Document and Entity Information
Document and Entity Information Document | 12 Months Ended |
Dec. 31, 2019shares | |
Document and Entity Information [Abstract] | |
Document Type | 20-F |
Entity Registrant Name | ARCELORMITTAL |
Entity Central Index Key | 0001243429 |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Large Accelerated Filer |
Document Period End Date | Dec. 31, 2019 |
Document Fiscal Year Focus | 2019 |
Document Fiscal Period Focus | FY |
Amendment Flag | false |
Entity Common Stock, Shares Outstanding | 1,012,079,421 |
Entity Well-known Seasoned Issuer | Yes |
Entity Current Reporting Status | Yes |
Entity Shell Company | false |
Entity Emerging Growth Company | false |
Entity Voluntary Filers | No |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Profit or loss [abstract] | |||
Sales | $ 70,615 | $ 76,033 | $ 68,679 |
Cost of sales | 68,887 | 67,025 | 60,876 |
Gross margin | 1,728 | 9,008 | 7,803 |
Selling, general and administrative expenses | 2,355 | 2,469 | 2,369 |
Operating (loss) / income | (627) | 6,539 | 5,434 |
Income from investments in associates, joint ventures and other investments | 347 | 652 | 448 |
Financing costs - net | (1,652) | (2,210) | (875) |
(Loss) / income before taxes | (1,932) | 4,981 | 5,007 |
Income tax expense/(benefit) | 459 | (349) | 432 |
Net (loss) / income (including non-controlling interests) | (2,391) | 5,330 | 4,575 |
Net (loss) / income attributable to equity holders of the parent | (2,454) | 5,149 | 4,568 |
Net income attributable to non-controlling interests | $ 63 | $ 181 | $ 7 |
(Loss) / earning per common share (in U.S. dollars) | |||
Basic (USD per share) | $ (2.42) | $ 5.07 | $ 4.48 |
Diluted (USD per share) | $ (2.42) | $ 5.04 | $ 4.46 |
Weighted average common shares outstanding (in millions) | |||
Basic (in shares) | 1,013 | 1,015 | 1,020 |
Diluted (in shares) | 1,013 | 1,021 | 1,024 |
Consolidated Statements of Op_2
Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Profit or loss [abstract] | |||
Sales to related parties | $ 7,442 | $ 8,259 | $ 7,503 |
Purchases from related parties | $ 1,092 | $ 1,116 | $ 1,033 |
Consolidated Statements of Othe
Consolidated Statements of Other Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of comprehensive income [abstract] | |||
Net (loss) income (including non-controlling interests) | $ (2,391) | $ 5,330 | $ 4,575 |
Available-for-sale-investments: | |||
Gain arising during the period | 0 | 0 | 497 |
Reclassification adjustments for loss (gain) included in the consolidated statements of operations | 0 | 0 | 0 |
Available-for-sale-investments | 0 | 0 | 497 |
Derivative financial instruments: | |||
Gain (loss) arising during the period | 354 | 755 | (340) |
Reclassification adjustments for (gain) loss included in the consolidated statements of operations | (1,004) | 353 | 28 |
Derivative financial instruments | (650) | 1,108 | (312) |
Exchange differences arising on translation of foreign operations: | |||
Gain (loss) arising during the period | 177 | (1,996) | 2,025 |
Reclassification adjustments for gain included in the consolidated statements of operations | (105) | (15) | (21) |
Exchange differences arising on translation of foreign operations | 72 | (2,011) | 2,004 |
Share of other comprehensive (loss) income related to associates and joint ventures | |||
(Loss) gain arising during the period | (82) | (239) | 341 |
Reclassification adjustments for loss (gain) included in the consolidated statements of operations | 10 | (123) | 217 |
Share of other comprehensive income (loss) related to associates and joint ventures | (72) | (362) | 558 |
Income tax benefit (expense) related to components of other comprehensive income (loss) that can be recycled to the consolidated statements of operations | 279 | (274) | 167 |
Investments in equity instruments at FVOCI: | |||
Gain (loss) arising during the period | 28 | (603) | 0 |
Share of other comprehensive gain (loss) related to associates and joint ventures | (10) | 5 | 0 |
Investments in equity instruments at FVOCI | 38 | (608) | 0 |
Employee benefits - Recognized actuarial (losses) gains | (259) | 344 | 1,098 |
Share of other comprehensive income (loss) related to associates and joint ventures | 0 | 0 | 29 |
Income tax (expense) benefit related to components of other comprehensive income that cannot be recycled to the consolidated statements of operations | (32) | 228 | 42 |
Total other comprehensive (loss) income | (624) | (1,575) | 4,083 |
Equity holders of the parent | (666) | (1,478) | 4,037 |
Non-controlling interests | 42 | (97) | 46 |
Total comprehensive (loss) income | (3,015) | 3,755 | 8,658 |
Total comprehensive (loss) income attributable to: | |||
Equity holders of the parent | (3,120) | 3,671 | 8,605 |
Non-controlling interests | $ 105 | $ 84 | $ 53 |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 4,867 | $ 2,172 |
Restricted cash | 128 | 182 |
Trade accounts receivable and other (including 298 and 366 from related parties at December 31, 2019 and 2018, respectively) | 3,569 | 4,432 |
Inventories | 17,296 | 20,744 |
Prepaid expenses and other current assets | 2,756 | 2,834 |
Assets held for sale | 0 | 2,111 |
Total current assets | 28,616 | 32,475 |
Non-current assets: | ||
Goodwill and intangible assets | 5,432 | 5,728 |
Property, plant and equipment and biological assets | 36,231 | 35,638 |
Investments in associates and joint ventures | 6,529 | 4,906 |
Other investments | 772 | 855 |
Deferred tax assets | 8,680 | 8,287 |
Other assets | 1,648 | 3,360 |
Total non-current assets | 59,292 | 58,774 |
Total assets | 87,908 | 91,249 |
Current liabilities: | ||
Short-term debt and current portion of long-term debt | 2,869 | 3,167 |
Trade accounts payable and other (including 251 and 201 to related parties at December 31, 2019 and 2018, respectively) | 12,614 | 13,981 |
Short-term provisions | 516 | 539 |
Accrued expenses and other liabilities | 4,910 | 4,709 |
Income tax liabilities | 378 | 238 |
Liabilities held for sale | 0 | 821 |
Total current liabilities | 21,287 | 23,455 |
Non-current liabilities: | ||
Long-term debt, net of current portion | 11,471 | 9,316 |
Deferred tax liabilities | 2,331 | 2,374 |
Deferred employee benefits | 7,343 | 6,982 |
Long-term provisions | 2,475 | 1,995 |
Other long-term obligations | 2,518 | 3,019 |
Total non-current liabilities | 26,138 | 23,686 |
Total liabilities | 47,425 | 47,141 |
Equity: | ||
Common shares (no par value, 1,151,576,921 and 1,151,576,921 shares authorized, 1,021,903,623 and 1,021,903,623 shares issued, and 1,012,079,421 and 1,013,568,258 shares outstanding at December 31, 2019 and 2018, respectively) | 364 | 364 |
Treasury shares (9,824,202 and 8,335,365 common shares at December 31, 2019 and 2018, respectively, at cost) | (602) | (569) |
Additional paid-in capital | 34,826 | 34,894 |
Retained earnings | 22,883 | 25,611 |
Reserves | (18,950) | (18,214) |
Equity attributable to the equity holders of the parent | 38,521 | 42,086 |
Non-controlling interests | 1,962 | 2,022 |
Total equity | 40,483 | 44,108 |
Total liabilities and equity | $ 87,908 | $ 91,249 |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Position (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Statement of financial position [abstract] | ||
Receivables due from related parties | $ 298 | $ 366 |
Trade accounts payable and other to related parties | $ 251 | $ 201 |
Shares authorized (in shares) | 1,151,576,921 | 1,151,576,921 |
Shares issued (in shares) | 1,021,903,623 | 1,021,903,623 |
Shares outstanding (in shares) | 1,012,079,421 | 1,013,568,258 |
Treasury shares (in shares) | 9,824,202 | 8,335,365 |
Consolidated Statements of Chan
Consolidated Statements of Changes In Equity Statement - USD ($) $ in Millions | Total | Share Capital | Treasury Shares | Additional Paid-in Capital | Retained Earnings | Foreign Currency Translation Adjustments | Unrealized Gains (Losses) on Derivative Financial Instruments relating to CFH | Unrealized Gains (Losses) on Investments in Equity Instruments at FVOCI | Recognized actuarial (losses) gains | Equity attributable to the equity holders of the parent | Non-controlling interests | ||
Beginning balance (in shares) at Dec. 31, 2016 | [1] | 1,020,000,000 | |||||||||||
Beginning balance at Dec. 31, 2016 | $ 32,325 | $ 401 | $ (371) | $ 34,826 | $ 16,049 | $ (16,544) | $ 142 | $ 322 | $ (4,690) | $ 30,135 | $ 2,190 | ||
Changes in equity [abstract] | |||||||||||||
Net (loss) income (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 (loss) income | 8,658 | 4,568 | 2,602 | (235) | 501 | 1,169 | 8,605 | 53 | |||||
Recognition of share-based payments (note 8.3) | 31 | 9 | 22 | 31 | |||||||||
Dividend (note 11.4) | (145) | (145) | |||||||||||
Acquisition | 48 | 48 | |||||||||||
Mandatorily convertible bonds extension (note 11.2) | (83) | (83) | |||||||||||
Other movements | $ 21 | 18 | 18 | 3 | |||||||||
Ending balance (in shares) at Dec. 31, 2017 | 1,019,916,787 | 1,020,000,000 | [1] | ||||||||||
Ending balance at Dec. 31, 2017 | $ 40,855 | $ 401 | (362) | 34,848 | 20,635 | (13,942) | (93) | 823 | (3,521) | 38,789 | 2,066 | ||
Changes in equity [abstract] | |||||||||||||
Net (loss) income (including non-controlling interests) | 5,330 | 5,149 | 5,149 | 181 | |||||||||
Other comprehensive income (loss) | (1,575) | (2,174) | 732 | (608) | 572 | (1,478) | (97) | ||||||
Total comprehensive (loss) income | 3,755 | 5,149 | (2,174) | 732 | (608) | 572 | 3,671 | 84 | |||||
Recognition of share-based payments (note 8.3) | 28 | 19 | 9 | 28 | |||||||||
Dividend (note 11.4) | (216) | (101) | (101) | (115) | |||||||||
Acquisition | (68) | (55) | (55) | (13) | |||||||||
Other movements (in shares) | [1] | 1,000,000 | |||||||||||
Other movements | (20) | (17) | (3) | (20) | 0 | ||||||||
Share buyback (note 10.1) (in shares) | [1] | (7,000,000) | |||||||||||
Share buyback (note 11.1) | $ (226) | (226) | (226) | ||||||||||
Change in share capital currency (note 11.1) | $ (37) | 37 | |||||||||||
Ending balance (in shares) at Dec. 31, 2018 | 1,013,568,258 | 1,014,000,000 | [1] | ||||||||||
Ending balance at Dec. 31, 2018 | $ 44,108 | $ 364 | (569) | 34,894 | 25,611 | (16,116) | 639 | 212 | (2,949) | 42,086 | 2,022 | ||
Changes in equity [abstract] | |||||||||||||
Net (loss) income (including non-controlling interests) | (2,391) | (2,454) | (2,454) | 63 | |||||||||
Other comprehensive income (loss) | (624) | (9) | (404) | 38 | (291) | (666) | 42 | ||||||
Total comprehensive (loss) income | (3,015) | (2,454) | (9) | (404) | 38 | (291) | (3,120) | 105 | |||||
Recognition of share-based payments (note 8.3) (shares) | [1] | 2,000,000 | |||||||||||
Recognition of share-based payments (note 8.3) | (11) | 57 | (68) | (11) | |||||||||
Dividend (note 11.4) | (357) | (203) | (203) | (154) | |||||||||
Other movements | (11) | (11) | |||||||||||
Share buyback (note 10.1) (in shares) | [1] | (4,000,000) | |||||||||||
Share buyback (note 11.1) | (90) | (90) | (90) | ||||||||||
Sharing of cash flow hedge (gain) from INR/USD hedging programs related to AMNS India (note 2.4.1) | $ (141) | (141) | (141) | ||||||||||
Transfer of fair value reserve of equity instruments designated at FVOCI (note 2.5) | 70 | (70) | |||||||||||
Ending balance (in shares) at Dec. 31, 2019 | 1,012,079,421 | 1,012,000,000 | [1] | ||||||||||
Ending balance at Dec. 31, 2019 | $ 40,483 | $ 364 | $ (602) | $ 34,826 | $ 22,883 | $ (16,125) | $ 235 | $ 180 | $ (3,240) | $ 38,521 | $ 1,962 | ||
[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 11 for further information. |
Consolidated Statements of Ch_2
Consolidated Statements of Changes In Equity (Parenthetical) | May 22, 2017shares | Dec. 31, 2019shares | Dec. 31, 2018shares | Dec. 31, 2017shares | May 21, 2017shares |
Statement of changes in equity [abstract] | |||||
Reverse stock split ratio | 0.3333333333 | ||||
Shares outstanding (in shares) | 1,020,000,000 | 1,012,079,421 | 1,013,568,258 | 1,019,916,787 | 3,058,000,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows € in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Operating activities: | |||
Net (loss) income (including non-controlling interests) | $ (2,391) | $ 5,330 | $ 4,575 |
Adjustments to reconcile net income to net cash provided by operations: | |||
Depreciation and amortization | 3,067 | 2,799 | 2,768 |
Impairment | 1,927 | 994 | 206 |
Bargain purchase gain | 0 | (209) | 0 |
Interest expense | 695 | 687 | 879 |
Interest income | (88) | (72) | (56) |
Income tax expense/ (benefit) | 459 | (349) | 432 |
Remeasurement loss relating to US deferred employee benefits | 0 | 15 | 0 |
Net gain on disposal of subsidiaries | (101) | (16) | (18) |
Income from investments in associates, joint ventures and other investments | (347) | (652) | (448) |
Provision on pensions and OPEB | 435 | 463 | 555 |
Change in fair value adjustment on call option on mandatory convertible bonds and pellet purchase agreement | 320 | 572 | (578) |
Unrealized foreign exchange effects | 7 | 152 | (541) |
Write-downs (reversal) of inventories to net realizable value, provisions and other non-cash operating expenses net | 818 | 789 | 781 |
Changes in assets and liabilities that provided (required) cash, net of acquisitions: | |||
Trade accounts receivable | 964 | (646) | (620) |
Inventories | 2,469 | (4,652) | (2,347) |
Trade accounts payable and other | (1,236) | 914 | 1,094 |
Interest paid | (723) | (749) | (947) |
Interest received | 118 | 67 | 57 |
Income taxes paid | (484) | (629) | (506) |
Dividends received from associates, joint ventures and other investments | 370 | 360 | 232 |
Cash contributions to plan assets and benefits paid for pensions and OPEB | (348) | (472) | (496) |
VAT and other amounts received (paid) from/to public authorities | 196 | (544) | (177) |
Other working capital and provisions movements | (110) | 44 | (282) |
Net cash provided by operating activities | 6,017 | 4,196 | 4,563 |
Investing activities: | |||
Purchase of property, plant and equipment and intangibles | (3,572) | (3,305) | (2,819) |
Disposals of net assets of subsidiaries, net of cash disposed of 38, 1 and 13 in 2019, 2018 and 2017, respectively | 514 | 65 | 6 |
Acquisitions of net assets of subsidiaries, net of cash acquired of 3, 13 and 617 in 2019, 2018 and 2017, respectively | (46) | (39) | 16 |
Lease installments and capital expenditure refund relating to ArcelorMittal Italia acquisition | (200) | 0 | 0 |
Acquisition of AMNS India | (755) | 0 | 0 |
Acquisition of Uttam Galva and KSS Petron debt | (83) | (1,001) | 0 |
Disposals of associates and joint ventures | 0 | 220 | 0 |
Disposals of financial assets | 196 | 44 | 44 |
Other investing activities net | 122 | 257 | (77) |
Net cash used in investing activities | (3,824) | (3,759) | (2,830) |
Financing activities: | |||
Acquisition of non-controlling interests | 0 | (68) | 0 |
Proceeds from put and call option on shares | 0 | 115 | 0 |
Proceeds from short-term debt | 600 | 2,319 | 1,859 |
Proceeds from long-term debt | 5,772 | 1,138 | 1,407 |
Payments of short-term debt | (1,811) | (2,871) | (2,102) |
Payments of long-term debt | (3,299) | (798) | (2,691) |
Share buyback | (90) | (226) | 0 |
Dividends paid (includes 129, 119 and 141 of dividends paid to non-controlling shareholders in 2019, 2018 and 2017, respectively) | (332) | (220) | (141) |
Payment of principal portion of lease liabilities and other financing activities | (326) | (78) | (63) |
Net cash provided by (used in) financing activities | 514 | (689) | (1,731) |
Net increase (decrease) in cash and cash equivalents | 2,707 | (252) | 2 |
Effect of exchange rate changes on cash | (22) | (140) | 58 |
Cash and cash equivalents: | |||
At the beginning of the year | 2,172 | 2,574 | 2,501 |
Reclassification of the period-end cash and cash equivalents from (to) held for sale | 10 | (10) | 13 |
At the end of the year | $ 4,867 | $ 2,172 | $ 2,574 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of cash flows [abstract] | |||
Cash disposed | $ 38 | $ 1 | $ 13 |
Cash acquired from acquisition | 3 | 13 | 617 |
Dividends paid to non-controlling shareholders | $ 129 | $ 119 | $ 141 |
ACCOUNTING PRINCIPLES
ACCOUNTING PRINCIPLES | 12 Months Ended |
Dec. 31, 2019 | |
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 March 3 , 2020 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 equity instruments and trade receivables at fair value through other comprehensive income ("FVOCI"), financial assets at fair value through profit or loss ("FVTPL"), derivative financial instruments, 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”) and the Company's Argentinian operation Acindar Industria Argentina de Aceros S.A. ("Acindar"), 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 10.4): 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 8.2): 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 9): 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. • Business combinations (note 2.2.3): Assets acquired and liabilities assumed as part of a business combination are recorded at their acquisition-date fair values. Similarly, consideration including consideration receivable and contingent consideration is measured at fair value. Determining the fair value of identifiable assets and liabilities requires the use of valuation techniques which may include judgment and estimates and which may affect the allocation of the amount of consideration paid to the assets and liabilities acquired and goodwill or gain from a bargain purchase recorded as part of the business combination. • Financial instruments (note 6.1.5) and financial amounts receivable (note 4.6): Certain of the Company's financial instruments are classified as Level 3 as they include unobservable inputs. In particular, the Company uses estimates to compute unobservable historical volatility based on movements of stock market prices for the fair valuation of the call option on the 1,000 mandatory convertible bonds and unobservable inputs such as discounted cash flow model for the fair valuation of financial amounts receivable relating to Uttam Galva and KSS Petron. • 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 life 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 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, 2019 On January 1, 2019, the Company adopted IFRS 16 "Leases", which has an impact on the disclosures in the consolidated financial statements of the Company. • IFRS 16 "Leases" was issued on January 13, 2016, and replaced International Accounting Standards "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 "Revenue from Contracts with Customers" has also been applied. The Company adopted IFRS 16 “Leases” as of January 1, 2019, using the modified retrospective transition approach with right-of-use assets measured at an amount equal to the lease liability recognized at January 1, 2019, adjusted by the amount of any prepaid or accrued lease payments relating to those leases. In addition, the Company applied the practical expedient not to reassess whether or not a contract meets the definition of a lease on transition and accordingly applied IFRS 16 to all contracts entered into before January 1, 2019 and identified as leases in accordance with IAS 17 "Leases" and IFRIC 4 "Determining whether an Arrangement contains a lease". Also, the Company used the practical expedient of not recognizing lease liabilities and right-of-use assets for which the lease term ended within twelve months of the date of initial application and corresponding expenses have been recognized as part of short-term lease expenses in the statement of operations. On January 1, 2019, the Company recognized additional lease liabilities (discounted at the incremental borrowing rates at that date) and right of use assets (including reclassifications from intangible assets) for an amount of 1,136 and 1,405 , respectively (see note 7). On January 1, 2019, the Company also adopted the following amendments which did not have a material impact on the consolidated financial statements of the Company: • IFRIC 23 “Uncertainty over Income Tax Treatments” issued by the IASB on June 7, 2017. 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 "Income Taxes". • Amendment to IFRS 9 "Financial Instruments" issued by the IASB on October 12, 2017 in respect of prepayment features with negative compensation and 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. • Amendment to IAS 28 “Investments in Associates and Joint Ventures” also issued on October 12, 2017 in relation to long-term interests in associates and joint ventures. The amendment clarifies that an entity should apply 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. • Amendments to IAS 19 “Employee benefits” issued by the IASB on February 7, 2018, 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. On January 1, 2019, the Company also adopted the Annual Improvements 2015–2017 issued by the IASB on December 12, 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 an entity shall recognize the income tax consequences of dividends in profit or loss, other comprehensive income or equity according to where the entity originally recognized those past transactions or events. • 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. 1.3.2 New IFRS standards , amendments and interpretations applicable from 2020 onward 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 does not expect that the adoption of this interpretation will have a material impact to its consolidated financial statements. On March 29, 2018, the IASB published its revised "Conceptual Framework for Financial Reporting", which includes revised definitions of an asset and a liability as well as new guidance on measurement and derecognition, presentation and disclosure. The Company does not expect that the adoption of this amendment, which is effective for annual periods beginning on or after January 1, 2020, will have a material impact to its consolidated financial statements. On October 22, 2018, the IASB issued amendments to IFRS 3 "Business Combinations", which includes the definition of a business aimed at resolving the difficulties that arise when an entity determines whether it has acquired a business or a group of assets. The Company does not expect that the adoption of these amendments, which are effective for annual periods beginning on or after January 1, 2020, will have a material impact to its consolidated financial statements. On October 31, 2018, the IASB issued amendments to IAS 1 "Presentation of Financial Statements" and IAS 8 "Accounting Policies, Changes in Accounting Estimates and Errors" to clarify the definition of ‘material’ and to align the definition used in the Conceptual Framework and the standards themselves. The Company does not expect that the adoption of these amendments, which are effective for annual periods beginning on or after January 1, 2020, will have a material impact to its consolidated financial statements. On September 26, 2019, the IASB published Interest Rate Benchmark Reform, Amendments to IFRS 9, IAS 39 and IFRS 7 (the amendments). The amendments provide relief from the specific hedge accounting requirements, so that entities would apply those hedge accounting requirements (highly probable forecast transaction and prospective effectiveness test under IFRS 9 which is applied by the Company) assuming that the interest rate benchmark is not altered as a result of the interest rate benchmark reform. Application of the relief is mandatory and is effective for annual periods beginning on or after January 1, 2020, with early application permitted. The requirements must be applied retrospectively. The Company does not expect that the adoption of these amendments will have a material impact to its consolidated financial statements as it is relieving the possible effects of the uncertainty due to the Interest rate benchmark reform "IBOR". On January 23, 2020, the IASB issued narrow-scope amendments to IAS 1 "Presentation of Financial Statements" to clarify how to classify debt and other liabilities as current or non-current. The amendments aim to promote consistency in applying the requirements by helping companies determine whether, in the statement of financial position, debt and other liabilities with an uncertain settlement date should be classified as current (due or potentially due to be settled within one year) or non-current. The amendments include clarifying the classification requirements for debt a company might settle by converting it into equity. The Company does not expect that the adoption of these amendments, which are effective for annual periods beginning on or after January 1, 2022, 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, 2019 | |
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, if any, 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, are accounted for as investments in equity instruments at FVOCI with any resulting gain or loss, net of related tax effect, recognized in the consolidated statements of other comprehensive income. Realized gains and losses from the sale of investments in equity instruments at FVOCI are reclassified from other comprehensive income to retained earnings within equity upon disposal. 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 Investments in subsidiaries 2.2.1 List of subsidiaries The table below provides a list of the Company’s principal operating subsidiaries at December 31, 2019 . 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 97.01% Acindar Industria Argentina de Aceros S.A. Argentina 100.00% Europe ArcelorMittal France S.A.S. France 100.00% 1 ArcelorMittal Belgium N.V. Belgium 100.00% ArcelorMittal España S.A. Spain 99.85% ArcelorMittal Flat Carbon Europe S.A. Luxembourg 100.00% 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 Duisburg GmbH Germany 100.00% ArcelorMittal International Luxembourg S.A. Luxembourg 100.00% ArcelorMittal Italia S.p.A. Italy 94.45% Africa and Commonwealth of Independent States ("ACIS") ArcelorMittal South Africa Ltd. ("AMSA") South Africa 69.22% 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.("AMMC") Canada 85.00% ArcelorMittal Liberia Ltd Liberia 85.00% JSC ArcelorMittal Temirtau Kazakhstan 100.00% PJSC ArcelorMittal Kryvyi Rih Ukraine 95.13% 1. On July 1, 2019, ArcelorMittal Atlantique et Lorraine S.A.S. was merged into ArcelorMittal France S.A.S. 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, AMMC and ArcelorMittal International Luxembourg, whose functional currency is the U.S. dollar and ArcelorMittal Poland, 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 July 1, 2018, Argentina has been considered a highly inflationary country and therefore the financial statements of the Company's long production facilities Acindar Industria Argentina de Aceros S.A. ("Acindar") in Argentina, using a historical cost approach, are adjusted prospectively to reflect the changes in the general purchasing power of the local currency before being translated into U.S. dollars at the year end exchange rate. The Company used an estimated general price index (Consumer Price Index "IPC") changed by 54.7% and 47.9% for the year ended December 31, 2019 and 2018, respectively, for this purpose. As a result of the inflation-related adjustments on non-monetary items, a gain of 64 and 45 was recognized in net financing costs for the year ended December 31, 2019 and 2018, respectively. 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 changed by 12,922% , 213,605% and 2,056% for the years ended December 31, 2019 , 2018 and 2017 , respectively, for this purpose. 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 Ilva (renamed ArcelorMittal Italia) On November 1, 2018, ArcelorMittal completed the acquisition of Ilva S.p.A. and certain of its subsidiaries ("Ilva") following the signing on June 28, 2017 of a lease agreement with a conditional obligation to purchase between the commissioners appointed in the ongoing extraordinary administration proceedings to which the former Ilva business is subject and AM InvestCo Italy S.p.A. ("AM InvestCo"), a consortium formed by ArcelorMittal and Intesa San Paolo S.p.A. ("ISP") with respective interests of 94.45% and 5.55% . The completion of the acquisition followed ArcelorMittal's notification to the European Commission ("EC") of AM InvestCo's proposed acquisition of Ilva on September 21, 2017 and the submission of commitments on October 19, 2017. The EC initiated a Phase II review of AM InvestCo’s proposed acquisition of Ilva on November 8, 2017 and approved the transaction on May 7, 2018 subject to the fulfillment of divestment commitments (see note 2.3.1) and the exit of Marcegaglia from AM InvestCo (Marcegaglia initially held a 15% interest in AM InvestCo) completed on November 9, 2018 (see note 11.5.2). Ilva (now ArcelorMittal Italia) is Europe’s largest single steel site and only integrated steelmaker in Italy with its main production facility based in Taranto. ArcelorMittal Italia also has significant steel finishing capacity in Taranto, Novi Ligure and Genova. As a result of the lease agreement, the assets and liabilities subject to the transaction are leased by subsidiaries of AM InvestCo, including ArcelorMittal Italia S.p.A., which combines the sites of Taranto, Novi Ligure and Genova. The nominal purchase price amounted to €1.8 billion ( 2.1 billion ) subject to certain adjustments including working capital adjustment, with annual leasing costs of €180 million ( 206 ) to be paid in quarterly installments resulting in a present value of 1,540 at acquisition date. The total consideration included a 54 liability corresponding to environmental capital expenditures already completed by the former Ilva business and which was refunded by ArcelorMittal to the latter. In September 2018, the former Ilva business' trade unions ratified a labor agreement following which ArcelorMittal committed to initially hire 10,700 workers based on their existing contractual terms of employment. In addition, between 2023 and 2025, the Company committed to hire any workers who remain under the former Ilva business’ extraordinary administration. The business units are initially leased with rental payments qualifying as down payments against the purchase price and are part of the Europe reportable segment. The lease period is for a minimum of four years followed by a conditional purchase obligation, subject to certain conditions precedent (see note 9.3) . The Company accounted for this transaction as a business combination as it obtained control of the business subject to the lease. ISP's interest is subject to put and call option arrangements exercisable by ISP and ArcelorMittal between November 1, 2020 and November 1, 2025 and between November 1, 2021 and November 1, 2025, respectively. The Company determined that it has a present ownership interest in the shares subject to the put option. Accordingly, it recognized at acquisition date a 122 financial liability measured at the present value of the redemption amount. Following the closing of the transaction, the acquisition-date fair value of the identifiable assets and liabilities of ArcelorMittal Italia was determined on a provisional basis as of December 31, 2018, in particular with respect to property, plant and equipment, environmental provisions, indemnification asset, tax implications and working capital balances at closing date. ArcelorMittal finalized the acquisition-date fair values during the fourth quarter of 2019. ArcelorMittal recognized provisions of 397 in connection with environmental remediation obligations. As the latter will be funded with funds seized by the Italian Government from the former shareholder, the Company recognized an indemnification asset for the same amount, of which 359 was classified as non-current assets. Current assets include trade receivables of 437 with gross contract amounts receivable of 501 and contractual cash flows not expected to be collected of 64 . Intangible assets include 201 relating to CO 2 emission rights held by the former Ilva business at acquisition date (the Company also recognized liabilities of 158 relating to estimated emissions for 2018) and favorable land lease contracts for 61 . ArcelorMittal recognized a 209 bargain purchase gain in cost of sales in 2018 mainly as a result of the preliminary €0.4 billion ( 0.5 billion ) working capital reduction while the total fair value of net assets acquired remained substantially driven by the economic obsolescence applied to property, plant and equipment. Following the finalization of the acquisition-date fair values, the bargain purchase gain decreased by 28 mainly as a result of the finalization of the environmental provisions ( 118 decrease of both environmental provision and indemnification asset), tax implications ( 74 ) and working capital balances. Property, plant and equipment increased by 92 . Revenue and net loss of ArcelorMittal Italia for the year ended December 31, 2018 since acquisition date were 398 and (49) , respectively. The Company recognized acquisition-related costs of 25 in selling, general and administrative expenses for the year ended December 31, 2018. The agreement includes industrial capital expenditure commitments of approximately €1.3 billion ( 1.4 billion ) over a seven -year period focused on blast furnaces, steel shops and finishing lines and environmental capital expenditure commitments of approximately €0.8 billion ( 0.9 billion ). Votorantim (renamed AMSF) On April 1, 2018, ArcelorMittal completed the acquisition of Votorantim Siderurgia (subsequently renamed ArcelorMittal Sul Fluminense "AMSF"), Votorantim S.A.'s long steel business in Brazil pursuant to which Votorantim Siderurgia became a wholly-owned subsidiary of ArcelorMittal Brasil. The combination of ArcelorMittal Brasil's long steel business and AMSF aims to create cost, logistical and operational synergies. The combined operations include ArcelorMittal Brasil’s production sites at Monlevade, Juiz de Fora and Piracicaba, and AMSF’s production sites at Barra Mansa, Resende and its 50% interest in the joint venture Sitrel in Três Lagoas. On February 7, 2018, the Brazilian antitrust authority CADE approved the transaction, conditioned to the fulfillment of divestment commitments by ArcelorMittal Brasil which were completed in May 2018 (see note 2.3). The acquisition was completed through the issuance of preferred shares to Votorantim S.A. representing a 2.99% interest in ArcelorMittal Brasil. Pursuant to the shareholders' agreement, such preferred shares are subject to put and call option arrangements exercisable by Votorantim S.A. and ArcelorMittal Brasil between July 1, 2019 and December 31, 2022 and between January 1, 2023 and December 31, 2024, respectively. The Company determined that it has a present ownership interest in the preferred shares subject to the put option. Accordingly, it recognized at acquisition date a 328 financial liability at amortized cost and measured at the present value of the redemption amount. The Company completed its acquisition-date fair value of the identifiable assets and liabilities of AMSF in the first half of 2019 and recognized an increase of 8 in goodwill and other liabilities following a revised measurement of contingent liabilities. Other non-current assets include an 83 indemnification asset towards Votorantim S.A. relating to contingent liabilities of 93 and an 82 investment in Sitrel. Other liabilities include unfavorable contracts for 293 and borrowings of 211 . Current assets include cash and receivables for 13 and 141 , respectively (including trade receivable of 92 with gross contractual amounts of 108 and contractual cash flows not expected to be collected of 16 ). Revenue and net loss of AMSF for the year ended December 31, 2018 since acquisition date were 285 and (108) , respectively. The Company recognized acquisition-related costs of 8 in selling, general and administrative expenses in 2018. Revenue and net income attributable to the equity holders of the parent of the Company for the year ended December 31, 2018 were 79,192 and 4,801 respectively, as though the acquisition date for ArcelorMittal Italia and AMSF had been as of January 1, 2018. Other On June 4, 2019, the Company completed the acquisition of Münker Metallprofile GmbH ("Münker") for total consideration of €48 million ( 54 ) of which €44 million ( 46 net of cash acquired of 3 ) was paid at closing and €4 million ( 5 ) payable contingent upon certain criteria. The acquisition of Münker will strengthen ArcelorMittal Downstream Solutions' construction business within the Europe segment. The Company completed its acquisition-date fair value of the identifiable assets and liabilities of Münker in the second half of 2019. It recognized 6 of goodwill and 34 , 11 and 22 of property, plant and equipment, intangible assets and current assets, respectively, following the final measurement. Revenue and net income since acquisition date were 45 and 2 , respectively. Revenue and net loss attributable to the equity holders of the parent of the Company, for year ended December 31, 2019 were 70,646 and 2,454 , respectively, as though the acquisition date of Münker had been as of January 1, 2019. 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 ). 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 ). 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. The Company concluded that the acquisitions of Electro-Re 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. The table below summarizes the final acquisition-date fair value of the assets acquired and liabilities assumed in respect of Münker, AMSF and the former Ilva business in 2019: Münker AMSF Ilva Current assets 22 262 1,156 Property, plant and equipment 34 600 1,118 Intangible assets 11 19 267 Other non-current assets — 252 369 Total assets acquired 67 1,133 2,910 Deferred tax liabilities (8 ) (45 ) (74 ) Other liabilities (14 ) (792 ) (1,113 ) Total liabilities acquired (22 ) (837 ) (1,187 ) Net assets acquired 45 296 1,723 Non-controlling interests — — — Consideration paid, net 46 — 52 Consideration payable 5 328 1,490 Goodwill/(bargain purchase gain) 6 32 (181 ) 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 are recognized in income (loss) from investments in associates, joint ventures and other investments. 2.3.1 Divestments Divestments in 2019 ArcelorMittal Italia remedies On May 7, 2018, the EC approved the acquisition of Ilva (renamed "ArcelorMittal Italia"). As part of the approval, ArcelorMittal agreed to divest certain of its European assets (“ArcelorMittal Italia remedies”) which were part of the Europe reportable segment. The ArcelorMittal Italia remedies included the following three divestment packages. The Dudelange and Liège divestment package was composed of ArcelorMittal Dudelange and certain finishing facilities of ArcelorMittal Liège in Belgium including the hot dipped galvanizing lines 4 and 5 in Flémalle, hot-rolled pickling, cold rolling and tin packaging lines in Tilleur. The Galati divestment package was mainly composed of the integrated steel making site of ArcelorMittal Galati S.A., ArcelorMittal Tubular Products Galati SRL, both in Romania, ArcelorMittal Skopje AD in North Macedonia and ArcelorMittal Piombino S.p.A. in Italy, the Company’s only galvanizing steel plant in Italy. The Ostrava divestment package was mainly composed of the integrated steel making site of ArcelorMittal Ostrava a.s. and its subsidiary, ArcelorMittal Tubular Products Ostrava a.s. On June 30, 2019, ArcelorMittal completed the sale of the ArcelorMittal Italia remedies to Liberty House Group ("Liberty"). The total consideration which consisted of amounts payable upon closing and deferred consideration in part contingent upon certain criteria, net of € 110 million ( 125 ) deposited in escrow was € 740 million ( 842 ) subject to customary closing adjustments. Of this total amount, € 610 million ( 694 ) was received on June 28, 2019. The escrow which was subsequently drawn was to be used by Liberty for certain capital expenditure projects to satisfy commitments given in the EC approval process. During 2019, prior to the completion of the disposal, the Company recorded an impairment charge in cost of sales of 497 to adjust the carrying amount of the disposal group to the sale proceeds of 692 including a cash consideration of 518 ( 694 , net of cash disposed of 34 , the escrow deposit of 125 and proceeds of 17 paid to a joint venture of the Company) and 174 of deferred consideration (of which 161 outstanding as of December 31, 2019 following subsequent receipt of a portion of the consideration receivable) recognized at present value and fair value of contingent consideration. The Company also assigned receivables of 404 mainly comprised of cash pooling balances to Liberty. The fair value measurement of ArcelorMittal Italia remedies was determined using the contract price, a Level 3 unobservable input, which was revised in the first half of 2019. Global Chartering On December 31, 2019, ArcelorMittal completed the sale of a 50% controlling interest in Global Chartering Ltd. ("Global Chartering") to DryLog Ltd. ("DryLog") for total deferred consideration of 6 . The resulting net gain on disposal was 29 including the reclassification from other comprehensive income to the consolidated statements of operations of 33 foreign exchange translation gains. In connection with the disposal, the Company derecognized right-of-use assets and lease liabilities of 390 and 400 , respectively (see note 7). Global Chartering is a Mauritius-based shipping company that handles shipping for a portion of the Company's raw materials through the chartering of vessels on a short- to long-term basis. Global Chartering's fleet includes owned and leased Capesize, Panamax and Supramax vessels on a medium- to long-term charter. Simultaneously, ArcelorMittal entered into a joint venture agreement with DryLog to operate jointly the Global Chartering fleet and certain other vessels chartered from DryLog. Accordingly, the Company's remaining 50% interest in Global Chartering is accounted for under the equity method. The fair value measurement was determined using the selling price, a Level 3 unobservable input. At inception of the joint venture, certain of Global Chartering's lease terms were unfavorable compared to market rates and therefore the Company agreed to indemnify the joint venture for operating losses that could potentially arise within an agreed time frame if market rates do not improve and recognized accordingly in cost of sales a 126 provision (see note 9.1) representing the net present value of the maximum amount agreed. Divestments in 2018 On February 28, 2018, ArcelorMittal completed the sale of Go Steel Frýdek Místek ("Frýdek Místek"), for consideration of 49 (net of cash disposed of 1 ) of which 10 remained outstanding at December 31, 2018. Frýdek Místek was part of the Europe segment. The fair value measurement was determined using the contract price, a Level 3 unobservable input. On February 7, 2018, the Brazilian Antitrust Authority (CADE) approved the acquisition of Votorantim subject to divestment commitments (see note 2.2.4). Accordingly, in May 2018, ArcelorMittal Brasil disposed of its two production sites Cariacica and Itaúna as well as some wire drawing equipment in Brazil (the “Votorantim remedies”), which were part of the Brazil reportable segment. Prior to the disposal, the Company recorded an impairment charge in cost of sales of 86 to adjust the carrying amount of the disposal group to the sale proceeds of 84 (net of cash disposed of 1 ) of which 58 remained outstanding as of December 31, 2018. The fair value measurement of these Votorantim remedies was determined using the contract price, a Level 3 unobservable input. 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. The table below summarizes the significant divestments : 2019 2018 2017 ArcelorMittal Italia remedies Global Chartering Limited Frýdek Místek Votorantim remedies AMTBA Downstream Solutions Europe Georgetown Cash and cash equivalents — — — — 13 — — Other current assets 1,386 14 48 40 46 38 — Property, plant and equipment 178 517 35 48 55 2 4 Other assets 11 21 — — 10 17 — Total assets 1,575 552 83 88 124 57 4 Current liabilities 1,046 229 31 4 52 18 1 Other long-term liabilities 241 311 4 — 7 12 2 Total liabilities 1,287 540 35 4 59 30 3 Total net assets 288 12 48 84 65 27 1 Assigned receivables 404 — — — — — — % of net assets sold 100 % 50 % 100 % 100 % 100 % 100 % 100 % Total net assets disposed of 692 6 48 84 65 27 1 Cash consideration received, net of escrow deposit and cash disposed 518 (4 ) 39 26 65 6 19 Consideration receivable 174 6 10 58 Reclassification of foreign exchange reserves 72 33 15 — — 21 — Gain on disposal 72 29 16 — — — 18 2.3.2 Assets held for sale The assets and liabilities of the Steelton facility in the United St |
SEGMENT REPORTING
SEGMENT REPORTING | 12 Months Ended |
Dec. 31, 2019 | |
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 earn revenues and incur expenses (including revenues and expenses relating to transactions with other components of the Company), for which discrete financial information is available and whose operating results are evaluated regularly by the chief operating decision maker “CODM” to make decisions about resources to be allocated to the segment and assess its performance. The Company's CODM is the CEO Office - comprising the Chairman and Chief Executive Officer, Mr. Lakshmi N. Mittal and the President and Chief Financial Officer of ArcelorMittal, 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, Ukraine 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, 2019 Sales to external customers 18,478 6,927 37,487 6,487 1,165 71 — 70,615 Intersegment sales 2 77 1,186 234 350 3,672 353 (5,872 ) — Operating income (loss) (1,259 ) 846 (1,107 ) (25 ) 1,215 (295 ) (2 ) (627 ) Depreciation and amortization (570 ) (274 ) (1,256 ) (364 ) (448 ) (155 ) — (3,067 ) Impairment (1,300 ) — (525 ) (102 ) — — — (1,927 ) Capital expenditures 727 328 1,353 513 480 171 — 3,572 Year ended December 31, 2018 Sales to external customers 20,145 7,041 40,247 7,506 1,009 85 — 76,033 Intersegment sales 2 187 1,670 241 455 3,202 307 (6,062 ) — Operating income (loss) 1,889 1,356 1,632 1,094 860 (247 ) (45 ) 6,539 Depreciation and amortization (522 ) (298 ) (1,195 ) (311 ) (418 ) (55 ) — (2,799 ) Bargain purchase gain 3 — — — 209 — — — — 209 Impairment — (86 ) (908 ) — — — — (994 ) Capital expenditures 669 244 1,336 534 485 37 — 3,305 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. 3. See note 2.2.4. The reconciliation from operating income to net income (including non-controlling interests) is as follows: Year ended December 31, 2019 2018 2017 Operating (loss)/income (627 ) 6,539 5,434 Income from investments in associates and joint ventures 347 652 448 Financing costs - net (1,652 ) (2,210 ) (875 ) (Loss) income before taxes (1,932 ) 4,981 5,007 Income tax expense (benefit) 459 (349 ) 432 Net (loss) income (including non-controlling interests) (2,391 ) 5,330 4,575 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, 2019 2018 2017 Americas United States 15,238 16,271 14,367 Brazil 5,094 4,982 4,149 Canada 3,004 3,563 3,034 Mexico 1,941 1,970 2,251 Argentina 814 960 1,230 Others 1,195 1,322 1,005 Total Americas 27,286 29,068 26,036 Europe Germany 5,694 6,757 5,933 Poland 3,957 4,518 3,746 France 4,114 4,431 4,051 Spain 3,855 4,265 3,751 Italy 4,317 3,333 2,711 Czech Republic 1,244 1,782 1,400 Turkey 1,499 1,683 1,937 United Kingdom 1,434 1,471 1,370 Belgium 1,617 1,309 1,129 Netherlands 1,142 1,209 1,117 Russia 876 1,144 1,204 Romania 720 708 621 Others 4,899 5,653 4,948 Total Europe 35,368 38,263 33,918 Asia & Africa South Africa 2,260 2,742 2,560 Morocco 583 628 596 Egypt 309 206 310 Rest of Africa 1,278 1,257 1,033 China 676 608 622 Kazakhstan 470 496 392 South Korea 380 365 259 India 95 92 163 Rest of Asia 1,910 2,308 2,790 Total Asia & Africa 7,961 8,702 8,725 Total 70,615 76,033 68,679 Revenues from external customers attributed to the country of domicile (Luxembourg) were 151 , 162 and 111 for the years ended December 31, 2019 , 2018 and 2017 , respectively. Non-current assets 1 per significant country: December 31, 2019 2018 Americas Canada 5,336 5,187 Brazil 4,254 4,259 United States 2,878 4,022 Mexico 1,408 1,163 Argentina 266 252 Venezuela 17 10 Others 16 19 Total Americas 14,175 14,912 Europe France 4,293 4,363 Germany 2,665 2,607 Belgium 2 2,695 2,526 Poland 2,508 2,356 Ukraine 2,674 2,219 Spain 1,920 1,971 Italy 1,488 1,365 Luxembourg 1,231 1,229 Bosnia and Herzegovina 188 205 Romania 2 62 86 Czech Republic 2 31 24 Others 165 235 Total Europe 19,920 19,186 Asia & Africa Kazakhstan 1,519 1,309 South Africa 568 625 Liberia 157 148 Morocco 92 93 Others 128 107 Total Asia & Africa 2,464 2,282 Unallocated assets 22,733 22,394 Total 59,292 58,774 1. Non-current assets do not include goodwill (as it is not allocated to the individual countries), deferred tax assets, investments in associates and joint ventures, other investments and other non-current financial assets. Such assets are presented under the caption “Unallocated assets”. 2. ArcelorMittal Ostrava, ArcelorMittal Galati and certain assets of ArcelorMittal Belgium were classified as held for sale at December 31, 2018 and sold in 2019 (see note 2.3.1 and 2.3.2). 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 include non-steel and by-products sales, manufactured and specialty steel products sales, shipping and other services. Year ended December 31, 2019 2018 2017 Flat products 43,633 46,734 43,065 Long products 13,706 15,751 13,685 Tubular products 2,044 2,158 1,810 Mining products 1,165 1,009 985 Others 10,067 10,380 9,134 Total 70,615 76,033 68,679 3.4 Disaggregated revenue Disaggregated revenue The tables below summarize the disaggregated revenue recognized from contracts with customers: Year ended December 31, 2019 NAFTA Brazil Europe ACIS Mining Others Total Steel sales 17,669 6,467 33,759 5,789 — — 63,684 Non-steel sales 1 122 66 1,130 239 1,117 — 2,674 By-product sales 2 114 93 816 135 — — 1,158 Other sales 3 573 301 1,782 324 48 71 3,099 Total 18,478 6,927 37,487 6,487 1,165 71 70,615 Year ended December 31, 2018 NAFTA Brazil Europe ACIS Mining Others Total Steel sales 19,372 6,582 36,603 6,748 — — 69,305 Non-steel sales 1 148 31 882 243 968 — 2,272 By-product sales 2 124 115 947 182 — — 1,368 Other sales 3 501 313 1,815 333 41 85 3,088 Total 20,145 7,041 40,247 7,506 1,009 85 76,033 Year ended December 31, 2017 NAFTA Brazil Europe ACIS Mining Others Total Steel sales 17,210 6,128 32,676 6,661 — — 62,675 Non-steel sales 1 121 77 817 188 947 — 2,150 By-product sales 2 98 89 683 159 — — 1,029 Other sales 3 464 277 1,649 315 38 82 2,825 Total 17,893 6,571 35,825 7,323 985 82 68,679 1. Non-steel sales mainly relate to iron ore, coal, scrap and electricity; 2. By-product sales mainly relate to slag, waste and coke by-products; 3. Other sales are mainly comprised of shipping and other services. |
OPERATING DATA
OPERATING DATA | 12 Months Ended |
Dec. 31, 2019 | |
Revenue, Cost Of Sales, Current Assets, And Current Liabilities [Abstract] | |
OPERATING DATA | NOTE 4: OPERATING DATA 4.1 Revenue The Company’s revenue is derived from the single performance obligation to transfer primarily steel and mining products under arrangements in which the transfer of control of the products and the fulfillment of the Company’s performance obligation occur at the same time. Revenue from the sale of goods is recognized when the Company has transferred control of the goods to the buyer and the buyer obtains the benefits from the goods, the potential cash flows and the amount of revenue (the transaction price) can be measured reliably, and it is probable that the Company will collect the consideration to which it is entitled to in exchange for the goods. Whether the customer has obtained control over the asset depends on when the goods are made available to the carrier or the buyer takes possession of the goods, depending on the delivery terms. For the Company’s steel producing operations, generally the criteria to recognize revenue has been met when its products are delivered to its customers or to a carrier who will transport the goods to its customers, this is the point in time when the Company has completed its performance obligations. Revenue is measured at the transaction price of the consideration received or receivable, the amount the Company expects to be entitled to. Additionally, the Company identifies when goods have left its premises, not when the customer receives the goods. Therefore, the Company estimates, based on its historical experience, the amount of goods in-transit when the transfer of control occurs at the destination and defers the revenue recognition. The Company’s products must meet customer specifications. A certain portion of the Company’s products are returned or have claims filed against the sale because the products contained quality defects or other problems. Claims may be either of the following: – Product Rejection - Product shipped and billed to an end customer that did not meet previously agreed customer specifications. Claims typically result from physical defects in the goods, goods shipped to the wrong location, goods produced with incorrect specifications and goods shipped outside acceptable time parameters. – Consequential Damages - Damages reported by the customer not directly related to the value of the rejected goods (for example: customer processing cost or mill down time, sampling, storage, sorting, administrative cost, replacement cost, etc.). The Company estimates the variable consideration for such claims using the expected value method and reduces the amount of revenue recognized. Warranties: The warranties and claims arise when the product fails on the criteria mentioned above. Sales‑related warranties associated with the goods cannot be purchased separately and they serve as an assurance that the products sold comply with agreed‑upon specifications. Accordingly, the Company accounts for warranties in accordance with IAS 37 "Provisions, Contingent Liabilities and Contingent Assets" (see note 9) . Periodically, the Company enters into volume or other rebate programs where once a certain volume or other conditions are met, it refunds the customer some portion of the amounts previously billed or paid. For such arrangements, the Company only recognizes revenue for the amounts it ultimately expects to realize from the customer. The Company estimates the variable consideration for these programs using the most likely amount method or the expected value method, whichever approach best predicts the amount of the consideration based on the terms of the contract and available information and updates its estimates each reporting period. The Company’s payment terms range from 30 to 90 days from date of delivery, depending on the market and product sold. The Company received 354 as advances from its customers which are classified as unsatisfied performance obligations and recognized as liabilities in line with IFRS 15. The Company expects 100% of the unsatisfied performance obligations as of December 31, 2019 to be recognized as revenue during 2020 as the Company’s contracts have an original expected duration of one year or less. The tables below summarize the movements relating to the Company's trade receivable and other for the years ended December 31, 2019, 2018 and 2017. Year ended December 31, 2019 2018 2017 Trade accounts receivable and other - opening balance 4,432 3,863 2,974 Performance obligations satisfied 70,615 76,033 68,679 Payments received (71,559 ) (75,387 ) (68,059 ) Impairment of receivables (net of write backs and utilization) 9 (8 ) — Reclassification of the period-end receivables to held for sale — (182 ) — Additions through business combinations 4 532 33 Foreign exchange and others 68 (419 ) 236 Trade accounts receivable and other - closing balance 3,569 4,432 3,863 4.2 Cost of sales Cost of sales includes the following components: Year ended December 31, 2019 2018 2017 Materials 47,809 46,842 42,813 Labor costs 9,094 9,206 8,842 Logistic expenses 4,951 4,974 4,161 Depreciation and amortization 3,067 2,799 2,768 Gain on bargain purchase 1 — (209 ) — Impairment 1,927 994 206 Other 2,039 2,419 2,086 Total 68,887 67,025 60,876 1. See note 2.2.4 4.3 Trade accounts receivable and other Trade accounts receivable are initially recorded at their transaction price and do not carry any interest. ArcelorMittal maintains an allowance for lifetime expected credit loss at an amount that it considers to be a reliable estimate of expected credit losses resulting from the inability of its customers to make required payments. In judging the adequacy of the allowance for expected credit losses, ArcelorMittal considers multiple factors including historical bad debt experience, the current and forward looking economic environment and the aging of the receivables. Recoveries of trade receivables previously reserved in the allowance for expected credit losses are recognized as gains in selling, general and administrative expenses. ArcelorMittal’s policy is to record an allowance for expected lifetime credit losses and a charge in selling, general and administrative expense when a specific account is deemed uncollectible. The Company concluded that a trade receivable is in default when they are overdue by more than 180 days. Based on historical experience and analysis, the Company concluded that there is a risk of default as such receivables are generally not recoverable and therefore provided for, unless it can be clearly demonstrated that the receivable is still collectible. Trade receivables and the associated allowance are written off when ArcelorMittal has exhausted its recovery efforts and enforcement options. Trade accounts receivable and allowance for lifetime expected credit losses December 31, 2019 2018 Gross amount 3,698 4,605 Allowance for lifetime expected credit losses (129 ) (173 ) Total 3,569 4,432 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, 2019 2018 NAFTA 285 579 Brazil 702 864 Europe 1,983 2,348 ACIS 523 531 Mining 76 110 Total 3,569 4,432 Aging of trade accounts receivable December 31, December 31, 2019 2018 Gross Allowance Total Gross Allowance Total Not past due 2,851 (11 ) 2,840 3,377 (3 ) 3,374 Overdue 1-30 days 452 (2 ) 450 691 (3 ) 688 Overdue 31-60 days 85 (1 ) 84 178 (1 ) 177 Overdue 61-90 days 43 — 43 97 (1 ) 96 Overdue 91-180 days 67 (4 ) 63 59 (4 ) 55 More than 180 days 200 (111 ) 89 203 (161 ) 42 Total 3,698 (129 ) 3,569 4,605 (173 ) 4,432 The movements in the allowance are calculated based on lifetime expected credit loss model for 2019 and 2018 following the adoption of IFRS 9 and incurred loss model for 2017. The allowances in respect of trade accounts receivable during the periods presented is as follows: Year ended December 31, 2019 2018 2017 Allowance - opening balance 173 193 184 Additions 18 35 34 Write backs / utilization (27 ) (29 ) (38 ) Foreign exchange and others (35 ) (26 ) 13 Allowance - closing balance 129 173 193 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 derecognized from the consolidated statements of financial position at the moment of sale. The Company classifies trade receivables subject to TSR programs as financial assets that are held to collect or to sell and recognized them at FVOCI (see note 6). The fair value measurement is determined based on the invoice amount net of TSR expense payable, a Level 3 unobservable input. The TSR expense is insignificant due to the rate applicable and the short timeframe between the time of sale and the invoice due date. Any loss allowance for these trade receivables is recognized in OCI. 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 1,760 and 1,168 as of December 31, 2019 and 2018 , respectively, are comprised of the following: December 31, 2019 2018 Finished products 5,821 7,464 Production in process 4,165 4,596 Raw materials 5,101 6,822 Manufacturing supplies, spare parts and other 1 2,209 1,862 Total 17,296 20,744 1. Including spare parts of 1.6 billion and 1.3 billion , and manufacturing and other of 0.6 billion and 0.6 billion as of December 31, 2019 and 2018 , respectively. Movements in the inventory reserve are as follows: Year ended December 31, 2019 2018 2017 Inventory reserve - opening balance 1,168 1,239 1,097 Additions 1 726 423 442 Deductions / Releases 2 (212 ) (382 ) (404 ) Foreign exchange and others 78 (112 ) 104 Inventory reserve - closing balance 1,760 1,168 1,239 1. Additions in 2019 refer to write-downs of inventories excluding those utilized or written back during the same financial year. The additions in 2018 and 2017 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 prior periods in 2019 and correspond to write-backs and utilizations related to the current and prior periods in 2018 and 2017. 4.5 Prepaid expenses and other current assets December 31, 2019 2018 VAT receivables 941 1,049 Prepaid expenses and non-trade receivables 696 416 Financial amounts receivable 350 304 Income tax receivable 102 106 Receivables from public authorities 137 125 Receivables from sale of financial and intangible assets 153 149 Derivative financial instruments 268 617 Other 1 109 68 Total 2,756 2,834 1. Other includes mainly advances to employees, accrued interest and other miscellaneous receivables. Financial amounts receivable include a 127 short-term loan granted to Global Chartering (see note 12.3). 4.6 Other assets Other assets consisted of the following: December 31, 2019 2018 Derivative financial instruments 130 609 Financial amounts receivable 594 1,679 Long-term VAT receivables 285 322 Cash guarantees and deposits 164 185 Receivables from public authorities 51 172 Accrued interest 65 86 Receivables from sale of financial and intangible assets 131 61 Income tax receivable 25 18 Other 1 203 228 Total 1,648 3,360 1. Other mainly includes assets in pension funds and other amounts receivable . Following the Indian Supreme Court ruling dated October 4, 2018, ArcelorMittal completed a series of payments to the financial creditors of Uttam Galva ("UG") and KSS Petron to clear overdue debts so that the Company's offer submitted for AMNS India remained eligible and could be considered by ESIL's Committee of Creditors. At December 31, 2018, financial amounts receivable incl uded 844 and 193 related to such payments to UG and KSS Petron, respectively, measured at fair value recognized in profit or loss as of December 31, 2018 (a Level 3 fair value estimate). In 2019, ArcelorMittal made additional payments of 83 . The fair value of the UG payments was determined on the basis of market multiples and a discounted cash flow model including market participant synergies. Unobservable inputs were used to measure fair value to the extent that relevant observable inputs were not available and include primarily the discount rate, growth rate, expected changes to average selling prices, shipments and direct costs. Assumptions for average selling prices and shipments were based on historical experience and expectations of future changes in the market. On December 11, 2019, ArcelorMittal derecognized the UG payments as they were transferred to the AMNS India joint venture (see note 2.4.1). 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, 2019 2018 Accrued payroll and employee related expenses 1,560 1,613 Accrued interest and other payables 927 976 Payable from acquisition of intangible, tangible & financial assets 1,559 1,332 Other amounts due to public authorities 507 540 Derivative financial instruments 1 308 190 Unearned revenue and accrued payables 49 58 Total 4,910 4,709 1. Derivative financial instruments include 125 as of December 31, 2019 relating to the fair value of the put option granted to ISP in the framework of the acquisition of ArcelorMittal Italia. As of December 31, 2018 the option’s fair value of 124 was included in long-term liabilities (note 9.2). |
GOODWILL, INTANGIBLE AND TANGIB
GOODWILL, INTANGIBLE AND TANGIBLE ASSETS | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 2018 Goodwill on acquisitions 5,104 4,986 Concessions, patents and licenses 197 293 Customer relationships and trade marks 95 90 Other 1 36 359 Total 5,432 5,728 1. In 2018, o ther included 201 relating to CO2 emission rights, which were surrendered in 2019, and 77 related to favorable land lease contracts in ArcelorMittal Italia, which were reclassified as right-of-use assets upon adoption of IFRS 16 as of January 1, 2019 (see note 7) 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, 2017 Divestments and assets held for sale 1 Foreign exchange differences and other movements 2 December 31, 2018 NAFTA 2,249 — (51 ) 2,198 Brazil 1,640 (18 ) (218 ) 1,404 Europe 582 (16 ) (16 ) 550 ACIS 823 — 11 834 Total 5,294 (34 ) (274 ) 4,986 1. See note 2.3.1 and 2.3.2 2. Other movements for Brazil include 24 related to the acquisition of AMSF (see note 2.2.4) December 31, 2018 Divestments and assets held for sale Foreign exchange differences and other movements 1 December 31, 2019 NAFTA 2,198 — 35 2,233 Brazil 1,404 — (51 ) 1,353 Europe 550 — (5 ) 545 ACIS 834 — 139 973 Total 4,986 — 118 5,104 1. Other movements for Europe include 6 relating to the acquisition of Münker and 8 for Brazil relating to the increase in goodwill following the completion of the acquisition-date fair value of AMSF (see note 2.2.4). 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, France, Germany, Luxembourg, Poland, Spain and Italy. 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, in South Africa, a CO 2 tax system was introduced in 2019 and in Kazakhstan, the Emission Trading Scheme restarted operation on January 1, 2018. 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, 2017 766 1,214 96 2,076 Acquisitions 22 — 39 61 Acquisitions through business combinations (note 2.2.4) 2 — 317 319 Disposals — — (5 ) (5 ) Foreign exchange differences (61 ) (83 ) (4 ) (148 ) Transfers to assets held for sale (note 2.3) (32 ) — — (32 ) Transfers and other movements 1 64 1 — 65 Fully amortized intangible assets 2 (16 ) (4 ) — (20 ) At December 31, 2018 745 1,128 443 2,316 Acquisitions 17 — 65 82 Acquisitions through business combination (note 2.2.4) — 12 — 12 Disposal — — (6 ) (6 ) Foreign exchange differences (8 ) (11 ) (4 ) (23 ) Transfers and other movements 1 (107 ) 4 (351 ) (454 ) Fully amortized intangible assets 2 (17 ) — — (17 ) At December 31, 2019 630 1,133 147 1,910 Accumulated amortization and impairment losses At December 31, 2017 491 1,096 46 1,633 Amortization charge 47 22 42 111 Foreign exchange differences (44 ) (76 ) (3 ) (123 ) Transfers to assets held for sale (note 2.3) (27 ) — — (27 ) Transfers and other movements 1 1 — (1 ) — Fully amortized intangible assets 2 (16 ) (4 ) — (20 ) At December 31, 2018 452 1,038 84 1,574 Amortization charge 53 11 30 94 Foreign exchange differences (7 ) (11 ) (2 ) (20 ) Transfers and other movements 1 (48 ) — (1 ) (49 ) Fully amortized intangible assets 2 (17 ) — — (17 ) At December 31, 2019 433 1,038 111 1,582 Carrying amount At December 31, 2018 293 90 359 742 At December 31, 2019 197 95 36 328 1. In 2019, transfers and other movements mainly relate to CO2 emission rights utilized from the acquisition of ArcelorMittal Italia amounting to 158 (see note 2.2.4) and favorable land lease contracts from the acquisition of ArcelorMittal Italia and advances for land use which were transferred to right-of-use assets upon implementation of IFRS 16 (see notes 1 and 7). In 2018, transfers and other movements correspond mainly to transfer from assets under construction into patents and licenses. 2. Fully amortized assets correspond mainly to licenses in 2019 and 2018 . Research and development costs not meeting the criteria for capitalization are expensed as incurred. These costs amounted to 301 , 290 and 278 for the years ended December 31, 2019 , 2018 , and 2017 , 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 2019, during which the Company performed a review of the useful lives of its assets and determined there were no material changes to 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. 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. 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 (Level 3 in the fair value hierarchy) 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 Right-of-use assets 4 Mining Total Cost At December 31, 2017 12,845 50,174 3,732 — 3,875 70,626 Additions 36 282 3,064 — 28 3,410 Acquisitions through business combinations (note 2.2.4) 358 1,210 58 — — 1,626 Foreign exchange differences (888 ) (4,006 ) (220 ) — (100 ) (5,214 ) Disposals (120 ) (535 ) (113 ) — (13 ) (781 ) Divestments (note 2.3.1) (43 ) (215 ) (2 ) — — (260 ) Transfers (to)/ from assets held for sale (note 2.3.2) (1,434 ) (4,532 ) (143 ) — — (6,109 ) Other movements 1 125 1,684 (2,013 ) — 111 (93 ) At December 31, 2018 10,879 44,062 4,363 — 3,901 63,205 Adoption of IFRS 16 (notes 1 and 7) 3 — (921 ) — 2,365 — 1,444 At January 1, 2019 10,879 43,141 4,363 2,365 3,901 64,649 Additions 35 471 3,245 259 26 4,036 Acquisitions through business combinations (note 2.2.4) 24 10 — — — 34 Foreign exchange differences (99 ) (98 ) 50 (7 ) 38 (116 ) Disposals (66 ) (654 ) (16 ) (4 ) (19 ) (759 ) Divestments (note 2.3.1) — (130 ) — (484 ) — (614 ) Other movements 1 124 1,888 (2,152 ) (37 ) 167 (10 ) At December 31, 2019 10,897 44,628 5,490 2,092 4,113 67,220 Accumulated depreciation and impairment At December 31, 2017 4,356 25,700 988 — 2,611 33,655 Depreciation charge for the year 356 2,212 — — 120 2,688 Impairment (note 5.3) 21 930 9 — — 960 Disposals (110 ) (494 ) — — (13 ) (617 ) Foreign exchange differences (484 ) (2,715 ) (7 ) — (81 ) (3,287 ) Divestments (note 2.3.1) (31 ) (181 ) — — — (212 ) Transfers (to)/ from assets held for sale (note 2.3.2) (989 ) (4,456 ) (26 ) — — (5,471 ) Other movements 1 (6 ) (158 ) 17 — (2 ) (149 ) At December 31, 2018 3,113 20,838 981 — 2,635 27,567 Adoption of IFRS 16 (notes 1 and 7) 3 — (558 ) — 597 — 39 At January 1, 2019 3,113 20,280 981 597 2,635 27,606 Depreciation charge for the year 338 2,171 — 343 121 2,973 Impairment (note 5.3) 154 1,202 9 65 — 1,430 Disposals (45 ) (614 ) — (3 ) (17 ) (679 ) Foreign exchange differences (58 ) (112 ) (4 ) 4 24 (146 ) Divestments (note 2.3.1) — (3 ) — (94 ) — (97 ) Other movements 1 (14 ) (35 ) 5 (55 ) 1 (98 ) At December 31, 2019 3,488 22,889 991 857 2,764 30,989 Carrying amount At December 31, 2018 7,766 23,224 3,382 — 1,266 35,638 At December 31, 2019 7,409 21,739 4,499 1,235 1,349 36,231 1. Other movements predominantly represent transfers from construction in progress to other categories and retirement of fully amortized assets. In 2019, other movement also include 92 relating to finalization of acquisition date fair values of AM Italia (refer note 2.2.4). 2. Machinery, equipment and other includes biological assets of 59 and 49 as of December 31, 2019 and 2018 , respectively, and bearer plants of 38 and 38 as of December 31, 2019 and 2018 , respectively. 3. Includes additions due to implementation of IFRS 16 amounting to 1,136 as well as favorable terms of operating leases of ArcelorMittal Italia and amounts prepaid for the right of use of land, both reclassified from intangible assets (refer note 7). 4. Right-of-use assets as of December 31, 2018 include 921 of cost of assets and 558 of accumulated depreciation previously recognized under IAS 17 and presented within machinery, equipment and other. Upon implementation of IFRS 16, the right-of-use assets are presented separately in the table above. The carrying amount of temporarily idle property, plant and equipment at December 31, 2019 and 2018 was 332 and 260 including 228 and 244 in Brazil, 14 and 14 in NAFTA, 88 and 2 in the Europe segment and 2 and 0 in the ACIS segment respectively. The carrying amount of property, plant and equipment retired from active use and not classified as held for sale was 47 and 51 at December 31, 2019 and 2018 , respectively. Such assets are carried at their recoverable amount. Assets pledged as security Refer note 9.4 for information on assets pledged as security by the Company. Capital commitments Refer note 9.4 for information on contractual commitments for acquisition of property, plant and equipment by the Company. 5.3 Impairment of intangible assets, including goodwill, and tangible assets Impairment charges recognized were as follows: Year ended December 31, Type of asset 2019 2018 2017 Goodwill — 34 — Tangible assets 1,927 960 206 Total 1,927 994 206 Impairment test of goodwill Goodwill is tested for impairment annually, as of October 1 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. Until the year ended December 31, 2017, the Company performed its annual impairment test of goodwill using October 31 as the measurement date. Effective September 2018, the Company changed its impairment test date to October 1 in order to better align with its internal strategic and financial planning process. The Company believes that this change in date is preferable under the circumstances and does not result in the delay, acceleration or avoidance of an impairment charge. 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 2019 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 $63 per tonne to $80 per tonne for iron ore and $145 per tonne to $170 per tonne 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 2019 (in %) 10.8 15.0 9.1 14.5 GCGU weighted average pre-tax discount rate used in 2018 (in %) 12.9 15.5 10.6 15.4 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 1, 2019. The total value in use calculated for all GCGUs decreased overall in 2019 as compared to 2018 . In 2018, the Company recognized a 18 and 16 impairment loss relating to goodwill in connection with the sale of the Votorantim remedies and the intended sale of the ArcelorMittal Italia remedies (see note 2.3.1). 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 and shipments). The Company believes that reasonably possible changes in key assumptions could cause an impairment loss to be recognized in respect of the NAFTA and ACIS segments. ACIS produces a combination of flat and long products. Its facilities are located in Africa, Ukraine and the 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. The ACIS value in use model anticipates an increase in sales volumes in 2020 and 2021 compared to 2019 ( 11.5 million tonnes for the year ended December 31, 2019) followed by stable volumes thereafter. Average selling prices in the model are expected to increase in 2020 due to higher international raw material prices and stabilize subsequently in line with such long-term prices. The NAFTA segment produces a combination of flat, long and tubular products. Its facilities are located in North America including Canada, the USA and Mexico. The segment is primarily focused on the domestic automotive industry in Canada, the USA while in Mexico a major investment program has been launched to build downstream capabilities in order to anticipate increased demand from domestic customers for flat and long products. The Company believes that sales volumes, prices and discount rates are the key assumptions most sensitive to change. The NAFTA model anticipates a decrease in sales volumes in 2020 compared to 2019 ( 20.9 million tonnes for the year ended December 31, 2019) followed by an increase in 2021 and stable volumes thereafter. Average steel selling prices in the model are expected to decrease slightly and stabilize after 2022. 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 1, 2019). 2019 NAFTA ACIS Excess of recoverable amount over carrying amount 789 152 Increase in pre-tax discount rate (change in basis points) 65 27 Decrease in average selling price (change in %) 0.37 0.29 Decrease in shipments (change in %) 1.06 1.00 In 2018, given the overall increase in value in use, the Company did not identify any reasonably possible change in key assumptions which could cause an impairment loss to be recognized. 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, 2019 , the Company determined it has 61 cash-generating units. In the context of the termination notice sent to the Ilva Comm |
FINANCING AND FINANCIAL INSTRUM
FINANCING AND FINANCIAL INSTRUMENTS | 12 Months Ended |
Dec. 31, 2019 | |
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: • fair values versus carrying amounts (see note 6.1.1) • 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 table summarizes assets and liabilities based on their categories at December 31, 2019 : December 31, 2019 Carrying amount in the consolidated statements of financial position Non-financial assets and liabilities Assets/Liabilities at amortized cost Fair value recognized in profit or loss Fair value recognized in OCI Derivatives ASSETS Current assets: Cash and cash equivalents 4,867 — 4,867 — — — Restricted cash 128 — 128 — — — Trade accounts receivable and other 3,569 — 3,146 — 423 — Inventories 17,296 17,296 — — — — Prepaid expenses and other current assets 2,756 1,305 1,047 136 — 268 Total current assets 28,616 18,601 9,188 136 423 268 Non-current assets: Goodwill and intangible assets 5,432 5,432 — — — — Property, plant and equipment and biological assets 36,231 36,172 — 59 — — Investments in associates and joint ventures 6,529 6,529 — — — — Other investments 772 — — — 772 — Deferred tax assets 8,680 8,680 — — — — Other assets 1,648 388 1,130 — — 130 Total non-current assets 59,292 57,201 1,130 59 772 130 Total assets 87,908 75,802 10,318 195 1,195 398 LIABILITIES AND EQUITY Current liabilities: Short-term debt and current portion of long-term debt 2,869 — 2,869 — — — Trade accounts payable and other 12,614 — 12,614 — — — Short-term provisions 516 485 31 — — — Accrued expenses and other liabilities 4,910 1,075 3,527 — — 308 Income tax liabilities 378 378 — — — — Total current liabilities 21,287 1,938 19,041 — — 308 Non-current liabilities: Long-term debt, net of current portion 11,471 — 11,471 — — — Deferred tax liabilities 2,331 2,331 — — — — Deferred employee benefits 7,343 7,343 — — — — Long-term provisions 2,475 2,465 10 — — — Other long-term obligations 2,518 501 1,779 — — 238 Total non-current liabilities 26,138 12,640 13,260 — — 238 Equity: Equity attributable to the equity holders of the parent 38,521 38,521 — — — — Non-controlling interests 1,962 1,962 — — — — Total equity 40,483 40,483 — — — — Total liabilities and equity 87,908 55,061 32,301 — — 546 December 31, 2018 Carrying amount in the consolidated statements of financial position Non-financial assets and liabilities Assets/Liabilities at amortized cost Fair value recognized in profit or loss Fair value recognized in OCI Derivatives ASSETS Current assets: Cash and cash equivalents 2,172 — 2,172 — — — Restricted cash 182 — 182 — — — Trade accounts receivable and other 4,432 — 3,957 — 475 — Inventories 20,744 20,744 — — — — Prepaid expenses and other current assets 2,834 1,405 812 — — 617 Assets held for sale 2,111 2,111 — — — — Total current assets 32,475 24,260 7,123 — 475 617 Non-current assets: Goodwill and intangible assets 5,728 5,728 — — — — Property, plant and equipment and biological assets 35,638 35,589 — 49 — — Investments in associates and joint ventures 4,906 4,906 — — — — Other investments 855 — — — 855 — Deferred tax assets 8,287 8,287 — — — — Other assets 3,360 526 1,188 1,037 — 609 Total non-current assets 58,774 55,036 1,188 1,086 855 609 Total assets 91,249 79,296 8,311 1,086 1,330 1,226 LIABILITIES AND EQUITY Current liabilities: Short-term debt and current portion of long-term debt 3,167 — 3,167 — — — Trade accounts payable and other 13,981 — 13,981 — — — Short-term provisions 539 528 11 — — — Accrued expenses and other liabilities 4,709 1,212 3,307 — — 190 Income tax liabilities 238 238 — — — — Liabilities held for sale 821 821 — — — — Total current liabilities 23,455 2,799 20,466 — — 190 Non-current liabilities: Long-term debt, net of current portion 9,316 — 9,316 — — — Deferred tax liabilities 2,374 2,374 — — — — Deferred employee benefits 6,982 6,982 — — — — Long-term provisions 1,995 1,984 11 — — — Other long-term obligations 3,019 457 1,854 — — 708 Total non-current liabilities 23,686 11,797 11,181 — — 708 Equity: Equity attributable to the equity holders of the parent 42,086 42,086 — — — — Non-controlling interests 2,022 2,022 — — — — Total equity 44,108 44,108 — — — — Total liabilities and equity 91,249 58,704 31,647 — — 898 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 Financial assets and Financial liabilities at their fair value on recurring basis. As of December 31, 2019 Level 1 Level 2 Level 3 Total Assets at fair value: Investments in equity instruments at FVOCI 699 — 73 772 Trade accounts receivable and other subject to TSR programs* — — 423 423 Derivative financial current assets — 268 — 268 Derivative financial non-current assets — 3 127 130 Total assets at fair value 699 271 623 1,593 Liabilities at fair value: Derivative financial current liabilities — 144 164 308 Derivative financial non-current liabilities — 101 137 238 Total liabilities at fair value — 245 301 546 *The fair value of TSR program receivables equals carrying amount due to the short time frame between the initial recognition and time of sale. As of December 31, 2018 Level 1 Level 2 Level 3 Total Assets at fair value: Investments in equity instruments at FVOCI 793 — 62 855 Trade accounts receivable and other subject to TSR programs* — — 475 475 Derivative financial current assets — 617 — 617 Derivative financial non-current assets — 126 483 609 Total assets at fair value 793 743 1,020 2,556 Liabilities at fair value: Derivative financial current liabilities — 75 115 190 Derivative financial non-current liabilities — 131 577 708 Total liabilities at fair value — 206 692 898 *The fair value of TSR program receivables equals carrying amount due to the short time frame between the initial recognition and time of sale. I nvestments in equity instruments at FVOCI classified as Level 1 refer to listed securities quoted in active markets. A quoted market price in an active market provides the most reliable evidence of fair value and is used without adjustment to measure fair value whenever available, with limited exceptions. The total fair value is either the price of the most recent trade at the time of the market close or the official close price as defined by the exchange on which the asset is most actively traded on the last trading day of the period, multiplied by the number of units held without consideration of transaction costs. The decrease in investments in equity instruments at FVOCI in 2019 is mainly related to the sale of Gerdau (see note 2.5). 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 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, 2019 2018 Short-term bank loans and other credit facilities including commercial paper 1 1,838 1,968 Current portion of long-term debt 770 1,130 Lease obligations 2 261 69 Total 2,869 3,167 1. The weighted average interest rate on short-term borrowings outstanding was 1.1% and 1.3% as of December 31, 2019 and 2018 , respectively. 2. On January 1, 2019, the Company adopted IFRS 16 and recognized additional lease liabilities (discounted at the incremental borrowing rates at that date). In 2018, lease obligations corresponded to finance leases under IAS 17. See note 7. In 2014, ArcelorMittal entered into certain short-term committed bilateral credit facilities. The facilities were subsequently extended annually. As of December 31, 2019 , the facilities, totaling approximately 0.9 billion , remain fully available. On April 26, 2019, the Company amended a €300 million term loan with a financial institution to extend the maturity to April 30, 2020. As of December 31, 2019, €300 million ( 337 ) was outstanding. On April 1, 2019 , ArcelorMittal entered into an agreement for financing with a financial institution for net proceeds of CAD 197 million ( 151 ) with repayment over several dates in 2020 and 2021 . As of December 31, 2019 , CAD 202 million ( 155 ) was outstanding. Commercial paper The Company has a commercial paper program enabling borrowings of up to €1.5 billion . As of December 31, 2019 and 2018, the outstanding amount was 1,200 and 1,295 , 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 2019 2018 Corporate 5.5 billion Revolving Credit Facility 4 2023-2024 Floating — — €750 million Unsecured Notes 2019 Fixed 3.00% — 858 500 Unsecured Notes 2020 Fixed 5.13% — 324 CHF 225 million Unsecured Notes 2020 Fixed 2.50% 233 228 €600 million Unsecured Notes 2020 Fixed 2.88% 316 685 1.0 billion Unsecured Bonds 2020 Fixed 5.25% — 623 1.5 billion Unsecured Notes 2021 Fixed 5.50% — 754 €500 million Unsecured Notes 2021 Fixed 3.00% 320 570 €750 million Unsecured Notes 2022 Fixed 3.13% 841 856 1.1 billion Unsecured Notes 2022 Fixed 6.25% 657 656 €500 million Unsecured Notes 2023 Fixed 0.95% 558 568 €750 million Unsecured Notes 2023 Fixed 1.00% 838 — €1 billion Unsecured Notes 2024 Fixed 2.25% 1,131 — 750 Unsecured Notes 2024 Fixed 3.60% 746 — 500 Unsecured Notes 2025 Fixed 6.13% 498 497 €750 million Unsecured Notes 2025 Fixed 1.75% 834 — 750 Unsecured Notes 2026 Fixed 4.55% 745 — 500 Unsecured Notes 2029 Fixed 4.25% 493 — 1.5 billion Unsecured Bonds 2039 Fixed 7.00% 671 670 1.0 billion Unsecured Notes 2041 Fixed 6.75% 428 428 Other loans 2021 Fixed 3.10% - 3.46% 151 114 EIB loan 2025 Fixed 1.16% 344 401 7.0 billion Term Facility 3 2020 Floating 3.09% — 1,000 Other loans 2021 - 2035 Floating 0.35% - 4.06% 1,218 639 Total Corporate 11,022 9,871 Americas Other loans 2020 - 2030 Fixed/Floating 0.0% - 10.0% 81 84 Total Americas 81 84 Europe, Asia & Africa EBRD Facility 2024 Floating 3.8% - 4.1% 175 50 Other loans 2020 - 2029 Fixed/Floating 0.0% - 5.8% 97 86 Total Europe, Asia & Africa 272 136 Total 11,375 10,091 Less current portion of long-term debt (770 ) (1,130 ) Total long-term debt (excluding lease obligations) 10,605 8,961 Long-term lease obligations 2 866 355 Total long-term debt, net of current portion 11,471 9,316 1. Rates applicable to balances outstanding a t December 31, 2019 . For debt that has been redeemed in its entirety during 2019 , the interest rates refer to the rates at repayment date. 2. Net of current portion of 261 and 69 as of December 31, 2019 and December 31, 2018, respectively. Further information regarding leases is provided in note 7. 3. Amount outstanding in 2018 was repaid on March 22, 2019 and March 29, 2019. 4. On November 27, 2019 , ArcelorMittal exercised the option to extend the maturity by one year to December 19, 2024 . The commitments are 5.5 billion until December 19, 2023 and 5.4 billion until December 19, 2024 . Corporate 5.5 billion Revolving Credit Facility On December 19, 2018, ArcelorMittal signed an agreement for a 5.5 billion revolving credit facility (the "Facility"). This Facility amends and restates the 5.5 billion revolving credit facility dated April 30, 2015 and which was amended and extended on December 21, 2016. The new agreement incorporated initially a single tranche of 5.5 billion maturing on December 19, 2023. The Facility may be used for general corporate purposes. On November 27, 2019, all lenders except one approved a one year extension request. The new maturity date is December 19, 2024. The commitments are 5.5 billion until December 19, 2023 and 5.4 billion until December 19, 2024. As of December 31, 2019 , the 5.5 billion revolving credit facility was fully available. The Company makes drawdowns from and repayments on this Facility in the framework of its cash management. On September 30, 2010, ArcelorMittal entered into 500 revolving multi-currency letter of credit facility (the "Letter of Credit Facility"). The Letter of Credit Facility is used by the Company and its subsidiaries for the issuance of letters of credit and other instruments. The terms of the letters of credit and other instruments contain certain restrictions as to duration. The Letter of Credit Facility was amended on October 26, 2012 and September 30, 2014 to reduce its amount to 450 and to 350 , respectively. On July 31, 2019, the Company refinanced its Letter of Credit Facility by entering into a 350 revolving multi-currency letter of credit facility, which matures on July 31, 2022. Bonds On January 17, 2019, ArcelorMittal issued €750 million ( 854 ) 2.25% Notes due 2024. The Notes were issued under ArcelorMittal’s €10 billion wholesale Euro Medium Term Notes Program ("EMTN Program"). The proceeds of the issuance were used for general corporate purposes. On March 11, 2019, ArcelorMittal issued 750 4.55% Notes due 2026 under the Company's automatic shelf registration statement filed with the U.S. Securities and Exchange Commission. The proceeds of the issuance were used towards repayment of existing debt including the 1 billion then outstanding under the 7 billion term facilities agreement entered into in connection with the acquisition of AMNS India through the joint venture with NSC (see below). On March 25, 2019, at maturity, ArcelorMittal repaid its €750 million ( 854 ) Fixed Rate Notes. On July 4, 2019, ArcelorMittal completed the issuance of €250 million ( 285 ) of 2.25% Fixed Rate Notes due 2024, which were consolidated and formed a single series with the existing €750 million 2.25% Fixed Rate Notes due 2024 originally issued on January 17, 2019 under its €10 billion EMTN Program. The proceeds of the issuance were used for general corporate purposes. On July 16, 2019, ArcelorMittal issued 750 of 3.6% Notes due 2024 and 500 of 4.25% Notes due 2029. The proceeds were used for general corporate purposes including repayments of existing indebtedness and to partially pre-fund commitments under the AMNS India acquisition. On August 30, 2019, ArcelorMittal redeemed all of the outstanding 324 of its 500 5.125% Notes due June 1, 2020 and the outstanding 626 of its 1 billion 5.25% Notes due August 5, 2020 for a total aggregate purchase price including accrued interest and premium on early repayment of 981 , which was financed with existing cash and liquidity. On November 19, 2019, ArcelorMittal issued €750 million ( 830 ) of 1% Notes due May 19, 2023 and €750 million ( 830 ) of 1.75% Notes due November 19, 2025. On December 11, 2019, pursuant to cash tender offers, ArcelorMittal repurchased: - €318 million ( 352 ) of its 2.875% Notes due July 6, 2020 (the “2020 Notes”) for a total aggregate purchase price (including premiums and accrued interest) of €328 million ( 363 ). Following this purchase, €282 million ( 312 ) principal amount of the 2020 Notes remained outstanding. - €214 million ( 238 ) of its 3% Notes due April 9, 2021 (the “2021 Notes”) for a total aggregate purchase price (including premiums and accrued interest) of €227 million ( 252 ). Following this purchase, €286 million ( 316 ) principal amount of the 2021 Notes remained outstanding. On December 27, 2019, ArcelorMittal redeemed all of the outstanding 756 of its 5.5% Notes due March 1, 2021, for a total aggregate purchase price including accrued interest and premium on early repayment of 800 , which was financed with existing cash resources, including the proceeds of its Eurobond offering that closed on November 19, 2019. On February 5, 2020, ArcelorMittal gave notice to redeem all of the outstanding 659 of its 6.25% Notes due February 25, 2022 on March 9, 2020. 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 Interest rate 1 Issued at CHF 225 million Unsecured Notes Jul 3, 2015 Jul 3, 2020 2.50% 100.00% €600 million Unsecured Notes Jul 4, 2014 Jul 6, 2020 2.88% 99.18% €500 million Unsecured Notes Apr 9, 2015 Apr 9, 2021 3.00% 99.55% €750 million Unsecured Notes Jan 14, 2015 Jan 14, 2022 3.13% 99.73% 1.1 billion Unsecured Notes Feb 28, 2012 Feb 25, 2022 6.25% 98.28% €500 million Unsecured Notes Dec 4, 2017 Jan 17, 2023 0.95% 99.38% €750 million Unsecured Notes Nov 19, 2019 May 19, 2023 1.00% 99.89% €250 million Unsecured Notes Jul 4, 2019 Jan 17, 2024 2.25% 105.59% €750 million Unsecured Notes Jan 17, 2019 Jan 17, 2024 2.25% 99.72% 750 Unsecured Notes Jul 16, 2019 Jul 16, 2024 3.60% 99.86% 500 Unsecured Notes Jun 1, 2015 Jun 1, 2025 6.13% 100.00% €750 million Unsecured Notes Nov 19, 2019 Nov 19, 2025 1.75% 99.41% 750 Unsecured Notes Mar 11, 2019 Mar 11, 2026 4.55% 99.72% 500 Unsecured Notes Jul 16, 2019 Jul 16, 2029 4.25% 99.00% 1.0 billion Unsecured Bonds Oct 8, 2009 Oct 15, 2039 7.00% 95.20% 500 Unsecured Bonds Aug 5, 2010 Oct 15, 2039 7.00% 104.84% 1.0 billion Unsecured Notes Mar 7, 2011 Mar 1, 2041 6.75% 99.18% 1. Rates applicable at December 31, 2019. 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, predominantly in France, Belgium and Spain, but also in Poland and Luxembourg. This operation benefits from a guarantee from the European Union under the European Fund for Strategic Investments. As of December 31, 2019 , €306 million ( 344 ) was outstanding. Other loans On November 20, 2018 , ArcelorMittal entered into a 7 billion term facility agreement with a group of lenders in connection with the acquisition of AMNS India. The agreement had an initial term of one year (until November 20, 2019 ), subject to ArcelorMittal’s option to extend the term by six months . The agreement includes the same leverage ratio financial covenant as that included in the Company’s 5.5 billion revolving credit facility. The facility may be used for certain payments by ArcelorMittal as well as by AMNS Luxembourg, the parent company of the AMNS India joint venture in partnership with NSC (see note 2.4.1) . Any amounts borrowed by AMNS Luxembourg under the agreement are irrevocably and unconditionally guaranteed by ArcelorMittal. On November 29, 2018, 1 billion was drawn under this term facility agreement by ArcelorMittal and subsequently repaid in March 2019. On June 12, 2019, the contractual maturity date was extended to June 30, 2020 with one extension possible until December 31, 2020. AMNS Luxembourg has drawn under the facility to finance the portion of the initial funding requirement beyond the shareholders’ equity contributions and NSC’s share of the debt financing. On December 9, 2019, 2,571 was drawn under the facilities agreement by AMNS Luxembourg and was outstanding on December 31, 2019. On February 10, 2020, an additional 475 was drawn under the facility by AMNS Luxembourg, increasing the outstanding amount as of such date to 3,046 . On December 21, 2018, the Company entered into a facility agreement with a group of lenders for €235 million to finance the construction of a new hot strip mill in Mexico. This facility became effective upon issuance of a guarantee by the Oesterreichische Kontrollbank AG in March 2019. The last installment under this agreement is due 8½ years after the starting date of the credit facility (which means the earlier of (a) the date of issue of the provisional acceptance certificate for the hot strip mill and (b) June 30, 2021). The outstanding amount in total as of December 31, 2019 was €126 million ( 142 ). On May 21, 2019, ArcelorMittal entered into a bilateral term loan due May 20, 2022. The bilateral term loan was fully drawn on June 3, 2019 and was outstanding as of December 31, 2019 for an amount of €125 million ( 142 ). On July 1, 2019, ArcelorMittal completed the offering of a €450 million ( 512 ) variable rate loan in the German Schuldschein market. The proceeds of the issuance were used for general corporate purposes. On December 20, 2019, ArcelorMittal entered into a €100 million bilateral term loan due June 20, 2023. The bilateral term loan was fully available as of December 31, 2019. On January 30, 2020, €100 million ( 110 ) bilateral term loan was fully drawn. Other loans relate to various debt with banks and public institutions. 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. The facility was amended and extended on August 22, 2019 and now matures on August 21, 2024. 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, 2019 , the facility was fully available. Other loans Other loans relate mainly to loans contracted by ArcelorMittal subsidiaries in Mexico 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, 2019 , 175 was drawn under the agreement. On May 25, 2017, ArcelorMittal South Africa signed a 4.5 billion South African rand revolving borrowing base finance facility maturing on May 25, 2020. The facility was amended and extended on July 26, 2019 and now matures on July 26, 2022. Any borrowings under the facility are secured by certain eligible inventory and receivables, as well as certain other working capital and related assets of ArcelorMittal South Africa. The facility is used for general corporate purposes. The facility is not guaranteed by ArcelorMittal. As of December 31, 2019, 1.2 billion South African rand ( 81 ) was drawn. Other loans Other loans mainly relate to loans contracted by ArcelorMittal subsidiaries 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. Hedge of net investments As of April 1, 2018 , the Company designated a portfolio of euro denominated debt ( €6,922 million as of December 31, 2019 ) as a hedge of certain euro denominated investments ( €8,070 million as of December 31, 2019 ) in order to mitigate the foreign currency risk arising from certain euro denominated subsidiaries' net assets. The risk arises from the fluctuation in spot exchange rates between the U.S. dollar and euro, which causes the amount of the net investments to vary. The hedged risk in the hedge of net investments is a risk of a weakening euro against the U.S. dollar that will result in a reduction in the carrying amount of the Company's net investments in the subsidiaries subject to the hedge. The euro denominated debt is designated as a hedging instrument for the change in the value of the net investments that is attributable to changes in the euro/U.S. dollar spot rate. To assess the hedge effectiveness, the Company determines the economic relationship between the hedging instrument and the hedged item by comparing changes in the carrying amount of the debt portfolio that are attributable to a change in the spot rate with changes in the net investments in the foreign operations due to movements in the spot rate. As of December 31, 2019 , the Company recognized 109 foreign exchange gains arising on the translation of the euro denominated debt designated as a hedge of the euro denominated net investments in foreign operations in other comprehensive income within the foreign exchange translation reserve. Maturity profile As of December 31, 2019 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 2020 2,869 2021 994 2022 1,956 2023 2,185 2024 2,062 Subsequent years 4,274 Total 14,340 Fair value The following tables summarize the Company’s bases used to estimate 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, 2019 Carrying amount Fair Value Level 1 Level 2 Level 3 Total Instruments payable bearing interest at fixed rates 10,999 9,963 1,747 — 11,710 Instruments payable bearing interest at variable rates 1,503 1,501 — 1,501 Total long-term debt, including current portion 12,502 9,963 3,248 — 13,211 Short term bank loans and other credit facilities including commercial paper 1,838 — 1,854 — 1,854 As of December 31, 2018 Carrying amount Fair Value Level 1 Level 2 Level 3 Total Instruments payable bearing interest at fixed rates 8,692 8,029 1,049 — 9,078 Instruments payable bearing interest at variable rates 1,823 — 1,759 — 1,759 Total long-term debt, including current portion 10,515 8,029 2,808 — 10,837 Short term bank loans and other credit facilities including commercial paper 1,968 — 1,967 — 1,967 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 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 Brazil, Canada, Kazakhstan, 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, 2019 2018 Cash at bank 3,443 1,832 Term deposits 246 283 Money market funds 1 1,178 57 Total 4,867 2,172 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 128 as of December 31, 2019 included 80 relating to various environmental obligations and true sales of receivables programs in ArcelorMittal South Africa. Restricted cash of 182 as of December 31, 2018 included 103 relating to various environmental obligations and true sales of receivables programs in ArcelorMittal South Africa. I t also included 20 and 20 in connection with the mandatory convertible bonds as of December 31, 2019 and December 31, 2018 , respectively (see note 11.2 ). 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, 2017 (note 6.1.2) 10,143 2,785 Proceeds from long-term debt 1,138 — Payments of long-term debt (798 ) — Amortized cost 9 18 Unrealized foreign exchange effects (240 ) (219 ) Proceeds from short-term debt — 2,319 Payments of short-term debt 1 — (2,949 ) Current portion of long-term debt (1,130 ) 1,130 Debt acquired through business combinations 174 69 Debt classified as held for sale (note 2.3.2) (77 ) — Other movements 2 97 14 Balance as of December 31, 2018 (note 6.1.2) 9,316 3,167 Adoption of IFRS 16 (notes 1 and 7) 893 243 Balance as of January 1, 2019 10,209 3,410 Proceeds from long-term debt 5,772 — Payments of long-term debt (3,299 ) — Amortized cost 7 13 Unrealized foreign exchange effects (78 ) (42 ) Proceeds from short-term debt — 600 Payments of short-term debt — (1,811 ) Payments of principal portion of lease liabilities (note 7) (10 ) (310 ) Additions to lease liabilities (notes 5.2 and 7) 185 74 Current portion of long-term debt (1,031 ) 1,031 Derecognition of lease liabilities following the divestment of Global Chartering (note 2.3.1) (311 ) (89 ) Other movements 27 (7 ) Balance as of |
LEASES
LEASES | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
LEASES | NOTE 7: LEASES As a lessee, the Company assesses if a contract is or contains a lease at inception of the contract. A contract is or contains a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Company recognizes a right-of-use asset and a lease liability at the commencement date, except for short-term leases of twelve months or less and leases for which the underlying asset is of low value, which are expensed in the consolidated statement of operations on a straight-line basis over the lease term. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease, or, if not readily determinable, the incremental borrowing rate specific to the country, term and currency of the contract. Lease payments can include fixed payments, variable payments that depend on an index or rate known at the commencement date, as well as any extension or purchase options, if the Company is reasonably certain to exercise these options. The lease liability is subsequently measured at amortized cost using the effective interest method and remeasured with a corresponding adjustment to the related right-of-use asset when there is a change in future lease payments in case of renegotiation, changes of an index or rate or in case of reassessments of options. The right-of-use asset comprises, at inception, the initial lease liability, any initial direct costs and, when applicable, the obligations to refurbish the asset, less any incentives granted by the lessors. The right-of-use asset is subsequently depreciated, on a straight-line basis, over the lease term or, if the lease transfers the ownership of the underlying asset to the Company at the end of the lease term or, if the cost of the right-of-use asset reflects that the lessee will exercise a purchase option, over the estimated useful life of the underlying asset. Right-of-use assets are also subject to testing for impairment if there is an indicator for impairment. Variable lease payments not included in the measurement of the lease liabilities are expensed to the consolidated statement of operations in the period in which the events or conditions which trigger those payments occur. In the statement of financial position, right-of-use assets and lease liabilities are classified, respectively, as part of property, plant and equipment and short-term/long-term debt. Following the adoption of IFRS 16 "Leases" as described in note 1 on January 1, 2019, the Company recognized lease liabilities and right-of-use assets for operating lease contracts with fixed terms and future minimum lease payments as summarized in the following table: Non-cancellable operating lease commitments as of December 31, 2018* 1,869 Recognition exemption for leases of low-value assets (58 ) Recognition exemption for short-term leases (20 ) Undiscounted operating lease commitments as of January 1, 2019 1,791 Effects of discounting using incremental borrowing rates (weighted average rate of 4.7%) (632 ) Lease liabilities related to assets held for sale (23 ) Additional lease liabilities as of January 1, 2019 from leases previously classified as operating leases in accordance with IAS 17 1,136 * As reported in the consolidated financial statements for the year ended December 31, 2018 - note 8.4 Following the application of the modified retrospective method at the date of implementation of IFRS 16 on January 1, 2019, whereby right-of-use assets of 1,405 were measured at an amount equal to the lease liabilities of 1,136 , increased by 77 related to favorable terms of operating leases acquired as part of previous business combinations and 192 related to amounts prepaid for the right of use of land, both reclassified from intangible assets. There was no impact on deferred tax assets and deferred tax liabilities as the corresponding deferred tax assets and deferred tax liabilities attributable to the lease liabilities and right-of-use assets relate to income taxes levied by the same taxation authority within the same legal entity and were therefore offset. For leases that were classified as finance leases applying IAS 17, the carrying amount of the right-of-use asset and the lease liability at the date of initial application is the carrying amount of the lease asset and lease liability immediately before that date measured applying IAS 17 on December 31, 2018. The carrying amount of finance lease assets and lease liabilities was 363 and 423 , respectively as of December 31, 2018. Accordingly, the total right-of-use assets and lease liabilities as of January 1, 2019 were 1,768 and 1,559 , respectively. There were no impacts on retained earnings upon implementation of IFRS 16. The Company's lease contracts relate to a variety of assets used in its operational and administrative activities through several units, such as land, buildings, vehicles, industrial machinery, logistic and commercial facilities and power generation facilities. There are no sale and lease back transactions and no restrictions or covenants are imposed by the Company's current effective lease contracts. The lease liabilities were 1,127 as of December 31, 2019. The corresponding interest expense for the twelve months ended December 31, 2019, amounted to 98 . The portion of the lease payments recognized as a reduction of the lease liabilities and as a cash outflow from financing activities amounted to 320 for the twelve months ended December 31, 2019. The decrease in the total right-of-use assets and lease liabilities during the year ended December 31, 2019 included the decrease in right-of-use assets and lease liabilities by 390 and 400 , respectively, due to the sale of a 50% controlling interest in Global Chartering to DryLog. See note 2.3.1. The maturity analysis of the lease liabilities as of December 31, 2019, is as follows: 1 year or less 2-3 years 4-5 years Greater than 5 years TOTAL Lease liabilities (undiscounted) 279 369 209 513 1,370 The right-of-use assets as of December 31, 2019 and the depreciation and impairment charges for the twelve months ended December 31, 2019 amounted to 1,235 and 406 , respectively, and are shown below by underlying class of asset: Carrying amount Depreciation and impairment charges Land, buildings and improvements 854 (118 ) Machinery, equipment and others 381 (288 ) Total 1,235 (406 ) The additions to right-of-use assets amounted to 259 for the twelve months ended December 31, 2019. The Company recognizes the expenses of short-term leases and leases of low-value assets on a straight-line basis over the lease term. The expenses related to short-term leases and leases of low-value assets were 165 and 68 , respectively, for the twelve months ended December 31, 2019. Expenses related to variable lease payments not included in the measurement of lease liabilities were 65 for the twelve months ended December 31, 2019. Such lease payments relate to rental fees that vary based on the actual level of activities or performance of the underlying leased assets such as a percentage of sales of the Company's goods through certain leased commercial warehouses and fixed rental fees per actual unit of output produced or transported by the leased assets. An estimation of the future cash outflows to which the Company is potentially exposed in relation to those contracts involving variable lease payments, which are not reflected in the measurement of lease liabilities as of December 31, 2019, is as follows: 1 year or less 2-3 years 4-5 years Greater than 5 years TOTAL Potential variable lease payments 61 91 69 73 294 Also, some of the Company's lease contracts have extension and/or termination options as well as residual value guarantees whose amounts are not reflected in the measurement of the lease liabilities as of December 31, 2019. The potential addition/(reduction) in future cash outflows to which the Company is exposed in case such options are exercised or the guarantees required are as shown in the table below. 1 year or less 2-3 years 4-5 years Greater than 5 years TOTAL Potential extension options 1 8 13 16 38 Potential termination options (2 ) (2 ) (1 ) (1 ) (6 ) Potential residual value guarantees 1 1 1 — 3 Undiscounted amounts related to lease contracts not yet commenced and therefore not included in the recognized lease liabilities as of December 31, 2019, to which the Company is committed are described below: 1 year or less 2-3 years 4-5 years Greater than 5 years TOTAL Leases not yet commenced 2 8 8 13 31 There were neither income from subleasing right-of-use assets nor gains or losses from sales and leaseback for the twelve months ended December 31, 2019. |
PERSONNEL EXPENSES AND DEFERRED
PERSONNEL EXPENSES AND DEFERRED EMPLOYEE BENEFITS | 12 Months Ended |
Dec. 31, 2019 | |
Employee Benefits [Abstract] | |
PERSONNEL EXPENSES AND DEFERRED EMPLOYEE BENEFITS | NOTE 8: PERSONNEL EXPENSES AND DEFERRED EMPLOYEE BENEFITS 8.1 Employees and key management personnel As of December 31, 2019 , 2018 and 2017, ArcelorMittal had approximately 191,000 , 209,000 and 197,000 employees, respectively, and the total annual compensation of ArcelorMittal’s employees in 2019 , 2018 and 2017 was as follows: Year Ended December 31, Employee Information 2019 2018 2017 Wages and salaries 8,380 8,176 7,912 Defined benefits cost (see note 8.2) 201 264 265 Loss following new labor agreement in the U.S. (see note 8.2) — 15 — Other staff expenses 1,668 2,004 1,791 Total 10,249 10,459 9,968 The total annual compensation of ArcelorMittal’s key management personnel , including its Board of Directors, expensed in 2019 , 2018 and 2017 was as follows: Year Ended December 31, 2019 2018 2017 Base salary and directors fees 8 8 8 Short-term performance-related bonus 9 8 7 Post-employment benefits 1 1 1 Share-based payments — 4 3 The fair value of the shares allocated based on Restricted Share Unit (“RSU”) and Preference Share Unit (“PSU”) plans to the ArcelorMittal’s key management personnel was recorded as an expense in the consolidated statements of operations over the relevant vesting periods. As of December 31, 2019 , 2018 and 2017 , 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, 2019 , 2018 and 2017 , ArcelorMittal had not given any guarantees for the benefit of any member of its Board of Directors or key management personnel. 8.2 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. 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 the terms of the related pension obligation. 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. Termination plans are those plans that primarily correspond to terminating an employee’s contract following the decision of the employee before the normal retirement date. Liabilities for termination 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 termination plans are calculated annually on the basis of the number of employees that have taken or contractually agreed to take early retirement and are discounted using an interest rate that corresponds to that of high quality bonds that have maturity dates similar to the terms of the Company’s early retirement obligations. Provisions for social plans are recorded in connection with voluntary separation plans. Voluntary retirement plans primarily correspond to the practical implementation of social plans or are linked to collective agreements signed with certain categories of employees. 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. 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 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, 2019 2018 Pension plan benefits 3,289 3,034 Other post-employment benefits and other long-term employee benefits ("OPEB") 3,792 3,600 Termination benefits 198 222 Defined benefit liabilities 7,279 6,856 Provisions for social plans (non-current) 64 126 Total 7,343 6,982 This note, including the table above, discloses the following benefit categories: • pension plan benefits are pension plans and lump sum benefits that are classified under post employment benefits as required by IAS 19 which are not mandatory by law; • other post employment and other long-term employee benefits, also referred to as, OPEB which includes all other post employment benefits as defined in IAS 19 (e.g. lump sum benefits which are mandatory by law, medical insurance and life insurance) together with all other long-term employee benefits as defined in IAS 19; • termination benefits, which relate to provisions for long term termination benefits as defined in IAS 19 (e.g. early retirement benefits); and • provisions for social plans (non-current) which relate to provisions for social plans in restructuring provisions as required by IAS 37. The termination benefits mainly relate to European countries (Belgium, Spain, Germany and Luxembourg). Pension plans This section includes post employment benefits that are pension plan and lump sum benefits which are not mandatory by law. 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 12% 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. Most wage 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 485 (as of December 31, 2018 ) different participating employers. ArcelorMittal USA’s labor agreement with the United Steelworkers (“USW”) on September 1, 2018 increased the contributions to the multi-employer plan to $3.50 per contributory hour from $2.80 . Changes to the defined pension plan under the new labor agreement, principally for a higher monthly benefit rate for certain periods of service, resulted in an expense of 25 recorded in cost of sales in the consolidated statements of operations in 2018 . Canada The primary pension plans are those of ArcelorMittal Dofasco, AMMC 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 the majority of 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 AMMC 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, AMMC 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. On December 28, 2018, the Brazilian Autarchy that oversees pension funds called PREVIC (Complementary Pension National Superintendence) approved a planned settlement of the major defined benefit plans. The transaction was completed in 2019 and reduced the defined benefit obligation by 169 and fair value of the plan asset by 143 . The settlement gain of 26 was recognized in cost of sales and selling, general and administrative expenses. 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 contribution 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. From 2016 through 2019, the minimum guaranteed rate of return was 1.75% and this is also the best estimate for 2020. 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. Others A very limited number of defined benefit plans are in place in other countries (such as South Africa, Mexico, Kazakhstan, Ukraine and Morocco). On January 1, 2018, ArcelorMittal South Africa settled its defined benefit plan. This discontinued its participation in the fund and, therefore, ArcelorMittal South Africa no longer has any financial obligation to ensure the funding of the remaining plan. Accordingly, the related benefit obligation, the plan assets and unrecoverable surplus were derecognized from the 2018 consolidated statements of financial position. The only remaining pension plans for ArcelorMittal South Africa are defined contribution pension plans that are financed by employer and employee contributions. 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, 2019 Total United States Canada Brazil Europe Other Change in benefit obligation Benefit obligation at beginning of the period 9,872 3,266 3,001 724 2,716 165 Current service cost 114 26 21 — 58 9 Interest cost on DBO 367 130 110 58 47 22 Past service cost - Plan amendments 4 — — 2 2 — Plan participants’ contribution 2 — — — 2 — Settlements (172 ) — — (169 ) (3 ) — Actuarial (gain) loss 1,001 342 277 121 176 85 Demographic assumptions 16 2 43 — (29 ) — Financial assumptions 949 334 213 138 209 55 Experience adjustment 36 6 21 (17 ) (4 ) 30 Benefits paid (652 ) (261 ) (201 ) (42 ) (127 ) (21 ) Foreign currency exchange rate differences and other movements 93 2 152 (30 ) (41 ) 10 Benefit obligation at end of the period 10,629 3,505 3,360 664 2,830 270 Change in plan assets Fair value of plan assets at beginning of the period 6,877 2,676 2,664 655 882 — Interest income on plan assets 256 95 92 54 15 — Return on plan assets greater than discount rate 808 360 305 79 64 — Employer contribution 77 7 27 2 41 — Plan participants’ contribution 2 — — — 2 — Settlement (146 ) — — (143 ) (3 ) — Benefits paid (541 ) (257 ) (200 ) (42 ) (42 ) — Foreign currency exchange rate differences and other movements 62 — 133 (29 ) (42 ) — Fair value of plan assets at end of the period 7,395 2,881 3,021 576 917 — Present value of the wholly or partly funded obligation (9,012 ) (3,476 ) (3,345 ) (663 ) (1,528 ) — Fair value of plan assets 7,395 2,881 3,021 576 917 — Net present value of the wholly or partly funded obligation (1,617 ) (595 ) (324 ) (87 ) (611 ) — Present value of the unfunded obligation (1,617 ) (29 ) (15 ) (1 ) (1,302 ) (270 ) Prepaid due to unrecoverable surpluses (30 ) — (25 ) (2 ) (3 ) — Net amount recognized (3,264 ) (624 ) (364 ) (90 ) (1,916 ) (270 ) Net assets related to funded obligations 25 8 13 — 4 — Recognized liabilities (3,289 ) (632 ) (377 ) (90 ) (1,920 ) (270 ) Change in unrecoverable surplus Unrecoverable surplus at beginning of the period (27 ) — (21 ) (3 ) (3 ) — Interest cost on unrecoverable surplus (1 ) — (1 ) — — — Change in unrecoverable surplus in excess of interest (1 ) — (2 ) 1 — — Exchange rates changes (1 ) — (1 ) — — — Unrecoverable surplus at end of the period (30 ) — (25 ) (2 ) (3 ) — Year ended December 31, 2018 Total United States Canada Brazil Europe Other Change in benefit obligation Benefit obligation at beginning of the period 10,835 3,508 3,481 766 2,990 90 Current service cost 136 31 25 3 68 9 Interest cost on DBO 360 120 110 68 42 20 Past service cost - Plan amendments 25 25 — — — — Plan participants’ contribution 3 — 1 — 2 — Settlements (76 ) — (61 ) — — (15 ) Actuarial (gain) loss (290 ) (159 ) (72 ) 50 (104 ) (5 ) Demographic assumptions 20 9 1 — 10 — Financial assumptions (311 ) (163 ) (75 ) 38 (92 ) (19 ) Experience adjustment 1 (5 ) 2 12 (22 ) 14 Benefits paid (671 ) (259 ) (203 ) (48 ) (144 ) (17 ) Termination benefits 6 — — — 6 — Foreign currency exchange rate differences and other movements (456 ) — (280 ) (115 ) (144 ) 83 Benefit obligation at end of the period 9,872 3,266 3,001 724 2,716 165 Change in plan assets Fair value of plan assets at beginning of the period 7,822 2,993 3,167 723 924 15 Interest income on plan assets 267 92 97 63 15 — Return on plan assets greater/(less) than discount rate (333 ) (197 ) (142 ) 20 (15 ) 1 Employer contribution 151 42 59 6 44 — Plan participants’ contribution 3 — 1 — 2 — Settlements (78 ) — (63 ) — — (15 ) Benefits paid (550 ) (254 ) (203 ) (48 ) (45 ) — Foreign currency exchange rate differences and other movements (405 ) — (252 ) (109 ) (43 ) (1 ) Fair value of plan assets at end of the period 6,877 2,676 2,664 655 882 — Present value of the wholly or partly funded obligation (8,537 ) (3,238 ) (2,988 ) (723 ) (1,500 ) (88 ) Fair value of plan assets 6,877 2,676 2,664 655 882 — Net present value of the wholly or partly funded obligation (1,660 ) (562 ) (324 ) (68 ) (618 ) (88 ) Present value of the unfunded obligation (1,335 ) (28 ) (13 ) (1 ) (1,216 ) (77 ) Prepaid due to unrecoverable surpluses (27 ) — (21 ) (3 ) (3 ) — Net amount recognized (3,022 ) (590 ) (358 ) (72 ) (1,837 ) (165 ) Net assets related to funded obligations 12 — 9 — 3 — Recognized liabilities (3,034 ) (590 ) (367 ) (72 ) (1,840 ) (165 ) Change in unrecoverable surplus Unrecoverable surplus at beginning of the period (34 ) — (23 ) (3 ) (6 ) (2 ) Interest cost on unrecoverable surplus (1 ) — (1 ) — — — Change in unrecoverable surplus in excess of interest 6 — 2 (1 ) 3 2 Exchange rates changes 2 — 1 1 — — Unrecoverable surplus at end of the period (27 ) — (21 ) (3 ) (3 ) — The following tables detail the components of net periodic pension cost: Year ended December 31, 2019 Net periodic pension cost (benefit) Total United States Canada Brazil Europe Others Current service cost 114 26 21 — 58 9 Past service cost - Plan amendments 4 — — 2 2 — Past service cost - Settlements (26 ) — — (26 ) — — Net interest cost/(income) on net DB liability/(asset) 112 35 19 4 32 22 Total 204 61 40 (20 ) 92 31 Year ended December 31, 2018 Net periodic pension cost (benefit) Total United States Canada Brazil Europe Others Current service cost 136 31 25 3 68 9 Past service cost - Plan amendments 25 25 — — — — Past service cost - Settlements 2 — 2 — — — Cost of termination benefits 6 — — — 6 — Net interest cost/(income) on net DB liability/(asset) 94 28 14 5 27 20 Total 263 84 41 8 101 29 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 Other post-employment benefits and other long-term employee benefits ("OPEB") This section includes post employment employees benefits that are not disclosed above (i.e. includes lump sum benefits which are mandatory by law, medical insurance and life insurance). In addition, this section includes all other long-term employee benefits. 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, 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 new labor agreement with the United Steelworkers ("USW") was ratified in 2018. This labor agreement is in effect until September 1, 2022. There were minor changes for OPEB in the new contract mainly related to healthcare post-employment premiums paid by participants. The changes resulted in a gain of 10 recorded in cost of sales in the consolidated statement of operations in 2018 . ArcelorMittal USA’s labor contract requires payments into a Voluntary Employee Beneficiary Association (“VEBA”) trust based on 5% of AMUSA’s operating income. Contributions can also be withdrawn from the trust to reimburse the company for benefits paid above certain levels. In 2018 and 2019 withdrawals exceeded contributions. The Company has significant assets mostly in the VEBA post-employment benefit plan. These assets consist of 69% in fixed income and 31% in equities. The total fair value of the assets in the VEBA trust was 451 as of December 31, 2019 . Summary of changes in the other post-employment benefit obligation and changes in plan assets are as follows: Year ended December 31, 2019 Total United States Canada Europe Others Change in benefit obligation Benefit obligation at beginning of the period 4,098 2,907 591 531 69 Current service cost 80 40 9 28 3 Interest cost on DBO 163 124 22 11 6 Plan participants’ contribution 29 29 — — — Actuarial (gain) loss 129 29 67 26 7 Demographic assumptions 4 (11 ) 15 — — Financial assumptions 256 169 53 25 9 Experience adjustment (131 ) (129 ) (1 ) 1 (2 ) Benefits paid (242 ) (170 ) (31 ) (37 ) (4 ) Foreign currency exchange rate differences and other movements 37 17 30 (13 ) 3 Benefit obligation at end of the period 4,294 2,976 688 546 84 Change in plan assets Fair value of plan assets at beginning of the period 498 491 — 7 — Interest income on plan assets 20 20 — — — Return on plan assets greater/(less) than discount rate 37 37 — — — Employer contribution (25 ) (25 ) — — — Plan participants’ contribution 29 29 — — — Benefits paid (57 ) (56 ) — (1 ) — Fair value of plan assets at end of the period 502 496 — 6 — Present value of the wholly or partly funded obligation (575 ) (531 ) — (44 ) — Fair value of plan assets 502 496 — 6 — Net present value of the wholly or partly funded obligation (73 ) (35 ) — (38 ) — Present value of the unfunded obligation (3,719 ) (2,445 ) (688 ) (502 ) (84 ) Net amount recognized (3,792 ) (2,480 ) (688 ) (540 ) (84 ) Year ended December 31, 2018 Total United States Canada Europe Others Change in benefit obligation Benefit obligation at beginning of the period 4,686 3,269 679 579 159 Current service cost 85 49 10 25 1 Interest cost on DBO 155 120 21 12 2 Past service cost - Plan amendments (13 ) (10 ) (1 ) (2 ) — Past service cost - Curtailments (2 ) — — (2 ) — Plan participants’ contribution 32 32 — — — Actuarial (gain) loss (395 ) (365 ) (32 ) 3 (1 ) Demographic assumptions (11 ) (14 ) 2 1 — Financial assumptions (320 ) (285 ) (24 ) (8 ) (3 ) Experience adjustment (64 ) (66 ) (10 ) 10 2 Benefits paid (266 ) (188 ) (34 ) (41 ) (3 ) Foreign currency exchange rate differences and other movements (184 ) — (52 ) (43 ) (89 ) Benefit obligation at end of the period 4,098 2,907 591 531 69 Change in plan assets Fair value of plan assets at beginning of the period 546 538 — 8 — Interest income on plan assets 17 17 — — — Return on plan assets greater/(less) than discount rate (33 ) (32 ) — (1 ) — Employer contribution (3 ) (3 ) — — — Plan participants’ contribution 32 32 — — — Benefits paid (63 ) (61 ) — (2 ) — Foreign currency exchange rate differences and other movements 2 — — 2 — Fair value of plan assets at end of the period 498 491 — 7 — Present value of the wholly or partly funded obligation (589 ) (528 ) — (61 ) — Fair value of plan assets 498 491 — 7 — Net present value of the wholly or partly funded obligation (91 ) (37 ) — (54 ) — Present value of the unfunded obligation (3,509 ) (2,379 ) (591 ) (470 ) (69 ) Net amount recognized (3,600 ) (2,416 ) (591 ) (524 ) (69 ) The following tables detail the components of net periodic other post-employment cost: Year ended December 31, 2019 Components of net periodic OPEB cost (benefit) Total United States Canada Europe Others Current service cost 80 40 9 28 3 Net interest cost/(income) on net DB liability/(asset) 143 104 22 11 6 Actuarial (gains)/losses recognized during the year 8 — — 8 — Total 231 144 31 47 9 Year ended December 31, 2018 Components of net periodic OPEB cost (benefit) Total United States Canada Europe Others Current service cost 85 49 10 25 1 Past service cost - Plan amendments (13 ) (10 ) (1 ) (2 ) — Past service cost - Curtailments (2 ) — — (2 ) — Net interest cost/(income) on net DB liability/(asset) 138 103 21 12 2 Actuarial (gains)/losses recognized during the year 7 — — 7 — Total 215 142 30 40 3 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 The following tables detail where the expense is recognized in the consolidated statements of operations: Year ended December 31, 2019 2018 2017 Net periodic pension cost 204 263 245 Net periodic OPEB cost 231 215 310 Total 435 478 555 Cost of sales 142 212 220 Selling, general and administrative expenses 30 34 23 Financing costs - net 263 232 312 Total 435 478 555 Plan Assets The weighted-average asset allocations for the funded defined benefit plans by asset category were as follows: December 31, 2019 United States Canada Brazil Europe Equity Securities 40 % 44 % 6 % 2 % - Asset classes that have a quoted market price in an active market 13 % 34 % 6 % 2 % - Asset classes that do not have a quoted market price in an active market 27 % 10 % — — Fixed Income Securities (including cash) 43 % 48 % 88 % 73 % - Asset classes that have a quoted market price in an active market — 42 % 88 % 73 % - Asset classes that do not have a quoted market price in an active market 43 % 6 % — — Real Estate 3 % 6 % 1 % — - Asset classes that have a quoted market price in an active market — — 1 % — - Asset classes that do not have a quoted market price in an active market 3 % 6 % — — Other 14 % 2 % 5 % 25 % - Asset classes that have a quoted market price in an active market 5 % — 5 % 5 % - Asset classes that do not have a quoted market price in an active market 9 % 2 % — 20 % 1 Total 100 % 100 % 100 % 100 % December 31, 2018 United States Canada Brazil Europe Equity Securities 35 % 42 % — 3 % - Asset classes that have a quoted market price in an active market 12 % 33 % — 3 % - Asset classes that do not have a quoted market price in an active market 23 % 9 % — — Fixed Income Securities (including cash) 46 % 50 % 78 % 72 % - Asset classes that have a quoted market price in an active market — 44 % 78 % 67 % - Asset classes that do not have a quoted market price in an active market 46 % 6 % — 5 % Real Estate 5 % 6 % 1 % — - Asset classes that have a quoted market price in an active market — — 1 % — - Asset classes that do not have a quoted market price in an active market 5 % 6 % — — Other 14 % 2 % 21 % 25 % - Asset classes that have a quoted market price in an active market 4 % 2 % 21 % 4 % - Asset classes that do not have a quoted market price in an active market 10 % — — 21 % 1 Total 100 % 100 % 100 % 100 % 1. The percentage consists primarily of assets from insurance contracts in Belgium. These assets do not include direct investments in ArcelorMittal stock or ArcelorMittal bonds. These assets may include ArcelorMittal shares or bonds held by mutual fund investments. The invested assets produced an actual return of 1,121 in 2019 and a loss of 82 in 2018. 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, 2019 United States Canada Brazil Europe Equity Securities 38 % 45 % 6 % 3 % Fixed Income Securities (including cash) 44 % 48 % 88 % 72 % Real Estate 3 % 6 % 1 % — Other 15 % 1 % 5 % 25 % 1 Total 100 % 100 % 100 % 100 % 1. The percentage consists primarily of assets from insurance contracts in Belgium. Assumptions used to determine benefit obligations at December 31, Pension Plans Other Post-employment Benefits 2019 2018 2017 2019 2018 2017 Discount rate Range 1.00% - 10.50% 1.75% - 16.00% 1.50% - 15.00% 1.00% - 7.25% 1.75% - 9.50% 1.30% - 7.65% Weighted |
PROVISIONS, CONTINGENCIES AND C
PROVISIONS, CONTINGENCIES AND COMMITMENTS | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of Other Provisions, Contingent Liabilities and Commitments [Abstract] | |
PROVISIONS, CONTINGENCIES AND COMMITMENTS | NOTE 9: 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 a 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. 9.1 Provisions overview Balance at December 31, 2018 Additions 1 Deductions/ Effects of foreign exchange and other movements Balance at December 31, 2019 Environmental (see note 9.3) 1,228 97 (95 ) (156 ) 2 1,074 Emission rights (see text below) — 481 — 3 484 Asset retirement obligations (see note 9.3) 422 28 (10 ) 38 478 Site restoration 141 3 (5 ) (3 ) 136 Staff related obligations 201 65 (64 ) (17 ) 185 Voluntary separation plans 38 30 (13 ) (8 ) 47 Litigation and other (see note 9.3) 369 65 (91 ) (31 ) 312 Tax claims 120 5 (14 ) (30 ) 81 Other legal claims 249 60 (77 ) (1 ) 231 Commercial agreements and onerous contracts 34 29 (16 ) (1 ) 46 Other 101 148 (30 ) 10 229 2,534 946 (324 ) (165 ) 2,991 Short-term provisions 539 516 Long-term provisions 1,995 2,475 2,534 2,991 Balance at December 31, 2017 Additions 1 Deductions/ Effects of foreign exchange and other movements Balance at December 31, 2018 Environmental (see note 9.3) 815 24 (90 ) 479 2 1,228 Asset retirement obligations (see note 9.3) 427 26 (11 ) (20 ) 422 Site restoration 40 117 (13 ) (3 ) 141 Staff related obligations 183 75 (46 ) (11 ) 201 Voluntary separation plans 79 3 (56 ) 12 38 Litigation and other (see note 9.3) 328 79 (76 ) 38 369 Tax claims 126 13 (14 ) (5 ) 120 Other legal claims 202 66 (62 ) 43 249 Commercial agreements and onerous contracts 24 14 (20 ) 16 34 Other 126 19 (32 ) (12 ) 101 2,022 357 (344 ) 499 2,534 Short-term provisions 410 539 Long-term provisions 1,612 1,995 2,022 2,534 1. Additions exclude provisions reversed or utilized during the same year. 2. Other movements primarily relate to the provisions in connection with environmental remediation obligations in Italy (see note 9.3). As described in note 6.1.5, the Company uses derivative financial instruments to manage its exposure to fluctuations in prices of emission rights allowances. The expense associated with the provision above was offset by recycling of hedging reserves in 2019 and will be largely offset again in 2020. See note 6.3 for the details of the cash flow hedging in place for emission rights. The Company also receives indirect compensation through rebates on its energy tariffs. 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 in connection with the dismantling of site facilities, mainly in France. In the fourth quarter of 2018, the agreement between ArcelorMittal and the French government regarding a six year idling period of the Florange liquid phase expired. The Company will proceed with the definitive closure of the facility and recorded accordingly provisions of 113 as of December 31, 2019 and December 31, 2018 for the dismantling of the facility. 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, Belgium and the United States which are expected to be settled within one year. Provisions for litigation include losses relating to present legal obligations that are considered to be probable. Further detail regarding legal matters is provided in note 9.3. Provisions for commercial agreements and onerous contracts concern primarily onerous contracts recognized in the United States and Brazil. Additions in other provisions include 126 related to the indemnification arrangement between the Company and Global Chartering (see note 2.3.1). Other provisions comprise as well technical warranties and guarantees. 9.2 Other long-term obligations Balance at December 31, 2019 2018 Derivative financial instruments (see note 6.1.5) 238 708 Payable from acquisition of financial assets 1,340 1,506 Unfavorable contracts 203 217 Income tax payable 251 184 Other 486 404 Total 2,518 3,019 Derivative financial instruments included 138 and 454 as of December 31, 2019 and 2018, respectively, relating to the pellet purchase agreement that contains a special payment in the U.S. (see note 6.1.5). As of December 31, 2018, derivative financial instruments also included 124 relating to the fair value of the put option granted to ISP in the framework of the acquisition of ArcelorMittal Italia (see note 2.2.4) which was reclassified to current liabilities as of December 31, 2019 (see note 4.8). As of December 31, 2019 and 2018, payable from acquisition of financial assets included 1,032 and 1,245 , respectively, relating to the non-current portion of the consideration payable with respect to the acquisition of ArcelorMittal Italia and 265 and 253 , respectively, relating to the financial liability with respect to the acquisition of AMSF (see note 2.2.4). Unfavorable contracts of 203 and 217 as of December 31, 2019 and 2018, respectively, mainly related to AMSF (see note 2.2.4). As of December 31, 2019, income tax payable mainly related to income tax contingencies (including unasserted claims) and withholding tax. 9.3 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, 2019 , excluding asset retirement obligations, ArcelorMittal had established provisions of 1,074 for environmental remedial activities and liabilities. The provisions for all operations by geographic area were 772 in Europe, 136 in the United States, 127 in South Africa and 39 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 136 (exclusive of asset retirement obligations) to address existing environmental liabilities, of which 12 is expected to be spent in 2020. 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 2020, 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, ArcelorMittal USA is 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 8 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 at this time. An approximately 489-acre portion of ArcelorMittal USA’s properties in Lackawanna, New York is subject to Resource Conservation and Recovery Act RCRA Corrective Action. RCRA Corrective Action requires the Company to complete a Facilities Assessment ("RFA"), a Facility Investigation ("RFI"), and a Corrective Measures Study ("CMS"). The New York State Department of Environmental Conservation ("NYDEC" ) and the US EPA Region 2 approved the RFA and RFI. ArcelorMittal USA has completed implementation of Interim Measures at eleven of the most significant former solid waste management locations including installation and operation of a ground water treatment system, dredging of a local waterway known as Smokes Creek, and containment of certain onsite wastes at a historic onsite landfill. The CMS was performed by ArcelorMittal USA under a Consent Order with the NYDEC. The CMS assessed the need for additional remedial actions and recommended post- closure activities at 20 additional solid waste management locations on the site. The CMS was completed and accepted as final in 2019 by NYDEC. The NYDEC is currently preparing a draft Remedial Action Plan that selects final comprehensive measures subject to comments from the public and ArcelorMittal USA. ArcelorMittal USA’s provisions for environmental liabilities include 31 for anticipated remediation and post-remediation activities at this site. The provisioned amount is based upon remedial measures recommended in the CMS, including excavation and consolidation of contaminated soil and fill into an on-site containment facilities, as well as expansion and continued operation 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. ArcelorMittal can be reimbursed from the fund for the continuing cost of treatment of acid mine drainage, which was done during 2019 for the prior year (2018 operating costs). The trust had a market value of 49 as of December 31, 2019 . ArcelorMittal USA’s provisions for environmental liabilities include 33 for this matter. In 2011, the United States EPA Region V issued Notices of Violations ("NOVs") to Indiana Harbor, Burns Harbor and Cleveland alleging operational noncompliance based primarily on self-reported Title V permit concerns. A comprehensive Settlement was reached with the United States EPA and affected state agencies involving all NOVs which is anticipated to encompass self-reported non-compliance through September 30, 2018. This settlement was finalized by the parties and awaits issuance from the federal court in the Northern District of Indiana. The settlement will include payment of penalties and injunctive relief. Liabilities associated with this comprehensive settlement are estimated at 7 . Europe Environmental provisions for ArcelorMittal’s operations in Europe total 772 and are mainly related to the investigation and remediation of environmental contamination at current and former operating sites in France ( 72 ), Belgium ( 230 ), Luxembourg ( 43 ), Poland ( 27 ), Germany ( 26 ), Italy ( 366 ) and Spain ( 8 ). 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 72 , 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 material. 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 Thionville coke plant, the remediation process is ongoing. At Moyeuvre-Petite, the operation of covering the sludge basins is underway. ArcelorMittal is responsible for closure and final rehabilitation of the rest of the site, that is to say the former Conroy and Pérotin slag-heaps, from which the administrative procedure for cessation of activity is underway. The year 2020 will be devoted in particular to the development of the detailed remediation project. At other sites, ArcelorMittal France is responsible for monitoring the concentration of organic compound and heavy metals in soil and groundwater. Following the official closure at the end of 2018 of the liquid phase in Florange, ArcelorMittal France has started the studies to dismantle the site and recorded a site restoration provision of 113 related to such activity (see note 9.1). ArcelorMittal France 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. ArcelorMittal France also 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: the stocking areas at the Dunkirk site need to be restored to comply with local law . 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 230 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 43 , 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 1,400,000 cubic meters until mid 2023. A provision of 35 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 27 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 under the new environmental law; waste storage time cannot exceed 1 year. 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. Italy In Italy, ArcelorMittal Italia has environmental provisions of 366 . A provision of 155 relates to remediation activities to be carried out in the site of Taranto derived from obligations on the previous operator that have been transferred to ArcelorMittal Italia through the environmental permit, the most significant elements being the waterproofing of certain areas to confine historical pollution, the removal of historical accumulation of process materials mainly consisting of blast furnace ("BF") and basic oxygen furnace ("BOF") dusts and sludges and scales, an action plan for the removal and disposal of asbestos-containing materials present on site, the dismantling of several installations no longer in operation, the dredging of the discharge channel and disposal of the sludge removed, the decontamination of high depth groundwater in the primary yards area and the capping of an exhausted landfill. Provisions of 211 are allocated to the implementation of preventive measures, permanent safety measures and clean up measures in relation to historical pollution of soil and groundwater, not derived from obligations in the environmental permit, but that ArcelorMittal Italia undertook to implement as a contractual obligation vis-a-vis the previous operator. Spain In Spain, ArcelorMittal España has environmental provisions of 8 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 127 to be used over 16 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 42 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. 19 of the provision is allocated to this site. The Newcastle Works site is the main long carbon steel operation of AMSA . A provision of 21 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 38 relates to the environmental rehabilitation of the Thabazimbi Mine. AMSA holds an environmental trust which holds investments for a value of 25 that will be used for rehabilitation purposes . The remainder of the obligation of 7 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 39 for the expected cost of remediating toxic sediment located in the Company’s East Boatslip site, of which 11 is expected to be spent in 2020. ArcelorMittal Long Products Canada has an environmental provision of 2 for future disposal of sludge left in ponds after the 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, 2019 , ArcelorMittal had established provisions for asset retirement obligations of 478 , including mainly 59 for Ukraine, 148 for Canada, 87 for the United States, 63 for Mexico, 14 for Belgium, 38 for Germany, 18 for South Africa, 12 for Brazil, 13 for Kazakhstan and 22 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 mines 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 site. 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, 20 |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2019 | |
Income Taxes [Abstract] | |
INCOME TAXES | NOTE 10: 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 at the consolidated statements of financial position date. The measurement of deferred tax assets and liabilities reflects the tax consequences that would result 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 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. In case a history of recent losses is present, the Company considers whether convincing other evidence exists, such as the character of (historical) losses and planning opportunities, to support the deferred tax assets recognition. 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. Uncertain (income) tax positions are periodically assessed by the Company based on management’s best judgment given any changes in the facts, circumstances and information available and applicable tax laws. When it is probable that the tax authorities will not accept the position taken, the Group establishes provisions based on the most likely amount of the liability (recovery) or weighted average of various possible outcomes to reflect the effect of the uncertainty in determining the related taxable profit (tax loss), tax bases, unused tax losses, unused tax credits or tax rates, to the extent that a reliable estimate can be made. 10.1 Income tax expense (benefit) The components of income tax expense (benefit) are summarized as follows: Year Ended December 31, 2019 2018 2017 Total current tax expense 786 928 583 Total deferred tax benefit (327) (1,277) (151) Total income tax expense (benefit) 459 (349) 432 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, 2019 2018 2017 Net income (loss) (including non-controlling interests) (2,391 ) 5,330 4,575 Income tax expense (benefit) 459 (349 ) 432 Income (loss) before tax (1,932 ) 4,981 5,007 Tax expense (benefit) at the statutory rates applicable to profits (losses) in the countries 1 (468 ) 1,043 1,407 Permanent items (993 ) (421 ) (522 ) Rate changes 340 — (94 ) Net change in measurement of deferred tax assets 1,201 (1,301 ) (281 ) Tax effects of foreign currency translation 14 (47 ) (157 ) Tax credits (9 ) (17 ) (66 ) Other taxes 160 151 90 Others 214 243 55 Income tax expense (benefit) 459 (349 ) 432 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 ( 24.94 %), as well as in jurisdictions, mainly in Brazil and Mexico, which have a structurally higher corporate income tax rate. Permanent items Year Ended December 31, 2019 2018 2017 Tax deductible write-downs on shares and receivables (922 ) (498 ) (652 ) Juros sobre o Capital Próprio (“JSCP”) (32 ) (73 ) (4 ) Non taxable gain on bargain purchase — (60 ) — Taxable income (tax loss) of AMTFS (8 ) 47 (34 ) Taxable dividends 11 — 65 Other permanent items (42 ) 163 103 Total permanent items (993 ) (421 ) (522 ) Tax deductible (taxable reversals of) 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, or taxable reversals of previously recorded write-downs, of the values of loans and shares of consolidated subsidiaries in Luxembourg. Juros sobre o Capital Próprio (“JSCP”): Corporate taxpayers in Brazil, which distribute a dividend can benefit from a tax deduction corresponding to an amount of interest calculated as a yield on capital. The deduction is determined as the lower of the interest as calculated by application of the Brazilian long term interest rate on the opening balance of capital and reserves, and 50% of the income for the year or accumulated profits from the previous year. For accounting purposes, this distribution of interest on capital is regarded as a dividend distribution, while for Brazilian tax purposes it is regarded as tax deductible interest. Non taxable gain on bargain purchase: in 2018 ArcelorMittal recognized a 209 gain on bargain purchase upon acquisition of ArcelorMittal Italia (see note 2.2.4). 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 dividends: the dividends received from some of the ArcelorMittal subsidiaries are subject to tax in the receiving countries with the corresponding (foreign) tax credits available. Rate changes The 2019 tax expense from rate changes of 340 is mainly due to the impact of the decrease in the future income tax rate on deferred tax assets in Luxembourg. 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 . Net change in measurement of deferred tax assets The 2019 net change in measurement of deferred tax assets of 1,201 mainly consists of non-recognition of deferred tax assets on write-downs of the value of shares of consolidated subsidiaries in Luxembourg and other non-recognition and derecognition of deferred tax assets in certain tax jurisdictions, partially offset by an additional recognition of deferred tax assets of previous years of 0.6 billion due to increase in projections of future taxable income in Luxembourg driven primarily by the lower external borrowing costs. The 2018 net change in measurement of deferred tax assets of (1,301) primarily consists of tax benefit of (1,842) due to additional recognition of deferred tax assets for losses and other deductible temporary differences of previous years, and a tax expense of 541 due to non-recognition and derecognition of other deferred tax assets in other tax jurisdictions . In 2018, the Company recognized 1.3 billion of previously unrecognized deferred tax assets relating to the ArcelorMittal S.A. tax integration in Luxembourg. The recognition in Luxembourg includes a 0.8 billion increase in projections of future taxable income in Luxembourg driven primarily by the higher operational and financial income, and 0.6 billion effect of the elimination of the current USD exposure of Luxembourgish deferred tax assets denominated in euro. 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 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 ArcelorMittal S.A. tax integration in Luxembourg. The recognition in Luxembourg includes a 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. Tax effects of foreign currency translation The tax effects of foreign currency translation of 14 , (47) and (157) at December 31, 2019 , 2018 and 2017 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. The 2018 effect is impacted by the elimination of the currency exposure on the deferred tax assets in ArcelorMittal parent company following the change in the currency denomination of the tax losses. 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 investments, 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, state tax and Base Erosion and Anti-Abuse Tax ("BEAT") in the United States, and Cotisation sur la Valeur Ajoutée des Entreprises ("CVAE'') in France. Others Year Ended December 31, 2019 2018 2017 Tax contingencies/settlements 225 183 7 Prior period taxes (20 ) 21 (7 ) Others 9 39 55 Total 214 243 55 In 2019 and 2018, tax contingencies/settlements consist of uncertain tax positions (see note 10.3) respectively for 225 , mainly related to North America and ACIS countries, and 183 , mainly related to Europe. 10.2 Income tax recorded directly in equity and/or other comprehensive income Year Ended December 31, 2019 2018 2017 Recognized in other comprehensive income on: Deferred tax expense (benefit) Gain (loss) on derivative financial instruments (244 ) 380 (77 ) Recognized actuarial gain (loss) 32 (228 ) (42 ) Foreign currency translation adjustments (35 ) (106 ) (90 ) (247 ) 46 (209 ) Recognized directly in equity on: Deferred tax expense (benefit) Others — — 9 Total (247 ) 46 (200 ) 10.3 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 9). 10.4 Deferred tax assets and liabilities The origin of the deferred tax assets and liabilities is as follows: Assets Liabilities Net 2019 2018 2019 2018 2019 2018 Intangible assets 22 29 (720 ) (744 ) (698 ) (715 ) Property, plant and equipment 177 271 (4,445 ) (5,098 ) (4,268 ) (4,827 ) Inventories 261 286 (209 ) (251 ) 52 35 Financial instruments 47 124 (98 ) (424 ) (51 ) (300 ) Other assets 157 460 (408 ) (572 ) (251 ) (112 ) Provisions 1,350 1,728 (243 ) (512 ) 1,107 1,216 Other liabilities 469 461 (70 ) (331 ) 399 130 Tax losses and other tax benefits carried forward 9,984 10,384 — — 9,984 10,384 Tax credits carried forward 76 104 — — 76 104 Untaxed reserves — — (1 ) (2 ) (1 ) (2 ) Deferred tax assets / (liabilities) 12,543 13,847 (6,194 ) (7,934 ) 6,349 5,913 Deferred tax assets 8,680 8,287 Deferred tax liabilities (2,331 ) (2,374 ) The deferred tax assets recognized by the Company as of December 31, 2019 are analyzed as follows: Gross amount Total deferred tax assets Recognized deferred tax assets Unrecognized deferred tax assets Tax losses and other tax benefits carried forward 105,937 26,504 9,984 16,520 Tax credits carried forward 693 693 76 617 Other temporary differences 15,793 3,799 2,483 1,316 Total 30,996 12,543 18,453 The deferred tax assets recognized by the Company as of December 31, 2018 are analyzed as follows: Gross amount Total deferred tax assets Recognized deferred tax assets Unrecognized deferred tax assets Tax losses and other tax benefits carried forward 110,769 28,642 10,384 18,258 Tax credits carried forward 722 722 104 618 Other temporary differences 16,923 4,117 3,359 758 Total 33,481 13,847 19,634 As of December 31, 2019 , the majority of the deferred tax assets not recognized relates to tax losses carried forward attributable to various subsidiaries located in different jurisdictions (primarily Germany, Luxembourg, Spain, South Africa and the United States) with different statutory tax rates. As of each reporting date, ArcelorMittal considers existing evidence, both positive and negative, including the earnings history and results of recent operations, reversals of deferred tax liabilities, projected future taxable income, and planning strategies, that could impact the view with regard to future realization of these deferred tax assets. 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 may also 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, 2019 , the total amount of accumulated tax losses in Luxembourg with respect to the ArcelorMittal S.A. tax integration amounted to approximately 83.3 billion , of which 34.8 billion is considered realizable, resulting in the recognition of 8.7 billion of deferred tax assets at the applicable income tax rate in Luxembourg. As at December 31, 2018 , the total amount of accumulated tax losses in Luxembourg with respect to the main tax consolidation amounted to approximately 80.6 billion , of this amount 34.1 billion was considered realizable, resulting in the recognition of 8.9 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, 21.6 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 expected lower interest expenses in Luxembourg driven by the targeted reduction of the Group net debt level in the short-term , (v) the industrial franchise agreement ("IFA") whereby ArcelorMittal S.A. licenses its business model for manufacturing, processing and distributing steel to group subsidiaries, and (vi) 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, 2019 , 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 8.7 billion recognized. The amount of future taxable income required to be generated by ArcelorMittal’s subsidiaries to utilize the deferred tax assets of 8.7 billion is at least 34.8 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. For the period ended December 31, 2019 , ArcelorMittal recorded approximately 79 ( December 31, 2018 : 80 ) 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 899 . 10.5 Tax losses, tax credits and other tax benefits carried forward At December 31, 2019 , the Company had total estimated tax losses carried forward and other tax benefits of 105.9 billion . This includes net operating losses and other tax benefits of 8.5 billion primarily related to subsidiaries in Basque Country in Spain, Liberia, Luxembourg, Mexico and the United States, which expire as follows: Year expiring Recognized Unrecognized Total 2020 25 144 169 2021 3 656 659 2022 2 659 661 2023 6 469 475 2024 3 212 215 2025 - 2039 354 5,934 6,288 Total 393 8,074 8,467 The remaining tax losses carried forward and other tax benefits for an amount of 97.4 billion (of which 39 billion are recognized and 58.4 billion are unrecognized) are carried forward for unlimited period of time and primarily relate to the Company’s operations in France, Germany, Luxembourg, Spain and South Africa. At December 31, 2019 , the Company also had total estimated tax credits carried forward of 693 . Such amount includes tax credits of 610 (of which 26 recognized and 584 unrecognized) and primarily attributable to subsidiaries in Basque Country in Spain which expire as follows: Year expiring Recognized Unrecognized Total 2020 — 3 3 2021 — 2 2 2022 — 2 2 2023 — 1 1 2024 — 1 1 2025 - 2039 26 575 601 Total 26 584 610 The remaining tax credits for an amount of 83 (of which 50 are recognized and 33 are unrecognized) are indefinite and primarily attributable to the Company’s operations in Brazil 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, except for Luxembourg where the tax losses are mainly denominated in U.S. dollar. 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, 2019 | |
Share Capital, Reserves And Other Equity Interest [Abstract] | |
EQUITY | NOTE 11: EQUITY 11.1 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 . The Company’s shares consist of the following: December 31, 2017 Movement in year December 31, 2018 Movement in year December 31, 2019 Issued shares 1,021,903,623 — 1,021,903,623 — 1,021,903,623 Treasury shares (1,986,836 ) (6,348,529 ) (8,335,365 ) (1,488,837 ) (9,824,202 ) Total outstanding shares 1,019,916,787 (6,348,529 ) 1,013,568,258 (1,488,837 ) 1,012,079,421 The number of issued shares were 1,021,903,623 at December 31, 2017, 2018 and 2019 . Authorized shares 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. At the Extraordinary General Meeting of shareholders held on May 16, 2018, the shareholders approved the change of currency of the Company's share capital from euro to U.S. dollar. Following this approval, the authorized share capital amounts to 411 represented by 1,151,576,921 ordinary shares without nominal value. As a result of this change, the issued share capital amounted to 364 as of December 31, 2018, based on the exchange rate published by the European Central Bank on May 15, 2018. The difference was transferred to additional paid-in capital. There was no change in the aggregate number of shares issued and fully paid up which continued to amount to 1,021,903,623 . The number of authorized shares were 1,151,576,921 at December 31, 2017 , 2018 and 2019 . Share buyback On March 26, 2018, ArcelorMittal completed a share buyback program under the authorization given at the annual general meeting of shareholders held on May 5, 2015. ArcelorMittal repurchased 7 million shares for a total value of €184 million ( 226 ) at an average price per share of €26.34 (equivalent to $32.36 ). On February 15, 2019, ArcelorMittal completed a share buyback program and repurchased 4 million shares for a total value of € 80 million ( 90 ) at an average price per share of € 19.89 (equivalent to $22.42 ) . The shares acquired through the buyback program are recognized as treasury shares. Treasury shares ArcelorMittal held, indirectly and directly, 9.8 million and 8.3 million treasury shares as of December 31, 2019 and December 31, 2018 , respectively. 11.2 Equity instruments and hybrid instruments 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 in 2012, 2014, 2015 (resulting in the extinguishment and recognition of a new compound instrument), 2016 and the latest on December 14, 2017. 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. On March 29, 2019 and December 18, 2019, the Company repaid notes issued by subsidiaries which were linked to the value of the shares of Erdemir. As of December 31, 2019, the remaining notes were linked to the value of the shares of China Oriental (see note 6.1.5). 11.3 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 plus potential common shares from share unit plans and outstanding stock options whenever the conversion results in a dilutive effect. On May 22, 2017, ArcelorMittal completed the consolidation of each three existing shares in ArcelorMittal without nominal value into one share without nominal value. The following table provides the numerators and a reconciliation of the denominators used in calculating basic and diluted earnings per common share for the years ended December 31, 2019, 2018 and 2017. Year Ended December 31, 2019 2018 2017 Net income (loss) attributable to equity holders of the parent (2,454 ) 5,149 4,568 Weighted average common shares outstanding (in millions) for the purposes of basic earnings per share 1,013 1,015 1,020 Incremental shares from assumed conversion of restricted share units and performance share units (in millions) — 6 4 Weighted average common shares outstanding (in millions) for the purposes of diluted earnings per share 1,013 1,021 1,024 For the purpose of calculating earnings per common share, diluted weighted average common shares outstanding excludes 7 million potential common shares from share unit plans for the year ended December 31, 2019 and 1 million, 2 million and 3 million potential common shares from stock options outstanding for the years ended December 31, 2019, 2018 and 2017, respectively, because such share unit plans and stock options are anti-dilutive. 11.4 Dividends Calculations to determine the amounts available for dividends are based on ArcelorMittal’s financial statements (“ArcelorMittal S.A.”) which are prepared in accordance with IFRS, as endorsed by the European Union. ArcelorMittal S.A. has no significant manufacturing operations of its own and generates its profit mostly from financing activities and the management fees/industrial franchise agreements with Group Companies. Accordingly, it can only pay dividends or distributions to the extent it is entitled to receive cash dividend distributions from its subsidiaries’ recognized gains, profit generated by its own activities, from the sale of its assets or share premiums 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 2016 Annual general shareholders' meeting on May 4, 2017 — — — Dividend for financial year 2017 Annual general shareholders’ meeting on May 9, 2018 0.10 June 13, 2018 101 Dividend for financial year 2018 Annual general shareholders’ meeting on May 7, 2019 0.20 June 13, 2019 203 On May 7, 2019 at the annual general meeting of shareholders, the shareholders approved the Company’s dividend of $0.20 per share. The dividend amounted to 204 ( 203 net of dividends paid to subsidiaries holding treasury shares), and was paid on June 13, 2019. Given the resilient cash flow and progress towards the Company's net debt target, the Board proposed a base dividend of $0.30 per share for 2020 (in respect of 2019) which will be proposed to the shareholders at the annual general meeting of shareholders' on May 5, 2020. 11.5 Non-controlling interests 11.5.1 Non-wholly owned subsidiaries that have material non-controlling interests The tables below provide a list of the subsidiaries which include significant non-controlling interests at December 31, 2019 and 2018 and for the years ended December 31, 2019 , 2018 and 2017 . Name of Subsidiary Country of incorporation and operation % of non-controlling interests and non- controlling voting rights at December 31, 2019 % of non-controlling interests and non- controlling voting rights at December 31, 2018 Net income (loss) attributable to non- controlling interests for the year ended December 31, 2019 Non-controlling interests at December 31, 2019 Net income (loss) attributable to non- controlling interests for the year ended December 31, 2018 Non-controlling interests at December 31, 2018 Net income (loss) attributable to non- controlling interests for the year ended December 31, 2017 AMSA South Africa 30.78% 30.78% (98 ) 74 29 170 (124 ) Sonasid 1 Morocco 67.57% 67.57% — 103 2 107 3 ArcelorMittal Kryvyi Rih Ukraine 4.87% 4.87% (5 ) 185 15 182 10 Belgo Bekaert Arames ("BBA") Brazil 45.00% 45.00% 28 141 28 136 25 Hera Ermac 2 Luxembourg — — — 801 — 797 — AMMC Canada 15.00% 15.00% 114 486 91 484 91 Arceo Belgium 62.86% 62.86% 3 154 4 158 4 ArcelorMittal Liberia Ltd Liberia 15.00% 15.00% 18 (250 ) (2 ) (268 ) (11 ) Other 3 268 14 256 9 Total 63 1,962 181 2,022 7 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 11.2) . The tables below provide summarized statements of financial position for the above-mentioned subsidiaries as of December 31, 2019 and 2018 and summarized statements of operations and summarized statements of cash flows for the years ended December 31, 2019 , 2018 and 2017 . Summarized statements of financial position December 31, 2019 AMSA Sonasid AM Kryvyi Rih BBA Hera Ermac AMMC Arceo AM Liberia Current assets 997 188 1,557 225 905 1,434 129 155 Non-current assets 618 102 3,530 148 1,193 3,083 122 123 Total assets 1,615 290 5,087 373 2,098 4,517 251 278 Current liabilities 907 101 1,130 98 298 457 1 1,739 Non-current liabilities 468 39 446 14 76 591 1 46 Net assets 240 150 3,511 261 1,724 3,469 249 (1,507 ) Summarized statements of operations December 31, 2019 AMSA Sonasid AM Kryvyi Rih BBA Hera Ermac AMMC Arceo AM Liberia Revenue 2,864 366 2,420 761 — 2,655 — 257 Net income (loss) (319 ) (1 ) (100 ) 63 144 766 5 115 Total comprehensive income (loss) (312 ) — (141 ) 64 144 761 5 115 Summarized statements of cash flows December 31, 2019 AMSA Sonasid AM Kryvyi Rih BBA Hera Ermac AMMC Arceo AM Liberia Net cash provided by / (used in) operating activities (35 ) 9 163 76 857 1,045 9 84 Net cash provided by / (used in) investing activities (79 ) (5 ) (270 ) (12 ) (114 ) (332 ) 17 (18 ) Net cash provided by / (used in) financing activities 97 (6 ) 68 (62 ) (743 ) (683 ) (7 ) (65 ) Impact of currency movements on cash 5 — 8 — — — — — Cash and cash equivalents: At the beginning of the year 72 55 73 11 — 180 27 — At the end of the year 60 53 42 13 — 210 46 1 Dividend to non-controlling interests — (4 ) — (18 ) — (102 ) (5 ) — Summarized statements of financial position December 31, 2018 AMSA Sonasid AM Kryvyi Rih BBA Hera Ermac AMMC Arceo AM Liberia Current assets 1,307 194 1,408 240 251 1,144 93 113 Non-current assets 672 100 2,947 158 2,492 3,113 166 114 Total assets 1,979 294 4,355 398 2,743 4,257 259 227 Current liabilities 1,056 106 535 109 84 331 2 1,816 Non-current liabilities 372 34 308 28 335 539 1 41 Net assets 551 154 3,512 261 2,324 3,387 256 (1,630 ) Summarized statements of operations December 31, 2018 AMSA Sonasid AM Kryvyi Rih BBA Hera Ermac AMMC Arceo AM Liberia Revenue 3,440 396 2,497 771 — 2,396 — 132 Net income (loss) 95 4 340 59 (555 ) 636 6 (12 ) Total comprehensive income (loss) (40 ) 5 331 62 (555 ) 642 6 (12 ) Summarized statements of cash flows December 31, 2018 AMSA Sonasid AM Kryvyi Rih BBA Hera Ermac AMMC Arceo AM Liberia Net cash provided by / (used in) operating activities 69 22 313 47 38 735 10 (18 ) Net cash provided by / (used in) investing activities 132 (5 ) (346 ) (14 ) (38 ) (134 ) 14 (29 ) Net cash provided by / (used in) financing activities (260 ) — 50 (27 ) — (579 ) (9 ) 47 Impact of currency movements on cash (10 ) — (4 ) — — — (1 ) — Cash and cash equivalents: At the beginning of the year 141 38 60 5 — 158 13 — At the end of the year 72 55 73 11 — 180 27 — Dividend to non-controlling interests — — — (18 ) — (87 ) (7 ) — Summarized statements of operations December 31, 2017 AMSA Sonasid AM Kryvyi Rih BBA Hera Ermac AMMC 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 AMMC 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 ) — 11.5.2 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. Transactions with non-controlling interests in 2018 were as follows: On November 9, 2018, ArcelorMittal completed the acquisition of Marcegaglia's 15% non-controlling interest in AM InvestCo and 11% non-controlling interest in BRE.M.A Warmwalz GmbH & Co. KG for a 28 and 40 consideration, respectively. The Company recorded a decrease of 55 directly in equity. Transactions with non-controlling interests include also the mandatory convertible bonds (see note 11.2). |
RELATED PARTIES
RELATED PARTIES | 12 Months Ended |
Dec. 31, 2019 | |
Related Party [Abstract] | |
RELATED PARTIES | NOTE 12: RELATED PARTIES The related parties of the Group are predominately subsidiaries, joint operations, joint ventures, associates and key management personnel (see note 8.1) of the Group. Transactions 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, Mrs. Usha Mittal and their children 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: 12.1 Sales and trade receivables Year Ended December 31, December 31, Sales Trade receivables Related parties and their subsidiaries where applicable Category 2019 2018 2017 2019 2018 Calvert Joint Venture 2,518 2,207 2,030 5 33 Gonvarri Steel Industries 1 Associate 1,728 2,022 1,666 42 78 ArcelorMittal CLN Distribuzione Italia S.r.l. Joint Venture 483 511 472 57 38 Borçelik Joint Venture 474 536 426 20 20 Bamesa Associate 365 383 397 32 27 I/N Kote L.P. Joint Venture 321 329 321 2 10 C.L.N. Coils Lamiere Nastri S.p.A. Associate 247 265 233 10 6 AM RZK Joint Venture 225 136 235 13 5 Aperam Société Anonyme ("Aperam") Other 172 278 262 16 29 Tuper S.A. Joint Venture 147 155 154 43 45 Tameh Joint Venture 109 110 67 8 4 WDI 2 Associate 105 148 127 1 1 Al Jubail Joint Venture 25 115 66 — 1 Macsteel 3 Other — 470 521 — 2 Other 523 594 526 49 67 Total 7,442 8,259 7,503 298 366 1. Gonvarri Steel Industries includes ArcelorMittal Gonvarri Brasil Productos Siderúrgicos which is a joint venture. 2. WDI includes Westfälische Drahtindustrie Verwaltungsgesellschaft mbH & Co. KG and Westfälische Drahtindustrie GmbH. 3. Macsteel was sold on October 31, 2018 . 12.2 Purchases and trade payables Year Ended December 31, December 31, Purchases Trade payables Related parties and their subsidiaries where applicable Category 2019 2018 2017 2019 2018 Tameh Joint Venture 273 344 286 22 2 Calvert Joint Venture 127 107 65 41 23 CFL Cargo S.A. Associate 63 59 60 17 9 Al Jubail Joint Venture 53 42 2 4 22 Exeltium S.A.S. Associate 52 54 53 — — Sitrel Joint Venture 49 41 — 1 3 Aperam Other 47 85 94 7 6 Baycoat Limited Partnership Joint Venture 47 43 42 8 5 Gonvarri Steel Industries 1 Associate 22 35 19 15 31 Baffinland 2 Associate 16 28 142 1 16 Other 343 278 270 135 84 Total 1,092 1,116 1,033 251 201 1. Gonvarri Steel Industries includes ArcelorMittal Gonvarri Brasil Productos Siderúrgicos which is a joint venture. 2. Baffinland was classified as an associate as of October 31, 2017 (see note 2). 12.3 Other transactions with related parties At December 31, 2019, subsequent to the ArcelorMittal's sale of a 50% controlling interest in Global Chartering to DryLog (see note 2.3.1), the Company signed a 10 year freight contract with Global Chartering, whereby ArcelorMittal agreed to provide cargo up to 16.8 million tonnes annually for shipping, representing 80% of the current capacity of Global Chartering. As of December 31, 2019, the Company also had an outstanding short-term loan of 127 granted to Global Chartering, which is expected to be repaid following the sale-and-lease back of three vessels owned by Global Chartering. At December 31, 2019, the shareholder loans granted by the Company to Al Jubail, with various maturity dates , had a carrying value of 109 (see note 2.4.3). 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, 2019 , the loans amounted to 162 including accrued interest. The loans bear interest from 3% to 4.77% and have various maturity dates ranging from less than 1 to 25 years . On November 8, 2019, Baffinland entered into an agreement with a bank to finance up to 6 million tonnes at 78% of the value of the iron ore produced and hauled to the port of Milne Inlet by Baffinland up to a limit of 450 . ArcelorMittal's shared operator rights terminated on June 30, 2018 and the Company retained marketing rights until December 31, 2019. ArcelorMittal is working with Nunavut Iron Ore and Baffinland on this transition of the marketing activities. Following the Indian Supreme Court ruling dated October 4, 2018, ArcelorMittal completed a series of payments to the financial creditors of KSS Petron to clear overdue debts (see note 4.6). AMNS India has the right to enforce the KSS Petron debt on behalf of the Company for an outstanding amount of 136 as of December 31, 2019. |
ACCOUNTING PRINCIPLES (Policies
ACCOUNTING PRINCIPLES (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
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 equity instruments and trade receivables at fair value through other comprehensive income ("FVOCI"), financial assets at fair value through profit or loss ("FVTPL"), derivative financial instruments, 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”) and the Company's Argentinian operation Acindar Industria Argentina de Aceros S.A. ("Acindar"), 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 judgment and 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 10.4): 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 8.2): 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 9): 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. • Business combinations (note 2.2.3): Assets acquired and liabilities assumed as part of a business combination are recorded at their acquisition-date fair values. Similarly, consideration including consideration receivable and contingent consideration is measured at fair value. Determining the fair value of identifiable assets and liabilities requires the use of valuation techniques which may include judgment and estimates and which may affect the allocation of the amount of consideration paid to the assets and liabilities acquired and goodwill or gain from a bargain purchase recorded as part of the business combination. • Financial instruments (note 6.1.5) and financial amounts receivable (note 4.6): Certain of the Company's financial instruments are classified as Level 3 as they include unobservable inputs. In particular, the Company uses estimates to compute unobservable historical volatility based on movements of stock market prices for the fair valuation of the call option on the 1,000 mandatory convertible bonds and unobservable inputs such as discounted cash flow model for the fair valuation of financial amounts receivable relating to Uttam Galva and KSS Petron. • 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 life 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 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 10.4): 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 8.2): 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 9): 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. • Business combinations (note 2.2.3): Assets acquired and liabilities assumed as part of a business combination are recorded at their acquisition-date fair values. Similarly, consideration including consideration receivable and contingent consideration is measured at fair value. Determining the fair value of identifiable assets and liabilities requires the use of valuation techniques which may include judgment and estimates and which may affect the allocation of the amount of consideration paid to the assets and liabilities acquired and goodwill or gain from a bargain purchase recorded as part of the business combination. • Financial instruments (note 6.1.5) and financial amounts receivable (note 4.6): Certain of the Company's financial instruments are classified as Level 3 as they include unobservable inputs. In particular, the Company uses estimates to compute unobservable historical volatility based on movements of stock market prices for the fair valuation of the call option on the 1,000 mandatory convertible bonds and unobservable inputs such as discounted cash flow model for the fair valuation of financial amounts receivable relating to Uttam Galva and KSS Petron. • 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 life 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 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. |
Adoption of new IFRS standards, amendments and interpretations applicable from January 1, 2019 | 1.3.1 Adoption of new IFRS standards, amendments and interpretations applicable from January 1, 2019 On January 1, 2019, the Company adopted IFRS 16 "Leases", which has an impact on the disclosures in the consolidated financial statements of the Company. • IFRS 16 "Leases" was issued on January 13, 2016, and replaced International Accounting Standards "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 "Revenue from Contracts with Customers" has also been applied. The Company adopted IFRS 16 “Leases” as of January 1, 2019, using the modified retrospective transition approach with right-of-use assets measured at an amount equal to the lease liability recognized at January 1, 2019, adjusted by the amount of any prepaid or accrued lease payments relating to those leases. In addition, the Company applied the practical expedient not to reassess whether or not a contract meets the definition of a lease on transition and accordingly applied IFRS 16 to all contracts entered into before January 1, 2019 and identified as leases in accordance with IAS 17 "Leases" and IFRIC 4 "Determining whether an Arrangement contains a lease". Also, the Company used the practical expedient of not recognizing lease liabilities and right-of-use assets for which the lease term ended within twelve months of the date of initial application and corresponding expenses have been recognized as part of short-term lease expenses in the statement of operations. On January 1, 2019, the Company recognized additional lease liabilities (discounted at the incremental borrowing rates at that date) and right of use assets (including reclassifications from intangible assets) for an amount of 1,136 and 1,405 , respectively (see note 7). On January 1, 2019, the Company also adopted the following amendments which did not have a material impact on the consolidated financial statements of the Company: • IFRIC 23 “Uncertainty over Income Tax Treatments” issued by the IASB on June 7, 2017. 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 "Income Taxes". • Amendment to IFRS 9 "Financial Instruments" issued by the IASB on October 12, 2017 in respect of prepayment features with negative compensation and 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. • Amendment to IAS 28 “Investments in Associates and Joint Ventures” also issued on October 12, 2017 in relation to long-term interests in associates and joint ventures. The amendment clarifies that an entity should apply 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. • Amendments to IAS 19 “Employee benefits” issued by the IASB on February 7, 2018, 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. On January 1, 2019, the Company also adopted the Annual Improvements 2015–2017 issued by the IASB on December 12, 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 an entity shall recognize the income tax consequences of dividends in profit or loss, other comprehensive income or equity according to where the entity originally recognized those past transactions or events. • 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. |
New IFRS standards, amendments and interpretations from 2020 onward | 1.3.2 New IFRS standards , amendments and interpretations applicable from 2020 onward 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 does not expect that the adoption of this interpretation will have a material impact to its consolidated financial statements. On March 29, 2018, the IASB published its revised "Conceptual Framework for Financial Reporting", which includes revised definitions of an asset and a liability as well as new guidance on measurement and derecognition, presentation and disclosure. The Company does not expect that the adoption of this amendment, which is effective for annual periods beginning on or after January 1, 2020, will have a material impact to its consolidated financial statements. On October 22, 2018, the IASB issued amendments to IFRS 3 "Business Combinations", which includes the definition of a business aimed at resolving the difficulties that arise when an entity determines whether it has acquired a business or a group of assets. The Company does not expect that the adoption of these amendments, which are effective for annual periods beginning on or after January 1, 2020, will have a material impact to its consolidated financial statements. On October 31, 2018, the IASB issued amendments to IAS 1 "Presentation of Financial Statements" and IAS 8 "Accounting Policies, Changes in Accounting Estimates and Errors" to clarify the definition of ‘material’ and to align the definition used in the Conceptual Framework and the standards themselves. The Company does not expect that the adoption of these amendments, which are effective for annual periods beginning on or after January 1, 2020, will have a material impact to its consolidated financial statements. On September 26, 2019, the IASB published Interest Rate Benchmark Reform, Amendments to IFRS 9, IAS 39 and IFRS 7 (the amendments). The amendments provide relief from the specific hedge accounting requirements, so that entities would apply those hedge accounting requirements (highly probable forecast transaction and prospective effectiveness test under IFRS 9 which is applied by the Company) assuming that the interest rate benchmark is not altered as a result of the interest rate benchmark reform. Application of the relief is mandatory and is effective for annual periods beginning on or after January 1, 2020, with early application permitted. The requirements must be applied retrospectively. The Company does not expect that the adoption of these amendments will have a material impact to its consolidated financial statements as it is relieving the possible effects of the uncertainty due to the Interest rate benchmark reform "IBOR". On January 23, 2020, the IASB issued narrow-scope amendments to IAS 1 "Presentation of Financial Statements" to clarify how to classify debt and other liabilities as current or non-current. The amendments aim to promote consistency in applying the requirements by helping companies determine whether, in the statement of financial position, debt and other liabilities with an uncertain settlement date should be classified as current (due or potentially due to be settled within one year) or non-current. The amendments include clarifying the classification requirements for debt a company might settle by converting it into equity. The Company does not expect that the adoption of these amendments, which are effective for annual periods beginning on or after January 1, 2022, 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, if any, 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 equity instruments at FVOCI | Investments in other entities, over which the Company and/or its operating subsidiaries do not have the ability to exercise significant influence, are accounted for as investments in equity instruments at FVOCI with any resulting gain or loss, net of related tax effect, recognized in the consolidated statements of other comprehensive income. Realized gains and losses from the sale of investments in equity instruments at FVOCI are reclassified from other comprehensive income to retained earnings within equity upon disposal. |
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, AMMC and ArcelorMittal International Luxembourg, whose functional currency is the U.S. dollar and ArcelorMittal Poland, 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 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 earn revenues and incur expenses (including revenues and expenses relating to transactions with other components of the Company), for which discrete financial information is available and whose operating results are evaluated regularly by the chief operating decision maker “CODM” to make decisions about resources to be allocated to the segment and assess its performance. The Company's CODM is the CEO Office - comprising the Chairman and Chief Executive Officer, Mr. Lakshmi N. Mittal and the President and Chief Financial Officer of ArcelorMittal, 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, Ukraine 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 | The Company’s revenue is derived from the single performance obligation to transfer primarily steel and mining products under arrangements in which the transfer of control of the products and the fulfillment of the Company’s performance obligation occur at the same time. Revenue from the sale of goods is recognized when the Company has transferred control of the goods to the buyer and the buyer obtains the benefits from the goods, the potential cash flows and the amount of revenue (the transaction price) can be measured reliably, and it is probable that the Company will collect the consideration to which it is entitled to in exchange for the goods. Whether the customer has obtained control over the asset depends on when the goods are made available to the carrier or the buyer takes possession of the goods, depending on the delivery terms. For the Company’s steel producing operations, generally the criteria to recognize revenue has been met when its products are delivered to its customers or to a carrier who will transport the goods to its customers, this is the point in time when the Company has completed its performance obligations. Revenue is measured at the transaction price of the consideration received or receivable, the amount the Company expects to be entitled to. Additionally, the Company identifies when goods have left its premises, not when the customer receives the goods. Therefore, the Company estimates, based on its historical experience, the amount of goods in-transit when the transfer of control occurs at the destination and defers the revenue recognition. The Company’s products must meet customer specifications. A certain portion of the Company’s products are returned or have claims filed against the sale because the products contained quality defects or other problems. Claims may be either of the following: – Product Rejection - Product shipped and billed to an end customer that did not meet previously agreed customer specifications. Claims typically result from physical defects in the goods, goods shipped to the wrong location, goods produced with incorrect specifications and goods shipped outside acceptable time parameters. – Consequential Damages - Damages reported by the customer not directly related to the value of the rejected goods (for example: customer processing cost or mill down time, sampling, storage, sorting, administrative cost, replacement cost, etc.). The Company estimates the variable consideration for such claims using the expected value method and reduces the amount of revenue recognized. Warranties: The warranties and claims arise when the product fails on the criteria mentioned above. Sales‑related warranties associated with the goods cannot be purchased separately and they serve as an assurance that the products sold comply with agreed‑upon specifications. Accordingly, the Company accounts for warranties in accordance with IAS 37 "Provisions, Contingent Liabilities and Contingent Assets" (see note 9) . Periodically, the Company enters into volume or other rebate programs where once a certain volume or other conditions are met, it refunds the customer some portion of the amounts previously billed or paid. For such arrangements, the Company only recognizes revenue for the amounts it ultimately expects to realize from the customer. The Company estimates the variable consideration for these programs using the most likely amount method or the expected value method, whichever approach best predicts the amount of the consideration based on the terms of the contract and available information and updates its estimates each reporting period. The Company’s payment terms range from 30 to 90 days from date of delivery, depending on the market and product sold. The Company received 354 as advances from its customers which are classified as unsatisfied performance obligations and recognized as liabilities in line with IFRS 15. The Company expects 100% of the unsatisfied performance obligations as of December 31, 2019 to be recognized as revenue during 2020 as the Company’s contracts have an original expected duration of one year or less. |
Trade accounts receivable and other | Trade accounts receivable are initially recorded at their transaction price and do not carry any interest. ArcelorMittal maintains an allowance for lifetime expected credit loss at an amount that it considers to be a reliable estimate of expected credit losses resulting from the inability of its customers to make required payments. In judging the adequacy of the allowance for expected credit losses, ArcelorMittal considers multiple factors including historical bad debt experience, the current and forward looking economic environment and the aging of the receivables. Recoveries of trade receivables previously reserved in the allowance for expected credit losses are recognized as gains in selling, general and administrative expenses. ArcelorMittal’s policy is to record an allowance for expected lifetime credit losses and a charge in selling, general and administrative expense when a specific account is deemed uncollectible. The Company concluded that a trade receivable is in default when they are overdue by more than 180 days. Based on historical experience and analysis, the Company concluded that there is a risk of default as such receivables are generally not recoverable and therefore provided for, unless it can be clearly demonstrated that the receivable is still collectible. Trade receivables and the associated allowance are written off when ArcelorMittal has exhausted its recovery efforts and enforcement options. |
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, France, Germany, Luxembourg, Poland, Spain and Italy. 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, in South Africa, a CO 2 tax system was introduced in 2019 and in Kazakhstan, the Emission Trading Scheme restarted operation on January 1, 2018. 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 | 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 2019, during which the Company performed a review of the useful lives of its assets and determined there were no material changes to 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. 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. 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 (Level 3 in the fair value hierarchy) 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. |
Impairment of assets | Impairment test of goodwill Goodwill is tested for impairment annually, as of October 1 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. Until the year ended December 31, 2017, the Company performed its annual impairment test of goodwill using October 31 as the measurement date. Effective September 2018, the Company changed its impairment test date to October 1 in order to better align with its internal strategic and financial planning process. The Company believes that this change in date is preferable under the circumstances and does not result in the delay, acceleration or avoidance of an impairment charge. 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, 2019 , the Company determined it has 61 cash-generating units. In the context of the termination notice sent to the Ilva Commissioners indicating ArcelorMittal's intent to withdraw from or terminate the lease and purchase agreement, which was followed by subsequent negotiations (see note 9.3), the Company determined that ArcelorMittal Italia represented a separate cash-generating unit as of December 31, 2019 with a carrying amount of 1,970 (including property, plant and equipment of 1,477 ) . In estimating its value in use, key assumptions impacting significantly the cash flow projections included the discount rate reflecting uncertainty associated with the ongoing negotiations, selling prices, shipments and direct costs resulting from the execution of the industrial plan as contractually agreed at inception of the lease. 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. |
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. I nvestments in equity instruments at FVOCI classified as Level 1 refer to listed securities quoted in active markets. A quoted market price in an active market provides the most reliable evidence of fair value and is used without adjustment to measure fair value whenever available, with limited exceptions. The total fair value is either the price of the most recent trade at the time of the market close or the official close price as defined by the exchange on which the asset is most actively traded on the last trading day of the period, multiplied by the number of units held without consideration of transaction costs. The decrease in investments in equity instruments at FVOCI in 2019 is mainly related to the sale of Gerdau (see note 2.5). 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. |
Borrowings | Gross debt includes bank debt, debenture loans and 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. |
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 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 Brazil, Canada, Kazakhstan, 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. |
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. |
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 designated and qualify for cash flow or net investment hedge accounting. Changes in the fair value of a derivative 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 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 equity instruments at FVOCI (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, canceled or expired). |
Impairment of financial assets | In relation to the impairment of financial assets, IFRS 9 requires an expected credit loss ("ECL") model. The ECL model requires the Group to account for expected credit losses and changes in those ECL at each reporting date to reflect changes in credit risk since initial recognition of the financial assets. In particular, IFRS 9 requires the Group to measure the loss allowance for a financial instrument at an amount equal to the lifetime ECL if the credit risk on that financial instrument has increased significantly since initial recognition. All fair value movements for investments in equity instruments at FVOCI, including the difference between the acquisition cost and the current fair value, are recorded in OCI and are not reclassified to the consolidated statements of operations. Investments in equity instruments at FVOCI are exempt from the impairment test under IFRS 9 because the fair value of the investment is recorded in OCI and not recycled to profit and loss. Financial assets are tested for ECLs annually or whenever changes in circumstances indicate that there is a change in credit risk. Any ECL is recognized in the consolidated statements of operations. An ECL related to financial assets is reversed if and to the extent there has been a change in the factors 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 ECL had been recognized. Reversals of ECLs are recognized in net income except for investments in equity instruments at FVOCI, for which all fair value movements are recognized in OCI. |
Hedge accounting policy | The Company determines the economic relationship between the hedged item and the hedging instrument by analyzing the critical terms of the hedge relationship. In case critical terms do not match and fair value changes in the hedging instrument cannot be expected to perfectly offset changes in the fair value of the hedged item, further qualitative analysis may be performed. Such analysis serves to establish whether the economic relationship is sufficiently strong to comply with the Company’s risk management policies. The hedge ratio is set out in the Company's risk management strategy and may be individually tailored for each hedging program in the risk management objective. Hedge ratios below 100% would usually be applied on hedging of forecast exposures with the hedge ratio typically reducing where there is uncertainty due to long hedging tenors or volatility in the underlying exposure. The most frequent sources of hedge ineffectiveness relate to changes in the hedged item (such as maturity, volume and pricing indices), basis spread and significant changes in the credit risk. Such sources are analyzed at hedge initiation and monitored throughout the life of a hedge. |
Leases | As a lessee, the Company assesses if a contract is or contains a lease at inception of the contract. A contract is or contains a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. The Company recognizes a right-of-use asset and a lease liability at the commencement date, except for short-term leases of twelve months or less and leases for which the underlying asset is of low value, which are expensed in the consolidated statement of operations on a straight-line basis over the lease term. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease, or, if not readily determinable, the incremental borrowing rate specific to the country, term and currency of the contract. Lease payments can include fixed payments, variable payments that depend on an index or rate known at the commencement date, as well as any extension or purchase options, if the Company is reasonably certain to exercise these options. The lease liability is subsequently measured at amortized cost using the effective interest method and remeasured with a corresponding adjustment to the related right-of-use asset when there is a change in future lease payments in case of renegotiation, changes of an index or rate or in case of reassessments of options. The right-of-use asset comprises, at inception, the initial lease liability, any initial direct costs and, when applicable, the obligations to refurbish the asset, less any incentives granted by the lessors. The right-of-use asset is subsequently depreciated, on a straight-line basis, over the lease term or, if the lease transfers the ownership of the underlying asset to the Company at the end of the lease term or, if the cost of the right-of-use asset reflects that the lessee will exercise a purchase option, over the estimated useful life of the underlying asset. Right-of-use assets are also subject to testing for impairment if there is an indicator for impairment. Variable lease payments not included in the measurement of the lease liabilities are expensed to the consolidated statement of operations in the period in which the events or conditions which trigger those payments occur. In the statement of financial position, right-of-use assets and lease liabilities are classified, respectively, as part of property, plant and equipment and short-term/long-term debt. |
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. 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 the terms of the related pension obligation. 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. Termination plans are those plans that primarily correspond to terminating an employee’s contract following the decision of the employee before the normal retirement date. Liabilities for termination 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 termination plans are calculated annually on the basis of the number of employees that have taken or contractually agreed to take early retirement and are discounted using an interest rate that corresponds to that of high quality bonds that have maturity dates similar to the terms of the Company’s early retirement obligations. Provisions for social plans are recorded in connection with voluntary separation plans. Voluntary retirement plans primarily correspond to the practical implementation of social plans or are linked to collective agreements signed with certain categories of employees. 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. 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 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 |
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 grant date. 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 grant date 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 a 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. |
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 at the consolidated statements of financial position date. The measurement of deferred tax assets and liabilities reflects the tax consequences that would result 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 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. In case a history of recent losses is present, the Company considers whether convincing other evidence exists, such as the character of (historical) losses and planning opportunities, to support the deferred tax assets recognition. 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. Uncertain (income) tax positions are periodically assessed by the Company based on management’s best judgment given any changes in the facts, circumstances and information available and applicable tax laws. When it is probable that the tax authorities will not accept the position taken, the Group establishes provisions based on the most likely amount of the liability (recovery) or weighted average of various possible outcomes to reflect the effect of the uncertainty in determining the related taxable profit (tax loss), tax bases, unused tax losses, unused tax credits or tax rates, to the extent that a reliable estimate can be made. |
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 plus potential common shares from share unit plans and outstanding stock options 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, 2019 | |
Basis Of Consolidation [Abstract] | |
Schedule of Subsidiaries | The table below provides a list of the Company’s principal operating subsidiaries at December 31, 2019 . 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 97.01% Acindar Industria Argentina de Aceros S.A. Argentina 100.00% Europe ArcelorMittal France S.A.S. France 100.00% 1 ArcelorMittal Belgium N.V. Belgium 100.00% ArcelorMittal España S.A. Spain 99.85% ArcelorMittal Flat Carbon Europe S.A. Luxembourg 100.00% 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 Duisburg GmbH Germany 100.00% ArcelorMittal International Luxembourg S.A. Luxembourg 100.00% ArcelorMittal Italia S.p.A. Italy 94.45% Africa and Commonwealth of Independent States ("ACIS") ArcelorMittal South Africa Ltd. ("AMSA") South Africa 69.22% 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.("AMMC") Canada 85.00% ArcelorMittal Liberia Ltd Liberia 85.00% JSC ArcelorMittal Temirtau Kazakhstan 100.00% PJSC ArcelorMittal Kryvyi Rih Ukraine 95.13% 1. On July 1, 2019, ArcelorMittal Atlantique et Lorraine S.A.S. was merged into ArcelorMittal France S.A.S. The tables below provide a list of the subsidiaries which include significant non-controlling interests at December 31, 2019 and 2018 and for the years ended December 31, 2019 , 2018 and 2017 . Name of Subsidiary Country of incorporation and operation % of non-controlling interests and non- controlling voting rights at December 31, 2019 % of non-controlling interests and non- controlling voting rights at December 31, 2018 Net income (loss) attributable to non- controlling interests for the year ended December 31, 2019 Non-controlling interests at December 31, 2019 Net income (loss) attributable to non- controlling interests for the year ended December 31, 2018 Non-controlling interests at December 31, 2018 Net income (loss) attributable to non- controlling interests for the year ended December 31, 2017 AMSA South Africa 30.78% 30.78% (98 ) 74 29 170 (124 ) Sonasid 1 Morocco 67.57% 67.57% — 103 2 107 3 ArcelorMittal Kryvyi Rih Ukraine 4.87% 4.87% (5 ) 185 15 182 10 Belgo Bekaert Arames ("BBA") Brazil 45.00% 45.00% 28 141 28 136 25 Hera Ermac 2 Luxembourg — — — 801 — 797 — AMMC Canada 15.00% 15.00% 114 486 91 484 91 Arceo Belgium 62.86% 62.86% 3 154 4 158 4 ArcelorMittal Liberia Ltd Liberia 15.00% 15.00% 18 (250 ) (2 ) (268 ) (11 ) Other 3 268 14 256 9 Total 63 1,962 181 2,022 7 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 11.2) . |
Schedule of Business Combinations | The table below summarizes the final acquisition-date fair value of the assets acquired and liabilities assumed in respect of Münker, AMSF and the former Ilva business in 2019: Münker AMSF Ilva Current assets 22 262 1,156 Property, plant and equipment 34 600 1,118 Intangible assets 11 19 267 Other non-current assets — 252 369 Total assets acquired 67 1,133 2,910 Deferred tax liabilities (8 ) (45 ) (74 ) Other liabilities (14 ) (792 ) (1,113 ) Total liabilities acquired (22 ) (837 ) (1,187 ) Net assets acquired 45 296 1,723 Non-controlling interests — — — Consideration paid, net 46 — 52 Consideration payable 5 328 1,490 Goodwill/(bargain purchase gain) 6 32 (181 ) |
Schedule of Significant Divestments | The table below summarizes the significant divestments : 2019 2018 2017 ArcelorMittal Italia remedies Global Chartering Limited Frýdek Místek Votorantim remedies AMTBA Downstream Solutions Europe Georgetown Cash and cash equivalents — — — — 13 — — Other current assets 1,386 14 48 40 46 38 — Property, plant and equipment 178 517 35 48 55 2 4 Other assets 11 21 — — 10 17 — Total assets 1,575 552 83 88 124 57 4 Current liabilities 1,046 229 31 4 52 18 1 Other long-term liabilities 241 311 4 — 7 12 2 Total liabilities 1,287 540 35 4 59 30 3 Total net assets 288 12 48 84 65 27 1 Assigned receivables 404 — — — — — — % of net assets sold 100 % 50 % 100 % 100 % 100 % 100 % 100 % Total net assets disposed of 692 6 48 84 65 27 1 Cash consideration received, net of escrow deposit and cash disposed 518 (4 ) 39 26 65 6 19 Consideration receivable 174 6 10 58 Reclassification of foreign exchange reserves 72 33 15 — — 21 — Gain on disposal 72 29 16 — — — 18 |
Details of Assets and Liabilities Held for Sale | The table below provides the details for the entities classified as held for sale at December 31, 2018. The ArcelorMittal Italia remedies were disposed during 2019 as disclosed in note 2.3.1. December 31, 2018 ArcelorMittal Italia remedies Steelton Total Current Assets: Cash and cash equivalents 10 — 10 Trade accounts receivable, prepaid expenses and other current assets 291 28 319 Inventories 1,011 23 1,034 Total Current Assets 1,312 51 1,363 Non-current Assets: Property, plant and equipment 638 78 716 Other assets 32 — 32 Total Non-current Assets 670 78 748 Total Assets 1,982 129 2,111 Current Liabilities: Trade accounts payables, accrued expenses and other liabilities 542 21 563 Total Current Liabilities 542 21 563 Non-current Liabilities: Long-term debt 77 — 77 Other long-term liabilities 164 17 181 Total Non-current Liabilities 241 17 258 Total Liabilities 783 38 821 |
Investments Accounted for Under the Equity Method | The carrying amounts of the Company’s investments accounted for under the equity method were as follows: December 31, Category 2019 2018 Joint ventures 2,586 1,011 Associates 2,859 2,871 Individually immaterial joint ventures and associates 1 1,084 1,024 Total 6,529 4,906 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, 2019 and 2018 , and none of them have a carrying value exceeding 100 at December 31, 2019 and 2018 . |
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, 2019 Joint Ventures AMNS India Calvert VAMA Tameh Borçelik Total Place of incorporation and operation 1 India United States China Poland Turkey Principal Activity Integrated flat steel producer 5,6 Automotive steel finishing Automotive steel finishing Energy production and supply Manufacturing and sale of steel 2,3,4 Ownership and voting rights at December 31, 2019 60.00% 50.00% 50.00% 50.00% 50.00% Current assets 2,318 1,604 313 171 508 4,914 of which cash and cash equivalents 444 62 81 75 106 768 Non-current assets 6,295 1,282 637 580 267 9,061 Current liabilities 5,922 984 485 183 378 7,952 of which trade and other payables and provisions 670 144 226 139 274 1,453 Non-current liabilities 189 764 147 244 49 1,393 of which trade and other payables and provisions 46 — — 26 49 121 Net assets 2,502 1,138 318 324 348 4,630 Company's share of net assets 1,501 569 159 162 174 2,565 Adjustments for differences in accounting policies and other 48 6 — — (33 ) 21 Carrying amount in the statements of financial position 1,549 575 159 162 141 2,586 Revenue — 3,504 772 499 1,141 5,916 Depreciation and amortization — (63 ) (31 ) (37 ) (24 ) (155 ) Interest income 2 2 1 — 1 6 Interest expense (10 ) (48 ) (23 ) (7 ) (19 ) (107 ) Income tax benefit (expense) (83 ) — (22 ) (7 ) (10 ) (122 ) Profit (loss) from continuing operations (116 ) 156 10 28 19 97 Total comprehensive income (loss) (116 ) 156 10 28 19 97 Cash dividends received by the Company — 57 — 9 12 78 1. The country of incorporation corresponds to the country of operation except for Tameh whose country of operation is also the Czech Republic. 2. Ownership interest in Borçelik was 45.33% and 50.00% based on issued shares and outstanding shares, respectively, at December 31, 2019; voting interest was 48.01% at December 31, 2019 . 3. The non-current liabilities include 42 deferred tax liability. 4. Adjustment in Borçelik relates primarily to differences in accounting policies regarding revaluation of fixed assets. 5. Adjustments in AMNS India correspond to transaction costs incurred to set up the joint venture. 6. Includes AMNS Luxembourg, AMNS India and intermediate holding entities. December 31, 2018 Joint Ventures Calvert VAMA Tameh Borçelik Total Place of incorporation and operation 1 United States China Poland Turkey Principal Activity Automotive steel finishing Automotive steel finishing Energy production and supply Manufacturing and sale of steel 2,3,4 Ownership and voting rights at December 31, 2018 50.00% 50.00% 50.00% 50.00% Current assets 1,490 329 205 519 2,543 of which cash and cash equivalents 76 85 90 67 318 Non-current assets 1,282 688 540 282 2,792 Current liabilities 824 491 208 398 1,921 of which trade and other payables and provisions 173 180 176 263 792 Non-current liabilities 853 217 226 49 1,345 of which trade and other payables and provisions — — 22 — 22 Net assets 1,095 309 311 354 2,069 Company's share of net assets 548 156 156 177 1,037 Adjustments for differences in accounting policies and other 6 — — (32 ) (26 ) Carrying amount in the statements of financial position 554 156 156 145 1,011 Revenue 3,295 625 467 1,328 5,715 Depreciation and amortization (62 ) (32 ) (31 ) (22 ) (147 ) Interest income 1 1 — 2 4 Interest expense (40 ) (26 ) (4 ) (20 ) (90 ) Income tax benefit (expense) — (1 ) (8 ) (18 ) (27 ) Profit (loss) from continuing operations 312 5 30 6 353 Other comprehensive income (loss) — — 3 1 4 Total comprehensive income (loss) 312 5 33 7 357 Cash dividends received by the Company 48 — 4 34 86 1. The country of incorporation corresponds to the country of operation except for Tameh whose country of operation is also the Czech Republic. 2. Ownership interest in Borçelik was 45.33% and 50.00% based on issued shares and outstanding shares, respectively, at December 31, 2018; voting interest was 48.01% at December 31, 2018. 3. The non-current liabilities include 43 deferred tax liability. 4. Adjustment in Borçelik relates primarily to differences in accounting policies regarding revaluation of fixed assets. 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% Ownership and voting rights % at ** 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) Profit (loss) from continuing operations 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. |
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, 2019 Associates China Oriental DHS Group Gonvarri Steel Industries Baffinland Total Financial statements reporting date June 30, 2019 September 30, 2019 September 30, 2019 December 31, 2019 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, 2019 37.02% 33.43% 35.00% 25.70% Current assets 2,920 1,385 2,062 479 6,846 Non-current assets 1,797 2,794 1,628 2,403 8,622 Current liabilities 1,837 402 1,038 663 3,940 Non-current liabilities 150 979 795 891 2,815 Non-controlling interests 44 122 218 — 384 Net assets attributable to equity holders of the parent 2,686 2,676 1,639 1,328 8,329 Company's share of net assets 994 895 574 341 2,804 Adjustments for differences in accounting policies and other — 43 (49 ) 7 1 Other adjustments 2 5 27 22 — 54 Carrying amount in the statements of financial position 999 965 547 348 2,859 Revenue 3,102 1,795 3,724 454 9,075 Profit (loss) from continuing operations 249 (116 ) 82 (72 ) 143 Other comprehensive income (loss) — 8 (7 ) — 1 Total comprehensive income (loss) 249 (108 ) 75 (72 ) 144 Cash dividends received by the Company 57 — 13 — 70 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, 2019 and the net assets situation corresponding to the latest financial statements ArcelorMittal is permitted to disclose as of the reporting dates described in the table above. 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, 2018 Associates China Oriental DHS Group Gonvarri Steel Industries Baffinland Total Financial statements reporting date June 30, 2018 September 30, 2018 September 30, 2018 December 31, 2018 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, 2018 37.02% 33.43% 35.00% 28.76% Current assets 2,516 1,528 2,183 390 6,617 Non-current assets 1,443 3,062 1,526 1,949 7,980 Current liabilities 1,426 480 1,134 399 3,439 Non-current liabilities 35 1,005 677 694 2,411 Non-controlling interests 45 136 219 — 400 Net assets attributable to equity holders of the parent 2,453 2,969 1,679 1,246 8,347 Company's share of net assets 908 992 588 358 2,846 Adjustments for differences in accounting policies and other — 27 (52 ) 22 (3 ) Other adjustments 2 44 (4 ) (12 ) — 28 Carrying amount in the statements of financial position 952 1,015 524 380 2,871 Revenue 3,370 1,959 3,544 320 9,193 Profit (loss) from continuing operations 474 20 60 (98 ) 456 Other comprehensive income (loss) — 5 (37 ) — (32 ) Total comprehensive income (loss) 474 25 23 (98 ) 424 Cash dividends received by the Company 92 5 16 — 113 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, 2018 and the net assets situation corresponding to the latest financial statements ArcelorMittal is permitted to disclose as of the reporting dates described in the table above. 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, 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 (loss) from continuing operations 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 as of the reporting dates described in the table above. 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. |
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, 2019 December 31, 2018 Associates Joint Ventures Total Associates Joint Ventures Total Carrying amount of interests in associates and joint ventures 304 780 1,084 310 714 1,024 Share of: Income from continuing operations 26 87 113 8 80 88 Other comprehensive income (loss) 1 2 3 (5) 2 (3 ) Total comprehensive income 27 89 116 3 82 85 |
Other Investments | Other investments include those investments in equity instruments for which the Company does not have significant influence. The Company irrevocably elected to present the changes in fair value of such equity instruments, which are not held for trading, in other comprehensive income, because these investments are held as long-term strategic investments that are not expected to be sold in the short to medium term. Other investments include the following: December 31, 2019 2018 Erdemir 642 577 Stalprodukt S.A. 57 101 Powercell Sweden 23 12 Gerdau — 115 Others 50 50 Investments in equity instruments at FVOCI 772 855 |
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, 2019 2018 2017 Share in net earnings of equity-accounted companies 252 567 537 Impairment charges — (132 ) (26 ) Gain (loss) on disposal (4 ) 126 (117 ) Dividend income 99 91 54 Total 347 652 448 |
SEGMENT REPORTING (Tables)
SEGMENT REPORTING (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 Sales to external customers 18,478 6,927 37,487 6,487 1,165 71 — 70,615 Intersegment sales 2 77 1,186 234 350 3,672 353 (5,872 ) — Operating income (loss) (1,259 ) 846 (1,107 ) (25 ) 1,215 (295 ) (2 ) (627 ) Depreciation and amortization (570 ) (274 ) (1,256 ) (364 ) (448 ) (155 ) — (3,067 ) Impairment (1,300 ) — (525 ) (102 ) — — — (1,927 ) Capital expenditures 727 328 1,353 513 480 171 — 3,572 Year ended December 31, 2018 Sales to external customers 20,145 7,041 40,247 7,506 1,009 85 — 76,033 Intersegment sales 2 187 1,670 241 455 3,202 307 (6,062 ) — Operating income (loss) 1,889 1,356 1,632 1,094 860 (247 ) (45 ) 6,539 Depreciation and amortization (522 ) (298 ) (1,195 ) (311 ) (418 ) (55 ) — (2,799 ) Bargain purchase gain 3 — — — 209 — — — — 209 Impairment — (86 ) (908 ) — — — — (994 ) Capital expenditures 669 244 1,336 534 485 37 — 3,305 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. 3. See note 2.2.4. |
Reconciliation of Operating Income (Loss) to Net Income | The reconciliation from operating income to net income (including non-controlling interests) is as follows: Year ended December 31, 2019 2018 2017 Operating (loss)/income (627 ) 6,539 5,434 Income from investments in associates and joint ventures 347 652 448 Financing costs - net (1,652 ) (2,210 ) (875 ) (Loss) income before taxes (1,932 ) 4,981 5,007 Income tax expense (benefit) 459 (349 ) 432 Net (loss) income (including non-controlling interests) (2,391 ) 5,330 4,575 |
Schedule of Geographical Areas | Non-current assets 1 per significant country: December 31, 2019 2018 Americas Canada 5,336 5,187 Brazil 4,254 4,259 United States 2,878 4,022 Mexico 1,408 1,163 Argentina 266 252 Venezuela 17 10 Others 16 19 Total Americas 14,175 14,912 Europe France 4,293 4,363 Germany 2,665 2,607 Belgium 2 2,695 2,526 Poland 2,508 2,356 Ukraine 2,674 2,219 Spain 1,920 1,971 Italy 1,488 1,365 Luxembourg 1,231 1,229 Bosnia and Herzegovina 188 205 Romania 2 62 86 Czech Republic 2 31 24 Others 165 235 Total Europe 19,920 19,186 Asia & Africa Kazakhstan 1,519 1,309 South Africa 568 625 Liberia 157 148 Morocco 92 93 Others 128 107 Total Asia & Africa 2,464 2,282 Unallocated assets 22,733 22,394 Total 59,292 58,774 1. Non-current assets do not include goodwill (as it is not allocated to the individual countries), deferred tax assets, investments in associates and joint ventures, other investments and other non-current financial assets. Such assets are presented under the caption “Unallocated assets”. 2. ArcelorMittal Ostrava, ArcelorMittal Galati and certain assets of ArcelorMittal Belgium were classified as held for sale at December 31, 2018 and sold in 2019 (see note 2.3.1 and 2.3.2). Sales (by destination) Year ended December 31, 2019 2018 2017 Americas United States 15,238 16,271 14,367 Brazil 5,094 4,982 4,149 Canada 3,004 3,563 3,034 Mexico 1,941 1,970 2,251 Argentina 814 960 1,230 Others 1,195 1,322 1,005 Total Americas 27,286 29,068 26,036 Europe Germany 5,694 6,757 5,933 Poland 3,957 4,518 3,746 France 4,114 4,431 4,051 Spain 3,855 4,265 3,751 Italy 4,317 3,333 2,711 Czech Republic 1,244 1,782 1,400 Turkey 1,499 1,683 1,937 United Kingdom 1,434 1,471 1,370 Belgium 1,617 1,309 1,129 Netherlands 1,142 1,209 1,117 Russia 876 1,144 1,204 Romania 720 708 621 Others 4,899 5,653 4,948 Total Europe 35,368 38,263 33,918 Asia & Africa South Africa 2,260 2,742 2,560 Morocco 583 628 596 Egypt 309 206 310 Rest of Africa 1,278 1,257 1,033 China 676 608 622 Kazakhstan 470 496 392 South Korea 380 365 259 India 95 92 163 Rest of Asia 1,910 2,308 2,790 Total Asia & Africa 7,961 8,702 8,725 Total 70,615 76,033 68,679 |
Schedule of Sales by Product Type | 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 include non-steel and by-products sales, manufactured and specialty steel products sales, shipping and other services. Year ended December 31, 2019 2018 2017 Flat products 43,633 46,734 43,065 Long products 13,706 15,751 13,685 Tubular products 2,044 2,158 1,810 Mining products 1,165 1,009 985 Others 10,067 10,380 9,134 Total 70,615 76,033 68,679 |
Disaggregation of Revenue From Contracts With Customers | The tables below summarize the disaggregated revenue recognized from contracts with customers: Year ended December 31, 2019 NAFTA Brazil Europe ACIS Mining Others Total Steel sales 17,669 6,467 33,759 5,789 — — 63,684 Non-steel sales 1 122 66 1,130 239 1,117 — 2,674 By-product sales 2 114 93 816 135 — — 1,158 Other sales 3 573 301 1,782 324 48 71 3,099 Total 18,478 6,927 37,487 6,487 1,165 71 70,615 Year ended December 31, 2018 NAFTA Brazil Europe ACIS Mining Others Total Steel sales 19,372 6,582 36,603 6,748 — — 69,305 Non-steel sales 1 148 31 882 243 968 — 2,272 By-product sales 2 124 115 947 182 — — 1,368 Other sales 3 501 313 1,815 333 41 85 3,088 Total 20,145 7,041 40,247 7,506 1,009 85 76,033 Year ended December 31, 2017 NAFTA Brazil Europe ACIS Mining Others Total Steel sales 17,210 6,128 32,676 6,661 — — 62,675 Non-steel sales 1 121 77 817 188 947 — 2,150 By-product sales 2 98 89 683 159 — — 1,029 Other sales 3 464 277 1,649 315 38 82 2,825 Total 17,893 6,571 35,825 7,323 985 82 68,679 1. Non-steel sales mainly relate to iron ore, coal, scrap and electricity; 2. By-product sales mainly relate to slag, waste and coke by-products; 3. Other sales are mainly comprised of shipping and other services. |
OPERATING DATA (Tables)
OPERATING DATA (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Revenue, Cost Of Sales, Current Assets, And Current Liabilities [Abstract] | |
Schedule of Movements in Trade and Other Receivables | The tables below summarize the movements relating to the Company's trade receivable and other for the years ended December 31, 2019, 2018 and 2017. Year ended December 31, 2019 2018 2017 Trade accounts receivable and other - opening balance 4,432 3,863 2,974 Performance obligations satisfied 70,615 76,033 68,679 Payments received (71,559 ) (75,387 ) (68,059 ) Impairment of receivables (net of write backs and utilization) 9 (8 ) — Reclassification of the period-end receivables to held for sale — (182 ) — Additions through business combinations 4 532 33 Foreign exchange and others 68 (419 ) 236 Trade accounts receivable and other - closing balance 3,569 4,432 3,863 |
Schedule of Cost of Sales | Cost of sales includes the following components: Year ended December 31, 2019 2018 2017 Materials 47,809 46,842 42,813 Labor costs 9,094 9,206 8,842 Logistic expenses 4,951 4,974 4,161 Depreciation and amortization 3,067 2,799 2,768 Gain on bargain purchase 1 — (209 ) — Impairment 1,927 994 206 Other 2,039 2,419 2,086 Total 68,887 67,025 60,876 1. See note 2.2.4 |
Schedule of Trade Accounts Receivable and Allowance for Expected Credit Losses | Trade accounts receivable and allowance for lifetime expected credit losses December 31, 2019 2018 Gross amount 3,698 4,605 Allowance for lifetime expected credit losses (129 ) (173 ) Total 3,569 4,432 |
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, 2019 2018 NAFTA 285 579 Brazil 702 864 Europe 1,983 2,348 ACIS 523 531 Mining 76 110 Total 3,569 4,432 |
Aging of Trade Accounts Receivable | Aging of trade accounts receivable December 31, December 31, 2019 2018 Gross Allowance Total Gross Allowance Total Not past due 2,851 (11 ) 2,840 3,377 (3 ) 3,374 Overdue 1-30 days 452 (2 ) 450 691 (3 ) 688 Overdue 31-60 days 85 (1 ) 84 178 (1 ) 177 Overdue 61-90 days 43 — 43 97 (1 ) 96 Overdue 91-180 days 67 (4 ) 63 59 (4 ) 55 More than 180 days 200 (111 ) 89 203 (161 ) 42 Total 3,698 (129 ) 3,569 4,605 (173 ) 4,432 |
Movement in the Allowance for Lifetime Expected Credit Losses | The movements in the allowance are calculated based on lifetime expected credit loss model for 2019 and 2018 following the adoption of IFRS 9 and incurred loss model for 2017. The allowances in respect of trade accounts receivable during the periods presented is as follows: Year ended December 31, 2019 2018 2017 Allowance - opening balance 173 193 184 Additions 18 35 34 Write backs / utilization (27 ) (29 ) (38 ) Foreign exchange and others (35 ) (26 ) 13 Allowance - closing balance 129 173 193 |
Schedule of Inventories | Inventories, net of allowance for slow-moving inventory, excess of cost over net realizable value and obsolescence of 1,760 and 1,168 as of December 31, 2019 and 2018 , respectively, are comprised of the following: December 31, 2019 2018 Finished products 5,821 7,464 Production in process 4,165 4,596 Raw materials 5,101 6,822 Manufacturing supplies, spare parts and other 1 2,209 1,862 Total 17,296 20,744 1. Including spare parts of 1.6 billion and 1.3 billion , and manufacturing and other of 0.6 billion and 0.6 billion as of December 31, 2019 and 2018 , respectively. |
Movement in Inventory Reserve | Movements in the inventory reserve are as follows: Year ended December 31, 2019 2018 2017 Inventory reserve - opening balance 1,168 1,239 1,097 Additions 1 726 423 442 Deductions / Releases 2 (212 ) (382 ) (404 ) Foreign exchange and others 78 (112 ) 104 Inventory reserve - closing balance 1,760 1,168 1,239 1. Additions in 2019 refer to write-downs of inventories excluding those utilized or written back during the same financial year. The additions in 2018 and 2017 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 prior periods in 2019 and correspond to write-backs and utilizations related to the current and prior periods in 2018 and 2017. |
Schedule of Prepaid Expenses and Other Current Assets | December 31, 2019 2018 VAT receivables 941 1,049 Prepaid expenses and non-trade receivables 696 416 Financial amounts receivable 350 304 Income tax receivable 102 106 Receivables from public authorities 137 125 Receivables from sale of financial and intangible assets 153 149 Derivative financial instruments 268 617 Other 1 109 68 Total 2,756 2,834 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, 2019 2018 Derivative financial instruments 130 609 Financial amounts receivable 594 1,679 Long-term VAT receivables 285 322 Cash guarantees and deposits 164 185 Receivables from public authorities 51 172 Accrued interest 65 86 Receivables from sale of financial and intangible assets 131 61 Income tax receivable 25 18 Other 1 203 228 Total 1,648 3,360 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, 2019 2018 Accrued payroll and employee related expenses 1,560 1,613 Accrued interest and other payables 927 976 Payable from acquisition of intangible, tangible & financial assets 1,559 1,332 Other amounts due to public authorities 507 540 Derivative financial instruments 1 308 190 Unearned revenue and accrued payables 49 58 Total 4,910 4,709 1. Derivative financial instruments include 125 as of December 31, 2019 relating to the fair value of the put option granted to ISP in the framework of the acquisition of ArcelorMittal Italia. As of December 31, 2018 the option’s fair value of 124 was included in long-term liabilities (note 9.2). |
GOODWILL, INTANGIBLE AND TANG_2
GOODWILL, INTANGIBLE AND TANGIBLE ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Intangible Assets [Abstract] | |
Schedule of Goodwill and Intangible Assets | The carrying amounts of goodwill and intangible assets are summarized as follows: December 31, 2019 2018 Goodwill on acquisitions 5,104 4,986 Concessions, patents and licenses 197 293 Customer relationships and trade marks 95 90 Other 1 36 359 Total 5,432 5,728 1. In 2018, o ther included 201 relating to CO2 emission rights, which were surrendered in 2019, and 77 related to favorable land lease contracts in ArcelorMittal Italia, which were reclassified as right-of-use assets upon adoption of IFRS 16 as of January 1, 2019 (see note 7) Other intangible assets are summarized as follows: Concessions, patents and licenses Customer relationships and trade marks Other Total Cost At December 31, 2017 766 1,214 96 2,076 Acquisitions 22 — 39 61 Acquisitions through business combinations (note 2.2.4) 2 — 317 319 Disposals — — (5 ) (5 ) Foreign exchange differences (61 ) (83 ) (4 ) (148 ) Transfers to assets held for sale (note 2.3) (32 ) — — (32 ) Transfers and other movements 1 64 1 — 65 Fully amortized intangible assets 2 (16 ) (4 ) — (20 ) At December 31, 2018 745 1,128 443 2,316 Acquisitions 17 — 65 82 Acquisitions through business combination (note 2.2.4) — 12 — 12 Disposal — — (6 ) (6 ) Foreign exchange differences (8 ) (11 ) (4 ) (23 ) Transfers and other movements 1 (107 ) 4 (351 ) (454 ) Fully amortized intangible assets 2 (17 ) — — (17 ) At December 31, 2019 630 1,133 147 1,910 Accumulated amortization and impairment losses At December 31, 2017 491 1,096 46 1,633 Amortization charge 47 22 42 111 Foreign exchange differences (44 ) (76 ) (3 ) (123 ) Transfers to assets held for sale (note 2.3) (27 ) — — (27 ) Transfers and other movements 1 1 — (1 ) — Fully amortized intangible assets 2 (16 ) (4 ) — (20 ) At December 31, 2018 452 1,038 84 1,574 Amortization charge 53 11 30 94 Foreign exchange differences (7 ) (11 ) (2 ) (20 ) Transfers and other movements 1 (48 ) — (1 ) (49 ) Fully amortized intangible assets 2 (17 ) — — (17 ) At December 31, 2019 433 1,038 111 1,582 Carrying amount At December 31, 2018 293 90 359 742 At December 31, 2019 197 95 36 328 1. In 2019, transfers and other movements mainly relate to CO2 emission rights utilized from the acquisition of ArcelorMittal Italia amounting to 158 (see note 2.2.4) and favorable land lease contracts from the acquisition of ArcelorMittal Italia and advances for land use which were transferred to right-of-use assets upon implementation of IFRS 16 (see notes 1 and 7). In 2018, transfers and other movements correspond mainly to transfer from assets under construction into patents and licenses. 2. Fully amortized assets correspond mainly to licenses in 2019 and 2018 . |
Schedule of Goodwill Acquired | Goodwill acquired in business combinations for each of the Company’s operating segments is as follows: December 31, 2017 Divestments and assets held for sale 1 Foreign exchange differences and other movements 2 December 31, 2018 NAFTA 2,249 — (51 ) 2,198 Brazil 1,640 (18 ) (218 ) 1,404 Europe 582 (16 ) (16 ) 550 ACIS 823 — 11 834 Total 5,294 (34 ) (274 ) 4,986 1. See note 2.3.1 and 2.3.2 2. Other movements for Brazil include 24 related to the acquisition of AMSF (see note 2.2.4) December 31, 2018 Divestments and assets held for sale Foreign exchange differences and other movements 1 December 31, 2019 NAFTA 2,198 — 35 2,233 Brazil 1,404 — (51 ) 1,353 Europe 550 — (5 ) 545 ACIS 834 — 139 973 Total 4,986 — 118 5,104 1. Other movements for Europe include 6 relating to the acquisition of Münker and 8 for Brazil relating to the increase in goodwill following the completion of the acquisition-date fair value of AMSF (see 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 Right-of-use assets 4 Mining Total Cost At December 31, 2017 12,845 50,174 3,732 — 3,875 70,626 Additions 36 282 3,064 — 28 3,410 Acquisitions through business combinations (note 2.2.4) 358 1,210 58 — — 1,626 Foreign exchange differences (888 ) (4,006 ) (220 ) — (100 ) (5,214 ) Disposals (120 ) (535 ) (113 ) — (13 ) (781 ) Divestments (note 2.3.1) (43 ) (215 ) (2 ) — — (260 ) Transfers (to)/ from assets held for sale (note 2.3.2) (1,434 ) (4,532 ) (143 ) — — (6,109 ) Other movements 1 125 1,684 (2,013 ) — 111 (93 ) At December 31, 2018 10,879 44,062 4,363 — 3,901 63,205 Adoption of IFRS 16 (notes 1 and 7) 3 — (921 ) — 2,365 — 1,444 At January 1, 2019 10,879 43,141 4,363 2,365 3,901 64,649 Additions 35 471 3,245 259 26 4,036 Acquisitions through business combinations (note 2.2.4) 24 10 — — — 34 Foreign exchange differences (99 ) (98 ) 50 (7 ) 38 (116 ) Disposals (66 ) (654 ) (16 ) (4 ) (19 ) (759 ) Divestments (note 2.3.1) — (130 ) — (484 ) — (614 ) Other movements 1 124 1,888 (2,152 ) (37 ) 167 (10 ) At December 31, 2019 10,897 44,628 5,490 2,092 4,113 67,220 Accumulated depreciation and impairment At December 31, 2017 4,356 25,700 988 — 2,611 33,655 Depreciation charge for the year 356 2,212 — — 120 2,688 Impairment (note 5.3) 21 930 9 — — 960 Disposals (110 ) (494 ) — — (13 ) (617 ) Foreign exchange differences (484 ) (2,715 ) (7 ) — (81 ) (3,287 ) Divestments (note 2.3.1) (31 ) (181 ) — — — (212 ) Transfers (to)/ from assets held for sale (note 2.3.2) (989 ) (4,456 ) (26 ) — — (5,471 ) Other movements 1 (6 ) (158 ) 17 — (2 ) (149 ) At December 31, 2018 3,113 20,838 981 — 2,635 27,567 Adoption of IFRS 16 (notes 1 and 7) 3 — (558 ) — 597 — 39 At January 1, 2019 3,113 20,280 981 597 2,635 27,606 Depreciation charge for the year 338 2,171 — 343 121 2,973 Impairment (note 5.3) 154 1,202 9 65 — 1,430 Disposals (45 ) (614 ) — (3 ) (17 ) (679 ) Foreign exchange differences (58 ) (112 ) (4 ) 4 24 (146 ) Divestments (note 2.3.1) — (3 ) — (94 ) — (97 ) Other movements 1 (14 ) (35 ) 5 (55 ) 1 (98 ) At December 31, 2019 3,488 22,889 991 857 2,764 30,989 Carrying amount At December 31, 2018 7,766 23,224 3,382 — 1,266 35,638 At December 31, 2019 7,409 21,739 4,499 1,235 1,349 36,231 1. Other movements predominantly represent transfers from construction in progress to other categories and retirement of fully amortized assets. In 2019, other movement also include 92 relating to finalization of acquisition date fair values of AM Italia (refer note 2.2.4). 2. Machinery, equipment and other includes biological assets of 59 and 49 as of December 31, 2019 and 2018 , respectively, and bearer plants of 38 and 38 as of December 31, 2019 and 2018 , respectively. 3. Includes additions due to implementation of IFRS 16 amounting to 1,136 as well as favorable terms of operating leases of ArcelorMittal Italia and amounts prepaid for the right of use of land, both reclassified from intangible assets (refer note 7). 4. Right-of-use assets as of December 31, 2018 include 921 of cost of assets and 558 of accumulated depreciation previously recognized under IAS 17 and presented within machinery, equipment and other. Upon implementation of IFRS 16, the right-of-use assets are presented separately in the table above. |
Schedule of Impairment of Assets | Impairment charges recognized were as follows: Year ended December 31, Type of asset 2019 2018 2017 Goodwill — 34 — Tangible assets 1,927 960 206 Total 1,927 994 206 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 2019 (in %) 10.8 15.0 9.1 14.5 GCGU weighted average pre-tax discount rate used in 2018 (in %) 12.9 15.5 10.6 15.4 During the six months ended June 30, 2019, the Company recognized an impairment charge for property, plant and equipment amounting to 600 relating to ArcelorMittal USA as a result of a downward revision of cash flow projections in particular with respect to near-term steel selling prices as follows: Cash-Generating Unit Country Operating Segment Impairment Recorded 2019 Pre-Tax Discount Rate 2018 Pre-Tax Discount Rate Carrying amount of property, plant and equipment as of June 30, 2019 ArcelorMittal USA USA NAFTA 600 13.98 % 16.91 % 3,213 In the second half of 2019 , in connection with management’s annual test for impairment of goodwill, property, plant and equipment was also tested for impairment at that date. The Company recognized an impairment charge for property, plant and equipment amounting to 700 relating to ArcelorMittal USA in the NAFTA operating segment as a result of a downward revision of cash flow projections in particular with respect to near-term steel selling prices consisting of the following: Cash-Generating Unit Country Operating Segment Impairment Recorded 2019 Pre-Tax Discount Rate 2018 Pre-Tax Discount Rate Carrying amount of property, plant and equipment as of December 31, 2019 ArcelorMittal USA USA NAFTA 700 10.17 % 16.91 % 2,568 In the same context, the Company recognized a impairment charge for property, plant and equipment of 75 relating to the Long Steel Products facility of Newcastle in ArcelorMittal South Africa as a result of a lower domestic volumes as follows: Cash-Generating Unit Country Operating Segment Impairment Recorded 2019 Pre-Tax Discount Rate 2018 Pre-Tax Discount Rate Carrying amount of property, plant and equipment as of December 31, 2019 Long Steel Products South Africa ACIS 75 13.87 % 15.13 % 163 During the six months ended June 30, 2017, management performed a test for impairment relating to the Long Steel Products 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 ArcelorMittal South Africa 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 |
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 1, 2019). 2019 NAFTA ACIS Excess of recoverable amount over carrying amount 789 152 Increase in pre-tax discount rate (change in basis points) 65 27 Decrease in average selling price (change in %) 0.37 0.29 Decrease in shipments (change in %) 1.06 1.00 |
FINANCING AND FINANCIAL INSTR_2
FINANCING AND FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Financial Instruments [Abstract] | |
Disclosure of Assets Based on Categories | 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 table summarizes assets and liabilities based on their categories at December 31, 2019 : December 31, 2019 Carrying amount in the consolidated statements of financial position Non-financial assets and liabilities Assets/Liabilities at amortized cost Fair value recognized in profit or loss Fair value recognized in OCI Derivatives ASSETS Current assets: Cash and cash equivalents 4,867 — 4,867 — — — Restricted cash 128 — 128 — — — Trade accounts receivable and other 3,569 — 3,146 — 423 — Inventories 17,296 17,296 — — — — Prepaid expenses and other current assets 2,756 1,305 1,047 136 — 268 Total current assets 28,616 18,601 9,188 136 423 268 Non-current assets: Goodwill and intangible assets 5,432 5,432 — — — — Property, plant and equipment and biological assets 36,231 36,172 — 59 — — Investments in associates and joint ventures 6,529 6,529 — — — — Other investments 772 — — — 772 — Deferred tax assets 8,680 8,680 — — — — Other assets 1,648 388 1,130 — — 130 Total non-current assets 59,292 57,201 1,130 59 772 130 Total assets 87,908 75,802 10,318 195 1,195 398 LIABILITIES AND EQUITY Current liabilities: Short-term debt and current portion of long-term debt 2,869 — 2,869 — — — Trade accounts payable and other 12,614 — 12,614 — — — Short-term provisions 516 485 31 — — — Accrued expenses and other liabilities 4,910 1,075 3,527 — — 308 Income tax liabilities 378 378 — — — — Total current liabilities 21,287 1,938 19,041 — — 308 Non-current liabilities: Long-term debt, net of current portion 11,471 — 11,471 — — — Deferred tax liabilities 2,331 2,331 — — — — Deferred employee benefits 7,343 7,343 — — — — Long-term provisions 2,475 2,465 10 — — — Other long-term obligations 2,518 501 1,779 — — 238 Total non-current liabilities 26,138 12,640 13,260 — — 238 Equity: Equity attributable to the equity holders of the parent 38,521 38,521 — — — — Non-controlling interests 1,962 1,962 — — — — Total equity 40,483 40,483 — — — — Total liabilities and equity 87,908 55,061 32,301 — — 546 December 31, 2018 Carrying amount in the consolidated statements of financial position Non-financial assets and liabilities Assets/Liabilities at amortized cost Fair value recognized in profit or loss Fair value recognized in OCI Derivatives ASSETS Current assets: Cash and cash equivalents 2,172 — 2,172 — — — Restricted cash 182 — 182 — — — Trade accounts receivable and other 4,432 — 3,957 — 475 — Inventories 20,744 20,744 — — — — Prepaid expenses and other current assets 2,834 1,405 812 — — 617 Assets held for sale 2,111 2,111 — — — — Total current assets 32,475 24,260 7,123 — 475 617 Non-current assets: Goodwill and intangible assets 5,728 5,728 — — — — Property, plant and equipment and biological assets 35,638 35,589 — 49 — — Investments in associates and joint ventures 4,906 4,906 — — — — Other investments 855 — — — 855 — Deferred tax assets 8,287 8,287 — — — — Other assets 3,360 526 1,188 1,037 — 609 Total non-current assets 58,774 55,036 1,188 1,086 855 609 Total assets 91,249 79,296 8,311 1,086 1,330 1,226 LIABILITIES AND EQUITY Current liabilities: Short-term debt and current portion of long-term debt 3,167 — 3,167 — — — Trade accounts payable and other 13,981 — 13,981 — — — Short-term provisions 539 528 11 — — — Accrued expenses and other liabilities 4,709 1,212 3,307 — — 190 Income tax liabilities 238 238 — — — — Liabilities held for sale 821 821 — — — — Total current liabilities 23,455 2,799 20,466 — — 190 Non-current liabilities: Long-term debt, net of current portion 9,316 — 9,316 — — — Deferred tax liabilities 2,374 2,374 — — — — Deferred employee benefits 6,982 6,982 — — — — Long-term provisions 1,995 1,984 11 — — — Other long-term obligations 3,019 457 1,854 — — 708 Total non-current liabilities 23,686 11,797 11,181 — — 708 Equity: Equity attributable to the equity holders of the parent 42,086 42,086 — — — — Non-controlling interests 2,022 2,022 — — — — Total equity 44,108 44,108 — — — — Total liabilities and equity 91,249 58,704 31,647 — — 898 |
Disclosure of Liabilities Based on Categories | 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 table summarizes assets and liabilities based on their categories at December 31, 2019 : December 31, 2019 Carrying amount in the consolidated statements of financial position Non-financial assets and liabilities Assets/Liabilities at amortized cost Fair value recognized in profit or loss Fair value recognized in OCI Derivatives ASSETS Current assets: Cash and cash equivalents 4,867 — 4,867 — — — Restricted cash 128 — 128 — — — Trade accounts receivable and other 3,569 — 3,146 — 423 — Inventories 17,296 17,296 — — — — Prepaid expenses and other current assets 2,756 1,305 1,047 136 — 268 Total current assets 28,616 18,601 9,188 136 423 268 Non-current assets: Goodwill and intangible assets 5,432 5,432 — — — — Property, plant and equipment and biological assets 36,231 36,172 — 59 — — Investments in associates and joint ventures 6,529 6,529 — — — — Other investments 772 — — — 772 — Deferred tax assets 8,680 8,680 — — — — Other assets 1,648 388 1,130 — — 130 Total non-current assets 59,292 57,201 1,130 59 772 130 Total assets 87,908 75,802 10,318 195 1,195 398 LIABILITIES AND EQUITY Current liabilities: Short-term debt and current portion of long-term debt 2,869 — 2,869 — — — Trade accounts payable and other 12,614 — 12,614 — — — Short-term provisions 516 485 31 — — — Accrued expenses and other liabilities 4,910 1,075 3,527 — — 308 Income tax liabilities 378 378 — — — — Total current liabilities 21,287 1,938 19,041 — — 308 Non-current liabilities: Long-term debt, net of current portion 11,471 — 11,471 — — — Deferred tax liabilities 2,331 2,331 — — — — Deferred employee benefits 7,343 7,343 — — — — Long-term provisions 2,475 2,465 10 — — — Other long-term obligations 2,518 501 1,779 — — 238 Total non-current liabilities 26,138 12,640 13,260 — — 238 Equity: Equity attributable to the equity holders of the parent 38,521 38,521 — — — — Non-controlling interests 1,962 1,962 — — — — Total equity 40,483 40,483 — — — — Total liabilities and equity 87,908 55,061 32,301 — — 546 December 31, 2018 Carrying amount in the consolidated statements of financial position Non-financial assets and liabilities Assets/Liabilities at amortized cost Fair value recognized in profit or loss Fair value recognized in OCI Derivatives ASSETS Current assets: Cash and cash equivalents 2,172 — 2,172 — — — Restricted cash 182 — 182 — — — Trade accounts receivable and other 4,432 — 3,957 — 475 — Inventories 20,744 20,744 — — — — Prepaid expenses and other current assets 2,834 1,405 812 — — 617 Assets held for sale 2,111 2,111 — — — — Total current assets 32,475 24,260 7,123 — 475 617 Non-current assets: Goodwill and intangible assets 5,728 5,728 — — — — Property, plant and equipment and biological assets 35,638 35,589 — 49 — — Investments in associates and joint ventures 4,906 4,906 — — — — Other investments 855 — — — 855 — Deferred tax assets 8,287 8,287 — — — — Other assets 3,360 526 1,188 1,037 — 609 Total non-current assets 58,774 55,036 1,188 1,086 855 609 Total assets 91,249 79,296 8,311 1,086 1,330 1,226 LIABILITIES AND EQUITY Current liabilities: Short-term debt and current portion of long-term debt 3,167 — 3,167 — — — Trade accounts payable and other 13,981 — 13,981 — — — Short-term provisions 539 528 11 — — — Accrued expenses and other liabilities 4,709 1,212 3,307 — — 190 Income tax liabilities 238 238 — — — — Liabilities held for sale 821 821 — — — — Total current liabilities 23,455 2,799 20,466 — — 190 Non-current liabilities: Long-term debt, net of current portion 9,316 — 9,316 — — — Deferred tax liabilities 2,374 2,374 — — — — Deferred employee benefits 6,982 6,982 — — — — Long-term provisions 1,995 1,984 11 — — — Other long-term obligations 3,019 457 1,854 — — 708 Total non-current liabilities 23,686 11,797 11,181 — — 708 Equity: Equity attributable to the equity holders of the parent 42,086 42,086 — — — — Non-controlling interests 2,022 2,022 — — — — Total equity 44,108 44,108 — — — — Total liabilities and equity 91,249 58,704 31,647 — — 898 |
Disclosure of Fair Value Measurement of Assets | The following tables summarize the bases used to measure certain Financial assets and Financial liabilities at their fair value on recurring basis. As of December 31, 2019 Level 1 Level 2 Level 3 Total Assets at fair value: Investments in equity instruments at FVOCI 699 — 73 772 Trade accounts receivable and other subject to TSR programs* — — 423 423 Derivative financial current assets — 268 — 268 Derivative financial non-current assets — 3 127 130 Total assets at fair value 699 271 623 1,593 Liabilities at fair value: Derivative financial current liabilities — 144 164 308 Derivative financial non-current liabilities — 101 137 238 Total liabilities at fair value — 245 301 546 *The fair value of TSR program receivables equals carrying amount due to the short time frame between the initial recognition and time of sale. As of December 31, 2018 Level 1 Level 2 Level 3 Total Assets at fair value: Investments in equity instruments at FVOCI 793 — 62 855 Trade accounts receivable and other subject to TSR programs* — — 475 475 Derivative financial current assets — 617 — 617 Derivative financial non-current assets — 126 483 609 Total assets at fair value 793 743 1,020 2,556 Liabilities at fair value: Derivative financial current liabilities — 75 115 190 Derivative financial non-current liabilities — 131 577 708 Total liabilities at fair value — 206 692 898 *The fair value of TSR program receivables equals carrying amount due to the short time frame between the initial recognition and time of sale. The following table summarizes the reconciliation of the fair value of the conversion option classified as Level 3 with respect to the put option granted to ISP , the call option on the 1,000 mandatory convertible bonds and the fair value of the special payment included in the pellet purchase agreement: Put option with ISP 1 Call option on 1,000 mandatory convertible bonds Special payment in pellet purchase agreement Total Balance as of December 31, 2017 — 984 (264 ) 720 Change in fair value (124 ) (501 ) (304 ) (929 ) Balance as of December 31, 2018 (124 ) 483 (568 ) (209 ) Change in fair value (1 ) (356 ) 392 35 Balance as of December 31, 2019 (125 ) 127 (176 ) (174 ) 1. The change in fair value in 2018 was recognized through the business combination (see note 2.2). |
Disclosure of Fair Value Measurement of Liabilities | The following tables summarize the bases used to measure certain Financial assets and Financial liabilities at their fair value on recurring basis. As of December 31, 2019 Level 1 Level 2 Level 3 Total Assets at fair value: Investments in equity instruments at FVOCI 699 — 73 772 Trade accounts receivable and other subject to TSR programs* — — 423 423 Derivative financial current assets — 268 — 268 Derivative financial non-current assets — 3 127 130 Total assets at fair value 699 271 623 1,593 Liabilities at fair value: Derivative financial current liabilities — 144 164 308 Derivative financial non-current liabilities — 101 137 238 Total liabilities at fair value — 245 301 546 *The fair value of TSR program receivables equals carrying amount due to the short time frame between the initial recognition and time of sale. As of December 31, 2018 Level 1 Level 2 Level 3 Total Assets at fair value: Investments in equity instruments at FVOCI 793 — 62 855 Trade accounts receivable and other subject to TSR programs* — — 475 475 Derivative financial current assets — 617 — 617 Derivative financial non-current assets — 126 483 609 Total assets at fair value 793 743 1,020 2,556 Liabilities at fair value: Derivative financial current liabilities — 75 115 190 Derivative financial non-current liabilities — 131 577 708 Total liabilities at fair value — 206 692 898 *The fair value of TSR program receivables equals carrying amount due to the short time frame between the initial recognition and time of sale. The following table summarizes the reconciliation of the fair value of the conversion option classified as Level 3 with respect to the put option granted to ISP , the call option on the 1,000 mandatory convertible bonds and the fair value of the special payment included in the pellet purchase agreement: Put option with ISP 1 Call option on 1,000 mandatory convertible bonds Special payment in pellet purchase agreement Total Balance as of December 31, 2017 — 984 (264 ) 720 Change in fair value (124 ) (501 ) (304 ) (929 ) Balance as of December 31, 2018 (124 ) 483 (568 ) (209 ) Change in fair value (1 ) (356 ) 392 35 Balance as of December 31, 2019 (125 ) 127 (176 ) (174 ) 1. The change in fair value in 2018 was recognized through the business combination (see note 2.2). |
Disclosure of Detailed Information About Borrowings | 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 Interest rate 1 Issued at CHF 225 million Unsecured Notes Jul 3, 2015 Jul 3, 2020 2.50% 100.00% €600 million Unsecured Notes Jul 4, 2014 Jul 6, 2020 2.88% 99.18% €500 million Unsecured Notes Apr 9, 2015 Apr 9, 2021 3.00% 99.55% €750 million Unsecured Notes Jan 14, 2015 Jan 14, 2022 3.13% 99.73% 1.1 billion Unsecured Notes Feb 28, 2012 Feb 25, 2022 6.25% 98.28% €500 million Unsecured Notes Dec 4, 2017 Jan 17, 2023 0.95% 99.38% €750 million Unsecured Notes Nov 19, 2019 May 19, 2023 1.00% 99.89% €250 million Unsecured Notes Jul 4, 2019 Jan 17, 2024 2.25% 105.59% €750 million Unsecured Notes Jan 17, 2019 Jan 17, 2024 2.25% 99.72% 750 Unsecured Notes Jul 16, 2019 Jul 16, 2024 3.60% 99.86% 500 Unsecured Notes Jun 1, 2015 Jun 1, 2025 6.13% 100.00% €750 million Unsecured Notes Nov 19, 2019 Nov 19, 2025 1.75% 99.41% 750 Unsecured Notes Mar 11, 2019 Mar 11, 2026 4.55% 99.72% 500 Unsecured Notes Jul 16, 2019 Jul 16, 2029 4.25% 99.00% 1.0 billion Unsecured Bonds Oct 8, 2009 Oct 15, 2039 7.00% 95.20% 500 Unsecured Bonds Aug 5, 2010 Oct 15, 2039 7.00% 104.84% 1.0 billion Unsecured Notes Mar 7, 2011 Mar 1, 2041 6.75% 99.18% 1. Rates applicable at December 31, 2019. Short-term debt, including the current portion of long-term debt, consisted of the following: December 31, 2019 2018 Short-term bank loans and other credit facilities including commercial paper 1 1,838 1,968 Current portion of long-term debt 770 1,130 Lease obligations 2 261 69 Total 2,869 3,167 1. The weighted average interest rate on short-term borrowings outstanding was 1.1% and 1.3% as of December 31, 2019 and 2018 , respectively. 2. On January 1, 2019, the Company adopted IFRS 16 and recognized additional lease liabilities (discounted at the incremental borrowing rates at that date). In 2018, lease obligations corresponded to finance leases under IAS 17. See note 7. Long-term debt is comprised of the following: December 31, Year of maturity Type of Interest Interest rate 1 2019 2018 Corporate 5.5 billion Revolving Credit Facility 4 2023-2024 Floating — — €750 million Unsecured Notes 2019 Fixed 3.00% — 858 500 Unsecured Notes 2020 Fixed 5.13% — 324 CHF 225 million Unsecured Notes 2020 Fixed 2.50% 233 228 €600 million Unsecured Notes 2020 Fixed 2.88% 316 685 1.0 billion Unsecured Bonds 2020 Fixed 5.25% — 623 1.5 billion Unsecured Notes 2021 Fixed 5.50% — 754 €500 million Unsecured Notes 2021 Fixed 3.00% 320 570 €750 million Unsecured Notes 2022 Fixed 3.13% 841 856 1.1 billion Unsecured Notes 2022 Fixed 6.25% 657 656 €500 million Unsecured Notes 2023 Fixed 0.95% 558 568 €750 million Unsecured Notes 2023 Fixed 1.00% 838 — €1 billion Unsecured Notes 2024 Fixed 2.25% 1,131 — 750 Unsecured Notes 2024 Fixed 3.60% 746 — 500 Unsecured Notes 2025 Fixed 6.13% 498 497 €750 million Unsecured Notes 2025 Fixed 1.75% 834 — 750 Unsecured Notes 2026 Fixed 4.55% 745 — 500 Unsecured Notes 2029 Fixed 4.25% 493 — 1.5 billion Unsecured Bonds 2039 Fixed 7.00% 671 670 1.0 billion Unsecured Notes 2041 Fixed 6.75% 428 428 Other loans 2021 Fixed 3.10% - 3.46% 151 114 EIB loan 2025 Fixed 1.16% 344 401 7.0 billion Term Facility 3 2020 Floating 3.09% — 1,000 Other loans 2021 - 2035 Floating 0.35% - 4.06% 1,218 639 Total Corporate 11,022 9,871 Americas Other loans 2020 - 2030 Fixed/Floating 0.0% - 10.0% 81 84 Total Americas 81 84 Europe, Asia & Africa EBRD Facility 2024 Floating 3.8% - 4.1% 175 50 Other loans 2020 - 2029 Fixed/Floating 0.0% - 5.8% 97 86 Total Europe, Asia & Africa 272 136 Total 11,375 10,091 Less current portion of long-term debt (770 ) (1,130 ) Total long-term debt (excluding lease obligations) 10,605 8,961 Long-term lease obligations 2 866 355 Total long-term debt, net of current portion 11,471 9,316 1. Rates applicable to balances outstanding a t December 31, 2019 . For debt that has been redeemed in its entirety during 2019 , the interest rates refer to the rates at repayment date. 2. Net of current portion of 261 and 69 as of December 31, 2019 and December 31, 2018, respectively. Further information regarding leases is provided in note 7. 3. Amount outstanding in 2018 was repaid on March 22, 2019 and March 29, 2019. 4. On November 27, 2019 , ArcelorMittal exercised the option to extend the maturity by one year to December 19, 2024 . The commitments are 5.5 billion until December 19, 2023 and 5.4 billion until December 19, 2024 . |
Disclosure of Maturity Analysis for Non-derivative Financial Liabilities | As of December 31, 2019 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 2020 2,869 2021 994 2022 1,956 2023 2,185 2024 2,062 Subsequent years 4,274 Total 14,340 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, 2019, and as such are sensitive to movements in mainly foreign 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, 2019 Carrying amount Contractual Cash Flow 2020 2021 from 2022 to 2024 After 2024 Non-derivative financial liabilities Bonds (9,398 ) (12,227 ) (880 ) (643 ) (5,542 ) (5,162 ) Loans over 100 (1,968 ) (2,405 ) (534 ) (453 ) (1,014 ) (404 ) Trade and other payables (12,614 ) (12,619 ) (12,619 ) — — — Other loans and lease (2,974 ) (3,257 ) (1,886 ) (297 ) (528 ) (546 ) Total (26,954 ) (30,508 ) (15,919 ) (1,393 ) (7,084 ) (6,112 ) Derivative financial liabilities Equity contracts (Put options) (125 ) (125 ) (125 ) — — — Foreign exchange contracts (90 ) (90 ) (49 ) — — (41 ) Other commodities contracts 1 (331 ) (331 ) (134 ) (76 ) (103 ) (18 ) Total (546 ) (546 ) (308 ) (76 ) (103 ) (59 ) 1. Commodity contracts include base metals, freight, energy and emission rights. December 31, 2018 Carrying amount Contractual Cash Flow 2019 2020 from 2021 to 2023 After 2023 Non-derivative financial liabilities Bonds (7,807 ) (10,277 ) (1,200 ) (2,166 ) (3,898 ) (3,013 ) Loans over 100 (2,322 ) (2,505 ) (639 ) (1,153 ) (629 ) (84 ) Trade and other payables (13,981 ) (13,999 ) (13,999 ) — — — Other loans (2,354 ) (2,456 ) (1,783 ) (228 ) (310 ) (135 ) Total (26,464 ) (29,237 ) (17,621 ) (3,547 ) (4,837 ) (3,232 ) Derivative financial liabilities Equity contracts (Put options) (124 ) (124 ) — — (124 ) — Foreign exchange contracts (158 ) (158 ) (52 ) (41 ) (3 ) (62 ) Other commodities contracts 1 (616 ) (616 ) (138 ) (148 ) (217 ) (113 ) Total (898 ) (898 ) (190 ) (189 ) (344 ) (175 ) 1. Commodity contracts include base metals, freight, energy and emission rights. |
Disclosure of Estimated Fair Value and Carrying Value of Debt | The following tables summarize the Company’s bases used to estimate 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, 2019 Carrying amount Fair Value Level 1 Level 2 Level 3 Total Instruments payable bearing interest at fixed rates 10,999 9,963 1,747 — 11,710 Instruments payable bearing interest at variable rates 1,503 1,501 — 1,501 Total long-term debt, including current portion 12,502 9,963 3,248 — 13,211 Short term bank loans and other credit facilities including commercial paper 1,838 — 1,854 — 1,854 As of December 31, 2018 Carrying amount Fair Value Level 1 Level 2 Level 3 Total Instruments payable bearing interest at fixed rates 8,692 8,029 1,049 — 9,078 Instruments payable bearing interest at variable rates 1,823 — 1,759 — 1,759 Total long-term debt, including current portion 10,515 8,029 2,808 — 10,837 Short term bank loans and other credit facilities including commercial paper 1,968 — 1,967 — 1,967 |
Disclosure of Cash and Cash Equivalents | Cash and cash equivalents consisted of the following: December 31, 2019 2018 Cash at bank 3,443 1,832 Term deposits 246 283 Money market funds 1 1,178 57 Total 4,867 2,172 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, 2017 (note 6.1.2) 10,143 2,785 Proceeds from long-term debt 1,138 — Payments of long-term debt (798 ) — Amortized cost 9 18 Unrealized foreign exchange effects (240 ) (219 ) Proceeds from short-term debt — 2,319 Payments of short-term debt 1 — (2,949 ) Current portion of long-term debt (1,130 ) 1,130 Debt acquired through business combinations 174 69 Debt classified as held for sale (note 2.3.2) (77 ) — Other movements 2 97 14 Balance as of December 31, 2018 (note 6.1.2) 9,316 3,167 Adoption of IFRS 16 (notes 1 and 7) 893 243 Balance as of January 1, 2019 10,209 3,410 Proceeds from long-term debt 5,772 — Payments of long-term debt (3,299 ) — Amortized cost 7 13 Unrealized foreign exchange effects (78 ) (42 ) Proceeds from short-term debt — 600 Payments of short-term debt — (1,811 ) Payments of principal portion of lease liabilities (note 7) (10 ) (310 ) Additions to lease liabilities (notes 5.2 and 7) 185 74 Current portion of long-term debt (1,031 ) 1,031 Derecognition of lease liabilities following the divestment of Global Chartering (note 2.3.1) (311 ) (89 ) Other movements 27 (7 ) Balance as of December 31, 2019 (note 6.1.2) 11,471 2,869 1. Cash payments decreasing the outstanding liability relating to leases are classified under payments of principal portion of lease liabilities and other financing activities in the Company's consolidated statements of cash flows. 2. Others movements include non-current and current obligations under leases. |
Schedule of Net Debt by Currency | The Company monitors its net debt in order to manage its capital. The following tables present the structure of the Company’s net debt by original currency at December 31, 2019 and December 31, 2018 : As of December 31, 2019 Total USD EUR USD CHF PLN CAD Other Short-term debt and current portion of long-term debt 2,869 1,966 248 233 20 174 228 Long-term debt, net of current portion 11,471 6,240 4,754 — 239 106 132 Cash and cash equivalents including restricted cash (4,995 ) (2,986 ) (1,383 ) (2 ) (64 ) (32 ) (528 ) Net debt 9,345 5,220 3,619 231 195 248 (168 ) As of December 31, 2018 Total USD EUR USD CHF INR CAD Other Short-term debt and current portion of long-term debt 3,167 2,566 338 — 8 151 104 Long-term debt, net of current portion 9,316 3,530 5,405 228 — 69 84 Cash and cash equivalents including restricted cash (2,354 ) (454 ) (1,017 ) (2 ) (307 ) (29 ) (545 ) Net debt 10,129 5,642 4,726 226 (299 ) 191 (357 ) |
Disclosure of Detailed Information About Financial Instruments | The following tables summarize this portfolio : December 31, 2019 Assets Liabilities Notional Amount Fair Value Notional Amount Fair Value Foreign exchange rate instruments Forward purchase contracts 1,187 29 2,633 (36 ) Forward sale contracts 1,716 42 705 (4 ) Currency swaps sales — — 500 (41 ) Exchange option purchases 2,317 38 1,030 (4 ) Exchange options sales 1,213 10 1,418 (5 ) Total foreign exchange rate instruments 119 (90 ) Raw materials (base metals), freight, energy, emission rights Term contracts sales 250 29 182 (7 ) Term contracts purchases 419 117 1,479 (142 ) Options sales/purchases 12 6 10 (6 ) Total raw materials (base metals), freight, energy, emission rights 152 (155 ) Total 271 (245 ) December 31, 2018 Assets Liabilities Notional Amount Fair Value Notional Amount Fair Value Foreign exchange rate instruments Forward purchase contracts 2,005 66 1,258 (13 ) Forward sale contracts 5,810 252 724 (9 ) Currency swaps sales — — 1,000 (101 ) Exchange option purchases 2,000 71 43 — Exchange options sales 234 3 1,000 (35 ) Total foreign exchange rate instruments 392 (158 ) Raw materials (base metals), freight, energy, emission rights Term contracts sales 79 4 24 (6 ) Term contracts purchases 1,524 347 739 (42 ) Total raw materials (base metals), freight, energy, emission rights 351 (48 ) Total 743 (206 ) Fair values of raw material, freight, energy and emission rights instruments categorized as Level 2 are as follows: December 31, 2019 2018 Base metals (6) (9) Freight 7 — Energy (oil, gas, electricity) (92) (5) Emission rights 88 317 Total (3) 303 Derivative assets associated with raw materials, energy, freight and emission rights 152 351 Derivative liabilities associated with raw materials, energy, freight and emission rights (155) (48) Total (3) 303 |
Analysis of Financing Costs | Financing costs - net recognized in the years ended December 31, 2019 , 2018 and 2017 are as follows: Year ended December 31, 2019 2018 2017 Interest expense (695 ) (687 ) (879 ) Interest income 88 72 56 Change in fair value adjustment on call option on mandatory convertible bonds and pellet purchase agreement (note 6.1.5) (320 ) (572 ) 578 Accretion of defined benefit obligations and other long term liabilities (405 ) (349 ) (353 ) Net foreign exchange result 4 (235 ) 546 Other 1 (324 ) (439 ) (823 ) Total (1,652 ) (2,210 ) (875 ) 1. Other mainly includes expenses related to true sale of receivables (“TSR”) programs and bank fees. It also includes premiums and fees of 71 relating to the bonds early redeemed in 2019 ( 104 and 389 of premiums and fees relating to bonds early redeemed in 2018 and 2017 , respectively). In 2017, other also includes expenses relating to the extension of the mandatory convertible bonds (see note 11.2) of 92 . |
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, 2019 2018 Total equity 40,483 44,108 Net debt (including nil and 67 cash and debt classified as held for sale as of December 31, 2019 and December 31, 2018 respectively) 9,345 10,196 Gearing 23.1 % 23.1 % |
Disclosure of Nature and Extent of Risks Arising from Financial Instruments | As of December 31, 2019, the Company is mainly subject to foreign exchange exposure relating to the euro, Brazilian real, Canadian dollar, Kazakhstani tenge, South African rand, Mexican peso, Polish zloty, Argentine peso and Ukranian hryvnia against the U.S. dollar resulting from its trade payables and receivables. December 31, 2019 Trade receivables Trade payables USD 810 5,179 EUR 1,391 4,901 BRL 491 566 CAD 34 357 KZT 60 186 ZAR 173 364 MXN 70 50 UAH 72 157 PLN 116 498 ARS 47 71 Other 305 285 Total 3,569 12,614 |
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 2019 and 2018 . December 31, 2019 Income Other Equity 10% strengthening in U.S. dollar (104) 325 10% weakening in U.S. dollar 113 (252) December 31, 2018 Income Other Equity 10% strengthening in U.S. dollar 132 (422) 10% weakening in U.S. dollar (148) 674 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, 2019 Floating porting of net debt 1 Interest Rate Swaps/Forward Rate Agreements 100 bp increase 30 — 100 bp decrease (30) — December 31, 2018 Floating porting of net debt 1 Interest Rate Swaps/Forward Rate Agreements 100 bp increase 1 — 100 bp decrease (1) — 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, 2019 Income Other Equity Cash Flow Hedging Reserves +10% in prices Base Metals 2 15 Iron Ore — — Freight — — Emission rights — 65 Energy — 71 -10% in prices Base Metals (2) (15) Iron Ore — — Freight — — Emission rights — (65) Energy — (71) December 31, 2018 Income Other Equity Cash Flow Hedging Reserves +10% in prices Base Metals (1) 19 Iron Ore — 1 Freight 3 — Emission rights — 149 Energy — 75 -10% in prices Base Metals 1 (19) Iron Ore — (1) Freight (3) — Emission rights — (149) Energy — (75) The sensitivity analysis carried out by the Company considers the effects on its trade receivables and trade payables of a 10% increase or decrease between the relevant foreign currencies and the U.S. dollar. 10% increase 10% decrease Trade receivables Trade payables Trade receivables Trade payables EUR 1,530 5,391 1,252 4,411 BRL 540 623 442 509 CAD 37 393 31 321 KZT 66 205 54 167 ZAR 190 400 156 328 MXN 77 55 63 45 UAH 79 173 65 141 PLN 128 548 104 448 ARS 52 78 42 64 |
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, 2019, and as such are sensitive to movements in mainly foreign 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, 2019 Carrying amount Contractual Cash Flow 2020 2021 from 2022 to 2024 After 2024 Non-derivative financial liabilities Bonds (9,398 ) (12,227 ) (880 ) (643 ) (5,542 ) (5,162 ) Loans over 100 (1,968 ) (2,405 ) (534 ) (453 ) (1,014 ) (404 ) Trade and other payables (12,614 ) (12,619 ) (12,619 ) — — — Other loans and lease (2,974 ) (3,257 ) (1,886 ) (297 ) (528 ) (546 ) Total (26,954 ) (30,508 ) (15,919 ) (1,393 ) (7,084 ) (6,112 ) Derivative financial liabilities Equity contracts (Put options) (125 ) (125 ) (125 ) — — — Foreign exchange contracts (90 ) (90 ) (49 ) — — (41 ) Other commodities contracts 1 (331 ) (331 ) (134 ) (76 ) (103 ) (18 ) Total (546 ) (546 ) (308 ) (76 ) (103 ) (59 ) 1. Commodity contracts include base metals, freight, energy and emission rights. December 31, 2018 Carrying amount Contractual Cash Flow 2019 2020 from 2021 to 2023 After 2023 Non-derivative financial liabilities Bonds (7,807 ) (10,277 ) (1,200 ) (2,166 ) (3,898 ) (3,013 ) Loans over 100 (2,322 ) (2,505 ) (639 ) (1,153 ) (629 ) (84 ) Trade and other payables (13,981 ) (13,999 ) (13,999 ) — — — Other loans (2,354 ) (2,456 ) (1,783 ) (228 ) (310 ) (135 ) Total (26,464 ) (29,237 ) (17,621 ) (3,547 ) (4,837 ) (3,232 ) Derivative financial liabilities Equity contracts (Put options) (124 ) (124 ) — — (124 ) — Foreign exchange contracts (158 ) (158 ) (52 ) (41 ) (3 ) (62 ) Other commodities contracts 1 (616 ) (616 ) (138 ) (148 ) (217 ) (113 ) Total (898 ) (898 ) (190 ) (189 ) (344 ) (175 ) 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, 2019 Assets/ (liabilities) (Outflows)/inflows Fair value 3 months and less 3-6 months 6-12 months 2021 After 2021 Foreign exchange contracts 46 67 (17 ) (4 ) — — Commodities (275 ) (12 ) (27 ) (40 ) (47 ) (149 ) Emission rights 88 (4 ) — 92 — — Total (141 ) 51 (44 ) 48 (47 ) (149 ) December 31, 2018 Assets/ (liabilities) (Outflows)/inflows Fair value 3 months and less 3-6 months 6-12 months 2020 After 2020 Foreign exchange contracts 329 329 4 — (1 ) (3 ) Commodities 1 (588 ) (8 ) (39 ) (77 ) (143 ) (321 ) Emission rights 317 — — 206 111 — Total 58 321 (35 ) 129 (33 ) (324 ) 1. The commodities balance as of December 31, 2018 shown above has been revised to correct the prior period disclosure, increasing the liability balance of commodities by 568 for the special payment in the pellet purchase agreement described in note 6.1.5. The revision only impacted the amount disclosed above and the hedging instruments table below and otherwise had no impact on the Company’s consolidated financial statements. The Company has evaluated the impact of the revision and determined that it did not have a material impact on any of its prior period annual consolidated financial statements. 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, 2019 Cash flow reserve (Expense)/income Carrying amount 3 months and less 3-6 months 6-12 months 2021 After 2021 Foreign exchange contracts 13 9 1 3 — — Commodity contracts (106 ) (16 ) (19 ) (27 ) (44 ) — Emission rights 310 72 73 145 16 4 Total 217 65 55 121 (28 ) 4 December 31, 2018 Cash flow reserve (Expense)/income Carrying amount 3 months and less 3-6 months 6-12 months 2020 After 2020 Foreign exchange contracts 4 — — 4 — — Commodity contracts (390 ) (34 ) (32 ) (59 ) (115 ) (150 ) Emission rights 778 46 47 93 87 505 Total 392 12 15 38 (28 ) 355 |
Disclosure of Detailed Information About Hedging Instruments | The following tables summarize the effect of hedge accounting on ArcelorMittal’s consolidated statement of financial position, statement of comprehensive income and statement of changes in equity. December 31, 2019 Hedging Instruments Nominal amount of the hedging instrument Assets carrying amount Liabilities carrying amount Line item in the statement of financial position where the hedging instrument is located Cash flow hedges Foreign exchange risk - Option/Forward contracts 5,207 80 (34 ) Prepaid expenses and other current assets/Accrued expenses and other liabilities Price risk - Commodities forwards 1 531 14 (93 ) Prepaid expenses and other current assets/Accrued expenses and other liabilities Price risk - Commodities forwards 1 721 — (196 ) Other assets/Other long-term obligations Price risk - Emission rights forwards 559 104 (16 ) Prepaid expenses and other current assets/Accrued expenses and other liabilities Total — 198 (339 ) 1. Including energy forwards December 31, 2019 Hedging Instruments Cash flow hedge reserve at December 31, 2018 Hedging gains or losses of the reporting period that were recognized in OCI Gains or losses reclassification adjustment and hedge ineffectiveness Basis adjustment Line item in the statement of comprehensive income that includes the reclassification adjustment and hedge ineffectiveness Cash flow hedge reserve at December 31, 2019 Cash flow hedges Foreign exchange risk - Option/Forward contracts 282 76 (4 ) (323 ) Sales 31 Price risk - Commodities forwards (399 ) 272 21 — Sales, Cost of sales (106 ) Price risk - Emission rights forwards 778 (32 ) (436 ) — Cost of sales 310 Total 661 316 (419 ) (323 ) 235 December 31, 2018 Hedging Instruments Nominal amount of the hedging instrument Assets carrying amount Liabilities carrying amount Line item in the statement of financial position where the hedging instrument is located Cash flow hedges Foreign exchange risk - Option/Forward contracts 7,465 332 — Prepaid expenses and other current assets Price risk - Commodities forwards 350 — (124 ) Accrued expenses and other liabilities Price risk - Commodities forwards 491 — (454 ) Other long-term obligations Price risk - Energy forwards 765 — (9 ) Other long-term obligations Price risk - Emission rights forwards 1,091 205 — Prepaid expenses and other current assets Price risk - Emission rights forwards 79 112 — Other assets Total 10,241 649 (587 ) December 31, 2018 Hedging Instruments Cash flow hedge reserve at December 31, 2017 Hedging gains or losses of the reporting period that were recognized in OCI Gains or losses reclassification adjustment and hedge ineffectiveness Basis adjustment Line item in the statement of comprehensive income that includes the reclassification adjustment and hedge ineffectiveness Cash flow hedge reserve at December 31, 2018 Cash flow hedges Foreign exchange risk - Option/Forward contracts (141 ) 284 — 139 n/a 282 Price risk - Commodities forwards 1 18 (543 ) 126 — Sales, Cost of sales (399 ) Price risk - Emission rights forwards 84 694 — — n/a 778 Total (39 ) 435 126 139 661 1. The price risk - commodities forward balance as of December 31, 2018 shown above has been revised to correct the prior period disclosure decreasing the Hedging gains or losses of the reporting period and the cash flow hedge reserve by 381 for the special payment in the pellet purchase agreement described in note 6.1.5. The revision only impacted the disclosed amount in the maturities table above and this hedge accounting table and otherwise had no impact on the Company’s consolidated financial statements. The Company has evaluated the impact of the revision and determined that it did not have a material impact on any of its prior period annual consolidated financial statements. Derivative hedging instruments in net investment hedges are as follows: Derivatives Notional amount Date traded Fair value at Change in fair value Fair value as of December 31, 2019 1 CCS 10Y 300 May 27, 2015 (39) 14 (25) CCS 10Y 160 May 27, 2015 (21) 8 (13) CCS 10Y 40 May 27, 2015 (6) 3 (3) Total 500 (66) 25 (41) 1. The net investment hedges were fully effective. As such, the change in fair value is entirely recorded in other comprehensive income. December 31, 2019 Hedging Instruments Nominal amount of the hedging instrument Assets carrying amount Liabilities carrying amount Line item in the statement of financial position where the hedging instrument is located Change in value used for calculating hedge ineffectiveness for 2019 Line item in the statement of comprehensive income that includes the recognized hedge ineffectiveness Foreign currency translation reserve Net investment hedges Foreign exchange risk - Cross Currency Swap 500 — (41 ) Other long-term obligations — n/a 33 Foreign exchange risk - EUR debt 7,788 — (7,777 ) Short-term debt and current portion of long-term debt; long-term debt, net of current portion — n/a 567 Total 8,288 — (7,818 ) — 600 Derivatives Notional amount Date traded Fair value at Change in fair value Fair value as of December 31, 2018 1 CCS 5Y 500 May 27, 2015 (64) 29 (35) CCS 10Y 300 May 27, 2015 (56) 17 (39) CCS 10Y 160 May 27, 2015 (30) 9 (21) CCS 10Y 40 May 27, 2015 (7) 1 (6) Total 1,000 (157) 56 (101) 1. The net investment hedges were fully effective. As such, the change in fair value is entirely recorded in other comprehensive income. December 31, 2018 Hedging Instrument Nominal amount of the hedging instrument Assets carrying amount Liabilities carrying amount Line item in the statement of financial position in which the hedged item is located Change in value used for calculating hedge ineffectiveness for 2018 Line item in the statement of comprehensive income that includes the recognized hedge ineffectiveness Foreign currency translation reserve Net investment hedge Foreign exchange risk - Cross Currency Swap 1,000 — (101 ) Other long-term obligations — n/a 28 Foreign exchange risk - EUR debt 5,931 — (5,918 ) Short-term debt and current portion of long-term debt; long-term debt, net of current portion — n/a 474 Total 6,931 — (6,019 ) — 502 |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Reconciliation of Operating Lease Liabilities and Right-of-use Assets Recognized Upon Adoption of IFRS 16 | Following the adoption of IFRS 16 "Leases" as described in note 1 on January 1, 2019, the Company recognized lease liabilities and right-of-use assets for operating lease contracts with fixed terms and future minimum lease payments as summarized in the following table: Non-cancellable operating lease commitments as of December 31, 2018* 1,869 Recognition exemption for leases of low-value assets (58 ) Recognition exemption for short-term leases (20 ) Undiscounted operating lease commitments as of January 1, 2019 1,791 Effects of discounting using incremental borrowing rates (weighted average rate of 4.7%) (632 ) Lease liabilities related to assets held for sale (23 ) Additional lease liabilities as of January 1, 2019 from leases previously classified as operating leases in accordance with IAS 17 1,136 * As reported in the consolidated financial statements for the year ended December 31, 2018 - note 8.4 |
Maturity Analysis of Lease Liabilities | The maturity analysis of the lease liabilities as of December 31, 2019, is as follows: 1 year or less 2-3 years 4-5 years Greater than 5 years TOTAL Lease liabilities (undiscounted) 279 369 209 513 1,370 |
Schedule of Right-of-use Assets, Depreciation and Impairment | The right-of-use assets as of December 31, 2019 and the depreciation and impairment charges for the twelve months ended December 31, 2019 amounted to 1,235 and 406 , respectively, and are shown below by underlying class of asset: Carrying amount Depreciation and impairment charges Land, buildings and improvements 854 (118 ) Machinery, equipment and others 381 (288 ) Total 1,235 (406 ) |
Schedule of Additional Information About Leasing Activities for Lessee | An estimation of the future cash outflows to which the Company is potentially exposed in relation to those contracts involving variable lease payments, which are not reflected in the measurement of lease liabilities as of December 31, 2019, is as follows: 1 year or less 2-3 years 4-5 years Greater than 5 years TOTAL Potential variable lease payments 61 91 69 73 294 Also, some of the Company's lease contracts have extension and/or termination options as well as residual value guarantees whose amounts are not reflected in the measurement of the lease liabilities as of December 31, 2019. The potential addition/(reduction) in future cash outflows to which the Company is exposed in case such options are exercised or the guarantees required are as shown in the table below. 1 year or less 2-3 years 4-5 years Greater than 5 years TOTAL Potential extension options 1 8 13 16 38 Potential termination options (2 ) (2 ) (1 ) (1 ) (6 ) Potential residual value guarantees 1 1 1 — 3 Undiscounted amounts related to lease contracts not yet commenced and therefore not included in the recognized lease liabilities as of December 31, 2019, to which the Company is committed are described below: 1 year or less 2-3 years 4-5 years Greater than 5 years TOTAL Leases not yet commenced 2 8 8 13 31 |
PERSONNEL EXPENSES AND DEFERR_2
PERSONNEL EXPENSES AND DEFERRED EMPLOYEE BENEFITS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Employee Benefits [Abstract] | |
Disclosure of Employees Total Annual Compensation | As of December 31, 2019 , 2018 and 2017, ArcelorMittal had approximately 191,000 , 209,000 and 197,000 employees, respectively, and the total annual compensation of ArcelorMittal’s employees in 2019 , 2018 and 2017 was as follows: Year Ended December 31, Employee Information 2019 2018 2017 Wages and salaries 8,380 8,176 7,912 Defined benefits cost (see note 8.2) 201 264 265 Loss following new labor agreement in the U.S. (see note 8.2) — 15 — Other staff expenses 1,668 2,004 1,791 Total 10,249 10,459 9,968 |
Disclosure of Information About Key Management Personnel | The total annual compensation of ArcelorMittal’s key management personnel , including its Board of Directors, expensed in 2019 , 2018 and 2017 was as follows: Year Ended December 31, 2019 2018 2017 Base salary and directors fees 8 8 8 Short-term performance-related bonus 9 8 7 Post-employment benefits 1 1 1 Share-based payments — 4 3 |
Disclosure of Net Defined Benefit Liability (Asset) | Total deferred employee benefits including pension or other post-employment benefits, are as follows: December 31, 2019 2018 Pension plan benefits 3,289 3,034 Other post-employment benefits and other long-term employee benefits ("OPEB") 3,792 3,600 Termination benefits 198 222 Defined benefit liabilities 7,279 6,856 Provisions for social plans (non-current) 64 126 Total 7,343 6,982 Summary of changes in the other post-employment benefit obligation and changes in plan assets are as follows: Year ended December 31, 2019 Total United States Canada Europe Others Change in benefit obligation Benefit obligation at beginning of the period 4,098 2,907 591 531 69 Current service cost 80 40 9 28 3 Interest cost on DBO 163 124 22 11 6 Plan participants’ contribution 29 29 — — — Actuarial (gain) loss 129 29 67 26 7 Demographic assumptions 4 (11 ) 15 — — Financial assumptions 256 169 53 25 9 Experience adjustment (131 ) (129 ) (1 ) 1 (2 ) Benefits paid (242 ) (170 ) (31 ) (37 ) (4 ) Foreign currency exchange rate differences and other movements 37 17 30 (13 ) 3 Benefit obligation at end of the period 4,294 2,976 688 546 84 Change in plan assets Fair value of plan assets at beginning of the period 498 491 — 7 — Interest income on plan assets 20 20 — — — Return on plan assets greater/(less) than discount rate 37 37 — — — Employer contribution (25 ) (25 ) — — — Plan participants’ contribution 29 29 — — — Benefits paid (57 ) (56 ) — (1 ) — Fair value of plan assets at end of the period 502 496 — 6 — Present value of the wholly or partly funded obligation (575 ) (531 ) — (44 ) — Fair value of plan assets 502 496 — 6 — Net present value of the wholly or partly funded obligation (73 ) (35 ) — (38 ) — Present value of the unfunded obligation (3,719 ) (2,445 ) (688 ) (502 ) (84 ) Net amount recognized (3,792 ) (2,480 ) (688 ) (540 ) (84 ) Year ended December 31, 2018 Total United States Canada Europe Others Change in benefit obligation Benefit obligation at beginning of the period 4,686 3,269 679 579 159 Current service cost 85 49 10 25 1 Interest cost on DBO 155 120 21 12 2 Past service cost - Plan amendments (13 ) (10 ) (1 ) (2 ) — Past service cost - Curtailments (2 ) — — (2 ) — Plan participants’ contribution 32 32 — — — Actuarial (gain) loss (395 ) (365 ) (32 ) 3 (1 ) Demographic assumptions (11 ) (14 ) 2 1 — Financial assumptions (320 ) (285 ) (24 ) (8 ) (3 ) Experience adjustment (64 ) (66 ) (10 ) 10 2 Benefits paid (266 ) (188 ) (34 ) (41 ) (3 ) Foreign currency exchange rate differences and other movements (184 ) — (52 ) (43 ) (89 ) Benefit obligation at end of the period 4,098 2,907 591 531 69 Change in plan assets Fair value of plan assets at beginning of the period 546 538 — 8 — Interest income on plan assets 17 17 — — — Return on plan assets greater/(less) than discount rate (33 ) (32 ) — (1 ) — Employer contribution (3 ) (3 ) — — — Plan participants’ contribution 32 32 — — — Benefits paid (63 ) (61 ) — (2 ) — Foreign currency exchange rate differences and other movements 2 — — 2 — Fair value of plan assets at end of the period 498 491 — 7 — Present value of the wholly or partly funded obligation (589 ) (528 ) — (61 ) — Fair value of plan assets 498 491 — 7 — Net present value of the wholly or partly funded obligation (91 ) (37 ) — (54 ) — Present value of the unfunded obligation (3,509 ) (2,379 ) (591 ) (470 ) (69 ) Net amount recognized (3,600 ) (2,416 ) (591 ) (524 ) (69 ) The following tables detail the reconciliation of defined benefit obligation (“DBO”), plan assets, irrecoverable surplus and statements of financial position. Year ended December 31, 2019 Total United States Canada Brazil Europe Other Change in benefit obligation Benefit obligation at beginning of the period 9,872 3,266 3,001 724 2,716 165 Current service cost 114 26 21 — 58 9 Interest cost on DBO 367 130 110 58 47 22 Past service cost - Plan amendments 4 — — 2 2 — Plan participants’ contribution 2 — — — 2 — Settlements (172 ) — — (169 ) (3 ) — Actuarial (gain) loss 1,001 342 277 121 176 85 Demographic assumptions 16 2 43 — (29 ) — Financial assumptions 949 334 213 138 209 55 Experience adjustment 36 6 21 (17 ) (4 ) 30 Benefits paid (652 ) (261 ) (201 ) (42 ) (127 ) (21 ) Foreign currency exchange rate differences and other movements 93 2 152 (30 ) (41 ) 10 Benefit obligation at end of the period 10,629 3,505 3,360 664 2,830 270 Change in plan assets Fair value of plan assets at beginning of the period 6,877 2,676 2,664 655 882 — Interest income on plan assets 256 95 92 54 15 — Return on plan assets greater than discount rate 808 360 305 79 64 — Employer contribution 77 7 27 2 41 — Plan participants’ contribution 2 — — — 2 — Settlement (146 ) — — (143 ) (3 ) — Benefits paid (541 ) (257 ) (200 ) (42 ) (42 ) — Foreign currency exchange rate differences and other movements 62 — 133 (29 ) (42 ) — Fair value of plan assets at end of the period 7,395 2,881 3,021 576 917 — Present value of the wholly or partly funded obligation (9,012 ) (3,476 ) (3,345 ) (663 ) (1,528 ) — Fair value of plan assets 7,395 2,881 3,021 576 917 — Net present value of the wholly or partly funded obligation (1,617 ) (595 ) (324 ) (87 ) (611 ) — Present value of the unfunded obligation (1,617 ) (29 ) (15 ) (1 ) (1,302 ) (270 ) Prepaid due to unrecoverable surpluses (30 ) — (25 ) (2 ) (3 ) — Net amount recognized (3,264 ) (624 ) (364 ) (90 ) (1,916 ) (270 ) Net assets related to funded obligations 25 8 13 — 4 — Recognized liabilities (3,289 ) (632 ) (377 ) (90 ) (1,920 ) (270 ) Change in unrecoverable surplus Unrecoverable surplus at beginning of the period (27 ) — (21 ) (3 ) (3 ) — Interest cost on unrecoverable surplus (1 ) — (1 ) — — — Change in unrecoverable surplus in excess of interest (1 ) — (2 ) 1 — — Exchange rates changes (1 ) — (1 ) — — — Unrecoverable surplus at end of the period (30 ) — (25 ) (2 ) (3 ) — Year ended December 31, 2018 Total United States Canada Brazil Europe Other Change in benefit obligation Benefit obligation at beginning of the period 10,835 3,508 3,481 766 2,990 90 Current service cost 136 31 25 3 68 9 Interest cost on DBO 360 120 110 68 42 20 Past service cost - Plan amendments 25 25 — — — — Plan participants’ contribution 3 — 1 — 2 — Settlements (76 ) — (61 ) — — (15 ) Actuarial (gain) loss (290 ) (159 ) (72 ) 50 (104 ) (5 ) Demographic assumptions 20 9 1 — 10 — Financial assumptions (311 ) (163 ) (75 ) 38 (92 ) (19 ) Experience adjustment 1 (5 ) 2 12 (22 ) 14 Benefits paid (671 ) (259 ) (203 ) (48 ) (144 ) (17 ) Termination benefits 6 — — — 6 — Foreign currency exchange rate differences and other movements (456 ) — (280 ) (115 ) (144 ) 83 Benefit obligation at end of the period 9,872 3,266 3,001 724 2,716 165 Change in plan assets Fair value of plan assets at beginning of the period 7,822 2,993 3,167 723 924 15 Interest income on plan assets 267 92 97 63 15 — Return on plan assets greater/(less) than discount rate (333 ) (197 ) (142 ) 20 (15 ) 1 Employer contribution 151 42 59 6 44 — Plan participants’ contribution 3 — 1 — 2 — Settlements (78 ) — (63 ) — — (15 ) Benefits paid (550 ) (254 ) (203 ) (48 ) (45 ) — Foreign currency exchange rate differences and other movements (405 ) — (252 ) (109 ) (43 ) (1 ) Fair value of plan assets at end of the period 6,877 2,676 2,664 655 882 — Present value of the wholly or partly funded obligation (8,537 ) (3,238 ) (2,988 ) (723 ) (1,500 ) (88 ) Fair value of plan assets 6,877 2,676 2,664 655 882 — Net present value of the wholly or partly funded obligation (1,660 ) (562 ) (324 ) (68 ) (618 ) (88 ) Present value of the unfunded obligation (1,335 ) (28 ) (13 ) (1 ) (1,216 ) (77 ) Prepaid due to unrecoverable surpluses (27 ) — (21 ) (3 ) (3 ) — Net amount recognized (3,022 ) (590 ) (358 ) (72 ) (1,837 ) (165 ) Net assets related to funded obligations 12 — 9 — 3 — Recognized liabilities (3,034 ) (590 ) (367 ) (72 ) (1,840 ) (165 ) Change in unrecoverable surplus Unrecoverable surplus at beginning of the period (34 ) — (23 ) (3 ) (6 ) (2 ) Interest cost on unrecoverable surplus (1 ) — (1 ) — — — Change in unrecoverable surplus in excess of interest 6 — 2 (1 ) 3 2 Exchange rates changes 2 — 1 1 — — Unrecoverable surplus at end of the period (27 ) — (21 ) (3 ) (3 ) — |
Components of Net Periodic Pension and Post-employment Cost | The following tables detail the components of net periodic other post-employment cost: Year ended December 31, 2019 Components of net periodic OPEB cost (benefit) Total United States Canada Europe Others Current service cost 80 40 9 28 3 Net interest cost/(income) on net DB liability/(asset) 143 104 22 11 6 Actuarial (gains)/losses recognized during the year 8 — — 8 — Total 231 144 31 47 9 Year ended December 31, 2018 Components of net periodic OPEB cost (benefit) Total United States Canada Europe Others Current service cost 85 49 10 25 1 Past service cost - Plan amendments (13 ) (10 ) (1 ) (2 ) — Past service cost - Curtailments (2 ) — — (2 ) — Net interest cost/(income) on net DB liability/(asset) 138 103 21 12 2 Actuarial (gains)/losses recognized during the year 7 — — 7 — Total 215 142 30 40 3 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 The following tables detail the components of net periodic pension cost: Year ended December 31, 2019 Net periodic pension cost (benefit) Total United States Canada Brazil Europe Others Current service cost 114 26 21 — 58 9 Past service cost - Plan amendments 4 — — 2 2 — Past service cost - Settlements (26 ) — — (26 ) — — Net interest cost/(income) on net DB liability/(asset) 112 35 19 4 32 22 Total 204 61 40 (20 ) 92 31 Year ended December 31, 2018 Net periodic pension cost (benefit) Total United States Canada Brazil Europe Others Current service cost 136 31 25 3 68 9 Past service cost - Plan amendments 25 25 — — — — Past service cost - Settlements 2 — 2 — — — Cost of termination benefits 6 — — — 6 — Net interest cost/(income) on net DB liability/(asset) 94 28 14 5 27 20 Total 263 84 41 8 101 29 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 |
Expenses recognized in the Consolidated Statement of Operations | The following tables detail where the expense is recognized in the consolidated statements of operations: Year ended December 31, 2019 2018 2017 Net periodic pension cost 204 263 245 Net periodic OPEB cost 231 215 310 Total 435 478 555 Cost of sales 142 212 220 Selling, general and administrative expenses 30 34 23 Financing costs - net 263 232 312 Total 435 478 555 |
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, 2019 United States Canada Brazil Europe Equity Securities 40 % 44 % 6 % 2 % - Asset classes that have a quoted market price in an active market 13 % 34 % 6 % 2 % - Asset classes that do not have a quoted market price in an active market 27 % 10 % — — Fixed Income Securities (including cash) 43 % 48 % 88 % 73 % - Asset classes that have a quoted market price in an active market — 42 % 88 % 73 % - Asset classes that do not have a quoted market price in an active market 43 % 6 % — — Real Estate 3 % 6 % 1 % — - Asset classes that have a quoted market price in an active market — — 1 % — - Asset classes that do not have a quoted market price in an active market 3 % 6 % — — Other 14 % 2 % 5 % 25 % - Asset classes that have a quoted market price in an active market 5 % — 5 % 5 % - Asset classes that do not have a quoted market price in an active market 9 % 2 % — 20 % 1 Total 100 % 100 % 100 % 100 % December 31, 2018 United States Canada Brazil Europe Equity Securities 35 % 42 % — 3 % - Asset classes that have a quoted market price in an active market 12 % 33 % — 3 % - Asset classes that do not have a quoted market price in an active market 23 % 9 % — — Fixed Income Securities (including cash) 46 % 50 % 78 % 72 % - Asset classes that have a quoted market price in an active market — 44 % 78 % 67 % - Asset classes that do not have a quoted market price in an active market 46 % 6 % — 5 % Real Estate 5 % 6 % 1 % — - Asset classes that have a quoted market price in an active market — — 1 % — - Asset classes that do not have a quoted market price in an active market 5 % 6 % — — Other 14 % 2 % 21 % 25 % - Asset classes that have a quoted market price in an active market 4 % 2 % 21 % 4 % - Asset classes that do not have a quoted market price in an active market 10 % — — 21 % 1 Total 100 % 100 % 100 % 100 % 1. The percentage consists primarily of assets from insurance contracts in Belgium. |
Disclosure of Fair Value of Plan Assets | December 31, 2019 United States Canada Brazil Europe Equity Securities 38 % 45 % 6 % 3 % Fixed Income Securities (including cash) 44 % 48 % 88 % 72 % Real Estate 3 % 6 % 1 % — Other 15 % 1 % 5 % 25 % 1 Total 100 % 100 % 100 % 100 % 1. The percentage consists primarily of assets from insurance contracts in Belgium. |
Actuarial Assumptions for Defined Benefit Obligations | Assumptions used to determine benefit obligations at December 31, Pension Plans Other Post-employment Benefits 2019 2018 2017 2019 2018 2017 Discount rate Range 1.00% - 10.50% 1.75% - 16.00% 1.50% - 15.00% 1.00% - 7.25% 1.75% - 9.50% 1.30% - 7.65% Weighted average 2.90% 3.80% 3.45% 3.06% 3.98% 3.60% Rate of compensation increase Range 1.90% - 10.00% 2.00% - 10.00% 1.80% - 9.00% 1.60% - 4.80% 2.00% - 4.80% 2.00% - 4.50% Weighted average 2.80% 2.85% 2.81% 2.95% 3.24% 3.32% |
Disclosure of Defined Benefit Plans | Other Post-employment Benefits 2019 2018 2017 Healthcare cost trend rate assumed Range 1.80% - 5.00% 1.80% - 8.00% 1.80% - 5.00% Weighted average 4.42% 4.46% 4.48% |
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, 2019, the defined benefit obligation for pension plans was 10,629 ): Effect on 2020 Pre-Tax Pension Expense (sum of service cost and interest cost) Effect on December 31, 2019 DBO Change in assumption 100 basis points decrease in discount rate (54) 1,321 100 basis points increase in discount rate 42 (1,081) 100 basis points decrease in rate of compensation (13) (178) 100 basis points increase in rate of compensation 14 180 1 year increase of the expected life of the beneficiaries 10 302 The following table illustrates the sensitivity to a change of the significant actuarial assumptions related to ArcelorMittal’s OPEB plans (as of December 31, 2019 the defined benefit obligation for post-employment benefit plans was 4,294 ): Effect on 2020 Pre-Tax OPEB Expense (sum of service cost and interest cost) Effect on December 31, 2019 DBO Change in assumption 100 basis points decrease in discount rate (3) 682 100 basis points increase in discount rate 2 (536) 100 basis points decrease in healthcare cost trend rate (29) (450) 100 basis points increase in healthcare cost trend rate 39 566 1 year increase of the expected life of the beneficiaries 7 162 |
Disclosure of Exercise Prices of Outstanding Share Options | Grant date Exercise prices August 2010 $91.98 |
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, 2019 , 2018 and 2017 : Number of Options Range of Exercise Prices Weighted Average Exercise Price 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 Expired (1,295,500 ) 63.42 – 235.32 215.77 Outstanding, December 31, 2018 1,989,375 91.98 – 109.14 100.33 Expired (1,084,985 ) 91.98 – 109.14 107.29 Outstanding, December 31, 2019 904,390 91.98 91.98 Exercisable, December 31, 2017 3,284,875 63.42 – 235.32 145.86 Exercisable, December 31, 2018 1,989,375 91.98 – 109.14 100.33 Exercisable, December 31, 2019 904,390 91.98 91.98 |
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, 2019 : Options Outstanding Exercise Price Number of Remaining contractual life Options exercisable (number of options) Maturity 91.98 904,390 0.59 904,390 August 3, 2020 |
Terms and Conditions of Share-based Payment Arrangements | Conditions of the 2019 grant were as follows: CEO Office Other Executive Officers 2019 Grant l PSUs with a three year performance period l PSUs with a three year performance period l Value at grant 100% of base salary for the CEO and the President and CFO l Vesting conditions: l Vesting conditions Threshold Target Target TSR/EPS vs. peer group 100% median ≥120% median ROCE 100% target 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% The plans in 2018, 2017 and 2016 are summarized below: CEO Office Other Executive Officers 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 President and 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% 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 President and 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 50% vesting ≥120% median 100% vesting 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% 2018 Grant l PSUs with a three year performance period l PSUs with a three year performance period l Value at grant 100% of base salary for the CEO and the President and CFO l Vesting conditions: l Vesting conditions Threshold Target Target TSR/EPS vs. peer group 100% median ≥120% median ROCE 100% target 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 as of December 31, 2019 : At Grant date Number of shares issued as of December 31, 2019 Grant date Type of plan Number of shares Number of beneficiaries Maturity Fair value Shares outstanding Shares forfeited December 16, 2019 PSU 1,760,350 517 January 1, 2023 18.57 1,760,350 — December 16, 2019 CEO Office 172,517 2 January 1, 2023 14.89 172,517 — December 20, 2018 PSU 1,358,750 524 January 1, 2022 21.31 1,298,550 60,200 December 20, 2018 CEO Office 134,861 2 January 1, 2022 16.58 134,861 — December 20, 2017 PSU 1,081,447 527 January 1, 2021 18.42 958,082 123,365 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 2,751,076 721,279 June 30, 2016 CEO PSU II 153,268 2 January 1, 2022 16.62 153,268 — June 30, 2016 CEO PSU I 153,268 2 January 1, 2020 10.68 153,268 — Total 8,376,900 $10.68 – $22.85 7,472,056 904,844 |
Schedule of Share Unit Plan Activity | Share unit plan activity is summarized below as of and for each year ended December 31, 2019 , 2018 and 2017 : RSUs PSUs Number of shares Fair value per share Number of shares Fair value per share 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 Granted 2 — — 1,577,865 21.32 Exited (288,721 ) 11.49 (412,893 ) 28.98 Forfeited (17,284 ) 11.49 (391,348 ) 16.41 Outstanding, December 31, 2018 — — 9,370,460 15.34 Granted 3 — — 2,018,176 17.96 Exited — — (2,677,011 ) 13.49 Forfeited — — (1,239,569 ) 14.25 Outstanding, December 31, 2019 — — 7,472,056 16.76 1. Including 27,807 over-performance shares granted for the targets achievement of the PSU grant September 27, 2013 . 2. Including 56,606 over-performance shares granted for the targets achievement of the PSU grant September 17, 2014 and 27,648 of the GMB PSU grant June 30, 2015. 3. Including 85,309 over-performance shares granted for the targets achievement of the PSU grant December 18, 2015. |
PROVISIONS, CONTINGENCIES AND_2
PROVISIONS, CONTINGENCIES AND COMMITMENTS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of Other Provisions, Contingent Liabilities and Commitments [Abstract] | |
Disclosure of Changes in Provisions | Balance at December 31, 2018 Additions 1 Deductions/ Effects of foreign exchange and other movements Balance at December 31, 2019 Environmental (see note 9.3) 1,228 97 (95 ) (156 ) 2 1,074 Emission rights (see text below) — 481 — 3 484 Asset retirement obligations (see note 9.3) 422 28 (10 ) 38 478 Site restoration 141 3 (5 ) (3 ) 136 Staff related obligations 201 65 (64 ) (17 ) 185 Voluntary separation plans 38 30 (13 ) (8 ) 47 Litigation and other (see note 9.3) 369 65 (91 ) (31 ) 312 Tax claims 120 5 (14 ) (30 ) 81 Other legal claims 249 60 (77 ) (1 ) 231 Commercial agreements and onerous contracts 34 29 (16 ) (1 ) 46 Other 101 148 (30 ) 10 229 2,534 946 (324 ) (165 ) 2,991 Short-term provisions 539 516 Long-term provisions 1,995 2,475 2,534 2,991 Balance at December 31, 2017 Additions 1 Deductions/ Effects of foreign exchange and other movements Balance at December 31, 2018 Environmental (see note 9.3) 815 24 (90 ) 479 2 1,228 Asset retirement obligations (see note 9.3) 427 26 (11 ) (20 ) 422 Site restoration 40 117 (13 ) (3 ) 141 Staff related obligations 183 75 (46 ) (11 ) 201 Voluntary separation plans 79 3 (56 ) 12 38 Litigation and other (see note 9.3) 328 79 (76 ) 38 369 Tax claims 126 13 (14 ) (5 ) 120 Other legal claims 202 66 (62 ) 43 249 Commercial agreements and onerous contracts 24 14 (20 ) 16 34 Other 126 19 (32 ) (12 ) 101 2,022 357 (344 ) 499 2,534 Short-term provisions 410 539 Long-term provisions 1,612 1,995 2,022 2,534 1. Additions exclude provisions reversed or utilized during the same year. 2. Other movements primarily relate to the provisions in connection with environmental remediation obligations in Italy (see note 9.3). |
Disclosure of Other Long-term Obligations | Balance at December 31, 2019 2018 Derivative financial instruments (see note 6.1.5) 238 708 Payable from acquisition of financial assets 1,340 1,506 Unfavorable contracts 203 217 Income tax payable 251 184 Other 486 404 Total 2,518 3,019 |
Schedule of Commitments | December 31, 2019 2018 Purchase commitments 19,697 24,594 Guarantees, pledges and other collateral 7,815 5,527 Non-cancellable operating leases* — 1,869 Capital expenditure commitments 448 697 Other commitments 3,201 3,516 Total 31,161 36,203 *As a result of the adoption of IFRS 16 "Leases" as of January 1, 2019, the Company has recognized right–of–use assets and lease liabilities related to non–cancellable operating leases. See notes 1 and 7. |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Taxes [Abstract] | |
Components of Income Tax Expense (Benefit) | The components of income tax expense (benefit) are summarized as follows: Year Ended December 31, 2019 2018 2017 Total current tax expense 786 928 583 Total deferred tax benefit (327) (1,277) (151) Total income tax expense (benefit) 459 (349) 432 |
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, 2019 2018 2017 Net income (loss) (including non-controlling interests) (2,391 ) 5,330 4,575 Income tax expense (benefit) 459 (349 ) 432 Income (loss) before tax (1,932 ) 4,981 5,007 Tax expense (benefit) at the statutory rates applicable to profits (losses) in the countries 1 (468 ) 1,043 1,407 Permanent items (993 ) (421 ) (522 ) Rate changes 340 — (94 ) Net change in measurement of deferred tax assets 1,201 (1,301 ) (281 ) Tax effects of foreign currency translation 14 (47 ) (157 ) Tax credits (9 ) (17 ) (66 ) Other taxes 160 151 90 Others 214 243 55 Income tax expense (benefit) 459 (349 ) 432 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 | Permanent items Year Ended December 31, 2019 2018 2017 Tax deductible write-downs on shares and receivables (922 ) (498 ) (652 ) Juros sobre o Capital Próprio (“JSCP”) (32 ) (73 ) (4 ) Non taxable gain on bargain purchase — (60 ) — Taxable income (tax loss) of AMTFS (8 ) 47 (34 ) Taxable dividends 11 — 65 Other permanent items (42 ) 163 103 Total permanent items (993 ) (421 ) (522 ) |
Schedule of Other Tax Items | Others Year Ended December 31, 2019 2018 2017 Tax contingencies/settlements 225 183 7 Prior period taxes (20 ) 21 (7 ) Others 9 39 55 Total 214 243 55 |
Disclosure of Income Tax Recorded Directly in Equity | Year Ended December 31, 2019 2018 2017 Recognized in other comprehensive income on: Deferred tax expense (benefit) Gain (loss) on derivative financial instruments (244 ) 380 (77 ) Recognized actuarial gain (loss) 32 (228 ) (42 ) Foreign currency translation adjustments (35 ) (106 ) (90 ) (247 ) 46 (209 ) Recognized directly in equity on: Deferred tax expense (benefit) Others — — 9 Total (247 ) 46 (200 ) |
Disclosure of Temporary Differences, Unused Tax Losses and Unused Tax Credits | The origin of the deferred tax assets and liabilities is as follows: Assets Liabilities Net 2019 2018 2019 2018 2019 2018 Intangible assets 22 29 (720 ) (744 ) (698 ) (715 ) Property, plant and equipment 177 271 (4,445 ) (5,098 ) (4,268 ) (4,827 ) Inventories 261 286 (209 ) (251 ) 52 35 Financial instruments 47 124 (98 ) (424 ) (51 ) (300 ) Other assets 157 460 (408 ) (572 ) (251 ) (112 ) Provisions 1,350 1,728 (243 ) (512 ) 1,107 1,216 Other liabilities 469 461 (70 ) (331 ) 399 130 Tax losses and other tax benefits carried forward 9,984 10,384 — — 9,984 10,384 Tax credits carried forward 76 104 — — 76 104 Untaxed reserves — — (1 ) (2 ) (1 ) (2 ) Deferred tax assets / (liabilities) 12,543 13,847 (6,194 ) (7,934 ) 6,349 5,913 Deferred tax assets 8,680 8,287 Deferred tax liabilities (2,331 ) (2,374 ) The deferred tax assets recognized by the Company as of December 31, 2019 are analyzed as follows: Gross amount Total deferred tax assets Recognized deferred tax assets Unrecognized deferred tax assets Tax losses and other tax benefits carried forward 105,937 26,504 9,984 16,520 Tax credits carried forward 693 693 76 617 Other temporary differences 15,793 3,799 2,483 1,316 Total 30,996 12,543 18,453 The deferred tax assets recognized by the Company as of December 31, 2018 are analyzed as follows: Gross amount Total deferred tax assets Recognized deferred tax assets Unrecognized deferred tax assets Tax losses and other tax benefits carried forward 110,769 28,642 10,384 18,258 Tax credits carried forward 722 722 104 618 Other temporary differences 16,923 4,117 3,359 758 Total 33,481 13,847 19,634 This includes net operating losses and other tax benefits of 8.5 billion primarily related to subsidiaries in Basque Country in Spain, Liberia, Luxembourg, Mexico and the United States, which expire as follows: Year expiring Recognized Unrecognized Total 2020 25 144 169 2021 3 656 659 2022 2 659 661 2023 6 469 475 2024 3 212 215 2025 - 2039 354 5,934 6,288 Total 393 8,074 8,467 Such amount includes tax credits of 610 (of which 26 recognized and 584 unrecognized) and primarily attributable to subsidiaries in Basque Country in Spain which expire as follows: Year expiring Recognized Unrecognized Total 2020 — 3 3 2021 — 2 2 2022 — 2 2 2023 — 1 1 2024 — 1 1 2025 - 2039 26 575 601 Total 26 584 610 |
EQUITY (Tables)
EQUITY (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Share Capital, Reserves And Other Equity Interest [Abstract] | |
Classes of Share Capital | The Company’s shares consist of the following: December 31, 2017 Movement in year December 31, 2018 Movement in year December 31, 2019 Issued shares 1,021,903,623 — 1,021,903,623 — 1,021,903,623 Treasury shares (1,986,836 ) (6,348,529 ) (8,335,365 ) (1,488,837 ) (9,824,202 ) Total outstanding shares 1,019,916,787 (6,348,529 ) 1,013,568,258 (1,488,837 ) 1,012,079,421 |
Earnings Per Share | The following table provides the numerators and a reconciliation of the denominators used in calculating basic and diluted earnings per common share for the years ended December 31, 2019, 2018 and 2017. Year Ended December 31, 2019 2018 2017 Net income (loss) attributable to equity holders of the parent (2,454 ) 5,149 4,568 Weighted average common shares outstanding (in millions) for the purposes of basic earnings per share 1,013 1,015 1,020 Incremental shares from assumed conversion of restricted share units and performance share units (in millions) — 6 4 Weighted average common shares outstanding (in millions) for the purposes of diluted earnings per share 1,013 1,021 1,024 |
Dividends | Description Approved by Dividend per Payout date Total (in Dividend for financial year 2016 Annual general shareholders' meeting on May 4, 2017 — — — Dividend for financial year 2017 Annual general shareholders’ meeting on May 9, 2018 0.10 June 13, 2018 101 Dividend for financial year 2018 Annual general shareholders’ meeting on May 7, 2019 0.20 June 13, 2019 203 |
Schedule of Subsidiaries | The table below provides a list of the Company’s principal operating subsidiaries at December 31, 2019 . 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 97.01% Acindar Industria Argentina de Aceros S.A. Argentina 100.00% Europe ArcelorMittal France S.A.S. France 100.00% 1 ArcelorMittal Belgium N.V. Belgium 100.00% ArcelorMittal España S.A. Spain 99.85% ArcelorMittal Flat Carbon Europe S.A. Luxembourg 100.00% 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 Duisburg GmbH Germany 100.00% ArcelorMittal International Luxembourg S.A. Luxembourg 100.00% ArcelorMittal Italia S.p.A. Italy 94.45% Africa and Commonwealth of Independent States ("ACIS") ArcelorMittal South Africa Ltd. ("AMSA") South Africa 69.22% 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.("AMMC") Canada 85.00% ArcelorMittal Liberia Ltd Liberia 85.00% JSC ArcelorMittal Temirtau Kazakhstan 100.00% PJSC ArcelorMittal Kryvyi Rih Ukraine 95.13% 1. On July 1, 2019, ArcelorMittal Atlantique et Lorraine S.A.S. was merged into ArcelorMittal France S.A.S. The tables below provide a list of the subsidiaries which include significant non-controlling interests at December 31, 2019 and 2018 and for the years ended December 31, 2019 , 2018 and 2017 . Name of Subsidiary Country of incorporation and operation % of non-controlling interests and non- controlling voting rights at December 31, 2019 % of non-controlling interests and non- controlling voting rights at December 31, 2018 Net income (loss) attributable to non- controlling interests for the year ended December 31, 2019 Non-controlling interests at December 31, 2019 Net income (loss) attributable to non- controlling interests for the year ended December 31, 2018 Non-controlling interests at December 31, 2018 Net income (loss) attributable to non- controlling interests for the year ended December 31, 2017 AMSA South Africa 30.78% 30.78% (98 ) 74 29 170 (124 ) Sonasid 1 Morocco 67.57% 67.57% — 103 2 107 3 ArcelorMittal Kryvyi Rih Ukraine 4.87% 4.87% (5 ) 185 15 182 10 Belgo Bekaert Arames ("BBA") Brazil 45.00% 45.00% 28 141 28 136 25 Hera Ermac 2 Luxembourg — — — 801 — 797 — AMMC Canada 15.00% 15.00% 114 486 91 484 91 Arceo Belgium 62.86% 62.86% 3 154 4 158 4 ArcelorMittal Liberia Ltd Liberia 15.00% 15.00% 18 (250 ) (2 ) (268 ) (11 ) Other 3 268 14 256 9 Total 63 1,962 181 2,022 7 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 11.2) . |
Financial Information of Subsidiaries with Material Non-controlling Interests | The tables below provide summarized statements of financial position for the above-mentioned subsidiaries as of December 31, 2019 and 2018 and summarized statements of operations and summarized statements of cash flows for the years ended December 31, 2019 , 2018 and 2017 . Summarized statements of financial position December 31, 2019 AMSA Sonasid AM Kryvyi Rih BBA Hera Ermac AMMC Arceo AM Liberia Current assets 997 188 1,557 225 905 1,434 129 155 Non-current assets 618 102 3,530 148 1,193 3,083 122 123 Total assets 1,615 290 5,087 373 2,098 4,517 251 278 Current liabilities 907 101 1,130 98 298 457 1 1,739 Non-current liabilities 468 39 446 14 76 591 1 46 Net assets 240 150 3,511 261 1,724 3,469 249 (1,507 ) Summarized statements of operations December 31, 2019 AMSA Sonasid AM Kryvyi Rih BBA Hera Ermac AMMC Arceo AM Liberia Revenue 2,864 366 2,420 761 — 2,655 — 257 Net income (loss) (319 ) (1 ) (100 ) 63 144 766 5 115 Total comprehensive income (loss) (312 ) — (141 ) 64 144 761 5 115 Summarized statements of cash flows December 31, 2019 AMSA Sonasid AM Kryvyi Rih BBA Hera Ermac AMMC Arceo AM Liberia Net cash provided by / (used in) operating activities (35 ) 9 163 76 857 1,045 9 84 Net cash provided by / (used in) investing activities (79 ) (5 ) (270 ) (12 ) (114 ) (332 ) 17 (18 ) Net cash provided by / (used in) financing activities 97 (6 ) 68 (62 ) (743 ) (683 ) (7 ) (65 ) Impact of currency movements on cash 5 — 8 — — — — — Cash and cash equivalents: At the beginning of the year 72 55 73 11 — 180 27 — At the end of the year 60 53 42 13 — 210 46 1 Dividend to non-controlling interests — (4 ) — (18 ) — (102 ) (5 ) — Summarized statements of financial position December 31, 2018 AMSA Sonasid AM Kryvyi Rih BBA Hera Ermac AMMC Arceo AM Liberia Current assets 1,307 194 1,408 240 251 1,144 93 113 Non-current assets 672 100 2,947 158 2,492 3,113 166 114 Total assets 1,979 294 4,355 398 2,743 4,257 259 227 Current liabilities 1,056 106 535 109 84 331 2 1,816 Non-current liabilities 372 34 308 28 335 539 1 41 Net assets 551 154 3,512 261 2,324 3,387 256 (1,630 ) Summarized statements of operations December 31, 2018 AMSA Sonasid AM Kryvyi Rih BBA Hera Ermac AMMC Arceo AM Liberia Revenue 3,440 396 2,497 771 — 2,396 — 132 Net income (loss) 95 4 340 59 (555 ) 636 6 (12 ) Total comprehensive income (loss) (40 ) 5 331 62 (555 ) 642 6 (12 ) Summarized statements of cash flows December 31, 2018 AMSA Sonasid AM Kryvyi Rih BBA Hera Ermac AMMC Arceo AM Liberia Net cash provided by / (used in) operating activities 69 22 313 47 38 735 10 (18 ) Net cash provided by / (used in) investing activities 132 (5 ) (346 ) (14 ) (38 ) (134 ) 14 (29 ) Net cash provided by / (used in) financing activities (260 ) — 50 (27 ) — (579 ) (9 ) 47 Impact of currency movements on cash (10 ) — (4 ) — — — (1 ) — Cash and cash equivalents: At the beginning of the year 141 38 60 5 — 158 13 — At the end of the year 72 55 73 11 — 180 27 — Dividend to non-controlling interests — — — (18 ) — (87 ) (7 ) — Summarized statements of operations December 31, 2017 AMSA Sonasid AM Kryvyi Rih BBA Hera Ermac AMMC 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 AMMC 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 ) — |
RELATED PARTIES (Tables)
RELATED PARTIES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Related Party [Abstract] | |
Disclosure of Transactions Between Related Parties | 12.1 Sales and trade receivables Year Ended December 31, December 31, Sales Trade receivables Related parties and their subsidiaries where applicable Category 2019 2018 2017 2019 2018 Calvert Joint Venture 2,518 2,207 2,030 5 33 Gonvarri Steel Industries 1 Associate 1,728 2,022 1,666 42 78 ArcelorMittal CLN Distribuzione Italia S.r.l. Joint Venture 483 511 472 57 38 Borçelik Joint Venture 474 536 426 20 20 Bamesa Associate 365 383 397 32 27 I/N Kote L.P. Joint Venture 321 329 321 2 10 C.L.N. Coils Lamiere Nastri S.p.A. Associate 247 265 233 10 6 AM RZK Joint Venture 225 136 235 13 5 Aperam Société Anonyme ("Aperam") Other 172 278 262 16 29 Tuper S.A. Joint Venture 147 155 154 43 45 Tameh Joint Venture 109 110 67 8 4 WDI 2 Associate 105 148 127 1 1 Al Jubail Joint Venture 25 115 66 — 1 Macsteel 3 Other — 470 521 — 2 Other 523 594 526 49 67 Total 7,442 8,259 7,503 298 366 1. Gonvarri Steel Industries includes ArcelorMittal Gonvarri Brasil Productos Siderúrgicos which is a joint venture. 2. WDI includes Westfälische Drahtindustrie Verwaltungsgesellschaft mbH & Co. KG and Westfälische Drahtindustrie GmbH. 3. Macsteel was sold on October 31, 2018 . Year Ended December 31, December 31, Purchases Trade payables Related parties and their subsidiaries where applicable Category 2019 2018 2017 2019 2018 Tameh Joint Venture 273 344 286 22 2 Calvert Joint Venture 127 107 65 41 23 CFL Cargo S.A. Associate 63 59 60 17 9 Al Jubail Joint Venture 53 42 2 4 22 Exeltium S.A.S. Associate 52 54 53 — — Sitrel Joint Venture 49 41 — 1 3 Aperam Other 47 85 94 7 6 Baycoat Limited Partnership Joint Venture 47 43 42 8 5 Gonvarri Steel Industries 1 Associate 22 35 19 15 31 Baffinland 2 Associate 16 28 142 1 16 Other 343 278 270 135 84 Total 1,092 1,116 1,033 251 201 1. Gonvarri Steel Industries includes ArcelorMittal Gonvarri Brasil Productos Siderúrgicos which is a joint venture. 2. Baffinland was classified as an associate as of October 31, 2017 (see note 2). |
ACCOUNTING PRINCIPLES (Details)
ACCOUNTING PRINCIPLES (Details) - USD ($) | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 14, 2017 | Sep. 27, 2011 | Dec. 28, 2009 |
Disclosure of initial application of standards or interpretations [line items] | |||||
Additional lease liabilities as of January 1, 2019 from leases previously classified as operating leases in accordance with IAS 17 | $ 1,127,000,000 | $ 1,559,000,000 | |||
IFRS 16 | |||||
Disclosure of initial application of standards or interpretations [line items] | |||||
Additional lease liabilities as of January 1, 2019 from leases previously classified as operating leases in accordance with IAS 17 | 1,136,000,000 | ||||
Right-of-use assets, as adjusted | $ 1,405,000,000 | ||||
Mandatorily convertible unsecured unsubordinated bonds | |||||
Disclosure of initial application of standards or interpretations [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) | 12 Months Ended |
Dec. 31, 2019 | |
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 | 97.01% |
Acindar Industria Argentina de Aceros S.A. | Brazil | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary | 100.00% |
ArcelorMittal France 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 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 Méditerranée 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 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 Italia S.p.A. | Europe | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary | 94.45% |
ArcelorMittal South Africa Ltd. (AMSA) | ACIS | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary | 69.22% |
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.(AMMC) | 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, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017 | |
Industrias Unicon CA | |||
Entity Information [Line Items] | |||
Level of price index | 129.22 | 2,136.05 | 20.56 |
Acindar Industria Argentina de Aceros S.A. | |||
Entity Information [Line Items] | |||
Level of price index | 0.547 | 0.479 | |
Gains (losses) on net monetary position | $ 64 | $ 45 |
SCOPE OF CONSOLIDATION - Acquis
SCOPE OF CONSOLIDATION - Acquisitions Narrative - IIva (renamed ArcelorMittal Italia) (Details) € in Millions, $ in Millions | Nov. 09, 2018 | Nov. 01, 2018USD ($) | Nov. 01, 2018EUR (€) | Sep. 30, 2018worker | Dec. 31, 2018USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Nov. 01, 2018EUR (€) |
Disclosure of detailed information about business combination [line items] | ||||||||||
Bargain purchase gain | $ 0 | $ 209 | $ 0 | |||||||
Capital commitments | $ 697 | $ 448 | 448 | 697 | ||||||
ArcelorMIttal Italia | ||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||
Consideration transferred, acquisition-date fair value | $ 2,100 | € 1,800 | ||||||||
Consideration transferred, annual installments payable | 206 | 180 | ||||||||
Leasing costs payable, present value at acquisition date | 1,540 | |||||||||
Liabilities incurred | $ 54 | |||||||||
Labour agreement employment commitment, number of workers | worker | 10,700 | |||||||||
Annual installments payable, term (in years) | 4 years | 4 years | ||||||||
Consideration payable related to put option | $ 122 | |||||||||
Provisions for environmental remediation obligations | 397 | |||||||||
Contingent consideration arrangements and indemnification assets recognised as of acquisition date | 359 | |||||||||
Trade receivables recognised as of acquisition date | 437 | |||||||||
Gross contractual amounts receivable for acquired receivables | 501 | |||||||||
Best estimate at acquisition date of contractual cash flows not expected to be collected for acquired receivables | 64 | |||||||||
Identifiable intangible assets recognised as of acquisition date | 267 | |||||||||
Current liabilities recognised as of acquisition date | 158 | |||||||||
Favorable land lease contracts recognised as of acquisition date | 61 | |||||||||
Bargain purchase gain | 181 | $ 209 | ||||||||
Preliminary working capital adjustment | 500 | € 400 | ||||||||
Revenue of acquiree since acquisition date | 398 | |||||||||
Loss of acquiree since acquisition date | $ (49) | |||||||||
Acquisition-related costs recognised as expense for transaction recognised separately from acquisition of assets and assumption of liabilities in business combination | 25 | |||||||||
Capital commitments | $ 1,400 | 1,300 | ||||||||
Capital commitments, period | 7 years | 7 years | ||||||||
Environmental capital expenditure commitments | $ 900 | € 800 | ||||||||
ArcelorMIttal Italia | Emission rights | ||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||
Identifiable intangible assets recognised as of acquisition date | $ 201 | |||||||||
AM Investco Italy S.r.l. | ||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||
Proportion of ownership interest in subsidiary | 94.45% | 94.45% | ||||||||
Proportion of ownership interests held by non-controlling interests | 5.55% | 5.55% | ||||||||
AM Investco Italy S.r.l. | ArcelorMIttal Italia | ||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||
Proportion of ownership interests held by non-controlling interests | 15.00% | |||||||||
Bargain purchase gain | ArcelorMIttal Italia | ||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||
Measurement period adjustment | $ (28) | |||||||||
Property, plant and equipment | ArcelorMIttal Italia | ||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||
Measurement period adjustment | 92 | |||||||||
Deferred tax liabilities | ArcelorMIttal Italia | ||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||
Measurement period adjustment | 74 | |||||||||
Environmental provisions | ArcelorMIttal Italia | ||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||
Measurement period adjustment | $ (118) |
SCOPE OF CONSOLIDATION - Acqu_2
SCOPE OF CONSOLIDATION - Acquisitions Narrative - Votorantim (renamed AMSF) (Details) - USD ($) $ in Millions | Apr. 01, 2018 | Jun. 30, 2019 | Dec. 31, 2018 | Dec. 31, 2018 | Apr. 01, 2019 |
AMSF | |||||
Disclosure of detailed information about business combination [line items] | |||||
Proportion of ownership interests held by non-controlling interests | 2.99% | ||||
Consideration payable | $ 328 | $ 328 | |||
Contingent consideration arrangements and indemnification assets recognised as of acquisition date | 83 | ||||
Contingent liabilities recognised as of acquisition date | 93 | ||||
Unfavorable contracts recognised as of acquisition date | 293 | ||||
Borrowings recognised as of acquisition date | 211 | ||||
Cash and cash equivalents recognised as of acquisition date | 13 | ||||
Fair value of acquired receivables | 141 | ||||
Trade receivables recognised as of acquisition date | 92 | ||||
Gross contractual amounts receivable for acquired receivables | 108 | ||||
Best estimate at acquisition date of contractual cash flows not expected to be collected for acquired receivables | 16 | ||||
Revenue of acquiree since acquisition date | $ 285 | ||||
Loss of acquiree since acquisition date | $ (108) | ||||
Acquisition-related costs recognised as expense for transaction recognised separately from acquisition of assets and assumption of liabilities in business combination | $ 8 | ||||
ArcelorMittal Italia and AMSF | |||||
Disclosure of detailed information about business combination [line items] | |||||
Revenue of combined entity as if combination occurred at beginning of period | $ 79,192 | ||||
Net income of combined entity as if combination occurred at beginning of period | $ 4,801 | ||||
Sitrel | |||||
Disclosure of detailed information about business combination [line items] | |||||
Proportion of ownership interest in joint venture | 50.00% | ||||
Sitrel | AMSF | |||||
Disclosure of detailed information about business combination [line items] | |||||
Investments in joint ventures | $ 82 | ||||
Goodwill | AMSF | |||||
Disclosure of detailed information about business combination [line items] | |||||
Measurement period adjustment | $ 8 | ||||
Other liabilities | AMSF | |||||
Disclosure of detailed information about business combination [line items] | |||||
Measurement period adjustment | $ 8 |
SCOPE OF CONSOLIDATION - Acqu_3
SCOPE OF CONSOLIDATION - Acquisitions Narrative - Other (Details) € in Millions, $ in Millions | Jun. 04, 2019USD ($) | Dec. 21, 2017USD ($) | Jun. 21, 2017USD ($) | Jun. 21, 2017EUR (€) | May 18, 2017USD ($) | Jan. 18, 2017USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Jun. 04, 2019EUR (€) | Dec. 21, 2017EUR (€) | Jun. 21, 2017EUR (€) | May 18, 2017EUR (€) | Jan. 18, 2017EUR (€) |
Disclosure of detailed information about business combination [line items] | |||||||||||||||
Cash acquired from acquisition | $ 3 | $ 13 | $ 617 | ||||||||||||
Cash flows used in obtaining control of subsidiaries or other businesses | 46 | $ 39 | $ (16) | ||||||||||||
Münker | |||||||||||||||
Disclosure of detailed information about business combination [line items] | |||||||||||||||
Consideration transferred, acquisition-date fair value | $ 54 | € 48 | |||||||||||||
Cash transferred | 46 | 44 | |||||||||||||
Cash acquired from acquisition | 3 | ||||||||||||||
Consideration payable | 5 | € 4 | |||||||||||||
Goodwill recognised as of acquisition date | 6 | ||||||||||||||
Property, plant and equipment recognised as of acquisition date | 34 | ||||||||||||||
Identifiable intangible assets recognised as of acquisition date | 11 | ||||||||||||||
Current assets recognised as of acquisition date | 22 | ||||||||||||||
Revenue of acquiree since acquisition date | $ 45 | ||||||||||||||
Net income of acquiree since acquisition date | $ 2 | ||||||||||||||
Revenue of combined entity as if combination occurred at beginning of period | 70,646 | ||||||||||||||
Net loss of combined entity as if combination occurred at beginning of period | $ 2,454 | ||||||||||||||
Electro-Re S.A. | |||||||||||||||
Disclosure of detailed information about business combination [line items] | |||||||||||||||
Consideration transferred, acquisition-date fair value | $ 290 | € 246 | |||||||||||||
Cash acquired from acquisition | 325 | ||||||||||||||
Cash acquired in excess of payments to acquire business | $ 35 | ||||||||||||||
Sumaré | |||||||||||||||
Disclosure of detailed information about business combination [line items] | |||||||||||||||
Consideration transferred, acquisition-date fair value | $ 63 | € 56 | |||||||||||||
Cash transferred | 49 | ||||||||||||||
Cash acquired from acquisition | 14 | ||||||||||||||
Consideration payable | $ 5 | € 4 | |||||||||||||
Percentage of voting equity interests acquired | 55.50% | 55.50% | |||||||||||||
Cash flows used in obtaining control of subsidiaries or other businesses | $ 58 | € 52 | |||||||||||||
Crédit Agricole Reinsurance S.A. | |||||||||||||||
Disclosure of detailed information about business combination [line items] | |||||||||||||||
Consideration transferred, acquisition-date fair value | $ 208 | € 186 | |||||||||||||
Cash acquired from acquisition | 228 | ||||||||||||||
Cash acquired in excess of payments to acquire business | $ 20 | ||||||||||||||
Artzare S.A. | |||||||||||||||
Disclosure of detailed information about business combination [line items] | |||||||||||||||
Consideration transferred, acquisition-date fair value | $ 45 | € 43 | |||||||||||||
Cash acquired from acquisition | 50 | ||||||||||||||
Cash acquired in excess of payments to acquire business | $ 5 | ||||||||||||||
Goodwill | Münker | |||||||||||||||
Disclosure of detailed information about business combination [line items] | |||||||||||||||
Goodwill recognised as of acquisition date | 6 | ||||||||||||||
Current assets | Münker | |||||||||||||||
Disclosure of detailed information about business combination [line items] | |||||||||||||||
Current assets recognised as of acquisition date | $ 22 |
SCOPE OF CONSOLIDATION - Schedu
SCOPE OF CONSOLIDATION - Schedule of Assets Acquired and Liabilities Assumed (Details) € in Millions, $ in Millions | Nov. 01, 2018USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Jun. 04, 2019USD ($) | Jun. 04, 2019EUR (€) | Apr. 01, 2019USD ($) | Apr. 01, 2018USD ($) |
Disclosure of detailed information about business combination [line items] | ||||||||
Bargain purchase gain | $ 0 | $ (209) | $ 0 | |||||
Münker | ||||||||
Disclosure of detailed information about business combination [line items] | ||||||||
Current assets | $ 22 | |||||||
Property, plant and equipment | 34 | |||||||
Intangible assets | 11 | |||||||
Other non-current assets | 0 | |||||||
Total assets acquired | 67 | |||||||
Deferred tax liabilities | (8) | |||||||
Other liabilities | (14) | |||||||
Total liabilities acquired | (22) | |||||||
Net assets acquired | 45 | |||||||
Non-controlling interests | 0 | |||||||
Consideration paid, net | 46 | |||||||
Consideration payable | 5 | € 4 | ||||||
Goodwill | $ 6 | |||||||
AMSF | ||||||||
Disclosure of detailed information about business combination [line items] | ||||||||
Current assets | $ 262 | |||||||
Property, plant and equipment | 600 | |||||||
Intangible assets | 19 | |||||||
Other non-current assets | 252 | |||||||
Total assets acquired | 1,133 | |||||||
Deferred tax liabilities | (45) | |||||||
Other liabilities | (792) | |||||||
Total liabilities acquired | (837) | |||||||
Net assets acquired | 296 | |||||||
Non-controlling interests | 0 | |||||||
Consideration paid, net | 0 | |||||||
Consideration payable | 328 | $ 328 | ||||||
Goodwill | $ 32 | |||||||
Ilva | ||||||||
Disclosure of detailed information about business combination [line items] | ||||||||
Current assets | $ 1,156 | |||||||
Property, plant and equipment | 1,118 | |||||||
Intangible assets | 267 | |||||||
Other non-current assets | 369 | |||||||
Total assets acquired | 2,910 | |||||||
Deferred tax liabilities | (74) | |||||||
Other liabilities | (1,113) | |||||||
Total liabilities acquired | (1,187) | |||||||
Net assets acquired | 1,723 | |||||||
Non-controlling interests | 0 | |||||||
Consideration paid, net | 52 | |||||||
Consideration payable | 1,490 | |||||||
Bargain purchase gain | $ (181) | $ (209) |
SCOPE OF CONSOLIDATION - Divest
SCOPE OF CONSOLIDATION - Divestments Narrative (Details) € in Millions, $ in Millions | Dec. 31, 2019USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2019EUR (€) | Jun. 28, 2019USD ($) | Jun. 28, 2019EUR (€) | Feb. 28, 2018USD ($) | Feb. 07, 2018USD ($) | Dec. 15, 2017USD ($) | Feb. 10, 2017USD ($) | Jun. 30, 2019USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2015USD ($) | Jun. 30, 2019EUR (€) | May 07, 2018divestment_packages | Mar. 13, 2017USD ($) |
Disclosure of joint ventures [line items] | |||||||||||||||||
Impairment loss | $ 1,927 | $ 994 | $ 206 | ||||||||||||||
Cash disposed | 38 | 1 | 13 | ||||||||||||||
Gain on disposal | (4) | 126 | $ (117) | ||||||||||||||
Additional provisions, other provisions | 946 | 357 | |||||||||||||||
Joint ventures | $ 2,586 | 2,586 | 1,011 | ||||||||||||||
Downstream Solutions Europe | |||||||||||||||||
Disclosure of joint ventures [line items] | |||||||||||||||||
Impairment loss on assets held for sale | $ 18 | ||||||||||||||||
AMTBA | |||||||||||||||||
Disclosure of joint ventures [line items] | |||||||||||||||||
Joint ventures | $ 65 | ||||||||||||||||
Global Chartering Ltd. | |||||||||||||||||
Disclosure of joint ventures [line items] | |||||||||||||||||
Proportion of ownership interest in joint venture | 50.00% | ||||||||||||||||
ArcelorMittal Georgetown Inc. | |||||||||||||||||
Disclosure of joint ventures [line items] | |||||||||||||||||
Portion of consideration paid (received) consisting of cash and cash equivalents | $ 19 | ||||||||||||||||
Proportion of ownership interest in subsidiary sold | 100.00% | ||||||||||||||||
Gain on disposal | $ 18 | ||||||||||||||||
Disposal group, disposed of by sale, not discontinued operations | ArcelorMittal Italia remedies | |||||||||||||||||
Disclosure of joint ventures [line items] | |||||||||||||||||
Number of divestment packages | divestment_packages | 3 | ||||||||||||||||
Escrow deposit | $ 125 | $ 125 | € 110 | ||||||||||||||
Consideration received, including deferred consideration, net of escrow deposit | 842 | € 740 | |||||||||||||||
Portion of consideration paid (received) consisting of cash and cash equivalents | (694) | $ (694) | € (610) | ||||||||||||||
Impairment loss | 497 | ||||||||||||||||
Consideration received | 692 | ||||||||||||||||
Portion of consideration received consisting of cash and cash equivalents, net of escrow deposit and cash disposed | 518 | ||||||||||||||||
Cash disposed | 34 | ||||||||||||||||
Cash paid to joint venture | 17 | ||||||||||||||||
Portion of consideration receivable consisting of cash and cash equivalents | 174 | 161 | |||||||||||||||
Assigned receivables | $ 404 | $ 404 | |||||||||||||||
Disposal group, disposed of by sale, not discontinued operations | Global Chartering Ltd. | |||||||||||||||||
Disclosure of joint ventures [line items] | |||||||||||||||||
Portion of consideration received consisting of cash and cash equivalents, net of escrow deposit and cash disposed | $ (4) | ||||||||||||||||
Portion of consideration receivable consisting of cash and cash equivalents | 6 | ||||||||||||||||
Assigned receivables | $ 0 | 0 | |||||||||||||||
Proportion of ownership interest in subsidiary sold | 50.00% | ||||||||||||||||
Gain on disposal | $ 29 | ||||||||||||||||
Foreign exchange translation gain | $ 33 | ||||||||||||||||
Decrease of right-of-use assets | 390 | ||||||||||||||||
Decrease of lease liabilities | 400 | ||||||||||||||||
Disposal group, disposed of by sale, not discontinued operations | Frýdek Místek | |||||||||||||||||
Disclosure of joint ventures [line items] | |||||||||||||||||
Portion of consideration received consisting of cash and cash equivalents, net of escrow deposit and cash disposed | $ 39 | ||||||||||||||||
Cash disposed | 1 | ||||||||||||||||
Portion of consideration receivable consisting of cash and cash equivalents | 10 | ||||||||||||||||
Assigned receivables | 0 | ||||||||||||||||
Total consideration including receivable | $ 49 | ||||||||||||||||
Disposal group, disposed of by sale, not discontinued operations | Votorantim remedies | |||||||||||||||||
Disclosure of joint ventures [line items] | |||||||||||||||||
Impairment loss | $ 86 | ||||||||||||||||
Portion of consideration received consisting of cash and cash equivalents, net of escrow deposit and cash disposed | 26 | ||||||||||||||||
Cash disposed | 1 | ||||||||||||||||
Portion of consideration receivable consisting of cash and cash equivalents | 58 | ||||||||||||||||
Assigned receivables | 0 | ||||||||||||||||
Total consideration including receivable | $ 84 | ||||||||||||||||
Disposal group, disposed of by sale, not discontinued operations | Downstream Solutions Europe | |||||||||||||||||
Disclosure of joint ventures [line items] | |||||||||||||||||
Portion of consideration received consisting of cash and cash equivalents, net of escrow deposit and cash disposed | $ 6 | ||||||||||||||||
Assigned receivables | $ 0 | ||||||||||||||||
Other | |||||||||||||||||
Disclosure of joint ventures [line items] | |||||||||||||||||
Additional provisions, other provisions | 148 | $ 19 | |||||||||||||||
Other | Global Chartering Ltd. | |||||||||||||||||
Disclosure of joint ventures [line items] | |||||||||||||||||
Additional provisions, other provisions | $ 126 |
SCOPE OF CONSOLIDATION - Summar
SCOPE OF CONSOLIDATION - Summary of Divestments (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Jun. 30, 2019 | Feb. 28, 2018 | Feb. 07, 2018 | Dec. 15, 2017 | Mar. 13, 2017 | Feb. 10, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure Of Non-current Assets Held For Sale And Discontinued Operations [Line Items] | |||||||||||
Cash and cash equivalents | $ 4,867 | $ 4,867 | $ 2,172 | $ 2,574 | $ 2,501 | ||||||
Other current assets | 109 | 109 | 68 | ||||||||
Property, plant and equipment | 36,231 | 36,231 | 35,638 | ||||||||
Other assets | 1,648 | 1,648 | 3,360 | ||||||||
Total assets | 87,908 | 87,908 | 91,249 | ||||||||
Current liabilities | 21,287 | 21,287 | 23,455 | ||||||||
Other long-term liabilities | 2,518 | 2,518 | 3,019 | ||||||||
Total liabilities | 47,425 | 47,425 | 47,141 | ||||||||
Gain on disposal | 101 | $ 16 | $ 18 | ||||||||
Disposal group, disposed of by sale, not discontinued operations | ArcelorMittal Italia remedies | |||||||||||
Disclosure Of Non-current Assets Held For Sale And Discontinued Operations [Line Items] | |||||||||||
Cash and cash equivalents | $ 0 | ||||||||||
Other current assets | 1,386 | ||||||||||
Property, plant and equipment | 178 | ||||||||||
Other assets | 11 | ||||||||||
Total assets | 1,575 | ||||||||||
Current liabilities | 1,046 | ||||||||||
Other long-term liabilities | 241 | ||||||||||
Total liabilities | 1,287 | ||||||||||
Total net assets | 288 | ||||||||||
Assigned receivables | $ 404 | ||||||||||
% of net assets sold | 100.00% | ||||||||||
Total net assets disposed of | $ 692 | ||||||||||
Cash consideration received, net of escrow deposit and cash disposed | 518 | ||||||||||
Consideration receivable | 174 | 161 | |||||||||
Reclassification of foreign exchange reserves | 72 | ||||||||||
Gain on disposal | $ 72 | ||||||||||
Disposal group, disposed of by sale, not discontinued operations | Global Chartering Limited | |||||||||||
Disclosure Of Non-current Assets Held For Sale And Discontinued Operations [Line Items] | |||||||||||
Cash and cash equivalents | 0 | 0 | |||||||||
Other current assets | 14 | 14 | |||||||||
Property, plant and equipment | 517 | 517 | |||||||||
Other assets | 21 | 21 | |||||||||
Total assets | 552 | 552 | |||||||||
Current liabilities | 229 | 229 | |||||||||
Other long-term liabilities | 311 | 311 | |||||||||
Total liabilities | 540 | 540 | |||||||||
Total net assets | 12 | 12 | |||||||||
Assigned receivables | $ 0 | $ 0 | |||||||||
% of net assets sold | 50.00% | ||||||||||
Total net assets disposed of | $ 6 | ||||||||||
Cash consideration received, net of escrow deposit and cash disposed | (4) | ||||||||||
Consideration receivable | 6 | ||||||||||
Reclassification of foreign exchange reserves | 33 | ||||||||||
Gain on disposal | $ 29 | ||||||||||
Disposal group, disposed of by sale, not discontinued operations | Frýdek Místek | |||||||||||
Disclosure Of Non-current Assets Held For Sale And Discontinued Operations [Line Items] | |||||||||||
Cash and cash equivalents | $ 0 | ||||||||||
Other current assets | 48 | ||||||||||
Property, plant and equipment | 35 | ||||||||||
Other assets | 0 | ||||||||||
Total assets | 83 | ||||||||||
Current liabilities | 31 | ||||||||||
Other long-term liabilities | 4 | ||||||||||
Total liabilities | 35 | ||||||||||
Total net assets | 48 | ||||||||||
Assigned receivables | $ 0 | ||||||||||
% of net assets sold | 100.00% | ||||||||||
Total net assets disposed of | $ 48 | ||||||||||
Cash consideration received, net of escrow deposit and cash disposed | 39 | ||||||||||
Consideration receivable | 10 | ||||||||||
Reclassification of foreign exchange reserves | 15 | ||||||||||
Gain on disposal | $ 16 | ||||||||||
Disposal group, disposed of by sale, not discontinued operations | Votorantim remedies | |||||||||||
Disclosure Of Non-current Assets Held For Sale And Discontinued Operations [Line Items] | |||||||||||
Cash and cash equivalents | $ 0 | ||||||||||
Other current assets | 40 | ||||||||||
Property, plant and equipment | 48 | ||||||||||
Other assets | 0 | ||||||||||
Total assets | 88 | ||||||||||
Current liabilities | 4 | ||||||||||
Other long-term liabilities | 0 | ||||||||||
Total liabilities | 4 | ||||||||||
Total net assets | 84 | ||||||||||
Assigned receivables | $ 0 | ||||||||||
% of net assets sold | 100.00% | ||||||||||
Total net assets disposed of | $ 84 | ||||||||||
Cash consideration received, net of escrow deposit and cash disposed | 26 | ||||||||||
Consideration receivable | 58 | ||||||||||
Reclassification of foreign exchange reserves | 0 | ||||||||||
Gain on disposal | $ 0 | ||||||||||
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 | 65 | ||||||||||
Assigned receivables | $ 0 | ||||||||||
% of net assets sold | 100.00% | ||||||||||
Total net assets disposed of | $ 65 | ||||||||||
Cash consideration received, net of escrow deposit and cash disposed | 65 | ||||||||||
Reclassification of foreign exchange reserves | 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 | 27 | ||||||||||
Assigned receivables | $ 0 | ||||||||||
% of net assets sold | 100.00% | ||||||||||
Total net assets disposed of | $ 27 | ||||||||||
Cash consideration received, net of escrow deposit and cash disposed | 6 | ||||||||||
Reclassification of foreign exchange reserves | 21 | ||||||||||
Gain on disposal | $ 0 | ||||||||||
Disposal group, disposed of by sale, not discontinued operations | Georgetown | |||||||||||
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 | 1 | ||||||||||
Assigned receivables | $ 0 | ||||||||||
% of net assets sold | 100.00% | ||||||||||
Total net assets disposed of | $ 1 | ||||||||||
Cash consideration received, net of escrow deposit and cash disposed | 19 | ||||||||||
Reclassification of foreign exchange reserves | 0 | ||||||||||
Gain on disposal | $ 18 |
SCOPE OF CONSOLIDATION - Assets
SCOPE OF CONSOLIDATION - Assets Held for Sale (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Current assets: | ||||
Cash and cash equivalents | $ 4,867 | $ 2,172 | $ 2,574 | $ 2,501 |
Inventories | 17,296 | 20,744 | ||
Total current assets | 28,616 | 32,475 | ||
Non-current assets: | ||||
Property, plant and equipment | 36,231 | 35,638 | ||
Other assets | 1,648 | 3,360 | ||
Total non-current assets | 59,292 | 58,774 | ||
Total assets | 87,908 | 91,249 | ||
Current liabilities: | ||||
Total current liabilities | 21,287 | 23,455 | ||
Non-current liabilities: | ||||
Long-term debt | 11,471 | 9,316 | ||
Other long-term liabilities | 2,518 | 3,019 | ||
Non-current liabilities | 26,138 | 23,686 | ||
Total liabilities | $ 47,425 | 47,141 | ||
Disposal groups classified as held for sale | ||||
Current assets: | ||||
Cash and cash equivalents | 10 | |||
Trade accounts receivable, prepaid expenses and other current assets | 319 | |||
Inventories | 1,034 | |||
Total current assets | 1,363 | |||
Non-current assets: | ||||
Property, plant and equipment | 716 | |||
Other assets | 32 | |||
Total non-current assets | 748 | |||
Total assets | 2,111 | |||
Current liabilities: | ||||
Trade accounts payables, accrued expenses and other liabilities | 563 | |||
Total current liabilities | 563 | |||
Non-current liabilities: | ||||
Long-term debt | 77 | |||
Other long-term liabilities | 181 | |||
Non-current liabilities | 258 | |||
Total liabilities | 821 | |||
Disposal groups classified as held for sale | ArcelorMittal Italia remedies | ||||
Current assets: | ||||
Cash and cash equivalents | 10 | |||
Trade accounts receivable, prepaid expenses and other current assets | 291 | |||
Inventories | 1,011 | |||
Total current assets | 1,312 | |||
Non-current assets: | ||||
Property, plant and equipment | 638 | |||
Other assets | 32 | |||
Total non-current assets | 670 | |||
Total assets | 1,982 | |||
Current liabilities: | ||||
Trade accounts payables, accrued expenses and other liabilities | 542 | |||
Total current liabilities | 542 | |||
Non-current liabilities: | ||||
Long-term debt | 77 | |||
Other long-term liabilities | 164 | |||
Non-current liabilities | 241 | |||
Total liabilities | 783 | |||
Disposal groups classified as held for sale | Steelton | ||||
Current assets: | ||||
Cash and cash equivalents | 0 | |||
Trade accounts receivable, prepaid expenses and other current assets | 28 | |||
Inventories | 23 | |||
Total current assets | 51 | |||
Non-current assets: | ||||
Property, plant and equipment | 78 | |||
Other assets | 0 | |||
Total non-current assets | 78 | |||
Total assets | 129 | |||
Current liabilities: | ||||
Trade accounts payables, accrued expenses and other liabilities | 21 | |||
Total current liabilities | 21 | |||
Non-current liabilities: | ||||
Long-term debt | 0 | |||
Other long-term liabilities | 17 | |||
Non-current liabilities | 17 | |||
Total liabilities | $ 38 |
SCOPE OF CONSOLIDATION - Invest
SCOPE OF CONSOLIDATION - Investment in Associates and Joint Arrangements (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Basis Of Consolidation [Abstract] | ||
Joint ventures | $ 2,586,000,000 | $ 1,011,000,000 |
Associates | 2,859,000,000 | 2,871,000,000 |
Individually immaterial joint ventures and associates | 1,084,000,000 | 1,024,000,000 |
Total | $ 6,529,000,000 | $ 4,906,000,000 |
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 - Summ_2
SCOPE OF CONSOLIDATION - Summary of Joint Ventures (Details) - USD ($) $ in Millions | Dec. 11, 2019 | May 28, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of joint ventures [line items] | ||||||
Current assets | $ 28,616 | $ 32,475 | ||||
of which cash and cash equivalents | 4,867 | 2,172 | $ 2,574 | $ 2,501 | ||
Non-current assets | 59,292 | 58,774 | ||||
Current liabilities | 21,287 | 23,455 | ||||
Non-current liabilities | 26,138 | 23,686 | ||||
Carrying amount in the statements of financial position | 2,586 | 1,011 | ||||
Revenue | 70,615 | 76,033 | 68,679 | |||
Depreciation and amortization | (3,067) | (2,799) | (2,768) | |||
Interest income | 88 | 72 | 56 | |||
Interest expense | (695) | (687) | (879) | |||
Income tax benefit (expense) | (459) | 349 | (432) | |||
Profit (loss) from continuing operations | (2,391) | 5,330 | 4,575 | |||
Other comprehensive income (loss) | (624) | (1,575) | 4,083 | |||
Total comprehensive (loss) income | (3,015) | 3,755 | 8,658 | |||
Deferred tax liabilities | 2,331 | 2,374 | ||||
Joint ventures | ||||||
Disclosure of joint ventures [line items] | ||||||
Current assets | 4,914 | 2,543 | 2,834 | |||
of which cash and cash equivalents | 768 | 318 | 243 | |||
Non-current assets | 9,061 | 2,792 | 3,218 | |||
Current liabilities | 7,952 | 1,921 | 1,954 | |||
of which trade and other payables and provisions | 1,453 | 792 | 905 | |||
Non-current liabilities | 1,393 | 1,345 | 1,502 | |||
of which trade and other payables and provisions | 121 | 22 | 23 | |||
Total net assets | 4,630 | 2,069 | 2,596 | |||
Company's share of net assets | 2,565 | 1,037 | 1,276 | |||
Adjustments for differences in accounting policies and other | 21 | (26) | (27) | |||
Carrying amount in the statements of financial position | 2,586 | 1,011 | 1,249 | |||
Revenue | 5,916 | 5,715 | 7,698 | |||
Depreciation and amortization | (155) | (147) | (142) | |||
Interest income | 6 | 4 | 16 | |||
Interest expense | (107) | (90) | (81) | |||
Income tax benefit (expense) | (122) | (27) | (32) | |||
Profit (loss) from continuing operations | 97 | 353 | 413 | |||
Other comprehensive income (loss) | 4 | 0 | ||||
Total comprehensive (loss) income | 97 | 357 | 413 | |||
Cash dividends received by the Company | $ 78 | $ 86 | $ 54 | |||
AMNS India | ||||||
Disclosure of joint ventures [line items] | ||||||
Proportion of ownership interest in joint venture | 60.00% | 60.00% | ||||
Proportion of voting rights held in joint venture | 60.00% | |||||
Current assets | $ 2,318 | |||||
of which cash and cash equivalents | 444 | |||||
Non-current assets | 6,295 | |||||
Current liabilities | 5,922 | |||||
of which trade and other payables and provisions | 670 | |||||
Non-current liabilities | 189 | |||||
of which trade and other payables and provisions | 46 | |||||
Total net assets | 2,502 | |||||
Company's share of net assets | 1,501 | |||||
Adjustments for differences in accounting policies and other | 48 | |||||
Carrying amount in the statements of financial position | 1,549 | |||||
Revenue | 0 | |||||
Depreciation and amortization | 0 | |||||
Interest income | 2 | |||||
Interest expense | (10) | |||||
Income tax benefit (expense) | (83) | |||||
Profit (loss) from continuing operations | (116) | |||||
Total comprehensive (loss) income | (116) | |||||
Cash dividends received by the Company | $ 0 | |||||
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 | $ 1,604 | $ 1,490 | $ 1,135 | |||
of which cash and cash equivalents | 62 | 76 | 13 | |||
Non-current assets | 1,282 | 1,282 | 1,303 | |||
Current liabilities | 984 | 824 | 612 | |||
of which trade and other payables and provisions | 144 | 173 | 118 | |||
Non-current liabilities | 764 | 853 | 947 | |||
of which trade and other payables and provisions | 0 | 0 | 0 | |||
Total net assets | 1,138 | 1,095 | 879 | |||
Company's share of net assets | 569 | 548 | 440 | |||
Adjustments for differences in accounting policies and other | 6 | 6 | 6 | |||
Carrying amount in the statements of financial position | 575 | 554 | 446 | |||
Revenue | 3,504 | 3,295 | 2,870 | |||
Depreciation and amortization | (63) | (62) | (62) | |||
Interest income | 2 | 1 | 0 | |||
Interest expense | (48) | (40) | (35) | |||
Income tax benefit (expense) | 0 | 0 | 0 | |||
Profit (loss) from continuing operations | 156 | 312 | 270 | |||
Other comprehensive income (loss) | 0 | 0 | ||||
Total comprehensive (loss) income | 156 | 312 | 270 | |||
Cash dividends received by the Company | $ 57 | $ 48 | $ 20 | |||
Macsteel | ||||||
Disclosure of joint ventures [line items] | ||||||
Proportion of ownership interest in joint venture | 50.00% | |||||
Proportion of voting rights held in joint venture | 50.00% | |||||
Current assets | $ 739 | |||||
of which cash and cash equivalents | 95 | |||||
Non-current assets | 389 | |||||
Current liabilities | 404 | |||||
of which trade and other payables and provisions | 235 | |||||
Non-current liabilities | 43 | |||||
of which trade and other payables and provisions | 3 | |||||
Total net assets | 681 | |||||
Company's share of net assets | 341 | |||||
Adjustments for differences in accounting policies and other | (3) | |||||
Carrying amount in the statements of financial position | 338 | |||||
Revenue | 2,775 | |||||
Depreciation and amortization | (1) | |||||
Interest income | 14 | |||||
Interest expense | (10) | |||||
Income tax benefit (expense) | (5) | |||||
Profit (loss) from continuing operations | 31 | |||||
Other comprehensive income (loss) | 2 | |||||
Total comprehensive (loss) income | 33 | |||||
Cash dividends received by the Company | $ 0 | |||||
VAMA | ||||||
Disclosure of joint ventures [line items] | ||||||
Proportion of ownership interest in joint venture | 50.00% | 50.00% | 49.00% | |||
Proportion of voting rights held in joint venture | 50.00% | 50.00% | 49.00% | |||
Current assets | $ 313 | $ 329 | $ 283 | |||
of which cash and cash equivalents | 81 | 85 | 71 | |||
Non-current assets | 637 | 688 | 754 | |||
Current liabilities | 485 | 491 | 449 | |||
of which trade and other payables and provisions | 226 | 180 | 190 | |||
Non-current liabilities | 147 | 217 | 277 | |||
of which trade and other payables and provisions | 0 | 0 | 0 | |||
Total net assets | 318 | 309 | 311 | |||
Company's share of net assets | 159 | 156 | 152 | |||
Adjustments for differences in accounting policies and other | 0 | 0 | 0 | |||
Carrying amount in the statements of financial position | 159 | 156 | 152 | |||
Revenue | 772 | 625 | 489 | |||
Depreciation and amortization | (31) | (32) | (30) | |||
Interest income | 1 | 1 | 1 | |||
Interest expense | (23) | (26) | (28) | |||
Income tax benefit (expense) | (22) | (1) | 0 | |||
Profit (loss) from continuing operations | 10 | 5 | 5 | |||
Other comprehensive income (loss) | 0 | 0 | ||||
Total comprehensive (loss) income | 10 | 5 | 5 | |||
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 | $ 171 | $ 205 | $ 158 | |||
of which cash and cash equivalents | 75 | 90 | 57 | |||
Non-current assets | 580 | 540 | 476 | |||
Current liabilities | 183 | 208 | 132 | |||
of which trade and other payables and provisions | 139 | 176 | 118 | |||
Non-current liabilities | 244 | 226 | 189 | |||
of which trade and other payables and provisions | 26 | 22 | 20 | |||
Total net assets | 324 | 311 | 313 | |||
Company's share of net assets | 162 | 156 | 156 | |||
Adjustments for differences in accounting policies and other | 0 | 0 | 0 | |||
Carrying amount in the statements of financial position | 162 | 156 | 156 | |||
Revenue | 499 | 467 | 330 | |||
Depreciation and amortization | (37) | (31) | (27) | |||
Interest income | 0 | 0 | 0 | |||
Interest expense | (7) | (4) | 4 | |||
Income tax benefit (expense) | (7) | (8) | (7) | |||
Profit (loss) from continuing operations | 28 | 30 | 42 | |||
Other comprehensive income (loss) | 3 | (1) | ||||
Total comprehensive (loss) income | 28 | 33 | 41 | |||
Cash dividends received by the Company | $ 9 | $ 4 | $ 4 | |||
Borçelik | ||||||
Disclosure of joint ventures [line items] | ||||||
Proportion of ownership interest in joint venture | 50.00% | 50.00% | 45.33% | |||
Proportion of voting rights held in joint venture | 48.01% | 48.01% | 45.33% | |||
Current assets | $ 508 | $ 519 | $ 519 | |||
of which cash and cash equivalents | 106 | 67 | 7 | |||
Non-current assets | 267 | 282 | 296 | |||
Current liabilities | 378 | 398 | 357 | |||
of which trade and other payables and provisions | 274 | 263 | 244 | |||
Non-current liabilities | 49 | 49 | 46 | |||
of which trade and other payables and provisions | 49 | 0 | 0 | |||
Total net assets | 348 | 354 | 412 | |||
Company's share of net assets | 174 | 177 | 187 | |||
Adjustments for differences in accounting policies and other | (33) | (32) | (30) | |||
Carrying amount in the statements of financial position | 141 | 145 | 157 | |||
Revenue | 1,141 | 1,328 | 1,234 | |||
Depreciation and amortization | (24) | (22) | (22) | |||
Interest income | 1 | 2 | 1 | |||
Interest expense | (19) | (20) | (12) | |||
Income tax benefit (expense) | (10) | (18) | (20) | |||
Profit (loss) from continuing operations | 19 | 6 | 65 | |||
Other comprehensive income (loss) | 1 | (1) | ||||
Total comprehensive (loss) income | 19 | 7 | 64 | |||
Cash dividends received by the Company | $ 12 | $ 34 | 30 | |||
Proportion of ownership in joint venture, based on shares issued | 45.33% | 45.33% | ||||
Proportion of ownership in joint venture, based on outstanding shares | 50.00% | 50.00% | ||||
Deferred tax liabilities | $ 42 | $ 43 | $ 40 | |||
Disposal group, disposed of by sale, not discontinued operations | Macsteel | ||||||
Disclosure of joint ventures [line items] | ||||||
Proportion of ownership interest in joint venture | 50.00% |
SCOPE OF CONSOLIDATION - Joint
SCOPE OF CONSOLIDATION - Joint Ventures Narrative (Details) t in Millions | Feb. 13, 2020USD ($) | Dec. 31, 2019USD ($)plant_systemplantservice_centers | Dec. 16, 2019USD ($) | Dec. 11, 2019 | Dec. 09, 2019USD ($) | Nov. 29, 2018USD ($) | Oct. 26, 2018USD ($)stage | May 28, 2018USD ($) | Dec. 31, 2019USD ($)plant_systemplantservice_centerst | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Nov. 20, 2018USD ($) |
Disclosure of joint ventures [line items] | ||||||||||||
Sharing of cash flow hedge gain with joint venture partner | $ 141,000,000 | |||||||||||
Borrowings | $ 14,340,000,000 | 14,340,000,000 | ||||||||||
Proceeds from current borrowings | 600,000,000 | $ 2,319,000,000 | $ 1,859,000,000 | |||||||||
Impairment charges | 0 | 132,000,000 | 26,000,000 | |||||||||
Accumulated foreign exchange translation gains (losses) recognized in earnings due to decrease in ownership interest in investment | 105,000,000 | 15,000,000 | $ 21,000,000 | |||||||||
7.0 billion Term Facility, Due in 2020 | ||||||||||||
Disclosure of joint ventures [line items] | ||||||||||||
Borrowings | 0 | 0 | 1,000,000,000 | |||||||||
Proceeds from current borrowings | $ 2,571,000,000 | $ 1,000,000,000 | ||||||||||
Notional amount | $ 7,000,000,000 | $ 7,000,000,000 | $ 7,000,000,000 | |||||||||
AMNS India | ||||||||||||
Disclosure of joint ventures [line items] | ||||||||||||
Proportion of ownership interest in joint venture | 60.00% | 60.00% | ||||||||||
Number of iron ore beneficiation plants | plant | 2 | 2 | ||||||||||
Number of service centers | service_centers | 7 | 7 | ||||||||||
Number of pellet plant systems | plant_system | 2 | 2 | ||||||||||
Payments to acquire interests in joint venture, upfront payment | $ 6,000,000,000 | |||||||||||
Payments to acquire interests in joint venture, capital injection | 1,100,000,000 | |||||||||||
Performance guarantee | 600,000,000 | 567,000,000 | ||||||||||
Contractual capital commitments | $ 2,600,000,000 | |||||||||||
Contractual capital commitments, resolution plan, number of stages | stage | 2 | |||||||||||
Contractual capital commitments, resolution plan, period | 6 years | |||||||||||
Cash repayments of advances and loans from related parties | $ 680,000,000 | |||||||||||
AMNS India | Major business combination | ||||||||||||
Disclosure of joint ventures [line items] | ||||||||||||
Equity interests of acquirer | $ 840,000,000 | |||||||||||
Macsteel | ||||||||||||
Disclosure of joint ventures [line items] | ||||||||||||
Proportion of ownership interest in joint venture | 50.00% | |||||||||||
Macsteel | Disposal group, disposed of by sale, not discontinued operations | ||||||||||||
Disclosure of joint ventures [line items] | ||||||||||||
Proportion of ownership interest in joint venture | 50.00% | |||||||||||
Impairment charges | $ 132,000,000 | $ 132,000,000 | ||||||||||
Accumulated foreign exchange translation gains (losses) recognized in earnings due to decrease in ownership interest in investment | $ 142,000,000 | |||||||||||
Calvert | ||||||||||||
Disclosure of joint ventures [line items] | ||||||||||||
Proportion of ownership interest in joint venture | 50.00% | 50.00% | 50.00% | |||||||||
Purchase agreement term | 6 years | |||||||||||
Purchase agreement amount of tonnes | t | 2 | |||||||||||
Purchase agreement, option to extend term | 3 years | |||||||||||
AMNS India | ||||||||||||
Disclosure of joint ventures [line items] | ||||||||||||
Proportion of ownership interest in joint venture | 60.00% | |||||||||||
Equity interests of acquirer | $ 1,362,000,000 | |||||||||||
Portion of consideration paid consisting of cash and cash equivalents | 360,000,000 | |||||||||||
Proceeds from cash flow hedges | $ 293,000,000 | |||||||||||
Portion of consideration paid consisting of cash and cash equivalents, equity contribution | 193,000,000 | |||||||||||
Reclassification adjustments on cash flow hedges, net of tax | 353,000,000 | |||||||||||
AMNS India | Uttam Galva | ||||||||||||
Disclosure of joint ventures [line items] | ||||||||||||
Equity interests of acquirer | 173,000,000 | |||||||||||
AMNS India | Joint Venture | NSC | ||||||||||||
Disclosure of joint ventures [line items] | ||||||||||||
Cash advances and loans from related parties | 1,475,000,000 | |||||||||||
AMNS India | Joint Venture | NSC | Major business combination | ||||||||||||
Disclosure of joint ventures [line items] | ||||||||||||
Cash advances and loans from related parties | 325,000,000 | |||||||||||
AMNS India | Joint Venture | Uttam Galva | ||||||||||||
Disclosure of joint ventures [line items] | ||||||||||||
Cash advances and loans from related parties | 230,000,000 | |||||||||||
AMNS India | 7.0 billion Term Facility, Due in 2020 | ||||||||||||
Disclosure of joint ventures [line items] | ||||||||||||
Proceeds from current borrowings | 2,204,000,000 | |||||||||||
AMNS India | 7.0 billion Term Facility, Due in 2020 | Major business combination | ||||||||||||
Disclosure of joint ventures [line items] | ||||||||||||
Proceeds from current borrowings | $ 475,000,000 | |||||||||||
AMNS India | 7.0 billion Term Facility, Due in 2020 | Uttam Galva | ||||||||||||
Disclosure of joint ventures [line items] | ||||||||||||
Proceeds from current borrowings | $ 367,000,000 | |||||||||||
AMNS India | NSC | ||||||||||||
Disclosure of joint ventures [line items] | ||||||||||||
Proportion of ownership interest in joint venture | 40.00% | |||||||||||
Equity interests of acquirer | $ 891,000,000 | |||||||||||
AMNS India | NSC | Uttam Galva | ||||||||||||
Disclosure of joint ventures [line items] | ||||||||||||
Equity interests of acquirer | 115,000,000 | |||||||||||
AMNS India | ArcelorMittal and NSC | ||||||||||||
Disclosure of joint ventures [line items] | ||||||||||||
Equity interests of acquirer | 2,253,000,000 | |||||||||||
Borrowings | 3,679,000,000 | |||||||||||
AMNS India | ArcelorMittal and NSC | Uttam Galva | ||||||||||||
Disclosure of joint ventures [line items] | ||||||||||||
Borrowings | $ 597,000,000 | |||||||||||
Retained Earnings | ||||||||||||
Disclosure of joint ventures [line items] | ||||||||||||
Sharing of cash flow hedge gain with joint venture partner | 141,000,000 | |||||||||||
Retained Earnings | AMNS India | NSC | ||||||||||||
Disclosure of joint ventures [line items] | ||||||||||||
Sharing of cash flow hedge gain with joint venture partner | $ 141,000,000 |
SCOPE OF CONSOLIDATION - Associ
SCOPE OF CONSOLIDATION - Associates (Details) - USD ($) $ in Millions | Jan. 27, 2017 | Jan. 26, 2017 | Jan. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of associates [line items] | |||||||
Current assets | $ 28,616 | $ 32,475 | |||||
Non-current assets | 59,292 | 58,774 | |||||
Current liabilities | 21,287 | 23,455 | |||||
Non-current liabilities | 26,138 | 23,686 | |||||
Non-controlling interests | 1,962 | 2,022 | |||||
Net assets attributable to equity holders of the parent | 38,521 | 42,086 | |||||
Carrying amount in the statements of financial position | 2,859 | 2,871 | |||||
Revenue | 70,615 | 76,033 | $ 68,679 | ||||
Profit (loss) from continuing operations | (2,391) | 5,330 | 4,575 | ||||
Other comprehensive income (loss) | (624) | (1,575) | 4,083 | ||||
Total comprehensive (loss) income | $ (3,015) | $ 3,755 | 8,658 | ||||
Increase (decrease) in number of shares outstanding (in shares) | (1,488,837) | (6,348,529) | |||||
Net gain (loss) on disposal of subsidiaries | $ 101 | $ 16 | 18 | ||||
Accumulated foreign exchange translation gains (losses) recognized in earnings due to decrease in ownership interest in investment | 105 | 15 | 21 | ||||
Associate | |||||||
Disclosure of associates [line items] | |||||||
Current assets | 6,846 | 6,617 | 5,758 | ||||
Non-current assets | 8,622 | 7,980 | 7,502 | ||||
Current liabilities | 3,940 | 3,439 | 3,007 | ||||
Non-current liabilities | 2,815 | 2,411 | 2,217 | ||||
Non-controlling interests | 384 | 400 | 379 | ||||
Net assets attributable to equity holders of the parent | 8,329 | 8,347 | 7,657 | ||||
Company's share of net assets | 2,804 | 2,846 | 2,652 | ||||
Adjustments for differences in accounting policies and other | 1 | (3) | 1 | ||||
Other adjustments | 54 | 28 | 201 | ||||
Carrying amount in the statements of financial position | 2,859 | 2,871 | 2,854 | ||||
Revenue | 9,075 | 9,193 | 7,920 | ||||
Profit (loss) from continuing operations | 143 | 456 | 373 | ||||
Other comprehensive income (loss) | 1 | (32) | (15) | ||||
Total comprehensive (loss) income | 144 | 424 | 358 | ||||
Cash dividends received by the Company | $ 70 | $ 113 | $ 67 | ||||
China Oriental | |||||||
Disclosure of associates [line items] | |||||||
Proportion of ownership interest in associate | 39.02% | 46.99% | 37.02% | 37.02% | 37.02% | 39.02% | |
Proportion of voting rights held in associate | 37.02% | 37.02% | 39.02% | ||||
Current assets | $ 2,920 | $ 2,516 | $ 1,737 | ||||
Non-current assets | 1,797 | 1,443 | 1,336 | ||||
Current liabilities | 1,837 | 1,426 | 1,261 | ||||
Non-current liabilities | 150 | 35 | 119 | ||||
Non-controlling interests | 44 | 45 | 23 | ||||
Net assets attributable to equity holders of the parent | 2,686 | 2,453 | 1,670 | ||||
Company's share of net assets | 994 | 908 | 652 | ||||
Adjustments for differences in accounting policies and other | 0 | 0 | 0 | ||||
Other adjustments | 5 | 44 | 183 | ||||
Carrying amount in the statements of financial position | 999 | 952 | 835 | ||||
Revenue | 3,102 | 3,370 | 2,944 | ||||
Profit (loss) from continuing operations | 249 | 474 | 275 | ||||
Other comprehensive income (loss) | 0 | 0 | (1) | ||||
Total comprehensive (loss) income | 249 | 474 | 274 | ||||
Cash dividends received by the Company | $ 57 | 92 | 49 | ||||
Increase (decrease) in number of shares outstanding (in shares) | 586,284,000 | 192,000,000 | |||||
Net gain (loss) on disposal of subsidiaries | $ (67) | $ (20) | $ (12) | $ (44) | |||
Accumulated foreign exchange translation gains (losses) recognized in earnings due to decrease in ownership interest in investment | $ 23 | $ 8 | |||||
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 | $ 1,385 | $ 1,528 | $ 1,699 | ||||
Non-current assets | 2,794 | 3,062 | 3,096 | ||||
Current liabilities | 402 | 480 | 555 | ||||
Non-current liabilities | 979 | 1,005 | 1,121 | ||||
Non-controlling interests | 122 | 136 | 136 | ||||
Net assets attributable to equity holders of the parent | 2,676 | 2,969 | 2,983 | ||||
Company's share of net assets | 895 | 992 | 997 | ||||
Adjustments for differences in accounting policies and other | 43 | 27 | 32 | ||||
Other adjustments | 27 | (4) | 22 | ||||
Carrying amount in the statements of financial position | 965 | 1,015 | 1,051 | ||||
Revenue | 1,795 | 1,959 | 1,773 | ||||
Profit (loss) from continuing operations | (116) | 20 | (4) | ||||
Other comprehensive income (loss) | 8 | 5 | (5) | ||||
Total comprehensive (loss) income | (108) | 25 | (9) | ||||
Cash dividends received by the Company | $ 0 | $ 5 | $ 0 | ||||
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 | $ 2,062 | $ 2,183 | $ 1,967 | ||||
Non-current assets | 1,628 | 1,526 | 1,372 | ||||
Current liabilities | 1,038 | 1,134 | 889 | ||||
Non-current liabilities | 795 | 677 | 446 | ||||
Non-controlling interests | 218 | 219 | 220 | ||||
Net assets attributable to equity holders of the parent | 1,639 | 1,679 | 1,784 | ||||
Company's share of net assets | 574 | 588 | 624 | ||||
Adjustments for differences in accounting policies and other | (49) | (52) | (54) | ||||
Other adjustments | 22 | (12) | (4) | ||||
Carrying amount in the statements of financial position | 547 | 524 | 566 | ||||
Revenue | 3,724 | 3,544 | 2,862 | ||||
Profit (loss) from continuing operations | 82 | 60 | 122 | ||||
Other comprehensive income (loss) | (7) | (37) | (9) | ||||
Total comprehensive (loss) income | 75 | 23 | 113 | ||||
Cash dividends received by the Company | $ 13 | $ 16 | $ 18 | ||||
Baffinland | |||||||
Disclosure of associates [line items] | |||||||
Proportion of ownership interest in associate | 25.70% | 28.76% | 31.07% | 44.54% | |||
Proportion of voting rights held in associate | 25.70% | 28.76% | 31.07% | ||||
Current assets | $ 479 | $ 390 | $ 355 | ||||
Non-current assets | 2,403 | 1,949 | 1,698 | ||||
Current liabilities | 663 | 399 | 302 | ||||
Non-current liabilities | 891 | 694 | 531 | ||||
Non-controlling interests | 0 | 0 | 0 | ||||
Net assets attributable to equity holders of the parent | 1,328 | 1,246 | 1,220 | ||||
Company's share of net assets | 341 | 358 | 379 | ||||
Adjustments for differences in accounting policies and other | 7 | 22 | 23 | ||||
Other adjustments | 0 | 0 | 0 | ||||
Carrying amount in the statements of financial position | 348 | 380 | 402 | ||||
Revenue | 454 | 320 | 341 | ||||
Profit (loss) from continuing operations | (72) | (98) | (20) | ||||
Other comprehensive income (loss) | 0 | 0 | 0 | ||||
Total comprehensive (loss) income | (72) | (98) | (20) | ||||
Cash dividends received by the Company | 0 | 0 | 0 | ||||
Net gain (loss) on disposal of subsidiaries | (4) | (3) | (22) | ||||
Accumulated foreign exchange translation gains (losses) recognized in earnings due to decrease in ownership interest in investment | $ (12) | $ (9) | $ (52) |
SCOPE OF CONSOLIDATION - Other
SCOPE OF CONSOLIDATION - Other Associates and Joint Ventures that are not Individually Material (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of transactions between related parties [line items] | ||
Associates | $ 2,859,000,000 | $ 2,871,000,000 |
Joint ventures | 2,586,000,000 | 1,011,000,000 |
Investments in associates and joint ventures | 6,529,000,000 | 4,906,000,000 |
Aggregated individually immaterial joint ventures | ||
Disclosure of transactions between related parties [line items] | ||
Joint ventures | 780,000,000 | 714,000,000 |
Income from continuing operations | 87,000,000 | 80,000,000 |
Other comprehensive income (loss) | 2,000,000 | 2,000,000 |
Total comprehensive income | 89,000,000 | 82,000,000 |
Al Jubail | ||
Disclosure of transactions between related parties [line items] | ||
Joint ventures | $ 26,000,000 | 0 |
Proportion of ownership interest in joint venture | 40.80% | |
Aggregated individually immaterial associates | ||
Disclosure of transactions between related parties [line items] | ||
Associates | $ 304,000,000 | 310,000,000 |
Income from continuing operations | 26,000,000 | 8,000,000 |
Other comprehensive income (loss) | 1,000,000 | (5,000,000) |
Total comprehensive income | 27,000,000 | 3,000,000 |
Aggregated individually immaterial associates | Aggregated individually immaterial joint ventures | ||
Disclosure of transactions between related parties [line items] | ||
Investments in associates and joint ventures | 1,084,000,000 | 1,024,000,000 |
Income from continuing operations | 113,000,000 | 88,000,000 |
Other comprehensive income (loss) | 3,000,000 | (3,000,000) |
Total comprehensive income | 116,000,000 | 85,000,000 |
Al Jubail | Joint Venture | ||
Disclosure of transactions between related parties [line items] | ||
Loans receivable converted to equity, related party | 31,000,000 | |
Cash injection made to related parties | 30,000,000 | |
Loan receivable | $ 109,000,000 | $ 131,000,000 |
SCOPE OF CONSOLIDATION - Inve_2
SCOPE OF CONSOLIDATION - Investments in Joint Operations (Details) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
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 - Othe_2
SCOPE OF CONSOLIDATION - Other Investments (Details) - Other investments - USD ($) shares in Millions, $ in Millions | Jul. 16, 2019 | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of financial assets [line items] | |||
Investments in equity instruments at FVOCI | $ 772 | $ 855 | |
Erdemir | |||
Disclosure of financial assets [line items] | |||
Investments in equity instruments at FVOCI | 642 | 577 | |
Unrealized gains (losses) recognized in OCI | 196 | 127 | |
Stalprodukt S.A. | |||
Disclosure of financial assets [line items] | |||
Investments in equity instruments at FVOCI | 57 | 101 | |
Unrealized gains (losses) recognized in OCI | (32) | 11 | |
Powercell Sweden | |||
Disclosure of financial assets [line items] | |||
Investments in equity instruments at FVOCI | $ 23 | 12 | |
Sale of shares (in shares) | 3.4 | ||
Consideration received | $ 36 | ||
Proportion of ownership interest in equity investment | 3.90% | ||
Cumulative gain (loss) on disposal of investments in equity instruments designated at fair value through other comprehensive income | $ 19 | ||
Gerdau | |||
Disclosure of financial assets [line items] | |||
Investments in equity instruments at FVOCI | 0 | 115 | |
Consideration received | $ 116 | ||
Accumulated gain on financial assets measured at fair value through other comprehensive income | 48 | ||
Sale of preferred shares (in shares) | 30 | ||
Proportion of preferred shares held | 2.60% | ||
Cumulative gain (loss) on disposal of investments in equity instruments designated at fair value through other comprehensive income | $ 51 | ||
Others | |||
Disclosure of financial assets [line items] | |||
Investments in equity instruments at FVOCI | $ 50 | $ 50 |
SCOPE OF CONSOLIDATION - Othe_3
SCOPE OF CONSOLIDATION - Other Investments - Unconsolidated Structured Entities (Details) - vessel | Dec. 31, 2019 | Dec. 31, 2019 |
Disclosure of unconsolidated structured entities [line items] | ||
Number of vessels under operating leases | 2 | |
Global Chartering Ltd. | ||
Disclosure of unconsolidated structured entities [line items] | ||
Proportion of ownership interest in joint venture | 50.00% | |
Disposal group, disposed of by sale, not discontinued operations | Global Chartering Ltd. | ||
Disclosure of unconsolidated structured entities [line items] | ||
Proportion of ownership interest in subsidiary sold | 50.00% |
SCOPE OF CONSOLIDATION - Income
SCOPE OF CONSOLIDATION - Income (Loss) from Investments in Associates, Joint Ventures and Other Investments (Details) - USD ($) $ in Millions | May 28, 2018 | Aug. 25, 2017 | Jan. 27, 2017 | Jan. 26, 2017 | Jan. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Oct. 21, 2016 |
Disclosure of financial assets [line items] | ||||||||||
Share in net earnings of equity-accounted companies | $ 252 | $ 567 | $ 537 | |||||||
Impairment charges | 0 | (132) | (26) | |||||||
Gain (loss) on disposal | (4) | 126 | (117) | |||||||
Dividend income | 99 | 91 | 54 | |||||||
Total | 347 | 652 | 448 | |||||||
Impairment charges | 0 | 132 | 26 | |||||||
Gain (loss) on disposal | $ 101 | 16 | 18 | |||||||
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% | |||||||||
China Oriental | ||||||||||
Disclosure of financial assets [line items] | ||||||||||
Gain (loss) on disposal | $ (67) | $ (20) | $ (12) | $ (44) | ||||||
Proportion of ownership interest in associate | 39.02% | 46.99% | 37.02% | 37.02% | 37.02% | 39.02% | ||||
Baffinland | ||||||||||
Disclosure of financial assets [line items] | ||||||||||
Gain (loss) on disposal | $ (4) | $ (3) | $ (22) | |||||||
Proportion of ownership interest in associate | 25.70% | 28.76% | 31.07% | 44.54% | ||||||
Associates | Loans and receivables | ||||||||||
Disclosure of financial assets [line items] | ||||||||||
Impairment charges | $ (17) | |||||||||
Impairment charges | 17 | |||||||||
Joint ventures | Loans and receivables | ||||||||||
Disclosure of financial assets [line items] | ||||||||||
Impairment charges | (9) | |||||||||
Impairment charges | 9 | |||||||||
Macsteel | ||||||||||
Disclosure of financial assets [line items] | ||||||||||
Gain (loss) on disposal | $ 142 | |||||||||
Macsteel | Disposal group, disposed of by sale, not discontinued operations | ||||||||||
Disclosure of financial assets [line items] | ||||||||||
Impairment charges | $ (132) | (132) | ||||||||
Impairment charges | $ 132 | $ 132 | ||||||||
Kalagadi Manganese (Propriety) Ltd | ||||||||||
Disclosure of financial assets [line items] | ||||||||||
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 |
SEGMENT REPORTING - Reportable
SEGMENT REPORTING - Reportable Segments (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019USD ($)segment | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Disclosure of operating segments [line items] | |||
Number of operating segments | segment | 5 | ||
Number of reportable segments | segment | 5 | ||
Disclosure of operating segments [abstract] | |||
Sales | $ 70,615 | $ 76,033 | $ 68,679 |
Operating income (loss) | (627) | 6,539 | 5,434 |
Depreciation and amortization | (3,067) | (2,799) | (2,768) |
Bargain purchase gain | 0 | 209 | 0 |
Impairment | (1,927) | (994) | (206) |
Capital expenditures | 3,572 | 3,305 | 2,819 |
Reconciliation From Operating Income [Abstract] | |||
Operating (loss)/income | (627) | 6,539 | 5,434 |
Income from investments in associates and joint ventures | 347 | 652 | 448 |
Financing costs - net | (1,652) | (2,210) | (875) |
(Loss) / income before taxes | (1,932) | 4,981 | 5,007 |
Income tax expense (benefit) | 459 | (349) | 432 |
Net (loss) / income (including non-controlling interests) | (2,391) | 5,330 | 4,575 |
Operating segments | NAFTA | |||
Disclosure of operating segments [abstract] | |||
Sales | 18,478 | 20,145 | 17,893 |
Operating income (loss) | (1,259) | 1,889 | 1,185 |
Depreciation and amortization | (570) | (522) | (518) |
Bargain purchase gain | 0 | ||
Impairment | (1,300) | 0 | 0 |
Capital expenditures | 727 | 669 | 466 |
Reconciliation From Operating Income [Abstract] | |||
Operating (loss)/income | (1,259) | 1,889 | 1,185 |
Operating segments | Brazil | |||
Disclosure of operating segments [abstract] | |||
Sales | 6,927 | 7,041 | 6,571 |
Operating income (loss) | 846 | 1,356 | 697 |
Depreciation and amortization | (274) | (298) | (293) |
Bargain purchase gain | 0 | ||
Impairment | 0 | (86) | 0 |
Capital expenditures | 328 | 244 | 263 |
Reconciliation From Operating Income [Abstract] | |||
Operating (loss)/income | 846 | 1,356 | 697 |
Operating segments | Europe | |||
Disclosure of operating segments [abstract] | |||
Sales | 37,487 | 40,247 | 35,825 |
Operating income (loss) | (1,107) | 1,632 | 2,359 |
Depreciation and amortization | (1,256) | (1,195) | (1,201) |
Bargain purchase gain | 209 | ||
Impairment | (525) | (908) | 0 |
Capital expenditures | 1,353 | 1,336 | 1,143 |
Reconciliation From Operating Income [Abstract] | |||
Operating (loss)/income | (1,107) | 1,632 | 2,359 |
Operating segments | ACIS | |||
Disclosure of operating segments [abstract] | |||
Sales | 6,487 | 7,506 | 7,323 |
Operating income (loss) | (25) | 1,094 | 508 |
Depreciation and amortization | (364) | (311) | (313) |
Bargain purchase gain | 0 | ||
Impairment | (102) | 0 | (206) |
Capital expenditures | 513 | 534 | 427 |
Reconciliation From Operating Income [Abstract] | |||
Operating (loss)/income | (25) | 1,094 | 508 |
Operating segments | Mining | |||
Disclosure of operating segments [abstract] | |||
Sales | 1,165 | 1,009 | 985 |
Operating income (loss) | 1,215 | 860 | 991 |
Depreciation and amortization | (448) | (418) | (416) |
Bargain purchase gain | 0 | ||
Impairment | 0 | 0 | 0 |
Capital expenditures | 480 | 485 | 495 |
Reconciliation From Operating Income [Abstract] | |||
Operating (loss)/income | 1,215 | 860 | 991 |
Other and Intersegment sales | |||
Disclosure of operating segments [abstract] | |||
Sales | 353 | 307 | 303 |
Intersegment sales | |||
Disclosure of operating segments [abstract] | |||
Sales | (5,872) | (6,062) | (5,320) |
Operating income (loss) | (2) | (45) | (18) |
Capital expenditures | 0 | ||
Reconciliation From Operating Income [Abstract] | |||
Operating (loss)/income | (2) | (45) | (18) |
Intersegment sales | NAFTA | |||
Disclosure of operating segments [abstract] | |||
Sales | 77 | 187 | 104 |
Intersegment sales | Brazil | |||
Disclosure of operating segments [abstract] | |||
Sales | 1,186 | 1,670 | 1,184 |
Intersegment sales | Europe | |||
Disclosure of operating segments [abstract] | |||
Sales | 234 | 241 | 383 |
Intersegment sales | ACIS | |||
Disclosure of operating segments [abstract] | |||
Sales | 350 | 455 | 298 |
Intersegment sales | Mining | |||
Disclosure of operating segments [abstract] | |||
Sales | 3,672 | 3,202 | 3,048 |
Other | |||
Disclosure of operating segments [abstract] | |||
Sales | 71 | 85 | 82 |
Operating income (loss) | (295) | (247) | (288) |
Depreciation and amortization | (155) | (55) | (27) |
Bargain purchase gain | 0 | ||
Impairment | 0 | 0 | 0 |
Capital expenditures | 171 | 37 | 25 |
Reconciliation From Operating Income [Abstract] | |||
Operating (loss)/income | $ (295) | $ (247) | $ (288) |
SEGMENT REPORTING - Sales by Ge
SEGMENT REPORTING - Sales by Geographical Area (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of geographical areas [line items] | |||
Sales | $ 70,615 | $ 76,033 | $ 68,679 |
Total Americas | |||
Disclosure of geographical areas [line items] | |||
Sales | 27,286 | 29,068 | 26,036 |
United States | |||
Disclosure of geographical areas [line items] | |||
Sales | 15,238 | 16,271 | 14,367 |
Brazil | |||
Disclosure of geographical areas [line items] | |||
Sales | 5,094 | 4,982 | 4,149 |
Canada | |||
Disclosure of geographical areas [line items] | |||
Sales | 3,004 | 3,563 | 3,034 |
Mexico | |||
Disclosure of geographical areas [line items] | |||
Sales | 1,941 | 1,970 | 2,251 |
Argentina | |||
Disclosure of geographical areas [line items] | |||
Sales | 814 | 960 | 1,230 |
Others | |||
Disclosure of geographical areas [line items] | |||
Sales | 1,195 | 1,322 | 1,005 |
Total Europe | |||
Disclosure of geographical areas [line items] | |||
Sales | 35,368 | 38,263 | 33,918 |
Germany | |||
Disclosure of geographical areas [line items] | |||
Sales | 5,694 | 6,757 | 5,933 |
Poland | |||
Disclosure of geographical areas [line items] | |||
Sales | 3,957 | 4,518 | 3,746 |
France | |||
Disclosure of geographical areas [line items] | |||
Sales | 4,114 | 4,431 | 4,051 |
Spain | |||
Disclosure of geographical areas [line items] | |||
Sales | 3,855 | 4,265 | 3,751 |
Italy | |||
Disclosure of geographical areas [line items] | |||
Sales | 4,317 | 3,333 | 2,711 |
Czech Republic | |||
Disclosure of geographical areas [line items] | |||
Sales | 1,244 | 1,782 | 1,400 |
Turkey | |||
Disclosure of geographical areas [line items] | |||
Sales | 1,499 | 1,683 | 1,937 |
United Kingdom | |||
Disclosure of geographical areas [line items] | |||
Sales | 1,434 | 1,471 | 1,370 |
Belgium | |||
Disclosure of geographical areas [line items] | |||
Sales | 1,617 | 1,309 | 1,129 |
Netherlands | |||
Disclosure of geographical areas [line items] | |||
Sales | 1,142 | 1,209 | 1,117 |
Russia | |||
Disclosure of geographical areas [line items] | |||
Sales | 876 | 1,144 | 1,204 |
Romania | |||
Disclosure of geographical areas [line items] | |||
Sales | 720 | 708 | 621 |
Others | |||
Disclosure of geographical areas [line items] | |||
Sales | 4,899 | 5,653 | 4,948 |
Total Asia & Africa | |||
Disclosure of geographical areas [line items] | |||
Sales | 7,961 | 8,702 | 8,725 |
South Africa | |||
Disclosure of geographical areas [line items] | |||
Sales | 2,260 | 2,742 | 2,560 |
Morocco | |||
Disclosure of geographical areas [line items] | |||
Sales | 583 | 628 | 596 |
Egypt | |||
Disclosure of geographical areas [line items] | |||
Sales | 309 | 206 | 310 |
Rest of Africa | |||
Disclosure of geographical areas [line items] | |||
Sales | 1,278 | 1,257 | 1,033 |
China | |||
Disclosure of geographical areas [line items] | |||
Sales | 676 | 608 | 622 |
Kazakhstan | |||
Disclosure of geographical areas [line items] | |||
Sales | 470 | 496 | 392 |
South Korea | |||
Disclosure of geographical areas [line items] | |||
Sales | 380 | 365 | 259 |
India | |||
Disclosure of geographical areas [line items] | |||
Sales | 95 | 92 | 163 |
Rest of Asia | |||
Disclosure of geographical areas [line items] | |||
Sales | 1,910 | 2,308 | 2,790 |
Luxembourg | |||
Disclosure of geographical areas [line items] | |||
Sales | $ 151 | $ 162 | $ 111 |
SEGMENT REPORTING - Non-current
SEGMENT REPORTING - Non-current Assets by Geographical Area (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of geographical areas [line items] | ||
Unallocated assets | $ 22,733 | $ 22,394 |
Total non-current assets | 59,292 | 58,774 |
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 | 14,175 | 14,912 |
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 | 5,336 | 5,187 |
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 | 4,254 | 4,259 |
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 | 2,878 | 4,022 |
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 | 1,408 | 1,163 |
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 | 266 | 252 |
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 | 17 | 10 |
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 | 16 | 19 |
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 | 19,920 | 19,186 |
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 | 4,293 | 4,363 |
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 | 2,665 | 2,607 |
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 | 2,695 | 2,526 |
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 | 2,508 | 2,356 |
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 | 2,674 | 2,219 |
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 | 1,920 | 1,971 |
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 | 1,488 | 1,365 |
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 | 1,231 | 1,229 |
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 | 188 | 205 |
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 | 62 | 86 |
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 | 31 | 24 |
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 | 165 | 235 |
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 | 2,464 | 2,282 |
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 | 1,519 | 1,309 |
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 | 568 | 625 |
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 | 157 | 148 |
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 | 92 | 93 |
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 | $ 128 | $ 107 |
SEGMENT REPORTING - Sales by Ty
SEGMENT REPORTING - Sales by Type of Products (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of products and services [line items] | |||
Sales | $ 70,615 | $ 76,033 | $ 68,679 |
Flat products | |||
Disclosure of products and services [line items] | |||
Sales | 43,633 | 46,734 | 43,065 |
Long products | |||
Disclosure of products and services [line items] | |||
Sales | 13,706 | 15,751 | 13,685 |
Tubular products | |||
Disclosure of products and services [line items] | |||
Sales | 2,044 | 2,158 | 1,810 |
Mining products | |||
Disclosure of products and services [line items] | |||
Sales | 1,165 | 1,009 | 985 |
Others | |||
Disclosure of products and services [line items] | |||
Sales | $ 10,067 | $ 10,380 | $ 9,134 |
SEGMENT REPORTING - Disaggregat
SEGMENT REPORTING - Disaggregated Revenue (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Sales | $ 70,615 | $ 76,033 | $ 68,679 |
Steel sales | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Sales | 63,684 | 69,305 | 62,675 |
Non-steel sales | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Sales | 2,674 | 2,272 | 2,150 |
By-product sales | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Sales | 1,158 | 1,368 | 1,029 |
Other sales | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Sales | 3,099 | 3,088 | 2,825 |
Operating segments | NAFTA | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Sales | 18,478 | 20,145 | 17,893 |
Operating segments | Brazil | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Sales | 6,927 | 7,041 | 6,571 |
Operating segments | Europe | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Sales | 37,487 | 40,247 | 35,825 |
Operating segments | ACIS | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Sales | 6,487 | 7,506 | 7,323 |
Operating segments | Mining | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Sales | 1,165 | 1,009 | 985 |
Operating segments | Steel sales | NAFTA | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Sales | 17,669 | 19,372 | 17,210 |
Operating segments | Steel sales | Brazil | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Sales | 6,467 | 6,582 | 6,128 |
Operating segments | Steel sales | Europe | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Sales | 33,759 | 36,603 | 32,676 |
Operating segments | Steel sales | ACIS | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Sales | 5,789 | 6,748 | 6,661 |
Operating segments | Steel sales | Mining | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Sales | 0 | 0 | 0 |
Operating segments | Non-steel sales | NAFTA | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Sales | 122 | 148 | 121 |
Operating segments | Non-steel sales | Brazil | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Sales | 66 | 31 | 77 |
Operating segments | Non-steel sales | Europe | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Sales | 1,130 | 882 | 817 |
Operating segments | Non-steel sales | ACIS | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Sales | 239 | 243 | 188 |
Operating segments | Non-steel sales | Mining | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Sales | 1,117 | 968 | 947 |
Operating segments | By-product sales | NAFTA | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Sales | 114 | 124 | 98 |
Operating segments | By-product sales | Brazil | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Sales | 93 | 115 | 89 |
Operating segments | By-product sales | Europe | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Sales | 816 | 947 | 683 |
Operating segments | By-product sales | ACIS | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Sales | 135 | 182 | 159 |
Operating segments | By-product sales | Mining | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Sales | 0 | 0 | 0 |
Operating segments | Other sales | NAFTA | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Sales | 573 | 501 | 464 |
Operating segments | Other sales | Brazil | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Sales | 301 | 313 | 277 |
Operating segments | Other sales | Europe | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Sales | 1,782 | 1,815 | 1,649 |
Operating segments | Other sales | ACIS | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Sales | 324 | 333 | 315 |
Operating segments | Other sales | Mining | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Sales | 48 | 41 | 38 |
Others | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Sales | 71 | 85 | 82 |
Others | Steel sales | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Sales | 0 | 0 | 0 |
Others | Non-steel sales | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Sales | 0 | 0 | 0 |
Others | By-product sales | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Sales | 0 | 0 | 0 |
Others | Other sales | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Sales | $ 71 | $ 85 | $ 82 |
OPERATING DATA - Revenue (Detai
OPERATING DATA - Revenue (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of performance obligations [line items] | |||
Description of payment terms in contracts with customers | 30 to 90 days | ||
Advances received | $ 354 | ||
Trade accounts receivable and other - opening balance | 4,432 | $ 3,863 | $ 2,974 |
Performance obligations satisfied | 70,615 | 76,033 | 68,679 |
Payments received | (71,559) | (75,387) | (68,059) |
Impairment of receivables (net of write backs and utilization) | 9 | (8) | 0 |
Reclassification of the period-end receivables to held for sale | 0 | (182) | 0 |
Additions through business combinations | 4 | 532 | 33 |
Foreign exchange and others | 68 | (419) | 236 |
Trade accounts receivable and other - ending balance | $ 3,569 | $ 4,432 | $ 3,863 |
2020 | |||
Disclosure of performance obligations [line items] | |||
Revenue, remaining performance obligation, percent | 100.00% |
OPERATING DATA - Schedule of Co
OPERATING DATA - Schedule of Cost of Sales (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenue, Cost Of Sales, Current Assets, And Current Liabilities [Abstract] | |||
Materials | $ 47,809 | $ 46,842 | $ 42,813 |
Labor costs | 9,094 | 9,206 | 8,842 |
Logistic expenses | 4,951 | 4,974 | 4,161 |
Depreciation and amortization | 3,067 | 2,799 | 2,768 |
Gain on bargain purchase | 0 | (209) | 0 |
Impairment | 1,927 | 994 | 206 |
Other | 2,039 | 2,419 | 2,086 |
Total | $ 68,887 | $ 67,025 | $ 60,876 |
OPERATING DATA - Trade Accounts
OPERATING DATA - Trade Accounts Receivable and Other - Narrative (Details) | 12 Months Ended |
Dec. 31, 2019 | |
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 |
OPERATING DATA - Schedule of Tr
OPERATING DATA - Schedule of Trade Accounts Receivable and Allowance for Expected Credit Losses (Details) - Trade accounts receivables - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||
Trade accounts receivable | $ 3,569 | $ 4,432 |
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 | 3,698 | 4,605 |
Allowance for lifetime expected credit losses | ||
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||
Trade accounts receivable | $ (129) | $ (173) |
OPERATING DATA - Exposure to Cr
OPERATING DATA - Exposure to Credit Risk by Reportable Segment (Details) - Trade accounts receivables - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of credit risk exposure [line items] | ||
Maximum exposure to credit risk | $ 3,569 | $ 4,432 |
NAFTA | ||
Disclosure of credit risk exposure [line items] | ||
Maximum exposure to credit risk | 285 | 579 |
Brazil | ||
Disclosure of credit risk exposure [line items] | ||
Maximum exposure to credit risk | 702 | 864 |
Europe | ||
Disclosure of credit risk exposure [line items] | ||
Maximum exposure to credit risk | 1,983 | 2,348 |
ACIS | ||
Disclosure of credit risk exposure [line items] | ||
Maximum exposure to credit risk | 523 | 531 |
Mining | ||
Disclosure of credit risk exposure [line items] | ||
Maximum exposure to credit risk | $ 76 | $ 110 |
OPERATING DATA - Aging of Trade
OPERATING DATA - Aging of Trade Accounts Receivable (Details) - Trade accounts receivables - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of provision matrix [line items] | ||
Trade accounts receivables | $ 3,569 | $ 4,432 |
Gross | ||
Disclosure of provision matrix [line items] | ||
Trade accounts receivables | 3,698 | 4,605 |
Allowance | ||
Disclosure of provision matrix [line items] | ||
Trade accounts receivables | (129) | (173) |
Not past due | ||
Disclosure of provision matrix [line items] | ||
Trade accounts receivables | 2,840 | 3,374 |
Not past due | Gross | ||
Disclosure of provision matrix [line items] | ||
Trade accounts receivables | 2,851 | 3,377 |
Not past due | Allowance | ||
Disclosure of provision matrix [line items] | ||
Trade accounts receivables | (11) | (3) |
Overdue 1-30 days | ||
Disclosure of provision matrix [line items] | ||
Trade accounts receivables | 450 | 688 |
Overdue 1-30 days | Gross | ||
Disclosure of provision matrix [line items] | ||
Trade accounts receivables | 452 | 691 |
Overdue 1-30 days | Allowance | ||
Disclosure of provision matrix [line items] | ||
Trade accounts receivables | (2) | (3) |
Overdue 31-60 days | ||
Disclosure of provision matrix [line items] | ||
Trade accounts receivables | 84 | 177 |
Overdue 31-60 days | Gross | ||
Disclosure of provision matrix [line items] | ||
Trade accounts receivables | 85 | 178 |
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 | 43 | 96 |
Overdue 61-90 days | Gross | ||
Disclosure of provision matrix [line items] | ||
Trade accounts receivables | 43 | 97 |
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 | 63 | 55 |
Overdue 91-180 days | Gross | ||
Disclosure of provision matrix [line items] | ||
Trade accounts receivables | 67 | 59 |
Overdue 91-180 days | Allowance | ||
Disclosure of provision matrix [line items] | ||
Trade accounts receivables | (4) | (4) |
More than 180 days | ||
Disclosure of provision matrix [line items] | ||
Trade accounts receivables | 89 | 42 |
More than 180 days | Gross | ||
Disclosure of provision matrix [line items] | ||
Trade accounts receivables | 200 | 203 |
More than 180 days | Allowance | ||
Disclosure of provision matrix [line items] | ||
Trade accounts receivables | $ (111) | $ (161) |
OPERATING DATA - Movement in th
OPERATING DATA - Movement in the Allowance for Lifetime Expected Credit Losses (Details) - Trade accounts receivables - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reconciliation of changes in allowance account for credit losses of financial assets [abstract] | |||
Balance as of beginning of year | $ 173 | $ 193 | $ 184 |
Additions | 18 | 35 | 34 |
Deductions/ Releases | (27) | (29) | (38) |
Foreign exchange and others | (35) | (26) | 13 |
Balance as of end of year | $ 129 | $ 173 | $ 193 |
OPERATING DATA - Inventories -
OPERATING DATA - Inventories - Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Revenue, Cost Of Sales, Current Assets, And Current Liabilities [Abstract] | ||||
Allowance for slow-moving inventory, excess of cost over net realizable value and obsolescence | $ 1,760 | $ 1,168 | $ 1,239 | $ 1,097 |
OPERATING DATA - Schedule of In
OPERATING DATA - Schedule of Inventories (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Revenue, Cost Of Sales, Current Assets, And Current Liabilities [Abstract] | ||
Finished products | $ 5,821 | $ 7,464 |
Production in process | 4,165 | 4,596 |
Raw materials | 5,101 | 6,822 |
Manufacturing supplies, spare parts and other | 2,209 | 1,862 |
Total | 17,296 | 20,744 |
Spare parts | 1,600 | 1,300 |
Manufacturing and other | $ 600 | $ 600 |
OPERATING DATA - Movement in In
OPERATING DATA - Movement in Inventory Reserve (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenue, Cost Of Sales, Current Assets, And Current Liabilities [Abstract] | |||
Balance as of beginning of year | $ 1,168 | $ 1,239 | $ 1,097 |
Additions | 726 | 423 | 442 |
Deductions / Releases | (212) | (382) | (404) |
Foreign exchange and others | 78 | (112) | 104 |
Balance as of end of year | $ 1,760 | $ 1,168 | $ 1,239 |
OPERATING DATA - Schedule of Pr
OPERATING DATA - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of transactions between related parties [line items] | ||
VAT receivables | $ 941 | $ 1,049 |
Prepaid expenses and non-trade receivables | 696 | 416 |
Financial amounts receivable | 350 | 304 |
Income tax receivable | 102 | 106 |
Receivables from public authorities | 137 | 125 |
Receivables from sale of financial and intangible assets | 153 | 149 |
Derivative financial instruments | 268 | 617 |
Other | 109 | 68 |
Total | 2,756 | $ 2,834 |
Global Chartering Limited | Joint Venture | ||
Disclosure of transactions between related parties [line items] | ||
Loan receivable | $ 127 |
OPERATING DATA - Schedule of Ot
OPERATING DATA - Schedule of Other Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of joint ventures [line items] | |||
Derivative financial instruments | $ 130 | $ 609 | |
Financial amounts receivable | 594 | 1,679 | |
Long-term VAT receivables | 285 | 322 | |
Cash guarantees and deposits | 164 | 185 | |
Receivables from public authorities | 51 | 172 | |
Accrued interest | 65 | 86 | |
Receivables from sale of financial and intangible assets | 131 | 61 | |
Income tax receivable | 25 | 18 | |
Other | 203 | 228 | |
Total | 1,648 | 3,360 | |
Payments for acquisition of Uttam Galva and KSS Petron debt | 83 | 1,001 | $ 0 |
Uttam Galva | AMNS India | |||
Disclosure of joint ventures [line items] | |||
Financial assets at fair value through profit or loss | 844 | ||
Payments for acquisition of Uttam Galva and KSS Petron debt | 83 | ||
KSS Petron | AMNS India | |||
Disclosure of joint ventures [line items] | |||
Financial assets at fair value through profit or loss | $ 136 | $ 193 |
OPERATING DATA - Trade Accoun_2
OPERATING DATA - Trade Accounts Payable and Other - Narrative (Details) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 | Dec. 31, 2018 |
Disclosure of detailed information about financial instruments [line items] | ||
Accrued payroll and employee related expenses | $ 1,560 | $ 1,613 |
Accrued interest and other payables | 927 | 976 |
Payable from acquisition of intangible, tangible & financial assets | 1,559 | 1,332 |
Other amounts due to public authorities | 507 | 540 |
Derivative financial instruments | 308 | 190 |
Unearned revenue and accrued payables | 49 | 58 |
Total | 4,910 | 4,709 |
Non-current derivative financial liabilities | 238 | 708 |
Put option with ISP | ||
Disclosure of detailed information about financial instruments [line items] | ||
Derivative financial instruments | $ 125 | |
Non-current derivative financial liabilities | $ 124 |
GOODWILL, INTANGIBLE AND TANG_3
GOODWILL, INTANGIBLE AND TANGIBLE ASSETS - Goodwill and Intangible Assets (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Goodwill and intangible assets | $ 5,432 | $ 5,728 | |
Concessions, patents and licenses | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Goodwill and intangible assets | 197 | 293 | |
Customer relationships and trade marks | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Goodwill and intangible assets | 95 | 90 | |
Other | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Goodwill and intangible assets | 36 | 359 | |
Goodwill on acquisitions | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Goodwill and intangible assets | $ 5,104 | 4,986 | $ 5,294 |
ArcelorMIttal Italia | Emission rights | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Identifiable intangible assets recognised as of acquisition date | 201 | ||
ArcelorMIttal Italia | Favorable land lease contracts | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Identifiable intangible assets recognised as of acquisition date | $ 77 |
GOODWILL, INTANGIBLE AND TANG_4
GOODWILL, INTANGIBLE AND TANGIBLE ASSETS - Goodwill and Intangible Assets, Goodwill (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Goodwill beginning balance | $ 5,728 | |
Goodwill ending balance | 5,432 | $ 5,728 |
Goodwill | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Goodwill beginning balance | 4,986 | 5,294 |
Divestments and assets held for sale | 0 | (34) |
Foreign exchange differences and other movements | 118 | (274) |
Goodwill ending balance | 5,104 | 4,986 |
Goodwill | NAFTA | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Goodwill beginning balance | 2,198 | 2,249 |
Divestments and assets held for sale | 0 | 0 |
Foreign exchange differences and other movements | 35 | (51) |
Goodwill ending balance | 2,233 | 2,198 |
Goodwill | Brazil | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Goodwill beginning balance | 1,404 | 1,640 |
Divestments and assets held for sale | 0 | (18) |
Foreign exchange differences and other movements | (51) | (218) |
Goodwill ending balance | 1,353 | 1,404 |
Goodwill | Brazil | AMSF | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Foreign exchange differences and other movements | 8 | 24 |
Goodwill | Europe | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Goodwill beginning balance | 550 | 582 |
Divestments and assets held for sale | 0 | (16) |
Foreign exchange differences and other movements | (5) | (16) |
Goodwill ending balance | 545 | 550 |
Goodwill | Europe | Munker Metallprofile GmBH | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Foreign exchange differences and other movements | 6 | |
Goodwill | ACIS | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Goodwill beginning balance | 834 | 823 |
Divestments and assets held for sale | 0 | 0 |
Foreign exchange differences and other movements | 139 | 11 |
Goodwill ending balance | $ 973 | $ 834 |
GOODWILL, INTANGIBLE AND TANG_5
GOODWILL, INTANGIBLE AND TANGIBLE ASSETS - Goodwill and Intangible Assets, Other Intangible Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
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 | $ 742 | ||
Intangible assets other than goodwill | 328 | $ 742 | |
Research and development costs | 301 | 290 | $ 278 |
Cost | |||
Reconciliation of changes in intangible assets other than goodwill [abstract] | |||
Intangible assets other than goodwill | 2,316 | 2,076 | |
Acquisitions | 82 | 61 | |
Acquisitions through business combinations (note 2.2.4) | 12 | 319 | |
Disposals | (6) | (5) | |
Foreign exchange differences | (23) | (148) | |
Transfers to assets held for sale (note 2.3) | (32) | ||
Transfers and other movements | 454 | (65) | |
Fully amortized intangible assets | (17) | (20) | |
Intangible assets other than goodwill | 1,910 | 2,316 | 2,076 |
Accumulated amortization and impairment losses | |||
Reconciliation of changes in intangible assets other than goodwill [abstract] | |||
Intangible assets other than goodwill | (1,574) | (1,633) | |
Amortization charge | 94 | 111 | |
Foreign exchange differences | 20 | 123 | |
Transfers to assets held for sale (note 2.3) | 27 | ||
Transfers and other movements | (49) | 0 | |
Fully amortized intangible assets | 17 | 20 | |
Intangible assets other than goodwill | (1,582) | (1,574) | (1,633) |
Concessions, patents and licenses | |||
Reconciliation of changes in intangible assets other than goodwill [abstract] | |||
Intangible assets other than goodwill | 293 | ||
Intangible assets other than goodwill | 197 | 293 | |
Concessions, patents and licenses | Cost | |||
Reconciliation of changes in intangible assets other than goodwill [abstract] | |||
Intangible assets other than goodwill | 745 | 766 | |
Acquisitions | 17 | 22 | |
Acquisitions through business combinations (note 2.2.4) | 0 | 2 | |
Disposals | 0 | 0 | |
Foreign exchange differences | (8) | (61) | |
Transfers to assets held for sale (note 2.3) | (32) | ||
Transfers and other movements | 107 | (64) | |
Fully amortized intangible assets | (17) | (16) | |
Intangible assets other than goodwill | 630 | 745 | 766 |
Concessions, patents and licenses | Accumulated amortization and impairment losses | |||
Reconciliation of changes in intangible assets other than goodwill [abstract] | |||
Intangible assets other than goodwill | (452) | (491) | |
Amortization charge | 53 | 47 | |
Foreign exchange differences | 7 | 44 | |
Transfers to assets held for sale (note 2.3) | 27 | ||
Transfers and other movements | (48) | 1 | |
Fully amortized intangible assets | 17 | 16 | |
Intangible assets other than goodwill | (433) | (452) | (491) |
Customer relationships and trade marks | |||
Reconciliation of changes in intangible assets other than goodwill [abstract] | |||
Intangible assets other than goodwill | 90 | ||
Intangible assets other than goodwill | 95 | 90 | |
Customer relationships and trade marks | Cost | |||
Reconciliation of changes in intangible assets other than goodwill [abstract] | |||
Intangible assets other than goodwill | 1,128 | 1,214 | |
Acquisitions | 0 | 0 | |
Acquisitions through business combinations (note 2.2.4) | 12 | 0 | |
Disposals | 0 | 0 | |
Foreign exchange differences | (11) | (83) | |
Transfers to assets held for sale (note 2.3) | 0 | ||
Transfers and other movements | (4) | (1) | |
Fully amortized intangible assets | 0 | (4) | |
Intangible assets other than goodwill | 1,133 | 1,128 | 1,214 |
Customer relationships and trade marks | Accumulated amortization and impairment losses | |||
Reconciliation of changes in intangible assets other than goodwill [abstract] | |||
Intangible assets other than goodwill | (1,038) | (1,096) | |
Amortization charge | 11 | 22 | |
Foreign exchange differences | 11 | 76 | |
Transfers to assets held for sale (note 2.3) | 0 | ||
Transfers and other movements | 0 | 0 | |
Fully amortized intangible assets | 0 | 4 | |
Intangible assets other than goodwill | (1,038) | (1,038) | (1,096) |
Other | |||
Reconciliation of changes in intangible assets other than goodwill [abstract] | |||
Intangible assets other than goodwill | 359 | ||
Intangible assets other than goodwill | 36 | 359 | |
Other | Cost | |||
Reconciliation of changes in intangible assets other than goodwill [abstract] | |||
Intangible assets other than goodwill | 443 | 96 | |
Acquisitions | 65 | 39 | |
Acquisitions through business combinations (note 2.2.4) | 0 | 317 | |
Disposals | (6) | (5) | |
Foreign exchange differences | (4) | (4) | |
Transfers to assets held for sale (note 2.3) | 0 | ||
Transfers and other movements | 351 | 0 | |
Fully amortized intangible assets | 0 | 0 | |
Intangible assets other than goodwill | 147 | 443 | 96 |
Other | Accumulated amortization and impairment losses | |||
Reconciliation of changes in intangible assets other than goodwill [abstract] | |||
Intangible assets other than goodwill | (84) | (46) | |
Amortization charge | 30 | 42 | |
Foreign exchange differences | 2 | 3 | |
Transfers to assets held for sale (note 2.3) | 0 | ||
Transfers and other movements | (1) | (1) | |
Fully amortized intangible assets | 0 | 0 | |
Intangible assets other than goodwill | (111) | $ (84) | $ (46) |
Emission rights | |||
Reconciliation of changes in intangible assets other than goodwill [abstract] | |||
Transfers and other movements | $ (158) |
GOODWILL, INTANGIBLE AND TANG_6
GOODWILL, INTANGIBLE AND TANGIBLE ASSETS - Property, Plant and Equipment and Biological Assets, Useful Lives (Details) | 12 Months Ended |
Dec. 31, 2019 | |
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 TANG_7
GOODWILL, INTANGIBLE AND TANGIBLE ASSETS - Property, Plant and Equipment and Biological Assets (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2019 | |
Reconciliation of changes in property, plant and equipment [abstract] | ||||
Impairment (note 5.3) | $ 1,927 | $ 960 | $ 160 | |
Property, plant and equipment ending balance | 36,231 | 35,638 | ||
Right-of-use assets | 1,235 | $ 1,768 | ||
Property, plant and equipment, temporarily idle | 332 | 260 | ||
Property, plant and equipment, assets retired from active use and not classified as held for sale | 47 | 51 | ||
Brazil | ||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||
Property, plant and equipment, temporarily idle | 228 | 244 | ||
NAFTA | ||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||
Property, plant and equipment, temporarily idle | 14 | 14 | ||
Europe | ||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||
Property, plant and equipment, temporarily idle | 88 | 2 | ||
ACIS | ||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||
Property, plant and equipment, temporarily idle | 2 | 0 | ||
Cost | ||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||
Adoption of IFRS 16 (notes 1 and 7)3 | 1,444 | |||
Additions | 4,036 | 3,410 | ||
Acquisitions through business combinations (note 2.2.4) | 34 | 1,626 | ||
Foreign exchange differences | (116) | (5,214) | ||
Disposals | 759 | 781 | ||
Divestments (note 2.3.1) | 614 | 260 | ||
Transfers (to)/ from assets held for sale (note 2.3.2) | (6,109) | |||
Other movements | (10) | (93) | ||
Property, plant and equipment ending balance | 67,220 | 63,205 | 70,626 | |
Accumulated depreciation and impairment | ||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||
Adoption of IFRS 16 (notes 1 and 7)3 | (39) | |||
Foreign exchange differences | 146 | 3,287 | ||
Disposals | (679) | (617) | ||
Divestments (note 2.3.1) | (97) | (212) | ||
Transfers (to)/ from assets held for sale (note 2.3.2) | 5,471 | |||
Other movements | 98 | 149 | ||
Depreciation charge for the year | 2,973 | 2,688 | ||
Impairment (note 5.3) | 1,430 | 960 | ||
Property, plant and equipment ending balance | (30,989) | (27,567) | (33,655) | |
Land, buildings and Improvements | ||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||
Property, plant and equipment ending balance | 7,409 | 7,766 | ||
Land, buildings and Improvements | Cost | ||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||
Adoption of IFRS 16 (notes 1 and 7)3 | 0 | |||
Additions | 35 | 36 | ||
Acquisitions through business combinations (note 2.2.4) | 24 | 358 | ||
Foreign exchange differences | (99) | (888) | ||
Disposals | 66 | 120 | ||
Divestments (note 2.3.1) | 0 | 43 | ||
Transfers (to)/ from assets held for sale (note 2.3.2) | (1,434) | |||
Other movements | 124 | 125 | ||
Property, plant and equipment ending balance | 10,897 | 10,879 | 12,845 | |
Land, buildings and Improvements | Accumulated depreciation and impairment | ||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||
Adoption of IFRS 16 (notes 1 and 7)3 | 0 | |||
Foreign exchange differences | 58 | 484 | ||
Disposals | (45) | (110) | ||
Divestments (note 2.3.1) | 0 | (31) | ||
Transfers (to)/ from assets held for sale (note 2.3.2) | 989 | |||
Other movements | 14 | 6 | ||
Depreciation charge for the year | 338 | 356 | ||
Impairment (note 5.3) | 154 | 21 | ||
Property, plant and equipment ending balance | (3,488) | (3,113) | (4,356) | |
Machinery, equipment and other | ||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||
Property, plant and equipment ending balance | 21,739 | 23,224 | ||
Biological assets | 59 | 49 | ||
Bearer plants | 38 | 38 | ||
Machinery, equipment and other | Cost | ||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||
Adoption of IFRS 16 (notes 1 and 7)3 | (921) | |||
Additions | 471 | 282 | ||
Acquisitions through business combinations (note 2.2.4) | 10 | 1,210 | ||
Foreign exchange differences | (98) | (4,006) | ||
Disposals | 654 | 535 | ||
Divestments (note 2.3.1) | 130 | 215 | ||
Transfers (to)/ from assets held for sale (note 2.3.2) | (4,532) | |||
Other movements | 1,888 | 1,684 | ||
Property, plant and equipment ending balance | 44,628 | 44,062 | 50,174 | |
Right-of-use assets | 921 | |||
Machinery, equipment and other | Accumulated depreciation and impairment | ||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||
Adoption of IFRS 16 (notes 1 and 7)3 | 558 | |||
Foreign exchange differences | 112 | 2,715 | ||
Disposals | (614) | (494) | ||
Divestments (note 2.3.1) | (3) | (181) | ||
Transfers (to)/ from assets held for sale (note 2.3.2) | 4,456 | |||
Other movements | 35 | 158 | ||
Depreciation charge for the year | 2,171 | 2,212 | ||
Impairment (note 5.3) | 1,202 | 930 | ||
Property, plant and equipment ending balance | (22,889) | (20,838) | (25,700) | |
Right-of-use assets | (558) | |||
Construction in progress | ||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||
Property, plant and equipment ending balance | 4,499 | 3,382 | ||
Construction in progress | Cost | ||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||
Adoption of IFRS 16 (notes 1 and 7)3 | 0 | |||
Additions | 3,245 | 3,064 | ||
Acquisitions through business combinations (note 2.2.4) | 0 | 58 | ||
Foreign exchange differences | 50 | (220) | ||
Disposals | 16 | 113 | ||
Divestments (note 2.3.1) | 0 | 2 | ||
Transfers (to)/ from assets held for sale (note 2.3.2) | (143) | |||
Other movements | (2,152) | (2,013) | ||
Property, plant and equipment ending balance | 5,490 | 4,363 | 3,732 | |
Construction in progress | Accumulated depreciation and impairment | ||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||
Adoption of IFRS 16 (notes 1 and 7)3 | 0 | |||
Foreign exchange differences | 4 | 7 | ||
Disposals | 0 | 0 | ||
Divestments (note 2.3.1) | 0 | 0 | ||
Transfers (to)/ from assets held for sale (note 2.3.2) | 26 | |||
Other movements | (5) | (17) | ||
Depreciation charge for the year | 0 | 0 | ||
Impairment (note 5.3) | 9 | 9 | ||
Property, plant and equipment ending balance | (991) | (981) | (988) | |
Right-of-use assets | ||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||
Property, plant and equipment ending balance | 1,235 | 0 | ||
Right-of-use assets | Cost | ||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||
Adoption of IFRS 16 (notes 1 and 7)3 | 2,365 | |||
Additions | 259 | |||
Acquisitions through business combinations (note 2.2.4) | 0 | |||
Foreign exchange differences | (7) | |||
Disposals | 4 | |||
Divestments (note 2.3.1) | 484 | |||
Other movements | (37) | |||
Property, plant and equipment ending balance | 2,092 | |||
Right-of-use assets | Accumulated depreciation and impairment | ||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||
Adoption of IFRS 16 (notes 1 and 7)3 | (597) | |||
Foreign exchange differences | (4) | |||
Disposals | (3) | |||
Divestments (note 2.3.1) | (94) | |||
Other movements | 55 | |||
Depreciation charge for the year | 343 | |||
Impairment (note 5.3) | 65 | |||
Property, plant and equipment ending balance | (857) | |||
Mining Assets | ||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||
Property, plant and equipment ending balance | 1,349 | 1,266 | ||
Mining Assets | Cost | ||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||
Adoption of IFRS 16 (notes 1 and 7)3 | 0 | |||
Additions | 26 | 28 | ||
Acquisitions through business combinations (note 2.2.4) | 0 | 0 | ||
Foreign exchange differences | 38 | (100) | ||
Disposals | 19 | 13 | ||
Divestments (note 2.3.1) | 0 | 0 | ||
Transfers (to)/ from assets held for sale (note 2.3.2) | 0 | |||
Other movements | 167 | 111 | ||
Property, plant and equipment ending balance | 4,113 | 3,901 | 3,875 | |
Mining Assets | Accumulated depreciation and impairment | ||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||
Adoption of IFRS 16 (notes 1 and 7)3 | 0 | |||
Foreign exchange differences | (24) | 81 | ||
Disposals | (17) | (13) | ||
Divestments (note 2.3.1) | 0 | 0 | ||
Transfers (to)/ from assets held for sale (note 2.3.2) | 0 | |||
Other movements | (1) | 2 | ||
Depreciation charge for the year | 121 | 120 | ||
Impairment (note 5.3) | 0 | 0 | ||
Property, plant and equipment ending balance | $ (2,764) | $ (2,635) | $ (2,611) | |
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 | |||
IFRS 16 | ||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||
Right-of-use assets | $ 1,136 | |||
ArcelorMIttal Italia | Property, plant and equipment | ||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||
Measurement period adjustment | $ 92 |
GOODWILL, INTANGIBLE AND TANG_8
GOODWILL, INTANGIBLE AND TANGIBLE ASSETS - Impairment of Intangible Assets, Including Goodwill, and Tangible Assets (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Impairment loss recognised in profit or loss | $ 1,927 | $ 994 | $ 206 |
Goodwill | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Impairment loss recognised in profit or loss | 0 | 34 | 0 |
Tangible assets | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Impairment loss recognised in profit or loss | $ 1,927 | $ 960 | $ 206 |
GOODWILL, INTANGIBLE AND TANG_9
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. 01, 2019USD ($) | Dec. 31, 2019$ / tt | Dec. 31, 2018USD ($) |
NAFTA | |||
Disclosure of information for cash-generating units [line items] | |||
Sales volume | t | 20.9 | ||
Excess of recoverable amount over carrying amount | $ 789,000,000 | ||
Increase in pre-tax discount rate (change in basis points) | 0.65% | ||
Decrease in average selling price (change in %) | 0.37% | ||
Decrease in shipments (change in %) | 1.06% | ||
ACIS | |||
Disclosure of information for cash-generating units [line items] | |||
Sales volume | t | 11.5 | ||
Excess of recoverable amount over carrying amount | $ 152,000,000 | ||
Increase in pre-tax discount rate (change in basis points) | 0.27% | ||
Decrease in average selling price (change in %) | 0.29% | ||
Decrease in shipments (change in %) | 1.00% | ||
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 | 10.80% | 12.90% | |
Cash-generating units | Brazil | |||
Disclosure of information for cash-generating units [line items] | |||
Weighted average pre-tax discount rate used | 15.00% | 15.50% | |
Cash-generating units | Europe | |||
Disclosure of information for cash-generating units [line items] | |||
Weighted average pre-tax discount rate used | 9.10% | 10.60% | |
Cash-generating units | ACIS | |||
Disclosure of information for cash-generating units [line items] | |||
Weighted average pre-tax discount rate used | 14.50% | 15.40% | |
Cash-generating units | Bottom of range | |||
Disclosure of information for cash-generating units [line items] | |||
Iron ore | $ / t | 63 | ||
Coking coal | $ / t | 145 | ||
Cash-generating units | Top of range | |||
Disclosure of information for cash-generating units [line items] | |||
Iron ore | $ / t | 80 | ||
Coking coal | $ / t | 170 | ||
Disposal group, disposed of by sale, not discontinued operations | Votorantim remedies | |||
Disclosure of information for cash-generating units [line items] | |||
Impairment of goodwill | $ 18,000,000 | ||
Disposal groups classified as held for sale | ArcelorMittal Italia remedies | |||
Disclosure of information for cash-generating units [line items] | |||
Impairment of goodwill | $ 16,000,000 |
GOODWILL, INTANGIBLE AND TAN_10
GOODWILL, INTANGIBLE AND TANGIBLE ASSETS - Impairment of Intangible Assets, Including Goodwill, and Tangible Assets, Impairment Test of Property, Plant and Equipment (Details) $ in Millions | 6 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2019USD ($)cash_generating_unit | Jun. 30, 2019USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2016 | Dec. 31, 2019USD ($)cash_generating_unit | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016 | Feb. 07, 2018USD ($) | |
Disclosure of information for cash-generating units [line items] | |||||||||
Number of cash-generating units | cash_generating_unit | 61 | 61 | |||||||
Impairment charge related for property, plant and equipment | $ 1,927 | $ 960 | $ 160 | ||||||
Property, plant and equipment and biological assets | $ 36,231 | 36,231 | $ 35,638 | ||||||
ArcelorMIttal Italia | |||||||||
Disclosure of information for cash-generating units [line items] | |||||||||
Carrying amount or cash-generating unit | 1,970 | 1,970 | |||||||
Property, plant and equipment and biological assets | 1,477 | 1,477 | |||||||
ArcelorMittal USA LLC | NAFTA | |||||||||
Disclosure of information for cash-generating units [line items] | |||||||||
Impairment charge related for property, plant and equipment | 1,300 | ||||||||
ArcelorMittal USA LLC | NAFTA | United States | |||||||||
Disclosure of information for cash-generating units [line items] | |||||||||
Impairment charge related for property, plant and equipment | $ 700 | $ 600 | |||||||
Discount rate | 10.17% | 13.98% | 16.91% | ||||||
Property, plant and equipment and biological assets | $ 2,568 | $ 3,213 | 2,568 | ||||||
ArcelorMittal South Africa Ltd. (AMSA) | |||||||||
Disclosure of information for cash-generating units [line items] | |||||||||
Impairment charge related for property, plant and equipment | 27 | ||||||||
ArcelorMittal South Africa Ltd. (AMSA) | ACIS | |||||||||
Disclosure of information for cash-generating units [line items] | |||||||||
Impairment charge related for property, plant and equipment | 102 | 206 | |||||||
Saldanha facility | |||||||||
Disclosure of information for cash-generating units [line items] | |||||||||
Impairment charge related for property, plant and equipment | 20 | ||||||||
ArcelorMittal Italia remedies | |||||||||
Disclosure of information for cash-generating units [line items] | |||||||||
Impairment charge related for property, plant and equipment | 497 | $ 872 | |||||||
ArcelorMittal Italia remedies | Europe | |||||||||
Disclosure of information for cash-generating units [line items] | |||||||||
Impairment charge related for property, plant and equipment | 525 | ||||||||
Long Steel Products | ACIS | South Africa | |||||||||
Disclosure of information for cash-generating units [line items] | |||||||||
Impairment charge related for property, plant and equipment | $ 46 | $ 75 | $ 33 | ||||||
Discount rate | 17.12% | 16.63% | 13.87% | 15.13% | 15.24% | 15.22% | |||
Property, plant and equipment and biological assets | $ 163 | $ 325 | $ 163 | $ 306 | |||||
Vanderbijlpark Facility | ACIS | South Africa | |||||||||
Disclosure of information for cash-generating units [line items] | |||||||||
Impairment charge related for property, plant and equipment | $ 86 | ||||||||
Discount rate | 15.23% | 14.97% | |||||||
Property, plant and equipment and biological assets | $ 296 | ||||||||
Votorantim remedies | Disposal group, disposed of by sale, not discontinued operations | |||||||||
Disclosure of information for cash-generating units [line items] | |||||||||
Impairment charge related for property, plant and equipment | $ 68 | ||||||||
Property, plant and equipment and biological assets | $ 48 |
FINANCING AND FINANCIAL INSTR_3
FINANCING AND FINANCIAL INSTRUMENTS - Summary of Assets and Liabilities Based on Categories (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Current assets: | ||||
Cash and cash equivalents | $ 4,867 | $ 2,172 | $ 2,574 | $ 2,501 |
Restricted cash | 128 | 182 | ||
Trade accounts receivable and other | 3,569 | 4,432 | ||
Inventories | 17,296 | 20,744 | ||
Prepaid expenses and other current assets | 2,756 | 2,834 | ||
Assets held for sale | 0 | 2,111 | ||
Total current assets | 28,616 | 32,475 | ||
Non-current assets: | ||||
Goodwill and intangible assets | 5,432 | 5,728 | ||
Property, plant and equipment and biological assets | 36,231 | 35,638 | ||
Investments in associates and joint ventures | 6,529 | 4,906 | ||
Other investments | 772 | 855 | ||
Deferred tax assets | 8,680 | 8,287 | ||
Other assets | 1,648 | 3,360 | ||
Total non-current assets | 59,292 | 58,774 | ||
Total assets | 87,908 | 91,249 | ||
Current liabilities: | ||||
Short-term debt and current portion of long-term debt | 2,869 | 3,167 | ||
Trade accounts payable and other | 12,614 | 13,981 | ||
Short-term provisions | 516 | 539 | ||
Accrued expenses and other liabilities | 4,910 | 4,709 | ||
Income tax liabilities | 378 | 238 | ||
Liabilities held for sale | 0 | 821 | ||
Total current liabilities | 21,287 | 23,455 | ||
Non-current liabilities: | ||||
Long-term debt, net of current portion | 11,471 | 9,316 | ||
Deferred tax liabilities | 2,331 | 2,374 | ||
Deferred employee benefits | 7,343 | 6,982 | ||
Long-term provisions | 2,475 | 1,995 | 1,612 | |
Other long-term obligations | 2,518 | 3,019 | ||
Total non-current liabilities | 26,138 | 23,686 | ||
Equity: | ||||
Equity attributable to the equity holders of the parent | 38,521 | 42,086 | ||
Non-controlling interests | 1,962 | 2,022 | ||
Total equity | 40,483 | 44,108 | $ 40,855 | $ 32,325 |
Total liabilities and equity | 87,908 | 91,249 | ||
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 | 485 | 528 | ||
Accrued expenses and other liabilities | 1,075 | 1,212 | ||
Income tax liabilities | 378 | 238 | ||
Liabilities held for sale | 821 | |||
Total current liabilities | 1,938 | 2,799 | ||
Non-current liabilities: | ||||
Long-term debt, net of current portion | 0 | 0 | ||
Deferred tax liabilities | 2,331 | 2,374 | ||
Deferred employee benefits | 7,343 | 6,982 | ||
Long-term provisions | 2,465 | 1,984 | ||
Other long-term obligations | 501 | 457 | ||
Total non-current liabilities | 12,640 | 11,797 | ||
Equity: | ||||
Equity attributable to the equity holders of the parent | 38,521 | 42,086 | ||
Non-controlling interests | 1,962 | 2,022 | ||
Total equity | 40,483 | 44,108 | ||
Total liabilities and equity | 55,061 | 58,704 | ||
Financial liabilities | Liabilities at amortized cost | ||||
Current liabilities: | ||||
Short-term debt and current portion of long-term debt | 2,869 | 3,167 | ||
Trade accounts payable and other | 12,614 | 13,981 | ||
Short-term provisions | 31 | 11 | ||
Accrued expenses and other liabilities | 3,527 | 3,307 | ||
Income tax liabilities | 0 | 0 | ||
Liabilities held for sale | 0 | |||
Total current liabilities | 19,041 | 20,466 | ||
Non-current liabilities: | ||||
Long-term debt, net of current portion | 11,471 | 9,316 | ||
Deferred tax liabilities | 0 | 0 | ||
Deferred employee benefits | 0 | 0 | ||
Long-term provisions | 10 | 11 | ||
Other long-term obligations | 1,779 | 1,854 | ||
Total non-current liabilities | 13,260 | 11,181 | ||
Equity: | ||||
Total liabilities and equity | 32,301 | 31,647 | ||
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 | |||
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 | 308 | 190 | ||
Income tax liabilities | 0 | 0 | ||
Liabilities held for sale | 0 | |||
Total current liabilities | 308 | 190 | ||
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 | 238 | 708 | ||
Total non-current liabilities | 238 | 708 | ||
Equity: | ||||
Total liabilities and equity | 546 | 898 | ||
Non-financial assets | ||||
Current assets: | ||||
Cash and cash equivalents | 0 | 0 | ||
Restricted cash | 0 | 0 | ||
Trade accounts receivable and other | 0 | 0 | ||
Inventories | 17,296 | 20,744 | ||
Prepaid expenses and other current assets | 1,305 | 1,405 | ||
Assets held for sale | 2,111 | |||
Total current assets | 18,601 | 24,260 | ||
Non-current assets: | ||||
Goodwill and intangible assets | 5,432 | 5,728 | ||
Property, plant and equipment and biological assets | 36,172 | 35,589 | ||
Investments in associates and joint ventures | 6,529 | 4,906 | ||
Other investments | 0 | 0 | ||
Deferred tax assets | 8,680 | 8,287 | ||
Other assets | 388 | 526 | ||
Total non-current assets | 57,201 | 55,036 | ||
Total assets | 75,802 | 79,296 | ||
Financial assets | ||||
Current assets: | ||||
Cash and cash equivalents | 0 | |||
Financial assets | Assets at amortized cost | ||||
Current assets: | ||||
Cash and cash equivalents | 4,867 | 2,172 | ||
Restricted cash | 128 | 182 | ||
Trade accounts receivable and other | 3,146 | 3,957 | ||
Inventories | 0 | 0 | ||
Prepaid expenses and other current assets | 1,047 | 812 | ||
Assets held for sale | 0 | |||
Total current assets | 9,188 | 7,123 | ||
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 | 1,130 | 1,188 | ||
Total non-current assets | 1,130 | 1,188 | ||
Total assets | 10,318 | 8,311 | ||
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 | 136 | 0 | ||
Assets held for sale | 0 | |||
Total current assets | 136 | 0 | ||
Non-current assets: | ||||
Goodwill and intangible assets | 0 | 0 | ||
Property, plant and equipment and biological assets | 59 | 49 | ||
Investments in associates and joint ventures | 0 | 0 | ||
Other investments | 0 | 0 | ||
Deferred tax assets | 0 | 0 | ||
Other assets | 0 | 1,037 | ||
Total non-current assets | 59 | 1,086 | ||
Total assets | 195 | 1,086 | ||
Financial assets | Fair value recognized in OCI | ||||
Current assets: | ||||
Cash and cash equivalents | 0 | 0 | ||
Restricted cash | 0 | 0 | ||
Trade accounts receivable and other | 423 | 475 | ||
Inventories | 0 | 0 | ||
Prepaid expenses and other current assets | 0 | 0 | ||
Assets held for sale | 0 | |||
Total current assets | 423 | 475 | ||
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 | 772 | 855 | ||
Deferred tax assets | 0 | 0 | ||
Other assets | 0 | 0 | ||
Total non-current assets | 772 | 855 | ||
Total assets | 1,195 | 1,330 | ||
Financial assets | Derivatives | ||||
Current assets: | ||||
Cash and cash equivalents | 0 | |||
Restricted cash | 0 | 0 | ||
Trade accounts receivable and other | 0 | 0 | ||
Inventories | 0 | 0 | ||
Prepaid expenses and other current assets | 268 | 617 | ||
Assets held for sale | 0 | |||
Total current assets | 268 | 617 | ||
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 | 130 | 609 | ||
Total non-current assets | 130 | 609 | ||
Total assets | $ 398 | $ 1,226 |
FINANCING AND FINANCIAL INSTR_4
FINANCING AND FINANCIAL INSTRUMENTS - Schedule of Assets and Liabilities at Fair Value (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of fair value measurement of assets [line items] | ||
Total assets | $ 87,908 | $ 91,249 |
Total liabilities | 47,425 | 47,141 |
Recurring fair value measurement | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 1,593 | 2,556 |
Total liabilities | 546 | 898 |
Recurring fair value measurement | Level 1 | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 699 | 793 |
Total liabilities | 0 | 0 |
Recurring fair value measurement | Level 2 | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 271 | 743 |
Total liabilities | 245 | 206 |
Recurring fair value measurement | Level 3 | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 623 | 1,020 |
Total liabilities | 301 | 692 |
Recurring fair value measurement | Derivative financial current liabilities | ||
Disclosure of fair value measurement of assets [line items] | ||
Total liabilities | 308 | 190 |
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 | 144 | 75 |
Recurring fair value measurement | Derivative financial current liabilities | Level 3 | ||
Disclosure of fair value measurement of assets [line items] | ||
Total liabilities | 164 | 115 |
Recurring fair value measurement | Derivative financial non-current liabilities | ||
Disclosure of fair value measurement of assets [line items] | ||
Total liabilities | 238 | 708 |
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 | 101 | 131 |
Recurring fair value measurement | Derivative financial non-current liabilities | Level 3 | ||
Disclosure of fair value measurement of assets [line items] | ||
Total liabilities | 137 | 577 |
Recurring fair value measurement | Investments in equity instruments at FVOCI | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 772 | 855 |
Recurring fair value measurement | Investments in equity instruments at FVOCI | Level 1 | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 699 | 793 |
Recurring fair value measurement | Investments in equity instruments at FVOCI | Level 2 | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 0 | 0 |
Recurring fair value measurement | Investments in equity instruments at FVOCI | Level 3 | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 73 | 62 |
Recurring fair value measurement | Trade accounts receivable and other subject to TSR programs | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 423 | 475 |
Recurring fair value measurement | Trade accounts receivable and other subject to TSR programs | Level 1 | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 0 | 0 |
Recurring fair value measurement | Trade accounts receivable and other subject to TSR programs | Level 2 | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 0 | 0 |
Recurring fair value measurement | Trade accounts receivable and other subject to TSR programs | Level 3 | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 423 | 475 |
Recurring fair value measurement | Derivative financial current assets | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 268 | 617 |
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 | 268 | 617 |
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 | 130 | 609 |
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 | 3 | 126 |
Recurring fair value measurement | Derivative financial non-current assets | Level 3 | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | $ 127 | $ 483 |
FINANCING AND FINANCIAL INSTR_5
FINANCING AND FINANCIAL INSTRUMENTS - Gross Debt - Short-term Debt (Details) $ in Millions | 12 Months Ended | ||||||
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2019EUR (€) | Dec. 31, 2019CAD ($) | Apr. 26, 2019EUR (€) | Apr. 01, 2019USD ($) | Apr. 01, 2019CAD ($) | |
Disclosure of detailed information about borrowings [line items] | |||||||
Short-term bank loans and other credit facilities including commercial paper | $ 1,838 | $ 1,968 | |||||
Current portion of long-term debt | 770 | 1,130 | |||||
Lease obligations | 261 | 69 | |||||
Total | 2,869 | $ 3,167 | |||||
Borrowings | $ 14,340 | ||||||
Weighted average | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Short-term borrowings interest rate | 1.10% | 1.30% | |||||
Short-term bilateral credit facility | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Undrawn borrowing facilities | $ 900 | ||||||
€300 million Term Loan, Due in 2020 | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Notional amount | € | € 300,000,000 | ||||||
Borrowings | 337 | € 300,000,000 | |||||
Short-term bank loan due various dates 2020 and 2021 | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Notional amount | $ 151 | $ 197,000,000 | |||||
Borrowings | 155 | $ 202,000,000 | |||||
Commercial paper | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Short-term bank loans and other credit facilities including commercial paper | $ 1,200 | $ 1,295 | |||||
Amount of potential borrowings | € | € 1,500,000,000 |
FINANCING AND FINANCIAL INSTR_6
FINANCING AND FINANCIAL INSTRUMENTS - Gross Debt - Long-term Debt (Details) | Nov. 27, 2019USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2019EUR (€) | Dec. 31, 2019CHF (SFr) | Dec. 27, 2019 | Dec. 11, 2019USD ($) | Dec. 11, 2019EUR (€) | Nov. 19, 2019USD ($) | Nov. 19, 2019EUR (€) | Aug. 30, 2019USD ($) | Jul. 16, 2019USD ($) | Mar. 11, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 19, 2018USD ($) | Nov. 20, 2018USD ($) | Apr. 30, 2015USD ($) |
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Borrowings | $ 14,340,000,000 | |||||||||||||||
Less current portion of long-term debt | (770,000,000) | $ (1,130,000,000) | ||||||||||||||
Total long-term debt, net of current portion | 11,471,000,000 | 9,316,000,000 | ||||||||||||||
Current portion of long-term debt | 770,000,000 | 1,130,000,000 | ||||||||||||||
Long-term debt | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Borrowings | 11,375,000,000 | 10,091,000,000 | ||||||||||||||
Total long-term debt (excluding lease obligations) | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Total long-term debt, net of current portion | 10,605,000,000 | 8,961,000,000 | ||||||||||||||
Corporate Borrowings | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Borrowings | 11,022,000,000 | 9,871,000,000 | ||||||||||||||
5.5 billion Revolving Credit Facility, Due in 2023-2024 | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Line of credit, maximum borrowing capacity | 5,500,000,000 | $ 5,500,000,000 | $ 5,500,000,000 | |||||||||||||
Borrowings | 0 | 0 | ||||||||||||||
€750 million Unsecured Notes, Due in 2019 | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Notional amount | € | € 750,000,000 | |||||||||||||||
Borrowings | $ 0 | 858,000,000 | ||||||||||||||
€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% | |||||||||||||
500 million Unsecured Notes, Due in 2020 | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Notional amount | $ 500,000,000 | $ 500,000,000 | ||||||||||||||
Borrowings, interest rate | 5.125% | |||||||||||||||
Borrowings | $ 0 | 324,000,000 | ||||||||||||||
500 million 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% | |||||||||||||
CHF 225 million Unsecured Notes, Due in 2020 | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Notional amount | SFr | SFr 225,000,000 | |||||||||||||||
Borrowings | $ 233,000,000 | 228,000,000 | ||||||||||||||
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% | |||||||||||||
€600 million Unsecured Notes, Due in 2020 | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Notional amount | € | € 600,000,000 | |||||||||||||||
Borrowings, interest rate | 2.875% | 2.875% | ||||||||||||||
Borrowings | $ 316,000,000 | $ 312,000,000 | € 282,000,000 | 685,000,000 | ||||||||||||
€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% | |||||||||||||
1.0 billion Unsecured Bonds, Due in 2020 | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Notional amount | $ 1,000,000,000 | $ 1,000,000,000 | ||||||||||||||
Borrowings, interest rate | 5.25% | |||||||||||||||
Borrowings | $ 0 | 623,000,000 | ||||||||||||||
1.0 billion Unsecured Bonds, Due in 2020 | Fixed interest rate | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Borrowings, interest rate | 5.25% | 5.25% | 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, interest rate | 5.50% | |||||||||||||||
Borrowings | $ 0 | 754,000,000 | ||||||||||||||
1.5 billion Unsecured Notes, Due in 2021 | Fixed interest rate | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Borrowings, interest rate | 5.50% | 5.50% | 5.50% | |||||||||||||
€500 million Unsecured Notes, Due in 2021 | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Notional amount | € | € 500,000,000 | |||||||||||||||
Borrowings, interest rate | 3.00% | 3.00% | ||||||||||||||
Borrowings | $ 320,000,000 | $ 316,000,000 | € 286,000,000 | 570,000,000 | ||||||||||||
€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% | |||||||||||||
€750 million Unsecured Notes, Due in 2022 | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Notional amount | € | € 750,000,000 | |||||||||||||||
Borrowings | $ 841,000,000 | 856,000,000 | ||||||||||||||
€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% | |||||||||||||
1.1 billion Unsecured Notes, Due in 2022 | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Notional amount | $ 1,100,000,000 | |||||||||||||||
Borrowings | $ 657,000,000 | 656,000,000 | ||||||||||||||
1.1 billion Unsecured Notes, Due in 2022 | Fixed interest rate | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Borrowings, interest rate | 6.25% | 6.25% | 6.25% | |||||||||||||
€500 million Unsecured Notes, Due in 2023 | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Notional amount | € | € 500,000,000 | |||||||||||||||
Borrowings | $ 558,000,000 | 568,000,000 | ||||||||||||||
€500 million Unsecured Notes, Due in 2023 | Fixed interest rate | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Borrowings, interest rate | 0.95% | 0.95% | 0.95% | |||||||||||||
€750 million Unsecured Notes, Due in 2023 | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Notional amount | € 750,000,000 | $ 830,000,000 | € 750,000,000 | |||||||||||||
Borrowings, interest rate | 1.00% | 1.00% | ||||||||||||||
Borrowings | $ 838,000,000 | 0 | ||||||||||||||
€750 million Unsecured Notes, Due in 2023 | Fixed interest rate | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Borrowings, interest rate | 1.00% | 1.00% | 1.00% | |||||||||||||
€1 billion Unsecured Notes, Due in 2024 | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Notional amount | € | € 1,000,000,000 | |||||||||||||||
Borrowings | $ 1,131,000,000 | 0 | ||||||||||||||
€1 billion Unsecured Notes, Due in 2024 | Fixed interest rate | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Borrowings, interest rate | 2.25% | 2.25% | 2.25% | |||||||||||||
750 million Unsecured Notes, Due in 2024 | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Notional amount | $ 750,000,000 | $ 750,000,000 | ||||||||||||||
Borrowings, interest rate | 3.60% | |||||||||||||||
Borrowings | $ 746,000,000 | 0 | ||||||||||||||
750 million Unsecured Notes, Due in 2024 | Fixed interest rate | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Borrowings, interest rate | 3.60% | 3.60% | 3.60% | |||||||||||||
500 million Unsecured Notes, Due in 2025 | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Notional amount | $ 500,000,000 | |||||||||||||||
Borrowings | $ 498,000,000 | 497,000,000 | ||||||||||||||
500 million 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% | |||||||||||||
€750 million Unsecured Notes, Due in 2025 | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Notional amount | € 750,000,000 | $ 830,000,000 | € 750,000,000 | |||||||||||||
Borrowings, interest rate | 1.75% | 1.75% | ||||||||||||||
Borrowings | $ 834,000,000 | 0 | ||||||||||||||
€750 million Unsecured Notes, Due in 2025 | Fixed interest rate | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Borrowings, interest rate | 1.75% | 1.75% | 1.75% | |||||||||||||
750 million Unsecured Notes, Due in 2026 | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Notional amount | $ 750,000,000 | $ 750,000,000 | ||||||||||||||
Borrowings, interest rate | 4.55% | |||||||||||||||
Borrowings | $ 745,000,000 | 0 | ||||||||||||||
750 million Unsecured Notes, Due in 2026 | Fixed interest rate | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Borrowings, interest rate | 4.55% | 4.55% | 4.55% | |||||||||||||
500 million Unsecured Notes, Due in 2029 | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Notional amount | $ 500,000,000 | $ 500,000,000 | ||||||||||||||
Borrowings, interest rate | 4.25% | |||||||||||||||
Borrowings | $ 493,000,000 | 0 | ||||||||||||||
500 million Unsecured Notes, Due in 2029 | Fixed interest rate | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Borrowings, interest rate | 4.25% | 4.25% | 4.25% | |||||||||||||
1.5 billion Unsecured Bonds, Due in 2039 | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Notional amount | $ 1,500,000,000 | |||||||||||||||
Borrowings | $ 671,000,000 | 670,000,000 | ||||||||||||||
1.5 billion Unsecured Bonds, Due in 2039 | Fixed interest rate | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Borrowings, interest rate | 7.00% | 7.00% | 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 | $ 428,000,000 | 428,000,000 | ||||||||||||||
1.0 billion Unsecured Notes, Due in 2041 | Fixed interest rate | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Borrowings, interest rate | 6.75% | 6.75% | 6.75% | |||||||||||||
Other Loans, Due in 2021 | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Borrowings | $ 151,000,000 | 114,000,000 | ||||||||||||||
Other Loans, Due in 2021 | Fixed interest rate | Bottom of range | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Borrowings, interest rate | 3.10% | 3.10% | 3.10% | |||||||||||||
Other Loans, Due in 2021 | Fixed interest rate | Top of range | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Borrowings, interest rate | 3.46% | 3.46% | 3.46% | |||||||||||||
EIB loan, Due in 2025 | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Borrowings | $ 344,000,000 | € 306,000,000 | 401,000,000 | |||||||||||||
EIB loan, Due in 2025 | Fixed interest rate | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Borrowings, interest rate | 1.16% | 1.16% | 1.16% | |||||||||||||
7.0 billion Term Facility, Due in 2020 | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Notional amount | $ 7,000,000,000 | $ 7,000,000,000 | ||||||||||||||
Borrowings | $ 0 | 1,000,000,000 | ||||||||||||||
7.0 billion Term Facility, Due in 2020 | Floating interest rate | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Borrowings, interest rate | 3.09% | 3.09% | 3.09% | |||||||||||||
Other Loans, Due in 2021-2035 | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Borrowings | $ 1,218,000,000 | 639,000,000 | ||||||||||||||
Other Loans, Due in 2021-2035 | Floating interest rate | Bottom of range | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Borrowings, interest rate | 0.35% | 0.35% | 0.35% | |||||||||||||
Other Loans, Due in 2021-2035 | Floating interest rate | Top of range | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Borrowings, interest rate | 4.06% | 4.06% | 4.06% | |||||||||||||
Long-term lease obligations | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Less current portion of long-term debt | $ (261,000,000) | (69,000,000) | ||||||||||||||
Total long-term debt, net of current portion | 866,000,000 | 355,000,000 | ||||||||||||||
Current portion of long-term debt | 261,000,000 | 69,000,000 | ||||||||||||||
5.4 billion Revolving Credit Facility, Due in 2024 | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Line of credit, maximum borrowing capacity | $ 5,400,000,000 | |||||||||||||||
Extension term | 1 year | |||||||||||||||
Americas | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Borrowings | 81,000,000 | 84,000,000 | ||||||||||||||
Americas | Other Loans, Fixed/Floating, Due in 2020-2030 | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Borrowings | $ 81,000,000 | 84,000,000 | ||||||||||||||
Americas | Other Loans, Fixed/Floating, Due in 2020-2030 | Fixed/Floating interest rates | Bottom of range | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Borrowings, interest rate | 0.00% | 0.00% | 0.00% | |||||||||||||
Americas | Other Loans, Fixed/Floating, Due in 2020-2030 | Fixed/Floating interest rates | Top of range | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Borrowings, interest rate | 10.00% | 10.00% | 10.00% | |||||||||||||
Europe, Asia & Africa | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Borrowings | $ 272,000,000 | 136,000,000 | ||||||||||||||
Europe, Asia & Africa | EBRD Facility, Floating, Due in 2024 | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Borrowings | $ 175,000,000 | 50,000,000 | ||||||||||||||
Europe, Asia & Africa | EBRD Facility, Floating, Due in 2024 | Floating interest rate | Bottom of range | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Borrowings, interest rate | 3.80% | 3.80% | 3.80% | |||||||||||||
Europe, Asia & Africa | EBRD Facility, Floating, Due in 2024 | Floating interest rate | Top of range | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Borrowings, interest rate | 4.10% | 4.10% | 4.10% | |||||||||||||
Europe, Asia & Africa | Other Loans, Fixed/Floating, Due in 2020-2029 | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Borrowings | $ 97,000,000 | $ 86,000,000 | ||||||||||||||
Europe, Asia & Africa | Other Loans, Fixed/Floating, Due in 2020-2029 | Fixed/Floating interest rates | Bottom of range | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Borrowings, interest rate | 0.00% | 0.00% | 0.00% | |||||||||||||
Europe, Asia & Africa | Other Loans, Fixed/Floating, Due in 2020-2029 | Fixed/Floating interest rates | Top of range | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Borrowings, interest rate | 5.80% | 5.80% | 5.80% |
FINANCING AND FINANCIAL INSTR_7
FINANCING AND FINANCIAL INSTRUMENTS - Gross Debt - Long-Term Debt, Narrative (Details) | Feb. 10, 2020USD ($) | Feb. 05, 2020USD ($) | Dec. 27, 2019USD ($) | Dec. 11, 2019USD ($) | Dec. 11, 2019EUR (€) | Dec. 09, 2019USD ($) | Nov. 27, 2019USD ($) | Aug. 30, 2019USD ($) | Jun. 12, 2019extension_options | Mar. 25, 2019USD ($) | Mar. 25, 2019EUR (€) | Dec. 18, 2018 | Nov. 29, 2018USD ($) | Nov. 20, 2018USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Jan. 30, 2020USD ($) | Jan. 30, 2020EUR (€) | Dec. 31, 2019EUR (€) | Dec. 31, 2019ZAR (R) | Dec. 20, 2019EUR (€) | Dec. 11, 2019EUR (€) | Nov. 19, 2019USD ($) | Nov. 19, 2019EUR (€) | Jul. 31, 2019USD ($) | Jul. 16, 2019USD ($) | Jul. 04, 2019USD ($) | Jul. 04, 2019EUR (€) | Jul. 01, 2019USD ($) | Jul. 01, 2019EUR (€) | Apr. 26, 2019EUR (€) | Mar. 11, 2019USD ($) | Jan. 17, 2019USD ($) | Jan. 17, 2019EUR (€) | Dec. 21, 2018EUR (€) | Dec. 19, 2018USD ($) | Dec. 21, 2017USD ($) | May 25, 2017ZAR (R) | Dec. 16, 2016EUR (€) | May 23, 2016USD ($) | Apr. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Oct. 26, 2012USD ($) | Sep. 30, 2010USD ($) |
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||
Repayments of non-current borrowings | $ 3,299,000,000 | $ 798,000,000 | $ 2,691,000,000 | |||||||||||||||||||||||||||||||||||||||||||
Borrowings | 14,340,000,000 | |||||||||||||||||||||||||||||||||||||||||||||
Proceeds from current borrowings | 600,000,000 | 2,319,000,000 | 1,859,000,000 | |||||||||||||||||||||||||||||||||||||||||||
Repayments of current borrowings | 1,811,000,000 | 2,871,000,000 | $ 2,102,000,000 | |||||||||||||||||||||||||||||||||||||||||||
Gains on hedges of net investments in foreign operations, net of tax | 109,000,000 | |||||||||||||||||||||||||||||||||||||||||||||
€300 million Term Loan, Due in 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||
Notional amount | € | € 300,000,000 | |||||||||||||||||||||||||||||||||||||||||||||
Borrowings | 337,000,000 | € 300,000,000 | ||||||||||||||||||||||||||||||||||||||||||||
5.5 billion Revolving Credit Facility, Due in 2023-2024 | ||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||
Line of credit, maximum borrowing capacity | 5,500,000,000 | $ 5,500,000,000 | $ 5,500,000,000 | |||||||||||||||||||||||||||||||||||||||||||
Undrawn borrowing facilities | 5,500,000,000 | |||||||||||||||||||||||||||||||||||||||||||||
Borrowings | 0 | 0 | ||||||||||||||||||||||||||||||||||||||||||||
5.5 billion Revolving Credit Facility, Due in 2023 | ||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||
Line of credit, maximum borrowing capacity | $ 5,500,000,000 | |||||||||||||||||||||||||||||||||||||||||||||
5.4 billion Revolving Credit Facility, Due in 2024 | ||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||
Line of credit, maximum borrowing capacity | $ 5,400,000,000 | |||||||||||||||||||||||||||||||||||||||||||||
Extension term | 1 year | |||||||||||||||||||||||||||||||||||||||||||||
2010 Revolving Multi-currency Letter of Credit Facility | ||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||
Line of credit, maximum borrowing capacity | $ 350,000,000 | $ 450,000,000 | $ 500,000,000 | |||||||||||||||||||||||||||||||||||||||||||
Revolving Multi-currency Letter of Credit Facility, Due in 2022 | ||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||
Line of credit, maximum borrowing capacity | $ 350,000,000 | |||||||||||||||||||||||||||||||||||||||||||||
Euro Medium Term Notes Program | ||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||
Notional amount | € | € 10,000,000,000 | € 10,000,000,000 | ||||||||||||||||||||||||||||||||||||||||||||
€750 million Unsecured Notes, Due in 2024 | ||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||
Notional amount | 750,000,000 | $ 854,000,000 | € 750,000,000 | |||||||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 2.25% | 2.25% | ||||||||||||||||||||||||||||||||||||||||||||
750 million Unsecured Notes, Due in 2026 | ||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||
Notional amount | 750,000,000 | $ 750,000,000 | ||||||||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 4.55% | |||||||||||||||||||||||||||||||||||||||||||||
Borrowings | 745,000,000 | 0 | ||||||||||||||||||||||||||||||||||||||||||||
7.0 billion Term Facility, Due in 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||
Notional amount | $ 7,000,000,000 | 7,000,000,000 | ||||||||||||||||||||||||||||||||||||||||||||
Repayments of bonds, notes and debentures | 1,000,000,000 | |||||||||||||||||||||||||||||||||||||||||||||
Borrowings | 0 | 1,000,000,000 | ||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, term | 1 year | |||||||||||||||||||||||||||||||||||||||||||||
Debt instrument, term, option to extend | 6 months | |||||||||||||||||||||||||||||||||||||||||||||
Proceeds from current borrowings | $ 2,571,000,000 | $ 1,000,000,000 | ||||||||||||||||||||||||||||||||||||||||||||
Number of possible extensions | extension_options | 1 | |||||||||||||||||||||||||||||||||||||||||||||
Repayments of current borrowings | $ 1,000,000,000 | |||||||||||||||||||||||||||||||||||||||||||||
€750 million Unsecured Notes, Due in 2019 | ||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||
Notional amount | € | 750,000,000 | |||||||||||||||||||||||||||||||||||||||||||||
Repayments of bonds, notes and debentures | $ 854,000,000 | € 750,000,000 | ||||||||||||||||||||||||||||||||||||||||||||
Borrowings | 0 | 858,000,000 | ||||||||||||||||||||||||||||||||||||||||||||
€250 million Unsecured Notes, Due in 2024 | ||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||
Notional amount | 250,000,000 | $ 285,000,000 | € 250,000,000 | |||||||||||||||||||||||||||||||||||||||||||
750 million Unsecured Notes, Due in 2024 | ||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||
Notional amount | 750,000,000 | $ 750,000,000 | ||||||||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 3.60% | |||||||||||||||||||||||||||||||||||||||||||||
Borrowings | 746,000,000 | 0 | ||||||||||||||||||||||||||||||||||||||||||||
500 million Unsecured Notes, Due in 2029 | ||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||
Notional amount | 500,000,000 | $ 500,000,000 | ||||||||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 4.25% | |||||||||||||||||||||||||||||||||||||||||||||
Borrowings | 493,000,000 | 0 | ||||||||||||||||||||||||||||||||||||||||||||
500 million Unsecured Notes, Due in 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||
Notional amount | $ 500,000,000 | 500,000,000 | ||||||||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 5.125% | |||||||||||||||||||||||||||||||||||||||||||||
Extinguishment of debt, amount | $ 324,000,000 | |||||||||||||||||||||||||||||||||||||||||||||
Borrowings | 0 | 324,000,000 | ||||||||||||||||||||||||||||||||||||||||||||
1.0 billion Unsecured Bonds, Due in 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||
Notional amount | $ 1,000,000,000 | 1,000,000,000 | ||||||||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 5.25% | |||||||||||||||||||||||||||||||||||||||||||||
Extinguishment of debt, amount | $ 626,000,000 | |||||||||||||||||||||||||||||||||||||||||||||
Borrowings | 0 | 623,000,000 | ||||||||||||||||||||||||||||||||||||||||||||
500 million Unsecured Notes and 1.0 billion Unsecured Bonds, Due in 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||
Repayments of non-current borrowings | $ 981,000,000 | |||||||||||||||||||||||||||||||||||||||||||||
€750 million Unsecured Notes, Due in 2023 | ||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||
Notional amount | 750,000,000 | $ 830,000,000 | € 750,000,000 | |||||||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 1.00% | 1.00% | ||||||||||||||||||||||||||||||||||||||||||||
Borrowings | 838,000,000 | 0 | ||||||||||||||||||||||||||||||||||||||||||||
€750 million Unsecured Notes, Due in 2025 | ||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||
Notional amount | 750,000,000 | $ 830,000,000 | € 750,000,000 | |||||||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 1.75% | 1.75% | ||||||||||||||||||||||||||||||||||||||||||||
Borrowings | 834,000,000 | 0 | ||||||||||||||||||||||||||||||||||||||||||||
€600 million Unsecured Notes, Due in 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||
Notional amount | € | 600,000,000 | |||||||||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 2.875% | 2.875% | ||||||||||||||||||||||||||||||||||||||||||||
Extinguishment of debt, amount | $ 352,000,000 | € 318,000,000 | ||||||||||||||||||||||||||||||||||||||||||||
Repayments of non-current borrowings | 363,000,000 | 328,000,000 | ||||||||||||||||||||||||||||||||||||||||||||
Borrowings | $ 312,000,000 | 316,000,000 | 685,000,000 | € 282,000,000 | ||||||||||||||||||||||||||||||||||||||||||
€500 million Unsecured Notes, Due in 2021 | ||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||
Notional amount | € | 500,000,000 | |||||||||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 3.00% | 3.00% | ||||||||||||||||||||||||||||||||||||||||||||
Extinguishment of debt, amount | $ 238,000,000 | 214,000,000 | ||||||||||||||||||||||||||||||||||||||||||||
Repayments of non-current borrowings | 252,000,000 | € 227,000,000 | ||||||||||||||||||||||||||||||||||||||||||||
Borrowings | $ 316,000,000 | 320,000,000 | 570,000,000 | € 286,000,000 | ||||||||||||||||||||||||||||||||||||||||||
1.5 billion Unsecured Notes, Due in 2021 | ||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||
Notional amount | 1,500,000,000 | |||||||||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 5.50% | |||||||||||||||||||||||||||||||||||||||||||||
Extinguishment of debt, amount | $ 756,000,000 | |||||||||||||||||||||||||||||||||||||||||||||
Repayments of non-current borrowings | $ 800,000,000 | |||||||||||||||||||||||||||||||||||||||||||||
Borrowings | 0 | 754,000,000 | ||||||||||||||||||||||||||||||||||||||||||||
1.1 billion Unsecured Notes, Due in 2022 | ||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||
Notional amount | 1,100,000,000 | |||||||||||||||||||||||||||||||||||||||||||||
Borrowings | 657,000,000 | 656,000,000 | ||||||||||||||||||||||||||||||||||||||||||||
EIB loan | ||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||
Borrowings | 344,000,000 | 401,000,000 | 306,000,000 | |||||||||||||||||||||||||||||||||||||||||||
Amount of potential borrowings | € | € 350,000,000 | |||||||||||||||||||||||||||||||||||||||||||||
€235 million Facility Agreement | ||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||
Notional amount | € | € 235,000,000 | |||||||||||||||||||||||||||||||||||||||||||||
Borrowings | 142,000,000 | 126,000,000 | ||||||||||||||||||||||||||||||||||||||||||||
Installment period | 8 years 6 months | |||||||||||||||||||||||||||||||||||||||||||||
€125 million Bilateral Term Loan, Due in 2022 | ||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||
Borrowings | $ 142,000,000 | € 125,000,000 | ||||||||||||||||||||||||||||||||||||||||||||
€450 million Variable Rate Loan | ||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||
Notional amount | $ 512,000,000 | € 450,000,000 | ||||||||||||||||||||||||||||||||||||||||||||
€100 million Bilateral Term Loan, Due in 2023 | ||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||
Notional amount | € | € 100,000,000 | |||||||||||||||||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||||||||||||||||||||
Fixed interest rate | €750 million Unsecured Notes, Due in 2024 | ||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 2.25% | 2.25% | 2.25% | 2.25% | 2.25% | |||||||||||||||||||||||||||||||||||||||||
Fixed interest rate | 750 million Unsecured Notes, Due in 2026 | ||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 4.55% | 4.55% | 4.55% | |||||||||||||||||||||||||||||||||||||||||||
Fixed interest rate | €750 million Unsecured Notes, Due in 2019 | ||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 3.00% | 3.00% | 3.00% | |||||||||||||||||||||||||||||||||||||||||||
Fixed interest rate | €250 million Unsecured Notes, Due in 2024 | ||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 2.25% | 2.25% | 2.25% | 2.25% | 2.25% | |||||||||||||||||||||||||||||||||||||||||
Fixed interest rate | 750 million Unsecured Notes, Due in 2024 | ||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 3.60% | 3.60% | 3.60% | |||||||||||||||||||||||||||||||||||||||||||
Fixed interest rate | 500 million Unsecured Notes, Due in 2029 | ||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 4.25% | 4.25% | 4.25% | |||||||||||||||||||||||||||||||||||||||||||
Fixed interest rate | 500 million Unsecured Notes, Due in 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 5.13% | 5.13% | 5.13% | |||||||||||||||||||||||||||||||||||||||||||
Fixed interest rate | 1.0 billion Unsecured Bonds, Due in 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 5.25% | 5.25% | 5.25% | |||||||||||||||||||||||||||||||||||||||||||
Fixed interest rate | €750 million Unsecured Notes, Due in 2023 | ||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 1.00% | 1.00% | 1.00% | |||||||||||||||||||||||||||||||||||||||||||
Fixed interest rate | €750 million Unsecured Notes, Due in 2025 | ||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 1.75% | 1.75% | 1.75% | |||||||||||||||||||||||||||||||||||||||||||
Fixed interest rate | €600 million Unsecured Notes, Due in 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 2.88% | 2.88% | 2.88% | |||||||||||||||||||||||||||||||||||||||||||
Fixed interest rate | €500 million Unsecured Notes, Due in 2021 | ||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 3.00% | 3.00% | 3.00% | |||||||||||||||||||||||||||||||||||||||||||
Fixed interest rate | 1.5 billion Unsecured Notes, Due in 2021 | ||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 5.50% | 5.50% | 5.50% | |||||||||||||||||||||||||||||||||||||||||||
Fixed interest rate | 1.1 billion Unsecured Notes, Due in 2022 | ||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 6.25% | 6.25% | 6.25% | |||||||||||||||||||||||||||||||||||||||||||
Fixed interest rate | EIB loan | ||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 1.16% | 1.16% | 1.16% | |||||||||||||||||||||||||||||||||||||||||||
PJSC ArcelorMittal Kryvyi Rih | EBRD Facility, Floating, Due in 2024 | ||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||
Notional amount | $ 175,000,000 | |||||||||||||||||||||||||||||||||||||||||||||
Borrowings | $ 175,000,000 | |||||||||||||||||||||||||||||||||||||||||||||
Notional amount, uncommitted amount | $ 175,000,000 | |||||||||||||||||||||||||||||||||||||||||||||
ArcelorMittal South Africa Ltd. (AMSA) | 4.5 Billion ZAR Revolving Borrowing Base Finance Facility, Due in 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||
Line of credit, maximum borrowing capacity | R | R 4,500,000,000 | |||||||||||||||||||||||||||||||||||||||||||||
Borrowings | 81,000,000 | R 1,200,000,000 | ||||||||||||||||||||||||||||||||||||||||||||
Net investment hedge | ||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||
Hedging instrument, liabilities | $ 7,818,000,000 | $ 6,019,000,000 | € 6,922,000,000 | |||||||||||||||||||||||||||||||||||||||||||
Hedged item, assets | € | € 8,070,000,000 | |||||||||||||||||||||||||||||||||||||||||||||
Transactions related to borrowings | 7.0 billion Term Facility, Due in 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||
Borrowings | $ 3,046,000,000 | |||||||||||||||||||||||||||||||||||||||||||||
Proceeds from current borrowings | $ 475,000,000 | |||||||||||||||||||||||||||||||||||||||||||||
Transactions related to borrowings | 1.1 billion Unsecured Notes, Due in 2022 | ||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||
Borrowings, interest rate | 6.25% | |||||||||||||||||||||||||||||||||||||||||||||
Extinguishment of debt, amount | $ 659,000,000 | |||||||||||||||||||||||||||||||||||||||||||||
Transactions related to borrowings | €100 million Bilateral Term Loan, Due in 2023 | ||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||||||||||||||||||||||||||
Borrowings | $ 110,000,000 | € 100,000,000 |
FINANCING AND FINANCIAL INSTR_8
FINANCING AND FINANCIAL INSTRUMENTS - Gross Debt - Interest Rate "Step-Up" (Details) | Dec. 31, 2019USD ($) | Dec. 31, 2019EUR (€) | Dec. 31, 2019CHF (SFr) | Dec. 11, 2019 | Nov. 19, 2019USD ($) | Nov. 19, 2019EUR (€) | Jul. 16, 2019USD ($) | Jul. 04, 2019USD ($) | Jul. 04, 2019EUR (€) | Mar. 11, 2019USD ($) | Jan. 17, 2019USD ($) | Jan. 17, 2019EUR (€) | Dec. 04, 2017 | Jul. 03, 2015 | Jun. 01, 2015 | Apr. 09, 2015 | Jan. 14, 2015 | Jul. 04, 2014 | Feb. 28, 2012 | Mar. 07, 2011 | Aug. 05, 2010 | Oct. 08, 2009 |
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% | |||||||||||||||||||||
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% | |||||||||||||||||||
€600 million Unsecured Notes, Due in 2020 | ||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||
Notional amount | € | € 600,000,000 | |||||||||||||||||||||
Borrowings, interest rate | 2.875% | |||||||||||||||||||||
Borrowings issuance price percentage | 99.18% | |||||||||||||||||||||
€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% | |||||||||||||||||||
€500 million Unsecured Notes, Due in 2021 | ||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||
Notional amount | € | € 500,000,000 | |||||||||||||||||||||
Borrowings, interest rate | 3.00% | |||||||||||||||||||||
Borrowings issuance price percentage | 99.55% | |||||||||||||||||||||
€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% | |||||||||||||||||||
€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% | |||||||||||||||||||||
€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% | |||||||||||||||||||
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% | |||||||||||||||||||||
1.1 billion Unsecured Notes, Due in 2022 | Fixed interest rate | ||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||
Borrowings, interest rate | 6.25% | 6.25% | 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% | |||||||||||||||||||||
€500 million Unsecured Notes, Due in 2023 | Fixed interest rate | ||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||
Borrowings, interest rate | 0.95% | 0.95% | 0.95% | |||||||||||||||||||
€750 million Unsecured Notes, Due in 2023 | ||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||
Notional amount | € 750,000,000 | $ 830,000,000 | € 750,000,000 | |||||||||||||||||||
Borrowings, interest rate | 1.00% | 1.00% | ||||||||||||||||||||
Borrowings issuance price percentage | 99.89% | 99.89% | ||||||||||||||||||||
€750 million Unsecured Notes, Due in 2023 | Fixed interest rate | ||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||
Borrowings, interest rate | 1.00% | 1.00% | 1.00% | |||||||||||||||||||
€250 million Unsecured Notes, Due in 2024 | ||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||
Notional amount | € 250,000,000 | $ 285,000,000 | € 250,000,000 | |||||||||||||||||||
Borrowings issuance price percentage | 105.59% | 105.59% | ||||||||||||||||||||
€250 million Unsecured Notes, Due in 2024 | Fixed interest rate | ||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||
Borrowings, interest rate | 2.25% | 2.25% | 2.25% | 2.25% | 2.25% | |||||||||||||||||
€750 million Unsecured Notes, Due in 2024 | ||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||
Notional amount | € 750,000,000 | $ 854,000,000 | € 750,000,000 | |||||||||||||||||||
Borrowings, interest rate | 2.25% | 2.25% | ||||||||||||||||||||
Borrowings issuance price percentage | 99.72% | 99.72% | ||||||||||||||||||||
€750 million Unsecured Notes, Due in 2024 | Fixed interest rate | ||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||
Borrowings, interest rate | 2.25% | 2.25% | 2.25% | 2.25% | 2.25% | |||||||||||||||||
750 million Unsecured Notes, Due in 2024 | ||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||
Notional amount | $ 750,000,000 | $ 750,000,000 | ||||||||||||||||||||
Borrowings, interest rate | 3.60% | |||||||||||||||||||||
Borrowings issuance price percentage | 99.86% | |||||||||||||||||||||
750 million Unsecured Notes, Due in 2024 | Fixed interest rate | ||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||
Borrowings, interest rate | 3.60% | 3.60% | 3.60% | |||||||||||||||||||
500 million Unsecured Notes, Due in 2025 | ||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||
Notional amount | $ 500,000,000 | |||||||||||||||||||||
Borrowings issuance price percentage | 100.00% | |||||||||||||||||||||
500 million 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% | |||||||||||||||||||
€750 million Unsecured Notes, Due in 2025 | ||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||
Notional amount | € 750,000,000 | $ 830,000,000 | € 750,000,000 | |||||||||||||||||||
Borrowings, interest rate | 1.75% | 1.75% | ||||||||||||||||||||
Borrowings issuance price percentage | 99.41% | 99.41% | ||||||||||||||||||||
€750 million Unsecured Notes, Due in 2025 | Fixed interest rate | ||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||
Borrowings, interest rate | 1.75% | 1.75% | 1.75% | |||||||||||||||||||
750 million Unsecured Notes, Due in 2026 | ||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||
Notional amount | $ 750,000,000 | $ 750,000,000 | ||||||||||||||||||||
Borrowings, interest rate | 4.55% | |||||||||||||||||||||
Borrowings issuance price percentage | 99.72% | |||||||||||||||||||||
750 million Unsecured Notes, Due in 2026 | Fixed interest rate | ||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||
Borrowings, interest rate | 4.55% | 4.55% | 4.55% | |||||||||||||||||||
500 million Unsecured Notes, Due in 2029 | ||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||
Notional amount | $ 500,000,000 | $ 500,000,000 | ||||||||||||||||||||
Borrowings, interest rate | 4.25% | |||||||||||||||||||||
Borrowings issuance price percentage | 99.00% | |||||||||||||||||||||
500 million Unsecured Notes, Due in 2029 | Fixed interest rate | ||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||
Borrowings, interest rate | 4.25% | 4.25% | 4.25% | |||||||||||||||||||
1.0 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% | |||||||||||||||||||||
1.0 billion Unsecured Bonds, Due 2039 | Fixed interest rate | ||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||
Borrowings, interest rate | 7.00% | 7.00% | 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 | 7.00% | 7.00% | 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% | |||||||||||||||||||||
1.0 billion Unsecured Notes, Due in 2041 | Fixed interest rate | ||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||
Borrowings, interest rate | 6.75% | 6.75% | 6.75% |
FINANCING AND FINANCIAL INSTR_9
FINANCING AND FINANCIAL INSTRUMENTS - Gross Debt - Maturities (Details) $ in Millions | Dec. 31, 2019USD ($) |
Disclosure of detailed information about borrowings [line items] | |
Borrowings | $ 14,340 |
2020 | |
Disclosure of detailed information about borrowings [line items] | |
Borrowings | 2,869 |
2021 | |
Disclosure of detailed information about borrowings [line items] | |
Borrowings | 994 |
2022 | |
Disclosure of detailed information about borrowings [line items] | |
Borrowings | 1,956 |
2023 | |
Disclosure of detailed information about borrowings [line items] | |
Borrowings | 2,185 |
2024 | |
Disclosure of detailed information about borrowings [line items] | |
Borrowings | 2,062 |
Subsequent years | |
Disclosure of detailed information about borrowings [line items] | |
Borrowings | $ 4,274 |
FINANCING AND FINANCIAL INST_10
FINANCING AND FINANCIAL INSTRUMENTS - Gross Debt - Carrying Value and Fair Value (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Long-term debt | ||
Disclosure of financial liabilities [line items] | ||
Carrying Amount | $ 12,502 | $ 10,515 |
Estimated Fair Value | 13,211 | 10,837 |
Short-term debt | ||
Disclosure of financial liabilities [line items] | ||
Carrying Amount | 1,838 | 1,968 |
Estimated Fair Value | 1,854 | 1,967 |
Fixed interest rate | Long-term debt | ||
Disclosure of financial liabilities [line items] | ||
Carrying Amount | 10,999 | 8,692 |
Estimated Fair Value | 11,710 | 9,078 |
Floating interest rate | Long-term debt | ||
Disclosure of financial liabilities [line items] | ||
Carrying Amount | 1,503 | 1,823 |
Estimated Fair Value | 1,501 | 1,759 |
Level 1 | Long-term debt | ||
Disclosure of financial liabilities [line items] | ||
Estimated Fair Value | 9,963 | 8,029 |
Level 1 | Short-term debt | ||
Disclosure of financial liabilities [line items] | ||
Estimated Fair Value | 0 | 0 |
Level 1 | Fixed interest rate | Long-term debt | ||
Disclosure of financial liabilities [line items] | ||
Estimated Fair Value | 9,963 | 8,029 |
Level 1 | Floating interest rate | Long-term debt | ||
Disclosure of financial liabilities [line items] | ||
Estimated Fair Value | 0 | |
Level 2 | Long-term debt | ||
Disclosure of financial liabilities [line items] | ||
Estimated Fair Value | 3,248 | 2,808 |
Level 2 | Short-term debt | ||
Disclosure of financial liabilities [line items] | ||
Estimated Fair Value | 1,854 | 1,967 |
Level 2 | Fixed interest rate | Long-term debt | ||
Disclosure of financial liabilities [line items] | ||
Estimated Fair Value | 1,747 | 1,049 |
Level 2 | Floating interest rate | Long-term debt | ||
Disclosure of financial liabilities [line items] | ||
Estimated Fair Value | 1,501 | 1,759 |
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 INST_11
FINANCING AND FINANCIAL INSTRUMENTS - Schedule of Cash and Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Entity Information [Line Items] | ||||
Cash at bank | $ 3,443 | $ 1,832 | ||
Term deposits | 246 | 283 | ||
Money market funds | 1,178 | 57 | ||
Total | 4,867 | 2,172 | $ 2,574 | $ 2,501 |
Restricted cash | 128 | 182 | ||
Cash deposit in connection with the mandatory convertible bonds | 20 | 20 | ||
ArcelorMittal South Africa Ltd. (AMSA) | ||||
Entity Information [Line Items] | ||||
Cash deposit in connection with various environmental obligations and true sales of receivable programs | $ 80 | $ 103 |
FINANCING AND FINANCIAL INST_12
FINANCING AND FINANCIAL INSTRUMENTS - Reconciliation of Liabilities Arising from Financing Activities (Details) - USD ($) $ in Millions | Jan. 01, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Changes in liabilities arising from financing activities [abstract] | ||||
Proceeds from long-term debt | $ 5,772 | $ 1,138 | $ 1,407 | |
Payments of long-term debt | (3,299) | (798) | (2,691) | |
Proceeds from short-term debt | 600 | 2,319 | 1,859 | |
Payments of short-term debt | (1,811) | (2,871) | (2,102) | |
Payments of principal portion of lease liabilities (note 7) | (320) | |||
Long-term debt, net of current portion | ||||
Changes in liabilities arising from financing activities [abstract] | ||||
Liabilities arising from financing activities | $ 9,316 | 9,316 | 10,143 | |
Adoption of IFRS 16 (notes 1 and 7) | 893 | |||
Proceeds from long-term debt | 5,772 | 1,138 | ||
Payments of long-term debt | (3,299) | (798) | ||
Amortized cost | 7 | 9 | ||
Unrealized foreign exchange effects | (78) | (240) | ||
Payments of principal portion of lease liabilities (note 7) | (10) | |||
Additions to lease liabilities (notes 5.2 and 7) | 185 | |||
Current portion of long-term debt | (1,031) | (1,130) | ||
Increase (decrease) through obtaining or losing control of subsidiaries | (311) | 174 | ||
Debt classified as held for sale (2.3.2) | (77) | |||
Other movements | 27 | 97 | ||
Liabilities arising from financing activities | 10,209 | 11,471 | 9,316 | 10,143 |
Short-term debt and current portion of long term debt | ||||
Changes in liabilities arising from financing activities [abstract] | ||||
Liabilities arising from financing activities | 3,167 | 3,167 | 2,785 | |
Adoption of IFRS 16 (notes 1 and 7) | 243 | |||
Amortized cost | 13 | 18 | ||
Unrealized foreign exchange effects | (42) | (219) | ||
Proceeds from short-term debt | 600 | 2,319 | ||
Payments of short-term debt | (1,811) | (2,949) | ||
Payments of principal portion of lease liabilities (note 7) | (310) | |||
Additions to lease liabilities (notes 5.2 and 7) | 74 | |||
Current portion of long-term debt | 1,031 | 1,130 | ||
Increase (decrease) through obtaining or losing control of subsidiaries | (89) | 69 | ||
Other movements | (7) | 14 | ||
Liabilities arising from financing activities | $ 3,410 | $ 2,869 | $ 3,167 | $ 2,785 |
FINANCING AND FINANCIAL INST_13
FINANCING AND FINANCIAL INSTRUMENTS - Net Debt (Details) R in Millions, $ in Millions | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2018ZAR (R) |
Disclosure of detailed information about financial instruments [line items] | |||
Short-term debt and current portion of long-term debt | $ 2,869 | $ 3,167 | |
Long-term debt, net of current portion | 11,471 | 9,316 | |
Cash and cash equivalents including restricted cash | (4,995) | (2,354) | |
Net debt | 9,345 | 10,196 | |
Net debt | 10,129 | ||
EUR | |||
Disclosure of detailed information about financial instruments [line items] | |||
Short-term debt and current portion of long-term debt | 1,966 | 2,566 | |
Long-term debt, net of current portion | 6,240 | 3,530 | |
Cash and cash equivalents including restricted cash | (2,986) | (454) | |
Net debt | 5,220 | ||
Net debt | 5,642 | ||
USD | |||
Disclosure of detailed information about financial instruments [line items] | |||
Short-term debt and current portion of long-term debt | 248 | 338 | |
Long-term debt, net of current portion | 4,754 | 5,405 | |
Cash and cash equivalents including restricted cash | (1,383) | (1,017) | |
Net debt | 3,619 | ||
Net debt | 4,726 | ||
CHF | |||
Disclosure of detailed information about financial instruments [line items] | |||
Short-term debt and current portion of long-term debt | 233 | 0 | |
Long-term debt, net of current portion | 0 | 228 | |
Cash and cash equivalents including restricted cash | (2) | (2) | |
Net debt | 231 | ||
Net debt | 226 | ||
PLN | |||
Disclosure of detailed information about financial instruments [line items] | |||
Short-term debt and current portion of long-term debt | 20 | ||
Long-term debt, net of current portion | 239 | ||
Cash and cash equivalents including restricted cash | (64) | ||
Net debt | 195 | ||
INR | |||
Disclosure of detailed information about financial instruments [line items] | |||
Short-term debt and current portion of long-term debt | R | R 8 | ||
Long-term debt, net of current portion | R | 0 | ||
Cash and cash equivalents including restricted cash | R | (307) | ||
Net debt | R | R (299) | ||
CAD | |||
Disclosure of detailed information about financial instruments [line items] | |||
Short-term debt and current portion of long-term debt | 174 | 151 | |
Long-term debt, net of current portion | 106 | 69 | |
Cash and cash equivalents including restricted cash | (32) | (29) | |
Net debt | 248 | ||
Net debt | 191 | ||
Other (in USD) | |||
Disclosure of detailed information about financial instruments [line items] | |||
Short-term debt and current portion of long-term debt | 228 | 104 | |
Long-term debt, net of current portion | 132 | 84 | |
Cash and cash equivalents including restricted cash | (528) | (545) | |
Net debt | $ (168) | ||
Net debt | $ (357) |
FINANCING AND FINANCIAL INST_14
FINANCING AND FINANCIAL INSTRUMENTS - Derivative Financial Instruments - Classified as Level 2 (Details) - Level 2 - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of detailed information about financial instruments [line items] | ||
Derivative assets, fair value | $ 271 | $ 743 |
Derivative liabilities, fair value | (245) | (206) |
Total foreign exchange rate instruments | ||
Disclosure of detailed information about financial instruments [line items] | ||
Derivative assets, fair value | 119 | 392 |
Derivative liabilities, fair value | (90) | (158) |
Forward purchase contracts | ||
Disclosure of detailed information about financial instruments [line items] | ||
Derivative asset, notional amount | 1,187 | 2,005 |
Derivative assets, fair value | 29 | 66 |
Derivative liabilities, notional amount | 2,633 | 1,258 |
Derivative liabilities, fair value | (36) | (13) |
Forward sale contracts | ||
Disclosure of detailed information about financial instruments [line items] | ||
Derivative asset, notional amount | 1,716 | 5,810 |
Derivative assets, fair value | 42 | 252 |
Derivative liabilities, notional amount | 705 | 724 |
Derivative liabilities, fair value | (4) | (9) |
Currency swaps sales | ||
Disclosure of detailed information about financial instruments [line items] | ||
Derivative asset, notional amount | 0 | 0 |
Derivative assets, fair value | 0 | 0 |
Derivative liabilities, notional amount | 500 | 1,000 |
Derivative liabilities, fair value | (41) | (101) |
Exchange option purchases | ||
Disclosure of detailed information about financial instruments [line items] | ||
Derivative asset, notional amount | 2,317 | 2,000 |
Derivative assets, fair value | 38 | 71 |
Derivative liabilities, notional amount | 1,030 | 43 |
Derivative liabilities, fair value | (4) | 0 |
Exchange options sales | ||
Disclosure of detailed information about financial instruments [line items] | ||
Derivative asset, notional amount | 1,213 | 234 |
Derivative assets, fair value | 10 | 3 |
Derivative liabilities, notional amount | 1,418 | 1,000 |
Derivative liabilities, fair value | (5) | (35) |
Total raw materials (base metals), freight, energy, emission rights | ||
Disclosure of detailed information about financial instruments [line items] | ||
Derivative assets, fair value | 152 | 351 |
Derivative liabilities, fair value | (155) | (48) |
Term contracts sales | ||
Disclosure of detailed information about financial instruments [line items] | ||
Derivative asset, notional amount | 250 | 79 |
Derivative assets, fair value | 29 | 4 |
Derivative liabilities, notional amount | 182 | 24 |
Derivative liabilities, fair value | (7) | (6) |
Term contracts purchases | ||
Disclosure of detailed information about financial instruments [line items] | ||
Derivative asset, notional amount | 419 | 1,524 |
Derivative assets, fair value | 117 | 347 |
Derivative liabilities, notional amount | 1,479 | 739 |
Derivative liabilities, fair value | (142) | $ (42) |
Options sales/purchases | ||
Disclosure of detailed information about financial instruments [line items] | ||
Derivative asset, notional amount | 12 | |
Derivative assets, fair value | 6 | |
Derivative liabilities, notional amount | 10 | |
Derivative liabilities, fair value | $ (6) |
FINANCING AND FINANCIAL INST_15
FINANCING AND FINANCIAL INSTRUMENTS - Derivative Financial Instruments - Classified as Level 3 (Details) € in Millions | 12 Months Ended | |||||
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Nov. 01, 2018EUR (€) | Dec. 14, 2017USD ($) | Sep. 27, 2011USD ($) | Dec. 28, 2009USD ($) | |
Disclosure of detailed information about financial instruments [line items] | ||||||
Number of working days over which stock market prices are observed | 90 days | |||||
Fair value measurement, steel price (USD per metric ton) | $ 566 | |||||
Reconciliation of changes in fair value measurement, liabilities [abstract] | ||||||
Beginning of period, liabilities | (47,141,000,000) | |||||
End of period, liabilities | (47,425,000,000) | $ (47,141,000,000) | ||||
Reconciliation of changes in fair value measurement, assets [abstract] | ||||||
Beginning of period, assets | 91,249,000,000 | |||||
End of period, assets | 87,908,000,000 | 91,249,000,000 | ||||
ISP | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Business combination, equity contribution, present value at acquisition date | € | € 100 | |||||
Level 3 | ||||||
Reconciliation Of Changes In Fair Value Measurement, Assets (Liabilities) [Abstract] | ||||||
Beginning of period, assets (liabilities) | (209,000,000) | 720,000,000 | ||||
Change in fair value | 35,000,000 | (929,000,000) | ||||
End of period, assets (liabilities) | $ (174,000,000) | (209,000,000) | ||||
Level 3 | Call option on 1,000 mandatory convertible bonds | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Spot price | 162 | |||||
Volatility percentage | 24.00% | |||||
Reconciliation of changes in fair value measurement, assets [abstract] | ||||||
Beginning of period, assets | $ 483,000,000 | 984,000,000 | ||||
Change in fair value | (356,000,000) | (501,000,000) | ||||
End of period, assets | $ 127,000,000 | 483,000,000 | ||||
Level 3 | Call option on 1,000 mandatory convertible bonds | Stock market price movement | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Increase in fair value measurement, percentage, due to a 10% increase in unobservable input | 83.00% | |||||
Decrease in fair value measurement, percentage, due to a 10% decrease in unobservable input | 73.00% | |||||
Level 3 | Put option with ISP1 | ||||||
Reconciliation of changes in fair value measurement, liabilities [abstract] | ||||||
Beginning of period, liabilities | $ (124,000,000) | 0 | ||||
Change in fair value | (1,000,000) | (124,000,000) | ||||
End of period, liabilities | (125,000,000) | (124,000,000) | ||||
Level 3 | Special payment in pellet purchase agreement | ||||||
Reconciliation of changes in fair value measurement, liabilities [abstract] | ||||||
Beginning of period, liabilities | (568,000,000) | (264,000,000) | ||||
Change in fair value | 392,000,000 | (304,000,000) | ||||
End of period, liabilities | (176,000,000) | $ (568,000,000) | ||||
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 INST_16
FINANCING AND FINANCIAL INSTRUMENTS - Financing Costs (Details) - USD ($) $ in Millions | Dec. 14, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of detailed information about borrowings [line items] | ||||
Interest expense | $ (695) | $ (687) | $ (879) | |
Interest income | 88 | 72 | 56 | |
Change in fair value adjustment on call option on mandatory convertible bonds and pellet purchase agreement (note 6.1.5) | (320) | (572) | 578 | |
Accretion of defined benefit obligations and other long term liabilities | (405) | (349) | (353) | |
Net foreign exchange result | 4 | (235) | 546 | |
Other | (324) | (439) | (823) | |
Total | (1,652) | (2,210) | (875) | |
Premiums and fees for bonds early redeemed | $ 71 | $ 104 | 389 | |
Mandatorily convertible unsecured unsubordinated bonds | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Finance costs | $ 92 | $ 92 |
FINANCING AND FINANCIAL INST_17
FINANCING AND FINANCIAL INSTRUMENTS - Risk management policy - Capital Management (Details) - USD ($) | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Financial Instruments [Abstract] | ||||
Total equity | $ 40,483,000,000 | $ 44,108,000,000 | $ 40,855,000,000 | $ 32,325,000,000 |
Net debt (including nil and 67 cash and debt classified as held for sale as of December 31, 2019 and December 31, 2018 respectively) | $ 9,345,000,000 | $ 10,196,000,000 | ||
Gearing | 23.10% | 23.10% | ||
Net debt classified as held for sale | $ 0 | $ 67,000,000 |
FINANCING AND FINANCIAL INST_18
FINANCING AND FINANCIAL INSTRUMENTS - Risk management policy - Interest Rate Risk (Details) - Interest rate risk | Dec. 31, 2019 |
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 INST_19
FINANCING AND FINANCIAL INSTRUMENTS - Risk management policy - Foreign Exchange Rate Risk (Details) - Non deliverable forward and option contracts $ in Millions, number in Billions | Dec. 11, 2019USD ($) | Oct. 31, 2018 |
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Nominal amount of the hedging instrument | 5.9 | |
Reclassification adjustments on cash flow hedges, before tax | $ 360 |
FINANCING AND FINANCIAL INST_20
FINANCING AND FINANCIAL INSTRUMENTS - Risk management policy - Foreign Currency Sensitivity Analysis (Details) - Currency risk $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
Reasonably possible change in risk variable, percent | 10.00% |
EUR | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
10% increase, Trade receivables | $ 1,530 |
10% increase, Trade payables | 5,391 |
10% decrease, Trade receivables | 1,252 |
10% decrease, Trade payables | 4,411 |
BRL | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
10% increase, Trade receivables | 540 |
10% increase, Trade payables | 623 |
10% decrease, Trade receivables | 442 |
10% decrease, Trade payables | 509 |
CAD | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
10% increase, Trade receivables | 37 |
10% increase, Trade payables | 393 |
10% decrease, Trade receivables | 31 |
10% decrease, Trade payables | 321 |
KZT | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
10% increase, Trade receivables | 66 |
10% increase, Trade payables | 205 |
10% decrease, Trade receivables | 54 |
10% decrease, Trade payables | 167 |
ZAR | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
10% increase, Trade receivables | 190 |
10% increase, Trade payables | 400 |
10% decrease, Trade receivables | 156 |
10% decrease, Trade payables | 328 |
MXN | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
10% increase, Trade receivables | 77 |
10% increase, Trade payables | 55 |
10% decrease, Trade receivables | 63 |
10% decrease, Trade payables | 45 |
UAH | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
10% increase, Trade receivables | 79 |
10% increase, Trade payables | 173 |
10% decrease, Trade receivables | 65 |
10% decrease, Trade payables | 141 |
PLN | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
10% increase, Trade receivables | 128 |
10% increase, Trade payables | 548 |
10% decrease, Trade receivables | 104 |
10% decrease, Trade payables | 448 |
ARS | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
10% increase, Trade receivables | 52 |
10% increase, Trade payables | 78 |
10% decrease, Trade receivables | 42 |
10% decrease, Trade payables | 64 |
Trade payables | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
Risk exposure associated with instruments sharing characteristic | 12,614 |
Trade payables | USD | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
Risk exposure associated with instruments sharing characteristic | 5,179 |
Trade payables | EUR | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
Risk exposure associated with instruments sharing characteristic | 4,901 |
Trade payables | BRL | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
Risk exposure associated with instruments sharing characteristic | 566 |
Trade payables | CAD | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
Risk exposure associated with instruments sharing characteristic | 357 |
Trade payables | KZT | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
Risk exposure associated with instruments sharing characteristic | 186 |
Trade payables | ZAR | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
Risk exposure associated with instruments sharing characteristic | 364 |
Trade payables | MXN | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
Risk exposure associated with instruments sharing characteristic | 50 |
Trade payables | UAH | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
Risk exposure associated with instruments sharing characteristic | 157 |
Trade payables | PLN | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
Risk exposure associated with instruments sharing characteristic | 498 |
Trade payables | ARS | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
Risk exposure associated with instruments sharing characteristic | 71 |
Trade payables | Other (non-USD) | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
Risk exposure associated with instruments sharing characteristic | 285 |
Trade receivables | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
Risk exposure associated with instruments sharing characteristic | 3,569 |
Trade receivables | USD | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
Risk exposure associated with instruments sharing characteristic | 810 |
Trade receivables | EUR | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
Risk exposure associated with instruments sharing characteristic | 1,391 |
Trade receivables | BRL | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
Risk exposure associated with instruments sharing characteristic | 491 |
Trade receivables | CAD | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
Risk exposure associated with instruments sharing characteristic | 34 |
Trade receivables | KZT | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
Risk exposure associated with instruments sharing characteristic | 60 |
Trade receivables | ZAR | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
Risk exposure associated with instruments sharing characteristic | 173 |
Trade receivables | MXN | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
Risk exposure associated with instruments sharing characteristic | 70 |
Trade receivables | UAH | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
Risk exposure associated with instruments sharing characteristic | 72 |
Trade receivables | PLN | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
Risk exposure associated with instruments sharing characteristic | 116 |
Trade receivables | ARS | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
Risk exposure associated with instruments sharing characteristic | 47 |
Trade receivables | Other (non-USD) | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
Risk exposure associated with instruments sharing characteristic | $ 305 |
FINANCING AND FINANCIAL INST_21
FINANCING AND FINANCIAL INSTRUMENTS - Risk management policy - Liquidity Risk (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Non-derivative Financial Liabilities [Abstract] | ||
Trade and other payables | $ (12,614) | $ (13,981) |
Liquidity risk | ||
Non-derivative Financial Liabilities [Abstract] | ||
Bonds | (9,398) | (7,807) |
Loans over 100 | (1,968) | (2,322) |
Trade and other payables | (12,614) | (13,981) |
Other loans and lease | (2,974) | (2,354) |
Total | (26,954) | (26,464) |
Bonds, contractual cash flow | (12,227) | (10,277) |
Loans over 100, contractual cash flow | (2,405) | (2,505) |
Trade and other payables, contractual cash flow | (12,619) | (13,999) |
Other Loans, contractual cash flow | (3,257) | (2,456) |
Non-derivative financial liabilities, contractual cash flow | (30,508) | (29,237) |
Derivative financial liabilities | (546) | (898) |
Derivative financial liabilities, contractual cash flow | (546) | (898) |
Liquidity risk | Equity contracts (Put options) | ||
Non-derivative Financial Liabilities [Abstract] | ||
Derivative financial liabilities | (125) | (124) |
Derivative financial liabilities, contractual cash flow | (125) | (124) |
Liquidity risk | Foreign exchange contracts | ||
Non-derivative Financial Liabilities [Abstract] | ||
Derivative financial liabilities | (90) | (158) |
Derivative financial liabilities, contractual cash flow | (90) | (158) |
Liquidity risk | Other commodities contracts | ||
Non-derivative Financial Liabilities [Abstract] | ||
Derivative financial liabilities | (331) | (616) |
Derivative financial liabilities, contractual cash flow | (331) | (616) |
Liquidity risk | 1 year or less | ||
Non-derivative Financial Liabilities [Abstract] | ||
Bonds, contractual cash flow | (880) | (1,200) |
Loans over 100, contractual cash flow | (534) | (639) |
Trade and other payables, contractual cash flow | (12,619) | (13,999) |
Other Loans, contractual cash flow | (1,886) | (1,783) |
Non-derivative financial liabilities, contractual cash flow | (15,919) | (17,621) |
Derivative financial liabilities, contractual cash flow | (308) | (190) |
Liquidity risk | 1 year or less | Equity contracts (Put options) | ||
Non-derivative Financial Liabilities [Abstract] | ||
Derivative financial liabilities, contractual cash flow | (125) | 0 |
Liquidity risk | 1 year or less | Foreign exchange contracts | ||
Non-derivative Financial Liabilities [Abstract] | ||
Derivative financial liabilities, contractual cash flow | (49) | (52) |
Liquidity risk | 1 year or less | Other commodities contracts | ||
Non-derivative Financial Liabilities [Abstract] | ||
Derivative financial liabilities, contractual cash flow | (134) | (138) |
Liquidity risk | 1-2 years | ||
Non-derivative Financial Liabilities [Abstract] | ||
Bonds, contractual cash flow | (643) | (2,166) |
Loans over 100, contractual cash flow | (453) | (1,153) |
Trade and other payables, contractual cash flow | 0 | 0 |
Other Loans, contractual cash flow | (297) | (228) |
Non-derivative financial liabilities, contractual cash flow | (1,393) | (3,547) |
Derivative financial liabilities, contractual cash flow | (76) | (189) |
Liquidity risk | 1-2 years | Equity contracts (Put options) | ||
Non-derivative Financial Liabilities [Abstract] | ||
Derivative financial liabilities, contractual cash flow | 0 | 0 |
Liquidity risk | 1-2 years | Foreign exchange contracts | ||
Non-derivative Financial Liabilities [Abstract] | ||
Derivative financial liabilities, contractual cash flow | 0 | (41) |
Liquidity risk | 1-2 years | Other commodities contracts | ||
Non-derivative Financial Liabilities [Abstract] | ||
Derivative financial liabilities, contractual cash flow | (76) | (148) |
Liquidity risk | 2-5 Years | ||
Non-derivative Financial Liabilities [Abstract] | ||
Bonds, contractual cash flow | (5,542) | (3,898) |
Loans over 100, contractual cash flow | (1,014) | (629) |
Trade and other payables, contractual cash flow | 0 | 0 |
Other Loans, contractual cash flow | (528) | (310) |
Non-derivative financial liabilities, contractual cash flow | (7,084) | (4,837) |
Derivative financial liabilities, contractual cash flow | (103) | (344) |
Liquidity risk | 2-5 Years | Equity contracts (Put options) | ||
Non-derivative Financial Liabilities [Abstract] | ||
Derivative financial liabilities, contractual cash flow | 0 | (124) |
Liquidity risk | 2-5 Years | Foreign exchange contracts | ||
Non-derivative Financial Liabilities [Abstract] | ||
Derivative financial liabilities, contractual cash flow | 0 | (3) |
Liquidity risk | 2-5 Years | Other commodities contracts | ||
Non-derivative Financial Liabilities [Abstract] | ||
Derivative financial liabilities, contractual cash flow | (103) | (217) |
Liquidity risk | Greater than 5 years | ||
Non-derivative Financial Liabilities [Abstract] | ||
Bonds, contractual cash flow | (5,162) | (3,013) |
Loans over 100, contractual cash flow | (404) | (84) |
Trade and other payables, contractual cash flow | 0 | 0 |
Other Loans, contractual cash flow | (546) | (135) |
Non-derivative financial liabilities, contractual cash flow | (6,112) | (3,232) |
Derivative financial liabilities, contractual cash flow | (59) | (175) |
Liquidity risk | Greater than 5 years | Equity contracts (Put options) | ||
Non-derivative Financial Liabilities [Abstract] | ||
Derivative financial liabilities, contractual cash flow | 0 | 0 |
Liquidity risk | Greater than 5 years | Foreign exchange contracts | ||
Non-derivative Financial Liabilities [Abstract] | ||
Derivative financial liabilities, contractual cash flow | (41) | (62) |
Liquidity risk | Greater than 5 years | Other commodities contracts | ||
Non-derivative Financial Liabilities [Abstract] | ||
Derivative financial liabilities, contractual cash flow | $ (18) | $ (113) |
FINANCING AND FINANCIAL INST_22
FINANCING AND FINANCIAL INSTRUMENTS - Risk management policy - Cash Flow Hedges (Details) - Cash flow hedges - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
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 | $ (141) | $ 58 |
Reserve of cash flow hedges | 217 | 392 |
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 | 51 | 321 |
Reserve of cash flow hedges | 65 | 12 |
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 | (44) | (35) |
Reserve of cash flow hedges | 55 | 15 |
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 | 48 | 129 |
Reserve of cash flow hedges | 121 | 38 |
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 | (47) | (33) |
Reserve of cash flow hedges | (28) | (28) |
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 | (149) | (324) |
Reserve of cash flow hedges | 4 | 355 |
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 | 46 | 329 |
Reserve of cash flow hedges | 13 | 4 |
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 | 67 | 329 |
Reserve of cash flow hedges | 9 | 0 |
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 | (17) | 4 |
Reserve of cash flow hedges | 1 | 0 |
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 | (4) | 0 |
Reserve of cash flow hedges | 3 | 4 |
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 | (1) |
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 | (3) |
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 | (275) | (588) |
Reserve of cash flow hedges | (106) | (390) |
Commodities | Special payment in pellet purchase agreement | ||
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 | 568 | |
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 | (12) | (8) |
Reserve of cash flow hedges | (16) | (34) |
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 | (27) | (39) |
Reserve of cash flow hedges | (19) | (32) |
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 | (40) | (77) |
Reserve of cash flow hedges | (27) | (59) |
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 | (47) | (143) |
Reserve of cash flow hedges | (44) | (115) |
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 | (149) | (321) |
Reserve of cash flow hedges | 0 | (150) |
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 | 88 | 317 |
Reserve of cash flow hedges | 310 | 778 |
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 | (4) | 0 |
Reserve of cash flow hedges | 72 | 46 |
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 | 73 | 47 |
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 | 92 | 206 |
Reserve of cash flow hedges | 145 | 93 |
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 | 111 |
Reserve of cash flow hedges | 16 | 87 |
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 | $ 4 | $ 505 |
FINANCING AND FINANCIAL INST_23
FINANCING AND FINANCIAL INSTRUMENTS - Risk management policy - Effect of Hedge Accounting, Cash Flow Hedges (Details) - Cash flow hedges number in Millions, $ in Millions | 12 Months Ended | |
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Disclosure of detailed information about hedging instruments [line items] | ||
Nominal amount of the hedging instrument | 0 | 10,241 |
Assets carrying amount | $ 198 | $ 649 |
Liabilities carrying amount | (339) | (587) |
Cash Flow Hedge Reserve Rollforward: | ||
Cash flow hedge reserve at beginning of period | 661 | (39) |
Hedging gains or losses of the reporting period that were recognized in OCI | 316 | 435 |
Gains or losses reclassification adjustment and hedge ineffectiveness | (419) | 126 |
Basis adjustment | (323) | 139 |
Cash flow hedge reserve at end of period | 235 | 661 |
Currency risk | Foreign exchange contracts | ||
Cash Flow Hedge Reserve Rollforward: | ||
Cash flow hedge reserve at beginning of period | 282 | (141) |
Hedging gains or losses of the reporting period that were recognized in OCI | 76 | 284 |
Gains or losses reclassification adjustment and hedge ineffectiveness | (4) | 0 |
Basis adjustment | (323) | 139 |
Cash flow hedge reserve at end of period | 31 | 282 |
Commodity price risk | Commodities | ||
Cash Flow Hedge Reserve Rollforward: | ||
Cash flow hedge reserve at beginning of period | (399) | 18 |
Hedging gains or losses of the reporting period that were recognized in OCI | 272 | (543) |
Gains or losses reclassification adjustment and hedge ineffectiveness | 21 | 126 |
Basis adjustment | 0 | 0 |
Cash flow hedge reserve at end of period | (106) | (399) |
Commodity price risk | Emission rights | ||
Cash Flow Hedge Reserve Rollforward: | ||
Cash flow hedge reserve at beginning of period | 778 | 84 |
Hedging gains or losses of the reporting period that were recognized in OCI | (32) | 694 |
Gains or losses reclassification adjustment and hedge ineffectiveness | (436) | 0 |
Basis adjustment | 0 | 0 |
Cash flow hedge reserve at end of period | $ 310 | 778 |
Commodity price risk | Special payment in pellet purchase agreement | ||
Cash Flow Hedge Reserve Rollforward: | ||
Hedging gains or losses of the reporting period that were recognized in OCI | $ (381) | |
Prepaid expenses and other current assets/Accrued expenses and other liabilities | Currency risk | Foreign exchange contracts | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Nominal amount of the hedging instrument | 5,207 | |
Assets carrying amount | $ 80 | |
Liabilities carrying amount | $ (34) | |
Prepaid expenses and other current assets/Accrued expenses and other liabilities | Commodity price risk | Commodities | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Nominal amount of the hedging instrument | 531 | |
Assets carrying amount | $ 14 | |
Liabilities carrying amount | $ (93) | |
Prepaid expenses and other current assets/Accrued expenses and other liabilities | Commodity price risk | Emission rights | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Nominal amount of the hedging instrument | 559 | |
Assets carrying amount | $ 104 | |
Liabilities carrying amount | $ (16) | |
Prepaid expenses and other current assets | Currency risk | Foreign exchange contracts | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Nominal amount of the hedging instrument | 7,465 | |
Assets carrying amount | $ 332 | |
Liabilities carrying amount | $ 0 | |
Prepaid expenses and other current assets | Commodity price risk | Emission rights | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Nominal amount of the hedging instrument | 1,091 | |
Assets carrying amount | $ 205 | |
Liabilities carrying amount | $ 0 | |
Accrued expenses and other liabilities | Commodity price risk | Commodities | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Nominal amount of the hedging instrument | 350 | |
Assets carrying amount | $ 0 | |
Liabilities carrying amount | $ (124) | |
Other assets/Other long-term obligations | Commodity price risk | Commodities | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Nominal amount of the hedging instrument | 721 | |
Assets carrying amount | $ 0 | |
Liabilities carrying amount | $ (196) | |
Other long-term obligations | Commodity price risk | Commodities | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Nominal amount of the hedging instrument | 491 | |
Assets carrying amount | $ 0 | |
Liabilities carrying amount | $ (454) | |
Other long-term obligations | Commodity price risk | Energy forwards | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Nominal amount of the hedging instrument | 765 | |
Assets carrying amount | $ 0 | |
Liabilities carrying amount | $ (9) | |
Other assets | Commodity price risk | Emission rights | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Nominal amount of the hedging instrument | 79 | |
Assets carrying amount | $ 112 | |
Liabilities carrying amount | $ 0 |
FINANCING AND FINANCIAL INST_24
FINANCING AND FINANCIAL INSTRUMENTS - Risk management policy - Net investment hedges, Narrative (Details) € in Millions, number in Millions, $ in Millions | Nov. 26, 2019USD ($) | Jul. 31, 2019USD ($) | Jun. 18, 2018USD ($) | Jan. 14, 2016USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2019EUR (€) | Apr. 30, 2019EUR (€) | Dec. 31, 2018USD ($) | Mar. 31, 2018EUR (€) | Dec. 31, 2017USD ($) | May 27, 2015EUR (€) | Dec. 31, 2014EUR (€) |
Disclosure of detailed information about hedging instruments [line items] | ||||||||||||
Gains on hedges of net investments in foreign operations, net of tax | $ 109 | |||||||||||
Net investment hedge | ||||||||||||
Disclosure of detailed information about hedging instruments [line items] | ||||||||||||
Hedged item, assets | € | € 8,070 | |||||||||||
Nominal amount of the hedging instrument | 8,288 | 8,288 | 6,931 | |||||||||
Hedging instrument, liabilities | $ 7,818 | € 6,922 | $ 6,019 | |||||||||
Net investment hedge | Cross Currency Swap, 375 Notional Amount | ||||||||||||
Disclosure of detailed information about hedging instruments [line items] | ||||||||||||
Hedged item, assets | € | € 303 | |||||||||||
Nominal amount of the hedging instrument | 375 | |||||||||||
Deferred gain (loss) on net investment hedge | $ 83 | |||||||||||
Deferred gain on net investment hedge, tax | $ 24 | |||||||||||
Net investment hedge | Cross Currency Swap, 1,000 Notional Amount | ||||||||||||
Disclosure of detailed information about hedging instruments [line items] | ||||||||||||
Hedged item, assets | € | € 918 | |||||||||||
Nominal amount of the hedging instrument | 1,000 | |||||||||||
Financial instruments designated as hedging instruments, fair value loss | 41 | 101 | ||||||||||
Hedging instrument deferred tax | $ 12 | $ 28 | ||||||||||
Net investment hedge | Cross Currency Swap, 500 Notional Amount | ||||||||||||
Disclosure of detailed information about hedging instruments [line items] | ||||||||||||
Nominal amount of the hedging instrument | 500 | 500 | ||||||||||
Deferred gain (loss) on net investment hedge | $ (16) | |||||||||||
Financial instruments designated as hedging instruments, fair value loss | $ 35 | $ 64 | ||||||||||
Net investment hedge | Cross Currency Swap, 100 Notional Amount | ||||||||||||
Disclosure of detailed information about hedging instruments [line items] | ||||||||||||
Hedged item, assets | € | € 81 | |||||||||||
Nominal amount of the hedging instrument | 100 | |||||||||||
Deferred gain (loss) on net investment hedge | $ 8 | |||||||||||
Net investment hedge | Cross Currency Swap, 200 Notional Amount | ||||||||||||
Disclosure of detailed information about hedging instruments [line items] | ||||||||||||
Hedged item, assets | € | € 178 | |||||||||||
Nominal amount of the hedging instrument | 200 | |||||||||||
Deferred gain (loss) on net investment hedge | $ 11 |
FINANCING AND FINANCIAL INST_25
FINANCING AND FINANCIAL INSTRUMENTS - Risk management policy - Net Investment Hedges (Details) - Net investment hedge € in Millions, number in Millions, $ in Millions | 12 Months Ended | |||
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2019EUR (€) | May 27, 2015 | |
Disclosure of detailed information about hedging instruments [line items] | ||||
Notional amount | 8,288 | 6,931 | 8,288 | |
Net Investment Hedge Fair Value: | ||||
Assets carrying amount | $ 0 | $ 0 | ||
Liabilities carrying amount | (7,818) | (6,019) | € (6,922) | |
Basis adjustment | 0 | 0 | ||
Foreign currency translation reserve | 600 | $ 502 | ||
Cross Currency Swap, 500 Notional Amount | ||||
Disclosure of detailed information about hedging instruments [line items] | ||||
Derivative maturity term | 5 years | |||
Notional amount | 500 | 500 | ||
Net Investment Hedge Fair Value: | ||||
Derivative at fair value at beginning of period | $ (35) | $ (64) | ||
Change in fair value | 29 | |||
Derivative at fair value at end of period | $ (35) | |||
Cross Currency Swap, 300 Notional Amount | ||||
Disclosure of detailed information about hedging instruments [line items] | ||||
Derivative maturity term | 10 years | 10 years | ||
Notional amount | 300 | 300 | 300 | |
Net Investment Hedge Fair Value: | ||||
Derivative at fair value at beginning of period | $ (39) | $ (56) | ||
Change in fair value | 14 | 17 | ||
Derivative at fair value at end of period | $ (25) | $ (39) | ||
Cross Currency Swap, 160 Notional Amount | ||||
Disclosure of detailed information about hedging instruments [line items] | ||||
Derivative maturity term | 10 years | 10 years | ||
Notional amount | 160 | 160 | 160 | |
Net Investment Hedge Fair Value: | ||||
Derivative at fair value at beginning of period | $ (21) | $ (30) | ||
Change in fair value | 8 | 9 | ||
Derivative at fair value at end of period | $ (13) | $ (21) | ||
Cross Currency Swap, 40 Notional Amount | ||||
Disclosure of detailed information about hedging instruments [line items] | ||||
Derivative maturity term | 10 years | 10 years | ||
Notional amount | 40 | 40 | 40 | |
Net Investment Hedge Fair Value: | ||||
Derivative at fair value at beginning of period | $ (6) | $ (7) | ||
Change in fair value | 3 | 1 | ||
Derivative at fair value at end of period | $ (3) | (6) | ||
Cross currency swap | ||||
Disclosure of detailed information about hedging instruments [line items] | ||||
Notional amount | 500 | 500 | ||
Net Investment Hedge Fair Value: | ||||
Derivative at fair value at beginning of period | $ (66) | |||
Change in fair value | 25 | |||
Derivative at fair value at end of period | (41) | $ (66) | ||
Cross currency swap 2018 | ||||
Disclosure of detailed information about hedging instruments [line items] | ||||
Notional amount | 1,000 | |||
Net Investment Hedge Fair Value: | ||||
Derivative at fair value at beginning of period | $ (101) | $ (157) | ||
Change in fair value | 56 | |||
Derivative at fair value at end of period | $ (101) | |||
Currency risk | Cross currency swap | ||||
Disclosure of detailed information about hedging instruments [line items] | ||||
Notional amount | 500 | 500 | ||
Net Investment Hedge Fair Value: | ||||
Assets carrying amount | $ 0 | |||
Liabilities carrying amount | (41) | |||
Basis adjustment | 0 | |||
Foreign currency translation reserve | $ 33 | |||
Currency risk | Cross currency swap 2018 | ||||
Disclosure of detailed information about hedging instruments [line items] | ||||
Notional amount | 1,000 | |||
Net Investment Hedge Fair Value: | ||||
Assets carrying amount | $ 0 | |||
Liabilities carrying amount | (101) | |||
Basis adjustment | 0 | |||
Foreign currency translation reserve | $ 28 | |||
Currency risk | EUR debt | ||||
Disclosure of detailed information about hedging instruments [line items] | ||||
Notional amount | 7,788 | 5,931 | 7,788 | |
Net Investment Hedge Fair Value: | ||||
Assets carrying amount | $ 0 | $ 0 | ||
Liabilities carrying amount | (7,777) | (5,918) | ||
Basis adjustment | 0 | 0 | ||
Foreign currency translation reserve | $ 567 | $ 474 |
FINANCING AND FINANCIAL INST_26
FINANCING AND FINANCIAL INSTRUMENTS - Risk management policy - Raw Materials, Freight, Energy Risks and Emission Rights (Details) number in Millions, $ in Millions | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Emission rights | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net financial derivatives | $ 88 | $ 317 |
Derivative notional amount | 557 | 1,170 |
Level 2 | ||
Disclosure of detailed information about financial instruments [line items] | ||
Derivative financial assets | $ 271 | $ 743 |
Derivative financial liabilities | (245) | (206) |
Level 2 | Total raw materials (base metals), freight, energy, emission rights | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net financial derivatives | (3) | 303 |
Derivative financial assets | 152 | 351 |
Derivative financial liabilities | (155) | (48) |
Level 2 | Base Metals | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net financial derivatives | (6) | (9) |
Level 2 | Freight | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net financial derivatives | 7 | 0 |
Level 2 | Energy (oil, gas, electricity) | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net financial derivatives | (92) | (5) |
Level 2 | Emission rights | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net financial derivatives | $ 88 | $ 317 |
FINANCING AND FINANCIAL INST_27
FINANCING AND FINANCIAL INSTRUMENTS - Risk management policy - Foreign Currency Sensitivity (Details) - Currency risk - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
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 | $ (104) | $ 132 |
Reasonably possible increase in risk variable, impact on equity | 325 | (422) |
Reasonably possible decrease in risk variable, impact on income | 113 | (148) |
Reasonably possible decrease in risk variable, impact on equity | $ (252) | $ 674 |
FINANCING AND FINANCIAL INST_28
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, 2019 | Dec. 31, 2018 | |
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 | $ 30 | $ 1 |
Reasonable possible decrease in risk variable, debt | (30) | (1) |
Reasonable possible increase in risk variable, derivatives | 0 | 0 |
Reasonable possible decrease in risk variable, derivatives | $ 0 | $ 0 |
FINANCING AND FINANCIAL INST_29
FINANCING AND FINANCIAL INSTRUMENTS - Risk management policy - Sensitivity Analysis - Base Metals, Energy, Freight, Emissions Right (Details) - Commodity price risk - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
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 | $ 2 | $ (1) |
Reasonably possible increase in risk variable, impact on equity | 15 | 19 |
Reasonably possible decrease in risk variable, impact on income | (2) | 1 |
Reasonably possible decrease in risk variable, impact on equity | (15) | (19) |
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 | 0 |
Reasonably possible increase in risk variable, impact on equity | 0 | 1 |
Reasonably possible decrease in risk variable, impact on income | 0 | 0 |
Reasonably possible decrease in risk variable, impact on equity | 0 | (1) |
Freight | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Reasonably possible increase in risk variable, impact on income | 0 | 3 |
Reasonably possible increase in risk variable, impact on equity | 0 | 0 |
Reasonably possible decrease in risk variable, impact on income | 0 | (3) |
Reasonably possible decrease in risk variable, impact on equity | 0 | 0 |
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 | 65 | 149 |
Reasonably possible decrease in risk variable, impact on income | 0 | 0 |
Reasonably possible decrease in risk variable, impact on equity | (65) | (149) |
Energy | ||
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 | 71 | 75 |
Reasonably possible decrease in risk variable, impact on income | 0 | 0 |
Reasonably possible decrease in risk variable, impact on equity | $ (71) | $ (75) |
LEASES - Operating Lease Liabil
LEASES - Operating Lease Liabilities and Right-of-use Assets Recognized Upon Adoption of IFRS 16 (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Disclosure of initial application of standards or interpretations [line items] | |||
Non-cancellable operating lease commitments as of December 31, 2018 | $ 0 | $ 1,869 | |
Undiscounted operating lease commitments as of January 1, 2019 | 1,370 | ||
Additional lease liabilities as of January 1, 2019 from leases previously classified as operating leases in accordance with IAS 17 | $ 1,127 | $ 1,559 | |
IFRS 16 | |||
Disclosure of initial application of standards or interpretations [line items] | |||
Recognition exemption for leases of low-value assets | (58) | ||
Recognition exemption for short-term leases | (20) | ||
Undiscounted operating lease commitments as of January 1, 2019 | 1,791 | ||
Effects of discounting using incremental borrowing rates (weighted average rate of 4.7%) | $ (632) | ||
Weighted average lessee's incremental borrowing rate applied to lease liabilities recognised at date of initial application of IFRS 16 | 4.70% | ||
Lease liabilities related to assets held for sale | $ (23) | ||
Additional lease liabilities as of January 1, 2019 from leases previously classified as operating leases in accordance with IAS 17 | $ 1,136 |
LEASES - Narrative (Details)
LEASES - Narrative (Details) - USD ($) | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of initial application of standards or interpretations [line items] | ||||||
Lease liabilities | $ 1,127,000,000 | $ 1,559,000,000 | $ 1,127,000,000 | |||
Deferred tax assets | 8,680,000,000 | 8,680,000,000 | $ 8,287,000,000 | |||
Deferred tax liabilities | 2,331,000,000 | 2,331,000,000 | 2,374,000,000 | |||
Finance lease assets | 363,000,000 | |||||
Finance lease liabilities | 423,000,000 | |||||
Right-of-use assets | 1,235,000,000 | 1,768,000,000 | 1,235,000,000 | |||
Equity | 40,483,000,000 | 40,483,000,000 | 44,108,000,000 | $ 40,855,000,000 | $ 32,325,000,000 | |
Interest expense on lease liabilities | 98,000,000 | |||||
Payments of lease liabilities, classified as financing activities | 320,000,000 | |||||
Depreciation and impairment charges for right-of-use assets | 406,000,000 | |||||
Additions to right-of-use assets | 259,000,000 | |||||
Expense related to short-term leases | 165,000,000 | |||||
Expense related to leases of low-value assets | 68,000,000 | |||||
Expense relating to variable lease payments not included in measurement of lease liabilities | 65,000,000 | |||||
Income from subleasing right-of-use assets | 0 | |||||
Gains (losses) arising from sale and leaseback transactions | 0 | |||||
IFRS 16 | ||||||
Disclosure of initial application of standards or interpretations [line items] | ||||||
Right-of-use assets, as adjusted | 1,405,000,000 | |||||
Lease liabilities | 1,136,000,000 | |||||
Adjustment to right-of-use assets for favorable terms of operating lease acquired in business combinations | 77,000,000 | |||||
Adjustment to right-of-use assets for amounts prepaid for the right of use of land | 192,000,000 | |||||
Deferred tax assets | 0 | |||||
Deferred tax liabilities | 0 | |||||
Right-of-use assets | 1,136,000,000 | |||||
Retained Earnings | ||||||
Disclosure of initial application of standards or interpretations [line items] | ||||||
Equity | $ 22,883,000,000 | 22,883,000,000 | $ 25,611,000,000 | $ 20,635,000,000 | $ 16,049,000,000 | |
Retained Earnings | IFRS 16 | ||||||
Disclosure of initial application of standards or interpretations [line items] | ||||||
Equity | $ 0 | |||||
Disposal group, disposed of by sale, not discontinued operations | Global Chartering Limited | ||||||
Disclosure of initial application of standards or interpretations [line items] | ||||||
Decrease of right-of-use assets | 390,000,000 | |||||
Decrease of lease liabilities | $ 400,000,000 | |||||
Proportion of ownership interest in subsidiary sold | 50.00% |
LEASES - Maturity Analysis of L
LEASES - Maturity Analysis of Lease Liabilities (Details) $ in Millions | Dec. 31, 2019USD ($) |
Disclosure of maturity analysis of operating lease payments [line items] | |
Lease liabilities (undiscounted) | $ 1,370 |
1 year or less | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Lease liabilities (undiscounted) | 279 |
2-3 years | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Lease liabilities (undiscounted) | 369 |
4-5 years | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Lease liabilities (undiscounted) | 209 |
Greater than 5 years | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Lease liabilities (undiscounted) | $ 513 |
LEASES - Right-of-use Assets, D
LEASES - Right-of-use Assets, Depreciation and Impairment Charges (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Jan. 01, 2019 | |
Disclosure of quantitative information about right-of-use assets [line items] | ||
Carrying amount | $ 1,235 | $ 1,768 |
Depreciation and impairment charges | (406) | |
Land, buildings and Improvements | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Carrying amount | 854 | |
Depreciation and impairment charges | (118) | |
Machinery, equipment and other | ||
Disclosure of quantitative information about right-of-use assets [line items] | ||
Carrying amount | 381 | |
Depreciation and impairment charges | $ (288) |
LEASES - Potential Variable Lea
LEASES - Potential Variable Lease Cash Outflows (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Disclosure Of Potential Exposure To Future Cash Outflows Not Reflected In Measurement Of Lease Liability [Line Items] | |
Potential variable lease payments | $ 294 |
1 year or less | |
Disclosure Of Potential Exposure To Future Cash Outflows Not Reflected In Measurement Of Lease Liability [Line Items] | |
Potential variable lease payments | 61 |
2-3 years | |
Disclosure Of Potential Exposure To Future Cash Outflows Not Reflected In Measurement Of Lease Liability [Line Items] | |
Potential variable lease payments | 91 |
4-5 years | |
Disclosure Of Potential Exposure To Future Cash Outflows Not Reflected In Measurement Of Lease Liability [Line Items] | |
Potential variable lease payments | 69 |
Greater than 5 years | |
Disclosure Of Potential Exposure To Future Cash Outflows Not Reflected In Measurement Of Lease Liability [Line Items] | |
Potential variable lease payments | $ 73 |
LEASES - Potential Addition_(Re
LEASES - Potential Addition/(Reduction) in Future Cash Flows From Extension Options and/or Termination Options (Details) $ in Millions | Dec. 31, 2019USD ($) |
Disclosure Of Potential Exposure To Future Cash Outflows Not Reflected In Measurement Of Lease Liability [Line Items] | |
Potential extension options | $ 38 |
Potential termination options | (6) |
Potential residual value guarantees | 3 |
1 year or less | |
Disclosure Of Potential Exposure To Future Cash Outflows Not Reflected In Measurement Of Lease Liability [Line Items] | |
Potential extension options | 1 |
Potential termination options | (2) |
Potential residual value guarantees | 1 |
2-3 years | |
Disclosure Of Potential Exposure To Future Cash Outflows Not Reflected In Measurement Of Lease Liability [Line Items] | |
Potential extension options | 8 |
Potential termination options | (2) |
Potential residual value guarantees | 1 |
4-5 years | |
Disclosure Of Potential Exposure To Future Cash Outflows Not Reflected In Measurement Of Lease Liability [Line Items] | |
Potential extension options | 13 |
Potential termination options | (1) |
Potential residual value guarantees | 1 |
Greater than 5 years | |
Disclosure Of Potential Exposure To Future Cash Outflows Not Reflected In Measurement Of Lease Liability [Line Items] | |
Potential extension options | 16 |
Potential termination options | (1) |
Potential residual value guarantees | $ 0 |
LEASES - Leases Not Yet Commenc
LEASES - Leases Not Yet Commenced (Details) $ in Millions | Dec. 31, 2019USD ($) |
Disclosure Of Potential Exposure To Future Cash Outflows Not Reflected In Measurement Of Lease Liability [Line Items] | |
Leases not yet commenced | $ 31 |
1 year or less | |
Disclosure Of Potential Exposure To Future Cash Outflows Not Reflected In Measurement Of Lease Liability [Line Items] | |
Leases not yet commenced | 2 |
2-3 years | |
Disclosure Of Potential Exposure To Future Cash Outflows Not Reflected In Measurement Of Lease Liability [Line Items] | |
Leases not yet commenced | 8 |
4-5 years | |
Disclosure Of Potential Exposure To Future Cash Outflows Not Reflected In Measurement Of Lease Liability [Line Items] | |
Leases not yet commenced | 8 |
Greater than 5 years | |
Disclosure Of Potential Exposure To Future Cash Outflows Not Reflected In Measurement Of Lease Liability [Line Items] | |
Leases not yet commenced | $ 13 |
PERSONNEL EXPENSES AND DEFERR_3
PERSONNEL EXPENSES AND DEFERRED EMPLOYEE BENEFITS - Employees and Key Management Personnel Narrative (Details) - employee employee in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Employee Benefits [Abstract] | |||
Number of employees | 191 | 209 | 197 |
PERSONNEL EXPENSES AND DEFERR_4
PERSONNEL EXPENSES AND DEFERRED EMPLOYEE BENEFITS - Employees' Compensation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Employee Benefits [Abstract] | |||
Wages and salaries | $ 8,380 | $ 8,176 | $ 7,912 |
Defined benefits cost (see note 8.2) | 201 | 264 | 265 |
Loss following new labor agreement in the U.S. (see note 8.2) | 0 | 15 | 0 |
Other staff expenses | 1,668 | 2,004 | 1,791 |
Total | $ 10,249 | $ 10,459 | $ 9,968 |
PERSONNEL EXPENSES AND DEFERR_5
PERSONNEL EXPENSES AND DEFERRED EMPLOYEE BENEFITS - Key Management Personnel's Compensation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Employee Benefits [Abstract] | |||
Base salary and directors fees | $ 8 | $ 8 | $ 8 |
Short-term performance-related bonus | 9 | 8 | 7 |
Post-employment benefits | 1 | 1 | 1 |
Share-based payments | $ 0 | $ 4 | $ 3 |
PERSONNEL EXPENSES AND DEFERR_6
PERSONNEL EXPENSES AND DEFERRED EMPLOYEE BENEFITS - Deferred Employee Benefits (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of net defined benefit liability (asset) [line items] | ||
Deferred employee benefits | $ 7,343 | $ 6,982 |
Defined benefit liabilities | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Deferred employee benefits | 7,279 | 6,856 |
Pension plan benefits | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Deferred employee benefits | 3,289 | 3,034 |
Other post-employment benefits and other long-term employee benefits (OPEB) | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Deferred employee benefits | 3,792 | 3,600 |
Termination benefits | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Deferred employee benefits | 198 | 222 |
Provisions for social plans (non-current) | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Deferred employee benefits | $ 64 | $ 126 |
PERSONNEL EXPENSES AND DEFERR_7
PERSONNEL EXPENSES AND DEFERRED EMPLOYEE BENEFITS - Deferred Employee Benefits - Narrative (Details) $ in Millions | Sep. 01, 2018$ / h | Sep. 01, 2015$ / h | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2020 | Dec. 31, 2019USD ($)year | Dec. 31, 2018USD ($)ageyear | Dec. 31, 2017USD ($)employer | Dec. 31, 2016 | Dec. 31, 2019USD ($) |
Disclosure of defined benefit plans [line items] | ||||||||||
Past service cost - Plan amendments | $ 0 | $ 15 | $ 0 | |||||||
Actual loss (return) on invested assets | 1,121 | $ (82) | ||||||||
Defined contribution plan expected cash contributions | 110 | |||||||||
Defined contribution plan, cash contributions | 120 | |||||||||
Actuarial assumption of life expectancy after retirement | age | 22 | |||||||||
United States | ||||||||||
Disclosure of defined benefit plans [line items] | ||||||||||
Number of participating employers | employer | 485 | |||||||||
Contributions per contributory hour | $ / h | 3.50 | 2.80 | ||||||||
Multiple-employer plan accounted for as multiemployer plan, expected cash contributions | 85 | |||||||||
Multiple-employer plan accounted for as multiemployer plan, cash contributions | 85 | |||||||||
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% | |||||||||
Belgium | Forecast | ||||||||||
Disclosure of defined benefit plans [line items] | ||||||||||
Minimum guaranteed rate of return of insured plans | 1.75% | |||||||||
Collective labor agreement | Canada | ||||||||||
Disclosure of defined benefit plans [line items] | ||||||||||
Term of collective labor agreement | 6 years | |||||||||
Pension defined benefit plans | ||||||||||
Disclosure of defined benefit plans [line items] | ||||||||||
Past service cost - Plan amendments | 4 | $ 25 | $ 14 | |||||||
Gains (losses) arising from settlements, net defined benefit liability (asset) | 26 | (2) | ||||||||
Plan assets, at fair value | 7,395 | $ 6,877 | $ 7,395 | |||||||
Estimate of contributions expected to be paid to plan for next annual reporting period | $ 269 | |||||||||
Weighted average duration of defined benefit obligation (in years) | year | 12 | 12 | ||||||||
Defined benefit obligation | $ 9,012 | $ 8,537 | $ 9,012 | |||||||
Pension defined benefit plans | Present value of defined benefit obligation | ||||||||||
Disclosure of defined benefit plans [line items] | ||||||||||
Past service cost - Plan amendments | 4 | 25 | ||||||||
Gains (losses) arising from settlements, net defined benefit liability (asset) | 172 | 76 | ||||||||
Pension defined benefit plans | Plan assets | ||||||||||
Disclosure of defined benefit plans [line items] | ||||||||||
Gains (losses) arising from settlements, net defined benefit liability (asset) | (146) | (78) | ||||||||
Actual loss (return) on invested assets | $ 808 | (333) | ||||||||
Pension defined benefit plans | United States | ||||||||||
Disclosure of defined benefit plans [line items] | ||||||||||
Percentage of employees covered by defined benefit plan | 12.00% | 12.00% | ||||||||
Past service cost - Plan amendments | $ 0 | 25 | 0 | |||||||
Gains (losses) arising from settlements, net defined benefit liability (asset) | 0 | 0 | ||||||||
Plan assets, at fair value | 2,881 | 2,676 | $ 2,881 | |||||||
Defined benefit obligation | 3,476 | 3,238 | 3,476 | |||||||
Pension defined benefit plans | United States | Present value of defined benefit obligation | ||||||||||
Disclosure of defined benefit plans [line items] | ||||||||||
Past service cost - Plan amendments | 0 | 25 | ||||||||
Gains (losses) arising from settlements, net defined benefit liability (asset) | 0 | 0 | ||||||||
Pension defined benefit plans | United States | Plan assets | ||||||||||
Disclosure of defined benefit plans [line items] | ||||||||||
Gains (losses) arising from settlements, net defined benefit liability (asset) | 0 | 0 | ||||||||
Actual loss (return) on invested assets | 360 | (197) | ||||||||
Pension defined benefit plans | Brazil | ||||||||||
Disclosure of defined benefit plans [line items] | ||||||||||
Past service cost - Plan amendments | 2 | 0 | 0 | |||||||
Gains (losses) arising from settlements, net defined benefit liability (asset) | 26 | 0 | ||||||||
Plan assets, at fair value | 576 | 655 | 576 | |||||||
Defined benefit obligation | 663 | 723 | 663 | |||||||
Pension defined benefit plans | Brazil | Present value of defined benefit obligation | ||||||||||
Disclosure of defined benefit plans [line items] | ||||||||||
Past service cost - Plan amendments | 2 | 0 | ||||||||
Gains (losses) arising from settlements, net defined benefit liability (asset) | 169 | 0 | ||||||||
Pension defined benefit plans | Brazil | Plan assets | ||||||||||
Disclosure of defined benefit plans [line items] | ||||||||||
Gains (losses) arising from settlements, net defined benefit liability (asset) | (143) | 0 | ||||||||
Actual loss (return) on invested assets | 79 | 20 | ||||||||
Pension defined benefit plans | Canada | ||||||||||
Disclosure of defined benefit plans [line items] | ||||||||||
Past service cost - Plan amendments | 0 | 0 | 13 | |||||||
Gains (losses) arising from settlements, net defined benefit liability (asset) | 0 | (2) | ||||||||
Plan assets, at fair value | 3,021 | 2,664 | 3,021 | |||||||
Defined benefit obligation | 3,345 | 2,988 | 3,345 | |||||||
Pension defined benefit plans | Canada | Present value of defined benefit obligation | ||||||||||
Disclosure of defined benefit plans [line items] | ||||||||||
Past service cost - Plan amendments | 0 | 0 | ||||||||
Gains (losses) arising from settlements, net defined benefit liability (asset) | 0 | 61 | ||||||||
Pension defined benefit plans | Canada | Plan assets | ||||||||||
Disclosure of defined benefit plans [line items] | ||||||||||
Gains (losses) arising from settlements, net defined benefit liability (asset) | 0 | (63) | ||||||||
Actual loss (return) on invested assets | 305 | (142) | ||||||||
Other post-employment benefits and other long-term employee benefits (OPEB) | ||||||||||
Disclosure of defined benefit plans [line items] | ||||||||||
Past service cost - Plan amendments | (13) | 4 | ||||||||
Gains (losses) arising from settlements, net defined benefit liability (asset) | 2 | |||||||||
Plan assets, at fair value | 502 | $ 498 | 502 | |||||||
Estimate of contributions expected to be paid to plan for next annual reporting period | $ 153 | |||||||||
Weighted average duration of defined benefit obligation (in years) | year | 15 | 14 | ||||||||
Defined benefit obligation | $ 575 | $ 589 | $ 575 | |||||||
Other post-employment benefits and other long-term employee benefits (OPEB) | Present value of defined benefit obligation | ||||||||||
Disclosure of defined benefit plans [line items] | ||||||||||
Past service cost - Plan amendments | (13) | |||||||||
Gains (losses) arising from settlements, net defined benefit liability (asset) | 2 | |||||||||
Other post-employment benefits and other long-term employee benefits (OPEB) | Plan assets | ||||||||||
Disclosure of defined benefit plans [line items] | ||||||||||
Actual loss (return) on invested assets | $ 37 | (33) | ||||||||
Other post-employment benefits and other long-term employee benefits (OPEB) | 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 | 69.00% | 69.00% | ||||||||
Percentage of assets in equities | 31.00% | 31.00% | ||||||||
Plan assets, at fair value | $ 451 | $ 451 | ||||||||
Other post-employment benefits and other long-term employee benefits (OPEB) | United States | ||||||||||
Disclosure of defined benefit plans [line items] | ||||||||||
Past service cost - Plan amendments | (10) | 0 | ||||||||
Gains (losses) arising from settlements, net defined benefit liability (asset) | 0 | |||||||||
Plan assets, at fair value | 496 | 491 | 496 | |||||||
Defined benefit obligation | 531 | 528 | 531 | |||||||
Other post-employment benefits and other long-term employee benefits (OPEB) | United States | Present value of defined benefit obligation | ||||||||||
Disclosure of defined benefit plans [line items] | ||||||||||
Past service cost - Plan amendments | (10) | |||||||||
Gains (losses) arising from settlements, net defined benefit liability (asset) | 0 | |||||||||
Other post-employment benefits and other long-term employee benefits (OPEB) | United States | Plan assets | ||||||||||
Disclosure of defined benefit plans [line items] | ||||||||||
Actual loss (return) on invested assets | 37 | (32) | ||||||||
Other post-employment benefits and other long-term employee benefits (OPEB) | Canada | ||||||||||
Disclosure of defined benefit plans [line items] | ||||||||||
Past service cost - Plan amendments | (1) | $ 1 | ||||||||
Gains (losses) arising from settlements, net defined benefit liability (asset) | 0 | |||||||||
Plan assets, at fair value | 0 | 0 | 0 | |||||||
Defined benefit obligation | 0 | 0 | $ 0 | |||||||
Other post-employment benefits and other long-term employee benefits (OPEB) | Canada | Present value of defined benefit obligation | ||||||||||
Disclosure of defined benefit plans [line items] | ||||||||||
Past service cost - Plan amendments | (1) | |||||||||
Gains (losses) arising from settlements, net defined benefit liability (asset) | 0 | |||||||||
Other post-employment benefits and other long-term employee benefits (OPEB) | Canada | Plan assets | ||||||||||
Disclosure of defined benefit plans [line items] | ||||||||||
Actual loss (return) on invested assets | $ 0 | 0 | ||||||||
Multi-employer defined benefit plans | United States | ||||||||||
Disclosure of defined benefit plans [line items] | ||||||||||
Plan assets, at fair value | 4,504 | |||||||||
Defined benefit obligation | $ 5,504 | |||||||||
Funded ratio percentage | 82.00% | |||||||||
Percentage of total contributions made to the plan | 31.00% |
PERSONNEL EXPENSES AND DEFERR_8
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of net defined benefit liability (asset) [line items] | |||||
Return on plan assets greater than discount rate | $ 1,121 | $ (82) | |||
Past service cost - Plan amendments | 0 | 15 | $ 0 | ||
Recognized liabilities | $ (7,343) | $ (6,982) | |||
Pension defined benefit plans | |||||
Disclosure of net defined benefit liability (asset) [line items] | |||||
Balance at beginning of the period | 3,022 | ||||
Current service cost | 114 | 136 | 125 | ||
Interest cost (income) | 112 | 94 | 106 | ||
Past service cost - Plan amendments | 4 | 25 | 14 | ||
Settlements | (26) | 2 | |||
Balance at end of the period | 3,264 | 3,022 | |||
Present value of the wholly or partly funded obligation | (9,012) | (8,537) | |||
Fair value of plan assets | 7,395 | 6,877 | |||
Net present value of the wholly or partly funded obligation | (1,617) | (1,660) | |||
Present value of the unfunded obligation | (1,617) | (1,335) | |||
Prepaid due to unrecoverable surpluses | (27) | (34) | (34) | (30) | (27) |
Net amount recognized | (3,022) | (3,022) | (3,264) | (3,022) | |
Net assets related to funded obligations | 25 | 12 | |||
Recognized liabilities | (3,289) | (3,034) | |||
Change in unrecoverable surplus | |||||
Unrecoverable surplus at beginning of the period | (27) | (34) | |||
Interest cost on unrecoverable surplus | (1) | (1) | |||
Change in unrecoverable surplus in excess of interest | (1) | 6 | |||
Exchange rates changes | (1) | 2 | |||
Unrecoverable surplus at end of the period | (30) | (27) | (34) | ||
Pension defined benefit plans | Present value of defined benefit obligation | |||||
Disclosure of net defined benefit liability (asset) [line items] | |||||
Balance at beginning of the period | 9,872 | 10,835 | |||
Current service cost | 114 | 136 | |||
Interest cost (income) | 367 | 360 | |||
Past service cost - Plan amendments | 4 | 25 | |||
Plan participants’ contribution | 2 | 3 | |||
Settlements | (172) | (76) | |||
Actuarial (gain) loss | 1,001 | (290) | |||
Demographic assumptions | 16 | 20 | |||
Financial assumptions | 949 | (311) | |||
Experience adjustment | 36 | 1 | |||
Benefits paid | (652) | (671) | |||
Termination benefits | 6 | ||||
Foreign currency exchange rate differences and other movements | 93 | (456) | |||
Balance at end of the period | 10,629 | 9,872 | 10,835 | ||
Net amount recognized | (10,629) | (10,835) | (10,835) | (10,629) | (9,872) |
Pension defined benefit plans | Plan assets | |||||
Disclosure of net defined benefit liability (asset) [line items] | |||||
Balance at beginning of the period | (6,877) | (7,822) | |||
Interest cost (income) | (256) | (267) | |||
Return on plan assets greater than discount rate | 808 | (333) | |||
Employer contribution | 77 | 151 | |||
Plan participants’ contribution | (2) | (3) | |||
Settlements | 146 | 78 | |||
Benefits paid | 541 | 550 | |||
Foreign currency exchange rate differences and other movements | (62) | 405 | |||
Balance at end of the period | (7,395) | (6,877) | (7,822) | ||
Net amount recognized | 6,877 | 6,877 | 7,822 | 7,395 | 6,877 |
United States | Pension defined benefit plans | |||||
Disclosure of net defined benefit liability (asset) [line items] | |||||
Balance at beginning of the period | 590 | ||||
Current service cost | 26 | 31 | 32 | ||
Interest cost (income) | 35 | 28 | 48 | ||
Past service cost - Plan amendments | 0 | 25 | 0 | ||
Settlements | 0 | 0 | |||
Balance at end of the period | 624 | 590 | |||
Present value of the wholly or partly funded obligation | (3,476) | (3,238) | |||
Fair value of plan assets | 2,881 | 2,676 | |||
Net present value of the wholly or partly funded obligation | (595) | (562) | |||
Present value of the unfunded obligation | (29) | (28) | |||
Prepaid due to unrecoverable surpluses | 0 | 0 | 0 | 0 | 0 |
Net amount recognized | (590) | (590) | (624) | (590) | |
Net assets related to funded obligations | 8 | 0 | |||
Recognized liabilities | (632) | (590) | |||
Change in unrecoverable surplus | |||||
Unrecoverable surplus at beginning of the 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 | Pension defined benefit plans | Present value of defined benefit obligation | |||||
Disclosure of net defined benefit liability (asset) [line items] | |||||
Balance at beginning of the period | 3,266 | 3,508 | |||
Current service cost | 26 | 31 | |||
Interest cost (income) | 130 | 120 | |||
Past service cost - Plan amendments | 0 | 25 | |||
Plan participants’ contribution | 0 | 0 | |||
Settlements | 0 | 0 | |||
Actuarial (gain) loss | 342 | (159) | |||
Demographic assumptions | 2 | 9 | |||
Financial assumptions | 334 | (163) | |||
Experience adjustment | 6 | (5) | |||
Benefits paid | (261) | (259) | |||
Termination benefits | 0 | ||||
Foreign currency exchange rate differences and other movements | 2 | 0 | |||
Balance at end of the period | 3,505 | 3,266 | 3,508 | ||
Net amount recognized | (3,505) | (3,508) | (3,508) | (3,505) | (3,266) |
United States | Pension defined benefit plans | Plan assets | |||||
Disclosure of net defined benefit liability (asset) [line items] | |||||
Balance at beginning of the period | (2,676) | (2,993) | |||
Interest cost (income) | (95) | (92) | |||
Return on plan assets greater than discount rate | 360 | (197) | |||
Employer contribution | 7 | 42 | |||
Plan participants’ contribution | 0 | 0 | |||
Settlements | 0 | 0 | |||
Benefits paid | 257 | 254 | |||
Foreign currency exchange rate differences and other movements | 0 | 0 | |||
Balance at end of the period | (2,881) | (2,676) | (2,993) | ||
Net amount recognized | 2,676 | 2,676 | 2,993 | 2,881 | 2,676 |
Canada | Pension defined benefit plans | |||||
Disclosure of net defined benefit liability (asset) [line items] | |||||
Balance at beginning of the period | 358 | ||||
Current service cost | 21 | 25 | 26 | ||
Interest cost (income) | 19 | 14 | 13 | ||
Past service cost - Plan amendments | 0 | 0 | 13 | ||
Settlements | 0 | 2 | |||
Balance at end of the period | 364 | 358 | |||
Present value of the wholly or partly funded obligation | (3,345) | (2,988) | |||
Fair value of plan assets | 3,021 | 2,664 | |||
Net present value of the wholly or partly funded obligation | (324) | (324) | |||
Present value of the unfunded obligation | (15) | (13) | |||
Prepaid due to unrecoverable surpluses | (21) | (23) | (23) | (25) | (21) |
Net amount recognized | (358) | (358) | (364) | (358) | |
Net assets related to funded obligations | 13 | 9 | |||
Recognized liabilities | (377) | (367) | |||
Change in unrecoverable surplus | |||||
Unrecoverable surplus at beginning of the period | (21) | (23) | |||
Interest cost on unrecoverable surplus | (1) | (1) | |||
Change in unrecoverable surplus in excess of interest | (2) | 2 | |||
Exchange rates changes | (1) | 1 | |||
Unrecoverable surplus at end of the period | (25) | (21) | (23) | ||
Canada | Pension defined benefit plans | Present value of defined benefit obligation | |||||
Disclosure of net defined benefit liability (asset) [line items] | |||||
Balance at beginning of the period | 3,001 | 3,481 | |||
Current service cost | 21 | 25 | |||
Interest cost (income) | 110 | 110 | |||
Past service cost - Plan amendments | 0 | 0 | |||
Plan participants’ contribution | 0 | 1 | |||
Settlements | 0 | (61) | |||
Actuarial (gain) loss | 277 | (72) | |||
Demographic assumptions | 43 | 1 | |||
Financial assumptions | 213 | (75) | |||
Experience adjustment | 21 | 2 | |||
Benefits paid | (201) | (203) | |||
Termination benefits | 0 | ||||
Foreign currency exchange rate differences and other movements | 152 | (280) | |||
Balance at end of the period | 3,360 | 3,001 | 3,481 | ||
Net amount recognized | (3,001) | (3,001) | (3,481) | (3,360) | (3,001) |
Canada | Pension defined benefit plans | Plan assets | |||||
Disclosure of net defined benefit liability (asset) [line items] | |||||
Balance at beginning of the period | (2,664) | (3,167) | |||
Interest cost (income) | (92) | (97) | |||
Return on plan assets greater than discount rate | 305 | (142) | |||
Employer contribution | 27 | 59 | |||
Plan participants’ contribution | 0 | (1) | |||
Settlements | 0 | 63 | |||
Benefits paid | 200 | 203 | |||
Foreign currency exchange rate differences and other movements | (133) | 252 | |||
Balance at end of the period | (3,021) | (2,664) | (3,167) | ||
Net amount recognized | 3,021 | 3,167 | 3,167 | 3,021 | 2,664 |
Brazil | Pension defined benefit plans | |||||
Disclosure of net defined benefit liability (asset) [line items] | |||||
Balance at beginning of the period | 72 | ||||
Current service cost | 0 | 3 | 4 | ||
Interest cost (income) | 4 | 5 | 4 | ||
Past service cost - Plan amendments | 2 | 0 | 0 | ||
Settlements | (26) | 0 | |||
Balance at end of the period | 90 | 72 | |||
Present value of the wholly or partly funded obligation | (663) | (723) | |||
Fair value of plan assets | 576 | 655 | |||
Net present value of the wholly or partly funded obligation | (87) | (68) | |||
Present value of the unfunded obligation | (1) | (1) | |||
Prepaid due to unrecoverable surpluses | (3) | (3) | (3) | (2) | (3) |
Net amount recognized | (72) | (72) | (90) | (72) | |
Net assets related to funded obligations | 0 | 0 | |||
Recognized liabilities | (90) | (72) | |||
Change in unrecoverable surplus | |||||
Unrecoverable surplus at beginning of the period | (3) | (3) | |||
Interest cost on unrecoverable surplus | 0 | 0 | |||
Change in unrecoverable surplus in excess of interest | 1 | (1) | |||
Exchange rates changes | 0 | 1 | |||
Unrecoverable surplus at end of the period | (2) | (3) | (3) | ||
Brazil | Pension defined benefit plans | Present value of defined benefit obligation | |||||
Disclosure of net defined benefit liability (asset) [line items] | |||||
Balance at beginning of the period | 724 | 766 | |||
Current service cost | 0 | 3 | |||
Interest cost (income) | 58 | 68 | |||
Past service cost - Plan amendments | 2 | 0 | |||
Plan participants’ contribution | 0 | 0 | |||
Settlements | (169) | 0 | |||
Actuarial (gain) loss | 121 | 50 | |||
Demographic assumptions | 0 | 0 | |||
Financial assumptions | 138 | 38 | |||
Experience adjustment | (17) | 12 | |||
Benefits paid | (42) | (48) | |||
Termination benefits | 0 | ||||
Foreign currency exchange rate differences and other movements | (30) | (115) | |||
Balance at end of the period | 664 | 724 | 766 | ||
Net amount recognized | (724) | (724) | (766) | (664) | (724) |
Brazil | Pension defined benefit plans | Plan assets | |||||
Disclosure of net defined benefit liability (asset) [line items] | |||||
Balance at beginning of the period | (655) | (723) | |||
Interest cost (income) | (54) | (63) | |||
Return on plan assets greater than discount rate | 79 | 20 | |||
Employer contribution | 2 | 6 | |||
Plan participants’ contribution | 0 | 0 | |||
Settlements | 143 | 0 | |||
Benefits paid | 42 | 48 | |||
Foreign currency exchange rate differences and other movements | 29 | 109 | |||
Balance at end of the period | (576) | (655) | (723) | ||
Net amount recognized | 655 | 655 | 723 | 576 | 655 |
Europe | Pension defined benefit plans | |||||
Disclosure of net defined benefit liability (asset) [line items] | |||||
Balance at beginning of the period | 1,837 | ||||
Current service cost | 58 | 68 | 60 | ||
Interest cost (income) | 32 | 27 | 31 | ||
Past service cost - Plan amendments | 2 | 0 | 1 | ||
Settlements | 0 | 0 | |||
Balance at end of the period | 1,916 | 1,837 | |||
Present value of the wholly or partly funded obligation | (1,528) | (1,500) | |||
Fair value of plan assets | 917 | 882 | |||
Net present value of the wholly or partly funded obligation | (611) | (618) | |||
Present value of the unfunded obligation | (1,302) | (1,216) | |||
Prepaid due to unrecoverable surpluses | (3) | (6) | (6) | (3) | (3) |
Net amount recognized | (1,837) | (1,837) | (1,916) | (1,837) | |
Net assets related to funded obligations | 4 | 3 | |||
Recognized liabilities | (1,920) | (1,840) | |||
Change in unrecoverable surplus | |||||
Unrecoverable surplus at beginning of the period | (3) | (6) | |||
Interest cost on unrecoverable surplus | 0 | 0 | |||
Change in unrecoverable surplus in excess of interest | 0 | 3 | |||
Exchange rates changes | 0 | 0 | |||
Unrecoverable surplus at end of the period | (3) | (3) | (6) | ||
Europe | Pension defined benefit plans | Present value of defined benefit obligation | |||||
Disclosure of net defined benefit liability (asset) [line items] | |||||
Balance at beginning of the period | 2,716 | 2,990 | |||
Current service cost | 58 | 68 | |||
Interest cost (income) | 47 | 42 | |||
Past service cost - Plan amendments | 2 | 0 | |||
Plan participants’ contribution | 2 | 2 | |||
Settlements | (3) | 0 | |||
Actuarial (gain) loss | 176 | (104) | |||
Demographic assumptions | (29) | 10 | |||
Financial assumptions | 209 | (92) | |||
Experience adjustment | (4) | (22) | |||
Benefits paid | (127) | (144) | |||
Termination benefits | 6 | ||||
Foreign currency exchange rate differences and other movements | (41) | (144) | |||
Balance at end of the period | 2,830 | 2,716 | 2,990 | ||
Net amount recognized | (2,830) | (2,990) | (2,990) | (2,830) | (2,716) |
Europe | Pension defined benefit plans | Plan assets | |||||
Disclosure of net defined benefit liability (asset) [line items] | |||||
Balance at beginning of the period | (882) | (924) | |||
Interest cost (income) | (15) | (15) | |||
Return on plan assets greater than discount rate | 64 | (15) | |||
Employer contribution | 41 | 44 | |||
Plan participants’ contribution | (2) | (2) | |||
Settlements | 3 | 0 | |||
Benefits paid | 42 | 45 | |||
Foreign currency exchange rate differences and other movements | 42 | 43 | |||
Balance at end of the period | (917) | (882) | (924) | ||
Net amount recognized | 882 | 882 | 924 | 917 | 882 |
Other | Pension defined benefit plans | |||||
Disclosure of net defined benefit liability (asset) [line items] | |||||
Balance at beginning of the period | 165 | ||||
Current service cost | 9 | 9 | 3 | ||
Interest cost (income) | 22 | 20 | 10 | ||
Past service cost - Plan amendments | 0 | 0 | 0 | ||
Settlements | 0 | 0 | |||
Balance at end of the period | 270 | 165 | |||
Present value of the wholly or partly funded obligation | 0 | (88) | |||
Fair value of plan assets | 0 | 0 | |||
Net present value of the wholly or partly funded obligation | 0 | (88) | |||
Present value of the unfunded obligation | (270) | (77) | |||
Prepaid due to unrecoverable surpluses | 0 | (2) | (2) | 0 | 0 |
Net amount recognized | (165) | (165) | (270) | (165) | |
Net assets related to funded obligations | 0 | 0 | |||
Recognized liabilities | (270) | (165) | |||
Change in unrecoverable surplus | |||||
Unrecoverable surplus at beginning of the period | 0 | (2) | |||
Interest cost on unrecoverable surplus | 0 | 0 | |||
Change in unrecoverable surplus in excess of interest | 0 | 2 | |||
Exchange rates changes | 0 | 0 | |||
Unrecoverable surplus at end of the period | 0 | 0 | (2) | ||
Other | Pension defined benefit plans | Present value of defined benefit obligation | |||||
Disclosure of net defined benefit liability (asset) [line items] | |||||
Balance at beginning of the period | 165 | 90 | |||
Current service cost | 9 | 9 | |||
Interest cost (income) | 22 | 20 | |||
Past service cost - Plan amendments | 0 | 0 | |||
Plan participants’ contribution | 0 | 0 | |||
Settlements | 0 | (15) | |||
Actuarial (gain) loss | 85 | (5) | |||
Demographic assumptions | 0 | 0 | |||
Financial assumptions | 55 | (19) | |||
Experience adjustment | 30 | 14 | |||
Benefits paid | (21) | (17) | |||
Termination benefits | 0 | ||||
Foreign currency exchange rate differences and other movements | 10 | 83 | |||
Balance at end of the period | 270 | 165 | 90 | ||
Net amount recognized | (270) | (90) | (90) | (270) | (165) |
Other | Pension defined benefit plans | Plan assets | |||||
Disclosure of net defined benefit liability (asset) [line items] | |||||
Balance at beginning of the period | 0 | (15) | |||
Interest cost (income) | 0 | 0 | |||
Return on plan assets greater than discount rate | 1 | ||||
Employer contribution | 0 | 0 | |||
Plan participants’ contribution | 0 | 0 | |||
Settlements | 0 | 15 | |||
Benefits paid | 0 | 0 | |||
Foreign currency exchange rate differences and other movements | 0 | 1 | |||
Balance at end of the period | 0 | 0 | (15) | ||
Net amount recognized | $ 0 | $ 0 | $ 15 | $ 0 | $ 0 |
PERSONNEL EXPENSES AND DEFERR_9
PERSONNEL EXPENSES AND DEFERRED EMPLOYEE BENEFITS - Net Periodic Pension Cost (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of net defined benefit liability (asset) [line items] | |||
Past service cost - Plan amendments | $ 0 | $ 15 | $ 0 |
Total | 435 | 478 | 555 |
Pension defined benefit plans | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Current service cost | 114 | 136 | 125 |
Past service cost - Plan amendments | 4 | 25 | 14 |
Past service cost - Settlements | (26) | 2 | |
Cost of termination benefits | 6 | ||
Net interest cost/(income) on net DB liability/(asset) | 112 | 94 | 106 |
Total | 204 | 263 | 245 |
United States | Pension defined benefit plans | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Current service cost | 26 | 31 | 32 |
Past service cost - Plan amendments | 0 | 25 | 0 |
Past service cost - Settlements | 0 | 0 | |
Cost of termination benefits | 0 | ||
Net interest cost/(income) on net DB liability/(asset) | 35 | 28 | 48 |
Total | 61 | 84 | 80 |
Canada | Pension defined benefit plans | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Current service cost | 21 | 25 | 26 |
Past service cost - Plan amendments | 0 | 0 | 13 |
Past service cost - Settlements | 0 | 2 | |
Cost of termination benefits | 0 | ||
Net interest cost/(income) on net DB liability/(asset) | 19 | 14 | 13 |
Total | 40 | 41 | 52 |
Brazil | Pension defined benefit plans | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Current service cost | 0 | 3 | 4 |
Past service cost - Plan amendments | 2 | 0 | 0 |
Past service cost - Settlements | (26) | 0 | |
Cost of termination benefits | 0 | ||
Net interest cost/(income) on net DB liability/(asset) | 4 | 5 | 4 |
Total | (20) | 8 | 8 |
Europe | Pension defined benefit plans | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Current service cost | 58 | 68 | 60 |
Past service cost - Plan amendments | 2 | 0 | 1 |
Past service cost - Settlements | 0 | 0 | |
Cost of termination benefits | 6 | ||
Net interest cost/(income) on net DB liability/(asset) | 32 | 27 | 31 |
Total | 92 | 101 | 92 |
Other | Pension defined benefit plans | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Current service cost | 9 | 9 | 3 |
Past service cost - Plan amendments | 0 | 0 | 0 |
Past service cost - Settlements | 0 | 0 | |
Cost of termination benefits | 0 | ||
Net interest cost/(income) on net DB liability/(asset) | 22 | 20 | 10 |
Total | $ 31 | $ 29 | $ 13 |
PERSONNEL EXPENSES AND DEFER_10
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of net defined benefit liability (asset) [line items] | |||||
Past service cost - Plan amendments | $ 0 | $ 15 | $ 0 | ||
Return on plan assets greater than discount rate | 1,121 | (82) | |||
Other post-employment benefits and other long-term employee benefits (OPEB) | |||||
Disclosure of net defined benefit liability (asset) [line items] | |||||
Balance at beginning of the period | 3,600 | ||||
Current service cost | 80 | 85 | 100 | ||
Interest cost (income) | 143 | 138 | 204 | ||
Past service cost - Plan amendments | (13) | 4 | |||
Past service cost - Curtailments | (2) | ||||
Balance at end of the period | 3,792 | 3,600 | |||
Present value of the wholly or party funded obligation | $ (575) | $ (589) | |||
Fair value of plan assets | 502 | 498 | |||
Net present value of the wholly or partly funded obligation | (73) | (91) | |||
Present value of the unfunded obligation | (3,719) | (3,509) | |||
Net amount recognized | (3,600) | (3,600) | (3,792) | (3,600) | |
Other post-employment benefits and other long-term employee benefits (OPEB) | Present value of defined benefit obligation | |||||
Disclosure of net defined benefit liability (asset) [line items] | |||||
Balance at beginning of the period | 4,098 | 4,686 | |||
Current service cost | 80 | 85 | |||
Interest cost (income) | 163 | 155 | |||
Past service cost - Plan amendments | (13) | ||||
Past service cost - Curtailments | (2) | ||||
Plan participants’ contribution | 29 | 32 | |||
Actuarial (gain) loss | 129 | (395) | |||
Demographic assumptions | 4 | (11) | |||
Financial assumptions | 256 | (320) | |||
Experience adjustment | (131) | (64) | |||
Benefits paid | (242) | (266) | |||
Foreign currency exchange rate differences and other movements | 37 | (184) | |||
Balance at end of the period | 4,294 | 4,098 | 4,686 | ||
Net amount recognized | (4,098) | (4,098) | (4,686) | (4,294) | (4,098) |
Other post-employment benefits and other long-term employee benefits (OPEB) | Plan assets | |||||
Disclosure of net defined benefit liability (asset) [line items] | |||||
Balance at beginning of the period | (498) | (546) | |||
Interest cost (income) | (20) | (17) | |||
Plan participants’ contribution | (29) | (32) | |||
Return on plan assets greater than discount rate | 37 | (33) | |||
Employer contribution | (25) | (3) | |||
Benefits paid | 57 | 63 | |||
Foreign currency exchange rate differences and other movements | (2) | ||||
Balance at end of the period | (502) | (498) | (546) | ||
Net amount recognized | 502 | 546 | 546 | 502 | 498 |
United States | Other post-employment benefits and other long-term employee benefits (OPEB) | |||||
Disclosure of net defined benefit liability (asset) [line items] | |||||
Balance at beginning of the period | 2,416 | ||||
Current service cost | 40 | 49 | 58 | ||
Interest cost (income) | 104 | 103 | 159 | ||
Past service cost - Plan amendments | (10) | 0 | |||
Past service cost - Curtailments | 0 | ||||
Balance at end of the period | 2,480 | 2,416 | |||
Present value of the wholly or party funded obligation | (531) | (528) | |||
Fair value of plan assets | 496 | 491 | |||
Net present value of the wholly or partly funded obligation | (35) | (37) | |||
Present value of the unfunded obligation | (2,445) | (2,379) | |||
Net amount recognized | (2,416) | (2,416) | (2,480) | (2,416) | |
United States | Other post-employment benefits and other long-term employee benefits (OPEB) | Present value of defined benefit obligation | |||||
Disclosure of net defined benefit liability (asset) [line items] | |||||
Balance at beginning of the period | 2,907 | 3,269 | |||
Current service cost | 40 | 49 | |||
Interest cost (income) | 124 | 120 | |||
Past service cost - Plan amendments | (10) | ||||
Past service cost - Curtailments | 0 | ||||
Plan participants’ contribution | 29 | 32 | |||
Actuarial (gain) loss | 29 | (365) | |||
Demographic assumptions | (11) | (14) | |||
Financial assumptions | 169 | (285) | |||
Experience adjustment | (129) | (66) | |||
Benefits paid | (170) | (188) | |||
Foreign currency exchange rate differences and other movements | 17 | 0 | |||
Balance at end of the period | 2,976 | 2,907 | 3,269 | ||
Net amount recognized | (2,976) | (3,269) | (3,269) | (2,976) | (2,907) |
United States | Other post-employment benefits and other long-term employee benefits (OPEB) | Plan assets | |||||
Disclosure of net defined benefit liability (asset) [line items] | |||||
Balance at beginning of the period | (491) | (538) | |||
Interest cost (income) | (20) | (17) | |||
Plan participants’ contribution | (29) | (32) | |||
Return on plan assets greater than discount rate | 37 | (32) | |||
Employer contribution | (25) | (3) | |||
Benefits paid | 56 | 61 | |||
Foreign currency exchange rate differences and other movements | 0 | ||||
Balance at end of the period | (496) | (491) | (538) | ||
Net amount recognized | 496 | 538 | 538 | 496 | 491 |
Canada | Other post-employment benefits and other long-term employee benefits (OPEB) | |||||
Disclosure of net defined benefit liability (asset) [line items] | |||||
Balance at beginning of the period | 591 | ||||
Current service cost | 9 | 10 | 9 | ||
Interest cost (income) | 22 | 21 | 23 | ||
Past service cost - Plan amendments | (1) | 1 | |||
Past service cost - Curtailments | 0 | ||||
Balance at end of the period | 688 | 591 | |||
Present value of the wholly or party funded obligation | 0 | 0 | |||
Fair value of plan assets | 0 | 0 | |||
Net present value of the wholly or partly funded obligation | 0 | 0 | |||
Present value of the unfunded obligation | (688) | (591) | |||
Net amount recognized | (591) | (591) | (688) | (591) | |
Canada | Other post-employment benefits and other long-term employee benefits (OPEB) | Present value of defined benefit obligation | |||||
Disclosure of net defined benefit liability (asset) [line items] | |||||
Balance at beginning of the period | 591 | 679 | |||
Current service cost | 9 | 10 | |||
Interest cost (income) | 22 | 21 | |||
Past service cost - Plan amendments | (1) | ||||
Past service cost - Curtailments | 0 | ||||
Plan participants’ contribution | 0 | 0 | |||
Actuarial (gain) loss | 67 | (32) | |||
Demographic assumptions | 15 | 2 | |||
Financial assumptions | 53 | (24) | |||
Experience adjustment | (1) | (10) | |||
Benefits paid | (31) | (34) | |||
Foreign currency exchange rate differences and other movements | 30 | (52) | |||
Balance at end of the period | 688 | 591 | 679 | ||
Net amount recognized | (688) | (679) | (679) | (688) | (591) |
Canada | Other post-employment benefits and other long-term employee benefits (OPEB) | Plan assets | |||||
Disclosure of net defined benefit liability (asset) [line items] | |||||
Balance at beginning of the period | 0 | 0 | |||
Interest cost (income) | 0 | 0 | |||
Plan participants’ contribution | 0 | 0 | |||
Return on plan assets greater than discount rate | 0 | 0 | |||
Employer contribution | 0 | 0 | |||
Benefits paid | 0 | 0 | |||
Foreign currency exchange rate differences and other movements | 0 | ||||
Balance at end of the period | 0 | 0 | 0 | ||
Net amount recognized | 0 | 0 | 0 | 0 | 0 |
Europe | Other post-employment benefits and other long-term employee benefits (OPEB) | |||||
Disclosure of net defined benefit liability (asset) [line items] | |||||
Balance at beginning of the period | 524 | ||||
Current service cost | 28 | 25 | 26 | ||
Interest cost (income) | 11 | 12 | 11 | ||
Past service cost - Plan amendments | (2) | 2 | |||
Past service cost - Curtailments | (2) | ||||
Balance at end of the period | 540 | 524 | |||
Present value of the wholly or party funded obligation | (44) | (61) | |||
Fair value of plan assets | 6 | 7 | |||
Net present value of the wholly or partly funded obligation | (38) | (54) | |||
Present value of the unfunded obligation | (502) | (470) | |||
Net amount recognized | (524) | (524) | (540) | (524) | |
Europe | Other post-employment benefits and other long-term employee benefits (OPEB) | Present value of defined benefit obligation | |||||
Disclosure of net defined benefit liability (asset) [line items] | |||||
Balance at beginning of the period | 531 | 579 | |||
Current service cost | 28 | 25 | |||
Interest cost (income) | 11 | 12 | |||
Past service cost - Plan amendments | (2) | ||||
Past service cost - Curtailments | (2) | ||||
Plan participants’ contribution | 0 | 0 | |||
Actuarial (gain) loss | 26 | 3 | |||
Demographic assumptions | 0 | 1 | |||
Financial assumptions | 25 | (8) | |||
Experience adjustment | 1 | 10 | |||
Benefits paid | (37) | (41) | |||
Foreign currency exchange rate differences and other movements | (13) | (43) | |||
Balance at end of the period | 546 | 531 | 579 | ||
Net amount recognized | (531) | (531) | (579) | (546) | (531) |
Europe | Other post-employment benefits and other long-term employee benefits (OPEB) | Plan assets | |||||
Disclosure of net defined benefit liability (asset) [line items] | |||||
Balance at beginning of the period | (7) | (8) | |||
Interest cost (income) | 0 | 0 | |||
Plan participants’ contribution | 0 | 0 | |||
Return on plan assets greater than discount rate | 0 | (1) | |||
Employer contribution | 0 | 0 | |||
Benefits paid | 1 | 2 | |||
Foreign currency exchange rate differences and other movements | (2) | ||||
Balance at end of the period | (6) | (7) | (8) | ||
Net amount recognized | 6 | 8 | 8 | 6 | 7 |
Other | Other post-employment benefits and other long-term employee benefits (OPEB) | |||||
Disclosure of net defined benefit liability (asset) [line items] | |||||
Balance at beginning of the period | 69 | ||||
Current service cost | 3 | 1 | 7 | ||
Interest cost (income) | 6 | 2 | 11 | ||
Past service cost - Plan amendments | 0 | 1 | |||
Past service cost - Curtailments | 0 | ||||
Balance at end of the period | 84 | 69 | |||
Present value of the wholly or party funded obligation | 0 | 0 | |||
Fair value of plan assets | 0 | 0 | |||
Net present value of the wholly or partly funded obligation | 0 | 0 | |||
Present value of the unfunded obligation | (84) | (69) | |||
Net amount recognized | (69) | (69) | (84) | (69) | |
Other | Other post-employment benefits and other long-term employee benefits (OPEB) | Present value of defined benefit obligation | |||||
Disclosure of net defined benefit liability (asset) [line items] | |||||
Balance at beginning of the period | 69 | 159 | |||
Current service cost | 3 | 1 | |||
Interest cost (income) | 6 | 2 | |||
Past service cost - Plan amendments | 0 | ||||
Past service cost - Curtailments | 0 | ||||
Plan participants’ contribution | 0 | 0 | |||
Actuarial (gain) loss | 7 | (1) | |||
Demographic assumptions | 0 | 0 | |||
Financial assumptions | 9 | (3) | |||
Experience adjustment | (2) | 2 | |||
Benefits paid | (4) | (3) | |||
Foreign currency exchange rate differences and other movements | 3 | (89) | |||
Balance at end of the period | 84 | 69 | 159 | ||
Net amount recognized | (84) | (159) | (159) | (84) | (69) |
Other | Other post-employment benefits and other long-term employee benefits (OPEB) | Plan assets | |||||
Disclosure of net defined benefit liability (asset) [line items] | |||||
Balance at beginning of the period | 0 | 0 | |||
Interest cost (income) | 0 | 0 | |||
Plan participants’ contribution | 0 | 0 | |||
Return on plan assets greater than discount rate | 0 | 0 | |||
Employer contribution | 0 | 0 | |||
Benefits paid | 0 | 0 | |||
Foreign currency exchange rate differences and other movements | 0 | ||||
Balance at end of the period | 0 | 0 | 0 | ||
Net amount recognized | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
PERSONNEL EXPENSES AND DEFER_11
PERSONNEL EXPENSES AND DEFERRED EMPLOYEE BENEFITS - Net Periodic Other Post-Employment Cost (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of net defined benefit liability (asset) [line items] | |||
Past service cost - Plan amendments | $ 0 | $ 15 | $ 0 |
Total | 435 | 478 | 555 |
Other post-employment benefits and other long-term employee benefits (OPEB) | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Current service cost | 80 | 85 | 100 |
Past service cost - Plan amendments | (13) | 4 | |
Past service cost - Curtailments | (2) | ||
Net interest cost/(income) on net DB liability/(asset) | 143 | 138 | 204 |
Actuarial (gains)/losses recognized during the year | 8 | 7 | 2 |
Total | 231 | 215 | 310 |
United States | Other post-employment benefits and other long-term employee benefits (OPEB) | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Current service cost | 40 | 49 | 58 |
Past service cost - Plan amendments | (10) | 0 | |
Past service cost - Curtailments | 0 | ||
Net interest cost/(income) on net DB liability/(asset) | 104 | 103 | 159 |
Actuarial (gains)/losses recognized during the year | 0 | 0 | 0 |
Total | 144 | 142 | 217 |
Canada | Other post-employment benefits and other long-term employee benefits (OPEB) | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Current service cost | 9 | 10 | 9 |
Past service cost - Plan amendments | (1) | 1 | |
Past service cost - Curtailments | 0 | ||
Net interest cost/(income) on net DB liability/(asset) | 22 | 21 | 23 |
Actuarial (gains)/losses recognized during the year | 0 | 0 | 0 |
Total | 31 | 30 | 33 |
Europe | Other post-employment benefits and other long-term employee benefits (OPEB) | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Current service cost | 28 | 25 | 26 |
Past service cost - Plan amendments | (2) | 2 | |
Past service cost - Curtailments | (2) | ||
Net interest cost/(income) on net DB liability/(asset) | 11 | 12 | 11 |
Actuarial (gains)/losses recognized during the year | 8 | 7 | 2 |
Total | 47 | 40 | 41 |
Other | Other post-employment benefits and other long-term employee benefits (OPEB) | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Current service cost | 3 | 1 | 7 |
Past service cost - Plan amendments | 0 | 1 | |
Past service cost - Curtailments | 0 | ||
Net interest cost/(income) on net DB liability/(asset) | 6 | 2 | 11 |
Actuarial (gains)/losses recognized during the year | 0 | 0 | 0 |
Total | $ 9 | $ 3 | $ 19 |
PERSONNEL EXPENSES AND DEFER_12
PERSONNEL EXPENSES AND DEFERRED EMPLOYEE BENEFITS - Expenses Recognized in Income Statement (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of defined benefit plans [line items] | |||
Total plan expense, net | $ 435 | $ 478 | $ 555 |
Cost of sales | |||
Disclosure of defined benefit plans [line items] | |||
Total plan expense, net | 142 | 212 | 220 |
Selling, general and administrative expenses | |||
Disclosure of defined benefit plans [line items] | |||
Total plan expense, net | 30 | 34 | 23 |
Financing costs - net | |||
Disclosure of defined benefit plans [line items] | |||
Total plan expense, net | 263 | 232 | 312 |
Net periodic pension cost | |||
Disclosure of defined benefit plans [line items] | |||
Total plan expense, net | 204 | 263 | 245 |
Net periodic OPEB cost | |||
Disclosure of defined benefit plans [line items] | |||
Total plan expense, net | $ 231 | $ 215 | $ 310 |
PERSONNEL EXPENSES AND DEFER_13
PERSONNEL EXPENSES AND DEFERRED EMPLOYEE BENEFITS - Weighted Average Asset Allocation for the Funded Defined Benefit Pension Plans (Details) | Dec. 31, 2019 | Dec. 31, 2018 |
United States | ||
Disclosure of fair value of plan assets [line items] | ||
Equity Securities | 40.00% | 35.00% |
Fixed Income Securities (including cash) | 43.00% | 46.00% |
Real Estate | 3.00% | 5.00% |
Other | 14.00% | 14.00% |
Total | 100.00% | 100.00% |
Canada | ||
Disclosure of fair value of plan assets [line items] | ||
Equity Securities | 44.00% | 42.00% |
Fixed Income Securities (including cash) | 48.00% | 50.00% |
Real Estate | 6.00% | 6.00% |
Other | 2.00% | 2.00% |
Total | 100.00% | 100.00% |
Brazil | ||
Disclosure of fair value of plan assets [line items] | ||
Equity Securities | 6.00% | 0.00% |
Fixed Income Securities (including cash) | 88.00% | 78.00% |
Real Estate | 1.00% | 1.00% |
Other | 5.00% | 21.00% |
Total | 100.00% | 100.00% |
Europe | ||
Disclosure of fair value of plan assets [line items] | ||
Equity Securities | 2.00% | 3.00% |
Fixed Income Securities (including cash) | 73.00% | 72.00% |
Real Estate | 0.00% | 0.00% |
Other | 25.00% | 25.00% |
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 | 13.00% | 12.00% |
Fixed Income Securities (including cash) | 0.00% | 0.00% |
Real Estate | 0.00% | 0.00% |
Other | 5.00% | 4.00% |
- Asset classes that have a quoted market price in an active market | Canada | ||
Disclosure of fair value of plan assets [line items] | ||
Equity Securities | 34.00% | 33.00% |
Fixed Income Securities (including cash) | 42.00% | 44.00% |
Real Estate | 0.00% | 0.00% |
Other | 0.00% | 2.00% |
- Asset classes that have a quoted market price in an active market | Brazil | ||
Disclosure of fair value of plan assets [line items] | ||
Equity Securities | 6.00% | 0.00% |
Fixed Income Securities (including cash) | 88.00% | 78.00% |
Real Estate | 1.00% | 1.00% |
Other | 5.00% | 21.00% |
- Asset classes that have a quoted market price in an active market | Europe | ||
Disclosure of fair value of plan assets [line items] | ||
Equity Securities | 2.00% | 3.00% |
Fixed Income Securities (including cash) | 73.00% | 67.00% |
Real Estate | 0.00% | 0.00% |
Other | 5.00% | 4.00% |
- 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% | 23.00% |
Fixed Income Securities (including cash) | 43.00% | 46.00% |
Real Estate | 3.00% | 5.00% |
Other | 9.00% | 10.00% |
- 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 | 10.00% | 9.00% |
Fixed Income Securities (including cash) | 6.00% | 6.00% |
Real Estate | 6.00% | 6.00% |
Other | 2.00% | 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% | 0.00% |
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) | 0.00% | 5.00% |
Real Estate | 0.00% | 0.00% |
Other | 20.00% | 21.00% |
PERSONNEL EXPENSES AND DEFER_14
PERSONNEL EXPENSES AND DEFERRED EMPLOYEE BENEFITS - Target Asset Allocation for the Funded Defined Benefit Pension Plans (Details) | Dec. 31, 2019 |
United States | |
Disclosure of fair value of plan assets [line items] | |
Equity Securities | 38.00% |
Fixed Income Securities (including cash) | 44.00% |
Real Estate | 3.00% |
Other | 15.00% |
Total | 100.00% |
Canada | |
Disclosure of fair value of plan assets [line items] | |
Equity Securities | 45.00% |
Fixed Income Securities (including cash) | 48.00% |
Real Estate | 6.00% |
Other | 1.00% |
Total | 100.00% |
Brazil | |
Disclosure of fair value of plan assets [line items] | |
Equity Securities | 6.00% |
Fixed Income Securities (including cash) | 88.00% |
Real Estate | 1.00% |
Other | 5.00% |
Total | 100.00% |
Europe | |
Disclosure of fair value of plan assets [line items] | |
Equity Securities | 3.00% |
Fixed Income Securities (including cash) | 72.00% |
Real Estate | 0.00% |
Other | 25.00% |
Total | 100.00% |
PERSONNEL EXPENSES AND DEFER_15
PERSONNEL EXPENSES AND DEFERRED EMPLOYEE BENEFITS - Actuarial Assumptions for Defined Benefit Plans (Details) | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Pension defined benefit plans | Bottom of range | |||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |||
Discount rate | 1.00% | 1.75% | 1.50% |
Rate of compensation increase | 1.90% | 2.00% | 1.80% |
Pension defined benefit plans | Top of range | |||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |||
Discount rate | 10.50% | 16.00% | 15.00% |
Rate of compensation increase | 10.00% | 10.00% | 9.00% |
Pension defined benefit plans | Weighted average | |||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |||
Discount rate | 2.90% | 3.80% | 3.45% |
Rate of compensation increase | 2.80% | 2.85% | 2.81% |
Other post-employment benefits and other long-term employee benefits (OPEB) | Bottom of range | |||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |||
Discount rate | 1.00% | 1.75% | 1.30% |
Rate of compensation increase | 1.60% | 2.00% | 2.00% |
Other post-employment benefits and other long-term employee benefits (OPEB) | Top of range | |||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |||
Discount rate | 7.25% | 9.50% | 7.65% |
Rate of compensation increase | 4.80% | 4.80% | 4.50% |
Other post-employment benefits and other long-term employee benefits (OPEB) | Weighted average | |||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |||
Discount rate | 3.06% | 3.98% | 3.60% |
Rate of compensation increase | 2.95% | 3.24% | 3.32% |
PERSONNEL EXPENSES AND DEFER_16
PERSONNEL EXPENSES AND DEFERRED EMPLOYEE BENEFITS - Healthcare Cost Trend Rate (Details) - Other post-employment benefits and other long-term employee benefits (OPEB) | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Bottom of range | |||
Disclosure of defined benefit plans [line items] | |||
Healthcare cost trend rate assumed (as a percentage) | 1.80% | 1.80% | 1.80% |
Top of range | |||
Disclosure of defined benefit plans [line items] | |||
Healthcare cost trend rate assumed (as a percentage) | 5.00% | 8.00% | 5.00% |
Weighted average | |||
Disclosure of defined benefit plans [line items] | |||
Healthcare cost trend rate assumed (as a percentage) | 4.42% | 4.46% | 4.48% |
PERSONNEL EXPENSES AND DEFER_17
PERSONNEL EXPENSES AND DEFERRED EMPLOYEE BENEFITS - Sensitivity to a Change of the Significant Actuarial Assumptions (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Pension defined benefit plans | |||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |||
Defined benefit obligation | $ 3,264 | $ 3,022 | |
Other post-employment benefits and other long-term employee benefits (OPEB) | |||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |||
Defined benefit obligation | 3,792 | 3,600 | |
Present value of defined benefit obligation | Pension defined benefit plans | |||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |||
Defined benefit obligation | 10,629 | 9,872 | $ 10,835 |
Present value of defined benefit obligation | Other post-employment benefits and other long-term employee benefits (OPEB) | |||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |||
Defined benefit obligation | $ 4,294 | $ 4,098 | $ 4,686 |
Discount rate | Pension defined benefit plans | |||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |||
Percentage of reasonably possible decrease in actuarial assumption | 1.00% | ||
Percentage of reasonably possible increase in actuarial assumption | 1.00% | ||
Increase (decrease) in pre-tax expense due to reasonably possible decrease in actuarial assumption | $ (54) | ||
Increase (decrease) in pre-tax expense due to reasonably possible increase in actuarial assumption | 42 | ||
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption | 1,321 | ||
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption | $ (1,081) | ||
Discount rate | Other post-employment benefits and other long-term employee benefits (OPEB) | |||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |||
Percentage of reasonably possible decrease in actuarial assumption | 1.00% | ||
Percentage of reasonably possible increase in actuarial assumption | 1.00% | ||
Increase (decrease) in pre-tax expense due to reasonably possible decrease in actuarial assumption | $ (3) | ||
Increase (decrease) in pre-tax expense due to reasonably possible increase in actuarial assumption | 2 | ||
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption | 682 | ||
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption | $ (536) | ||
Rate of compensation | Pension defined benefit plans | |||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |||
Percentage of reasonably possible decrease in actuarial assumption | 1.00% | ||
Percentage of reasonably possible increase in actuarial assumption | 1.00% | ||
Increase (decrease) in pre-tax expense due to reasonably possible decrease in actuarial assumption | $ (13) | ||
Increase (decrease) in pre-tax expense due to reasonably possible increase in actuarial assumption | 14 | ||
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption | (178) | ||
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption | $ 180 | ||
Healthcare cost trend rate | Other post-employment benefits and other long-term employee benefits (OPEB) | |||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |||
Percentage of reasonably possible decrease in actuarial assumption | 1.00% | ||
Percentage of reasonably possible increase in actuarial assumption | 1.00% | ||
Increase (decrease) in pre-tax expense due to reasonably possible decrease in actuarial assumption | $ (29) | ||
Increase (decrease) in pre-tax expense due to reasonably possible increase in actuarial assumption | 39 | ||
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption | (450) | ||
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption | $ 566 | ||
Expected life of beneficiaries | Pension defined benefit plans | |||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |||
Duration of reasonably possible increase in actuarial assumption | 1 year | ||
Increase (decrease) in pre-tax expense due to reasonably possible increase in actuarial assumption | $ 10 | ||
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption | $ 302 | ||
Expected life of beneficiaries | Other post-employment benefits and other long-term employee benefits (OPEB) | |||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |||
Duration of reasonably possible increase in actuarial assumption | 1 year | ||
Increase (decrease) in pre-tax expense due to reasonably possible increase in actuarial assumption | $ 7 | ||
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption | $ 162 |
PERSONNEL EXPENSES AND DEFER_18
PERSONNEL EXPENSES AND DEFERRED EMPLOYEE BENEFITS - Share Based Payments - Narrative (Details) | 12 Months Ended | ||||||
Dec. 31, 2019USD ($)shares | Dec. 31, 2018USD ($)shares | Dec. 31, 2017USD ($)shares | Dec. 31, 2016 | May 07, 2019shares | May 09, 2018shares | May 10, 2017shares | |
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] | |||||||
Compensation expense | $ | $ 0 | $ 0 | $ 0 | ||||
Restricted Share Units (RSUs) and Performance Share Units (PSUs) | |||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
Compensation expense | $ | $ 0 | $ 31,000,000 | $ 31,000,000 | ||||
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 | ||||||
CEO Office Plan | Performance Share Units (PSUs) | |||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
Award performance period | 3 years | 3 years | 3 years | 5 years | |||
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 | 2,500,000 | 1,500,000 | 3,000,000 | ||||
ArcelorMittal Equity Incentive Plan | Performance Share Units (PSUs) | |||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||
Award performance period | 3 years | ||||||
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 |
PERSONNEL EXPENSES AND DEFER_19
PERSONNEL EXPENSES AND DEFERRED EMPLOYEE BENEFITS - Dates of Grant and Exercise Prices (Details) | 1 Months Ended |
Aug. 31, 2010USD ($) | |
Employee Benefits [Abstract] | |
Exercise prices (per option) | $ 91.98 |
PERSONNEL EXPENSES AND DEFER_20
PERSONNEL EXPENSES AND DEFERRED EMPLOYEE BENEFITS - Changes in Stock Options Issued (Details) | 12 Months Ended | |||
Dec. 31, 2019USD ($)shares$ / shares | Dec. 31, 2018USD ($)shares$ / shares | Dec. 31, 2017USD ($)shares$ / shares | Dec. 31, 2016USD ($) | |
Disclosure of range of exercise prices of outstanding share options [line items] | ||||
Number of share options outstanding (in shares) | shares | 1,989,375 | 3,284,875 | 4,682,534 | |
Number of share options expired (in shares) | shares | (1,084,985) | (1,295,500) | (1,397,659) | |
Number of share options outstanding (in shares) | shares | 904,390 | 1,989,375 | 3,284,875 | |
Number of share options exercisable (in shares) | shares | 904,390 | 1,989,375 | 3,284,875 | |
Exercise price of outstanding share options (in USD per share) | $ 91.98 | |||
Exercise price of exercisable share options (in USD per share) | $ / shares | $ 91.98 | |||
Weighted average exercise price of share options outstanding (in USD per share) | $ 100.33 | $ 145.86 | $ 153.19 | |
Weighted average exercise price of share options expired (in USD per share) | 107.29 | 215.77 | 170.40 | |
Weighted average exercise price of share options outstanding (in USD per share) | 91.98 | 100.33 | 145.86 | |
Weighted average exercise price of share options exercisable (in USD per share) | $ 91.98 | 100.33 | 145.86 | |
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) | $ 91.98 | $ 63.42 | $ 63.42 | |
Exercise price of expired share options (in USD per share) | $ / shares | $ 91.98 | $ 63.42 | $ 63.42 | |
Exercise price of exercisable share options (in USD per share) | $ / shares | $ 91.98 | $ 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) | $ 109.14 | $ 235.32 | $ 235.32 | |
Exercise price of expired share options (in USD per share) | $ / shares | $ 109.14 | $ 235.32 | $ 235.32 | |
Exercise price of exercisable share options (in USD per share) | $ / shares | $ 109.14 | $ 235.32 |
PERSONNEL EXPENSES AND DEFER_21
PERSONNEL EXPENSES AND DEFERRED EMPLOYEE BENEFITS - Disclosure of Total Stock Options (Details) | 12 Months Ended | |||
Dec. 31, 2019USD ($)shares | Dec. 31, 2018shares | Dec. 31, 2017shares | Dec. 31, 2016shares | |
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 (in shares) | 904,390 | 1,989,375 | 3,284,875 | 4,682,534 |
Options exercisable (number of options) | 904,390 | 1,989,375 | 3,284,875 | |
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 (in shares) | 904,390 | |||
Remaining contractual life (in years) | 7 months 2 days | |||
Options exercisable (number of options) | 904,390 |
PERSONNEL EXPENSES AND DEFER_22
PERSONNEL EXPENSES AND DEFERRED EMPLOYEE BENEFITS - Terms and Conditions of Grants (Details) | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
CEO Office Plan | Performance Share Units (PSUs) | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Award performance period | 3 years | 3 years | 3 years | 5 years |
Executive Officers 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 | 3 years | 3 years | 5 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% | 100.00% | 100.00% |
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% | 120.00% | 120.00% |
Percentage of award vesting rights (as a percentage) | 100.00% | 100.00% | 100.00% | 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% |
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% | 2.00% | 2.00% |
Percentage of award vesting rights (as a percentage) | 100.00% | 100.00% | 100.00% | 100.00% |
Performance of ROCE and Gap to Competition, Target | Executive Officers 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% | 120.00% | |
Percentage of award vesting rights (as a percentage) | 100.00% | 100.00% | ||
Over-performance award, percent | 100.00% | |||
Over-performance award, percent of target | 20.00% | |||
Gap to Competition, Target | Executive Officers 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% | 100.00% | |
Percentage of award vesting rights (as a percentage) | 100.00% | 100.00% | 100.00% | |
Performance of ROCE and Gap to Competition, Threshold | Executive Officers 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% | |||
Vesting period one | CEO Office Plan | ||||
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 and other qualifying employees | ||||
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 | Executive Officers 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 | CEO Office Plan | ||||
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 and other qualifying employees | ||||
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 | Executive Officers 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 | |||
TSR vs. Peer Group, Threshold | Executive Officers 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 vs Peer Group, Target | Executive Officers 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% | |||
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 | 100.00% | 100.00% | 100.00% | 150.00% |
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 | 100.00% | 100.00% | 100.00% | 150.00% |
PERSONNEL EXPENSES AND DEFER_23
PERSONNEL EXPENSES AND DEFERRED EMPLOYEE BENEFITS - Summary of Share Unit Plans Outstanding (Details) | Dec. 31, 2019shares | Dec. 16, 2019sharesbeneficiary$ / shares | Dec. 20, 2018sharesbeneficiary$ / shares | Dec. 20, 2017sharesbeneficiary$ / shares | Jun. 30, 2016sharesbeneficiary$ / shares | Dec. 31, 2019shares$ / shares | Dec. 31, 2018shares$ / shares | Dec. 31, 2017shares$ / shares | Dec. 31, 2019shares$ / shares | Dec. 31, 2016shares |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||
Number of shares granted (in shares) | 8,376,900 | |||||||||
Number of shares outstanding (in shares) | 7,472,056 | 7,472,056 | 7,472,056 | |||||||
Number of shares forfeited (in shares) | 904,844 | |||||||||
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 | $ 22.85 | |||||||||
PSU | ||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||
Number of shares granted (in shares) | 2,018,176 | 1,577,865 | 1,199,338 | |||||||
Fair value price per granted share (USD per share) | $ / shares | $ 17.96 | $ 21.32 | $ 19.25 | |||||||
Number of shares outstanding (in shares) | 7,472,056 | 7,472,056 | 9,370,460 | 8,596,836 | 7,472,056 | 8,039,494 | ||||
Number of shares exited (in shares) | 2,677,011 | 412,893 | 204,855 | |||||||
Number of shares forfeited (in shares) | 1,239,569 | 391,348 | 437,141 | |||||||
Grant date December 16, 2019, Maturity due January 1, 2023 | PSU | ||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||
Number of shares granted (in shares) | 1,760,350 | |||||||||
Number of beneficiaries | beneficiary | 517 | |||||||||
Fair value price per granted share (USD per share) | $ / shares | $ 18.57 | |||||||||
Number of shares outstanding (in shares) | 1,760,350 | 1,760,350 | 1,760,350 | |||||||
Number of shares forfeited (in shares) | 0 | |||||||||
Grant date December 16, 2019, Maturity due January 1, 2023 | CEO Office Plan | ||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||
Number of shares granted (in shares) | 172,517 | |||||||||
Number of beneficiaries | beneficiary | 2 | |||||||||
Fair value price per granted share (USD per share) | $ / shares | $ 14.89 | |||||||||
Number of shares outstanding (in shares) | 172,517 | 172,517 | 172,517 | |||||||
Number of shares forfeited (in shares) | 0 | |||||||||
Grant date December 20, 2018, Maturity due January 1, 2022 | PSU | ||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||
Number of shares granted (in shares) | 1,358,750 | |||||||||
Number of beneficiaries | beneficiary | 524 | |||||||||
Fair value price per granted share (USD per share) | $ / shares | $ 21.31 | |||||||||
Number of shares outstanding (in shares) | 1,298,550 | 1,298,550 | 1,298,550 | |||||||
Number of shares forfeited (in shares) | 60,200 | |||||||||
Grant date December 20, 2018, Maturity due January 1, 2022 | CEO Office Plan | ||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||||
Number of shares granted (in shares) | 134,861 | |||||||||
Number of beneficiaries | beneficiary | 2 | |||||||||
Fair value price per granted share (USD per share) | $ / shares | $ 16.58 | |||||||||
Number of shares outstanding (in shares) | 134,861 | 134,861 | 134,861 | |||||||
Number of shares forfeited (in shares) | 0 | |||||||||
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 (in shares) | 1,081,447 | |||||||||
Number of beneficiaries | beneficiary | 527 | |||||||||
Fair value price per granted share (USD per share) | $ / shares | $ 18.42 | |||||||||
Number of shares outstanding (in shares) | 958,082 | 958,082 | 958,082 | |||||||
Number of shares forfeited (in shares) | 123,365 | |||||||||
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 (in shares) | 90,084 | |||||||||
Number of beneficiaries | beneficiary | 2 | |||||||||
Fair value price per granted share (USD per share) | $ / shares | $ 22.85 | |||||||||
Number of shares outstanding (in shares) | 90,084 | 90,084 | 90,084 | |||||||
Number of shares forfeited (in shares) | 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 (in shares) | 3,472,355 | |||||||||
Number of beneficiaries | beneficiary | 554 | |||||||||
Fair value price per granted share (USD per share) | $ / shares | $ 13.17 | |||||||||
Number of shares outstanding (in shares) | 2,751,076 | 2,751,076 | 2,751,076 | |||||||
Number of shares forfeited (in shares) | 721,279 | |||||||||
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 (in shares) | 153,268 | |||||||||
Number of beneficiaries | beneficiary | 2 | |||||||||
Fair value price per granted share (USD per share) | $ / shares | $ 16.62 | |||||||||
Number of shares outstanding (in shares) | 153,268 | 153,268 | 153,268 | |||||||
Number of shares forfeited (in shares) | 0 | |||||||||
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 (in shares) | 153,268 | |||||||||
Number of beneficiaries | beneficiary | 2 | |||||||||
Fair value price per granted share (USD per share) | $ / shares | $ 10.68 | |||||||||
Number of shares outstanding (in shares) | 153,268 | 153,268 | 153,268 | |||||||
Number of shares forfeited (in shares) | 0 |
PERSONNEL EXPENSES AND DEFER_24
PERSONNEL EXPENSES AND DEFERRED EMPLOYEE BENEFITS - Share Unit Plan Activity (Details) | Dec. 31, 2019shares$ / shares | Dec. 31, 2019shares$ / shares | Dec. 31, 2018shares$ / shares | Dec. 31, 2017shares$ / shares | Dec. 31, 2019shares$ / shares |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Number of shares, Granted (in shares) | 8,376,900 | ||||
Number of shares, Forfeited (in shares) | (904,844) | ||||
Number of shares, Outstanding, ending balance (in shares) | 7,472,056 | 7,472,056 | 7,472,056 | ||
Restricted Share Units (RSUs) | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Number of shares, Outstanding, beginning balance (in shares) | 0 | 306,005 | 650,254 | ||
Number of shares, Granted (in shares) | 0 | 0 | 0 | ||
Number of shares, Exited (in shares) | 0 | (288,721) | (303,550) | ||
Number of shares, Forfeited (in shares) | 0 | (17,284) | (40,699) | ||
Number of shares, Outstanding, ending balance (in shares) | 0 | 0 | 0 | 306,005 | 0 |
Fair value per share, Outstanding, beginning balance (USD per share) | $ / shares | $ 0 | $ 11.49 | $ 21 | ||
Fair value per share, Granted (USD per share) | $ / shares | 0 | 0 | 0 | ||
Fair value per share, Exited (USD per share) | $ / shares | 0 | 11.49 | 30.69 | ||
Fair value per share, Forfeited (USD per share) | $ / shares | 0 | 11.49 | 20.32 | ||
Fair value per share, Outstanding, ending balance (USD per share) | $ / shares | $ 0 | $ 0 | $ 0 | $ 11.49 | $ 0 |
Performance Share Units (PSUs) | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Number of shares, Outstanding, beginning balance (in shares) | 9,370,460 | 8,596,836 | 8,039,494 | ||
Number of shares, Granted (in shares) | 2,018,176 | 1,577,865 | 1,199,338 | ||
Number of shares, Exited (in shares) | (2,677,011) | (412,893) | (204,855) | ||
Number of shares, Forfeited (in shares) | (1,239,569) | (391,348) | (437,141) | ||
Number of shares, Outstanding, ending balance (in shares) | 7,472,056 | 7,472,056 | 9,370,460 | 8,596,836 | 7,472,056 |
Fair value per share, Outstanding, beginning balance (USD per share) | $ / shares | $ 15.34 | $ 14.83 | $ 15.08 | ||
Fair value per share, Granted (USD per share) | $ / shares | 17.96 | 21.32 | 19.25 | ||
Fair value per share, Exited (USD per share) | $ / shares | 13.49 | 28.98 | 43.34 | ||
Fair value per share, Forfeited (USD per share) | $ / shares | 14.25 | 16.41 | 18.33 | ||
Fair value per share, Outstanding, ending balance (USD per share) | $ / shares | $ 16.76 | $ 16.76 | $ 15.34 | $ 14.83 | $ 16.76 |
Grant date September 27, 2013 | Performance Share Units (PSUs) | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Number of shares, Granted (in shares) | 27,807 | ||||
Grant date September 17, 2014 | Performance Share Units (PSUs) | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Number of shares, Granted (in shares) | 56,606 | ||||
Grant date June 30, 2015 | Performance Share Units (PSUs) | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Number of shares, Granted (in shares) | 27,648 | ||||
Grant date December 18, 2015 | Performance Share Units (PSUs) | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Number of shares, Granted (in shares) | 85,309 |
PROVISIONS, CONTINGENCIES AND_3
PROVISIONS, CONTINGENCIES AND COMMITMENTS - Provisions Overview (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Changes in other provisions [abstract] | |||
Provisions, beginning balance | $ 2,534 | $ 2,022 | |
Additions | 946 | 357 | |
Deductions/ Payments | (324) | (344) | |
Effects of foreign exchange and other movements | (165) | 499 | |
Provisions, ending balance | 2,991 | 2,534 | |
Short-term provisions | 516 | 539 | $ 410 |
Long-term provisions | 2,475 | 1,995 | $ 1,612 |
Environmental (see note 9.3) | |||
Changes in other provisions [abstract] | |||
Provisions, beginning balance | 1,228 | 815 | |
Additions | 97 | 24 | |
Deductions/ Payments | (95) | (90) | |
Effects of foreign exchange and other movements | (156) | 479 | |
Provisions, ending balance | 1,074 | 1,228 | |
Emission rights (see text below) | |||
Changes in other provisions [abstract] | |||
Provisions, beginning balance | 0 | ||
Additions | 481 | ||
Deductions/ Payments | 0 | ||
Effects of foreign exchange and other movements | 3 | ||
Provisions, ending balance | 484 | 0 | |
Asset retirement obligations (see note 9.3) | |||
Changes in other provisions [abstract] | |||
Provisions, beginning balance | 422 | 427 | |
Additions | 28 | 26 | |
Deductions/ Payments | (10) | (11) | |
Effects of foreign exchange and other movements | 38 | (20) | |
Provisions, ending balance | 478 | 422 | |
Site restoration | |||
Changes in other provisions [abstract] | |||
Provisions, beginning balance | 141 | 40 | |
Additions | 3 | 117 | |
Deductions/ Payments | (5) | (13) | |
Effects of foreign exchange and other movements | (3) | (3) | |
Provisions, ending balance | 136 | 141 | |
Staff related obligations | |||
Changes in other provisions [abstract] | |||
Provisions, beginning balance | 201 | 183 | |
Additions | 65 | 75 | |
Deductions/ Payments | (64) | (46) | |
Effects of foreign exchange and other movements | (17) | (11) | |
Provisions, ending balance | 185 | 201 | |
Voluntary separation plans | |||
Changes in other provisions [abstract] | |||
Provisions, beginning balance | 38 | 79 | |
Additions | 30 | 3 | |
Deductions/ Payments | (13) | (56) | |
Effects of foreign exchange and other movements | (8) | 12 | |
Provisions, ending balance | 47 | 38 | |
Litigation and other (see note 9.3) | |||
Changes in other provisions [abstract] | |||
Provisions, beginning balance | 369 | 328 | |
Additions | 65 | 79 | |
Deductions/ Payments | (91) | (76) | |
Effects of foreign exchange and other movements | (31) | 38 | |
Provisions, ending balance | 312 | 369 | |
Tax claims | |||
Changes in other provisions [abstract] | |||
Provisions, beginning balance | 120 | 126 | |
Additions | 5 | 13 | |
Deductions/ Payments | (14) | (14) | |
Effects of foreign exchange and other movements | (30) | (5) | |
Provisions, ending balance | 81 | 120 | |
Other legal claims | |||
Changes in other provisions [abstract] | |||
Provisions, beginning balance | 249 | 202 | |
Additions | 60 | 66 | |
Deductions/ Payments | (77) | (62) | |
Effects of foreign exchange and other movements | (1) | 43 | |
Provisions, ending balance | 231 | 249 | |
Commercial agreements and onerous contracts | |||
Changes in other provisions [abstract] | |||
Provisions, beginning balance | 34 | 24 | |
Additions | 29 | 14 | |
Deductions/ Payments | (16) | (20) | |
Effects of foreign exchange and other movements | (1) | 16 | |
Provisions, ending balance | 46 | 34 | |
Other | |||
Changes in other provisions [abstract] | |||
Provisions, beginning balance | 101 | 126 | |
Additions | 148 | 19 | |
Deductions/ Payments | (30) | (32) | |
Effects of foreign exchange and other movements | 10 | (12) | |
Provisions, ending balance | $ 229 | $ 101 |
PROVISIONS, CONTINGENCIES AND_4
PROVISIONS, CONTINGENCIES AND COMMITMENTS - Provisions Overview - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of other provisions [line items] | |||
Provisions | $ 2,991 | $ 2,534 | $ 2,022 |
Additional provisions, other provisions | 946 | 357 | |
Site restoration | |||
Disclosure of other provisions [line items] | |||
Provisions | 136 | 141 | 40 |
Additional provisions, other provisions | 3 | 117 | |
Other | |||
Disclosure of other provisions [line items] | |||
Provisions | 229 | 101 | $ 126 |
Additional provisions, other provisions | 148 | $ 19 | |
France | Site restoration | |||
Disclosure of other provisions [line items] | |||
Idling period | 6 years | ||
Provisions | 113 | $ 113 | |
Global Chartering Limited | Other | |||
Disclosure of other provisions [line items] | |||
Additional provisions, other provisions | $ 126 |
PROVISIONS, CONTINGENCIES AND_5
PROVISIONS, CONTINGENCIES AND COMMITMENTS - Other Long-Term Obligations (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of detailed information about business combination [line items] | ||
Derivative financial instruments (see note 6.1.5) | $ 238 | $ 708 |
Payable from acquisition of financial assets | 1,340 | 1,506 |
Unfavorable contracts | 203 | 217 |
Income tax payable | 251 | 184 |
Other | 486 | 404 |
Total | 2,518 | 3,019 |
Ilva | ||
Disclosure of detailed information about business combination [line items] | ||
Payable from acquisition of financial assets | 1,032 | 1,245 |
AMSF | ||
Disclosure of detailed information about business combination [line items] | ||
Payable from acquisition of financial assets | 265 | 253 |
Unfavorable contracts | 203 | 217 |
Call options | ||
Disclosure of detailed information about business combination [line items] | ||
Derivative financial instruments (see note 6.1.5) | 124 | |
Special payment in pellet purchase agreement | ||
Disclosure of detailed information about business combination [line items] | ||
Derivative financial instruments (see note 6.1.5) | $ 138 | $ 454 |
PROVISIONS, CONTINGENCIES AND_6
PROVISIONS, CONTINGENCIES AND COMMITMENTS - Environmental Liabilities (Details) m³ in Thousands, $ in Millions | 12 Months Ended | |||||
Dec. 31, 2019USD ($)locationm³ | Dec. 31, 2014alocation | Dec. 31, 2007ha | Dec. 31, 2018USD ($) | Nov. 01, 2018USD ($) | Dec. 31, 2017USD ($) | |
Disclosure of other provisions [line items] | ||||||
Provisions | $ 2,991 | $ 2,534 | $ 2,022 | |||
Number of solid waste management locations | location | 20,000,000 | |||||
Other environment related provision [member] | ||||||
Disclosure of other provisions [line items] | ||||||
Provisions | $ 1,074 | 1,228 | 815 | |||
Other environment related provision [member] | Taranto Site | ||||||
Disclosure of other provisions [line items] | ||||||
Provisions | 155 | |||||
Provision for decommissioning, restoration and rehabilitation costs | ||||||
Disclosure of other provisions [line items] | ||||||
Provisions | 136 | 141 | $ 40 | |||
Provision for Implementation of Measures in Relation to Historical Pollution of Soil and Groundwater | Taranto Site | ||||||
Disclosure of other provisions [line items] | ||||||
Provisions | 211 | |||||
Europe | Other environment related provision [member] | ||||||
Disclosure of other provisions [line items] | ||||||
Provisions | 772 | |||||
United States | ||||||
Disclosure of other provisions [line items] | ||||||
Number of acres of land subject to resource conservation and recovery act corrective action | a | 489 | |||||
Implementation of interim measures complete, number of former solid waste management locations | location | 11 | |||||
United States | Other environment related provision [member] | ||||||
Disclosure of other provisions [line items] | ||||||
Provisions | 136 | |||||
Expected provision payment | 12 | |||||
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 sssessment and remediation | ||||||
Disclosure of other provisions [line items] | ||||||
Provisions | 8 | |||||
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 | 31 | |||||
United States | Provision for treatment of acid mine drainage | ||||||
Disclosure of other provisions [line items] | ||||||
Provisions | 33 | |||||
Estimated financial effect of contingent assets | 49 | |||||
United States | Provisions related to clean air act’s prevention of significant deterioration | ||||||
Disclosure of other provisions [line items] | ||||||
Provisions | 7 | |||||
South Africa | Other environment related provision [member] | ||||||
Disclosure of other provisions [line items] | ||||||
Provisions | $ 127 | |||||
Term of environmental provisions | 16 years | |||||
South Africa | Provision for decommissioning, restoration and rehabilitation costs | Pretoria Works Site | ||||||
Disclosure of other provisions [line items] | ||||||
Provisions | $ 42 | |||||
South Africa | Provision for decommissioning, restoration and rehabilitation costs | Vanderbijlpark Works Site | ||||||
Disclosure of other provisions [line items] | ||||||
Provisions | 19 | |||||
South Africa | Provision for decommissioning, restoration and rehabilitation costs | Newcastle Works Site | ||||||
Disclosure of other provisions [line items] | ||||||
Provisions | 21 | |||||
South Africa | Provision for decommissioning, restoration and rehabilitation costs | Thabazimbi Mine | ||||||
Disclosure of other provisions [line items] | ||||||
Provisions | 38 | |||||
Environmental trust investments acquired | $ 25 | |||||
South Africa | Provision for decommissioning, restoration and rehabilitation costs | Vereeniging Site | ||||||
Disclosure of other provisions [line items] | ||||||
Provisions | 7 | |||||
Canada | Other environment related provision [member] | ||||||
Disclosure of other provisions [line items] | ||||||
Provisions | 39 | |||||
Canada | Remediating Toxic Sediment | ||||||
Disclosure of other provisions [line items] | ||||||
Provisions | 39 | |||||
Expected provision payment | 11 | |||||
Canada | Sludge Removal at Contrecoeur | ||||||
Disclosure of other provisions [line items] | ||||||
Provisions | 2 | |||||
France | Other environment related provision [member] | ||||||
Disclosure of other provisions [line items] | ||||||
Provisions | 72 | |||||
France | Provision for decommissioning, restoration and rehabilitation costs | ||||||
Disclosure of other provisions [line items] | ||||||
Provisions | 113 | $ 113 | ||||
Belgium | Other environment related provision [member] | ||||||
Disclosure of other provisions [line items] | ||||||
Provisions | 230 | |||||
Luxembourg | Other environment related provision [member] | ||||||
Disclosure of other provisions [line items] | ||||||
Provisions | $ 43 | |||||
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 | 1,400 | |||||
Luxembourg | ArcelorMittal Luxembourg Various Site Clean Up | ||||||
Disclosure of other provisions [line items] | ||||||
Provisions | $ 35 | |||||
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 | 27 | |||||
Germany | Other environment related provision [member] | ||||||
Disclosure of other provisions [line items] | ||||||
Provisions | 26 | |||||
Italy | Other environment related provision [member] | ||||||
Disclosure of other provisions [line items] | ||||||
Provisions | 366 | |||||
Spain | Other environment related provision [member] | ||||||
Disclosure of other provisions [line items] | ||||||
Provisions | $ 8 | |||||
Term of environmental provisions | 30 years |
PROVISIONS, CONTINGENCIES AND_7
PROVISIONS, CONTINGENCIES AND COMMITMENTS - Asset Retirement Obligation (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of other provisions [line items] | |||
Provisions | $ 2,991 | $ 2,534 | $ 2,022 |
Asset retirement obligations | |||
Disclosure of other provisions [line items] | |||
Provisions | 478 | $ 422 | $ 427 |
Ukraine | Asset retirement obligations | |||
Disclosure of other provisions [line items] | |||
Provisions | 59 | ||
Canada | Asset retirement obligations | |||
Disclosure of other provisions [line items] | |||
Provisions | 148 | ||
United States | Asset retirement obligations | |||
Disclosure of other provisions [line items] | |||
Provisions | 87 | ||
Mexico | Asset retirement obligations | |||
Disclosure of other provisions [line items] | |||
Provisions | 63 | ||
Belgium | Asset retirement obligations | |||
Disclosure of other provisions [line items] | |||
Provisions | 14 | ||
Germany | Asset retirement obligations | |||
Disclosure of other provisions [line items] | |||
Provisions | 38 | ||
South Africa | Asset retirement obligations | |||
Disclosure of other provisions [line items] | |||
Provisions | 18 | ||
Brazil | Asset retirement obligations | |||
Disclosure of other provisions [line items] | |||
Provisions | 12 | ||
Kazakhstan | Asset retirement obligations | |||
Disclosure of other provisions [line items] | |||
Provisions | 13 | ||
Liberia | Asset retirement obligations | |||
Disclosure of other provisions [line items] | |||
Provisions | $ 22 |
PROVISIONS, CONTINGENCIES AND_8
PROVISIONS, CONTINGENCIES AND COMMITMENTS - Tax Claims (Details) $ in Millions | Dec. 31, 2018USD ($) | May 17, 2016USD ($) | Aug. 08, 2012USD ($) | Jan. 31, 2020USD ($)claim | Dec. 31, 2019USD ($)claim | Oct. 31, 2019USD ($) | Feb. 28, 2019USD ($) | Dec. 31, 2018USD ($) | Nov. 30, 2018USD ($) | Oct. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Mar. 31, 2018claim | Nov. 30, 2017USD ($) | Apr. 30, 2016USD ($) | May 31, 2014USD ($) | Jan. 31, 2014USD ($) | Dec. 31, 2007USD ($) | Jul. 31, 2015USD ($)claim | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($)claim | Dec. 31, 2016USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2011USD ($)claim | Dec. 31, 2018USD ($)claim | Dec. 31, 2017USD ($) | Oct. 31, 2011USD ($) |
Disclosure of other provisions [line items] | ||||||||||||||||||||||||||
Income tax payable | $ 184 | $ 251 | $ 184 | $ 251 | $ 184 | $ 184 | ||||||||||||||||||||
Provisions | 2,534 | 2,991 | 2,534 | 2,991 | 2,534 | 2,534 | $ 2,022 | |||||||||||||||||||
Tax claims | ||||||||||||||||||||||||||
Disclosure of other provisions [line items] | ||||||||||||||||||||||||||
Income tax payable | 72 | 72 | ||||||||||||||||||||||||
Provisions | 120 | $ 81 | 120 | $ 81 | $ 120 | $ 120 | $ 126 | |||||||||||||||||||
ArcelorMittal Brasil S.A. | Deductions for SUDENE Certificates | ||||||||||||||||||||||||||
Disclosure of other provisions [line items] | ||||||||||||||||||||||||||
Damages sought | $ 163 | $ 6 | $ 451 | |||||||||||||||||||||||
Damages sought, penalties accrued | $ 77 | |||||||||||||||||||||||||
ArcelorMittal Brasil S.A. | Value Added Tax | ||||||||||||||||||||||||||
Disclosure of other provisions [line items] | ||||||||||||||||||||||||||
Damages sought | $ 138 | $ 88 | ||||||||||||||||||||||||
Number of tax assessments or claims | claim | 9 | 6 | ||||||||||||||||||||||||
Lawsuit period | 20 years | |||||||||||||||||||||||||
ArcelorMittal Brasil S.A. | Corporate Income Tax and Social Contributions on Net Profits | ||||||||||||||||||||||||||
Disclosure of other provisions [line items] | ||||||||||||||||||||||||||
Damages sought | $ 456 | $ 518 | ||||||||||||||||||||||||
Tax assessment penalty | $ 141 | 266 | ||||||||||||||||||||||||
ArcelorMittal Brasil S.A. | Tax Assessments Related to Amortization of Goodwill | ||||||||||||||||||||||||||
Disclosure of other provisions [line items] | ||||||||||||||||||||||||||
Damages sought | $ 151 | $ 22 | ||||||||||||||||||||||||
Possible write off of net operating loss carryforward | $ 239 | |||||||||||||||||||||||||
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 | $ 0.3 | 65 | ||||||||||||||||||||||||
ArcelorMittal Brasil S.A. | Credits for Social Security Taxes | ||||||||||||||||||||||||||
Disclosure of other provisions [line items] | ||||||||||||||||||||||||||
Damages sought | $ 52 | |||||||||||||||||||||||||
SOL Coqueria Tubarão S.A. | Value Added Tax | ||||||||||||||||||||||||||
Disclosure of other provisions [line items] | ||||||||||||||||||||||||||
Damages sought | $ 31 | |||||||||||||||||||||||||
Number of tax assessments or claims | claim | 21 | |||||||||||||||||||||||||
Number of unfavorable tax assessments or claims | claim | 15 | |||||||||||||||||||||||||
Number of claims pending | claim | 6 | 6 | ||||||||||||||||||||||||
ArcelorMittal Comercializadora de Energia | Tax Credits on Interstate Sales of Electricity | ||||||||||||||||||||||||||
Disclosure of other provisions [line items] | ||||||||||||||||||||||||||
Damages sought | $ 58 | $ 41 | ||||||||||||||||||||||||
ArcelorMittal Comercializadora de Energia | Retroactive Application of New Law | ||||||||||||||||||||||||||
Disclosure of other provisions [line items] | ||||||||||||||||||||||||||
Reduction in tax assessment | $ 9 | $ 18 | ||||||||||||||||||||||||
ArcelorMittal Las Truchas | Tax claims | ||||||||||||||||||||||||||
Disclosure of other provisions [line items] | ||||||||||||||||||||||||||
Damages sought | $ 92 | $ 87 | ||||||||||||||||||||||||
Tax Year 2008 | ArcelorMittal México S.A. de C.V. | Corporate Income Tax and Social Contributions on Net Profits | ||||||||||||||||||||||||||
Disclosure of other provisions [line items] | ||||||||||||||||||||||||||
Damages sought | $ 182 | |||||||||||||||||||||||||
Tax Year 2007 | ArcelorMittal México S.A. de C.V. | Corporate Income Tax and Social Contributions on Net Profits | ||||||||||||||||||||||||||
Disclosure of other provisions [line items] | ||||||||||||||||||||||||||
Damages sought | 23 | |||||||||||||||||||||||||
Tax Year 2009 | ArcelorMittal México S.A. de C.V. | Corporate Income Tax and Social Contributions on Net Profits | ||||||||||||||||||||||||||
Disclosure of other provisions [line items] | ||||||||||||||||||||||||||
Damages sought | $ 28 | |||||||||||||||||||||||||
Tax claims | ArcelorMittal Kryvyi Rih | Ukranian tax audit | ||||||||||||||||||||||||||
Disclosure of other provisions [line items] | ||||||||||||||||||||||||||
Damages sought | $ 313 | |||||||||||||||||||||||||
Number of tax assessments or claims | claim | 3 | |||||||||||||||||||||||||
Reduction in tax assessment | $ 145 |
PROVISIONS, CONTINGENCIES AND_9
PROVISIONS, CONTINGENCIES AND COMMITMENTS - Competition and Antitrust Claims (Details) $ in Millions | 1 Months Ended | 12 Months Ended | |||
Aug. 31, 2018USD ($) | Feb. 28, 2011plaintiff | Sep. 30, 2005USD ($) | Sep. 30, 2000producerorganization | Dec. 31, 2019USD ($) | |
Competition and antitrust claims | |||||
Disclosure of other provisions [line items] | |||||
Number of defendants | producer | 3 | ||||
Number of plaintiffs | organization | 2 | ||||
ArcelorMittal Brasil S.A. | Competition and antitrust claims | |||||
Disclosure of other provisions [line items] | |||||
Number of plaintiffs | plaintiff | 4 | ||||
Germany | ArcelorMittal Commercial Long Deutschland GmbH | |||||
Disclosure of other provisions [line items] | |||||
Payments for settlements | $ 146 | ||||
Trade organizations | ArcelorMittal Brasil S.A. | Competition and antitrust claims | |||||
Disclosure of other provisions [line items] | |||||
Damages sought | $ 61 | ||||
Federal Public Prosecutor of the state of Minas Gerais | ArcelorMittal Brasil S.A. | Competition and antitrust claims | |||||
Disclosure of other provisions [line items] | |||||
Damages sought | $ 65 |
PROVISIONS, CONTINGENCIES AN_10
PROVISIONS, CONTINGENCIES AND COMMITMENTS - Other Legal Claims (Details) $ in Thousands, € in Millions, $ in Millions | Feb. 27, 2020 | Dec. 20, 2019USD ($) | Dec. 20, 2019EUR (€) | Nov. 15, 2019USD ($) | Nov. 15, 2019EUR (€) | Feb. 15, 2017USD ($) | May 15, 2012USD ($) | Jan. 08, 2008USD ($) | Jan. 31, 2020USD ($)claim | Nov. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2019CAD ($) | Apr. 30, 2017USD ($) | Nov. 30, 2013claim | May 31, 2013USD ($) | Apr. 30, 2013claim | Jun. 30, 2012USD ($)employeeclaim | Jun. 30, 2006 | Dec. 31, 2019USD ($)employeeclaim | Dec. 31, 2018USD ($)claim | Dec. 31, 2011USD ($) | Dec. 31, 2011CAD ($) | Dec. 31, 2010USD ($) | Dec. 31, 2008USD ($) | Dec. 31, 2006 | Dec. 31, 2014claim | Dec. 31, 2017USD ($) | Dec. 18, 2014USD ($) | Jan. 31, 2010USD ($) |
Disclosure of other provisions [line items] | |||||||||||||||||||||||||||||
Provisions | $ 2,991,000 | $ 2,534,000 | $ 2,022,000 | ||||||||||||||||||||||||||
Tender offer, exchange ratio | 1.5714 | ||||||||||||||||||||||||||||
Various other legal claims | |||||||||||||||||||||||||||||
Disclosure of other provisions [line items] | |||||||||||||||||||||||||||||
Provisions | 231,000 | ||||||||||||||||||||||||||||
Other legal claims | |||||||||||||||||||||||||||||
Disclosure of other provisions [line items] | |||||||||||||||||||||||||||||
Provisions | $ 231,000 | $ 249,000 | $ 202,000 | ||||||||||||||||||||||||||
Other legal claims | Shareholder of Siderurgica Tres Lagoas | |||||||||||||||||||||||||||||
Disclosure of other provisions [line items] | |||||||||||||||||||||||||||||
Damages sought | $ 42,000 | ||||||||||||||||||||||||||||
Canada | Other legal claims | |||||||||||||||||||||||||||||
Disclosure of other provisions [line items] | |||||||||||||||||||||||||||||
Damages sought | $ 764,000 | $ 1,000 | |||||||||||||||||||||||||||
Amount awarded to other party | $ 5,000 | $ 6.5 | |||||||||||||||||||||||||||
Italy | Termination of agreement related to lease and purchase of former ilva business | |||||||||||||||||||||||||||||
Disclosure of other provisions [line items] | |||||||||||||||||||||||||||||
Damages sought | $ 101,000 | € 90 | |||||||||||||||||||||||||||
Payment for performance bond | $ 1,123,000 | € 1,000 | |||||||||||||||||||||||||||
Italy | Other legal claims | Memorandum of agreement | |||||||||||||||||||||||||||||
Disclosure of other provisions [line items] | |||||||||||||||||||||||||||||
Business combination expected consideration | $ 104,000 | ||||||||||||||||||||||||||||
Estimate of possible loss | $ 27,000 | ||||||||||||||||||||||||||||
Italy | Bottom of range | Other legal claims | Memorandum of agreement | |||||||||||||||||||||||||||||
Disclosure of other provisions [line items] | |||||||||||||||||||||||||||||
Damages sought | $ 42,000 | $ 16,000 | |||||||||||||||||||||||||||
Italy | Top of range | Other legal claims | Memorandum of agreement | |||||||||||||||||||||||||||||
Disclosure of other provisions [line items] | |||||||||||||||||||||||||||||
Damages sought | $ 67,000 | $ 27,000 | |||||||||||||||||||||||||||
Luxembourg | Significant shareholder | |||||||||||||||||||||||||||||
Disclosure of other provisions [line items] | |||||||||||||||||||||||||||||
Damages sought | $ 25,000 | $ 216,000 | |||||||||||||||||||||||||||
Luxembourg | Other legal claims | |||||||||||||||||||||||||||||
Disclosure of other provisions [line items] | |||||||||||||||||||||||||||||
Number of claims | employee | 59 | ||||||||||||||||||||||||||||
Damages sought | $ 66,000 | ||||||||||||||||||||||||||||
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 | $ 282,000 | ||||||||||||||||||||||||||||
France | Other legal claims | |||||||||||||||||||||||||||||
Disclosure of other provisions [line items] | |||||||||||||||||||||||||||||
Number of claims pending | claim | 337 | 367 | |||||||||||||||||||||||||||
Losses on litigation settlements | $ 7,770 | $ 7,670 | |||||||||||||||||||||||||||
Professional fees expense | 150 | 270 | |||||||||||||||||||||||||||
Payments for settlements | 7,600 | $ 7,400 | |||||||||||||||||||||||||||
France | Other legal claims | Wrongful Termination of Contract | |||||||||||||||||||||||||||||
Disclosure of other provisions [line items] | |||||||||||||||||||||||||||||
Damages sought of counterclaim value | $ 137,000 | ||||||||||||||||||||||||||||
Damages awarded | $ 3,000 | ||||||||||||||||||||||||||||
France | Other legal claims | Wrongful Termination of Contract Case, Possible Outcome One | |||||||||||||||||||||||||||||
Disclosure of other provisions [line items] | |||||||||||||||||||||||||||||
Damages sought | 162,000 | ||||||||||||||||||||||||||||
France | Other legal claims | Wrongful Termination of Contract Case, Possible Outcome Two | |||||||||||||||||||||||||||||
Disclosure of other provisions [line items] | |||||||||||||||||||||||||||||
Damages sought | $ 153,000 | ||||||||||||||||||||||||||||
France | Bottom of range | Other legal claims | |||||||||||||||||||||||||||||
Disclosure of other provisions [line items] | |||||||||||||||||||||||||||||
Damages sought | 35 | ||||||||||||||||||||||||||||
France | Top of range | Other legal claims | |||||||||||||||||||||||||||||
Disclosure of other provisions [line items] | |||||||||||||||||||||||||||||
Damages sought | $ 745 | ||||||||||||||||||||||||||||
Acindar Industria Argentina de Aceros S.A. | Other legal claims | |||||||||||||||||||||||||||||
Disclosure of other provisions [line items] | |||||||||||||||||||||||||||||
Number of claims | claim | 39 | ||||||||||||||||||||||||||||
ArcelorMittal Brasil S.A. | Other legal claims | SINDIMETAL case | |||||||||||||||||||||||||||||
Disclosure of other provisions [line items] | |||||||||||||||||||||||||||||
Number of employees impacted | employee | 2,500 | ||||||||||||||||||||||||||||
Legal claims | Italy | Taranto plant emissions | |||||||||||||||||||||||||||||
Disclosure of other provisions [line items] | |||||||||||||||||||||||||||||
Number of days to identify responsible installations | 30 days | ||||||||||||||||||||||||||||
Number of days to eliminate emissions issues | 60 days | ||||||||||||||||||||||||||||
Legal claims | Acindar Industria Argentina de Aceros S.A. | Other legal claims | |||||||||||||||||||||||||||||
Disclosure of other provisions [line items] | |||||||||||||||||||||||||||||
Damages sought | $ 93,000 | ||||||||||||||||||||||||||||
Number of claims pending | claim | 19 | ||||||||||||||||||||||||||||
Number of claims pending within the Administrative Branch of Customs Office Authority | claim | 4 | ||||||||||||||||||||||||||||
Number of pending claims appealed | claim | 15 |
PROVISIONS, CONTINGENCIES AN_11
PROVISIONS, CONTINGENCIES AND COMMITMENTS - Commitments (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of Other Provisions, Contingent Liabilities and Commitments [Abstract] | ||
Purchase commitments | $ 19,697 | $ 24,594 |
Guarantees, pledges and other collateral | 7,815 | 5,527 |
Non-cancellable operating leases | 0 | 1,869 |
Capital expenditure commitments | 448 | 697 |
Other commitments | 3,201 | 3,516 |
Total | $ 31,161 | $ 36,203 |
PROVISIONS, CONTINGENCIES AN_12
PROVISIONS, CONTINGENCIES AND COMMITMENTS - Commitments - Narrative (Details) t in Millions | 12 Months Ended | ||
Dec. 31, 2019USD ($)t | Dec. 31, 2018USD ($) | Oct. 26, 2018USD ($) | |
Disclosure of transactions between related parties [line items] | |||
Commitments in relation to associates | $ 592,000,000 | $ 405,000,000 | |
Commitments in relation to joint ventures | 1,521,000,000 | 2,246,000,000 | |
Provision of guarantees or collateral to entity, third party transactions | 158,000,000 | 235,000,000 | |
Property, plant and equipment, pledged as security | 155,000,000 | 225,000,000 | |
Contractual commitments to sell | 215,000,000 | 201,000,000 | |
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 | 81,000,000 | ||
Debt instrument, ceded bank accounts to secure environmental obligations, true sale of receivables programs and the revolving base finance facility | 64,000,000 | ||
Tameh | |||
Disclosure of transactions between related parties [line items] | |||
Commitments in relation to joint ventures | 852,000,000 | 1,489,000,000 | |
Enerfos | |||
Disclosure of transactions between related parties [line items] | |||
Commitments in relation to joint ventures | 649,000,000 | 711,000,000 | |
AMNS India | |||
Disclosure of transactions between related parties [line items] | |||
Commitments within sureties, guarantees, LOC, pledges, and other collateral, related to joint venture agreement obligation | 504,000,000 | ||
Commitments within sureties, guarantees, LOC, pledges, and other collateral, related to performance guarantee | 567,000,000 | $ 600,000,000 | |
Contractual capital commitments | $ 2,600,000,000 | ||
Global Chartering Limited | |||
Disclosure of transactions between related parties [line items] | |||
Commitments within sureties, guarantees, LOC, pledges, and other collateral, related to lease obligations | 232,000,000 | ||
ArcelorMittal South Africa Ltd. (AMSA) | |||
Disclosure of transactions between related parties [line items] | |||
Contractual capital commitments | 139,000,000 | 171,000,000 | |
ArcelorMittal México S.A. de C.V. | |||
Disclosure of transactions between related parties [line items] | |||
Contractual capital commitments | 250,000,000 | 413,000,000 | |
Total amount of investment program | $ 1,000,000,000 | ||
Investment program, term | 3 years | ||
Construction capacity (in tonnes) | t | 2.5 | ||
ArcelorMittal Brasil S.A. | |||
Disclosure of transactions between related parties [line items] | |||
Fine for non-compliance with agreement, maximum | $ 26,000,000 | 26,000,000 | |
Ilva | |||
Disclosure of transactions between related parties [line items] | |||
Other commitments, industrial capital expenditure | $ 1,311,000,000 | 1,439,000,000 | |
Other commitments, industrial capital expenditure, period | 6 years | ||
Other commitments, environmental capital expenditure | $ 688,000,000 | 917,000,000 | |
Joint ventures | |||
Disclosure of transactions between related parties [line items] | |||
Provision of guarantees or collateral by entity, related party transactions | 3,836,000,000 | 1,079,000,000 | |
Commitments within sureties, guarantees, LOC, pledges, and other collateral | 293,000,000 | 154,000,000 | |
Joint ventures | Calvert | |||
Disclosure of transactions between related parties [line items] | |||
Provision of guarantees or collateral by entity, related party transactions | 288,000,000 | 348,000,000 | |
Joint ventures | Al Jubail | |||
Disclosure of transactions between related parties [line items] | |||
Provision of guarantees or collateral by entity, related party transactions | 346,000,000 | 397,000,000 | |
Joint ventures | AMNS India | |||
Disclosure of transactions between related parties [line items] | |||
Provision of guarantees or collateral by entity, related party transactions | 2,571,000,000 | ||
Associates | |||
Disclosure of transactions between related parties [line items] | |||
Provision of guarantees or collateral by entity, related party transactions | 0 | 7,000,000 | |
Commitments within sureties, guarantees, LOC, pledges, and other collateral | $ 356,000,000 | $ 380,000,000 | |
Prime Shipping Investments Limited | Global Chartering Limited | |||
Disclosure of transactions between related parties [line items] | |||
Commitments within sureties, guarantees, LOC, pledges, and other collateral, related to lease obligations, counter guarantee percentage | 50.00% |
INCOME TAXES - Components of In
INCOME TAXES - Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Taxes [Abstract] | |||
Total current tax expense | $ 786 | $ 928 | $ 583 |
Total deferred tax benefit | (327) | (1,277) | (151) |
Total income tax expense (benefit) | $ 459 | $ (349) | $ 432 |
INCOME TAXES - Effective Income
INCOME TAXES - Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Taxes [Abstract] | |||
Net (loss) / income (including non-controlling interests) | $ (2,391) | $ 5,330 | $ 4,575 |
Income tax expense (benefit) | 459 | (349) | 432 |
Income (loss) before tax | (1,932) | 4,981 | 5,007 |
Tax expense (benefit) at the statutory rates applicable to profits (losses) in the countries | (468) | 1,043 | 1,407 |
Permanent items | (993) | (421) | (522) |
Rate changes | 340 | 0 | (94) |
Net change in measurement of deferred tax assets | 1,201 | (1,301) | (281) |
Tax effects of foreign currency translation | 14 | (47) | (157) |
Tax credits | (9) | (17) | (66) |
Other taxes | 160 | 151 | 90 |
Others | 214 | 243 | 55 |
Total income tax expense (benefit) | $ 459 | $ (349) | $ 432 |
INCOME TAXES - Narrative (Detai
INCOME TAXES - Narrative (Details) - USD ($) $ in Millions | Nov. 01, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Bargain purchase gain | $ 0 | $ 209 | $ 0 | |
Tax effect from change in tax rate | 340 | 0 | (94) | |
Net change in measurement of deferred tax assets | 1,201 | (1,301) | (281) | |
Tax expense (benefit) related to recognition of deferred tax assets for losses and other deductible temporary differences of previous years | (1,842) | (1,297) | ||
Tax expense related to non-recognition and derecognition of other deferred tax assets | 541 | 364 | ||
Tax deductible write-downs on shares and receivables | 922 | 498 | 652 | |
Tax effect of foreign tax rates | 14 | (47) | (157) | |
Tax contingencies/settlements | 225 | 183 | 7 | |
Deferred tax assets | 8,680 | 8,287 | ||
Future taxable income required | 34,800 | |||
Deferred tax liabilities | 2,331 | 2,374 | ||
Operating loss carryforward, amount | 105,900 | |||
Tax credit, amount | $ 693 | |||
Luxembourg | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Applicable tax rate | 24.94% | |||
Future taxable income increase due to tax integration | $ 600 | 800 | 300 | |
Increase in deferred tax assets due to tax integration | 1,300 | 1,100 | ||
Deferred tax asset recoverability, currency adjustment | 600 | |||
Accumulated income tax losses | 83,300 | 80,600 | ||
Accumulated income tax losses, realizable | 34,800 | 34,100 | ||
Deferred tax assets | 8,700 | 8,900 | ||
Accumulated income tax losses subject to recapture | 21,600 | |||
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) | |||
Basque Country in Spain, Liberia, Luxembourg, Switzerland and the United States | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Operating loss carryforward, amount | 8,467 | |||
Tax losses for which deferred tax asset recognised | 393 | |||
Unused tax losses for which no deferred tax asset recognised | 8,074 | |||
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 | 97,400 | |||
Tax losses for which deferred tax asset recognised | 39,000 | |||
Unused tax losses for which no deferred tax asset recognised | 58,400 | |||
Basque Country in Spain | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Tax credit, amount | 610 | |||
Tax credits for which deferred tax asset recognised | 26 | |||
Unused tax credits for which no deferred tax asset recognised | 584 | |||
Brazil, Spain, and the United States | Unlimited tax period | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Tax credit, amount | 83 | |||
Tax credits for which deferred tax asset recognised | 50 | |||
Unused tax credits for which no deferred tax asset recognised | 33 | |||
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 | 79 | 80 | ||
Other temporary differences | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Unrecognized deferred tax liabilities | $ 899 | |||
Ilva | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Bargain purchase gain | $ 181 | $ 209 |
INCOME TAXES - Permanent Items
INCOME TAXES - Permanent Items (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Taxes [Abstract] | |||
Tax deductible write-downs on shares and receivables | $ (922) | $ (498) | $ (652) |
Juros sobre o Capital Próprio (“JSCP”) | (32) | (73) | (4) |
Non taxable gain on bargain purchase | 0 | (60) | 0 |
Taxable income (tax loss) of AMTFS | (8) | 47 | (34) |
Taxable dividends | 11 | 0 | 65 |
Other permanent items | (42) | 163 | 103 |
Total permanent items | $ (993) | $ (421) | $ (522) |
INCOME TAXES - Others (Details)
INCOME TAXES - Others (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of geographical areas [line items] | |||
Tax contingencies/settlements | $ 225 | $ 183 | $ 7 |
Prior period taxes | (20) | 21 | (7) |
Others | 9 | 39 | 55 |
Total | $ 214 | $ 243 | $ 55 |
INCOME TAXES - Income Tax Recor
INCOME TAXES - Income Tax Recorded Directly in Equity and Other Comprehensive Income (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax expense (benefit) recognized in other comprehensive income | $ (247) | $ 46 | $ (209) |
Income tax relating to components of other comprehensive income | (247) | 46 | (200) |
Gain (loss) on derivative financial instruments | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax expense (benefit) recognized in other comprehensive income | (244) | 380 | (77) |
Recognized actuarial gain (loss) | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax expense (benefit) recognized in other comprehensive income | 32 | (228) | (42) |
Foreign currency translation adjustments | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax expense (benefit) recognized in other comprehensive income | (35) | (106) | (90) |
Other reserves | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax expense (benefit) recognized directly in equity | $ 0 | $ 0 | $ 9 |
INCOME TAXES - Origin of the De
INCOME TAXES - Origin of the Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | $ 8,680 | $ 8,287 |
Deferred tax liabilities | (2,331) | (2,374) |
Deferred tax assets / (liabilities) | 6,349 | 5,913 |
Intangible assets | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets / (liabilities) | (698) | (715) |
Property, plant and equipment | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets / (liabilities) | (4,268) | (4,827) |
Inventories | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets / (liabilities) | 52 | 35 |
Financial instruments | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets / (liabilities) | (51) | (300) |
Other assets | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets / (liabilities) | (251) | (112) |
Provisions | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets / (liabilities) | 1,107 | 1,216 |
Other liabilities | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets / (liabilities) | 399 | 130 |
Tax losses and other tax benefits carried forward | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets / (liabilities) | 9,984 | 10,384 |
Tax credits carried forward | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets / (liabilities) | 76 | 104 |
Untaxed reserves | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets / (liabilities) | (1) | (2) |
Before Offset Amount | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | 12,543 | 13,847 |
Deferred tax liabilities | (6,194) | (7,934) |
Before Offset Amount | Intangible assets | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | 22 | 29 |
Deferred tax liabilities | (720) | (744) |
Before Offset Amount | Property, plant and equipment | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | 177 | 271 |
Deferred tax liabilities | (4,445) | (5,098) |
Before Offset Amount | Inventories | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | 261 | 286 |
Deferred tax liabilities | (209) | (251) |
Before Offset Amount | Financial instruments | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | 47 | 124 |
Deferred tax liabilities | (98) | (424) |
Before Offset Amount | Other assets | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | 157 | 460 |
Deferred tax liabilities | (408) | (572) |
Before Offset Amount | Provisions | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | 1,350 | 1,728 |
Deferred tax liabilities | (243) | (512) |
Before Offset Amount | Other liabilities | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | 469 | 461 |
Deferred tax liabilities | (70) | (331) |
Before Offset Amount | Tax losses and other tax benefits carried forward | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | 9,984 | 10,384 |
Deferred tax liabilities | 0 | 0 |
Before Offset Amount | Tax credits carried forward | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | 76 | 104 |
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 | $ (1) | $ (2) |
INCOME TAXES - Deferred Tax Ass
INCOME TAXES - Deferred Tax Assets (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Recognized deferred tax assets | $ 8,680 | $ 8,287 |
Tax losses and other tax benefits carried forward | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Gross amount | 105,937 | 110,769 |
Tax credits carried forward | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Gross amount | 693 | 722 |
Other temporary differences | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Gross amount | 15,793 | 16,923 |
Before Offset Amount | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Total deferred tax assets | 30,996 | 33,481 |
Recognized deferred tax assets | 12,543 | 13,847 |
Unrecognized deferred tax assets | 18,453 | 19,634 |
Before Offset Amount | Tax losses and other tax benefits carried forward | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Total deferred tax assets | 26,504 | 28,642 |
Recognized deferred tax assets | 9,984 | 10,384 |
Unrecognized deferred tax assets | 16,520 | 18,258 |
Before Offset Amount | Tax credits carried forward | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Total deferred tax assets | 693 | 722 |
Recognized deferred tax assets | 76 | 104 |
Unrecognized deferred tax assets | 617 | 618 |
Before Offset Amount | Other temporary differences | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Total deferred tax assets | 3,799 | 4,117 |
Recognized deferred tax assets | 2,483 | 3,359 |
Unrecognized deferred tax assets | $ 1,316 | $ 758 |
INCOME TAXES - Operating Losses
INCOME TAXES - Operating Losses (Details) $ in Millions | Dec. 31, 2019USD ($) |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Total | $ 105,900 |
Basque Country in Spain, Liberia, Luxembourg, Switzerland and the United States | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Recognized | 393 |
Unrecognized | 8,074 |
Total | 8,467 |
Basque Country in Spain, Liberia, Luxembourg, Switzerland and the United States | Tax Year 2020 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Recognized | 25 |
Unrecognized | 144 |
Total | 169 |
Basque Country in Spain, Liberia, Luxembourg, Switzerland and the United States | Tax Year 2021 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Recognized | 3 |
Unrecognized | 656 |
Total | 659 |
Basque Country in Spain, Liberia, Luxembourg, Switzerland and the United States | Tax Year 2022 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Recognized | 2 |
Unrecognized | 659 |
Total | 661 |
Basque Country in Spain, Liberia, Luxembourg, Switzerland and the United States | Tax Year 2023 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Recognized | 6 |
Unrecognized | 469 |
Total | 475 |
Basque Country in Spain, Liberia, Luxembourg, Switzerland and the United States | Tax Year 2024 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Recognized | 3 |
Unrecognized | 212 |
Total | 215 |
Basque Country in Spain, Liberia, Luxembourg, Switzerland and the United States | Tax Year 2025 Through 2039 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Recognized | 354 |
Unrecognized | 5,934 |
Total | $ 6,288 |
INCOME TAXES - Tax Credits and
INCOME TAXES - Tax Credits and Other Tax Benefits (Details) $ in Millions | Dec. 31, 2019USD ($) |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Total | $ 693 |
Basque Country in Spain | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Recognized | 26 |
Unrecognized | 584 |
Total | 610 |
Basque Country in Spain | Tax Year 2020 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Recognized | 0 |
Unrecognized | 3 |
Total | 3 |
Basque Country in Spain | Tax Year 2021 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Recognized | 0 |
Unrecognized | 2 |
Total | 2 |
Basque Country in Spain | Tax Year 2022 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Recognized | 0 |
Unrecognized | 2 |
Total | 2 |
Basque Country in Spain | Tax Year 2023 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Recognized | 0 |
Unrecognized | 1 |
Total | 1 |
Basque Country in Spain | Tax Year 2024 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Recognized | 0 |
Unrecognized | 1 |
Total | 1 |
Basque Country in Spain | Tax Year 2025 Through 2039 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Recognized | 26 |
Unrecognized | 575 |
Total | $ 601 |
EQUITY - Share Details - Narrat
EQUITY - Share Details - Narrative (Details) € / shares in Units, $ / shares in Units, € in Millions, $ in Millions | Feb. 15, 2019USD ($)$ / sharesshares | Feb. 15, 2019EUR (€)€ / sharesshares | Mar. 26, 2018USD ($)$ / sharesshares | Mar. 26, 2018EUR (€)€ / sharesshares | May 22, 2017EUR (€)shares | May 10, 2017EUR (€) | Dec. 31, 2019USD ($)shares | Dec. 31, 2018USD ($)shares | Dec. 31, 2017USD ($)shares | May 16, 2018USD ($) | May 21, 2017EUR (€)shares |
Share Capital, Reserves And Other Equity Interest [Abstract] | |||||||||||
Reverse stock split ratio | 0.3333333333 | ||||||||||
Shares issued (in shares) | 1,021,903,623 | 1,021,903,623 | 1,021,903,623 | 3,065,710,869 | |||||||
Increase (decrease) in authorised share capital | € | € 345 | ||||||||||
Authorised share capital | € 345 | $ 411 | € 337 | ||||||||
Shares authorized (in shares) | 1,151,576,921 | 1,151,576,921 | 1,151,576,921 | 1,151,576,921 | 3,372,281,956 | ||||||
Share capital | $ | $ 364 | $ 364 | |||||||||
Number of shares issued and fully paid (in shares) | 1,021,903,623 | ||||||||||
Share buyback (in shares) | 4,000,000 | 4,000,000 | 7,000,000 | 7,000,000 | |||||||
Share buyback | $ 90 | € 80 | $ 226 | € 184 | $ 90 | $ 226 | $ 0 | ||||
Treasury stock acquired, average price per share | (per share) | $ 22.42 | € 19.89 | $ 32.36 | € 26.34 | |||||||
Treasury shares (in shares) | 9,824,202 | 8,335,365 | 1,986,836 |
EQUITY - Share Details (Details
EQUITY - Share Details (Details) - shares | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Reconciliation of number of shares outstanding [abstract] | ||
Issued shares, beginning of period (in shares) | 1,021,903,623 | 1,021,903,623 |
Movement in year (in shares) | 0 | 0 |
Issued shares, end of period (in shares) | 1,021,903,623 | 1,021,903,623 |
Treasury shares, beginning of period (in shares) | (8,335,365) | (1,986,836) |
Movement in year (in shares) | (1,488,837) | (6,348,529) |
Treasury shares, end of period (in shares) | (9,824,202) | (8,335,365) |
Beginning balance (in shares) | 1,013,568,258 | 1,019,916,787 |
Movement in year (in shares) | (1,488,837) | (6,348,529) |
Ending balance (in shares) | 1,012,079,421 | 1,013,568,258 |
EQUITY - Equity Instruments and
EQUITY - Equity Instruments and Hybrid Instruments (Details) | Dec. 14, 2017USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2019USD ($) | Sep. 27, 2011USD ($) | Dec. 28, 2009USD ($)business_day |
Disclosure of detailed information about borrowings [line items] | |||||
Borrowings | $ 14,340,000,000 | ||||
Mandatory convertible bonds extension, decrease to NCI | $ 83,000,000 | ||||
Non-controlling interests | |||||
Disclosure of detailed information about borrowings [line items] | |||||
Mandatory convertible bonds extension, decrease to NCI | $ 83,000,000 | 83,000,000 | |||
Mandatorily convertible unsecured unsubordinated bonds | |||||
Disclosure of detailed information about borrowings [line items] | |||||
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 | ||||
Borrowings | 184,000,000 | ||||
Finance costs | 92,000,000 | $ 92,000,000 | |||
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 |
EQUITY - Earnings per Common Sh
EQUITY - Earnings per Common Share (Details) shares in Millions, $ in Millions | May 22, 2017 | Dec. 31, 2019USD ($)shares | Dec. 31, 2018USD ($)shares | Dec. 31, 2017USD ($)shares |
Share Capital, Reserves And Other Equity Interest [Abstract] | ||||
Reverse stock split ratio | 0.3333333333 | |||
Net (loss) / income attributable to equity holders of the parent | $ | $ (2,454) | $ 5,149 | $ 4,568 | |
Weighted average common shares outstanding (in millions) for the purposes of basic earnings per share (in shares) | 1,013 | 1,015 | 1,020 | |
Incremental shares from assumed conversion of restricted share units and performance share units (in millions) (in shares) | 0 | 6 | 4 | |
Weighted average common shares outstanding (in millions) for the purposes of diluted earnings per share (in shares) | 1,013 | 1,021 | 1,024 | |
Share Unit Awards | ||||
Earnings per share [line items] | ||||
Potential common shares excluded from computation of earnings per share (in shares) | 7 | |||
Employee Stock Option | ||||
Earnings per share [line items] | ||||
Potential common shares excluded from computation of earnings per share (in shares) | 1 | 2 | 3 |
EQUITY - Dividends (Details)
EQUITY - Dividends (Details) - USD ($) $ / shares in Units, $ in Millions | May 05, 2020 | Jun. 13, 2019 | May 07, 2019 | May 09, 2018 | May 04, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Dividends Payable1 [Line Items] | ||||||||
Dividend per share (in $) | $ 0.20 | $ 0.10 | $ 0 | |||||
Total (in millions of $) | $ 203 | $ 101 | $ 0 | |||||
Dividends paid per share (in $ per share) | $ 0.20 | |||||||
Dividends paid | $ 204 | |||||||
Dividends recognised as distributions to owners | $ 203 | $ 357 | $ 216 | $ 145 | ||||
Forecast | ||||||||
Dividends Payable1 [Line Items] | ||||||||
Dividend per share (in $) | $ 0.30 |
EQUITY - Non-wholly Owned Subsi
EQUITY - Non-wholly Owned Subsidiaries that Have Material Non-controlling Interests (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of subsidiaries [line items] | |||
Net income attributable to non-controlling interests | $ 63 | $ 181 | $ 7 |
Non-controlling interests | 1,962 | 2,022 | |
Current assets | 28,616 | 32,475 | |
Non-current assets | 59,292 | 58,774 | |
Total assets | 87,908 | 91,249 | |
Current liabilities | 21,287 | 23,455 | |
Non-current liabilities | 26,138 | 23,686 | |
Profit (loss) from continuing operations | (2,391) | 5,330 | 4,575 |
Total comprehensive income (loss) | (3,015) | 3,755 | 8,658 |
Net cash provided by / (used in) operating activities | 6,017 | 4,196 | 4,563 |
Net cash provided by / (used in) investing activities | (3,824) | (3,759) | (2,830) |
Net cash provided by / (used in) financing activities | 514 | (689) | (1,731) |
Impact of currency movements on cash | (22) | (140) | 58 |
Cash and cash equivalents: | |||
At the beginning of the year | 2,172 | 2,574 | 2,501 |
At the end of the year | 4,867 | 2,172 | 2,574 |
Dividend to non-controlling interests | (129) | (119) | (141) |
Subsidiaries with material non-controlling interests [member] | |||
Disclosure of subsidiaries [line items] | |||
Net income attributable to non-controlling interests | 63 | 181 | 7 |
Non-controlling interests | $ 1,962 | $ 2,022 | |
AMSA | |||
Disclosure of subsidiaries [line items] | |||
% of non-controlling interests and non-controlling voting rights | 30.78% | 30.78% | |
Net income attributable to non-controlling interests | $ (98) | $ 29 | (124) |
Non-controlling interests | 74 | 170 | |
Current assets | 997 | 1,307 | |
Non-current assets | 618 | 672 | |
Total assets | 1,615 | 1,979 | |
Current liabilities | 907 | 1,056 | |
Non-current liabilities | 468 | 372 | |
Total net assets | 240 | 551 | |
Revenue | 2,864 | 3,440 | 2,926 |
Profit (loss) from continuing operations | (319) | 95 | (403) |
Total comprehensive income (loss) | (312) | (40) | (421) |
Net cash provided by / (used in) operating activities | (35) | 69 | (119) |
Net cash provided by / (used in) investing activities | (79) | 132 | (193) |
Net cash provided by / (used in) financing activities | 97 | (260) | 330 |
Impact of currency movements on cash | 5 | (10) | 13 |
Cash and cash equivalents: | |||
At the beginning of the year | 72 | 141 | 110 |
At the end of the year | 60 | 72 | 141 |
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 attributable to non-controlling interests | $ 0 | $ 2 | 3 |
Non-controlling interests | $ 103 | 107 | |
Proportion of ownership interest in subsidiary | 32.43% | ||
Current assets | $ 188 | 194 | |
Non-current assets | 102 | 100 | |
Total assets | 290 | 294 | |
Current liabilities | 101 | 106 | |
Non-current liabilities | 39 | 34 | |
Total net assets | 150 | 154 | |
Revenue | 366 | 396 | 371 |
Profit (loss) from continuing operations | (1) | 4 | 6 |
Total comprehensive income (loss) | 0 | 5 | 4 |
Net cash provided by / (used in) operating activities | 9 | 22 | (7) |
Net cash provided by / (used in) investing activities | (5) | (5) | (3) |
Net cash provided by / (used in) financing activities | (6) | 0 | (4) |
Impact of currency movements on cash | 0 | 0 | 1 |
Cash and cash equivalents: | |||
At the beginning of the year | 55 | 38 | 51 |
At the end of the year | 53 | 55 | 38 |
Dividend to non-controlling interests | $ (4) | $ 0 | (2) |
Sonasid | Nouvelles Sidérurgies Industrielles | |||
Disclosure of subsidiaries [line items] | |||
Proportion of ownership interest in subsidiary | 64.86% | ||
PJSC ArcelorMittal Kryvyi Rih | |||
Disclosure of subsidiaries [line items] | |||
% of non-controlling interests and non-controlling voting rights | 4.87% | 4.87% | |
Net income attributable to non-controlling interests | $ (5) | $ 15 | 10 |
Non-controlling interests | 185 | 182 | |
Current assets | 1,557 | 1,408 | |
Non-current assets | 3,530 | 2,947 | |
Total assets | 5,087 | 4,355 | |
Current liabilities | 1,130 | 535 | |
Non-current liabilities | 446 | 308 | |
Total net assets | 3,511 | 3,512 | |
Revenue | 2,420 | 2,497 | 2,486 |
Profit (loss) from continuing operations | (100) | 340 | 209 |
Total comprehensive income (loss) | (141) | 331 | 210 |
Net cash provided by / (used in) operating activities | 163 | 313 | 194 |
Net cash provided by / (used in) investing activities | (270) | (346) | (234) |
Net cash provided by / (used in) financing activities | 68 | 50 | 0 |
Impact of currency movements on cash | 8 | (4) | (2) |
Cash and cash equivalents: | |||
At the beginning of the year | 73 | 60 | 102 |
At the end of the year | 42 | 73 | 60 |
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 attributable to non-controlling interests | $ 28 | $ 28 | 25 |
Non-controlling interests | 141 | 136 | |
Current assets | 225 | 240 | |
Non-current assets | 148 | 158 | |
Total assets | 373 | 398 | |
Current liabilities | 98 | 109 | |
Non-current liabilities | 14 | 28 | |
Total net assets | 261 | 261 | |
Revenue | 761 | 771 | 698 |
Profit (loss) from continuing operations | 63 | 59 | 52 |
Total comprehensive income (loss) | 64 | 62 | 52 |
Net cash provided by / (used in) operating activities | 76 | 47 | 63 |
Net cash provided by / (used in) investing activities | (12) | (14) | (9) |
Net cash provided by / (used in) financing activities | (62) | (27) | (61) |
Impact of currency movements on cash | 0 | 0 | 0 |
Cash and cash equivalents: | |||
At the beginning of the year | 11 | 5 | 12 |
At the end of the year | 13 | 11 | 5 |
Dividend to non-controlling interests | $ (18) | $ (18) | (26) |
Hera Ermac | |||
Disclosure of subsidiaries [line items] | |||
% of non-controlling interests and non-controlling voting rights | 0.00% | 0.00% | |
Net income attributable to non-controlling interests | $ 0 | $ 0 | 0 |
Non-controlling interests | 801 | 797 | |
Current assets | 905 | 251 | |
Non-current assets | 1,193 | 2,492 | |
Total assets | 2,098 | 2,743 | |
Current liabilities | 298 | 84 | |
Non-current liabilities | 76 | 335 | |
Total net assets | 1,724 | 2,324 | |
Revenue | 0 | 0 | 0 |
Profit (loss) from continuing operations | 144 | (555) | 1,130 |
Total comprehensive income (loss) | 144 | (555) | 1,130 |
Net cash provided by / (used in) operating activities | 857 | 38 | (12) |
Net cash provided by / (used in) investing activities | (114) | (38) | 12 |
Net cash provided by / (used in) financing activities | (743) | 0 | 0 |
Impact of currency movements on cash | 0 | 0 | 0 |
Cash and cash equivalents: | |||
At the beginning of the year | 0 | 0 | 0 |
At the end of the year | 0 | 0 | 0 |
Dividend to non-controlling interests | $ 0 | $ 0 | 0 |
AMMC | |||
Disclosure of subsidiaries [line items] | |||
% of non-controlling interests and non-controlling voting rights | 15.00% | 15.00% | |
Net income attributable to non-controlling interests | $ 114 | $ 91 | 91 |
Non-controlling interests | 486 | 484 | |
Current assets | 1,434 | 1,144 | |
Non-current assets | 3,083 | 3,113 | |
Total assets | 4,517 | 4,257 | |
Current liabilities | 457 | 331 | |
Non-current liabilities | 591 | 539 | |
Total net assets | 3,469 | 3,387 | |
Revenue | 2,655 | 2,396 | 1,943 |
Profit (loss) from continuing operations | 766 | 636 | 617 |
Total comprehensive income (loss) | 761 | 642 | 613 |
Net cash provided by / (used in) operating activities | 1,045 | 735 | 947 |
Net cash provided by / (used in) investing activities | (332) | (134) | (301) |
Net cash provided by / (used in) financing activities | (683) | (579) | (656) |
Impact of currency movements on cash | 0 | 0 | 0 |
Cash and cash equivalents: | |||
At the beginning of the year | 180 | 158 | 168 |
At the end of the year | 210 | 180 | 158 |
Dividend to non-controlling interests | $ (102) | $ (87) | (98) |
Arceo | |||
Disclosure of subsidiaries [line items] | |||
% of non-controlling interests and non-controlling voting rights | 62.86% | 62.86% | |
Net income attributable to non-controlling interests | $ 3 | $ 4 | 4 |
Non-controlling interests | 154 | 158 | |
Current assets | 129 | 93 | |
Non-current assets | 122 | 166 | |
Total assets | 251 | 259 | |
Current liabilities | 1 | 2 | |
Non-current liabilities | 1 | 1 | |
Total net assets | 249 | 256 | |
Revenue | 0 | 0 | 0 |
Profit (loss) from continuing operations | 5 | 6 | 6 |
Total comprehensive income (loss) | 5 | 6 | 6 |
Net cash provided by / (used in) operating activities | 9 | 10 | 10 |
Net cash provided by / (used in) investing activities | 17 | 14 | 3 |
Net cash provided by / (used in) financing activities | (7) | (9) | (8) |
Impact of currency movements on cash | 0 | (1) | 1 |
Cash and cash equivalents: | |||
At the beginning of the year | 27 | 13 | 7 |
At the end of the year | 46 | 27 | 13 |
Dividend to non-controlling interests | $ (5) | $ (7) | (5) |
ArcelorMittal Liberia Ltd | |||
Disclosure of subsidiaries [line items] | |||
% of non-controlling interests and non-controlling voting rights | 15.00% | 15.00% | |
Net income attributable to non-controlling interests | $ 18 | $ (2) | (11) |
Non-controlling interests | (250) | (268) | |
Current assets | 155 | 113 | |
Non-current assets | 123 | 114 | |
Total assets | 278 | 227 | |
Current liabilities | 1,739 | 1,816 | |
Non-current liabilities | 46 | 41 | |
Total net assets | (1,507) | (1,630) | |
Revenue | 257 | 132 | 56 |
Profit (loss) from continuing operations | 115 | (12) | (71) |
Total comprehensive income (loss) | 115 | (12) | (71) |
Net cash provided by / (used in) operating activities | 84 | (18) | (69) |
Net cash provided by / (used in) investing activities | (18) | (29) | (63) |
Net cash provided by / (used in) financing activities | (65) | 47 | 132 |
Impact of currency movements on cash | 0 | 0 | 0 |
Cash and cash equivalents: | |||
At the beginning of the year | 0 | 0 | 0 |
At the end of the year | 1 | 0 | 0 |
Dividend to non-controlling interests | 0 | 0 | 0 |
Other | |||
Disclosure of subsidiaries [line items] | |||
Net income attributable to non-controlling interests | 3 | 14 | $ 9 |
Non-controlling interests | $ 268 | $ 256 | |
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 | Nov. 09, 2018USD ($) |
Disclosure of subsidiaries [line items] | |
Decrease in non-controlling interests due to purchase of interest | $ 55 |
AM Investco Italy S.r.l. | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interests held by non-controlling interests | 15.00% |
Consideration transferred, acquisition-date fair value | $ 28 |
Brema Warmwalz GmbH & Co KG | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interests held by non-controlling interests | 11.00% |
Consideration transferred, acquisition-date fair value | $ 40 |
RELATED PARTIES - Narrative (De
RELATED PARTIES - Narrative (Details) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of transactions between related parties [line items] | |||
Sales | $ 7,442 | $ 8,259 | $ 7,503 |
Trade receivables | 298 | 366 | |
Calvert | Joint Venture | |||
Disclosure of transactions between related parties [line items] | |||
Sales | 2,518 | 2,207 | 2,030 |
Trade receivables | 5 | 33 | |
Gonvarri Steel Industries | Associate | |||
Disclosure of transactions between related parties [line items] | |||
Sales | 1,728 | 2,022 | 1,666 |
Trade receivables | 42 | 78 | |
ArcelorMittal CLN Distribuzione Italia S.r.l. | Joint Venture | |||
Disclosure of transactions between related parties [line items] | |||
Sales | 483 | 511 | 472 |
Trade receivables | 57 | 38 | |
Borçelik | Joint Venture | |||
Disclosure of transactions between related parties [line items] | |||
Sales | 474 | 536 | 426 |
Trade receivables | 20 | 20 | |
Bamesa | Associate | |||
Disclosure of transactions between related parties [line items] | |||
Sales | 365 | 383 | 397 |
Trade receivables | 32 | 27 | |
I/N Kote L.P. | Joint Venture | |||
Disclosure of transactions between related parties [line items] | |||
Sales | 321 | 329 | 321 |
Trade receivables | 2 | 10 | |
C.L.N. Coils Lamiere Nastri S.p.A. | Associate | |||
Disclosure of transactions between related parties [line items] | |||
Sales | 247 | 265 | 233 |
Trade receivables | 10 | 6 | |
AM RZK | Joint Venture | |||
Disclosure of transactions between related parties [line items] | |||
Sales | 225 | 136 | 235 |
Trade receivables | 13 | 5 | |
Aperam Société Anonyme (Aperam) | Other | |||
Disclosure of transactions between related parties [line items] | |||
Sales | 172 | 278 | 262 |
Trade receivables | 16 | 29 | |
Tuper S.A. | Joint Venture | |||
Disclosure of transactions between related parties [line items] | |||
Sales | 147 | 155 | 154 |
Trade receivables | 43 | 45 | |
Tameh | Joint Venture | |||
Disclosure of transactions between related parties [line items] | |||
Sales | 109 | 110 | 67 |
Trade receivables | 8 | 4 | |
WDI | Associate | |||
Disclosure of transactions between related parties [line items] | |||
Sales | 105 | 148 | 127 |
Trade receivables | 1 | 1 | |
Al Jubail | Joint Venture | |||
Disclosure of transactions between related parties [line items] | |||
Sales | 25 | 115 | 66 |
Trade receivables | 0 | 1 | |
Macsteel | Other | |||
Disclosure of transactions between related parties [line items] | |||
Sales | 0 | 470 | 521 |
Trade receivables | 0 | 2 | |
Other | |||
Disclosure of transactions between related parties [line items] | |||
Sales | 523 | 594 | $ 526 |
Trade receivables | $ 49 | $ 67 |
RELATED PARTIES - Purchases and
RELATED PARTIES - Purchases and Trade Payables (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of transactions between related parties [line items] | |||
Purchases | $ 1,092 | $ 1,116 | $ 1,033 |
Trade payables | 251 | 201 | |
Tameh | Joint Venture | |||
Disclosure of transactions between related parties [line items] | |||
Purchases | 273 | 344 | 286 |
Trade payables | 22 | 2 | |
Calvert | Joint Venture | |||
Disclosure of transactions between related parties [line items] | |||
Purchases | 127 | 107 | 65 |
Trade payables | 41 | 23 | |
CFL Cargo S.A. | Associate | |||
Disclosure of transactions between related parties [line items] | |||
Purchases | 63 | 59 | 60 |
Trade payables | 17 | 9 | |
Al Jubail | Joint Venture | |||
Disclosure of transactions between related parties [line items] | |||
Purchases | 53 | 42 | 2 |
Trade payables | 4 | 22 | |
Exeltium S.A.S. | Associate | |||
Disclosure of transactions between related parties [line items] | |||
Purchases | 52 | 54 | 53 |
Trade payables | 0 | 0 | |
Sitrel | Joint Venture | |||
Disclosure of transactions between related parties [line items] | |||
Purchases | 49 | 41 | 0 |
Trade payables | 1 | 3 | |
Aperam | Other | |||
Disclosure of transactions between related parties [line items] | |||
Purchases | 47 | 85 | 94 |
Trade payables | 7 | 6 | |
Baycoat Limited Partnership | Joint Venture | |||
Disclosure of transactions between related parties [line items] | |||
Purchases | 47 | 43 | 42 |
Trade payables | 8 | 5 | |
Gonvarri Steel Industries | Associate | |||
Disclosure of transactions between related parties [line items] | |||
Purchases | 22 | 35 | 19 |
Trade payables | 15 | 31 | |
Baffinland | Associate | |||
Disclosure of transactions between related parties [line items] | |||
Purchases | 16 | 28 | 142 |
Trade payables | 1 | 16 | |
Other | Other | |||
Disclosure of transactions between related parties [line items] | |||
Purchases | 343 | 278 | $ 270 |
Trade payables | $ 135 | $ 84 |
RELATED PARTIES - Other Transac
RELATED PARTIES - Other Transactions With Related Parties (Details) t in Millions, $ in Millions | Dec. 31, 2019USD ($)t | Dec. 03, 2014 | Nov. 08, 2019USD ($)t | Dec. 31, 2018USD ($) |
Global Chartering Limited | Joint Venture | ||||
Disclosure of transactions between related parties [line items] | ||||
Loan receivable | $ 127 | |||
Global Chartering Limited | Joint Venture | Freight contract | ||||
Disclosure of transactions between related parties [line items] | ||||
Agreement term (in years) | 10 years | |||
Annual cargo quantity (in tonnes) | t | 16.8 | |||
Percentage of shipping capacity | 80.00% | |||
Al Jubail | Joint Venture | ||||
Disclosure of transactions between related parties [line items] | ||||
Loan receivable | $ 109 | $ 131 | ||
Calvert | ArcelorMittal Calvert LLC | Joint Venture | ||||
Disclosure of transactions between related parties [line items] | ||||
Loan receivable | $ 162 | |||
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 | |||
Calvert | ArcelorMittal Calvert LLC | Top of range | Joint Venture | ||||
Disclosure of transactions between related parties [line items] | ||||
Loans interest rate | 4.77% | |||
Loan maturity term | 25 years | |||
Baffinland | Joint Venture | Marketing Agreement | ||||
Disclosure of transactions between related parties [line items] | ||||
Purchase agreement, annual quantity (in tonnes) | t | 6 | |||
Percentage of the value of iron ore produced and hauled | 78.00% | |||
Value of iron ore produced and hauled, maximum | $ 450 | |||
Global Chartering Limited | Disposal group, disposed of by sale, not discontinued operations | ||||
Disclosure of transactions between related parties [line items] | ||||
Proportion of ownership interest in subsidiary sold | 50.00% | |||
AMNS India | KSS Petron | ||||
Disclosure of transactions between related parties [line items] | ||||
Financial assets at fair value through profit or loss | $ 136 | $ 193 |
Uncategorized Items - mt-311220
Label | Element | Value |
Gross carrying amount [member] | ||
Property, plant and equipment | ifrs-full_PropertyPlantAndEquipment | $ 64,649,000,000 |
Gross carrying amount [member] | Right-of-use assets [member] | ||
Property, plant and equipment | ifrs-full_PropertyPlantAndEquipment | 2,365,000,000 |
Gross carrying amount [member] | Machinery, Equipment And Other [Member] | ||
Property, plant and equipment | ifrs-full_PropertyPlantAndEquipment | 43,141,000,000 |
Gross carrying amount [member] | Land and buildings [member] | ||
Property, plant and equipment | ifrs-full_PropertyPlantAndEquipment | 10,879,000,000 |
Gross carrying amount [member] | Mining assets [member] | ||
Property, plant and equipment | ifrs-full_PropertyPlantAndEquipment | 3,901,000,000 |
Gross carrying amount [member] | Construction in progress [member] | ||
Property, plant and equipment | ifrs-full_PropertyPlantAndEquipment | 4,363,000,000 |
Accumulated depreciation, amortisation and impairment [member] | ||
Property, plant and equipment | ifrs-full_PropertyPlantAndEquipment | (27,606,000,000) |
Accumulated depreciation, amortisation and impairment [member] | Right-of-use assets [member] | ||
Property, plant and equipment | ifrs-full_PropertyPlantAndEquipment | (597,000,000) |
Accumulated depreciation, amortisation and impairment [member] | Machinery, Equipment And Other [Member] | ||
Property, plant and equipment | ifrs-full_PropertyPlantAndEquipment | (20,280,000,000) |
Accumulated depreciation, amortisation and impairment [member] | Land and buildings [member] | ||
Property, plant and equipment | ifrs-full_PropertyPlantAndEquipment | (3,113,000,000) |
Accumulated depreciation, amortisation and impairment [member] | Mining assets [member] | ||
Property, plant and equipment | ifrs-full_PropertyPlantAndEquipment | (2,635,000,000) |
Accumulated depreciation, amortisation and impairment [member] | Construction in progress [member] | ||
Property, plant and equipment | ifrs-full_PropertyPlantAndEquipment | $ (981,000,000) |