reasonably possible increase in risk variable, impact on income | 0 | (10) |
Reasonably possible increase in risk variable, impact on equity | 0 | 1 |
Reasonably possible decrease in risk variable, impact on income | 0 | 10 |
Reasonably possible decrease in risk variable, impact on equity | 0 | (1) |
Emission rights | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Reasonably possible increase in risk variable, impact on income | 0 | 0 |
Reasonably possible increase in risk variable, impact on equity | 45 | 32 |
Reasonably possible decrease in risk variable, impact on income | 0 | 0 |
Reasonably possible decrease in risk variable, impact on equity | (45) | (32) |
Energy | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Reasonably possible increase in risk variable, impact on income | 1 | (8) |
Reasonably possible increase in risk variable, impact on equity | 0 | 1 |
Reasonably possible decrease in risk variable, impact on income | (1) | 8 |
Reasonably possible decrease in risk variable, impact on equity | $ 0 | $ (1) |
PERSONNEL EXPENSES AND DEFER102
PERSONNEL EXPENSES AND DEFERRED EMPLOYEE BENEFITS - Employees and Key Management Personnel Narrative (Details) - employee | Dec. 31, 2017 | Dec. 31, 2016 | Jan. 01, 2016 | Dec. 31, 2015 |
Employee Benefits [Abstract] | ||||
Number of employees | 197,000 | 199,000 | 209,000 | |
Number of executive officers | 6 |
PERSONNEL EXPENSES AND DEFER103
PERSONNEL EXPENSES AND DEFERRED EMPLOYEE BENEFITS - Employees' Compensation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Employee Benefits [Abstract] | |||
Wages and salaries | $ 7,912 | $ 7,675 | $ 8,392 |
Pension cost (see note 7.2) | 265 | 124 | 237 |
Gain following new labor agreement in the U.S. (see note 7.2) | 0 | (832) | 0 |
Other staff expenses | 1,791 | 1,591 | 1,695 |
Total | $ 9,968 | $ 8,558 | $ 10,324 |
PERSONNEL EXPENSES AND DEFER104
PERSONNEL EXPENSES AND DEFERRED EMPLOYEE BENEFITS - Key Personnel's Compensation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Employee Benefits [Abstract] | |||
Base salary and directors fees | $ 8 | $ 12 | $ 7 |
Short-term performance-related bonus | 7 | 2 | 5 |
Post-employment benefits | 1 | 1 | 0 |
Share based compensation | $ 3 | $ 2 | $ 7 |
PERSONNEL EXPENSES AND DEFER105
PERSONNEL EXPENSES AND DEFERRED EMPLOYEE BENEFITS - Deferred Employee Benefits (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of net defined benefit liability (asset) [line items] | ||
Deferred employee benefits | $ 7,630 | $ 8,297 |
Defined benefit liabilities | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Deferred employee benefits | 7,487 | 8,141 |
Pension plan benefits | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Deferred employee benefits | 3,067 | 3,061 |
Other post-employment benefits | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Deferred employee benefits | 4,140 | 4,801 |
Early retirement benefits | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Deferred employee benefits | 280 | 279 |
Termination benefits | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Deferred employee benefits | $ 143 | $ 156 |
PERSONNEL EXPENSES AND DEFER106
PERSONNEL EXPENSES AND DEFERRED EMPLOYEE BENEFITS - Deferred Employee Benefits - Additional Information (Details) | Jun. 23, 2016$ / h | Apr. 25, 2016USD ($) | Sep. 01, 2015$ / h | Dec. 31, 2017USD ($)year | Dec. 31, 2016USD ($)yearemployer | Dec. 31, 2015USD ($) |
Disclosure of defined benefit plans [line items] | ||||||
Gain relating to changes in post-employment benefit plans | $ 0 | $ 832,000,000 | $ 0 | |||
Entity's own financial instruments included in fair value of plan assets | 3,000,000 | |||||
Actual return on invested assets | 799,000,000 | 612,000,000 | ||||
Defined contribution plan expected cash contributions | 120,000,000 | |||||
Defined contribution plan, cash contributions | $ 104,000,000 | |||||
Actuarial assumption of life expectancy after retirement | year | 22 | |||||
Defined benefit obligation | ||||||
Disclosure of defined benefit plans [line items] | ||||||
Gain relating to changes in post-employment benefit plans | $ 14,000,000 | (80,000,000) | 4,000,000 | |||
Plan assets, at fair value | 7,822,000,000 | $ 7,048,000,000 | ||||
Estimate of contributions expected to be paid to plan for next annual reporting period | $ 299,000,000 | |||||
Weighted average duration of defined benefit obligation (in years) | year | 12 | 11 | ||||
Other post-employment benefits | ||||||
Disclosure of defined benefit plans [line items] | ||||||
Gain relating to changes in post-employment benefit plans | $ 4,000,000 | $ (851,000,000) | (2,000,000) | |||
Plan assets, at fair value | 546,000,000 | |||||
Estimate of contributions expected to be paid to plan for next annual reporting period | $ 144,000,000 | |||||
Weighted average duration of defined benefit obligation (in years) | year | 14 | 13 | ||||
Other post-employment benefits | ArcelorMittal USA LLC | ||||||
Disclosure of defined benefit plans [line items] | ||||||
Fixed payment into VEBA trust as a percentage of operating income | 5.00% | |||||
Percentage of assets in fixed income | 70.00% | |||||
Percentage of assets in equities | 30.00% | |||||
Plan assets, at fair value | $ 490,000,000 | |||||
Other post-employment benefits | Cost of sales | ArcelorMittal USA LLC | ||||||
Disclosure of defined benefit plans [line items] | ||||||
Gain relating to changes in post-employment benefit plans | $ 832,000,000 | |||||
United States | ||||||
Disclosure of defined benefit plans [line items] | ||||||
Percentage of employees covered by defined benefit plan | 14.00% | |||||
Number of participating employers | employer | 483 | |||||
Contributions per contributory hour | $ / h | 2.70 | 2.65 | ||||
Increase in rate of contributions per contributory hour | $ / h | 0.05 | |||||
Multiple-employer plan accounted for as multiemployer plan, expected cash contributions | $ 73,000,000 | |||||
Multiple-employer plan accounted for as multiemployer plan, cash contributions | 67,000,000 | |||||
Multiemployer plans, accumulated benefit obligation | 4,993,000,000 | |||||
Multiemployer plans, market value of assets | $ 4,142,000,000 | |||||
Funded ratio percentage | 83.00% | |||||
Percentage of total contributions made to the plan | 29.00% | |||||
United States | Defined benefit obligation | ||||||
Disclosure of defined benefit plans [line items] | ||||||
Gain relating to changes in post-employment benefit plans | $ 0 | $ 12,000,000 | 0 | |||
Plan assets, at fair value | 2,993,000,000 | 2,768,000,000 | ||||
United States | Other post-employment benefits | ||||||
Disclosure of defined benefit plans [line items] | ||||||
Gain relating to changes in post-employment benefit plans | 0 | $ (844,000,000) | $ 0 | |||
Plan assets, at fair value | $ 538,000,000 | |||||
Belgium | ||||||
Disclosure of defined benefit plans [line items] | ||||||
Rates of return of insured plans on employer contributions | 3.25% | |||||
Rates of return of insured plans on employee contributions | 3.75% | |||||
Minimum guaranteed rate of return of insured plans | 1.75% | |||||
Europe | ||||||
Disclosure of defined benefit plans [line items] | ||||||
Minimum guaranteed rate of return of insured plans | 1.75% | |||||
Europe | Defined benefit obligation | ||||||
Disclosure of defined benefit plans [line items] | ||||||
Gain relating to changes in post-employment benefit plans | $ 1,000,000 | $ (96,000,000) | $ 2,000,000 | |||
Plan assets, at fair value | 924,000,000 | 777,000,000 | ||||
Europe | Other post-employment benefits | ||||||
Disclosure of defined benefit plans [line items] | ||||||
Gain relating to changes in post-employment benefit plans | 2,000,000 | $ (4,000,000) | 0 | |||
Plan assets, at fair value | 8,000,000 | |||||
France | ||||||
Disclosure of defined benefit plans [line items] | ||||||
Gain in cost of sales and selling, general and administrative expenses | $ 96,000,000 | |||||
Actuarial assumption of mortality rates | Defined benefit obligation | ||||||
Disclosure of defined benefit plans [line items] | ||||||
Increase (decrease) in net defined benefit liability | (95,000,000) | |||||
Actuarial assumption of mortality rates | Other post-employment benefits | ||||||
Disclosure of defined benefit plans [line items] | ||||||
Increase (decrease) in net defined benefit liability | $ (51,000,000) | |||||
Actuarial assumption of medical cost trend rates | United States | Other post-employment benefits | ||||||
Disclosure of defined benefit plans [line items] | ||||||
Increase (decrease) in net defined benefit liability | (1,061,000,000) | |||||
Adjustment for experience [Member] | United States | Other post-employment benefits | ||||||
Disclosure of defined benefit plans [line items] | ||||||
Increase (decrease) in net defined benefit liability | $ 117,000,000 |
PERSONNEL EXPENSES AND DEFER107
PERSONNEL EXPENSES AND DEFERRED EMPLOYEE BENEFITS - Reconciliation of Defined Benefit Obligation, Plan Assets and Statements of Financial Position (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of net defined benefit liability (asset) [line items] | |||||
Past service cost - Plan amendments | $ 0 | $ 832 | $ 0 | ||
Return on plan assets greater/(less) than discount rate | 799 | 612 | |||
Actuarial (gain) loss | (832) | ||||
Recognized liabilities | $ (7,630) | $ (8,297) | |||
Defined benefit obligation | |||||
Disclosure of net defined benefit liability (asset) [line items] | |||||
Balance at beginning of the period | 3,040 | ||||
Current service cost | 125 | 112 | 121 | ||
Interest cost (income) | 106 | 108 | 117 | ||
Past service cost - Plan amendments | 14 | (80) | 4 | ||
Curtailments and settlements | (6) | (1) | |||
Present value of the wholly or partly funded obligation | (9,352) | (8,730) | |||
Balance at end of the period | 3,047 | 3,040 | |||
Fair value of plan assets | 7,822 | 7,048 | |||
Net present value of the wholly or partly funded obligation | (1,530) | (1,682) | |||
Present value of the unfunded obligation | (1,483) | (1,324) | |||
Prepaid due to unrecoverable surpluses | (34) | (80) | (80) | (34) | (34) |
Net amount recognized | (3,040) | (3,040) | (3,047) | (3,040) | |
Net assets related to funded obligations | 20 | 21 | |||
Recognized liabilities | (3,067) | (3,061) | |||
Surplus (deficit) in plan [abstract] | |||||
Unrecoverable surplus at beginning of period | (34) | (80) | |||
Interest cost on unrecoverable surplus | (1) | (10) | |||
Change in unrecoverable surplus in excess of interest | 2 | 67 | |||
Exchange rates changes | (1) | (11) | |||
Unrecoverable surplus at end of the period | (34) | (34) | (80) | ||
Defined benefit obligation | Present value of defined benefit obligation | |||||
Disclosure of net defined benefit liability (asset) [line items] | |||||
Balance at beginning of the period | 10,054 | 9,883 | |||
Current service cost | 125 | 112 | |||
Interest cost (income) | 397 | 406 | |||
Past service cost - Plan amendments | 14 | (80) | |||
Plan participants’ contribution | 3 | 4 | |||
Curtailments and settlements | (10) | ||||
Actuarial (gain) loss | 323 | 388 | |||
Demographic assumptions | (131) | (12) | |||
Financial assumptions | 418 | 370 | |||
Experience adjustment | 36 | 30 | |||
Benefits paid | (656) | (633) | |||
Foreign currency exchange rate differences and other movements | 575 | (16) | |||
Balance at end of the period | 10,835 | 10,054 | 9,883 | ||
Net amount recognized | (10,054) | (9,883) | (9,883) | (10,835) | (10,054) |
Defined benefit obligation | Present value of defined benefit obligation | ArcelorMittal Point Lisas | |||||
Surplus (deficit) in plan [abstract] | |||||
Increase (decrease) through derecognition of benefit obligations (plan assets) | (136) | ||||
Defined benefit obligation | Plan assets | |||||
Disclosure of net defined benefit liability (asset) [line items] | |||||
Balance at beginning of the period | (7,048) | (6,828) | |||
Interest cost (income) | (292) | (308) | |||
Plan participants’ contribution | (3) | (4) | |||
Employer contribution | 249 | 124 | |||
Return on plan assets greater/(less) than discount rate | 468 | 273 | |||
Curtailments and settlements | 4 | ||||
Benefits paid | 545 | 529 | |||
Foreign currency exchange rate differences and other movements | (307) | (44) | |||
Balance at end of the period | (7,822) | (7,048) | (6,828) | ||
Net amount recognized | 7,048 | 6,828 | 6,828 | 7,822 | 7,048 |
Defined benefit obligation | Plan assets | ArcelorMittal Point Lisas | |||||
Surplus (deficit) in plan [abstract] | |||||
Increase (decrease) through derecognition of benefit obligations (plan assets) | 127 | ||||
United States | Defined benefit obligation | |||||
Disclosure of net defined benefit liability (asset) [line items] | |||||
Balance at beginning of the period | 859 | ||||
Current service cost | 32 | 31 | 36 | ||
Interest cost (income) | 48 | 47 | 45 | ||
Past service cost - Plan amendments | 0 | 12 | 0 | ||
Curtailments and settlements | 0 | 0 | |||
Present value of the wholly or partly funded obligation | (3,477) | (3,593) | |||
Balance at end of the period | 515 | 859 | |||
Fair value of plan assets | 2,993 | 2,768 | |||
Net present value of the wholly or partly funded obligation | (484) | (825) | |||
Present value of the unfunded obligation | (31) | (34) | |||
Prepaid due to unrecoverable surpluses | 0 | 0 | 0 | 0 | 0 |
Net amount recognized | (859) | (859) | (515) | (859) | |
Net assets related to funded obligations | 0 | 0 | |||
Recognized liabilities | (515) | (859) | |||
Surplus (deficit) in plan [abstract] | |||||
Unrecoverable surplus at beginning of period | 0 | 0 | |||
Interest cost on unrecoverable surplus | 0 | 0 | |||
Change in unrecoverable surplus in excess of interest | 0 | 0 | |||
Exchange rates changes | 0 | 0 | |||
Unrecoverable surplus at end of the period | 0 | 0 | 0 | ||
United States | Defined benefit obligation | Present value of defined benefit obligation | |||||
Disclosure of net defined benefit liability (asset) [line items] | |||||
Balance at beginning of the period | 3,627 | 3,623 | |||
Current service cost | 32 | 31 | |||
Interest cost (income) | 142 | 151 | |||
Past service cost - Plan amendments | 0 | 12 | |||
Plan participants’ contribution | 0 | 0 | |||
Curtailments and settlements | 0 | ||||
Actuarial (gain) loss | (28) | 71 | |||
Demographic assumptions | (130) | (21) | |||
Financial assumptions | 154 | 80 | |||
Experience adjustment | (52) | 12 | |||
Benefits paid | (265) | (261) | |||
Foreign currency exchange rate differences and other movements | 0 | 0 | |||
Balance at end of the period | 3,508 | 3,627 | 3,623 | ||
Net amount recognized | (3,627) | (3,623) | (3,623) | (3,508) | (3,627) |
United States | Defined benefit obligation | Plan assets | |||||
Disclosure of net defined benefit liability (asset) [line items] | |||||
Balance at beginning of the period | (2,768) | (2,795) | |||
Interest cost (income) | (94) | (104) | |||
Plan participants’ contribution | 0 | 0 | |||
Employer contribution | 117 | 16 | |||
Return on plan assets greater/(less) than discount rate | 274 | 126 | |||
Curtailments and settlements | 0 | ||||
Benefits paid | 260 | 261 | |||
Foreign currency exchange rate differences and other movements | 0 | 12 | |||
Balance at end of the period | (2,993) | (2,768) | (2,795) | ||
Net amount recognized | 2,768 | 2,795 | 2,795 | 2,993 | 2,768 |
Canada | Defined benefit obligation | |||||
Disclosure of net defined benefit liability (asset) [line items] | |||||
Balance at beginning of the period | 276 | ||||
Current service cost | 26 | 25 | 31 | ||
Interest cost (income) | 13 | 15 | 18 | ||
Past service cost - Plan amendments | 13 | 4 | 1 | ||
Curtailments and settlements | 0 | 0 | |||
Present value of the wholly or partly funded obligation | (3,463) | (3,040) | |||
Balance at end of the period | 337 | 276 | |||
Fair value of plan assets | 3,167 | 2,795 | |||
Net present value of the wholly or partly funded obligation | (296) | (245) | |||
Present value of the unfunded obligation | (18) | (13) | |||
Prepaid due to unrecoverable surpluses | (18) | (21) | (21) | (23) | (18) |
Net amount recognized | (276) | (276) | (337) | (276) | |
Net assets related to funded obligations | 17 | 18 | |||
Recognized liabilities | (354) | (294) | |||
Surplus (deficit) in plan [abstract] | |||||
Unrecoverable surplus at beginning of period | (18) | (21) | |||
Interest cost on unrecoverable surplus | (1) | (1) | |||
Change in unrecoverable surplus in excess of interest | (3) | 5 | |||
Exchange rates changes | (1) | (1) | |||
Unrecoverable surplus at end of the period | (23) | (18) | (21) | ||
Canada | Defined benefit obligation | Present value of defined benefit obligation | |||||
Disclosure of net defined benefit liability (asset) [line items] | |||||
Balance at beginning of the period | 3,053 | 2,928 | |||
Current service cost | 26 | 25 | |||
Interest cost (income) | 119 | 125 | |||
Past service cost - Plan amendments | 13 | 4 | |||
Plan participants’ contribution | 1 | 1 | |||
Curtailments and settlements | 0 | ||||
Actuarial (gain) loss | 237 | 65 | |||
Demographic assumptions | 1 | 1 | |||
Financial assumptions | 188 | 23 | |||
Experience adjustment | 48 | 41 | |||
Benefits paid | (197) | (186) | |||
Foreign currency exchange rate differences and other movements | 229 | 91 | |||
Balance at end of the period | 3,481 | 3,053 | 2,928 | ||
Net amount recognized | (3,053) | (2,928) | (2,928) | (3,481) | (3,053) |
Canada | Defined benefit obligation | Plan assets | |||||
Disclosure of net defined benefit liability (asset) [line items] | |||||
Balance at beginning of the period | (2,795) | (2,633) | |||
Interest cost (income) | (107) | (111) | |||
Plan participants’ contribution | (1) | (1) | |||
Employer contribution | 83 | 64 | |||
Return on plan assets greater/(less) than discount rate | 169 | 91 | |||
Curtailments and settlements | 0 | ||||
Benefits paid | 196 | 185 | |||
Foreign currency exchange rate differences and other movements | (208) | (80) | |||
Balance at end of the period | (3,167) | (2,795) | (2,633) | ||
Net amount recognized | 2,795 | 2,633 | 2,633 | 3,167 | 2,795 |
Brazil | Defined benefit obligation | |||||
Disclosure of net defined benefit liability (asset) [line items] | |||||
Balance at beginning of the period | 23 | ||||
Current service cost | 4 | 2 | 2 | ||
Interest cost (income) | 4 | 2 | 7 | ||
Past service cost - Plan amendments | 0 | 0 | 0 | ||
Curtailments and settlements | 0 | 0 | |||
Present value of the wholly or partly funded obligation | (765) | (703) | |||
Balance at end of the period | 46 | 23 | |||
Fair value of plan assets | 723 | 684 | |||
Net present value of the wholly or partly funded obligation | (42) | (19) | |||
Present value of the unfunded obligation | (1) | (1) | |||
Prepaid due to unrecoverable surpluses | (3) | (53) | (53) | (3) | (3) |
Net amount recognized | (23) | (23) | (46) | (23) | |
Net assets related to funded obligations | 0 | 0 | |||
Recognized liabilities | (46) | (23) | |||
Surplus (deficit) in plan [abstract] | |||||
Unrecoverable surplus at beginning of period | (3) | (53) | |||
Interest cost on unrecoverable surplus | 0 | (8) | |||
Change in unrecoverable surplus in excess of interest | 0 | 67 | |||
Exchange rates changes | 0 | (9) | |||
Unrecoverable surplus at end of the period | (3) | (3) | (53) | ||
Brazil | Defined benefit obligation | Present value of defined benefit obligation | |||||
Disclosure of net defined benefit liability (asset) [line items] | |||||
Balance at beginning of the period | 704 | 495 | |||
Current service cost | 4 | 2 | |||
Interest cost (income) | 79 | 66 | |||
Past service cost - Plan amendments | 0 | 0 | |||
Plan participants’ contribution | 0 | 1 | |||
Curtailments and settlements | 0 | ||||
Actuarial (gain) loss | 40 | 82 | |||
Demographic assumptions | 0 | 0 | |||
Financial assumptions | 22 | 96 | |||
Experience adjustment | 18 | (14) | |||
Benefits paid | (49) | (42) | |||
Foreign currency exchange rate differences and other movements | (12) | 100 | |||
Balance at end of the period | 766 | 704 | 495 | ||
Net amount recognized | (704) | (495) | (495) | (766) | (704) |
Brazil | Defined benefit obligation | Plan assets | |||||
Disclosure of net defined benefit liability (asset) [line items] | |||||
Balance at beginning of the period | (684) | (498) | |||
Interest cost (income) | (75) | (72) | |||
Plan participants’ contribution | 0 | (1) | |||
Employer contribution | 8 | 21 | |||
Return on plan assets greater/(less) than discount rate | 16 | 30 | |||
Curtailments and settlements | 0 | ||||
Benefits paid | 49 | 42 | |||
Foreign currency exchange rate differences and other movements | 11 | (104) | |||
Balance at end of the period | (723) | (684) | (498) | ||
Net amount recognized | 684 | 498 | 498 | 723 | 684 |
Europe | Defined benefit obligation | |||||
Disclosure of net defined benefit liability (asset) [line items] | |||||
Balance at beginning of the period | 1,809 | ||||
Current service cost | 60 | 50 | 44 | ||
Interest cost (income) | 31 | 35 | 37 | ||
Past service cost - Plan amendments | 1 | (96) | 2 | ||
Curtailments and settlements | 0 | (1) | |||
Present value of the wholly or partly funded obligation | (1,635) | (1,379) | |||
Balance at end of the period | 2,072 | 1,809 | |||
Fair value of plan assets | 924 | 777 | |||
Net present value of the wholly or partly funded obligation | (711) | (602) | |||
Present value of the unfunded obligation | (1,355) | (1,203) | |||
Prepaid due to unrecoverable surpluses | (4) | (3) | (3) | (6) | (4) |
Net amount recognized | (1,809) | (1,809) | (2,072) | (1,809) | |
Net assets related to funded obligations | 3 | 3 | |||
Recognized liabilities | (2,075) | (1,812) | |||
Surplus (deficit) in plan [abstract] | |||||
Unrecoverable surplus at beginning of period | (4) | (3) | |||
Interest cost on unrecoverable surplus | 0 | 0 | |||
Change in unrecoverable surplus in excess of interest | (2) | (1) | |||
Exchange rates changes | 0 | 0 | |||
Unrecoverable surplus at end of the period | (6) | (4) | (3) | ||
Europe | Defined benefit obligation | Present value of defined benefit obligation | |||||
Disclosure of net defined benefit liability (asset) [line items] | |||||
Balance at beginning of the period | 2,582 | 2,601 | |||
Current service cost | 60 | 50 | |||
Interest cost (income) | 46 | 52 | |||
Past service cost - Plan amendments | 1 | (96) | |||
Plan participants’ contribution | 2 | 2 | |||
Curtailments and settlements | (4) | ||||
Actuarial (gain) loss | 72 | 170 | |||
Demographic assumptions | (2) | 8 | |||
Financial assumptions | 54 | 170 | |||
Experience adjustment | 20 | (8) | |||
Benefits paid | (130) | (129) | |||
Foreign currency exchange rate differences and other movements | 357 | (64) | |||
Balance at end of the period | 2,990 | 2,582 | 2,601 | ||
Net amount recognized | (2,582) | (2,601) | (2,601) | (2,990) | (2,582) |
Europe | Defined benefit obligation | Plan assets | |||||
Disclosure of net defined benefit liability (asset) [line items] | |||||
Balance at beginning of the period | (777) | (753) | |||
Interest cost (income) | (15) | (17) | |||
Plan participants’ contribution | (2) | (2) | |||
Employer contribution | 41 | 23 | |||
Return on plan assets greater/(less) than discount rate | 17 | 24 | |||
Curtailments and settlements | 4 | ||||
Benefits paid | 37 | 38 | |||
Foreign currency exchange rate differences and other movements | (109) | 0 | |||
Balance at end of the period | (924) | (777) | (753) | ||
Net amount recognized | 777 | 753 | 753 | 924 | 777 |
Other | Defined benefit obligation | |||||
Disclosure of net defined benefit liability (asset) [line items] | |||||
Balance at beginning of the period | 73 | ||||
Current service cost | 3 | 4 | 8 | ||
Interest cost (income) | 10 | 9 | 10 | ||
Past service cost - Plan amendments | 0 | 0 | 1 | ||
Curtailments and settlements | (6) | 0 | |||
Present value of the wholly or partly funded obligation | (12) | (15) | |||
Balance at end of the period | 77 | 73 | |||
Fair value of plan assets | 15 | 24 | |||
Net present value of the wholly or partly funded obligation | 3 | 9 | |||
Present value of the unfunded obligation | (78) | (73) | |||
Prepaid due to unrecoverable surpluses | (9) | (3) | (3) | (2) | (9) |
Net amount recognized | (73) | (73) | (77) | (73) | |
Net assets related to funded obligations | 0 | 0 | |||
Recognized liabilities | (77) | (73) | |||
Surplus (deficit) in plan [abstract] | |||||
Unrecoverable surplus at beginning of period | (9) | (3) | |||
Interest cost on unrecoverable surplus | 0 | (1) | |||
Change in unrecoverable surplus in excess of interest | 7 | (4) | |||
Exchange rates changes | 0 | (1) | |||
Unrecoverable surplus at end of the period | (2) | (9) | (3) | ||
Other | Defined benefit obligation | Present value of defined benefit obligation | |||||
Disclosure of net defined benefit liability (asset) [line items] | |||||
Balance at beginning of the period | 88 | 236 | |||
Current service cost | 3 | 4 | |||
Interest cost (income) | 11 | 12 | |||
Past service cost - Plan amendments | 0 | 0 | |||
Plan participants’ contribution | 0 | 0 | |||
Curtailments and settlements | (6) | ||||
Actuarial (gain) loss | 2 | 0 | |||
Demographic assumptions | 0 | 0 | |||
Financial assumptions | 0 | 1 | |||
Experience adjustment | 2 | (1) | |||
Benefits paid | (15) | (15) | |||
Foreign currency exchange rate differences and other movements | 1 | (143) | |||
Balance at end of the period | 90 | 88 | 236 | ||
Net amount recognized | (88) | (236) | (236) | (90) | (88) |
Other | Defined benefit obligation | Plan assets | |||||
Disclosure of net defined benefit liability (asset) [line items] | |||||
Balance at beginning of the period | (24) | (149) | |||
Interest cost (income) | (1) | (4) | |||
Plan participants’ contribution | 0 | 0 | |||
Employer contribution | 0 | 0 | |||
Return on plan assets greater/(less) than discount rate | (8) | 2 | |||
Curtailments and settlements | 0 | ||||
Benefits paid | 3 | 3 | |||
Foreign currency exchange rate differences and other movements | (1) | 128 | |||
Balance at end of the period | (15) | (24) | (149) | ||
Net amount recognized | $ 24 | $ 149 | $ 149 | $ 15 | $ 24 |
PERSONNEL EXPENSES AND DEFER108
PERSONNEL EXPENSES AND DEFERRED EMPLOYEE BENEFITS - Net Periodic Pension Cost (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of net defined benefit liability (asset) [line items] | |||
Past service cost - Plan amendments | $ 0 | $ 832 | $ 0 |
Total | 555 | (393) | 558 |
Defined benefit obligation | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Current service cost | 125 | 112 | 121 |
Past service cost - Plan amendments | 14 | (80) | 4 |
Past service cost - Curtailments | (6) | (1) | |
Net interest cost/(income) on net DB liability/(asset) | 106 | 108 | 117 |
Total | 245 | 134 | 241 |
United States | Defined benefit obligation | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Current service cost | 32 | 31 | 36 |
Past service cost - Plan amendments | 0 | 12 | 0 |
Past service cost - Curtailments | 0 | 0 | |
Net interest cost/(income) on net DB liability/(asset) | 48 | 47 | 45 |
Total | 80 | 90 | 81 |
Canada | Defined benefit obligation | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Current service cost | 26 | 25 | 31 |
Past service cost - Plan amendments | 13 | 4 | 1 |
Past service cost - Curtailments | 0 | 0 | |
Net interest cost/(income) on net DB liability/(asset) | 13 | 15 | 18 |
Total | 52 | 44 | 50 |
Brazil | Defined benefit obligation | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Current service cost | 4 | 2 | 2 |
Past service cost - Plan amendments | 0 | 0 | 0 |
Past service cost - Curtailments | 0 | 0 | |
Net interest cost/(income) on net DB liability/(asset) | 4 | 2 | 7 |
Total | 8 | 4 | 9 |
Europe | Defined benefit obligation | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Current service cost | 60 | 50 | 44 |
Past service cost - Plan amendments | 1 | (96) | 2 |
Past service cost - Curtailments | 0 | (1) | |
Net interest cost/(income) on net DB liability/(asset) | 31 | 35 | 37 |
Total | 92 | (11) | 82 |
Other | Defined benefit obligation | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Current service cost | 3 | 4 | 8 |
Past service cost - Plan amendments | 0 | 0 | 1 |
Past service cost - Curtailments | (6) | 0 | |
Net interest cost/(income) on net DB liability/(asset) | 10 | 9 | 10 |
Total | $ 13 | $ 7 | $ 19 |
PERSONNEL EXPENSES AND DEFER109
PERSONNEL EXPENSES AND DEFERRED EMPLOYEE BENEFITS - Summary of Changes in the OPEB Obligation and Changes in Plan Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of net defined benefit liability (asset) [line items] | |||||
Past service cost - Plan amendments | $ 0 | $ 832 | $ 0 | ||
Actuarial (gain) loss | 832 | ||||
Return on plan assets greater/(less) than discount rate | 799 | 612 | |||
Other post-employment benefits | |||||
Disclosure of net defined benefit liability (asset) [line items] | |||||
Balance at beginning of the period | 4,801 | ||||
Current service cost | 100 | 100 | 96 | ||
Interest cost (income) | 204 | 223 | 220 | ||
Past service cost - Plan amendments | 4 | (851) | (2) | ||
Balance at end of the period | 4,140 | 4,801 | |||
Present value of the wholly or party funded obligation | $ (757) | $ (821) | |||
Fair value of plan assets | 546 | ||||
Net present value of the wholly or partly funded obligation | (211) | 222 | |||
Present value of the unfunded obligation | (3,929) | (4,579) | |||
Net amount recognized | (4,801) | (4,801) | (4,140) | (4,801) | |
Other post-employment benefits | Disposal groups classified as held for sale | Steelton | |||||
Disclosure of net defined benefit liability (asset) [line items] | |||||
Net present value of the wholly or partly funded obligation | 53 | ||||
Other post-employment benefits | Present value of defined benefit obligation | |||||
Disclosure of net defined benefit liability (asset) [line items] | |||||
Balance at beginning of the period | 5,400 | 6,251 | |||
Current service cost | 100 | 100 | |||
Interest cost (income) | 226 | 249 | |||
Past service cost - Plan amendments | 4 | (851) | |||
Contributions to plan by plan participants, net defined benefit liability (asset) | 29 | 18 | |||
Actuarial (gain) loss | 942 | 48 | |||
Demographic assumptions | (153) | (184) | |||
Financial assumptions | (680) | 189 | |||
Experience adjustment | (109) | (53) | |||
Benefits paid | (258) | (323) | |||
Foreign currency exchange rate differences and other movements | 127 | 4 | |||
Balance at end of the period | 4,686 | 5,400 | 6,251 | ||
Net amount recognized | (5,400) | (6,251) | (6,251) | (4,686) | (5,400) |
Other post-employment benefits | Plan assets | |||||
Disclosure of net defined benefit liability (asset) [line items] | |||||
Balance at beginning of the period | (599) | (706) | |||
Interest cost (income) | (22) | (26) | |||
Contributions to plan by plan participants, net defined benefit liability (asset) | (12) | (18) | |||
Benefits paid | 61 | 242 | |||
Foreign currency exchange rate differences and other movements | (1) | ||||
Return on plan assets greater/(less) than discount rate | 17 | 5 | |||
Employer contribution | (44) | 86 | |||
Balance at end of the period | (546) | (599) | (706) | ||
Fair value of plan assets | 599 | ||||
Net amount recognized | 599 | 706 | 706 | 546 | 599 |
United States | Other post-employment benefits | |||||
Disclosure of net defined benefit liability (asset) [line items] | |||||
Balance at beginning of the period | 3,591 | ||||
Current service cost | 58 | 59 | 50 | ||
Interest cost (income) | 159 | 177 | 169 | ||
Past service cost - Plan amendments | 0 | (844) | 0 | ||
Balance at end of the period | 2,731 | 3,591 | |||
Present value of the wholly or party funded obligation | (689) | (760) | |||
Fair value of plan assets | 538 | ||||
Net present value of the wholly or partly funded obligation | (151) | 168 | |||
Present value of the unfunded obligation | (2,580) | (3,423) | |||
Net amount recognized | (3,591) | (3,591) | (2,731) | (3,591) | |
United States | Other post-employment benefits | Present value of defined benefit obligation | |||||
Disclosure of net defined benefit liability (asset) [line items] | |||||
Balance at beginning of the period | 4,183 | 4,995 | |||
Current service cost | 58 | 59 | |||
Interest cost (income) | 181 | 203 | |||
Past service cost - Plan amendments | 0 | (844) | |||
Contributions to plan by plan participants, net defined benefit liability (asset) | 29 | 18 | |||
Actuarial (gain) loss | 1,005 | 62 | |||
Demographic assumptions | (168) | (154) | |||
Financial assumptions | (728) | 160 | |||
Experience adjustment | (109) | (68) | |||
Benefits paid | (177) | (240) | |||
Foreign currency exchange rate differences and other movements | 0 | 54 | |||
Balance at end of the period | 3,269 | 4,183 | 4,995 | ||
Net amount recognized | (4,183) | (4,995) | (4,995) | (3,269) | (4,183) |
United States | Other post-employment benefits | Plan assets | |||||
Disclosure of net defined benefit liability (asset) [line items] | |||||
Balance at beginning of the period | (592) | (698) | |||
Interest cost (income) | (22) | (26) | |||
Contributions to plan by plan participants, net defined benefit liability (asset) | (12) | (18) | |||
Benefits paid | 59 | 240 | |||
Foreign currency exchange rate differences and other movements | 0 | ||||
Return on plan assets greater/(less) than discount rate | 15 | 4 | |||
Employer contribution | (44) | 86 | |||
Balance at end of the period | (538) | (592) | (698) | ||
Fair value of plan assets | 592 | ||||
Net amount recognized | 592 | 698 | 698 | 538 | 592 |
Canada | Other post-employment benefits | |||||
Disclosure of net defined benefit liability (asset) [line items] | |||||
Balance at beginning of the period | 592 | ||||
Current service cost | 9 | 7 | 9 | ||
Interest cost (income) | 23 | 25 | 26 | ||
Past service cost - Plan amendments | 1 | (3) | (2) | ||
Balance at end of the period | 679 | 592 | |||
Present value of the wholly or party funded obligation | 0 | 0 | |||
Fair value of plan assets | 0 | ||||
Net present value of the wholly or partly funded obligation | 0 | 0 | |||
Present value of the unfunded obligation | (679) | (592) | |||
Net amount recognized | (592) | (592) | (679) | (592) | |
Canada | Other post-employment benefits | Present value of defined benefit obligation | |||||
Disclosure of net defined benefit liability (asset) [line items] | |||||
Balance at beginning of the period | 592 | 573 | |||
Current service cost | 9 | 7 | |||
Interest cost (income) | 23 | 25 | |||
Past service cost - Plan amendments | 1 | (3) | |||
Contributions to plan by plan participants, net defined benefit liability (asset) | 0 | 0 | |||
Actuarial (gain) loss | (45) | (1) | |||
Demographic assumptions | 2 | (32) | |||
Financial assumptions | 40 | 23 | |||
Experience adjustment | 3 | 10 | |||
Benefits paid | (32) | (31) | |||
Foreign currency exchange rate differences and other movements | 41 | 20 | |||
Balance at end of the period | 679 | 592 | 573 | ||
Net amount recognized | (592) | (573) | (573) | (679) | (592) |
Canada | Other post-employment benefits | Plan assets | |||||
Disclosure of net defined benefit liability (asset) [line items] | |||||
Balance at beginning of the period | 0 | 0 | |||
Interest cost (income) | 0 | 0 | |||
Contributions to plan by plan participants, net defined benefit liability (asset) | 0 | 0 | |||
Benefits paid | 0 | 0 | |||
Foreign currency exchange rate differences and other movements | 0 | ||||
Return on plan assets greater/(less) than discount rate | 0 | 0 | |||
Employer contribution | 0 | 0 | |||
Balance at end of the period | 0 | 0 | 0 | ||
Fair value of plan assets | 0 | ||||
Net amount recognized | 0 | 0 | 0 | 0 | 0 |
Europe | Other post-employment benefits | |||||
Disclosure of net defined benefit liability (asset) [line items] | |||||
Balance at beginning of the period | 485 | ||||
Current service cost | 26 | 27 | 28 | ||
Interest cost (income) | 11 | 12 | 11 | ||
Past service cost - Plan amendments | 2 | (4) | 0 | ||
Balance at end of the period | 571 | 485 | |||
Present value of the wholly or party funded obligation | (68) | (61) | |||
Fair value of plan assets | 8 | ||||
Net present value of the wholly or partly funded obligation | (60) | 54 | |||
Present value of the unfunded obligation | (511) | (431) | |||
Net amount recognized | (485) | (485) | (571) | (485) | |
Europe | Other post-employment benefits | Present value of defined benefit obligation | |||||
Disclosure of net defined benefit liability (asset) [line items] | |||||
Balance at beginning of the period | 492 | 516 | |||
Current service cost | 26 | 27 | |||
Interest cost (income) | 11 | 12 | |||
Past service cost - Plan amendments | 2 | (4) | |||
Contributions to plan by plan participants, net defined benefit liability (asset) | 0 | 0 | |||
Actuarial (gain) loss | (7) | (8) | |||
Demographic assumptions | 3 | 0 | |||
Financial assumptions | 9 | 14 | |||
Experience adjustment | (5) | (6) | |||
Benefits paid | (42) | (40) | |||
Foreign currency exchange rate differences and other movements | 83 | (27) | |||
Balance at end of the period | 579 | 492 | 516 | ||
Net amount recognized | (492) | (516) | (516) | (579) | (492) |
Europe | Other post-employment benefits | Plan assets | |||||
Disclosure of net defined benefit liability (asset) [line items] | |||||
Balance at beginning of the period | (7) | (8) | |||
Interest cost (income) | 0 | 0 | |||
Contributions to plan by plan participants, net defined benefit liability (asset) | 0 | 0 | |||
Benefits paid | 2 | 2 | |||
Foreign currency exchange rate differences and other movements | (1) | ||||
Return on plan assets greater/(less) than discount rate | 2 | 1 | |||
Employer contribution | 0 | 0 | |||
Balance at end of the period | (8) | (7) | (8) | ||
Fair value of plan assets | 7 | ||||
Net amount recognized | 7 | 8 | 8 | 8 | 7 |
Other | Other post-employment benefits | |||||
Disclosure of net defined benefit liability (asset) [line items] | |||||
Balance at beginning of the period | 133 | ||||
Current service cost | 7 | 7 | 9 | ||
Interest cost (income) | 11 | 9 | 14 | ||
Past service cost - Plan amendments | 1 | 0 | 0 | ||
Balance at end of the period | 159 | 133 | |||
Present value of the wholly or party funded obligation | 0 | 0 | |||
Fair value of plan assets | 0 | ||||
Net present value of the wholly or partly funded obligation | 0 | 0 | |||
Present value of the unfunded obligation | (159) | (133) | |||
Net amount recognized | (133) | (133) | (159) | (133) | |
Other | Other post-employment benefits | Present value of defined benefit obligation | |||||
Disclosure of net defined benefit liability (asset) [line items] | |||||
Balance at beginning of the period | 133 | 167 | |||
Current service cost | 7 | 7 | |||
Interest cost (income) | 11 | 9 | |||
Past service cost - Plan amendments | 1 | 0 | |||
Contributions to plan by plan participants, net defined benefit liability (asset) | 0 | 0 | |||
Actuarial (gain) loss | (11) | (5) | |||
Demographic assumptions | 10 | 2 | |||
Financial assumptions | (1) | (8) | |||
Experience adjustment | 2 | 11 | |||
Benefits paid | (7) | (12) | |||
Foreign currency exchange rate differences and other movements | 3 | (43) | |||
Balance at end of the period | 159 | 133 | 167 | ||
Net amount recognized | (133) | (167) | (167) | (159) | (133) |
Other | Other post-employment benefits | Plan assets | |||||
Disclosure of net defined benefit liability (asset) [line items] | |||||
Balance at beginning of the period | 0 | 0 | |||
Interest cost (income) | 0 | 0 | |||
Contributions to plan by plan participants, net defined benefit liability (asset) | 0 | 0 | |||
Benefits paid | 0 | 0 | |||
Foreign currency exchange rate differences and other movements | 0 | ||||
Return on plan assets greater/(less) than discount rate | 0 | 0 | |||
Employer contribution | 0 | 0 | |||
Balance at end of the period | 0 | 0 | 0 | ||
Fair value of plan assets | 0 | ||||
Net amount recognized | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
PERSONNEL EXPENSES AND DEFER110
PERSONNEL EXPENSES AND DEFERRED EMPLOYEE BENEFITS - Net Periodic Other Post-Employment Cost (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of net defined benefit liability (asset) [line items] | |||
Past service cost - Plan amendments | $ 0 | $ 832 | $ 0 |
Total | 555 | (393) | 558 |
Other post-employment benefits | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Current service cost | 100 | 100 | 96 |
Past service cost - Plan amendments | 4 | (851) | (2) |
Cost of termination benefits | 6 | ||
Net interest cost/(income) on net DB liability/(asset) | 204 | 223 | 220 |
Actuarial (gains)/losses recognized during the year | 2 | 1 | (3) |
Total | 310 | (527) | 317 |
United States | Other post-employment benefits | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Current service cost | 58 | 59 | 50 |
Past service cost - Plan amendments | 0 | (844) | 0 |
Cost of termination benefits | 6 | ||
Net interest cost/(income) on net DB liability/(asset) | 159 | 177 | 169 |
Actuarial (gains)/losses recognized during the year | 0 | 0 | 0 |
Total | 217 | (608) | 225 |
Canada | Other post-employment benefits | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Current service cost | 9 | 7 | 9 |
Past service cost - Plan amendments | 1 | (3) | (2) |
Cost of termination benefits | 0 | ||
Net interest cost/(income) on net DB liability/(asset) | 23 | 25 | 26 |
Actuarial (gains)/losses recognized during the year | 0 | 0 | 0 |
Total | 33 | 29 | 33 |
Europe | Other post-employment benefits | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Current service cost | 26 | 27 | 28 |
Past service cost - Plan amendments | 2 | (4) | 0 |
Cost of termination benefits | 0 | ||
Net interest cost/(income) on net DB liability/(asset) | 11 | 12 | 11 |
Actuarial (gains)/losses recognized during the year | 2 | 1 | (3) |
Total | 41 | 36 | 36 |
Other | Other post-employment benefits | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Current service cost | 7 | 7 | 9 |
Past service cost - Plan amendments | 1 | 0 | 0 |
Cost of termination benefits | 0 | ||
Net interest cost/(income) on net DB liability/(asset) | 11 | 9 | 14 |
Actuarial (gains)/losses recognized during the year | 0 | 0 | 0 |
Total | $ 19 | $ 16 | $ 23 |
PERSONNEL EXPENSES AND DEFER111
PERSONNEL EXPENSES AND DEFERRED EMPLOYEE BENEFITS - Expenses Recognized in Income Statement (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of defined benefit plans [line items] | |||
Total plan expense, net | $ 555 | $ (393) | $ 558 |
Cost of sales | |||
Disclosure of defined benefit plans [line items] | |||
Total plan expense, net | 220 | (725) | 197 |
Selling, general and administrative expenses | |||
Disclosure of defined benefit plans [line items] | |||
Total plan expense, net | 23 | 0 | 27 |
Financing costs - net | |||
Disclosure of defined benefit plans [line items] | |||
Total plan expense, net | 312 | 332 | 334 |
Net periodic pension cost | |||
Disclosure of defined benefit plans [line items] | |||
Total plan expense, net | 245 | 134 | 241 |
Net periodic OPEB cost | |||
Disclosure of defined benefit plans [line items] | |||
Total plan expense, net | $ 310 | $ (527) | $ 317 |
PERSONNEL EXPENSES AND DEFER112
PERSONNEL EXPENSES AND DEFERRED EMPLOYEE BENEFITS - Weighted Average Asset Allocation for the Funded Defined Benefit Pension Plans (Details) | Dec. 31, 2017 | Dec. 31, 2016 |
United States | ||
Disclosure of fair value of plan assets [line items] | ||
Equity Securities | 53.00% | 50.00% |
Fixed Income Securities (including cash) | 34.00% | 37.00% |
Real Estate | 0.00% | 4.00% |
Other | 13.00% | 9.00% |
Total | 100.00% | 100.00% |
Canada | ||
Disclosure of fair value of plan assets [line items] | ||
Equity Securities | 56.00% | 53.00% |
Fixed Income Securities (including cash) | 42.00% | 47.00% |
Real Estate | 2.00% | 0.00% |
Other | 0.00% | 0.00% |
Total | 100.00% | 100.00% |
Brazil | ||
Disclosure of fair value of plan assets [line items] | ||
Equity Securities | 0.00% | 0.00% |
Fixed Income Securities (including cash) | 97.00% | 98.00% |
Real Estate | 1.00% | 1.00% |
Other | 2.00% | 1.00% |
Total | 100.00% | 100.00% |
Europe | ||
Disclosure of fair value of plan assets [line items] | ||
Equity Securities | 3.00% | 3.00% |
Fixed Income Securities (including cash) | 71.00% | 72.00% |
Real Estate | 0.00% | 0.00% |
Other | 26.00% | 25.00% |
Total | 100.00% | 100.00% |
Other | ||
Disclosure of fair value of plan assets [line items] | ||
Equity Securities | 41.00% | 40.00% |
Fixed Income Securities (including cash) | 49.00% | 50.00% |
Real Estate | 2.00% | 2.00% |
Other | 8.00% | 8.00% |
Total | 100.00% | 100.00% |
- Asset classes that have a quoted market price in an active market | United States | ||
Disclosure of fair value of plan assets [line items] | ||
Equity Securities | 26.00% | 25.00% |
Fixed Income Securities (including cash) | 4.00% | 2.00% |
Real Estate | 0.00% | 0.00% |
Other | 4.00% | 0.00% |
- Asset classes that have a quoted market price in an active market | Canada | ||
Disclosure of fair value of plan assets [line items] | ||
Equity Securities | 47.00% | 46.00% |
Fixed Income Securities (including cash) | 33.00% | 35.00% |
Real Estate | 0.00% | 0.00% |
Other | 0.00% | 0.00% |
- Asset classes that have a quoted market price in an active market | Brazil | ||
Disclosure of fair value of plan assets [line items] | ||
Equity Securities | 0.00% | 0.00% |
Fixed Income Securities (including cash) | 97.00% | 98.00% |
Real Estate | 1.00% | 0.00% |
Other | 2.00% | 1.00% |
- Asset classes that have a quoted market price in an active market | Europe | ||
Disclosure of fair value of plan assets [line items] | ||
Equity Securities | 3.00% | 3.00% |
Fixed Income Securities (including cash) | 67.00% | 71.00% |
Real Estate | 0.00% | 0.00% |
Other | 3.00% | 5.00% |
- Asset classes that have a quoted market price in an active market | Other | ||
Disclosure of fair value of plan assets [line items] | ||
Equity Securities | 41.00% | 40.00% |
Fixed Income Securities (including cash) | 49.00% | 50.00% |
Real Estate | 2.00% | 2.00% |
Other | 8.00% | 8.00% |
- Asset classes that do not have a quoted market price in an active market | United States | ||
Disclosure of fair value of plan assets [line items] | ||
Equity Securities | 27.00% | 25.00% |
Fixed Income Securities (including cash) | 30.00% | 35.00% |
Real Estate | 0.00% | 4.00% |
Other | 9.00% | 9.00% |
- Asset classes that do not have a quoted market price in an active market | Canada | ||
Disclosure of fair value of plan assets [line items] | ||
Equity Securities | 9.00% | 7.00% |
Fixed Income Securities (including cash) | 9.00% | 12.00% |
Real Estate | 2.00% | 0.00% |
Other | 0.00% | 0.00% |
- Asset classes that do not have a quoted market price in an active market | Brazil | ||
Disclosure of fair value of plan assets [line items] | ||
Equity Securities | 0.00% | 0.00% |
Fixed Income Securities (including cash) | 0.00% | 0.00% |
Real Estate | 0.00% | 1.00% |
Other | 0.00% | 0.00% |
- Asset classes that do not have a quoted market price in an active market | Europe | ||
Disclosure of fair value of plan assets [line items] | ||
Equity Securities | 0.00% | 0.00% |
Fixed Income Securities (including cash) | 4.00% | 1.00% |
Real Estate | 0.00% | 0.00% |
Other | 23.00% | 20.00% |
- Asset classes that do not have a quoted market price in an active market | Other | ||
Disclosure of fair value of plan assets [line items] | ||
Equity Securities | 0.00% | 0.00% |
Fixed Income Securities (including cash) | 0.00% | 0.00% |
Real Estate | 0.00% | 0.00% |
Other | 0.00% | 0.00% |
PERSONNEL EXPENSES AND DEFER113
PERSONNEL EXPENSES AND DEFERRED EMPLOYEE BENEFITS - Target Asset Allocation for the Funded Defined Benefit Pension Plans (Details) | Dec. 31, 2017 |
United States | |
Disclosure of fair value of plan assets [line items] | |
Equity Securities | 37.00% |
Fixed Income Securities (including cash) | 43.00% |
Real Estate | 3.00% |
Other | 17.00% |
Total | 100.00% |
Canada | |
Disclosure of fair value of plan assets [line items] | |
Equity Securities | 46.00% |
Fixed Income Securities (including cash) | 41.00% |
Real Estate | 8.00% |
Other | 5.00% |
Total | 100.00% |
Brazil | |
Disclosure of fair value of plan assets [line items] | |
Equity Securities | 1.00% |
Fixed Income Securities (including cash) | 93.00% |
Real Estate | 3.00% |
Other | 3.00% |
Total | 100.00% |
Europe | |
Disclosure of fair value of plan assets [line items] | |
Equity Securities | 3.00% |
Fixed Income Securities (including cash) | 71.00% |
Real Estate | 0.00% |
Other | 26.00% |
Total | 100.00% |
PERSONNEL EXPENSES AND DEFER114
PERSONNEL EXPENSES AND DEFERRED EMPLOYEE BENEFITS - Actuarial Assumptions for Defined Benefit Plans (Details) | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Defined benefit obligation | Bottom of range | |||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |||
Discount rate | 1.50% | 1.60% | 2.05% |
Rate of compensation increase | 1.80% | 1.80% | 2.00% |
Defined benefit obligation | Top of range | |||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |||
Discount rate | 15.00% | 16.00% | 17.00% |
Rate of compensation increase | 9.00% | 10.00% | 11.00% |
Defined benefit obligation | Weighted average | |||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |||
Discount rate | 3.45% | 3.92% | 4.21% |
Rate of compensation increase | 2.81% | 3.11% | 3.11% |
Other post-employment benefits | Bottom of range | |||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |||
Discount rate | 1.30% | 0.90% | 0.90% |
Rate of compensation increase | 2.00% | 2.00% | 2.00% |
Other post-employment benefits | Top of range | |||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |||
Discount rate | 7.65% | 7.65% | 30.00% |
Rate of compensation increase | 4.50% | 32.00% | 27.00% |
Other post-employment benefits | Weighted average | |||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |||
Discount rate | 3.60% | 4.19% | 4.49% |
Rate of compensation increase | 3.32% | 3.38% | 3.98% |
PERSONNEL EXPENSES AND DEFER115
PERSONNEL EXPENSES AND DEFERRED EMPLOYEE BENEFITS - Healthcare Cost Trend Rate (Details) - Other post-employment benefits | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Bottom of range | |||
Disclosure of defined benefit plans [line items] | |||
Healthcare cost trend rate assumed (as a percentage) | 1.80% | 1.80% | 2.00% |
Top of range | |||
Disclosure of defined benefit plans [line items] | |||
Healthcare cost trend rate assumed (as a percentage) | 5.00% | 5.60% | 7.00% |
Weighted average | |||
Disclosure of defined benefit plans [line items] | |||
Healthcare cost trend rate assumed (as a percentage) | 4.48% | 4.51% | 4.75% |
PERSONNEL EXPENSES AND DEFER116
PERSONNEL EXPENSES AND DEFERRED EMPLOYEE BENEFITS - Sensitivity to a Change of the Significant Actuarial Assumptions (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Defined benefit obligation | |||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |||
Defined benefit obligation | $ 3,047 | $ 3,040 | |
100 basis points decrease in discount rate, effect on 2018 pre-tax pension expense | (50) | ||
100 basis points decrease in discount rate, effect on defined benefit obligation | 1,333 | ||
100 basis points increase in discount rate, effect on 2018 pre-tax pension expense | 40 | ||
100 basis points increase in discount rate, effect on defined benefit obligation | (1,095) | ||
100 basis points decrease in rate of compensation, effect on 2018 pre-tax pension expense | (14) | ||
100 basis points decrease in rate of compensation, effect on defined benefit obligation | (180) | ||
100 basis points increase in rate of compensation, effect on 2018 pre-tax pension expense | 14 | ||
100 basis points increase in rate of compensation, effect on defined benefit obligation | 177 | ||
1 year increase of the expected life of the beneficiaries, effect on 2018 pre-tax pension expense | 12 | ||
1 year increase of the expected life of the beneficiaries, effect on defined benefit obligation | 310 | ||
Other post-employment benefits | |||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |||
Defined benefit obligation | 4,140 | 4,801 | |
100 basis points decrease in discount rate, effect on 2018 pre-tax pension expense | (3) | ||
100 basis points decrease in discount rate, effect on defined benefit obligation | 697 | ||
100 basis points increase in discount rate, effect on 2018 pre-tax pension expense | 2 | ||
100 basis points increase in discount rate, effect on defined benefit obligation | (553) | ||
100 basis points decrease in rate of compensation, effect on 2018 pre-tax pension expense | (31) | ||
100 basis points decrease in rate of compensation, effect on defined benefit obligation | (469) | ||
100 basis points increase in rate of compensation, effect on 2018 pre-tax pension expense | 40 | ||
100 basis points increase in rate of compensation, effect on defined benefit obligation | 575 | ||
1 year increase of the expected life of the beneficiaries, effect on 2018 pre-tax pension expense | 8 | ||
1 year increase of the expected life of the beneficiaries, effect on defined benefit obligation | 159 | ||
Present value of defined benefit obligation | Defined benefit obligation | |||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |||
Defined benefit obligation | 10,835 | 10,054 | $ 9,883 |
Present value of defined benefit obligation | Other post-employment benefits | |||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |||
Defined benefit obligation | $ 4,686 | $ 5,400 | $ 6,251 |
PERSONNEL EXPENSES AND DEFER117
PERSONNEL EXPENSES AND DEFERRED EMPLOYEE BENEFITS - Share Based Payments - Additional Information (Details) | 12 Months Ended | ||||
Dec. 31, 2017USD ($)shares | Dec. 31, 2016USD ($)shares | Dec. 31, 2015USD ($)shares | May 10, 2017shares | May 31, 2016shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Number of share options granted in share-based payment arrangement | 0 | 0 | 0 | ||
Employee Stock Option | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Expense from share-based payment transactions with employees | $ | $ 0 | $ 0 | $ 0 | ||
ArcelorMittal Global Stock Option 2009-2018 | Top of range | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Number of shares authorized for grant | 100,000,000 | ||||
ArcelorMittal Global Stock Option 2009-2018 | Top of range | Employee Stock Option | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Expiration period | 10 years | ||||
ArcelorMittal Equity Incentive Plan and GMB PSU Plan | Top of range | Performance Share Units (PSUs) | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Number of shares authorized for grant | 30,000,000 | ||||
CEO Office Plan | Top of range | Performance Share Units (PSUs) | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Number of shares authorized for grant | 3,000,000 | ||||
ArcelorMittal Equity Incentive Plan | Restricted Share Units (RSUs) | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Award vesting period (in years) | 3 years | ||||
Percentage of award vesting rights (as a percentage) | 100.00% | ||||
Pro Forma | ArcelorMittal Global Stock Option 2009-2018 | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Number of shares authorized for grant | 33,333,333 | ||||
Pro Forma | ArcelorMittal Equity Incentive Plan and GMB PSU Plan | Top of range | Performance Share Units (PSUs) | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Number of shares authorized for grant | 10,000,000 |
PERSONNEL EXPENSES AND DEFER118
PERSONNEL EXPENSES AND DEFERRED EMPLOYEE BENEFITS - Dates of Grant and Exercise Prices (Details) - USD ($) | 1 Months Ended | |||
Aug. 31, 2010 | Aug. 31, 2009 | Nov. 30, 2008 | Aug. 31, 2008 | |
Employee Benefits [Abstract] | ||||
Exercise prices (per option) | $ 91.98 | $ 109.14 | $ 63.42 | $ 235.32 |
PERSONNEL EXPENSES AND DEFER119
PERSONNEL EXPENSES AND DEFERRED EMPLOYEE BENEFITS - Changes in Stock Options Issued (Details) | 12 Months Ended | |||
Dec. 31, 2017USD ($)shares$ / shares | Dec. 31, 2016USD ($)shares$ / shares | Dec. 31, 2015USD ($)shares$ / shares | Dec. 31, 2014USD ($) | |
Disclosure of range of exercise prices of outstanding share options [line items] | ||||
Number of share options outstanding | shares | 4,682,534 | 5,730,800 | 6,692,533 | |
Number of share options expired | shares | (1,397,659) | (1,048,266) | (961,733) | |
Number of share options outstanding | shares | 3,284,875 | 4,682,534 | 5,730,800 | |
Number of share options exercisable | shares | 3,284,875 | 4,682,534 | 5,730,800 | |
Weighted average exercise price of share options outstanding (in USD per share) | $ 153.19 | $ 148.06 | $ 144.79 | |
Weighted average exercise price of share options expired (in USD per share) | 170.40 | 125.17 | 125.26 | |
Weighted average exercise price of share options outstanding (in USD per share) | 145.86 | 153.19 | 148.06 | |
Weighted average exercise price of share options exercisable (in USD per share) | $ 145.86 | $ 153.19 | $ 148.06 | |
Bottom of range | ||||
Disclosure of range of exercise prices of outstanding share options [line items] | ||||
Exercise price of expired share options (in USD per share) | $ / shares | $ 63.42 | $ 91.98 | $ 81.93 | |
Exercise price of outstanding share options (in USD per share) | $ 63.42 | $ 63.42 | $ 63.42 | $ 63.42 |
Exercise price of exercisable share options (in USD per share) | $ / shares | $ 63.42 | $ 63.42 | $ 63.42 | |
Top of range | ||||
Disclosure of range of exercise prices of outstanding share options [line items] | ||||
Exercise price of expired share options (in USD per share) | $ / shares | $ 235.32 | $ 235.32 | $ 235.32 | |
Exercise price of outstanding share options (in USD per share) | $ 235.32 | $ 235.32 | $ 235.32 | $ 235.32 |
Exercise price of exercisable share options (in USD per share) | $ / shares | $ 235.32 | $ 235.32 | $ 235.32 |
PERSONNEL EXPENSES AND DEFER120
PERSONNEL EXPENSES AND DEFERRED EMPLOYEE BENEFITS - Disclosure of Total Stock Options (Details) | 12 Months Ended | |||
Dec. 31, 2017USD ($)shares | Dec. 31, 2016USD ($)shares | Dec. 31, 2015USD ($)shares | Dec. 31, 2014USD ($)shares | |
Disclosure of range of exercise prices of outstanding share options [line items] | ||||
Number of options | 3,284,875 | 4,682,534 | 5,730,800 | 6,692,533 |
Weighted average contractual life (in years) | 1 year 7 months 6 days | |||
Options exercisable (number of options) | 3,284,875 | 4,682,534 | 5,730,800 | |
Bottom of range | ||||
Disclosure of range of exercise prices of outstanding share options [line items] | ||||
Exercise price of outstanding share options (in USD per share) | $ | $ 63.42 | $ 63.42 | $ 63.42 | $ 63.42 |
Top of range | ||||
Disclosure of range of exercise prices of outstanding share options [line items] | ||||
Exercise price of outstanding share options (in USD per share) | $ | 235.32 | $ 235.32 | $ 235.32 | $ 235.32 |
Maturing August 3, 2020 | ||||
Disclosure of range of exercise prices of outstanding share options [line items] | ||||
Exercise price of outstanding share options (in USD per share) | $ | $ 91.98 | |||
Number of options | 1,117,757 | |||
Weighted average contractual life (in years) | 2 years 7 months 2 days | |||
Options exercisable (number of options) | 1,117,757 | |||
Maturing August 4, 2019 | ||||
Disclosure of range of exercise prices of outstanding share options [line items] | ||||
Exercise price of outstanding share options (in USD per share) | $ | $ 109.14 | |||
Number of options | 1,058,014 | |||
Weighted average contractual life (in years) | 1 year 7 months 2 days | |||
Options exercisable (number of options) | 1,058,014 | |||
Maturing November 10, 2018 | ||||
Disclosure of range of exercise prices of outstanding share options [line items] | ||||
Exercise price of outstanding share options (in USD per share) | $ | $ 63.42 | |||
Number of options | 862 | |||
Weighted average contractual life (in years) | 10 months 10 days | |||
Options exercisable (number of options) | 862 | |||
Maturing August 5, 2018 | ||||
Disclosure of range of exercise prices of outstanding share options [line items] | ||||
Exercise price of outstanding share options (in USD per share) | $ | $ 235.32 | |||
Number of options | 1,108,242 | |||
Weighted average contractual life (in years) | 7 months 2 days | |||
Options exercisable (number of options) | 1,108,242 |
PERSONNEL EXPENSES AND DEFER121
PERSONNEL EXPENSES AND DEFERRED EMPLOYEE BENEFITS - Terms and Conditions of Grants (Details) - shares | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
CEO Office Plan | Performance Share Units (PSUs) | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Award performance period | 3 years | 5 years | 3 years | 3 years |
Executive Officers Plan and other qualifying employees | Performance Share Units (PSUs) | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Award performance period | 3 years | 5 years | 3 years | 3 years |
Award vesting period (in years) | 3 years | 3 years | ||
Vesting period one | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Percentage of award vesting rights (as a percentage) | 50.00% | |||
Vesting period one | CEO Office Plan | Performance Share Units (PSUs) | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Award performance period | 3 years | |||
Vesting period one | Executive Officers Plan and other qualifying employees | Performance Share Units (PSUs) | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Award performance period | 3 years | |||
Vesting period two | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Percentage of award vesting rights (as a percentage) | 50.00% | |||
Vesting period two | CEO Office Plan | Performance Share Units (PSUs) | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Award performance period | 2 years | |||
Vesting period two | Executive Officers Plan and other qualifying employees | Performance Share Units (PSUs) | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Award performance period | 2 years | |||
EPS vs Peer Group, Threshold | CEO Office Plan | Performance Share Units (PSUs) | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Award vesting performance, threshold percentage | 100.00% | 100.00% | 80.00% | 80.00% |
Percentage of award vesting rights (as a percentage) | 50.00% | 50.00% | 50.00% | 50.00% |
EPS vs Peer Group, Target | CEO Office Plan | Performance Share Units (PSUs) | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Percentage of target in over-performance grant | 120.00% | 120.00% | 100.00% | 100.00% |
Percentage of award vesting rights (as a percentage) | 100.00% | 100.00% | 100.00% | 100.00% |
Performance of ROCE and Gap to Competition, Threshold | Executive Officers Plan and other qualifying employees | Performance Share Units (PSUs) | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Percentage of target in over-performance grant | 100.00% | |||
Percentage of award vesting rights (as a percentage) | 100.00% | |||
Performance of ROCE and Gap to Competition, Target | Executive Officers Plan and other qualifying employees | Performance Share Units (PSUs) | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Percentage of target in over-performance grant | 120.00% | |||
Over-performance award, percent | 100.00% | |||
Over-performance award, percent of target | 20.00% | |||
EPS vs Peer Group, Stretch | CEO Office Plan | Performance Share Units (PSUs) | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Percentage of target in over-performance grant | 120.00% | 120.00% | ||
Percentage of award vesting rights (as a percentage) | 150.00% | 150.00% | ||
Performance of ROCE and Mining Segment, Threshold | Executive Officers Plan and other qualifying employees | Performance Share Units (PSUs) | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Percentage of target in over-performance grant | 80.00% | 80.00% | ||
Percentage of award vesting rights (as a percentage) | 50.00% | 50.00% | ||
Performance of ROCE and Mining Segment, Target | Executive Officers Plan and other qualifying employees | Performance Share Units (PSUs) | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Percentage of target in over-performance grant | 100.00% | 100.00% | ||
Percentage of award vesting rights (as a percentage) | 100.00% | 100.00% | ||
Performance of ROCE and Mining Segment, Stretch | Executive Officers Plan and other qualifying employees | Performance Share Units (PSUs) | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Percentage of target in over-performance grant | 120.00% | 120.00% | ||
Percentage of award vesting rights (as a percentage) | 150.00% | 150.00% | ||
TSR, Threshold | Executive Officers Plan and other qualifying employees | Performance Share Units (PSUs) | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Percentage of target in over-performance grant | 100.00% | |||
Percentage of award vesting rights (as a percentage) | 50.00% | |||
TSR, Target | Executive Officers Plan and other qualifying employees | Performance Share Units (PSUs) | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Percentage of target in over-performance grant | 120.00% | |||
Percentage of award vesting rights (as a percentage) | 100.00% | |||
TSR vs Performance Index, Threshold | CEO Office Plan | Performance Share Units (PSUs) | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Percentage of award vesting rights (as a percentage) | 50.00% | 50.00% | 50.00% | 50.00% |
Percentage of index performance | 80.00% | 80.00% | ||
TSR vs Performance Index, Target | CEO Office Plan | Performance Share Units (PSUs) | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Percentage of performance better than the index per annum over performance | 2.00% | 2.00% | ||
Percentage of award vesting rights (as a percentage) | 100.00% | 100.00% | 100.00% | 100.00% |
Gap to Competition, Target | Executive Officers Plan and other qualifying employees | Performance Share Units (PSUs) | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Percentage of target in over-performance grant | 100.00% | |||
Percentage of award vesting rights (as a percentage) | 100.00% | |||
TSR vs Performance Index, Stretch | CEO Office Plan | Performance Share Units (PSUs) | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Percentage of performance better than the index per annum over performance | 2.00% | 2.00% | ||
Percentage of award vesting rights (as a percentage) | 150.00% | 150.00% | ||
CEO | CEO Office Plan | Performance Share Units (PSUs) | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Value of grant at grant date, percentage of base salary | 150.00% | 80.00% | 80.00% | |
CFO | CEO Office Plan | Performance Share Units (PSUs) | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Value of grant at grant date, percentage of base salary | 150.00% | 80.00% | 80.00% | |
Bottom of range | Executive Officers Plan and other qualifying employees | Performance Share Units (PSUs) | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Number of other equity instruments vested | 0 | 0 | ||
Top of range | Executive Officers Plan and other qualifying employees | Performance Share Units (PSUs) | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Number of other equity instruments vested | 1.5 | 1.5 |
PERSONNEL EXPENSES AND DEFER122
PERSONNEL EXPENSES AND DEFERRED EMPLOYEE BENEFITS - Summary of Share Unit Plans Outstanding (Details) | Dec. 31, 2017shares | Dec. 20, 2017sharesbeneficiary$ / shares | Jun. 30, 2016sharesbeneficiary$ / shares | Dec. 18, 2015sharesbeneficiary$ / shares | Jun. 30, 2015sharesbeneficiary$ / shares | Dec. 17, 2014sharesbeneficiary$ / shares | Sep. 27, 2013shares | Mar. 29, 2013shares | Dec. 31, 2017shares$ / shares | Dec. 31, 2016shares$ / shares | Dec. 31, 2015shares$ / shares | Dec. 31, 2014shares |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||
Number of shares granted | 9,568,691 | |||||||||||
Number of shares outstanding | 8,902,841 | 8,902,841 | ||||||||||
Number of shares exited | 3,138 | |||||||||||
Number of shares forfeited | 662,712 | |||||||||||
Bottom of range | ||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||
Fair value price per granted share (USD per share) | $ / shares | $ 10.68 | |||||||||||
Top of range | ||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||
Fair value price per granted share (USD per share) | $ / shares | $ 30.84 | |||||||||||
PSU | ||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||
Number of shares granted | 27,807 | 1,567 | 1,199,338 | 7,252,814 | 450,702 | |||||||
Fair value price per granted share (USD per share) | $ / shares | $ 19.25 | $ 13.46 | $ 16.33 | |||||||||
Number of shares outstanding | 8,596,836 | 8,596,836 | 8,039,494 | 1,370,675 | 1,086,834 | |||||||
Number of shares exited | 204,855 | 19,816 | 8,239 | |||||||||
Number of shares forfeited | 437,141 | 564,179 | 158,622 | |||||||||
RSU | ||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||
Number of shares granted | 0 | 0 | 368,536 | |||||||||
Fair value price per granted share (USD per share) | $ / shares | $ 0 | $ 0 | $ 11.49 | |||||||||
Number of shares outstanding | 306,005 | 306,005 | 650,254 | 1,320,654 | 1,136,761 | |||||||
Number of shares exited | 303,550 | 564,679 | 107,544 | |||||||||
Number of shares forfeited | 40,699 | 105,721 | 77,099 | |||||||||
Grant date December 20, 2017, Maturity due January 1, 2021 | PSU | ||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||
Number of shares granted | 1,081,447 | |||||||||||
Number of beneficiaries | beneficiary | 527 | |||||||||||
Fair value price per granted share (USD per share) | $ / shares | $ 18.42 | |||||||||||
Number of shares outstanding | 1,081,447 | 1,081,447 | ||||||||||
Number of shares exited | 0 | |||||||||||
Number of shares forfeited | 0 | |||||||||||
Grant date December 20, 2017, Maturity due January 1, 2021 | CEO Office Plan | ||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||
Number of shares granted | 90,084 | |||||||||||
Number of beneficiaries | beneficiary | 2 | |||||||||||
Fair value price per granted share (USD per share) | $ / shares | $ 22.85 | |||||||||||
Number of shares outstanding | 90,084 | 90,084 | ||||||||||
Number of shares exited | 0 | |||||||||||
Number of shares forfeited | 0 | |||||||||||
Grant date June 30, 2016, Maturity due January 1, 2021 | PSU | ||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||
Number of shares granted | 3,472,355 | |||||||||||
Number of beneficiaries | beneficiary | 554 | |||||||||||
Fair value price per granted share (USD per share) | $ / shares | $ 13.17 | |||||||||||
Number of shares outstanding | 3,238,930 | 3,238,930 | ||||||||||
Number of shares exited | 0 | |||||||||||
Number of shares forfeited | 233,425 | |||||||||||
Grant date June 30, 2016, Maturity due January 1, 2022 | PSU | ||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||
Number of shares granted | 153,268 | |||||||||||
Number of beneficiaries | beneficiary | 2 | |||||||||||
Fair value price per granted share (USD per share) | $ / shares | $ 16.62 | |||||||||||
Number of shares outstanding | 153,268 | 153,268 | ||||||||||
Number of shares exited | 0 | |||||||||||
Number of shares forfeited | 0 | |||||||||||
Grant date June 30, 2016, Maturity due January 1, 2019 | PSU | ||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||
Number of shares granted | 3,472,355 | |||||||||||
Number of beneficiaries | beneficiary | 554 | |||||||||||
Fair value price per granted share (USD per share) | $ / shares | $ 13.74 | |||||||||||
Number of shares outstanding | 3,238,930 | 3,238,930 | ||||||||||
Number of shares exited | 0 | |||||||||||
Number of shares forfeited | 233,425 | |||||||||||
Grant date June 30, 2016, Maturity due January 1, 2020 | PSU | ||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||
Number of shares granted | 153,268 | |||||||||||
Number of beneficiaries | beneficiary | 2 | |||||||||||
Fair value price per granted share (USD per share) | $ / shares | $ 10.68 | |||||||||||
Number of shares outstanding | 153,268 | 153,268 | ||||||||||
Number of shares exited | 0 | |||||||||||
Number of shares forfeited | 0 | |||||||||||
Grant date December 18, 2015, Maturity due January 1, 2019 | PSU | ||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||
Number of shares granted | 295,935 | |||||||||||
Number of beneficiaries | beneficiary | 322 | |||||||||||
Fair value price per granted share (USD per share) | $ / shares | $ 11.49 | |||||||||||
Number of shares outstanding | 246,661 | 246,661 | ||||||||||
Number of shares exited | 0 | |||||||||||
Number of shares forfeited | 49,274 | |||||||||||
Grant date December 18, 2015, Maturity due December 18, 2018 | RSU | ||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||
Number of shares granted | 368,534 | |||||||||||
Number of beneficiaries | beneficiary | 576 | |||||||||||
Fair value price per granted share (USD per share) | $ / shares | $ 11.49 | |||||||||||
Number of shares outstanding | 306,005 | 306,005 | ||||||||||
Number of shares exited | 3,138 | |||||||||||
Number of shares forfeited | 59,391 | |||||||||||
Grant date June 30, 2015, Maturity due June 30, 2018 | PSU | ||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||
Number of shares granted | 154,767 | |||||||||||
Number of beneficiaries | beneficiary | 4 | |||||||||||
Fair value price per granted share (USD per share) | $ / shares | $ 25.59 | |||||||||||
Number of shares outstanding | 154,767 | 154,767 | ||||||||||
Number of shares exited | 0 | |||||||||||
Number of shares forfeited | 0 | |||||||||||
Grant date December 17, 2014, Maturity due January 1, 2018 | PSU | ||||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||||
Number of shares granted | 326,678 | |||||||||||
Number of beneficiaries | beneficiary | 353 | |||||||||||
Fair value price per granted share (USD per share) | $ / shares | $ 30.84 | |||||||||||
Number of shares outstanding | 239,481 | 239,481 | ||||||||||
Number of shares exited | 0 | |||||||||||
Number of shares forfeited | 87,197 |
PERSONNEL EXPENSES AND DEFER123
PERSONNEL EXPENSES AND DEFERRED EMPLOYEE BENEFITS - Share Unit Plan Activity (Details) | Dec. 31, 2017shares$ / shares | Dec. 17, 2014shares | Sep. 27, 2013shares | Mar. 29, 2013shares | Dec. 31, 2017shares$ / shares | Dec. 31, 2016shares$ / shares | Dec. 31, 2015shares$ / shares |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
Number of shares granted | 9,568,691 | ||||||
Number of shares exited | (3,138) | ||||||
Number of shares forfeited | (662,712) | ||||||
Number of shares oustanding, end of year | 8,902,841 | 8,902,841 | |||||
Restricted Share Units (RSUs) | |||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
Number of shares outstanding, beginning of year | 650,254 | 1,320,654 | 1,136,761 | ||||
Number of shares granted | 0 | 0 | 368,536 | ||||
Number of shares exited | (303,550) | (564,679) | (107,544) | ||||
Number of shares forfeited | (40,699) | (105,721) | (77,099) | ||||
Number of shares oustanding, end of year | 306,005 | 306,005 | 650,254 | 1,320,654 | |||
Fair value price per share, beginning of year (USD per share) | $ / shares | $ 21 | $ 28.78 | $ 36.19 | ||||
Fair value price per granted share (USD per share) | $ / shares | 0 | 0 | 11.49 | ||||
Fair value price per exercised or vested share (USD per share) | $ / shares | 30.69 | 38.24 | 42.90 | ||||
Fair value price per forfeited share (USD per share) | $ / shares | 20.32 | 26.12 | 35.91 | ||||
Fair value price per share, end of year (USD per share) | $ / shares | $ 11.49 | $ 11.49 | $ 21 | $ 28.78 | |||
Performance Share Units (PSUs) | |||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
Number of shares outstanding, beginning of year | 8,039,494 | 1,370,675 | 1,086,834 | ||||
Number of shares granted | 27,807 | 1,567 | 1,199,338 | 7,252,814 | 450,702 | ||
Number of shares exited | (204,855) | (19,816) | (8,239) | ||||
Number of shares forfeited | (437,141) | (564,179) | (158,622) | ||||
Number of shares oustanding, end of year | 8,596,836 | 8,596,836 | 8,039,494 | 1,370,675 | |||
Fair value price per share, beginning of year (USD per share) | $ / shares | $ 15.08 | $ 33.32 | $ 42.29 | ||||
Fair value price per granted share (USD per share) | $ / shares | 19.25 | 13.46 | 16.33 | ||||
Fair value price per exercised or vested share (USD per share) | $ / shares | 43.34 | 37.11 | 50.61 | ||||
Fair value price per forfeited share (USD per share) | $ / shares | 18.33 | 37.76 | 45.59 | ||||
Fair value price per share, end of year (USD per share) | $ / shares | $ 14.83 | $ 14.83 | $ 15.08 | $ 33.32 |
PROVISIONS, CONTINGENCIES AN124
PROVISIONS, CONTINGENCIES AND COMMITMENTS - Provisions Overview (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of other provisions [line items] | |||
Provisions, beginning balance | $ 1,947 | $ 2,204 | |
Additions | 315 | 374 | |
Deductions/Payments | (392) | (596) | |
Effects of foreign exchange and other movements | 152 | (35) | |
Provisions, ending balance | 2,022 | 1,947 | |
Short-term provisions | 410 | 426 | $ 770 |
Long-term provisions | 1,612 | 1,521 | $ 1,434 |
Environmental | |||
Disclosure of other provisions [line items] | |||
Provisions, beginning balance | 745 | 697 | |
Additions | 64 | 108 | |
Deductions/Payments | (57) | (65) | |
Effects of foreign exchange and other movements | 63 | 5 | |
Provisions, ending balance | 815 | 745 | |
Asset retirement obligations | |||
Disclosure of other provisions [line items] | |||
Provisions, beginning balance | 358 | 297 | |
Additions | 60 | 70 | |
Deductions/Payments | (9) | (4) | |
Effects of foreign exchange and other movements | 18 | (5) | |
Provisions, ending balance | 427 | 358 | |
Site Restoration | |||
Disclosure of other provisions [line items] | |||
Provisions, beginning balance | 43 | 64 | |
Additions | 0 | 8 | |
Deductions/Payments | (9) | (20) | |
Effects of foreign exchange and other movements | 6 | (9) | |
Provisions, ending balance | 40 | 43 | |
Staff related obligations | |||
Disclosure of other provisions [line items] | |||
Provisions, beginning balance | 168 | 167 | |
Additions | 48 | 48 | |
Deductions/Payments | (41) | (63) | |
Effects of foreign exchange and other movements | 8 | 16 | |
Provisions, ending balance | 183 | 168 | |
Voluntary separation plans | |||
Disclosure of other provisions [line items] | |||
Provisions, beginning balance | 79 | 97 | |
Additions | 22 | 25 | |
Deductions/Payments | (44) | (68) | |
Effects of foreign exchange and other movements | 22 | 25 | |
Provisions, ending balance | 79 | 79 | |
Litigation and other | |||
Disclosure of other provisions [line items] | |||
Provisions, beginning balance | 413 | 463 | |
Additions | 64 | 66 | |
Deductions/Payments | (173) | (71) | |
Effects of foreign exchange and other movements | 24 | (45) | |
Provisions, ending balance | 328 | 413 | |
Tax Claims | |||
Disclosure of other provisions [line items] | |||
Provisions, beginning balance | 211 | 189 | |
Additions | 11 | 20 | |
Deductions/Payments | (109) | (22) | |
Effects of foreign exchange and other movements | 13 | 24 | |
Provisions, ending balance | 126 | 211 | |
Other legal claims | |||
Disclosure of other provisions [line items] | |||
Provisions, beginning balance | 202 | 269 | |
Additions | 53 | 46 | |
Deductions/Payments | (64) | (44) | |
Effects of foreign exchange and other movements | 11 | (69) | |
Provisions, ending balance | 202 | 202 | |
Other unasserted claims | |||
Disclosure of other provisions [line items] | |||
Provisions, beginning balance | 0 | 5 | |
Additions | 0 | ||
Deductions/Payments | (5) | ||
Effects of foreign exchange and other movements | 0 | ||
Provisions, ending balance | 0 | ||
Commercial agreements and onerous contracts | |||
Disclosure of other provisions [line items] | |||
Provisions, beginning balance | 26 | 273 | |
Additions | 18 | 18 | |
Deductions/Payments | (22) | (254) | |
Effects of foreign exchange and other movements | 2 | (11) | |
Provisions, ending balance | 24 | 26 | |
Other | |||
Disclosure of other provisions [line items] | |||
Provisions, beginning balance | 115 | 146 | |
Additions | 39 | 31 | |
Deductions/Payments | (37) | (51) | |
Effects of foreign exchange and other movements | 9 | (11) | |
Provisions, ending balance | $ 126 | $ 115 |
PROVISIONS, CONTINGENCIES AN125
PROVISIONS, CONTINGENCIES AND COMMITMENTS - Provisions Overview - Additional Information (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Nov. 16, 2016 | Dec. 31, 2015 |
Disclosure of other provisions [line items] | ||||
Provisions | $ 2,022 | $ 1,947 | $ 2,204 | |
Other long-term obligations | 963 | 566 | ||
Accrued expenses and other liabilities | 4,505 | 3,943 | ||
Other legal claims | ||||
Disclosure of other provisions [line items] | ||||
Provisions | $ 202 | $ 202 | $ 269 | |
South Africa | Other legal claims | ||||
Disclosure of other provisions [line items] | ||||
Provisions | $ 84 | |||
Other long-term obligations | 65 | |||
Accrued expenses and other liabilities | $ 19 |
PROVISIONS, CONTINGENCIES AN126
PROVISIONS, CONTINGENCIES AND COMMITMENTS - Environmental Liabilities (Details) m³ in Thousands, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2017USD ($)m³ | Dec. 31, 2007ha | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | |
Disclosure of other provisions [line items] | |||||
Provisions | $ 2,022 | $ 1,947 | $ 2,204 | ||
Other environment related provision [member] | |||||
Disclosure of other provisions [line items] | |||||
Provisions | 815 | $ 745 | $ 697 | ||
Air Compliance Issues | ArcelorMittal Monessen | |||||
Disclosure of other provisions [line items] | |||||
Damages sought, penalties accrued | $ 1 | ||||
Total Europe | Other environment related provision [member] | |||||
Disclosure of other provisions [line items] | |||||
Provisions | 473 | ||||
United States | Other environment related provision [member] | |||||
Disclosure of other provisions [line items] | |||||
Provisions | 141 | ||||
Expected provision payment | 16 | ||||
United States | Removal and Disposal of Asbestos-Containing Materials and Polychlorinated Biphenyls | |||||
Disclosure of other provisions [line items] | |||||
Provisions | 36 | ||||
Expected provision payment | 2 | ||||
United States | Sediment Assessment and Remediation | |||||
Disclosure of other provisions [line items] | |||||
Provisions | 7 | ||||
United States | RCRA Corrective Action | |||||
Disclosure of other provisions [line items] | |||||
Provisions | 4 | ||||
United States | Anticipated Remediation and Post-Remediation Activities | |||||
Disclosure of other provisions [line items] | |||||
Provisions | 35 | ||||
United States | Provision for Treatment of Acid Mine Drainage | |||||
Disclosure of other provisions [line items] | |||||
Provisions | 31 | ||||
Estimated financial effect of contingent assets | 46 | ||||
United States | Provisions Related To Clean Air Act’s Prevention Of Significant Deterioration | |||||
Disclosure of other provisions [line items] | |||||
Provisions | 12 | ||||
South Africa | Other environment related provision [member] | |||||
Disclosure of other provisions [line items] | |||||
Provisions | $ 165 | ||||
Term of environmental provisions | 15 years | ||||
South Africa | Provision for decommissioning, restoration and rehabilitation costs | Pretoria Works Site | |||||
Disclosure of other provisions [line items] | |||||
Provisions | $ 40 | ||||
South Africa | Provision for decommissioning, restoration and rehabilitation costs | Vanderbijlpark Works Site | |||||
Disclosure of other provisions [line items] | |||||
Provisions | 21 | ||||
South Africa | Provision for decommissioning, restoration and rehabilitation costs | Newcastle Works Site | |||||
Disclosure of other provisions [line items] | |||||
Provisions | 34 | ||||
South Africa | Provision for decommissioning, restoration and rehabilitation costs | Thabazimbi Mine | |||||
Disclosure of other provisions [line items] | |||||
Provisions | 67 | ||||
South Africa | Provision for decommissioning, restoration and rehabilitation costs | Vereeniging Site | |||||
Disclosure of other provisions [line items] | |||||
Provisions | 3 | ||||
Canada | Other environment related provision [member] | |||||
Disclosure of other provisions [line items] | |||||
Provisions | 36 | ||||
Canada | Remediating Toxic Sediment | |||||
Disclosure of other provisions [line items] | |||||
Provisions | 30 | ||||
Expected provision payment | 2 | ||||
Canada | Sludge Removal at Contrecoeur | |||||
Disclosure of other provisions [line items] | |||||
Provisions | 6 | ||||
France | Other environment related provision [member] | |||||
Disclosure of other provisions [line items] | |||||
Provisions | 90 | ||||
Belgium | Other environment related provision [member] | |||||
Disclosure of other provisions [line items] | |||||
Provisions | 248 | ||||
Luxembourg | Other environment related provision [member] | |||||
Disclosure of other provisions [line items] | |||||
Provisions | $ 62 | ||||
Area of land sold | ha | 93 | ||||
Luxembourg | Other environment related provision [member] | Ehlerange Site | |||||
Disclosure of other provisions [line items] | |||||
Volume of materials to be moved to other sites | m³ | 400 | ||||
Luxembourg | Other environment related provision [member] | Differdange Site | |||||
Disclosure of other provisions [line items] | |||||
Volume of materials to be moved to other sites | m³ | 1,000 | ||||
Luxembourg | ArcelorMittal Luxembourg Various Site Clean Up | |||||
Disclosure of other provisions [line items] | |||||
Provisions | $ 53 | ||||
Luxembourg | Historical Landfill Cleanup ArcelorMittal Belval and Differdange | |||||
Disclosure of other provisions [line items] | |||||
Provisions | 8 | ||||
Poland | Other environment related provision [member] | |||||
Disclosure of other provisions [line items] | |||||
Provisions | 30 | ||||
Germany | Other environment related provision [member] | |||||
Disclosure of other provisions [line items] | |||||
Provisions | 26 | ||||
Czech Republic | Other environment related provision [member] | |||||
Disclosure of other provisions [line items] | |||||
Provisions | 10 | ||||
Spain | Other environment related provision [member] | |||||
Disclosure of other provisions [line items] | |||||
Provisions | $ 6 | ||||
Term of environmental provisions | 30 years |
PROVISIONS, CONTINGENCIES AN127
PROVISIONS, CONTINGENCIES AND COMMITMENTS - Asset Retirement Obligation (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Disclosure of other provisions [line items] | |||
Provisions | $ 2,022 | $ 1,947 | $ 2,204 |
Asset retirement obligations | |||
Disclosure of other provisions [line items] | |||
Provisions | 427 | $ 358 | $ 297 |
Ukraine | Asset retirement obligations | |||
Disclosure of other provisions [line items] | |||
Provisions | 44 | ||
Canada | Asset retirement obligations | |||
Disclosure of other provisions [line items] | |||
Provisions | 128 | ||
United States | Asset retirement obligations | |||
Disclosure of other provisions [line items] | |||
Provisions | 86 | ||
Mexico | Asset retirement obligations | |||
Disclosure of other provisions [line items] | |||
Provisions | 46 | ||
Belgium | Asset retirement obligations | |||
Disclosure of other provisions [line items] | |||
Provisions | 15 | ||
Germany | Asset retirement obligations | |||
Disclosure of other provisions [line items] | |||
Provisions | 38 | ||
South Africa | Asset retirement obligations | |||
Disclosure of other provisions [line items] | |||
Provisions | 16 | ||
Spain | Asset retirement obligations | |||
Disclosure of other provisions [line items] | |||
Provisions | 12 | ||
Brazil | Asset retirement obligations | |||
Disclosure of other provisions [line items] | |||
Provisions | 11 | ||
Kazakhstan | Asset retirement obligations | |||
Disclosure of other provisions [line items] | |||
Provisions | 14 | ||
Liberia | Asset retirement obligations | |||
Disclosure of other provisions [line items] | |||
Provisions | $ 17 |
PROVISIONS, CONTINGENCIES AN128
PROVISIONS, CONTINGENCIES AND COMMITMENTS - Tax Claims (Details) $ in Millions | Dec. 31, 2017USD ($)claim | May 17, 2016USD ($) | Apr. 25, 2016USD ($) | Apr. 24, 2013USD ($) | Dec. 10, 2012claim | Aug. 08, 2012USD ($) | Nov. 30, 2017USD ($) | Apr. 30, 2016USD ($) | Aug. 31, 2015claim | May 31, 2014USD ($) | Jan. 31, 2014USD ($) | Dec. 31, 2007USD ($) | Jul. 31, 2015USD ($)claim | Jun. 30, 2015claim | Dec. 31, 2017USD ($)claim | Dec. 31, 2015USD ($)claim | Dec. 31, 2013USD ($) | Dec. 31, 2012USD ($) | Dec. 31, 2011USD ($)claim | Dec. 31, 2008USD ($) | Dec. 31, 2007USD ($) | Dec. 31, 2006USD ($) | Dec. 31, 2016USD ($)claim | Oct. 31, 2011USD ($) |
Disclosure of other provisions [line items] | ||||||||||||||||||||||||
Provisions | $ 2,022 | $ 2,022 | $ 2,204 | $ 1,947 | ||||||||||||||||||||
Tax Claims | ||||||||||||||||||||||||
Disclosure of other provisions [line items] | ||||||||||||||||||||||||
Provisions | 126 | 126 | 189 | $ 211 | ||||||||||||||||||||
ArcelorMittal Brasil S.A. | Deductions for SUDENE Certificates | ||||||||||||||||||||||||
Disclosure of other provisions [line items] | ||||||||||||||||||||||||
Damages sought | 185 | $ 6 | $ 451 | |||||||||||||||||||||
Damages sought, penalties accrued | $ 77 | |||||||||||||||||||||||
ArcelorMittal Brasil S.A. | Value Added Tax | ||||||||||||||||||||||||
Disclosure of other provisions [line items] | ||||||||||||||||||||||||
Damages sought | $ 155 | $ 99 | $ 4 | |||||||||||||||||||||
Number of tax assessments or claims | claim | 9 | 9 | 3 | |||||||||||||||||||||
Number of favorable tax assessments or claims | claim | 2 | |||||||||||||||||||||||
Lawsuit period | 18 years | |||||||||||||||||||||||
Deposit held, amount | $ 55 | $ 55 | ||||||||||||||||||||||
ArcelorMittal Brasil S.A. | Credits for Social Security Taxes | ||||||||||||||||||||||||
Disclosure of other provisions [line items] | ||||||||||||||||||||||||
Damages sought | $ 53 | |||||||||||||||||||||||
ArcelorMittal Brasil S.A. | Tax Assessments Related To Amortization Of Goodwill | ||||||||||||||||||||||||
Disclosure of other provisions [line items] | ||||||||||||||||||||||||
Write off, net operating loss carryforward | $ 292 | |||||||||||||||||||||||
ArcelorMittal Brasil S.A. | Corporate Income Tax and Social Contributions on Net Profits | ||||||||||||||||||||||||
Disclosure of other provisions [line items] | ||||||||||||||||||||||||
Damages sought | $ 517 | $ 589 | ||||||||||||||||||||||
Tax assessment penalty | $ 141 | 266 | ||||||||||||||||||||||
ArcelorMittal Brasil S.A. | Lawsuit Against Federal Revenue Related To Tax For Additional Freight For Renewal Of Brazilian Merchant Navy | ||||||||||||||||||||||||
Disclosure of other provisions [line items] | ||||||||||||||||||||||||
Damages sought | $ 50 | |||||||||||||||||||||||
SOL Coqueria Tubarão S.A. | Value Added Tax | ||||||||||||||||||||||||
Disclosure of other provisions [line items] | ||||||||||||||||||||||||
Damages sought | $ 34 | |||||||||||||||||||||||
Number of tax assessments or claims | claim | 21 | |||||||||||||||||||||||
Number of favorable tax assessments or claims | claim | 2 | |||||||||||||||||||||||
Number of claims pending | claim | 6 | |||||||||||||||||||||||
Number of unfavorable tax assessments or claims | claim | 15,000,000 | |||||||||||||||||||||||
ArcelorMittal Comercializadora de Energia | Tax Credits on Interstate Sales of Electricity | ||||||||||||||||||||||||
Disclosure of other provisions [line items] | ||||||||||||||||||||||||
Damages sought | $ 64 | $ 57 | ||||||||||||||||||||||
ArcelorMittal Comercializadora de Energia | Retroactive Application of New Law | ||||||||||||||||||||||||
Disclosure of other provisions [line items] | ||||||||||||||||||||||||
Reduction in tax assesment | $ 18 | |||||||||||||||||||||||
ArcelorMittal France | Social Contribution | ||||||||||||||||||||||||
Disclosure of other provisions [line items] | ||||||||||||||||||||||||
Damages sought | $ 150 | $ 69 | ||||||||||||||||||||||
Number of unfavorable tax assessments or claims | claim | 3 | |||||||||||||||||||||||
Reduction in tax assesment | $ 29 | |||||||||||||||||||||||
ArcelorMittal France | Social Contribution - Profit Sharing Schemes | ||||||||||||||||||||||||
Disclosure of other provisions [line items] | ||||||||||||||||||||||||
Damages sought | $ 17 | |||||||||||||||||||||||
ArcelorMittal France | Social Contribution - Stock Options | ||||||||||||||||||||||||
Disclosure of other provisions [line items] | ||||||||||||||||||||||||
Damages sought | $ 11 | |||||||||||||||||||||||
ArcelorMittal France | Social Contribution - Professional Fees | ||||||||||||||||||||||||
Disclosure of other provisions [line items] | ||||||||||||||||||||||||
Damages sought | $ 5 | |||||||||||||||||||||||
ArcelorMittal México S.A. de C.V. | Corporate Income Tax and Social Contributions on Net Profits | ||||||||||||||||||||||||
Disclosure of other provisions [line items] | ||||||||||||||||||||||||
Damages sought | $ 142 | |||||||||||||||||||||||
Number of tax assessments or claims | claim | 3 | |||||||||||||||||||||||
ArcelorMittal Las Truchas | Tax Claims | ||||||||||||||||||||||||
Disclosure of other provisions [line items] | ||||||||||||||||||||||||
Damages sought | $ 72 |
PROVISIONS, CONTINGENCIES AN129
PROVISIONS, CONTINGENCIES AND COMMITMENTS - Competition and Antitrust Claims (Details) $ in Millions, ZAR in Billions | Sep. 01, 2009producer | May 31, 2006USD ($) | Aug. 31, 2013producer | Feb. 28, 2011plaintiff | Sep. 30, 2005USD ($) | Sep. 30, 2000producer | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2016ZAR | Dec. 31, 2015USD ($) |
Disclosure of other provisions [line items] | ||||||||||
Provisions | $ | $ 2,022 | $ 1,947 | $ 2,204 | |||||||
Competition and antitrust claims | ||||||||||
Disclosure of other provisions [line items] | ||||||||||
Provisions | $ | $ 6 | |||||||||
Number of plaintiffs | producer | 3 | |||||||||
ArcelorMittal Brasil S.A. | Competition and antitrust claims | ||||||||||
Disclosure of other provisions [line items] | ||||||||||
Number of plaintiffs | plaintiff | 4 | |||||||||
Damages sought | $ | $ 67 | $ 61 | ||||||||
ArcelorMittal South Africa Ltd. (AMSA) | Competition and antitrust claims | ||||||||||
Disclosure of other provisions [line items] | ||||||||||
Damages sought, percent of annual revenues | 10.00% | |||||||||
Amount awarded to other party | $ 110 | ZAR 1.5 | ||||||||
ArcelorMittal South Africa Ltd. (AMSA) | Claims Related To Alleged Concerted Practice With Highveld | ||||||||||
Disclosure of other provisions [line items] | ||||||||||
Damages sought, period under review | 10 years | |||||||||
South Africa | Competition and antitrust claims | ||||||||||
Disclosure of other provisions [line items] | ||||||||||
Number of plaintiffs | producer | 4 | 4 | ||||||||
Number of steel producers under investigation | producer | 1 |
PROVISIONS, CONTINGENCIES AN130
PROVISIONS, CONTINGENCIES AND COMMITMENTS - Other Legal Claims (Details) CAD in Billions | May 15, 2012USD ($) | Nov. 30, 2013claim | May 31, 2013USD ($) | Apr. 30, 2013claim | Jun. 30, 2012USD ($)employeeclaim | Jan. 31, 2008USD ($) | Jun. 30, 2006 | Dec. 31, 2017USD ($)claim | Dec. 31, 2016USD ($)claim | Dec. 31, 2011USD ($) | Dec. 31, 2011CAD | Dec. 31, 2010USD ($) | Dec. 31, 2008USD ($) | Dec. 31, 2006 | Dec. 31, 2014USD ($)claim | Dec. 31, 2015USD ($) | Dec. 18, 2014USD ($) | Jan. 31, 2010USD ($) |
Disclosure of other provisions [line items] | ||||||||||||||||||
Provisions | $ 2,022,000,000 | $ 1,947,000,000 | $ 2,204,000,000 | |||||||||||||||
Tender offer, exchange ratio | 1.5714 | |||||||||||||||||
Various other legal claims | ||||||||||||||||||
Disclosure of other provisions [line items] | ||||||||||||||||||
Provisions | 196,000,000 | |||||||||||||||||
Other legal claims | ||||||||||||||||||
Disclosure of other provisions [line items] | ||||||||||||||||||
Provisions | $ 202,000,000 | $ 202,000,000 | $ 269,000,000 | |||||||||||||||
Canada | Other legal claims | ||||||||||||||||||
Disclosure of other provisions [line items] | ||||||||||||||||||
Damages sought | $ 797,000,000 | CAD 1 | ||||||||||||||||
Italy | Other legal claims | ||||||||||||||||||
Disclosure of other provisions [line items] | ||||||||||||||||||
Estimate of possible loss | $ 25,000,000 | |||||||||||||||||
Business combination, expected amount | $ 112,000,000 | |||||||||||||||||
Italy | Bottom of range | Other legal claims | ||||||||||||||||||
Disclosure of other provisions [line items] | ||||||||||||||||||
Damages sought | $ 45,000,000 | $ 17,000,000 | ||||||||||||||||
Italy | Top of range | Other legal claims | ||||||||||||||||||
Disclosure of other provisions [line items] | ||||||||||||||||||
Damages sought | $ 71,000,000 | $ 28,000,000 | ||||||||||||||||
Luxembourg | Significant Shareholder | ||||||||||||||||||
Disclosure of other provisions [line items] | ||||||||||||||||||
Damages sought | $ 216,000,000 | |||||||||||||||||
Luxembourg | Other legal claims | ||||||||||||||||||
Disclosure of other provisions [line items] | ||||||||||||||||||
Number of claims | employee | 59 | |||||||||||||||||
Damages sought | $ 71,000,000 | |||||||||||||||||
Number of claims pending | claim | 4 | |||||||||||||||||
Number of dismissed claims | claim | 2 | 2 | ||||||||||||||||
France | Wrongful Termination of Contract | ||||||||||||||||||
Disclosure of other provisions [line items] | ||||||||||||||||||
Litigation case, term of contract | 20 years | |||||||||||||||||
France | Association Actionnaires d'Arcelor | ||||||||||||||||||
Disclosure of other provisions [line items] | ||||||||||||||||||
Damages sought | $ 296,000,000 | |||||||||||||||||
France | Other legal claims | ||||||||||||||||||
Disclosure of other provisions [line items] | ||||||||||||||||||
Number of claims pending | claim | 404 | 394 | ||||||||||||||||
Losses on litigation settlements | $ 6,400,000 | $ 7,800,000 | ||||||||||||||||
Professional fees expense | 250,000 | 220,000 | ||||||||||||||||
Payments for settlements | 6,100,000 | $ 7,600,000 | ||||||||||||||||
France | Other legal claims | Wrongful Termination of Contract | ||||||||||||||||||
Disclosure of other provisions [line items] | ||||||||||||||||||
Damages sought of counterclaim value | $ 146,000,000 | |||||||||||||||||
France | Other legal claims | Wrongful Termination of Contract Case, Possible Outcome One | ||||||||||||||||||
Disclosure of other provisions [line items] | ||||||||||||||||||
Damages sought | 163,000,000 | |||||||||||||||||
France | Other legal claims | Wrongful Termination of Contract Case, Possible Outcome Two | ||||||||||||||||||
Disclosure of other provisions [line items] | ||||||||||||||||||
Damages sought | $ 173,000,000 | |||||||||||||||||
France | Bottom of range | Other legal claims | ||||||||||||||||||
Disclosure of other provisions [line items] | ||||||||||||||||||
Damages sought | 35,979 | |||||||||||||||||
France | Top of range | Other legal claims | ||||||||||||||||||
Disclosure of other provisions [line items] | ||||||||||||||||||
Damages sought | $ 779,545 | |||||||||||||||||
Acindar Industria Argentina de Aceros S.A. | Other legal claims | ||||||||||||||||||
Disclosure of other provisions [line items] | ||||||||||||||||||
Number of claims | claim | 38 | |||||||||||||||||
Damages sought | $ 223,000,000 | |||||||||||||||||
Number of unfavorable tax assessments or claims | claim | 25 | |||||||||||||||||
Estimate of possible loss | $ 69,000,000 | |||||||||||||||||
Number of favorable tax assessments or claims | claim | 3 | |||||||||||||||||
Amount awarded from other party | $ 10,000,000 | |||||||||||||||||
Number of claims pending | claim | 1 |
PROVISIONS, CONTINGENCIES AN131
PROVISIONS, CONTINGENCIES AND COMMITMENTS - Commitments (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of Other Provisions, Contingent Liabilities and Commitments [Abstract] | ||
Purchase commitments | $ 24,734 | $ 24,432 |
Guarantees, pledges and other collateral | 5,021 | 4,424 |
Non-cancellable operating leases | 1,311 | 1,312 |
Capital expenditure commitments | 878 | 466 |
Other commitments | 1,206 | 1,432 |
Total | $ 33,150 | $ 32,066 |
PROVISIONS, CONTINGENCIES AN132
PROVISIONS, CONTINGENCIES AND COMMITMENTS - Commitments - Narrative (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of transactions between related parties [line items] | ||
Commitments in relation to associates | $ 520,000,000 | $ 480,000,000 |
Commitments in relation to joint ventures | 1,550,000,000 | 1,386,000,000 |
Provision of guarantees or collateral to entity, third party transactions | 266,000,000 | 131,000,000 |
Property, plant and equipment, pledged as security | 282,000,000 | 256,000,000 |
South Africa | Asset-Based Revolving Credit Facility | Operating Subsidiaries | ||
Disclosure of transactions between related parties [line items] | ||
Inventory pledged in asset-based revolving credit facility | 299,000,000 | |
Debt instrument, ceded bank accounts to secure environmental obligations, true sale of receivables programs and the revolving base finance facility | 169,000,000 | |
Associates | ||
Disclosure of transactions between related parties [line items] | ||
Provision of guarantees or collateral by entity, related party transactions | 13,000,000 | 11,000,000 |
Other sureties, first demand guarantees, letters of credit, pledges and other collateral | 419,000,000 | 0 |
Joint ventures | ||
Disclosure of transactions between related parties [line items] | ||
Provision of guarantees or collateral by entity, related party transactions | 1,022,000,000 | 1,028,000,000 |
Other sureties, first demand guarantees, letters of credit, pledges and other collateral | 164,000,000 | 114,000,000 |
Tameh | ||
Disclosure of transactions between related parties [line items] | ||
Commitments in relation to joint ventures | 1,481,000,000 | 1,314,000,000 |
Calvert | Joint ventures | ||
Disclosure of transactions between related parties [line items] | ||
Provision of guarantees or collateral by entity, related party transactions | 406,000,000 | 463,000,000 |
Al Jubail | Joint ventures | ||
Disclosure of transactions between related parties [line items] | ||
Provision of guarantees or collateral by entity, related party transactions | $ 382,000,000 | $ 403,000,000 |
PROVISIONS, CONTINGENCIES AN133
PROVISIONS, CONTINGENCIES AND COMMITMENTS - Future Minimum Lease Payments Maturities (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of maturity analysis of operating lease payments [line items] | ||
Non-cancellable operating lease commitments | $ 1,311 | $ 1,312 |
Less than 1 year | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Non-cancellable operating lease commitments | 315 | 279 |
1-3 years | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Non-cancellable operating lease commitments | 412 | 422 |
4-5 years | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Non-cancellable operating lease commitments | 252 | 267 |
More than 5 years | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Non-cancellable operating lease commitments | $ 332 | $ 344 |
PROVISIONS, CONTINGENCIES AN134
PROVISIONS, CONTINGENCIES AND COMMITMENTS - Operating Lease and Other - Narrative (Details) t in Millions | 12 Months Ended | ||
Dec. 31, 2017USD ($)t | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | |
Disclosure of finance lease and operating lease by lessee [line items] | |||
Minimum operating lease payments recognised as expense | $ 542,000,000 | $ 521,000,000 | $ 538,000,000 |
Non-cancellable operating leases | 1,311,000,000 | 1,312,000,000 | |
Contractual commitments to sell | 286,000,000 | $ 366,000,000 | |
ArcelorMittal Atlantique et Lorraine S.A.S. | |||
Disclosure of finance lease and operating lease by lessee [line items] | |||
Purchase commitments | 3,000,000 | ||
ArcelorMittal Belgium N.V. | |||
Disclosure of finance lease and operating lease by lessee [line items] | |||
Purchase commitments | 0 | ||
ArcelorMittal South Africa Ltd. (AMSA) | |||
Disclosure of finance lease and operating lease by lessee [line items] | |||
Purchase commitments | 212,000,000 | ||
ArcelorMittal Mexico S.A. de C.V. | |||
Disclosure of finance lease and operating lease by lessee [line items] | |||
Purchase commitments | 520,000,000 | ||
Total amount of investment program | $ 1,000,000,000 | ||
Investment program, term | 3 years | ||
Construction capacity (in tonnes) | t | 2.5 | ||
Property, plant and equipment | |||
Disclosure of finance lease and operating lease by lessee [line items] | |||
Non-cancellable operating leases | $ 843,000,000 | ||
Buildings | |||
Disclosure of finance lease and operating lease by lessee [line items] | |||
Non-cancellable operating leases | 233,000,000 | ||
Land | |||
Disclosure of finance lease and operating lease by lessee [line items] | |||
Non-cancellable operating leases | 187,000,000 | ||
Other property, plant and equipment | |||
Disclosure of finance lease and operating lease by lessee [line items] | |||
Non-cancellable operating leases | $ 48,000,000 |
INCOME TAXES - Components Of In
INCOME TAXES - Components Of Income Tax Expense (Benefit) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Taxes [Abstract] | |||
Total current tax expense (benefit) | $ 583 | $ 255 | $ 331 |
Total deferred tax expense (benefit) | (151) | 731 | 571 |
Total income tax expense (benefit) | $ 432 | $ 986 | $ 902 |
INCOME TAXES - Effective Income
INCOME TAXES - Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Taxes [Abstract] | |||
Net income (loss) (including non-controlling interests) | $ 4,575 | $ 1,734 | $ (8,423) |
Income (loss) before taxes | 5,007 | 2,720 | (7,521) |
Tax expense (benefit) at the statutory rates applicable to profits (losses) in the countries | 1,407 | 677 | (2,146) |
Permanent items | (522) | (5,940) | (2,124) |
Rate changes | (94) | 593 | 0 |
Net change in measurement of deferred tax assets | (281) | 5,344 | 4,940 |
Tax effects of foreign currency translation | (157) | 73 | 153 |
Tax credits | (66) | (21) | (13) |
Other taxes | 90 | 126 | 18 |
Others | 55 | 134 | 74 |
Total income tax expense (benefit) | $ 432 | $ 986 | $ 902 |
INCOME TAXES - Additional Detai
INCOME TAXES - Additional Details (Details) € in Millions, $ in Millions | Apr. 08, 2016USD ($) | Feb. 01, 2016USD ($) | Feb. 01, 2016EUR (€) | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||||
Tax effect from change in tax rate | $ (94) | $ 593 | $ 0 | |||
Net change in measurement of deferred tax assets | (281) | 5,344 | 4,940 | |||
Unrecognized part of deferred tax assets on write-downs of value of shares and receivables | 652 | 5,971 | 2,622 | |||
Tax expense related to non-recognition and derecognition of other deferred tax assets | 364 | 285 | 2,405 | |||
Tax expense (benefit) related to recognition of deferred tax assets for losses and other deductible temporary differences of previous years | (1,297) | (912) | (87) | |||
Deferred tax asset recoverability, currency adjustment | 700 | |||||
Derecognition of previously recognized deferred tax assets | 400 | |||||
Proceeds from issue of ordinary shares | $ 3,115 | 3,000 | ||||
Tax effect of foreign tax rates | (157) | 73 | 153 | |||
Other tax effects for reconciliation between accounting profit and tax expense (income) | 55 | 134 | 74 | |||
Tax contingencies/settlements | 7 | 149 | (8) | |||
Prior period taxes | (7) | (18) | $ 96 | |||
Deferred tax assets | 7,055 | 5,837 | ||||
Future taxable income required | 31,300 | |||||
Deferred tax liabilities | 2,684 | $ 2,529 | ||||
Operating loss carryforward, amount | 110,900 | |||||
Tax credit, amount | $ 1,034 | |||||
Gestampc | ||||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||||
Proportion of ownership interest in associate | 35.00% | 35.00% | ||||
Proceeds from sales of interests in associates | $ 971 | € 875 | $ 875 | |||
Mining | ||||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||||
Impairment of goodwill | $ 900 | |||||
Luxembourg | ||||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||||
Applicable tax rate | 26.01% | |||||
Tax effect from change in tax rate | 647 | |||||
Unrecognized part of deferred tax assets on write-downs of value of shares and receivables | $ (652) | |||||
Increase in deferred tax assets due to tax integration | 1,100 | 400 | (300) | |||
Future taxable income increase due to tax integration | 300 | 800 | ||||
Accumulated income tax losses | 80,800 | 70,500 | ||||
Accumulated income tax losses, realizable | 30,800 | 23,600 | ||||
Deferred tax assets | 7,600 | 6,100 | ||||
Accumulated income tax losses subject to recapture | 30,100 | |||||
Belgium | ||||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||||
Tax effect from change in tax rate | (60) | |||||
France | ||||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||||
Tax effect from change in tax rate | (31) | (50) | ||||
Liberia, Basque Country in Spain, Netherlands, Romania and United States | ||||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||||
Operating loss carryforward, amount | 7,292 | |||||
Tax losses for which deferred tax asset recognised | 1,233 | |||||
Unused tax losses for which no deferred tax asset recognised | 6,059 | |||||
Brazil, France, Germany, Luxembourg and Spain | Unlimited Tax Period | ||||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||||
Operating loss carryforward, amount | 103,600 | |||||
Tax losses for which deferred tax asset recognised | 35,700 | |||||
Unused tax losses for which no deferred tax asset recognised | 67,800 | |||||
Belgium, Basque Country in Spain and United States | ||||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||||
Tax credit, amount | 727 | |||||
Tax credits for which deferred tax asset recognised | 80 | |||||
Unused tax credits for which no deferred tax asset recognised | 647 | |||||
Brazil, Belgium and Spain | Unlimited Tax Period | ||||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||||
Tax credit, amount | 307 | |||||
Tax credits for which deferred tax asset recognised | 153 | |||||
Unused tax credits for which no deferred tax asset recognised | 154 | |||||
Europe and North Americas | ||||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||||
Tax contingencies/settlements | 149 | |||||
Luxembourg and Mexicos | ||||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||||
Prior period taxes | $ 96 | |||||
Temporary Differences Related To Investments In Subsidiaries, Associates And Joint Ventures | ||||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||||
Deferred tax liabilities | 59 | $ 58 | ||||
Other temporary differences | ||||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||||
Unrecognized deferred tax liabilities | $ 875 |
INCOME TAXES - Permanent Items
INCOME TAXES - Permanent Items (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Taxes [Abstract] | |||
Tax deductible write-downs on shares and receivables | $ (652) | $ (5,971) | $ (2,622) |
Non tax deductible goodwill impairment | 0 | 0 | 250 |
Non tax deductible hyperinflationary adjustment | 26 | 22 | 114 |
Taxable income (tax loss) of AMTFS | (34) | 20 | 196 |
Taxable dividends | 65 | 19 | 0 |
Other permanent items | 73 | (30) | (62) |
Total permanent items | $ (522) | $ (5,940) | $ (2,124) |
INCOME TAXES - Others (Details)
INCOME TAXES - Others (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Taxes [Abstract] | |||
Tax contingencies/settlements | $ 7 | $ 149 | $ (8) |
Prior period taxes | (7) | (18) | 96 |
Others | 55 | 3 | (14) |
Total | $ 55 | $ 134 | $ 74 |
INCOME TAXES - Income Tax Recog
INCOME TAXES - Income Tax Recognized In Equity (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax expense (benefit) recognised in other comprehensive income | $ (209) | $ 25 | $ (32) |
Income tax relating to components of other comprehensive income | (200) | 25 | (32) |
Unrealized gain (loss) on derivative financial instruments | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax expense (benefit) recognised in other comprehensive income | (77) | (1) | 4 |
Recognized actuarial gain (loss) | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax expense (benefit) recognised in other comprehensive income | (42) | (1) | 47 |
Foreign currency translation adjustments | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax expense (benefit) recognised in other comprehensive income | (90) | 27 | (83) |
Other reserves | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax expense (benefit) | $ 9 | $ 0 | $ 0 |
INCOME TAXES - Origin Of The De
INCOME TAXES - Origin Of The Deferred Tax Assets And Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | $ 7,055 | $ 5,837 |
Deferred tax liabilities | (2,684) | (2,529) |
Deferred tax assets / (liabilities) | 4,371 | 3,308 |
Intangible assets | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets / (liabilities) | (806) | (866) |
Property, plant and equipment | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets / (liabilities) | (5,099) | (5,325) |
Inventories | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets / (liabilities) | 112 | 52 |
Financial instruments | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets / (liabilities) | (430) | (185) |
Other assets | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets / (liabilities) | (133) | (3) |
Provisions | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets / (liabilities) | 1,153 | 1,598 |
Other liabilities | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets / (liabilities) | 134 | (87) |
Tax losses carried forward | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets / (liabilities) | 9,275 | 7,906 |
Tax credits and other tax benefits carried forward | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets / (liabilities) | 233 | 270 |
Untaxed reserves | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets / (liabilities) | (68) | (52) |
Before Offset Amount | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | 12,365 | 11,758 |
Deferred tax liabilities | (7,994) | (8,450) |
Before Offset Amount | Intangible assets | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | 63 | 34 |
Deferred tax liabilities | (869) | (900) |
Before Offset Amount | Property, plant and equipment | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | 235 | 457 |
Deferred tax liabilities | (5,334) | (5,782) |
Before Offset Amount | Inventories | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | 291 | 367 |
Deferred tax liabilities | (179) | (315) |
Before Offset Amount | Financial instruments | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | 129 | 21 |
Deferred tax liabilities | (559) | (206) |
Before Offset Amount | Other assets | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | 203 | 307 |
Deferred tax liabilities | (336) | (310) |
Before Offset Amount | Provisions | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | 1,577 | 1,928 |
Deferred tax liabilities | (424) | (330) |
Before Offset Amount | Other liabilities | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | 359 | 468 |
Deferred tax liabilities | (225) | (555) |
Before Offset Amount | Tax losses carried forward | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | 9,275 | 7,906 |
Deferred tax liabilities | 0 | 0 |
Before Offset Amount | Tax credits and other tax benefits carried forward | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | 233 | 270 |
Deferred tax liabilities | 0 | 0 |
Before Offset Amount | Untaxed reserves | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | 0 | 0 |
Deferred tax liabilities | $ (68) | $ (52) |
INCOME TAXES - Deferred Tax Ass
INCOME TAXES - Deferred Tax Assets (Details) - USD ($) $ in Millions | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Recognized deferred tax assets | $ 7,055 | $ 5,837 |
Deferred tax liabilities | 2,684 | 2,529 |
Tax losses carried forward | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Gross amount | 110,855 | 96,648 |
Tax credits and other tax benefits carried forward | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Gross amount | 1,803 | 1,807 |
Other temporary differences | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Gross amount | 17,417 | 17,946 |
Temporary differences associated with investments in subsidiaries, branches and associates and interests in joint arrangements for which deferred tax liabilities have not been recognised | 875 | |
Temporary Differences Related To Investments In Subsidiaries, Associates And Joint Ventures | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax liabilities | 59 | 58 |
Before Offset Amount | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Total deferred tax assets | 33,325 | 32,282 |
Recognized deferred tax assets | 12,365 | 11,758 |
Unrecognized deferred tax assets | 20,960 | 20,524 |
Deferred tax liabilities | 7,994 | 8,450 |
Before Offset Amount | Tax losses carried forward | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Total deferred tax assets | 28,313 | 25,735 |
Recognized deferred tax assets | 9,275 | 7,906 |
Unrecognized deferred tax assets | 19,038 | 17,829 |
Deferred tax liabilities | 0 | 0 |
Before Offset Amount | Tax credits and other tax benefits carried forward | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Total deferred tax assets | 1,034 | 1,107 |
Recognized deferred tax assets | 233 | 270 |
Unrecognized deferred tax assets | 801 | 837 |
Deferred tax liabilities | 0 | 0 |
Before Offset Amount | Other temporary differences | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Total deferred tax assets | 3,978 | 5,440 |
Recognized deferred tax assets | 2,857 | 3,582 |
Unrecognized deferred tax assets | $ 1,121 | $ 1,858 |
INCOME TAXES - Operating Losses
INCOME TAXES - Operating Losses (Details) $ in Millions | Dec. 31, 2017USD ($) |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Total | $ 110,900 |
Liberia, Basque Country in Spain, Netherlands, Romania and United States | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Recognized | 1,233 |
Unrecognized | 6,059 |
Total | 7,292 |
Liberia, Basque Country in Spain, Netherlands, Romania and United States | Tax Year 2018 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Recognized | 26 |
Unrecognized | 4 |
Total | 30 |
Liberia, Basque Country in Spain, Netherlands, Romania and United States | Tax Year 2019 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Recognized | 10 |
Unrecognized | 60 |
Total | 70 |
Liberia, Basque Country in Spain, Netherlands, Romania and United States | Tax Year 2020 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Recognized | 73 |
Unrecognized | 149 |
Total | 222 |
Liberia, Basque Country in Spain, Netherlands, Romania and United States | Tax Year 2021 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Recognized | 44 |
Unrecognized | 909 |
Total | 953 |
Liberia, Basque Country in Spain, Netherlands, Romania and United States | Tax Year 2022 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Recognized | 231 |
Unrecognized | 608 |
Total | 839 |
Liberia, Basque Country in Spain, Netherlands, Romania and United States | Tax Year 2022 Through 2036 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Recognized | 849 |
Unrecognized | 4,329 |
Total | $ 5,178 |
INCOME TAXES - Tax Credits and
INCOME TAXES - Tax Credits and Other Tax Benefits (Details) $ in Millions | Dec. 31, 2017USD ($) |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Total | $ 1,034 |
Belgium, Basque Country in Spain and United States | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Recognized | 80 |
Unrecognized | 647 |
Total | 727 |
Belgium, Basque Country in Spain and United States | Tax Year 2018 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Recognized | 0 |
Unrecognized | 36 |
Total | 36 |
Belgium, Basque Country in Spain and United States | Tax Year 2019 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Recognized | 0 |
Unrecognized | 1 |
Total | 1 |
Belgium, Basque Country in Spain and United States | Tax Year 2020 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Recognized | 0 |
Unrecognized | 2 |
Total | 2 |
Belgium, Basque Country in Spain and United States | Tax Year 2021 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Recognized | 0 |
Unrecognized | 1 |
Total | 1 |
Belgium, Basque Country in Spain and United States | Tax Year 2022 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Recognized | 0 |
Unrecognized | 0 |
Total | 0 |
Belgium, Basque Country in Spain and United States | Tax Year 2022 Through 2036 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Recognized | 80 |
Unrecognized | 607 |
Total | $ 687 |
EQUITY - Share Details (Details
EQUITY - Share Details (Details) - shares | Jan. 15, 2016 | Dec. 31, 2017 | Dec. 31, 2016 |
Reconciliation of number of shares outstanding [abstract] | |||
Issued shares, beginning of period | 1,021,903,623 | 555,130,741 | |
Movement in year | 0 | 466,772,882 | |
Issued shares, end of period | 1,021,903,623 | 1,021,903,623 | |
Treasury shares, beginning of period | (2,407,480) | (2,860,363) | |
Movement in year | 420,644 | 452,883 | |
Treasury shares, end of period | (1,986,836) | (2,407,480) | |
Number of shares outstanding, beginning of period | 1,019,496,143 | 552,270,378 | |
Movement in year | 420,644 | 467,225,765 | |
Number of shares outstanding, end of period | 1,019,916,787 | 1,019,496,143 | |
Conversion of mandatorily convertible notes (in shares) | 137,967,116 | ||
Pro Forma | |||
Reconciliation of number of shares outstanding [abstract] | |||
Treasury shares, beginning of period | (7,200,000) | ||
Treasury shares, end of period | (7,200,000) | (7,200,000) | |
Conversion of mandatorily convertible notes (in shares) | 45,989,039 |
EQUITY - Share Details - Additi
EQUITY - Share Details - Additional Information (Details) € / shares in Units, $ / shares in Units, € in Millions, $ in Millions | May 10, 2017EUR (€) | Apr. 08, 2016USD ($)$ / sharesshares | Apr. 08, 2016EUR (€)shares | Mar. 11, 2016EUR (€) | Mar. 10, 2016USD ($)shares | Mar. 10, 2016EUR (€) | Jan. 15, 2016USD ($)shares | Jan. 15, 2016EUR (€)shares | May 08, 2013EUR (€)shares | May 08, 2012EUR (€)shares | Dec. 31, 2016USD ($)shares | Dec. 31, 2015USD ($)shares | Dec. 31, 2017USD ($)shares | May 22, 2017EUR (€)shares | May 21, 2017EUR (€)shares | Apr. 07, 2017USD ($) | Apr. 07, 2017EUR (€) | Apr. 08, 2016EUR (€)€ / sharesshares | Mar. 10, 2016EUR (€)€ / sharesshares | Mar. 09, 2016USD ($) | Mar. 09, 2016EUR (€) | Jan. 15, 2016EUR (€)shares | Jan. 14, 2016USD ($) | Jan. 14, 2016EUR (€) | Dec. 31, 2014USD ($) | ||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||||
Reverse stock split ratio | 3 | ||||||||||||||||||||||||||
Shares issued (in shares) | 1,021,903,623 | 555,130,741 | 1,021,903,623 | 1,021,903,623 | 3,065,710,869 | ||||||||||||||||||||||
Conversion of mandatorily convertible notes (in shares) | 137,967,116 | 137,967,116 | |||||||||||||||||||||||||
Equity | $ | $ 32,325 | $ 27,570 | $ 40,855 | $ 45,160 | |||||||||||||||||||||||
Number of shares issued and fully paid | 3,065,710,869 | 1,803,359,338 | 3,065,710,869 | 1,803,359,338 | |||||||||||||||||||||||
Par value (usd per share) | € / shares | € 0.10 | ||||||||||||||||||||||||||
Proceeds from issue of ordinary shares | $ | $ 3,115 | $ 3,000 | |||||||||||||||||||||||||
Payments for share issue costs | $ | $ 40 | ||||||||||||||||||||||||||
Number of equity rights (in shares) | 1,803,359,338 | 1,803,359,338 | |||||||||||||||||||||||||
Increase (decrease) in authorised share capital | € | € 345 | € (2,900) | € 3,000 | € (8,049) | € 524 | € 643 | |||||||||||||||||||||
Increase (decrease) in number of shares authorised | 223,000,000 | 156,000,000 | |||||||||||||||||||||||||
Increase (decrease) in authorised share capital (as a percentage) | 8.00% | 10.00% | |||||||||||||||||||||||||
Authorised share capital | € | € 8,200 | € 7,700 | € 345 | € 337 | € 337 | ||||||||||||||||||||||
Approval period (in years) | 5 years | 5 years | 5 years | 5 years | |||||||||||||||||||||||
Shares authorized (in shares) | 3,372,281,956 | 1,995,857,213 | 1,773,091,461 | 1,124,093,985 | 1,151,576,921 | 1,151,576,921 | 3,372,281,956 | 3,372,281,956 | |||||||||||||||||||
Treasury shares (in shares) | 2,407,480 | 2,860,363 | 1,986,836 | ||||||||||||||||||||||||
Share capital | |||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||||
Conversion of mandatorily convertible notes (in shares) | 137,967,116 | 137,967,116 | 46,000,000 | [1] | 1,000,000 | [1] | |||||||||||||||||||||
Conversion of mandatorily convertible notes | $ 622 | € 570 | $ 622 | ||||||||||||||||||||||||
Equity | $ 401 | $ 257 | $ 10,633 | 401 | $ 10,011 | $ 401 | $ 257 | € 180 | € 306 | € 180 | $ 10,633 | € 7,453 | € 7,453 | $ 10,011 | € 6,883 | $ 10,011 | |||||||||||
Reduction of issued capital | $ 10,376 | € 7,273 | $ 10,376 | ||||||||||||||||||||||||
Par value (usd per share) | € / shares | € 0.10 | ||||||||||||||||||||||||||
Class of warrant or right, exercise price of warrants or rights | € / shares | € 2.20 | ||||||||||||||||||||||||||
Class of warrant or right, number of securities called by each warrant or right | $ / shares | $ 0.7 | ||||||||||||||||||||||||||
Stock issued during period | $ 144 | € 126 | |||||||||||||||||||||||||
New shares issued (in shares) | 1,262,351,531 | 1,262,351,531 | 421,000,000 | [1] | |||||||||||||||||||||||
Pro Forma | |||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||||
Conversion of mandatorily convertible notes (in shares) | 45,989,039 | 45,989,039 | |||||||||||||||||||||||||
Number of shares issued and fully paid | 1,021,903,623 | 601,119,779 | 1,021,903,623 | 601,119,779 | |||||||||||||||||||||||
Number of equity rights (in shares) | 601,119,779 | 601,119,779 | |||||||||||||||||||||||||
Increase (decrease) in number of shares authorised | 74,000,000 | 52,000,000 | |||||||||||||||||||||||||
Shares authorized (in shares) | 1,124,093,985 | 665,285,738 | 591,030,487 | 1,124,093,985 | |||||||||||||||||||||||
Treasury shares (in shares) | 7,200,000 | 7,200,000 | |||||||||||||||||||||||||
Pro Forma | Share capital | |||||||||||||||||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||||||||
Conversion of mandatorily convertible notes (in shares) | 45,989,039 | 45,989,039 | |||||||||||||||||||||||||
New shares issued (in shares) | 420,783,844 | 420,783,844 | |||||||||||||||||||||||||
[1] | Amounts are in millions of shares (treasury shares are excluded). On May 22, 2017, ArcelorMittal completed the consolidation of each three existing shares in ArcelorMittal without nominal value into one share without nominal value. As a result of this reverse stock split, the number of outstanding shares decreased from 3,058 to 1,020 and all prior periods have been recast in accordance with IFRS. Please refer to note 10 for further information. |
EQUITY - Equity Instruments and
EQUITY - Equity Instruments and Hybrid Instruments (Details) $ / shares in Units, € in Millions | Dec. 14, 2017USD ($) | Jan. 15, 2016USD ($)instrumentshares | Jan. 15, 2016EUR (€)instrumentshares | Nov. 20, 2015USD ($) | Jan. 16, 2013USD ($)$ / shares | Dec. 31, 2015USD ($)instrument$ / sharesshares | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($)$ / shares | Sep. 27, 2011USD ($) | Dec. 28, 2009USD ($)business_day |
Disclosure of detailed information about borrowings [line items] | |||||||||||
Borrowings | $ 12,928,000,000 | ||||||||||
Mandatory convertible bonds extension, decrease to NCI | (83,000,000) | $ (20,000,000) | |||||||||
Treasury Shares | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Conversion of mandatorily convertible notes | 18,000,000 | ||||||||||
Share capital | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Conversion of mandatorily convertible notes | $ 622,000,000 | € 570 | $ 622,000,000 | ||||||||
Additional paid-in capital | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Conversion of mandatorily convertible notes | $ 1,178,000,000 | 20,000,000 | |||||||||
Non-controlling interests | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Mandatory convertible bonds extension, decrease to NCI | $ (83,000,000) | $ (20,000,000) | $ (83,000,000) | $ (20,000,000) | |||||||
Mandatorily convertible subordinated notes | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Proceeds from issue of notes | $ 2,222,000,000 | ||||||||||
Borrowings maturity, term (in years) | 3 years | ||||||||||
Borrowings issuance price percentage | 100.00% | ||||||||||
Borrowings, interest rate | 6.00% | ||||||||||
Borrowings | $ 384,000,000 | ||||||||||
Reserve of equity component of convertible instruments | $ 1,838,000,000 | ||||||||||
Number of instruments converted | instrument | 88,182,131 | 88,182,131 | 1,817,869 | ||||||||
Decrease in borrowings due to conversion | $ (1,800,000,000) | $ (38,000,000) | |||||||||
Mandatorily convertible subordinated notes | Treasury Shares | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Borrowings, converted instrument, shares issued | shares | 2,275,026 | ||||||||||
Mandatorily convertible subordinated notes | Treasury Shares | Pro Forma | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Borrowings, converted instrument, shares issued | shares | 758,342 | ||||||||||
Mandatorily convertible subordinated notes | Share capital | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Borrowings, converted instrument, shares issued | shares | 137,967,116 | 137,967,116 | |||||||||
Conversion of mandatorily convertible notes | $ 622,000,000 | ||||||||||
Mandatorily convertible subordinated notes | Share capital | Pro Forma | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Borrowings, converted instrument, shares issued | shares | 45,989,039 | 45,989,039 | |||||||||
Mandatorily convertible subordinated notes | Additional paid-in capital | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Conversion of mandatorily convertible notes | $ 1,178,000,000 | ||||||||||
Mandatorily convertible subordinated notes | Bottom of range | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Borrowings, convertible, conversion price | $ / shares | $ 16.75 | $ 15.98 | $ 15.98 | ||||||||
Mandatorily convertible subordinated notes | Top of range | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Borrowings, convertible, conversion price | $ / shares | $ 20.94 | $ 19.98 | $ 19.98 | ||||||||
Borrowings, convertible, conversion price (as a percentage) | 125.00% | ||||||||||
Mandatorily convertible unsecured unsubordinated bonds | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Borrowings | 184,000,000 | 106,000,000 | |||||||||
Notional amount | 1,000,000,000 | 1,000,000,000 | $ 1,000,000,000 | $ 750,000,000 | |||||||
Borrowings, convertible, call option, number of business days prior to maturity | business_day | 10 | ||||||||||
Finance costs | 92,000,000 | 79,000,000 | |||||||||
Mandatorily convertible unsecured unsubordinated bonds | Non-controlling interests | |||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||
Reserve of equity component of convertible instruments | $ 797,000,000 | $ 880,000,000 |
EQUITY - Earnings per Common Sh
EQUITY - Earnings per Common Share (Details) $ in Millions | Apr. 08, 2016€ / sharesshares | Dec. 31, 2017USD ($)shares | Dec. 31, 2016USD ($)shares | Dec. 31, 2015USD ($)shares | May 22, 2017 | Apr. 30, 2016 | |
Disclosure of classes of share capital [line items] | |||||||
Reverse stock split ratio | 3 | ||||||
Net income (loss) attributable to equity holders of the parent | $ | $ 4,568 | $ 1,779 | $ (7,946) | ||||
Weighted average common shares outstanding (in millions) for the purposes of basic earnings per share | 1,020,000,000 | 953,000,000 | 598,000,000 | ||||
Incremental shares from the rights issue on April 8, 2016 retrospectively adjusted for all prior periods | 0 | 0 | 174,000,000 | ||||
Weighted average common shares outstanding (in millions) for the purposes of basic earnings per share (restated) | 1,020,000,000 | 953,000,000 | 772,000,000 | ||||
Incremental shares from assumed conversion of restricted share units and performance share units (in millions) | 4,000,000 | 2,000,000 | 0 | ||||
Weighted average common shares outstanding (in millions) for the purposes of diluted earnings per share | 1,024,000,000 | 955,000,000 | 772,000,000 | ||||
Share Unit Awards | |||||||
Disclosure of classes of share capital [line items] | |||||||
Amount of antidilutive securities excluded from computation of earnings per share | 3,000,000 | ||||||
Share capital | |||||||
Disclosure of classes of share capital [line items] | |||||||
New shares issued (in shares) | 1,262,351,531 | 421,000,000 | [1] | ||||
Shares issued, price per share | € / shares | € 2.20 | ||||||
Shares issued, price per share, discount percentage | 35.00% | 35.00% | |||||
Shares price, theoretical ex-right price per share | € / shares | € 3.40 | ||||||
Share capital | Pro Forma | |||||||
Disclosure of classes of share capital [line items] | |||||||
New shares issued (in shares) | 420,783,844 | ||||||
[1] | Amounts are in millions of shares (treasury shares are excluded). On May 22, 2017, ArcelorMittal completed the consolidation of each three existing shares in ArcelorMittal without nominal value into one share without nominal value. As a result of this reverse stock split, the number of outstanding shares decreased from 3,058 to 1,020 and all prior periods have been recast in accordance with IFRS. Please refer to note 10 for further information. |
EQUITY - Dividends (Details)
EQUITY - Dividends (Details) $ / shares in Units, $ in Millions | May 10, 2017USD ($)$ / shares | May 04, 2016USD ($)$ / shares | May 05, 2015USD ($)$ / shares | Dec. 31, 2017$ / shares | Dec. 31, 2014$ / shares | May 22, 2017 | Apr. 30, 2016 | Apr. 08, 2016 |
Disclosure of classes of share capital [line items] | ||||||||
Dividend per share (in $) | $ 0 | $ 0 | $ 0.45 | $ 0.10 | ||||
Total (in millions of $) | $ | $ 0 | $ 0 | $ 331 | |||||
Reverse stock split ratio | 3 | |||||||
Dividends paid, ordinary shares per share | $ 0.60 | |||||||
Share capital | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Shares issued, price per share, discount percentage | 35.00% | 35.00% |
EQUITY - Non-wholly Owned Subsi
EQUITY - Non-wholly Owned Subsidiaries that Have Material Non-controlling Interests (Details) - USD ($) $ in Millions | Dec. 13, 2016 | Oct. 17, 2016 | Jan. 15, 2016 | Jan. 14, 2016 | Jun. 11, 2015 | Jun. 10, 2015 | May 30, 2013 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 |
Disclosure of subsidiaries [line items] | |||||||||||
Net income (loss) attributable to non-controlling interests | $ 7 | $ (45) | $ (477) | ||||||||
Non-controlling interests | 2,066 | 2,190 | |||||||||
Other changes in non-controlling interest | 148 | ||||||||||
Current assets | 26,745 | 22,247 | |||||||||
Non-current assets | 58,552 | 52,895 | |||||||||
Total assets | 85,297 | 75,142 | |||||||||
Current liabilities | 21,410 | 18,115 | |||||||||
Non-current liabilities | 23,032 | 24,702 | |||||||||
Revenue | 68,679 | 56,791 | 63,578 | ||||||||
Net income (loss) | 4,575 | 1,734 | (8,423) | ||||||||
Total comprehensive income (loss) | 8,658 | 1,575 | (17,307) | ||||||||
Net cash provided by / (used in) operating activities | 4,563 | 2,708 | 2,151 | ||||||||
Net cash provided by / (used in) investing activities | (2,830) | (1,143) | (2,170) | ||||||||
Net cash provided by / (used in) financing activities | (1,731) | (2,926) | 395 | ||||||||
Impact of currency movements on cash | 58 | (127) | (267) | ||||||||
Cash and cash equivalents | 2,574 | 2,501 | 4,002 | $ 3,893 | |||||||
Dividend to non-controlling interests | (141) | (61) | (85) | ||||||||
Non-controlling interests | |||||||||||
Disclosure of subsidiaries [line items] | |||||||||||
Other changes in non-controlling interest | 148 | ||||||||||
Net income (loss) | 7 | (45) | (477) | ||||||||
Total comprehensive income (loss) | 53 | (18) | (807) | ||||||||
Subsidiaries with material non-controlling interests [member] | |||||||||||
Disclosure of subsidiaries [line items] | |||||||||||
Net income (loss) attributable to non-controlling interests | 7 | (45) | (477) | ||||||||
Non-controlling interests | $ 2,066 | $ 2,190 | |||||||||
ArcelorMittal South Africa Ltd. (AMSA) | |||||||||||
Disclosure of subsidiaries [line items] | |||||||||||
% of non-controlling interests and non-controlling voting rights | 30.78% | 30.78% | |||||||||
Net income (loss) attributable to non-controlling interests | $ (124) | $ (103) | (301) | ||||||||
Non-controlling interests | 195 | 307 | |||||||||
Proportion of ownership interest in subsidiary | 69.22% | 70.55% | 52.00% | ||||||||
Current assets | 1,457 | 1,108 | |||||||||
Non-current assets | 1,047 | 1,145 | |||||||||
Total assets | 2,504 | 2,253 | |||||||||
Current liabilities | 1,399 | 1,013 | |||||||||
Non-current liabilities | 470 | 245 | |||||||||
Total net assets/(liabilities) | 635 | 995 | |||||||||
Revenue | 2,926 | 2,228 | 2,478 | ||||||||
Net income (loss) | (403) | (335) | (581) | ||||||||
Total comprehensive income (loss) | (421) | (349) | (516) | ||||||||
Net cash provided by / (used in) operating activities | (119) | 11 | (85) | ||||||||
Net cash provided by / (used in) investing activities | (193) | (149) | (99) | ||||||||
Net cash provided by / (used in) financing activities | 330 | 80 | 307 | ||||||||
Impact of currency movements on cash | 13 | 29 | (23) | ||||||||
Cash and cash equivalents | 141 | 110 | 139 | 39 | |||||||
Dividend to non-controlling interests | $ 0 | $ 0 | 0 | ||||||||
Sonasid | |||||||||||
Disclosure of subsidiaries [line items] | |||||||||||
% of non-controlling interests and non-controlling voting rights | 67.57% | 67.57% | |||||||||
Net income (loss) attributable to non-controlling interests | $ 3 | $ (5) | (6) | ||||||||
Non-controlling interests | $ 107 | 95 | |||||||||
Proportion of ownership interest in subsidiary | 32.43% | ||||||||||
Current assets | $ 181 | 155 | |||||||||
Non-current assets | 108 | 107 | |||||||||
Total assets | 289 | 262 | |||||||||
Current liabilities | 100 | 94 | |||||||||
Non-current liabilities | 34 | 28 | |||||||||
Total net assets/(liabilities) | 155 | 140 | |||||||||
Revenue | 371 | 300 | 345 | ||||||||
Net income (loss) | 6 | (7) | (10) | ||||||||
Total comprehensive income (loss) | 4 | (8) | (14) | ||||||||
Net cash provided by / (used in) operating activities | (7) | 28 | 17 | ||||||||
Net cash provided by / (used in) investing activities | (3) | (6) | (6) | ||||||||
Net cash provided by / (used in) financing activities | (4) | (32) | 15 | ||||||||
Impact of currency movements on cash | 1 | 0 | (2) | ||||||||
Cash and cash equivalents | 38 | 51 | 61 | 37 | |||||||
Dividend to non-controlling interests | $ (2) | $ (6) | (6) | ||||||||
Sonasid | Nouvelles Sidérurgies Industrielles | |||||||||||
Disclosure of subsidiaries [line items] | |||||||||||
Proportion of ownership interest in subsidiary | 64.86% | ||||||||||
PJSC ArcelorMittal Kryvyi Rih (AM Kryvyi Rih) | |||||||||||
Disclosure of subsidiaries [line items] | |||||||||||
% of non-controlling interests and non-controlling voting rights | 4.87% | 4.87% | |||||||||
Net income (loss) attributable to non-controlling interests | $ 10 | $ 5 | 3 | ||||||||
Non-controlling interests | 164 | 163 | |||||||||
Current assets | 1,228 | 973 | |||||||||
Non-current assets | 2,801 | 2,857 | |||||||||
Total assets | 4,029 | 3,830 | |||||||||
Current liabilities | 598 | 491 | |||||||||
Non-current liabilities | 266 | 275 | |||||||||
Total net assets/(liabilities) | 3,165 | 3,064 | |||||||||
Revenue | 2,486 | 2,068 | 2,118 | ||||||||
Net income (loss) | 209 | 98 | 58 | ||||||||
Total comprehensive income (loss) | 210 | 106 | 70 | ||||||||
Net cash provided by / (used in) operating activities | 194 | 159 | 174 | ||||||||
Net cash provided by / (used in) investing activities | (234) | (156) | (154) | ||||||||
Net cash provided by / (used in) financing activities | 0 | 0 | 0 | ||||||||
Impact of currency movements on cash | (2) | (5) | (43) | ||||||||
Cash and cash equivalents | 60 | 102 | 104 | 127 | |||||||
Dividend to non-controlling interests | $ 0 | $ 0 | 0 | ||||||||
Belgo Bekaert Arames (BBA) | |||||||||||
Disclosure of subsidiaries [line items] | |||||||||||
% of non-controlling interests and non-controlling voting rights | 45.00% | 45.00% | |||||||||
Net income (loss) attributable to non-controlling interests | $ 25 | $ 23 | 25 | ||||||||
Non-controlling interests | 146 | 154 | |||||||||
Current assets | 220 | 212 | |||||||||
Non-current assets | 190 | 206 | |||||||||
Total assets | 410 | 418 | |||||||||
Current liabilities | 93 | 82 | |||||||||
Non-current liabilities | 21 | 25 | |||||||||
Total net assets/(liabilities) | 296 | 311 | |||||||||
Revenue | 698 | 627 | 701 | ||||||||
Net income (loss) | 52 | 53 | 58 | ||||||||
Total comprehensive income (loss) | 52 | 49 | 61 | ||||||||
Net cash provided by / (used in) operating activities | 63 | 63 | 60 | ||||||||
Net cash provided by / (used in) investing activities | (9) | (15) | (10) | ||||||||
Net cash provided by / (used in) financing activities | (61) | (50) | (52) | ||||||||
Impact of currency movements on cash | 0 | 2 | (4) | ||||||||
Cash and cash equivalents | 5 | 12 | 12 | 18 | |||||||
Dividend to non-controlling interests | $ (26) | $ (25) | (17) | ||||||||
Hera Ermac | |||||||||||
Disclosure of subsidiaries [line items] | |||||||||||
% of non-controlling interests and non-controlling voting rights | 0.00% | 0.00% | |||||||||
Net income (loss) attributable to non-controlling interests | $ 0 | $ 0 | 0 | ||||||||
Non-controlling interests | 797 | 880 | |||||||||
Current assets | 210 | 221 | |||||||||
Non-current assets | 3,350 | 1,798 | |||||||||
Total assets | 3,560 | 2,019 | |||||||||
Current liabilities | 67 | 65 | |||||||||
Non-current liabilities | 616 | 127 | |||||||||
Total net assets/(liabilities) | 2,877 | 1,827 | |||||||||
Revenue | 0 | 0 | 0 | ||||||||
Net income (loss) | 1,130 | 402 | (242) | ||||||||
Total comprehensive income (loss) | 1,130 | 402 | (242) | ||||||||
Net cash provided by / (used in) operating activities | (12) | 28 | 25 | ||||||||
Net cash provided by / (used in) investing activities | 12 | (28) | (23) | ||||||||
Net cash provided by / (used in) financing activities | 0 | 0 | (2) | ||||||||
Impact of currency movements on cash | 0 | 0 | 0 | ||||||||
Cash and cash equivalents | 0 | 0 | 0 | 0 | |||||||
Dividend to non-controlling interests | $ 0 | $ 0 | 0 | ||||||||
AMMIC | |||||||||||
Disclosure of subsidiaries [line items] | |||||||||||
% of non-controlling interests and non-controlling voting rights | 15.00% | 15.00% | 15.00% | ||||||||
Net income (loss) attributable to non-controlling interests | $ 91 | $ 28 | 32 | ||||||||
Non-controlling interests | 479 | 488 | |||||||||
Current assets | 1,050 | 2,255 | |||||||||
Non-current assets | 3,135 | 3,751 | |||||||||
Total assets | 4,185 | 6,006 | |||||||||
Current liabilities | 316 | 314 | |||||||||
Non-current liabilities | 555 | 3,835 | |||||||||
Total net assets/(liabilities) | 3,314 | 1,857 | |||||||||
Revenue | 1,943 | 1,472 | 1,432 | ||||||||
Net income (loss) | 617 | (66) | 475 | ||||||||
Total comprehensive income (loss) | 613 | (74) | 496 | ||||||||
Net cash provided by / (used in) operating activities | 947 | 279 | 146 | ||||||||
Net cash provided by / (used in) investing activities | (301) | (283) | (171) | ||||||||
Net cash provided by / (used in) financing activities | (656) | (24) | (97) | ||||||||
Impact of currency movements on cash | 0 | 0 | 0 | ||||||||
Cash and cash equivalents | 158 | 168 | 196 | 318 | |||||||
Dividend to non-controlling interests | $ (98) | $ (30) | (57) | ||||||||
Arceo | |||||||||||
Disclosure of subsidiaries [line items] | |||||||||||
% of non-controlling interests and non-controlling voting rights | 62.86% | 62.86% | |||||||||
Net income (loss) attributable to non-controlling interests | $ 4 | $ 5 | 4 | ||||||||
Non-controlling interests | 168 | 148 | |||||||||
Proportion of ownership interest in subsidiary | 37.10% | 37.70% | 50.10% | ||||||||
Current assets | 56 | 21 | |||||||||
Non-current assets | 213 | 219 | |||||||||
Total assets | 269 | 240 | |||||||||
Current liabilities | 2 | 4 | |||||||||
Non-current liabilities | 1 | 1 | |||||||||
Total net assets/(liabilities) | 266 | 235 | |||||||||
Revenue | 0 | 0 | 0 | ||||||||
Net income (loss) | 6 | 7 | 7 | ||||||||
Total comprehensive income (loss) | 6 | 7 | 7 | ||||||||
Net cash provided by / (used in) operating activities | 10 | 4 | 17 | ||||||||
Net cash provided by / (used in) investing activities | 3 | (78) | (142) | ||||||||
Net cash provided by / (used in) financing activities | (8) | 80 | 127 | ||||||||
Impact of currency movements on cash | 1 | 0 | (1) | ||||||||
Cash and cash equivalents | 13 | 7 | 1 | 0 | |||||||
Dividend to non-controlling interests | $ (5) | $ 0 | 0 | ||||||||
Arceo | Non-controlling interests | |||||||||||
Disclosure of subsidiaries [line items] | |||||||||||
Other changes in non-controlling interest | $ 148 | ||||||||||
ArcelorMittal Liberia Ltd | |||||||||||
Disclosure of subsidiaries [line items] | |||||||||||
% of non-controlling interests and non-controlling voting rights | 15.00% | 15.00% | |||||||||
Net income (loss) attributable to non-controlling interests | $ (11) | $ (5) | (239) | ||||||||
Non-controlling interests | (266) | (256) | |||||||||
Current assets | 107 | 93 | |||||||||
Non-current assets | 93 | 49 | |||||||||
Total assets | 200 | 142 | |||||||||
Current liabilities | 1,783 | 1,081 | |||||||||
Non-current liabilities | 35 | 608 | |||||||||
Total net assets/(liabilities) | (1,618) | (1,547) | |||||||||
Revenue | 56 | 56 | 86 | ||||||||
Net income (loss) | (71) | (29) | (1,516) | ||||||||
Total comprehensive income (loss) | (71) | (29) | (1,516) | ||||||||
Net cash provided by / (used in) operating activities | (69) | (45) | (103) | ||||||||
Net cash provided by / (used in) investing activities | (63) | (73) | (102) | ||||||||
Net cash provided by / (used in) financing activities | 132 | 117 | 205 | ||||||||
Impact of currency movements on cash | 0 | 0 | 0 | ||||||||
Cash and cash equivalents | 0 | 0 | 1 | $ 1 | |||||||
Dividend to non-controlling interests | 0 | 0 | 0 | ||||||||
Other | |||||||||||
Disclosure of subsidiaries [line items] | |||||||||||
Net income (loss) attributable to non-controlling interests | 9 | 7 | $ 5 | ||||||||
Non-controlling interests | $ 276 | $ 211 | |||||||||
Nouvelles Sidérurgies Industrielles | |||||||||||
Disclosure of subsidiaries [line items] | |||||||||||
Proportion of ownership interest in subsidiary | 50.00% |
EQUITY - Transactions with Non-
EQUITY - Transactions with Non-controlling Interests (Details) $ in Millions, ZAR in Billions | Dec. 07, 2016USD ($) | Oct. 17, 2016 | Sep. 28, 2016 | Jan. 15, 2016USD ($) | Jan. 15, 2016ZAR | Jan. 14, 2016 | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) |
Disclosure of subsidiaries [line items] | |||||||||
Proceeds from issuing shares | $ 0 | $ 3,115 | $ 0 | ||||||
Cash flows used in obtaining control of subsidiaries or other businesses | $ (16) | (7) | $ 0 | ||||||
Equity offering in ArcelorMittal South Africa (AMSA) | (56) | ||||||||
Non-controlling interests | |||||||||
Disclosure of subsidiaries [line items] | |||||||||
Equity offering in ArcelorMittal South Africa (AMSA) | 80 | ||||||||
Equity attributable to the equity holders of the parent | |||||||||
Disclosure of subsidiaries [line items] | |||||||||
Equity offering in ArcelorMittal South Africa (AMSA) | $ (136) | ||||||||
ArcelorMittal South Africa Ltd. (AMSA) | |||||||||
Disclosure of subsidiaries [line items] | |||||||||
Repayments of bonds, notes and debentures | ZAR | ZAR 3.2 | ||||||||
Cash flows used in obtaining control of subsidiaries or other businesses | ZAR | ZAR 0.5 | ||||||||
Proportion of ownership interest in subsidiary | 69.22% | 70.55% | 70.55% | 52.00% | |||||
Decrease in non-controlling interests due to purchase of interest | $ 80 | ||||||||
Proportion of ownership interests held by non-controlling interests | 30.78% | 30.78% | |||||||
Proportion of voting rights held in subsidiary | 53.92% | ||||||||
Equity offering in ArcelorMittal South Africa (AMSA) | $ (56) | ||||||||
ArcelorMittal South Africa Ltd. (AMSA) | Non-controlling interests | |||||||||
Disclosure of subsidiaries [line items] | |||||||||
Equity offering in ArcelorMittal South Africa (AMSA) | 80 | ||||||||
ArcelorMittal South Africa Ltd. (AMSA) | Equity attributable to the equity holders of the parent | |||||||||
Disclosure of subsidiaries [line items] | |||||||||
Equity offering in ArcelorMittal South Africa (AMSA) | $ 136 | ||||||||
ArcelorMittal South Africa Ltd. (AMSA) | Ikageng Broad-Based Employee Share Trust | |||||||||
Disclosure of subsidiaries [line items] | |||||||||
Proportion of ownership interests held by non-controlling interests | 1.33% | ||||||||
ArcelorMittal South Africa Ltd. (AMSA) | Likamva Resources Proprietary Limited | |||||||||
Disclosure of subsidiaries [line items] | |||||||||
Proportion of ownership interests held by non-controlling interests | 12.00% | ||||||||
Increase in non-controlling interest, percent | 17.00% | ||||||||
Period of transition of NCI from one party to another | 24 months | ||||||||
ArcelorMittal South Africa Ltd. (AMSA) | Broad-Based Social And Community Development Organizations | |||||||||
Disclosure of subsidiaries [line items] | |||||||||
Proportion of ownership interests held by non-controlling interests | 5.00% | ||||||||
ArcelorMittal South Africa Ltd. (AMSA) | ArcelorMittal South Africa Employee Empowerment Share Trust | |||||||||
Disclosure of subsidiaries [line items] | |||||||||
Increase in non-controlling interest, percent | 5.10% | ||||||||
Restrictions on disposal of interest, period | 10 years | ||||||||
Employee stock ownership plan, expense | $ 63 | ||||||||
Notional dividends to repay notional funding and voting rights, period | 10 years | ||||||||
ArcelorMittal South Africa Ltd. (AMSA) | |||||||||
Disclosure of subsidiaries [line items] | |||||||||
Proceeds from issuing shares | ZAR | ZAR 4.5 |
RELATED PARTIES - Narrative (De
RELATED PARTIES - Narrative (Details) | 12 Months Ended |
Dec. 31, 2017 | |
Significant Shareholder | |
Disclosure of transactions between related parties [line items] | |
Proportion of ownership interests held by non-controlling interests | 37.40% |
RELATED PARTIES - Sales and Tra
RELATED PARTIES - Sales and Trade Receivables (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Disclosure of transactions between related parties [line items] | |||
Sales | $ 7,503 | $ 5,634 | $ 6,124 |
Trade receivables | 406 | 322 | |
Calvert | Joint Venture | |||
Disclosure of transactions between related parties [line items] | |||
Sales | 2,030 | 1,400 | 1,271 |
Trade receivables | 13 | 35 | |
Gonvarri Steel Industries | Associate | |||
Disclosure of transactions between related parties [line items] | |||
Sales | 1,666 | 1,210 | 1,233 |
Trade receivables | 92 | 58 | |
Macsteel | Joint Venture | |||
Disclosure of transactions between related parties [line items] | |||
Sales | 521 | 399 | 516 |
Trade receivables | 38 | 17 | |
ArcelorMittal CLN Distribuzione Italia S.r.l. | Joint Venture | |||
Disclosure of transactions between related parties [line items] | |||
Sales | 472 | 414 | 310 |
Trade receivables | 18 | 0 | |
Borçelik | Joint Venture | |||
Disclosure of transactions between related parties [line items] | |||
Sales | 426 | 240 | 305 |
Trade receivables | 11 | 4 | |
Bamesa | Associate | |||
Disclosure of transactions between related parties [line items] | |||
Sales | 397 | 371 | 367 |
Trade receivables | 35 | 23 | |
I/N Kote L.P. | Joint Venture | |||
Disclosure of transactions between related parties [line items] | |||
Sales | 321 | 346 | 377 |
Trade receivables | 7 | 12 | |
Aperam Société Anonyme (Aperam) | Other | |||
Disclosure of transactions between related parties [line items] | |||
Sales | 262 | 189 | 165 |
Trade receivables | 32 | 40 | |
ArcelorMittal RZK | Joint Venture | |||
Disclosure of transactions between related parties [line items] | |||
Sales | 235 | 163 | 148 |
Trade receivables | 15 | 8 | |
C.L.N. Coils Lamiere Nastri S.p.A. | Associate | |||
Disclosure of transactions between related parties [line items] | |||
Sales | 233 | 203 | 310 |
Trade receivables | 5 | 5 | |
Tuper S.A. | Joint Venture | |||
Disclosure of transactions between related parties [line items] | |||
Sales | 154 | 13 | 0 |
Trade receivables | 45 | 25 | |
WDI | Associate | |||
Disclosure of transactions between related parties [line items] | |||
Sales | 127 | 151 | 181 |
Trade receivables | 4 | 2 | |
Stalprodukt S.A. | Available-for-sale | |||
Disclosure of transactions between related parties [line items] | |||
Sales | 0 | 31 | 146 |
Trade receivables | 0 | 0 | |
Gestampc | Other | |||
Disclosure of transactions between related parties [line items] | |||
Sales | 0 | 26 | 310 |
Trade receivables | 0 | 0 | |
Other | |||
Disclosure of transactions between related parties [line items] | |||
Sales | 659 | 478 | $ 485 |
Trade receivables | $ 91 | $ 93 |
RELATED PARTIES - Purchases and
RELATED PARTIES - Purchases and Trade Payables (Details) - USD ($) $ in Millions | Aug. 07, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Disclosure of transactions between related parties [line items] | ||||
Purchases | $ 1,033 | $ 1,390 | $ 1,460 | |
Trade payables | 260 | 179 | ||
Tameh | Joint Venture | ||||
Disclosure of transactions between related parties [line items] | ||||
Purchases | 286 | 236 | 245 | |
Trade payables | 45 | 53 | ||
Baffinland | Associate | ||||
Disclosure of transactions between related parties [line items] | ||||
Purchases | 142 | 75 | 19 | |
Trade payables | 22 | 2 | ||
Aperam | Other | ||||
Disclosure of transactions between related parties [line items] | ||||
Purchases | 94 | 65 | 131 | |
Trade payables | 11 | 10 | ||
Calvert | Joint Venture | ||||
Disclosure of transactions between related parties [line items] | ||||
Purchases | 65 | 15 | 13 | |
Trade payables | 11 | 3 | ||
CFL Cargo S.A. | Associate | ||||
Disclosure of transactions between related parties [line items] | ||||
Purchases | 60 | 58 | 58 | |
Trade payables | 13 | 4 | ||
Exeltium S.A.S. | Associate | ||||
Disclosure of transactions between related parties [line items] | ||||
Purchases | 53 | 71 | 80 | |
Trade payables | 0 | 0 | ||
Baycoat Limited Partnership | Joint Venture | ||||
Disclosure of transactions between related parties [line items] | ||||
Purchases | 42 | 41 | 42 | |
Trade payables | 5 | 5 | ||
EIMP | Other | ||||
Disclosure of transactions between related parties [line items] | ||||
Purchases | 36 | 310 | 228 | |
Trade payables | 0 | 0 | ||
Ownership interest in equity investment sold | 21.00% | |||
Gonvarri Steel Industries | Associate | ||||
Disclosure of transactions between related parties [line items] | ||||
Purchases | 19 | 146 | 176 | |
Trade payables | 51 | 23 | ||
Other | Other | ||||
Disclosure of transactions between related parties [line items] | ||||
Purchases | 236 | 373 | $ 468 | |
Trade payables | $ 102 | $ 79 |
RELATED PARTIES - Other Transac
RELATED PARTIES - Other Transactions With Related Parties (Details) | Dec. 03, 2014 | May 31, 2014t | Dec. 31, 2017USD ($)t | Dec. 01, 2017t | Mar. 13, 2017USD ($) | Aug. 24, 2016t | Mar. 10, 2016USD ($) |
Disclosure of transactions between related parties [line items] | |||||||
Amount of currency forward transactions | $ 1,000,000,000 | ||||||
Al Jubail | Joint Venture | |||||||
Disclosure of transactions between related parties [line items] | |||||||
Loan receivable | $ 140,000,000 | ||||||
AMTBA | Joint Venture | |||||||
Disclosure of transactions between related parties [line items] | |||||||
Loan receivable | $ 35,000,000 | ||||||
Calvert | ArcelorMittal Calvert LLC | Joint Venture | |||||||
Disclosure of transactions between related parties [line items] | |||||||
Loan receivable | $ 135,000,000 | ||||||
Calvert | ArcelorMittal Calvert LLC | Top of range | Joint Venture | |||||||
Disclosure of transactions between related parties [line items] | |||||||
Loans interest rate | 3.95% | ||||||
Loan maturity term | 25 years | ||||||
Calvert | ArcelorMittal Calvert LLC | Bottom of range | Joint Venture | |||||||
Disclosure of transactions between related parties [line items] | |||||||
Loans interest rate | 3.00% | ||||||
Loan maturity term | 1 year | ||||||
Baffinland | Joint Venture | AM Sourcing Contract | |||||||
Disclosure of transactions between related parties [line items] | |||||||
Agreement term (in years) | 5 years | ||||||
Annual quantity of iron ore (as a percentage) | 50.00% | 50.00% | |||||
Purchase agreement, annual quantity (in tonnes) | t | 2,000,000 | 4,000,000 | |||||
Baffinland | Joint Venture | Marketing Agreement | |||||||
Disclosure of transactions between related parties [line items] | |||||||
Annual quantity of iron ore (as a percentage) | 80.00% | ||||||
Purchase agreement, annual quantity (in tonnes) | t | 1,500,000 | 2,300,000 | |||||
Percentage of value of iron ore stockpiled outside sailable season | 50.00% | ||||||
Baffinland | Joint Venture | EXW Purchase Contract | |||||||
Disclosure of transactions between related parties [line items] | |||||||
Annual quantity of iron ore (as a percentage) | 50.00% | ||||||
Purchase agreement, annual quantity (in tonnes) | t | 4,000,000 | ||||||
Percentage of the value of iron ore produced and hauled | 78.00% |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) - Subsequent Event - Essar Steel India Limited t in Millions | Feb. 12, 2018t |
Disclosure of detailed information about business combination [line items] | |
Nameplate capacity of acquiree, annual quantity | 9.6 |
Achievable production capacity of acquiree, quantity | 6.1 |