Cover
Cover | 12 Months Ended |
Dec. 31, 2020shares | |
Document Information [Line Items] | |
Document type | 20-F |
Document registration statement | false |
Document annual report | true |
Document period end date | Dec. 31, 2020 |
Current fiscal year end date | --12-31 |
Document transition report | false |
Document shell company report | false |
Entity file number | 001-35788 |
Entity registrant name | ARCELORMITTAL |
Entity incorporation, state or country code | N4 |
Entity address, address line one | 24-26, Boulevard d’Avranches |
Entity address, postal zip code | L-1160 |
Entity address, city or town | Luxembourg |
Entity address, country | LU |
Entity common stock, shares outstanding (in shares) | 1,080,734,413 |
Entity well-known seasoned issuer | Yes |
Entity voluntary filers | No |
Entity current reporting status | Yes |
Entity interactive data current | Yes |
Entity filer category | Large Accelerated Filer |
Entity emerging growth company | false |
ICFR Auditor attestation flag | true |
Document accounting standard | International Financial Reporting Standards |
Entity shell company | false |
Entity central index key | 0001243429 |
Document fiscal year focus | 2020 |
Document fiscal period focus | FY |
Amendment flag | false |
NEW YORK STOCK EXCHANGE, INC. [Member] | |
Document Information [Line Items] | |
Title of 12(b) security | Ordinary Shares |
Trading symbol | MT |
Security exchange name | NYSE |
5.5% Mandatorily convertible subordinated notes due 2023 | NEW YORK STOCK EXCHANGE, INC. [Member] | |
Document Information [Line Items] | |
Title of 12(b) security | 5.5% Mandatorily convertible subordinated notes due 2023 |
Trading symbol | MTCN |
Security exchange name | NYSE |
Business Contact | |
Document Information [Line Items] | |
Entity address, address line one | 24-26, Boulevard d’Avranches |
Entity address, postal zip code | L-1160 |
Entity address, city or town | Luxembourg |
Entity address, country | LU |
Contact personnel name | Henk Scheffer |
Contact personnel fax number | +352 4792 2235 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Profit or loss [abstract] | |||
Sales | $ 53,270 | $ 70,615 | $ 76,033 |
Cost of sales | 49,138 | 68,887 | 67,025 |
Gross margin | 4,132 | 1,728 | 9,008 |
Selling, general and administrative expenses | 2,022 | 2,355 | 2,469 |
Operating income / (loss) | 2,110 | (627) | 6,539 |
Income from investments in associates, joint ventures and other investments | 234 | 347 | 652 |
Financing costs - net | (1,256) | (1,652) | (2,210) |
Income / (loss) before taxes | 1,088 | (1,932) | 4,981 |
Income tax expense / (benefit) | 1,666 | 459 | (349) |
Net (loss) / income (including non-controlling interests) | (578) | (2,391) | 5,330 |
Net (loss) / income attributable to equity holders of the parent | (733) | (2,454) | 5,149 |
Net income attributable to non-controlling interests | $ 155 | $ 63 | $ 181 |
(Loss) / earning per common share (in U.S. dollars) | |||
Basic (USD per share) | $ (0.64) | $ (2.42) | $ 5.07 |
Diluted (USD per share) | $ (0.64) | $ (2.42) | $ 5.04 |
Weighted average common shares outstanding (in millions) | |||
Basic (in shares) | 1,140 | 1,013 | 1,015 |
Diluted (in shares) | 1,140 | 1,013 | 1,021 |
Consolidated Statements of Op_2
Consolidated Statements of Operations (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Profit or loss [abstract] | |||
Revenue from sale of goods, related party transactions | $ 5,142 | $ 7,442 | $ 8,259 |
Purchases of goods, related party transactions | $ 1,151 | $ 1,092 | $ 1,116 |
Consolidated Statements of Othe
Consolidated Statements of Other Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of comprehensive income [abstract] | |||
Net (loss) income (including non-controlling interests) | $ (578) | $ (2,391) | $ 5,330 |
Derivative financial instruments: | |||
Gain arising during the period | 52 | 354 | 755 |
Reclassification adjustments for (gain) loss included in the consolidated statements of operations and financial position (basis adjustments) | (119) | (1,004) | 353 |
Derivative financial instruments | (67) | (650) | 1,108 |
Exchange differences arising on translation of foreign operations: | |||
(Loss) gain arising during the period | (1,388) | 177 | (1,996) |
Reclassification adjustments for gain included in the consolidated statements of operations | 0 | (105) | (15) |
Exchange differences arising on translation of foreign operations | (1,388) | 72 | (2,011) |
Share of other comprehensive income (loss) related to associates and joint ventures | |||
Gain (loss) arising during the period | 98 | (82) | (239) |
Reclassification adjustments for loss (gain) included in the consolidated statements of operations | 0 | 10 | (123) |
Share of other comprehensive income (loss) related to associates and joint ventures | 98 | (72) | (362) |
Income tax benefit (expense) related to components of other comprehensive income (loss) that can be recycled to the consolidated statements of operations | 363 | 279 | (274) |
Investments in equity instruments at FVOCI: | |||
Gain (loss) arising during the period | 486 | 28 | (603) |
Share of other comprehensive gain (loss) related to associates and joint ventures | 16 | 10 | (5) |
Investments in equity instruments at FVOCI | 502 | 38 | (608) |
Employee benefits - Recognized actuarial (losses) gains | (333) | (259) | 344 |
Share of other comprehensive (loss) income related to associates and joint ventures | (14) | 0 | 0 |
Income tax benefit (expense) related to components of other comprehensive income that cannot be recycled to the consolidated statements of operations | 13 | (32) | 228 |
Total other comprehensive (loss) income | (826) | (624) | (1,575) |
Equity holders of the parent | (781) | (666) | (1,478) |
Non-controlling interests | (45) | 42 | (97) |
Total comprehensive income (loss) | (1,404) | (3,015) | 3,755 |
Total comprehensive (loss) income attributable to: | |||
Equity holders of the parent | (1,514) | (3,120) | 3,671 |
Non-controlling interests | $ 110 | $ 105 | $ 84 |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 5,600 | $ 4,867 |
Restricted cash and other restricted funds | 363 | 128 |
Trade accounts receivable and other (including 269 and 298 from related parties at December 31, 2020 and 2019, respectively) | 3,072 | 3,569 |
Inventories | 12,328 | 17,296 |
Prepaid expenses and other current assets | 2,281 | 2,756 |
Assets held for sale | 4,329 | 0 |
Total current assets | 27,973 | 28,616 |
Non-current assets: | ||
Goodwill and intangible assets | 4,312 | 5,432 |
Property, plant and equipment and biological assets | 30,622 | 36,231 |
Carrying amount of interests in associates and joint ventures | 6,817 | 6,529 |
Other investments | 2,980 | 772 |
Deferred tax assets | 7,866 | 8,680 |
Other assets | 1,482 | 1,648 |
Total non-current assets | 54,079 | 59,292 |
Total assets | 82,052 | 87,908 |
Current liabilities: | ||
Short-term debt and current portion of long-term debt | 2,507 | 2,869 |
Trade accounts payable and other (including 272 and 251 to related parties at December 31, 2020 and 2019, respectively) | 11,525 | 12,614 |
Short-term provisions | 935 | 516 |
Accrued expenses and other liabilities | 4,197 | 4,910 |
Income tax liabilities | 464 | 378 |
Liabilities held for sale | 3,039 | 0 |
Total current liabilities | 22,667 | 21,287 |
Non-current liabilities: | ||
Long-term debt, net of current portion | 9,815 | 11,471 |
Deferred tax liabilities | 1,832 | 2,331 |
Deferred employee benefits | 4,656 | 7,343 |
Long-term provisions | 1,697 | 2,475 |
Other long-term obligations | 1,148 | 2,518 |
Total non-current liabilities | 19,148 | 26,138 |
Total liabilities | 41,815 | 47,425 |
Equity: | ||
Common shares (no par value, 1,361,418,599 and 1,151,576,921 shares authorized, 1,102,809,772 and 1,021,903,623 shares issued, and 1,080,734,413 and 1,012,079,421 shares outstanding at December 31, 2020 and 2019, respectively) | 393 | 364 |
Treasury shares (22,075,359 and 9,824,202 common shares at December 31, 2020 and 2019, respectively, at cost) | (538) | (602) |
Additional paid-in capital | 35,247 | 34,826 |
Mandatorily convertible notes | 840 | 0 |
Retained earnings | 22,097 | 22,883 |
Reserves | (19,759) | (18,950) |
Equity attributable to the equity holders of the parent | 38,280 | 38,521 |
Non-controlling interests | 1,957 | 1,962 |
Total equity | 40,237 | 40,483 |
Total liabilities and equity | $ 82,052 | $ 87,908 |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Position (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Statement of financial position [abstract] | ||
Receivables due from related parties | $ 269 | $ 298 |
Trade accounts payable and other to related parties | $ 272 | $ 251 |
Shares authorized (in shares) | 1,361,418,599 | 1,151,576,921 |
Shares issued (in shares) | 1,102,809,772 | 1,021,903,623 |
Shares outstanding (in shares) | 1,080,734,413 | 1,012,079,421 |
Treasury shares (in shares) | 22,075,359 | 9,824,202 |
Consolidated Statements of Chan
Consolidated Statements of Changes In Equity Statement - USD ($) $ in Millions | Total | Equity attributable to the equity holders of the parent | Share Capital | Treasury Shares | Mandatorily Convertible Notes | Additional Paid-in Capital | Retained Earnings | Foreign Currency Translation Adjustments | Unrealized Gains (Losses) on Derivative Financial Instruments relating to CFH | Unrealized Gains (Losses) on Investments in Equity Instruments at FVOCI | Recognized actuarial (losses) gains | Non-controlling interests | ||
Beginning balance (in shares) at Dec. 31, 2017 | [1] | 1,020,000,000 | ||||||||||||
Beginning balance at Dec. 31, 2017 | $ 40,855 | $ 38,789 | $ 401 | $ (362) | $ 0 | $ 34,848 | $ 20,635 | $ (13,942) | $ (93) | $ 823 | $ (3,521) | $ 2,066 | ||
Changes in equity [abstract] | ||||||||||||||
Net income (loss) (including non-controlling interests) | 5,330 | 5,149 | 5,149 | 181 | ||||||||||
Other comprehensive income (loss) | (1,575) | (1,478) | (2,174) | 732 | (608) | 572 | (97) | |||||||
Total comprehensive income (loss) | 3,755 | 3,671 | 5,149 | (2,174) | 732 | (608) | 572 | 84 | ||||||
Recognition of share-based payments (note 8.3) | 28 | 28 | 19 | 9 | ||||||||||
Dividend (notes 11.4 and 11.5) | (216) | (101) | (101) | (115) | ||||||||||
Share buyback (note 11.1) (in shares) | [1] | (7,000,000) | ||||||||||||
Share buyback (note 11.1) | (226) | (226) | (226) | |||||||||||
Change in share capital currency (note 11.1) | 0 | 0 | $ (37) | 37 | ||||||||||
Acquisition of non-controlling interests (note 11.5) | (68) | (55) | (55) | (13) | ||||||||||
Other movements (in shares) | [1] | 1,000,000 | ||||||||||||
Other movements | $ (20) | (20) | (17) | (3) | 0 | |||||||||
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 | 42,086 | $ 364 | (569) | 0 | 34,894 | 25,611 | (16,116) | 639 | 212 | (2,949) | 2,022 | ||
Changes in equity [abstract] | ||||||||||||||
Net income (loss) (including non-controlling interests) | (2,391) | (2,454) | (2,454) | 63 | ||||||||||
Other comprehensive income (loss) | (624) | (666) | (9) | (404) | 38 | (291) | 42 | |||||||
Total comprehensive income (loss) | (3,015) | (3,120) | (2,454) | (9) | (404) | 38 | (291) | 105 | ||||||
Recognition of share-based payments (note 8.3) (in shares) | [1] | 2,000,000 | ||||||||||||
Recognition of share-based payments (note 8.3) | (11) | (11) | 57 | (68) | ||||||||||
Dividend (notes 11.4 and 11.5) | (357) | (203) | (203) | (154) | ||||||||||
Share buyback (note 11.1) (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) | 0 | 0 | 70 | (70) | ||||||||||
Other movements | $ (11) | (11) | ||||||||||||
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 | 38,521 | $ 364 | (602) | 0 | 34,826 | 22,883 | (16,125) | 235 | 180 | (3,240) | 1,962 | ||
Changes in equity [abstract] | ||||||||||||||
Net income (loss) (including non-controlling interests) | (578) | (733) | (733) | 155 | ||||||||||
Other comprehensive income (loss) | (826) | (781) | (928) | (6) | 431 | (278) | (45) | |||||||
Total comprehensive income (loss) | (1,404) | (1,514) | (733) | (928) | (6) | 431 | (278) | 110 | ||||||
Offering of common shares (note 11.1) (in shares) | [1] | 81,000,000 | ||||||||||||
Offering of common shares (note 11.1) | 740 | 740 | $ 29 | 711 | ||||||||||
Mandatorily convertible notes (note 11.2) (in shares) | 23,000,000 | |||||||||||||
Mandatorily convertible notes (note 11.2) | 1,056 | 1,056 | 549 | 840 | (305) | (28) | ||||||||
Recognition of share-based payments (note 8.3) (in shares) | 1,000,000 | |||||||||||||
Recognition of share-based payments (note 8.3) | 30 | 30 | 15 | 15 | ||||||||||
Dividend (notes 11.4 and 11.5) | (162) | (162) | ||||||||||||
Share buyback (note 11.1) (in shares) | [1] | (36,000,000) | ||||||||||||
Share buyback (note 11.1) | (500) | (500) | (500) | |||||||||||
Transfer of fair value reserve of equity instruments designated at FVOCI (note 2.5) | 0 | 0 | 28 | (28) | ||||||||||
Mandatorily convertible bonds extension (note 11.2) | 53 | 53 | ||||||||||||
Other movements | $ (59) | (53) | (53) | (6) | ||||||||||
Ending balance (in shares) at Dec. 31, 2020 | 1,080,734,413 | 1,081,000,000 | ||||||||||||
Ending balance at Dec. 31, 2020 | $ 40,237 | $ 38,280 | $ 393 | $ (538) | $ 840 | $ 35,247 | $ 22,097 | $ (17,053) | $ 229 | $ 583 | $ (3,518) | $ 1,957 | ||
[1] | Amounts are in millions of shares (treasury shares are excluded). |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows € in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Operating activities: | |||
Net income (loss) (including non-controlling interests) | $ (578) | $ (2,391) | $ 5,330 |
Adjustments to reconcile net income to net cash provided by operations: | |||
Depreciation and amortization | 2,960 | 3,067 | 2,799 |
Impairment (reversal of impairment) | (133) | 1,927 | 994 |
Bargain purchase gain | 0 | 0 | (209) |
Interest expense | 477 | 695 | 687 |
Interest income | (56) | (88) | (72) |
Income tax expense/ (benefit) | 1,666 | 459 | (349) |
Remeasurement loss relating to US deferred employee benefits | 0 | 0 | 15 |
Net gain on disposal of subsidiaries | (1,460) | (101) | (16) |
Income from investments in associates, joint ventures and other investments | (234) | (347) | (652) |
Provision on pensions and OPEB | 430 | 435 | 463 |
Change in fair value adjustment on call option on mandatory convertible bonds and pellet purchase agreement | 143 | 320 | 572 |
Unrealized foreign exchange effects | 321 | 7 | 152 |
Write-downs (reversal) of inventories to net realizable value, provisions and other non-cash operating expenses net | 597 | 818 | 789 |
Changes in assets and liabilities that provided (required) cash, net of acquisitions and disposals: | |||
Trade accounts receivable and other | (76) | 964 | (646) |
Inventories | 1,786 | 2,469 | (4,652) |
Trade accounts payable and other | (214) | (1,236) | 914 |
Interest paid | (604) | (723) | (749) |
Interest received | 69 | 118 | 67 |
Income taxes paid | (705) | (484) | (629) |
Dividends received from associates, joint ventures and other investments | 189 | 370 | 360 |
Cash contributions to plan assets and benefits paid for pensions and OPEB | (332) | (348) | (472) |
VAT and other amounts received (paid) from/to public authorities | 400 | 196 | (544) |
Other working capital and provisions movements | (564) | (110) | 44 |
Net cash provided by operating activities | 4,082 | 6,017 | 4,196 |
Investing activities: | |||
Purchase of property, plant and equipment and intangibles | (2,439) | (3,572) | (3,305) |
Disposals of net assets of subsidiaries, net of cash disposed of 7, 38 and 1 in 2020, 2019 and 2018, respectively | 497 | 514 | 65 |
Acquisitions of net assets of subsidiaries, net of cash acquired of —, 3 and 13 in 2020, 2019 and 2018, respectively | 0 | (46) | (39) |
Lease installments and capital expenditure refund relating to ArcelorMittal Italia acquisition | (139) | (200) | 0 |
Acquisition of AMNS India | 0 | (755) | 0 |
Acquisition of Uttam Galva and KSS Petron debt | 0 | (83) | (1,001) |
Cash collateral for the TSR receivables retained in ArcelorMittal USA after disposal | (260) | 0 | 0 |
Disposals of associates and joint ventures | 0 | 0 | 220 |
Disposals of financial assets | 59 | 196 | 44 |
Other investing activities net | 271 | 122 | 257 |
Net cash provided by / (used in) investing activities | (2,011) | (3,824) | (3,759) |
Financing activities: | |||
Proceeds from mandatorily convertible subordinated notes | 1,237 | 0 | 0 |
Acquisition of non-controlling interests | 0 | 0 | (68) |
(Payments)/ proceeds from put and call option on shares | (135) | 0 | 115 |
Proceeds from short-term debt | 430 | 600 | 2,319 |
Proceeds from long-term debt | 323 | 5,772 | 1,138 |
Payments of short-term debt | (1,503) | (1,811) | (2,871) |
Payments of long-term debt | (1,645) | (3,299) | (798) |
Equity offering | 740 | 0 | 0 |
Share buyback | (500) | (90) | (226) |
Dividends paid (includes 181, 129 and 119 of dividends paid to non-controlling shareholders in 2020, 2019 and 2018, respectively) | (181) | (332) | (220) |
Payment of principal portion of lease liabilities and other financing activities | (264) | (326) | (78) |
Net cash provided by / (used in) financing activities | (1,498) | 514 | (689) |
Net increase (decrease) in cash and cash equivalents | 573 | 2,707 | (252) |
Effect of exchange rate changes on cash | 163 | (22) | (140) |
Cash and cash equivalents: | |||
At the beginning of the year | 4,867 | 2,172 | 2,574 |
Reclassification of the period-end cash and cash equivalents (to) from held for sale | (3) | 10 | (10) |
At the end of the year | $ 5,600 | $ 4,867 | $ 2,172 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of cash flows [abstract] | |||
Cash disposed | $ 7 | $ 38 | $ 1 |
Cash acquired from acquisition | 0 | 3 | 13 |
Dividends paid to non-controlling shareholders | $ 181 | $ 129 | $ 119 |
ACCOUNTING PRINCIPLES
ACCOUNTING PRINCIPLES | 12 Months Ended |
Dec. 31, 2020 | |
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 8, 2021 by the Company’s Board of Directors. 1.1 Basis of presentation 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. 1.3.1 Adoption of new IFRS standards, amendments and interpretations applicable from January 1, 2020 On January 1, 2020, the Company adopted the following amendments which did not have a material impact on the consolidated financial statements of the Company: • Revised "Conceptual Framework for Financial Reporting" published by the IASB on March 29, 2018, which includes revised definitions of an asset and a liability as well as new guidance on measurement and derecognition, presentation and disclosure and must be applied retrospectively unless retrospective application would be impracticable or involve undue cost or effort. • Amendments to IFRS 3 "Business Combinations" issued by the IASB on October 22, 2018, which include 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. • Amendments to IAS 1 "Presentation of Financial Statements" and IAS 8 "Accounting Policies, Changes in Accounting Estimates and Errors" issued by the IASB on October 31, 2018 to clarify the definition of ‘material’ and to align the definition used in the Conceptual Framework and the standards themselves. • Interest Rate Benchmark Reform, amendments to IFRS 9, IAS 39 and IFRS 7 published by the IASB on September 26, 2019. These amendments provide relief from the specific hedge accounting requirements and must be applied retrospectively, 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. On June 1, 2020, the Company adopted the amendment to IFRS 16 "Leases" issued by the IASB on May 28, 2020 addressing COVID-19 related rent concessions. The amendment allows entities to elect, as a practical expedient and if certain criteria are met, not to assess whether a rent concession is a lease modification, therefore recognizing the change in lease expense immediately in the statement of profit or loss. ArcelorMittal elected to apply the practical expedient and applied it retrospectively in accordance with IAS 8, without any restatement of prior period figures. The amendment did not have a material impact on the consolidated financial statements of the Company. 1.3.2 New IFRS standards, amendments and interpretations applicable from 2021 onward On May 18, 2017, the IASB issued IFRS 17 "Insuran ce 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. On June 25, 2020, the IASB issued amendments to IFRS 17, including a deferral of the effective date to periods beginning on or after January 1, 2023 and should be applied retrospectively unless impracticable, 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 standard, amendments and related interpretations will have a material impact to its consolidated financial statements. On January 23, 2020, the IASB issued narrow-scope amendments to IAS 1 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. On July 15, 2020, the IASB postponed the effective date of the amendments. The amendments are effective for annual periods beginning on or after January 1, 2023 and are to be applied retrospectively, with early adoption permitted. On February 12, 2021, the IASB issued amendments to IAS 1 and IFRS Practice Statement 2. The amendments are intended to help preparers in deciding which accounting policies to disclose in their financial statements and gives further clarity on the materiality assessment of accounting policies. The amendments are effective for annual periods beginning on or after January 1, 2023 and are to be applied prospectively, with early adoption permitted.The Company does not expect that the adoption of these amendments will have a material impact to its consolidated financial statements. On May 14, 2020, the IASB issued the following narrow-scope amendments : • Amendments to IFRS 3 "Business Combinations" updated the reference to the Conceptual Framework for financial reporting, without changing the accounting requirements for business combinations. • Amendments to IAS 16 "Property, Plant and Equipment" prohibit deducting from the cost of an item of property, plant and equipment any proceeds from selling items produced while bringing that asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Instead, an entity recognizes the proceeds from selling such items and related cost in profit or loss. The amendments are applied retrospectively, • Amendments to IAS 37 "Provisions, Contingent Liabilities and Contingent Assets" clarify that the cost of fulfilling a contract comprises the costs a company includes when assessing whether a contract will be loss-making are costs that relate directly to the contract. Costs that relate directly to a contract can either be incremental costs of fulfilling that contract or an allocation of other costs that relate directly to fulfilling the contract. • Minor amendments as part of the Annual Improvements 2018-2020 to: • IFRS 1 "First-time Adoption of International Financial Reporting Standards" related to cumulative translation differences for a subsidiary as a first time user. • IFRS 9 "Financial Instruments" related to which fees an entity includes when it applies the ‘10 per cent’ test in assessing whether to derecognize a financial liability. ▪ IFRS 16 "Leases" removing the reimbursement of leasehold improvements by the lessor from illustrative example 13 in order to resolve any potential confusion regarding the treatment of lease incentives and ▪ IAS 41 "Agriculture" removing the requirement for entities to exclude taxation cash flows when measuring the fair value of a biological asset using a present value technique to ensure consistency with the requirements in IFRS 13. The Company does not expect that the adoption of these amendments will have a material impact to its consolidated financial statements which are effective for annual periods beginning on or after January 1, 2022. On June 25, 2020, the IASB issued amendments to IFRS 4 Insurance contracts" which provides an extension of the temporary exemption from applying IFRS 9 until January 1, 2023 in order to align with the effective date of IFRS 17 "Insurance Contracts". On August 27, 2020, the IASB published Phase 2 (Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16) of the Interest Rate Benchmark Reform. The amendments complement those issued in 2019 described above and focus on the effects on financial statements when a company replaces the old interest rate benchmark with an alternative benchmark rate as a result of the reform. The amendments in this final phase relate to: • changes to contractual cash flows—a company will not have to derecognize or adjust the carrying amount of financial instruments for changes required by the reform, but will instead update the effective interest rate to reflect the change to the alternative benchmark rate; • hedge accounting—a company will not have to discontinue its hedge accounting solely because it makes changes required by the reform, if the hedge meets other hedge accounting criteria; and • disclosures—a company will be required to disclose information about new risks arising from the reform and how it manages the transition to alternative benchmark rates. The amendments are effective for annual periods beginning on or after January 1, 2021 and are to be applied retrospectively, with early adoption permitted. The Company does not expect that the adoption of these amendments will have a material impact to its consolidated financial statements. On February 12, 2021, the IASB issued amendments to IAS 8. The amendments are intended to help entities distinguish between accounting policies and accounting estimates. The amendments are effective for annual periods beginning on or after January 1, 2023 and changes in accounting policies or accounting estimates on or after the start of that period with early adoption permitted. The Company does not expect that the adoption of these amendments will have a material impact to its consolidated financial statements. |
SCOPE OF CONSOLIDATION
SCOPE OF CONSOLIDATION | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2018 | |
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. Associates 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. 2.2.1 List of subsidiaries The table below provides a list of the Company’s principal operating subsidiaries at December 31, 2020. 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 1 United States Sold 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. ("Acindar") Argentina 100.00% Europe ArcelorMittal France S.A.S. France 100.00% ArcelorMittal Belgium N.V. Belgium 100.00% ArcelorMittal España S.A. Spain 99.85% ArcelorMittal Flat Carbon Europe S.A. Luxembourg 100.00% ArcelorMittal 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. 2 Italy 100.00% 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 December 9, 2020, the Company completed the sale of ArcelorMittal USA (see note 2.3.1). 2. On December 10, 2020, the Company signed a binding agreement with Invitalia, an Italian state-owned company, forming a public-private joint venture between the parties. As a result, the carrying amount of the assets and liabilities of ArcelorMittal Italia was classified as held for sale and the Company's investment in ArcelorMittal Italia will be accounted for under the equity method upon closing of the first investment (expected in the first quarter of 2021) (see note 2.3.2). 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") which changed by 36.1% and 54.7% for the year ended December 31, 2020 and 2019, respectively, for this purpose. As a result of the inflation-related adjustments on non-monetary items, a gain of 30 and 64 was recognized in net financing costs for the year ended December 31, 2020 and 2019, 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. 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. 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. 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 was 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. The put option was subsequently exercised in December 2020 simultaneous to the signing of an investment agreement, see note 2.3.2. 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 CO2 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 included 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). Following the signing of an investment agreement in December 2020, the carrying amounts of ArcelorMittal Italia's assets and liabilities were classified as held for sale as of December 31, 2020, see note 2.3.2. 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. 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 Consideration paid, net 46 — 52 Consideration payable 5 328 1,490 Goodwill/(bargain purchase gain) 6 32 (181) 2.3.1 Divestments Divestment in 2020 On December 9, 2020, the Company completed the sale of 100% of the shares of ArcelorMittal USA, ArcelorMittal Princeton and ArcelorMittal Monessen, their subsidiaries and certain other subsidiaries as well as the joint operations of Hibbing Taconite Mines, Double G Coatings and I/N Tek and the joint venture I/N Kote, together the “ ArcelorMittal USA Divestment Business” to Cleveland-Cliffs Inc. (“Cleveland-Cliffs”) for a combination of cash and shares. ArcelorMittal retained certain intellectual property assets and office space. In addition, Nippon Steel Corporation ("NSC"), the co-shareholder of I/N Tek and I/N Kote simultaneously exited from such entities, which were transferred in full to Cleveland-Cliffs. The consideration (net of transaction fees of 21 and estimated working capital adjustment of 50) was 2,219 and included: • Cash of 509 (497 net of 7 cash disposed of and 5 transaction fees paid) subject to a working capital adjustment; • 78,186,671 common shares of Cleveland-Cliffs with value of 1,020 and representing a 16% stake in Cleveland-Cliffs; and • 583,273 non-voting preferred shares redeemable, at Cleveland-Cliff's option, for 58,327,300 of its common shares with a value of 761 or an equivalent amount in cash. In addition, Cleveland-Cliffs assumed certain liabilities of the ArcelorMittal USA Divestment Business, including pensions and other post-employment benefit liabilities net of pension fund assets with a carrying amount of 3.2 billion in ArcelorMittal's consolidated statement of financial position upon disposal. The resulting net gain on disposal was 1,460. The ArcelorMittal USA Divestment Business was part of the NAFTA reportable segment. Immediately prior to classification as held for sale as of September 30, 2020, the Company assessed whether there was an indication that the impairment loss recognized in 2019 may have decreased. The Company calculated the fair value less cost of disposal using a market approach with market multiples derived from comparable transactions, a Level 3 unobservable input. As a result, the Company reversed 660, in cost of sales, of impairment charges of property, plant and equipment previously recognized. The Company allocated 672 of the NAFTA segment goodwill to the disposal group based on the relative values of the operations disposed of and the portion of the group of cash-generating units retained. 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 was 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. 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. The table below summarizes the significant divestments: 2020 2019 2018 ArcelorMittal USA Divestment Business Global Chartering Limited ArcelorMittal Italia remedies Frýdek Místek Votorantim remedies Cash and cash equivalents 7 — — — — Other current assets 2,105 14 1,386 48 40 Goodwill and intangible assets 684 — — — — Property, plant and equipment 3,341 517 178 35 48 Other assets 166 21 11 — — Total assets 6,303 552 1,575 83 88 Current liabilities 1,604 229 1,046 31 4 Other long-term liabilities 3,938 311 241 4 — Total liabilities 5,542 540 1,287 35 4 Total net assets 761 12 288 48 84 Assigned receivables — — 404 — — % of net assets sold 100 % 50 % 100 % 100 % 100 % Total net assets disposed of 761 6 692 48 84 Consideration 2,219 (4) 518 39 26 Consideration receivable — 6 174 10 58 Reclassification of foreign exchange and other reserves 2 33 72 15 — Gain on disposal 1,460 29 72 16 — 2.3.2 Assets held for sale On March 4, 2020, ArcelorMittal executed an amendment (the “Amendment Agreement”) to the original lease agreement with the Ilva Commissioners with a conditional obligation to purchase the former Ilva business units ("ArcelorMittal Italia") in an extraordinary administration insolvency procedure. The Amendment Agreement outlined the terms for a significant equity investment by an Italian state-sponsored entity, thereby forming the basis for an important new partnership between ArcelorMittal and the Italian government, with the investment agreement to be executed by November 30, 2020. The Amendment Agreement also provided for a 50% reduction in the quarterly rental payments payable by ArcelorMittal, with the balance being due upon closing of the purchase obligation. On December 10, 2020, the Company entered into an investment agreement with Invitalia - Agenzia nazionale per l'attrazione degli investimenti e lo sviluppo d'impresa S.P.A (“Invitalia”), the party designated by the Italian government to be the government-sponsored investor as contemplated in the Amendment Agreement, in order to create a partnership between Invitalia and the Company to support the completion of the purchase obligation. On December 14, 2020, ISP exercised its put option for €111 million (135) to sell its share in ArcelorMittal Italia to the Company and the liability it had recognized upon acquisition of ArcelorMittal Italia was derecognized (see note 2.2.4). The investment agreement includes two capital increases: • The first investment of €400 million which was contractually expected to be completed by the end of February following EU antitrust authorization on January 28, 2021 is currently expected to be made in the first qu | 2.4.1 Joint ventures The following tables summarize the latest available financial information and reconcile it to the carrying value of each of the Company’s material joint ventures, as well as the income statement of the Company’s material joint ventures: December 31, 2020 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, 2020 60.00 % 50.00 % 50.00 % 50.00 % 50.00 % Current assets 3,528 1,236 252 175 510 5,701 of which cash and cash equivalents 1,137 53 77 43 82 1,392 Non-current assets 5,745 1,261 669 570 257 8,502 Current liabilities 657 805 511 180 283 2,436 of which trade and other payables and provisions 524 138 232 132 271 1,297 Non-current liabilities 5,604 662 23 226 127 6,642 of which trade and other payables and provisions 67 — — 26 47 140 Net assets 3,012 1,030 387 339 357 5,125 Company's share of net assets 1,807 515 194 170 179 2,865 Adjustments for differences in accounting policies and other 149 24 — — (32) 141 Carrying amount in the statements of financial position 1,956 539 194 170 147 3,006 Revenue 3,992 2,693 1,001 420 1,055 9,161 Depreciation and amortization (371) (61) (41) (48) (24) (545) Interest income 43 — 1 — 1 45 Interest expense (135) (33) (16) (8) (12) (204) Income tax benefit (expense) 318 — (6) (2) (17) 293 Profit (loss) from continuing operations 472 9 47 7 29 564 Other comprehensive income (loss) (98) — — 6 (4) (96) Total comprehensive income (loss) 374 9 47 13 25 468 Cash dividends received by the Company — 58 — — 9 67 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, 2020; voting interest was 48.01% at December 31, 2020. 3. The non-current liabilities include 39 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 primarily to transaction costs incurred to set up the joint venture and the fair value of the guarantee of the joint venture's debt (see note 9.4). 6. Includes AMNS Luxembourg, AMNS India and intermediate holding entities. December 31, 2019 Joint Ventures AMNS India Calvert VAMA Tameh Borçelik Place of incorporation and operation 1 India United States China Poland Turkey Principal Activity Flat carbon steel manufacture 5,6 Automotive steel finishing Automotive steel finishing Energy production and supply Manufacturing and sale of steel 2,3,4 Total 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. AMNS India On December 11, 2019, following the unconditional approval received by the Indian Supreme Court of ArcelorMittal's acquisition plan ("the Resolution Plan") for Essar Steel India Limited ("ESIL") subsequently renamed AMNS India Limited ("AMNS India") on November 15, 2019, ArcelorMittal and Nippon Steel Corporation ("NSC"), Japan’s largest steel producer and the third largest steel producer in the world, created a joint venture to own and operate AMNS India with ArcelorMittal holding a 60% interest and NSC holding 40% in accordance with the second amended joint venture formation agreement signed as of December 8, 2019. Through the agreement, both ArcelorMittal and NSC are guaranteed equal board representation and participation in all significant financial and operating decisions. The group has therefore determined that it does not control the entity, even though it holds 60% of the voting rights. ArcelorMittal and NSC contributed their respective initial equity funding of 1,362 and 891 into AMNS Luxembourg Holding S.A. ("AMNS Luxembourg"), the parent company of the joint venture. ArcelorMittal's 60% interest is accounted for under the equity method. ArcelorMittal also transferred 360 cash proceeds (of which 293 was recognized in 2019 and the remainder in 2018), including through a 193 equity contribution, into the joint venture following hedging programs entered into to hedge the volatility between the Indian Rupee and the U.S. dollar in relation to the acquisition of AMNS India. The total cash proceeds included 353 designated as cash flow hedge gains and the Company reflected in retained earnings NSC's 40% entitlement in the amount of 141 in accordance with the final joint venture formation agreement. On December 16, 2019, AMNS Luxembourg completed the acquisition of AMNS India. ArcelorMittal and NSC financed the joint venture for the acquisition of AMNS India through a combination of partnership equity of 2,253 and debt of 3,679 including 2,204 drawn by the joint venture under the 7 billion term facility agreement (see note 6.1.2) and 1,475 shareholder loan from NSC. The joint venture accounted for the acquisition of AMNS India as a business combination. The joint venture completed its purchase price accounting during 2020. AMNS India is an integrated flat steel producer, and the largest steel company in western India. AMNS India’s main steel manufacturing facility is located at Hazira, Gujarat in western India. It also has: – two iron ore beneficiation plants close to the mines in Kirandul and Dabuna, with slurry pipelines that then transport the beneficiated iron ore slurry to the pellet plants in the Kirandul-Vizag and Dabuna-Paradeep systems; – a downstream facility in Pune (including a pickling line, a cold rolling mill, a galvanizing mill, a color coating mill and a batch annealing plant); and – seven service centers in the industrial clusters of Hazira, Bhuj, Indore, Bahadurgarh, Chennai, Kolkata and Pune. It has a complete range of flat rolled steel products, including value added products, and significant iron ore pellet capacity with two main pellet plant systems in Kirandul-Vizag and Dabuna-Paradeep, which have the potential for expansion. Its facilities are located close to ports with deep draft for movement of raw materials and finished goods. The Resolution Plan which was approved for the acquisition of AMNS India included an upfront payment of 6.0 billion towards AMNS India’s debt resolution, with a further 1.1 billion of capital injection into AMNS India to support operational improvements, increase production levels and deliver enhanced levels of profitability. The Company provided a 0.6 billion performance guarantee in connection with the execution of the Resolution Plan, which terminated on December 31, 2019. In addition, the Resolution Plan includes a capital expenditure plan of 2.6 billion to be implemented in two stages over six years. In the context of the creation of the AMNS India joint venture, the Company transferred the Uttam Galva Steels Ltd. payments (see note 4.6) to the joint venture. ArcelorMittal and NSC financed such payments through a combination of equity contributions into the joint venture of 173 and 115, respectively, and debt of 597 including 367 drawn by the joint venture under the 7 billion term facility agreement and a 230 shareholder loan from NSC. The joint venture used such proceeds to repay the loan granted by ArcelorMittal for an amount of 680 on December 31, 2019. On February 13, 2020 and pursuant to the follow-on funding requirement in accordance with the second amended joint venture formation agreement, AMNS Luxembourg completed an additional equity injection into AMNS India of 840 mainly through an additional 475 drawn under the 7 billion term facility agreement and a 325 shareholder loan from NSC. On March 16, 2020, AMNS Luxembourg entered into a 5.1 billion ten-year term loan agreement with various Japanese banks which is guaranteed by ArcelorMittal and NSC in proportion to their interests in the joint venture.The proceeds of the loan were used on March 27, 2020 to refinance in full the amounts borrowed by the Company in connection with the acquisition of AMNS India, including the amounts borrowed under the 7 billion bridge term facilities agreement guaranteed by ArcelorMittal. On July 7, 2020, AMNS India acquired the Odisha Slurry Pipeline infrastructure Limited ("OSPIL") for a net consideration of 245 which secures an important infrastructure asset for raw material supply to the Hazira steel plant. On July 23, 2020, AMNS India commenced mining operations after having been selected preferred bidder for the Thakurani iron ore mine license with estimated reserves of approximately 85 million tonnes in Keonjhar district of Odisha following an auction process facilitated by the state government in February 2020. Macsteel On May 28, 2018, ArcelorMittal announced the sale of its 50% shareholding in Macsteel International Holdings B.V. (“Macsteel”), a joint venture between Macsteel Holdings Luxembourg S.à r.l. and ArcelorMittal South Africa, which provided the Company with an international network of traders and trading channels including the shipping of steel. The Company recorded a 132 impairment to adjust the carrying amount of the investment to the expected sale proceeds partially offset by a 142 gain following the recycling upon closing of the sale on October 31, 2018 of accumulated foreign exchange translation gains from other comprehensive income to income (loss) from investments in associates, joint ventures and other investments. The fair value measurement was determined using the contract price, a Level 3 unobservable input. VAMA Valin ArcelorMittal Automotive Steel (“VAMA”) is a joint venture between ArcelorMittal and Hunan Valin which produces steel for high-end applications in the automobile industry. VAMA supplies international automakers and first-tier suppliers as well as Chinese car manufacturers and their supplier networks. Calvert AM/NS Calvert ("Calvert"), a joint venture between the Company and NSC, is a steel processing plant in Calvert, Alabama, United States. Calvert had a 6-year agreement to purchase 2 million tonnes of slabs annually from ThyssenKrupp Steel USA ("TK CSA"), an integrated steel mill complex located in Rio de Janeiro, Brazil, using a market-based price formula. TK CSA had an option to extend the agreement for an additional 3 years on terms that are more favorable to the joint venture, as compared with the initial 6-year period. In December 2017 and in connection with the acquisition of TK CSA by Ternium S.A., the agreement was amended to (i) extend the term of the agreement to December 31, 2020, (ii) make a corresponding reduction in the annual slab purchase obligation so that the aggregate slab purchase obligation over the full term of the agreement remained the same and (iii) eliminate TK CSA’s extension option. The remaining slabs for Calvert's operations are sourced from ArcelorMittal plants in Brazil and Mexico and from ArcelorMittal USA, which following the divestment to Cleveland-Cliffs, entered on December 9, 2020 into a new five three extension unless either party provides notice of intent to terminate) for 1.5 million tonnes annually for the initial term and 0.55 million tonnes annually under the extension and which can be reduced with a six Tameh Tameh is a joint venture between ArcelorMittal and Tauron Group including four energy production facilities located in Poland and the Czech Republic. Tameh’s objective is to ensure energy supply to the Company’s steel plants in Poland and external customers in the Czech Republic as well as the utilization of steel plant gases for energy production processes. Borçelik Borçelik Çelik Sanayii Ticaret Anonim Şirketi ("Borçelik"), incorporated and located in Turkey, is a joint venture between ArcelorMittal and Borusan Holding involved in the manufacturing and sale of cold-rolled and galvanized flat steel products. 2.6 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, 2020 2019 2018 Share in net earnings of equity-accounted companies 430 252 567 Impairment charges (211) — (132) Gain (loss) on disposal — (4) 126 Dividend income 15 99 91 Total 234 347 652 For the year ended December 31, 2020, impairment charges of 211 related to DHS where the carrying value of the investment exceeded its fair value (see note 2.4.2). For the year ended December 31, 2019, the loss on disposal corresponded to the loss on dilution of the Company's interest in Baffinland (see note 2.4.2). For the year ended December 31, 2018, impairment charges included 132 relating to Macsteel in connection with the sale completed on October 31, 2018 (see note 2.4.1). |
SEGMENT REPORTING
SEGMENT REPORTING | 12 Months Ended |
Dec. 31, 2020 | |
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 as of December 31, 2020 was 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. On February 11, 2021, the Board of Directors of ArcelorMittal announced that Aditya Mittal became Chief Executive Officer of the Company (see note 13). 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 Canada, Mexico and the United States (on December 9, 2020, the Company divested ArcelorMittal USA see note 2.3.1). 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 South Africa, Ukraine and Kazakhstan; and • Mining comprises all mines owned by ArcelorMittal in the Americas (Canada, United States (prior to the divestment described in note 2.3.1), 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, 2020 Sales to external customers 13,373 5,548 27,989 4,898 1,451 11 — 53,270 Intersegment sales 2 224 723 82 609 3,302 13 (4,953) — Operating income (loss) 1,667 754 (1,444) 84 1,411 (263) (99) 2,110 Depreciation and amortization (449) (224) (1,413) (332) (500) (42) — (2,960) Impairment reversal (impairment) 660 — (527) — — — — 133 Capital expenditures 459 208 1,039 324 370 39 — 2,439 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 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, 2020 2019 2018 Operating (loss)/income 2,110 (627) 6,539 Income from investments in associates and joint ventures 234 347 652 Financing costs - net (1,256) (1,652) (2,210) (Loss) income before taxes 1,088 (1,932) 4,981 Income tax expense (benefit) 1,666 459 (349) Net (loss) income (including non-controlling interests) (578) (2,391) 5,330 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, 2020 2019 2018 Americas United States 1 9,991 15,238 16,271 Brazil 4,396 5,094 4,982 Canada 2,537 3,004 3,563 Mexico 1,707 1,941 1,970 Argentina 679 814 960 Others 872 1,195 1,322 Total Americas 20,182 27,286 29,068 Europe Germany 4,200 5,694 6,757 Poland 3,231 3,957 4,518 France 3,115 4,114 4,431 Spain 2,817 3,855 4,265 Italy 3,195 4,317 3,333 Czech Republic 752 1,244 1,782 Turkey 1,075 1,499 1,683 United Kingdom 966 1,434 1,471 Belgium 1,274 1,617 1,309 Netherlands 878 1,142 1,209 Russia 804 876 1,144 Romania 335 720 708 Ukraine 2 515 540 635 Others 3,148 4,359 5,018 Total Europe 26,305 35,368 38,263 Asia & Africa South Africa 1,366 2,260 2,742 Morocco 492 583 628 Egypt 103 309 206 Rest of Africa 619 1,278 1,257 China 1,622 676 608 Kazakhstan 425 470 496 South Korea 331 380 365 India 142 95 92 Rest of Asia 1,683 1,910 2,308 Total Asia & Africa 6,783 7,961 8,702 Total 53,270 70,615 76,033 1. On December 9, 2020, the Company completed the sale of ArcelorMittal USA. The sales of the operations disposed of were consolidated by ArcelorMittal until December 9, 2020, see note 2.3.1. 2. Ukraine is presented separately in 2020, due to the increased contribution. In prior periods Ukraine was included in others. The comparative periods are revised to align with the current presentation. Revenues from external customers attributed to the country of domicile (Luxembourg) were 114, 151 and 162 for the years ended December 31, 2020, 2019 and 2018, respectively. Non-current assets 1 per significant country: December 31, 2020 2019 Americas Canada 5,213 5,336 Brazil 3,330 4,254 United States 2 116 2,878 Mexico 1,457 1,408 Argentina 249 266 Venezuela 17 17 Others 18 16 Total Americas 10,400 14,175 Europe France 4,207 4,293 Germany 2,789 2,665 Belgium 2,712 2,695 Poland 2,546 2,508 Ukraine 2,154 2,674 Spain 2,058 1,920 Italy 3 15 1,488 Luxembourg 1,297 1,231 Bosnia and Herzegovina 189 188 Romania 56 62 Czech Republic 28 31 Others 191 165 Total Europe 18,242 19,920 Asia & Africa Kazakhstan 1,401 1,519 South Africa 528 568 Liberia 132 157 Morocco 102 92 Others 137 128 Total Asia & Africa 2,300 2,464 Unallocated assets 23,137 22,733 Total 54,079 59,292 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. On December 9, 2020, the Company completed the sale of ArcelorMittal USA assets (see note 2.3.1). 3. On December 10, 2020, the Company signed a binding agreement with Invitalia, an Italian state-owned company, to form a public-private partnership between the parties. As a result, the carrying amounts of the assets of ArcelorMittal Italia was classified as held for sale and will be accounted for under the equity method upon closing of the first investment (expected in the first quarter of 2021), see note 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, 2020 2019 2018 Flat products 31,584 43,633 46,734 Long products 11,117 13,706 15,751 Tubular products 1,343 2,044 2,158 Mining products 1,451 1,165 1,009 Others 7,775 10,067 10,380 Total 53,270 70,615 76,033 3.4 Disaggregated revenue Disaggregated revenue The tables below summarize the disaggregated revenue recognized from contracts with customers: Year ended December 31, 2020 NAFTA Brazil Europe ACIS Mining Others Total Steel sales 12,791 5,226 25,437 4,232 — — 47,686 Non-steel sales 1 76 47 621 319 1,412 — 2,475 By-product sales 2 83 82 553 90 — — 808 Other sales 3 423 193 1,378 257 39 11 2,301 Total 13,373 5,548 27,989 4,898 1,451 11 53,270 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 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, 2020 | |
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 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 357 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 these unsatisfied performance obligations as of December 31, 2020 to be recognized as revenue during 2021 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, 2020, 2019 and 2018. Year ended December 31, 2020 2019 2018 Trade accounts receivable and other - opening balance 3,569 4,432 3,863 Performance obligations satisfied 53,270 70,615 76,033 Payments received (53,194) (71,559) (75,387) Impairment of receivables (net of write backs and utilization) (16) 9 (8) Reclassification of the period-end receivables to held for sale and derecognition of receivable through business divestment (724) — (182) Acquisitions through business combination — 4 532 TSR receivables retained in ArcelorMittal USA divestment 1 260 — — Foreign exchange and others (93) 68 (419) Trade accounts receivable and other - closing balance 3,072 3,569 4,432 1. See note 6.1.3 4.2 Cost of sales Cost of sales includes the following components: Year ended December 31, 2020 2019 2018 Materials 34,599 47,809 46,842 Labor costs 7,690 9,094 9,206 Logistic expenses 3,474 4,951 4,974 Depreciation and amortization 2,960 3,067 2,799 Gain on bargain purchase 1 — — (209) Impairment reversal net of impairment (see note 5.3) (133) 1,927 994 Gain on AM USA disposal 2 (1,460) — — Other 2,008 2,039 2,419 Total 49,138 68,887 67,025 1. See note 2.2.4 2. See note 2.3.1 for details 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 it is 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 the collectibility can be clearly demonstrated. Uninsured trade receivables and the associated allowance are written off when ArcelorMittal has exhausted its recovery efforts and enforcement options. ArcelorMittal considered the continued impact of the COVID-19 pandemic on the economic environment in its risk of default assessment for receivables outstanding less than 180 days. Receivables aged 31 days or older and uninsured trade receivables remain consistent with historical levels and the Company did not identify any expected increased risk of default. Trade accounts receivable and allowance for lifetime expected credit losses December 31, 2020 2019 Gross amount 3,208 3,698 Allowance for lifetime expected credit losses (136) (129) Total 3,072 3,569 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, 2020 2019 NAFTA 1 454 285 Brazil 803 702 Europe 1,396 1,983 ACIS 184 523 Mining 235 76 Total 3,072 3,569 1. The increase in NAFTA trade receivables is due to the TSR receivables retained as part of the sale of ArcelorMittal USA, see note 4.1. Aging of trade accounts receivable December 31, December 31, 2020 2019 Gross Allowance Total Gross Allowance Total Not past due 2,699 (13) 2,686 2,851 (11) 2,840 Overdue 1-30 days 215 (1) 214 452 (2) 450 Overdue 31-60 days 49 (1) 48 85 (1) 84 Overdue 61-90 days 26 — 26 43 — 43 Overdue 91-180 days 42 (3) 39 67 (4) 63 More than 180 days 177 (118) 59 200 (111) 89 Total 3,208 (136) 3,072 3,698 (129) 3,569 The movements in the allowance are calculated based on lifetime expected credit loss model for 2020, 2019 and 2018. The allowances in respect of trade accounts receivable during the periods presented are as follows: Year ended December 31, 2020 2019 2018 Allowance - opening balance 129 173 193 Additions 27 18 35 Write backs / utilization (11) (27) (29) Foreign exchange and others (9) (35) (26) Allowance - closing balance 136 129 173 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 recognizes 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 being 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 1,079 and 1,760 as of December 31, 2020 and 2019, respectively, are comprised of the following: December 31, 2020 2019 Finished products 3,403 5,821 Production in process 3,305 4,165 Raw materials 3,839 5,101 Manufacturing supplies, spare parts and other 1 1,781 2,209 Total 12,328 17,296 1. Including spare parts of 1.4 billion and 1.6 billion, and manufacturing and other of 0.4 billion and 0.6 billion as of December 31, 2020 and 2019, respectively. Movements in the inventory reserve are as follows: Year ended December 31, 2020 2019 2018 Inventory reserve - opening balance 1,760 1,168 1,239 Additions 1 294 726 423 Deductions / Releases 2 (878) (212) (382) Foreign exchange and others (97) 78 (112) Inventory reserve - closing balance 1,079 1,760 1,168 1. Additions in 2020 and 2019 refer to write-downs of inventories excluding those utilized or written back during the same financial year and the additions in 2018 refer to write-downs of inventories including those utilized or written back during the same financial year. 4.5 Prepaid expenses and other current assets December 31, 2020 2019 VAT receivables 752 941 Prepaid expenses and non-trade receivables 486 696 Financial amounts receivable 94 350 Income tax receivable 51 102 Receivables from public authorities 143 137 Receivables from sale of financial and intangible assets 78 153 Derivative financial instruments 353 268 Other 1 324 109 Total 2,281 2,756 1. Other includes mainly advances to employees, accrued interest, CO2 emission rights held as current assets as of December 31, 2020 of 219 and other miscellaneous receivables. 4.6 Other assets Other assets consisted of the following: December 31, 2020 2019 Derivative financial instruments 324 130 Financial amounts receivable 503 594 Long-term VAT receivables 156 285 Cash guarantees and deposits 86 164 Receivables from public authorities 41 51 Accrued interest 30 65 Receivables from sale of financial and intangible assets 172 131 Income tax receivable 18 25 Other 1 152 203 Total 1,482 1,648 1. Other mainly includes assets in pension funds and other amounts receivable. 4.8 Accrued expenses and other liabilities Accrued expenses and other liabilities are comprised of the following as of: December 31, 2020 2019 Accrued payroll and employee related expenses 1,238 1,560 Accrued interest and other payables 1,151 927 Payable from acquisition of intangible, tangible & financial assets 1 847 1,559 Other amounts due to public authorities 680 507 Derivative financial instruments 2 208 308 Unearned revenue and accrued payables 73 49 Total 4,197 4,910 1. Payables from acquisition of intangible, tangible & financial assets decreased primarily due to the divestment of ArcelorMittal USA and classification of ArcelorMittal Italia as assets held for sale at December 31, 2020. See note 2.3.1 and 2.3.2. 2. Derivative financial instruments included 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. The put option was exercised in December 2020 (see note 2.2.4). |
GOODWILL, INTANGIBLE AND TANGIB
GOODWILL, INTANGIBLE AND TANGIBLE ASSETS | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020 2019 Goodwill on acquisitions 3,992 5,104 Concessions, patents and licenses 190 197 Customer relationships and trade marks 90 95 Other 40 36 Total 4,312 5,432 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, 2019 Divestments and assets held for sale 1 Foreign exchange differences and other movements December 31, 2020 NAFTA 2,233 (672) 5 1,566 Brazil 1,353 — (284) 1,069 Europe 545 (45) 40 540 ACIS 973 — (156) 817 Total 5,104 (717) (395) 3,992 1. See notes 2.3.1 and 2.3.2 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 (“CO2”) emission rights, effective as of January 1, 2005, are located primarily in Belgium, France, Germany, Luxembourg, Poland, Spain and Italy. In Ontario, Canada, ArcelorMittal's operations are currently subject to output based pricing system regulations, effective from January 1, 2019 until the newly accepted Ontario province program (Emissions Performance Standards) is transitioned (expected to be effective January 1, 2022 or retroactively to January 1, 2021). In South Africa, a CO2 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, 2018 745 1,128 443 2,316 Acquisitions 17 — 65 82 Acquisitions through business combinations (note 2.2.4) — 12 — 12 Disposals — — (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 Acquisitions 17 — 35 52 Disposal (8) — (2) (10) Divestment (note 2.3.1) (251) (9) — (260) Foreign exchange differences 16 24 11 51 Transfers to assets held for sale (note 2.3) (12) — (11) (23) Transfers and other movements 1 37 — — 37 Fully amortized intangible assets 2 (29) — — (29) At December 31, 2020 400 1,148 180 1,728 Accumulated amortization and impairment losses 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 Disposals (7) — — (7) Divestment (note 2.3.1) (239) (9) — (248) Amortization charge 47 10 30 87 Impairment charge (note 5.3) 4 — — 4 Foreign exchange differences 17 19 8 44 Transfers to assets held for sale (note 2.3) (12) — (9) (21) Transfers and other movements 1 (4) — — (4) Fully amortized intangible assets 2 (29) — — (29) At December 31, 2020 210 1,058 140 1,408 Carrying amount At December 31, 2019 197 95 36 328 At December 31, 2020 190 90 40 320 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 note 7). 2. Fully amortized assets correspond mainly to licenses in 2020 and 2019. 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 64 years Auxiliary facilities 15 to 60 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 fixed assets and determined there were no material changes to the useful lives of property, 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, 2018 10,879 44,062 4,363 — 3,901 63,205 Adoption of IFRS 16 (note 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 Additions 27 172 1,857 233 23 2,312 Foreign exchange differences 621 1,121 (129) 36 (130) 1,519 Disposals (62) (630) (19) — (4) (715) Divestments (note 2.3.1) (858) (8,559) (261) (449) (766) (10,893) Transfers to assets held for sale (note 2.3.2) (461) (1,911) (612) (89) — (3,073) Other movements 1 574 1,778 (2,363) (225) 48 (188) At December 31, 2020 10,738 36,599 3,963 1,598 3,284 56,182 Accumulated depreciation and impairment At December 31, 2018 3,113 20,838 981 — 2,635 27,567 Adoption of IFRS 16 (note 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 Depreciation charge for the year 338 2,188 — 212 135 2,873 Impairment charges/ (reversal) (note 5.3) 111 (280) 29 3 — (137) Disposals (40) (591) (7) — (3) (641) Foreign exchange differences 424 1,189 8 8 (102) 1,527 Divestments (note 2.3.1) (527) (6,002) (5) (300) (718) (7,552) Transfers to assets held for sale (note 2.3.2) (163) (1,045) (13) (9) — (1,230) Other movements 1 177 (212) (9) (212) (13) (269) At December 31, 2020 3,808 18,136 994 559 2,063 25,560 Carrying amount At December 31, 2019 7,409 21,739 4,499 1,235 1,349 36,231 At December 31, 2020 6,930 18,463 2,969 1,039 1,221 30,622 1. Other movements predominantly represent transfers from construction in progress to other categories and retirement of fully depreciated assets. In 2019, other movements 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 45 and 59 as of December 31, 2020 and 2019, respectively, and bearer plants of 29 and 38 as of December 31, 2020 and 2019, 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, 2020 and 2019 was 246 and 332 including 170 and 228 in Brazil, 31 and 14 in NAFTA, 37 and 88 in the Europe segment and 9 and 2 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 12 and 47 at December 31, 2020 and 2019, 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 Net impairment (reversals)/charges recognized were as follows: Year ended December 31, Type of asset 2020 2019 2018 Goodwill — — 34 Tangible assets (133) 1,927 960 Total (133) 1,927 994 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. 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 2020 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 $67 per tonne to $100 per tonne for iron ore and $142 per tonne to $149 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. The Company considered its exposure to certain climate-related risks which could affect its estimates of future cash flow projections applied for the determination of the recoverable amount of its GCGUs and CGUs. With the switch to electric vehicles and the move to wind and solar power generation, the Company sees additional opportunities as customers deepen their understanding of embedded and lifecycle emissions of the materials where steel compares favorably. ArcelorMittal's most substantial climate-related policy risk is the EU Emissions Trading scheme ("'ETS"), which applies to all its European plants. The risk concerns the Company's primary steelmaking plants which are exposed to this regulation and yet unprotected against competition from imported steel. The Company is committed to the objectives of the Paris agreement and announced its ambition to reduce carbon emissions by 30% in Europe by 2030 and achieve group-wide carbon neutrality by 2050. These announced goals would require significant long-term investments that are conditioned by outstanding requirements such as a global level playing field, access to abundant and affordable clean energy, facilitating necessary energy infrastructure, access to sustainable finance for low-emissions steelmaking and accelerated transition to a circular economy. Therefore, given the uncertainties around these requirements, as per the Company's best estimate, the above-mentioned significant long-term investments should not be included in the Company’s assumptions for future cash flows of the recoverable amount of its GCGUs and CGUs. At the same time, the Company is engaged in developing in the near to medium term a range of low-emission technologies for the transition to decarbonized steel including the Smart Carbon route and the Hydrogen-DRI route and required investments are considered either in the Company's future cash flow projections or in the context of joint ventures, as an element of the Company's best estimate of capital expenditures which are committed and / or being implemented. Additionally, the Company’s assumptions for future cash flows include an estimate for costs that the Company expects to incur to acquire emission allowances, which primarily impacts the flat steel operations in Europe. The assumption for carbon emission cost is based on historical experience, expected opportunities to mitigate or otherwise offset such future costs and information available of future changes. Due to economic developments, uncertainties over the pace of transition to low-emission technologies, political and environmental actions that will be taken to meet the carbon reduction goals, regulatory changes and emissions activity arising from climate-related matters, the Company’s assumptions used in the recoverable amount calculations, such as capital expenditure, carbon emission costs and other assumptions are inherently uncertain and may ultimately differ from actual amounts. The assumptions used in the value in use calculations are inherently uncertain in the context of the COVID-19 pandemic and require management judgment. The Company's process includes specific consideration given to the most recent short, medium and long-term price forecasts and discount rates consistent with external information, expected production and shipment volumes and updated development plans, operating costs and capital expenditure plans. The Company does not believe that the COVID-19 pandemic has structurally altered the long-term outlook of operations and subject to certain differences by geographical areas, ArcelorMittal expects shipments to return to pre-COVID-19 levels by 2022 with the benefit from a favorable supply demand balance following a prolonged period of destocking. Operating margins are expected to be restored in 2021 with the benefit of improved selling prices and structural cost improvements sustained from the Company's response to the COVID-19 crisis. Management estimates discount rates using pre-tax rates that reflect current market rates for investments of similar risk. The rate for each CGU, including beta, cost of debt and capital structure 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 and CGU specific country risk premiums were applied. GCGU weighted average pre-tax discount rates were as follows in 2020 and 2019: NAFTA Brazil Europe ACIS GCGU weighted average pre-tax discount rate used in 2020 (in %) 10.5 15.9 8.5 14.6 GCGU weighted average pre-tax discount rate used in 2019 (in %) 10.8 15.0 9.1 14.5 Once recognized, impairment losses for goodwill are not reversed. There were no impairment charges recognized with respect to goodwill following the Company’s impairment tests as of October 1, 2020 and October 1, 2019. The total value in use calculated for all GCGUs remained relatively stable overall in 2020 as compared to 2019. 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 2020, the Company did not identify any reasonably possible change in key assumptions which could cause an impairment loss to be recognized for any of its GCGUs. 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 fair value less cost of disposal 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, 2020, the Company determined it has 53 cash-genera |
FINANCING AND FINANCIAL INSTRUM
FINANCING AND FINANCIAL INSTRUMENTS | 12 Months Ended |
Dec. 31, 2020 | |
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, other restricted funds 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) 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, 2020: December 31, 2020 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 5,600 — 5,600 — — — Restricted cash and other restricted funds 363 — 363 — — — Trade accounts receivable and other 3,072 — 2,699 — 373 — Inventories 12,328 12,328 — — — — Prepaid expenses and other current assets 2,281 910 1,018 — — 353 Assets held for sale 4,329 3,384 945 — — — Total current assets 27,973 16,622 10,625 — 373 353 Non-current assets: Goodwill and intangible assets 4,312 4,312 — — — — Property, plant and equipment and biological assets 30,622 30,577 — 45 — — Investments in associates and joint ventures 6,817 6,817 — — — — Other investments 2,980 — — — 2,980 — Deferred tax assets 7,866 7,866 — — — — Other assets 1,482 237 785 136 — 324 Total non-current assets 54,079 49,809 785 181 2,980 324 Total assets 82,052 66,431 11,410 181 3,353 677 LIABILITIES AND EQUITY Current liabilities: Short-term debt and current portion of long-term debt 2,507 — 2,507 — — — Trade accounts payable and other 11,525 — 11,525 — — — Short-term provisions 935 919 16 — — — Accrued expenses and other liabilities 4,197 1,160 2,829 — — 208 Income tax liabilities 464 464 — — — — Liabilities held for sale 3,039 709 2,330 — — — Total current liabilities 22,667 3,252 19,207 — — 208 Non-current liabilities: Long-term debt, net of current portion 9,815 — 9,815 — — — Deferred tax liabilities 1,832 1,832 — — — — Deferred employee benefits 4,656 4,656 — — — — Long-term provisions 1,697 1,691 6 — — — Other long-term obligations 1,148 354 698 — — 96 Total non-current liabilities 19,148 8,533 10,519 — — 96 Equity: Equity attributable to the equity holders of the parent 38,280 38,280 — — — — Non-controlling interests 1,957 1,957 — — — — Total equity 40,237 40,237 — — — — Total liabilities and equity 82,052 52,022 29,726 — — 304 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 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, 2020 Level 1 Level 2 Level 3 Total Assets at fair value: Investments in equity instruments at FVOCI 2,934 — 46 2,980 Trade accounts receivable and other subject to TSR programs* — — 373 373 Derivative financial current assets — 353 — 353 Derivative financial non-current assets — 265 59 324 Total assets at fair value 2,934 618 478 4,030 Liabilities at fair value: Derivative financial current liabilities — 208 — 208 Derivative financial non-current liabilities — 96 — 96 Total liabilities at fair value — 304 — 304 *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, 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. Investments in equity instruments at FVOCI classified as Level 1 refer to listed securities quoted in active markets. A quoted market price in an active market provides the most reliable evidence of fair value and is used without adjustment to measure fair value whenever available, with limited exceptions. The total fair value is either the price of the most recent trade at the time of the market close or the official close price as defined by the exchange on which the asset is most actively traded on the last trading day of the period, multiplied by the number of units held without consideration of transaction costs. The increase in investments in equity instruments at FVOCI in 2020 is mainly related to the Company's interest acquired in Cleveland-Cliffs following the sale of ArcelorMittal USA (see note 2.3.1). 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. 6.1.3 Cash and cash equivalents, restricted cash and other restricted funds 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. Cash and cash equivalents are primarily centralized at the parent level and are managed by ArcelorMittal Treasury SNC, although from time to time cash or cash equivalent balances may be held at the Company’s international subsidiaries or its holding companies. 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, 2020 2019 Cash at bank 3,487 3,443 Term deposits 393 246 Money market funds 1 1,720 1,178 Total 5,600 4,867 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. 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- Long-term debt, net of current portion Short-term debt and current portion of long term debt Balance as of December 31, 2018 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) 1 (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 Proceeds from long-term debt 323 — Payments of long-term debt (1,645) — Amortized cost 8 7 Unrealized foreign exchange effects 563 115 Proceeds from short-term debt — 430 Payments of short-term debt — (1,503) Current portion of long-term debt (860) 860 Payments of principal portion of lease liabilities (note 7) 1 (7) (235) Additions to lease liabilities (notes 5.2 and 7) 195 38 Derecognition of lease liabilities following the divestment of ArcelorMittal USA (note 2.3.1) (208) (70) Debt classified as held for sale (note 2.3.2) (21) (3) Other movements (4) (1) Balance as of December 31, 2020 (note 6.1.2) 9,815 2,507 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. 6.1.4 Net debt 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, 2020 and December 31, 2019: As of December 31, 2020 Total USD EUR USD CAD PLN UAH Other Short-term debt and current portion of long-term debt 2,507 1,283 765 172 19 46 222 Long-term debt, net of current portion 9,815 5,775 3,567 91 239 17 126 Cash and cash equivalents, restricted cash and other restricted funds (5,963) (2,637) (2,236) (35) (152) (19) (884) Net debt 6,359 4,421 2,096 228 106 44 (536) 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 and restricted cash (4,995) (2,986) (1,383) (2) (64) (32) (528) Net debt 9,345 5,220 3,619 231 195 248 (168) 6.1.5 Derivative financial instruments The Company uses derivative financial instruments principally to manage its exposure to fluctuations in interest rates, exchange rates, prices of raw materials, energy and emission rights allowances arising from operating, financing and investing activities. Derivative financial instruments are classified as current or non-current assets or liabilities based on their maturity dates and are accounted for at the trade date. Embedded derivatives are separated from the host contract and accounted for separately if they are not closely related to the host contract. The Company measures all derivative financial instruments based on fair values derived from market prices of the instruments or from option pricing models, as appropriate. Gains or losses arising from changes in fair value of derivatives are recognized in the consolidated statements of operations, except for derivatives that are 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. Derivative financial instruments classified as Level 2: The following tables summarize this portfolio: December 31, 2020 Assets Liabilities Notional Amount Fair Value Notional Amount Fair Value Interest rate instruments Other interest rate instruments 22 — 10 — Total interest rate instruments — — Foreign exchange rate instruments Forward purchase contracts 356 2 2,199 (113) Forward sale contracts 847 24 371 (19) Currency swaps purchase 260 36 — — Exchange option purchases 2,938 18 1,176 (15) Exchange options sales 2,960 26 1,208 (23) Total foreign exchange rate instruments 106 (170) Raw materials (base metals), freight, energy, emission rights Term contracts sales 567 38 370 (46) Term contracts purchases 1,673 473 854 (87) Options sales/purchases 47 1 48 (1) Total raw materials (base metals), freight, energy, emission rights 512 (134) Total 618 (304) 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) Option sales/purchases 12 6 10 (6) Total raw materials (base metals), freight, energy, emission rights 152 (155) Total 271 (245) Derivative financial assets and liabilities classified as Level 2 refer to instruments to hedge fluctuations in interest rates, foreign exchange rates, raw materials (base metals), freight, energy and emission rights. The total fair value is based on the price a dealer would pay or receive for the security or similar securities, adjusted for any terms specific to that asset or liability. Market inputs are obtained from well-established and recognized vendors of market data and the fair value is calculated using standard industry models based on significant observable market inputs such as foreign exchange rates, commodity prices, swap rates and interest rates. Derivative financial instruments classified as Level 3: Derivative financial non-current assets classified as Level 3 refer to the call option on the 1,000 mandatory convertible bonds (see note 11.2). The fair valuation of Level 3 derivative instruments is established at each reporting date and compared to the prior period. ArcelorMittal’s valuation policies for Level 3 derivatives are an integral part of its internal control procedures and have been reviewed and approved according to the Company’s principles for establishing such procedures. In particular, such procedures address the accuracy and reliability of input data, the accuracy of the valuation model and the knowledge of the staff performing the valuations. ArcelorMittal establishes the fair valuation of the call option on the 1,000 mandatory convertible bonds through the use of binomial valuation models based on the estimated values of the underlying equity spot p rice of $141 and volatility of 16%. Binomial valuation models use an iterative procedure to price options, allowing for the specification of nodes, or points in time, during the time span between the valuation date and the option’s expiration date. In contrast to the Black-Scholes model, which provides a numerical result based on inputs, the binomial model allows for the calculation of the asset and the option for multiple periods along with the range of possible results for each period. Observable input data used in the valuations include zero coupon yield curves, stock market price of China Oriental (2019: China Oriental and Erdemir), European Central Bank foreign exchange fixing rates and Libor interest rates. Unobservable inputs are used to measure fair value to the extent that relevant observable inputs are not available. Specifically, the Company computed unobservable volatility data during 2020 based mainly on the movement of China Oriental stock market prices observable in the active market over 90 working days, which is particularly sensitive for the valuation resulting from the model. Following the repayment of notes issued by subsidiaries to the Company which were linked to the value of Erdemir shares in 2019 as described in note 11.2, the unobservable volatility data from the movement of Erdemir shares does no longer impact the valuation. A 10% increase or decrease in Hera Ermac share prices would result in a 156% and 92% increase and decrease of the fair value of the call option at December 31, 2020, respectively. Derivative financial liabilities classified as Level 3 as of December 31, 2019 included the put option granted to ISP in the context of the acquisition of ArcelorMittal Italia. The put option was exercised in December 2020 simultaneously to the signing of an investment agreement (see note 2.2.4). The option exercise price was determined as the higher of a reference operating income projection and the net present value of ISP's initial €100 million equity contribution bearing interest at a contractually agreed rate at the put option exercise date. The fair value of the put option liability over the year was sensitive to unobservable inputs such as ArcelorMittal Italia's future cash flow projections and observable inputs such as ISP's credit rating. As of December 31, 2019, derivative financial liabilities classified as Level 3 also included a pellet purchase agreement containing a special payment that varied according to the price of steel in the United States domestic market (“domestic steel price”). The instrument was derecognized on December 9, 2020 following the sale of ArcelorMittal USA (note 2.3.1). Until the divestment date the fair valuation of the special payment had been established by comparing the current forecasted domestic steel price to the projected domestic steel price at the inception of the contract. Observable input data included third-party forecasted domestic steel prices. Unobservable inputs were used to measure fair value to the extent that relevant observable inputs were not available or not consistent with the Company's views on future prices and referred specifically to domestic steel prices beyond the timeframe of available third-party forecasts. As of the date of sale the fair value of the pellet purchase was based on the future average US domestic steel price of $554 per net ton. The following table summarizes the reconciliation of the fair value of the financial instruments classified as Level 3: Put option with ISP Call option on 1,000 mandatory convertible bonds Special payment in pellet purchase agreement Total 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) Change in fair value/foreign exchange differences (10) (68) 6 (72) Value of option at exercise date/divested balance 135 — 170 305 Balance as of December 31, 2020 — 59 — 59 6.1.6 Other non-derivative financial assets and liabilities Other non-derivative financial assets and liabilities include cash and cash equivalents, restricted cash and other restricted funds (see note 6.1.3), certain 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 Company 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. ArcelorMittal considered the continued impact of the COVID-19 pandemic on the economic environment in its risk of default assessment for receivables outstanding less than 180 days. Receivables aged 31 days or older and uninsured trade receivables remain consistent with historical levels and the Company did not identify any expected increased risk of default (note 4.3). 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. Financing costs - net recognized in the years ended December 31, 2020, 2019 and 2018 are as follows: Year ended December 31, 2020 2019 2018 Interest expense (477) (695) (687) Interest income 56 88 72 Change in fair value adjustment on call option on mandatory convertible bonds and pellet purchase agreement (note 6.1.5) (143) (320) (572) Accretion of defined benefit obligations and other long term liabilities (325) (405) (349) Net foreign exchange result 107 4 (235) Other 1 (474) (324) (439) Total (1,256) (1,652) (2,210) 1. Other mainly includes expenses related to true sale of receivables (“TSR”) programs and bank fees. It also includes premiums and fees of 120 relating to the bonds early redeemed in 2020 (71 and 104 of premiums and fees relating to bonds early redeemed in 2019 and 2018, respectively). In 2020, other also includes 178 relating to renewal of mandatorily convertible bonds (see note 11.2). 6.3 Risk management policy The Company's operations expose it to a variety of financial risks: interest rate risk, foreign exchange risk, liquidity risk and risks in fluctuations in prices of raw materials, freight, energy and emissions. The Company actively monitors and seeks to reduce volatility of these exposures through a diversity of financial instruments, where considered appropriate. The Company has formalized how it manages these risks within the Treasury and Financial Risk Management Policy, which has been approved by Management. Capital management The Company's objective when managing capital is to safeguard continuity, maintain a strong credit rating and healthy capital ratios to support its business and provide adequate return to shareholders through continuing growth. The Company sets the amount of capital required on the basis of annual business and long-term operating plans which include capital and other strategic investments. The funding requirement is met through a combination of equity, bonds and other long-term and short-term borrowings. The Company monitors capital using a gearing ratio, being the ratio of net debt as a percentage of total equity. December 31, 2020 2019 Total equity 40,237 40,483 Net debt (including 21 and nil cash and debt classified as held for sale as of December 31, 2020 and 2019 respectively) 6,380 9,345 Gearing 15.9 % 23.1 % Interest rate risk The Company is exposed to interest rate risk on short-term and long-term floating rate instruments and on refinancing of fixed rate debt. The Company's policy is to maintain a balance of fixed and floating interest rate borrowings, which is adjusted depending on the prevailing market interest rates and outlook. As at December 31, 2020, the long-term debt was comprised of 86% fixed rate debt and 14% variable rate debt (note 6.1.2). The Company utilizes certain instruments to manage interest rate risks. Interest rate instruments allow the Company to borrow long-term at fixed or variable rates, and to swap the rate of this debt either at inception or during the lifetime of the borrowing. The Company and its counterparties exchange, at predefined intervals, the difference between the agreed fixed rate and the variable rate, calculated on the basis of the notional amount of the swap. Similarly, swaps may be used for the exchange of variable rates against other variable rates. Foreign exchange rate risk The Company is exposed to changes in values arising from foreign exchange rate fluctuations generated by its operating activities. Because a substantial portion of ArcelorMittal’s assets, liabilities, sales and earnings are denominated in currencies other than the U.S. dollar (its reporting currency), ArcelorMittal has an exposure to fluctuations and depreciation in the values of these currencies relative to the U.S. dollar. These currency fluctuations, especially the fluctuation of the value of the U.S. dollar relative to the euro, the Canadian dollar, Brazilian real, Polish Zloty, Kazakhstani tenge, South African rand and Ukrainian hryvnia, as well as fluctuations in the other countries’ currencies in which ArcelorMittal has significant operations and/or sales, could have a material impact on its financial position, cash flows and results of operations. ArcelorMittal faces transaction risk, where its businesses generate sales in one currency but incur costs relating to that revenue in a different currency. For example, ArcelorMittal’s subsidiaries may purchase raw materials, including iron ore and coking coal, in U.S. dollars, but may sell finished steel products in other currencies. Consequently, an appreciation of the U.S. dollar will increase the cost of raw materials; thereby having a negative impact on the Company’s operating margins, unless the Company is able to pass along the higher cost in the form of higher selling prices. Following its Treasury and Financial Risk Management Policy, the Company hedges a portion of its net exposure to foreign exchange rates through forwards, options and swaps. ArcelorMittal also faces foreign currency translation risk, which arises when ArcelorMittal translates the statements of operations of its subsidiaries, its corporate net debt (note 6.1.4) and other items denominated in currencies other than the U.S. dollar, for inclusion in the consolidated financial statements. The Company manages translation risk arising from its investments in subsidiaries by monitoring the currency mix of the consolidated statements of financial position. The Company may enter into derivative transactions to hedge the residual exposure (see “—Net investment hedge”). The Company also uses the derivative instruments, described above, at the corporate level to hedge debt recorded in foreign currency other than the functional currency or the balance sheet risk associated with certain monetary assets denominated in a foreign currency other than the functional currency. Foreign currency sensitivity analysis As of December 31, 2020, 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, 2020 Trade receivables Trade payables USD 830 4,168 EUR 805 4,507 BRL 705 934 CAD 42 284 KZT 42 206 ZAR 82 249 MXN 55 54 UAH 62 161 PLN 165 615 ARS 51 61 Other 233 286 Total 3,072 11,525 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 81 451 (81) (451) BRL 71 93 (71) (93) CAD 4 28 (4) (28) KZT 4 21 (4) (21) ZAR 8 25 (8) (25) MXN 6 5 (6) (5) UAH 6 16 (6) (16) PLN 17 62 (17) (62) ARS 5 6 (5) (6) The use of a 10% sensitivity rate is used when reporting foreign currency exposure internally to ke |
LEASES
LEASES | 12 Months Ended |
Dec. 31, 2020 | |
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 that they may be impaired. 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" 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 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. Balances for the Company’s lease activities are summarized as follows: As at December 31, 2020 As at December 31, 2019 Lease liabilities 815 1,127 Right of-use assets: Land, buildings and improvements 761 854 Machinery, equipment and others 278 381 Total right-of-use assets 1,039 1,235 Year ended December 31, 2020 Year ended December 31, 2019 Depreciation and impairment charges: Land, buildings and improvements 114 118 Machinery, equipment and others 101 288 Total depreciation and impairment charges 215 406 Other lease related expenses: Interest expense on lease liabilities 66 98 Expenses of short-term leases 134 165 Expenses of leases of low-value assets 61 68 Expenses related to variable lease payments not included in the measurement of lease liabilities 73 65 Additions to right-of-use assets 233 259 Lease payments recorded as reduction of lease liabilities and cash outflow from financing activities 242 320 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 decrease in right-of-use assets and lease liabilities in 2020 resulted mainly from the sale of ArcelorMittal USA (see note 2.3.1) for 149 and 278, respectively. The maturity analysis of the lease liabilities as of December 31, 2020 and December 31, 2019, is as follows: December 31, 2020 1 year or less 2-3 years 4-5 years Greater than 5 years TOTAL Lease liabilities (undiscounted) 217 265 156 778 1,416 December 31, 2019 1 year or less 2-3 years 4-5 years Greater than 5 years TOTAL Lease liabilities (undiscounted) 279 369 209 513 1,370 Expenses for variable 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, 2020 and December 31, 2019, is as follows: December 31, 2020 1 year or less 2-3 years 4-5 years Greater than 5 years TOTAL Potential variable lease payments 58 99 68 123 348 December 31, 2019 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, 2020 and 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: December 31, 2020 1 year or less 2-3 years 4-5 years Greater than 5 years TOTAL Potential extension options 1 1 — 1 3 Potential termination options (1) — — — (1) Potential residual value guarantees 1 1 2 3 7 December 31, 2019 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, 2020 and December 31, 2019, to which the Company is committed are described below: December 31, 2020 1 year or less 2-3 years 4-5 years Greater than 5 years TOTAL Leases not yet commenced 2 6 9 51 68 December 31, 2019 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 DEFERRED
PERSONNEL EXPENSES AND DEFERRED EMPLOYEE BENEFITS | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020, 2019 and 2018, ArcelorMittal had approximately 168,000, 191,000 and 209,000 employees, respectively, and the total annual compensation of ArcelorMittal’s employees in 2020, 2019 and 2018 was as follows: Year ended December 31, Employee Information 2020 2019 2018 Wages and salaries 7,681 8,380 8,176 Defined benefits cost (see note 8.2) 260 201 264 Loss following new labor agreement in the U.S. (see note 8.2) — — 15 Other staff expenses 1,405 1,668 2,004 Total 9,346 10,249 10,459 The total annual compensation of ArcelorMittal’s key management personnel, including its Board of Directors, expensed in 2020, 2019 and 2018 was as follows: Year ended December 31, 2020 2019 2018 Base salary and directors fees 7 8 8 Short-term performance-related bonus 3 9 8 Post-employment benefits 1 1 1 Share-based payments 4 — 4 The fair value of the shares allocated based on Restricted Share Unit (“RSU”) and Preference Share Unit (“PSU”) plans to ArcelorMittal’s key management personnel was recorded as an expense in the consolidated statements of operations over the relevant vesting periods. 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 long-term termination plans (like early retirement 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, 2020 2019 Pension plan benefits 3,000 3,289 Other post-employment benefits and other long-term employee benefits ("OPEB") 1,432 3,792 Termination benefits 173 198 Defined benefit liabilities 4,605 7,279 Provisions for social plans (non-current) 51 64 Total 4,656 7,343 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 provisions for termination benefits mainly relate to European countries (Belgium, Spain, Germany and Luxembourg). On December 9, 2020, following the sale of ArcelorMittal USA (see note 2.3.1), the Company derecognized all of ArcelorMittal's USA pension and OPEB liabilities net of plan assets in the amount of 3,243. The Company continues to present below the corresponding changes in pension and OPEB defined benefit obligation, plan assets and the components of net periodic pension and OPEB cost in 2020 for the United States. 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: 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 6 years 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. This collective labor agreement was renewed during the third quarter of 2020 for 6 years under similar conditions. In 2020, ArcelorMittal Long Products Canada entered into a buy-in transaction for some of its fully funded pension plans representing 112 in liabilities. 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 2020, the minimum guaranteed rate of return was 1.75% and this is also the best estimate for 2021. 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 Mexico, Kazakhstan, Ukraine and Morocco). The majority of the funded defined benefit pension plans described earlier provide benefit payments from trustee-administered funds. ArcelorMittal also sponsors a number of unfunded plans where the Company meets the benefit payment obligation as it falls due. Plan assets held in trusts are legally separated from the Company and are governed by local regulations and practice in each country, as is the nature of the relationship between the Company and the governing bodies and their composition. In general terms, governing bodies are required by law to act in the best interest of the plan members and are responsible for certain tasks related to the plan (e.g. setting the plan's investment policy). In case of the funded pension plans, the investment positions are generally 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, 2020 Total United States Canada Brazil Europe Other Change in benefit obligation Benefit obligation at beginning of the period 10,629 3,505 3,360 664 2,830 270 Current service cost 129 28 25 — 64 12 Interest cost on DBO 279 95 96 36 29 23 Past service cost - Plan amendments 8 1 3 — 4 — Past service cost - Curtailments 2 2 — — — — Plan participants’ contribution 1 — — — 1 — Actuarial (gain) loss 705 237 250 (3) 185 36 Demographic assumptions (32) (32) — — — — Financial assumptions 795 286 276 5 214 14 Experience adjustment (58) (17) (26) (8) (29) 22 Benefits paid (693) (279) (206) (32) (149) (27) Divestments (note 2.3.1) (3,550) (3,550) — — — — Foreign currency exchange rate differences and other movements 94 — 62 (148) 209 (29) Benefit obligation at end of the period 7,604 39 3,590 517 3,173 285 Change in plan assets Fair value of plan assets at beginning of the period 7,395 2,881 3,021 576 917 — Interest income on plan assets 192 69 84 31 8 — Return on plan assets greater/(less) than discount rate 444 209 188 (12) 59 — Employer contribution 64 2 21 1 40 — Plan participants’ contribution 1 — — — 1 — Plan amendments 2 2 — — — — Benefits paid (579) (276) (205) (32) (66) — Divestments (note 2.3.1) (2,842) (2,842) — — — — Foreign currency exchange rate differences and other movements (23) — 58 (129) 48 — Fair value of plan assets at end of the period 4,654 45 3,167 435 1,007 — Present value of the wholly or partly funded obligation (5,831) (37) (3,575) (517) (1,702) — Fair value of plan assets 4,654 45 3,167 435 1,007 — Net present value of the wholly or partly funded obligation (1,177) 8 (408) (82) (695) — Present value of the unfunded obligation (1,773) (2) (15) — (1,471) (285) Prepaid due to unrecoverable surpluses (27) — (23) (1) (3) — Net amount recognized (2,977) 6 (446) (83) (2,169) (285) Net assets related to funded obligations 23 8 11 — 4 — Recognized liabilities (3,000) (2) (457) (83) (2,173) (285) Change in unrecoverable surplus Unrecoverable surplus at beginning of the period (30) — (25) (2) (3) — Interest cost on unrecoverable surplus (1) — (1) — — — Change in unrecoverable surplus in excess of interest 4 — 3 1 — — Unrecoverable surplus at end of the period (27) — (23) (1) (3) — 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 — Settlements (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) — The following tables detail the components of net periodic pension cost: Year ended December 31, 2020 Net periodic pension cost (benefit) Total United States Canada Brazil Europe Others Current service cost 129 28 25 — 64 12 Past service cost - Plan amendments 6 (1) 3 — 4 — Past service cost - Curtailments 2 2 — — — — Net interest cost/(income) on net DB liability/(asset) 88 26 13 5 21 23 Total 225 55 41 5 89 35 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 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 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. Summary of changes in the other post-employment benefit obligation and changes in plan assets are as follows: Year ended December 31, 2020 Total United States Canada Europe Others Change in benefit obligation Benefit obligation at beginning of the period 4,294 2,976 688 546 84 Current service cost 85 44 10 27 4 Interest cost on DBO 122 91 19 7 5 Past service cost - Plan amendments (1) — (1) — — Past service cost - Curtailments 3 3 — — — Plan participants’ contribution 23 23 — — — Actuarial (gain) loss 113 46 41 26 — Demographic assumptions (39) (39) — — — Financial assumptions 266 170 54 37 5 Experience adjustment (114) (85) (13) (11) (5) Benefits paid (208) (131) (30) (37) (10) Divestments (note 2.3.1) (3,024) (3,024) — — — Foreign currency exchange rate differences and other movements 31 — 15 21 (5) Benefit obligation at end of the period 1,438 28 742 590 78 Change in plan assets Fair value of plan assets at beginning of the period 502 496 — 6 — Interest income on plan assets 12 12 — — — Return on plan assets greater than discount rate 11 11 — — — Employer contribution (32) (32) — — — Plan participants’ contribution 23 23 — — — Benefits paid (22) (21) — (1) — Divestments (note 2.3.1) (489) (489) — — — Foreign currency exchange rate differences and other movements 1 — — 1 — Fair value of plan assets at end of the period 6 — — 6 — Present value of the wholly or partly funded obligation (34) — — (34) — Fair value of plan assets 6 — — 6 — Net present value of the wholly or partly funded obligation (28) — — (28) — Present value of the unfunded obligation (1,404) (28) (742) (556) (78) Net amount recognized (1,432) (28) (742) (584) (78) 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 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) The following tables detail the components of net periodic other post-employment cost: Year ended December 31, 2020 Components of net periodic OPEB cost (benefit) Total United States Canada Europe Others Current service cost 85 44 10 27 4 Past service cost - Plan amendments (1) — (1) — — Past service cost - Curtailments 3 3 — — — Net interest cost/(income) on net DB liability/(asset) 110 79 19 7 5 Actuarial losses recognized during the year 8 — — 8 — Total 205 126 28 42 9 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 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 losses recognized during the year 7 — — 7 — Total 215 142 30 40 3 The following tables detail where the expense is recognized in the consolidated statements of operations: Year ended December 31, 2020 2019 2018 Net periodic pension cost 225 204 263 Net periodic OPEB cost 205 231 215 Total 430 435 478 Cost of sales 189 142 212 Selling, general and administrative expenses 34 30 34 Financing costs - net 207 263 232 Total 430 435 478 Plan Assets The weighted-average asset allocations for the funded defined benefit plans by asset category were as follows: December 31, 2020 Canada Brazil Europe Equity Securities 47 % 6 % 1 % - Asset classes that have a quoted market price in an active market 39 % 3 % 1 % - Asset classes that do not have a quoted market price in an active market 8 % 3 % — Fixed Income Securities (including cash) 46 % 77 % 72 % - Asset classes that have a quoted market price in an active market 42 % 77 % 72 % - Asset classes that do not have a quoted market price in an active market 4 % — — Real Estate 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 6 % — — Other 1 % 16 % 27 % - Asset classes that have a quoted market price in an active market — 16 % 5 % - Asset classes that do not have a quoted market price in an active market 1 % — 22 % ' 1 Total 100 % 100 % 100 % 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 % 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 659 and 1,121 in 2020 and 2019, respectively. The Finance and Retirement Committees of the Boards of Directors for the respective operating subsidiaries have general supervisory authority over the respective trust funds. These committees have usually 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, 2020 Canada Brazil Europe Equity Securities 43 % 5 % 3 % Fixed Income Securities (including cash) 47 % 78 % 70 % Real Estate 5 % 1 % — Other 5 % 16 % 27 % ' 1 Total 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 2020 2019 2018 2020 2019 2018 Discount rate Range 0.50% - 10.00% 1.00% - 10.50% 1.75% - 16.00% 0.50% - 6.20% 1.00% - 7.25% 1.75% - 9.50% Weighted average 2.13 % 2.90 % 3.80 % 1.84 % 3.06 % 3.98 % Rate of compensation increase Range 1.72% - 10.00% 1.90% - 10.00% 2.00% - 10.00% 1.30% - 4.80% 1.60% - 4.80% 2.00% - 4.80% Weighted average 2.71 % 2.80 % 2.85 % 2.85 % 2.95 % 3.24 % Other Post-employment Benefits 2020 2019 2018 Healthcare cost trend rate assumed Range 1.40% - 4.50% 1.80% - 5.00% 1.80% - 8.00% Weighted average 3.94 % 4.42 % 4.46 % Cash contributions and maturity profile of the plans In 2021, the Company expects its cash contributions to amount to 172 for pension plans, 71 for other post-employment benefits plans and 79 for defined contribution plans. Cash contributions to defined contribution plans and to United States multi-employer plans sponsored by the Company, were respectively 88 and 65 until December 9, 2020, date of sale of ArcelorMittal USA (see note 2.3.1). At December 31, 2020, the weighted average duration of the liabilities related to the pension and other post-employment benefits plans were 13 years (2019: 12 years) and 13 years (2019: 15 years), respectively. Risks associated with defined benefit plans Through its defined benefit pension plans and OPEB plans, ArcelorMittal is exposed to a number of risks, the most significant of which are detailed below: Changes in bond yields A decrease in corporate bond yields will increase plan liabilities, although this will be partially offset by an increase in the value of the plans’ bond holdings. Asset volatility The plan liabilities are calculated using a discount rate set with reference to corporate bond yields; if plan assets underperform this yield, this will create a deficit. In most countries with funded plans, plan assets hold a significant portion of equities, which are expected to outperform corporate bonds in the long-term but contribute to volatility and risk in the short-term. As the plans mature, ArcelorMittal intends to reduce the level of investment risk by investing more in assets that better match the liabilities. However, ArcelorMittal believes that due to the long-term nature of the plan liabilities, a level of continuing equity investment is an appropriate element of a long-term strategy to manage the plans efficiently. Life expectancy Most plans provide benefits for the life of the covered members, so increases in life expectancy will result in an increase in the plans’ benefit obligations. Assumptions regarding future mortality rates have been set considering published statistics and, where possible, ArcelorMittal’s own experience. The current longevities at retirement underlying the values of the defined benefit obligation were approximately 23 years. Healthcare cost trend rate The majority of the OPEB plans’ benefit obligations are linked to the change in the cost of various health care components. Future healthcare cost will vary based on several factors including price inflation, utilization rate, technology advances, cost shifting and cost containing mechanisms. A higher healthcare cost trend would lead to higher OPEB plan benefit obligations. Sensitivity analysis The following information illustrates the sensitivity to a change of the significant actuarial assumptions related to ArcelorMittal’s pension plans (as of December 31, 2020, the defined benefit obligation for pension plans was 7,604): Effect on 2021 Pre-Tax Pension Expense (sum of service cos |
PROVISIONS, CONTINGENCIES AND C
PROVISIONS, CONTINGENCIES AND COMMITMENTS | 12 Months Ended |
Dec. 31, 2020 | |
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. 9.1 Provisions overview Balance at December 31, 2019 Additions 1 Deductions/ Effects of foreign exchange and other movements Divestments and reclassification to held for sale 2, 3 Balance at December 31, 2020 Environmental (see note 9.3) 1,074 137 (88) 57 (519) 661 Emission obligations 484 373 (92) (40) (154) 571 Asset retirement obligations (see note 9.3) 478 21 (10) 41 (133) 397 Site restoration 136 167 (12) 18 — 309 Staff related obligations 185 88 (41) (14) (91) 127 Voluntary separation plans 47 30 (38) 20 (4) 55 Litigation and other (see note 9.3) 312 40 (36) (39) (8) 269 Tax claims 81 5 (6) (18) — 62 Other legal claims 231 35 (30) (21) (8) 207 Commercial agreements and onerous contracts 46 68 (31) (4) (54) 25 Other 229 29 (44) 16 (12) 218 2,991 953 (392) 55 (975) 2,632 Short-term provisions 516 935 Long-term provisions 2,475 1,697 2,991 2,632 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) ' 4 1,074 Emission obligations — 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 1. Additions exclude provisions reversed or utilized during the same year. 2. On December 9, 2020, the Company completed the sale of ArcelorMittal USA and certain other US operations (see note 2.3.1). 3. On December 10, 2020, the Company signed a binding agreement with Invitalia, an Italian state-owned company, to form a public-private partnership between the parties. As a result, the carrying amounts of the assets and liabilities of ArcelorMittal Italia were classified as held for sale as of December 31, 2020 (see note 2.3.2.) 4. 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 largely offset by recycling of hedging reserves in 2020 and will be partially offset again in 2021. See note 6.3 for the details of the cash flow hedging in place for emission rights and note 4.5 for CO2 emission rights held as current assets. 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 and Poland. In the fourth quarter of 2018, the agreement between ArcelorMittal and the French government regarding a 6 year idling period of the Florange liquid phase expired. The Company has started the process of definitive closure of the facility end of 2018. The provision included in site restoration at December 31, 2020 and 2019, related to dismantling of this facility amount to 120 and 113, respectively. In 2020, additional provisions of 77 and 77 were recognized, respectively, following the decisions to permanently close a blast furnace and steel plant in Krakow, Poland, and the coke plant in Florange, France. Provisions for staff related obligations primarily concern Brazil (United States and Brazil in 2019) and are related to various employees’ compensation. Provisions for voluntary separation plans primarily concern plans in Spain, Belgium, Germany, South Africa and Brazil 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. In 2020, provisions for commercial agreements and onerous contracts concern primarily onerous contracts recognized in Poland and Brazil. In 2019, such provisions concerned mainly the United States and Brazil. 9.2 Other long-term obligations Balance at December 31, 2020 2019 Derivative financial instruments (see note 6.1.5) 96 238 Payable from acquisition of financial assets 359 1,340 Unfavorable contracts 132 203 Income tax payable 214 251 Other 347 486 Total 1,148 2,518 As of December 31, 2019, derivative financial instruments included 138 relating to the pellet purchase agreement that contained a special payment in the U.S. (see note 6.1.5). This derivative financial instrument was derecognized upon disposal of ArcelorMittal USA (see note 2.3.1). As of December 31, 2019, payable from acquisition of financial assets included 1,032 relating to the non-current portion of the consideration payable with respect to the acquisition of ArcelorMittal Italia, which is classified as held for sale as of December 31, 2020 (see note 2.3.2). As of December 31, 2020 and 2019, payable from acquisition of financial assets included also 235 and 265, respectively, relating to the financial liability with respect to the acquisition of AMSF (see note 2.2.4). Unfavorable contracts of 132 and 203 as of December 31, 2020 and 2019, respectively, mainly related to AMSF (see note 2.2.4). As of December 31, 2020, the income tax payable mainly related to income tax contingencies (in majority 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, 2020, excluding asset retirement obligations, ArcelorMittal had established provisions of 661 for environmental remedial activities and liabilities. The provisions for all operations by geographic area were 500 in Europe, 130 in South Africa and 31 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. Europe Environmental provisions for ArcelorMittal’s operations in Europe total 500 and are mainly related to the investigation and remediation of environmental contamination at current and former operating sites in Belgium (247), France (74), Poland (72), Luxembourg (69), Germany (30) 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. Belgium In Belgium, there is an environmental provision of 247 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. France In France, there is an environmental provision of 74, 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 and is planned to be finished in 2022. At Moyeuvre-Petite, the operation of covering the sludge basins is finished. 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 but due to the COVID-19 pandemic the project slowed down. On other sites, ArcelorMittal France is responsible for monitoring the concentration of organic compound and heavy metals in soil and groundwater on all former sites closed and/or already remediate d . 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. Poland ArcelorMittal Poland’s environmental provision of 72 relates to 42 for cleaning and remediation costs recognized in 2020 following the closure of primary facilities in Krakow, and the remaining 30 relates to the obligation to reclaim a landfill in Lipówka, to dispose of the residues which cannot be internally recycled or externally recovered in Dabrowa Gornicza, the storage and disposal of iron-bearing sludge which cannot be reused in the manufacturing process under the environmental law (i.e., waste storage time cannot exceed 3 year, and, also, land remediation in post-industrial areas in Ruszcza (district of Krakow). Luxembourg In Luxembourg, there is an environmental provision of 69, 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 ladle 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 58 covers these obligations. ArcelorMittal Belval and Differdange has an environmental provision of 10 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. Germany In Germany, the environmental provision of 30 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. 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. Italy ArcelorMittal Italia has environmental provisions of 374, which are classified as held for sale as of December 31, 2020 (note 2.3.2). A provision of 158 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 216 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. South Africa AMSA has environmental provisions of 130 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 43 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. 20 of the provision is allocated to this site. The Newcastle Works site is the main long carbon steel operation of AMSA. A provision of 23 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 39 relates to the environmental rehabilitation of the Thabazimbi Mine. AMSA holds an environmental trust which holds investments for a value of 26 that will be used for rehabilitation purposes. The remainder of the obligation of 5 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 31 for the expected cost of remediating toxic sediment located in the Company’s East Boatslip site, of which 5 is expected to be spent in 2021. 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, 2020, ArcelorMittal had established provisions for asset retirement obligations of 397, including mainly 144 for Canada, 69 for Mexico, 55 for Ukraine, 45 for Germany, 23 for Liberia, 21 for South Africa, 16 for Belgium, 13 for Kazakhstan, 9 for Brazil and 2 for Bosnia and Herzegovina. 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. In addition, Dofasco has legal obligations for the former Sherman Mine site near Temagami, Ontario. The AROs in Mexico relate to the restoration costs following the closure of the Las Truchas, El Volcan and the joint operation of Peña Colorada iron ore mines. 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. 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. 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. 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 Belgium, the AROs are to cover the demolition costs for primary facilities at the Liège site. In Kazakhstan, the AROs relate to the restoration obligations of the iron ore and coal mines. 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 2062, respectively. In Bosnia and Herzegovina, the ARO relates to re-cultivation of dump yard of old iron ore pit Jezero and closing dam Medjedja. Tax Claims ArcelorMittal is a party to various tax claims. As of December 31, 2020, ArcelorMittal had recorded long term obligations related to income tax contingencies of 5 (see note 9.2) and provisions for other tax claims in the aggregate of 62 for which it considers the risk of loss to be probable. Set out below is a summary description of the tax claims (i) for which ArcelorMittal had recorded a provision as of December 31, 2020, (ii) that constitute a contingent liability, (iii) that were resolved in 2020 or (iv) that were resolved and had a financial impact in 2019 or 2018 in each case involving amounts deemed material by ArcelorMittal. The Company is vigorously defending against the pending claims discussed below. Brazil In 2003, the Federal Revenue Service granted ArcelorMittal Brasil (through its predecessor company, then known as CST) a tax benefit for certain investments. ArcelorMittal Brasil had received certificates from SUDENE, the former Agency for the Development of the Northeast Region of Brazil, confirming ArcelorMittal Brasil’s entitlement to this benefit. In September 2004, ArcelorMittal Brasil was notified of the annulment of these certificates. ArcelorMittal Brasil has pursued its right to this tax benefit through the courts against both ADENE, the successor to SUDENE, and against the Federal Revenue Service. The Federal Revenue Service issued a tax assessment in this regard for 451 in December 2007. In December 2008, the administrative tribunal of the first instance upheld the amount of the assessment. ArcelorMittal Brasil appealed to the administrative tribunal of the second instance, and, on August 8, 2012, the administrative tribunal of the second instance found in favor of ArcelorMittal Brasil invalidating the tax assessment, thereby ending this case except for 6, which remained pending a final decision. On April 16, 2011, ArcelorMittal Brasil received a further tax assessment for the periods of March, June and September 2007, which, taking into account interest and currency fluctuations, amounted to 163 as of December 31, 2018. In October 2011, the administrative tribunal of the first instance upheld the tax assessment received by ArcelorMittal Brasil on April 16, 2011, but decided that no penalty (amounting to 77 at that time) was due. Both parties have filed an appeal with the administrative tribunal of the second instance. In February 2018, the administrative tribunal of the second instance found in favor of ArcelorMittal Brasil and, in June 2018, the Federal Revenue Service filed an appeal with the administrative tribunal of the third instance. In January 2019, the administrative tribunal of the third instance found in favor of ArcelorMittal Brasil. No further appeal was filed by the Federal Revenue Service within the time limit so the case is closed definitively in favor of ArcelorMittal Brasil. In 2011, ArcelorMittal Brasil (at the time SOL Coqueria Tubarão S.A.) received 21 separate tax assessments from the Revenue Service of the State of Espirito Santo for ICMS (a value-added tax) in an amount which totaled 24 relating to a tax incentive (INVEST) it used. The dispute concerns the definition of fixed assets. In August 2015, the administrative tribunal of the first instance upheld the 21 separate tax assessments. In September 2015, ArcelorMittal Brasil filed appeals with respect to each of the administrative tribunal’s decisions. As of December 31, 2018, there were final unfavorable decisions at the administrative tribunal level in 15 of the 21 cases, each of which ArcelorMittal Brasil has appealed to the judicial instance. In March 2018, the administrative tribunal of the third instance found in favor of ArcelorMittal Brasil sending the six other cases back to the administrative tribunal of the second instance. After the administrative tribunal of the second instance issued a partially favorable ruling on these six cases in December 2019, related only to the recognition of the limitation period of May 2005, a further appeal to the administrative tribunal of the third instance was filed. In 2011, ArcelorMittal Brasil received a tax assessment for corporate income tax (known as IRPJ) and social contributions on net profits (known as CSL) in relation to (i) the amortization of goodwill on the acquisition of Mendes Júnior Siderurgia (for the 2006 and 2007 fiscal years), (ii) the amortization of goodwill arising from the mandatory tender offer (MTO) made by ArcelorMittal to minority shareholders of Arcelor Brasil following the two-step merger of Arcelor and Mittal Steel N.V. (for the 2007 tax year), (iii) expenses related to pre-export financing used to finance the MTO, which were deemed by the tax authorities to be unnecessary for ArcelorMittal Brasil since the expenses were incurred to buy shares of its own company and (iv) CSL over profits of controlled companies in Argentina and Costa Rica. The amount claimed totals 404. On January 31, 2014, the administrative tribunal of the first instance found in partial favor of ArcelorMittal Brasil, reducing the penalty component of the assessment from, according to ArcelorMittal Brasil’s calculations, 120 to 63 (as calculated at the time of the assessment), while upholding the remainder of the assessment. The Federal Revenue Service appealed the administrative tribunal’s decision to reduce the amount of the original penalty. ArcelorMittal Brasil also appealed the administrative tribunal’s decision to uphold the tax authority’s assessment (including the revised penalty component). In September 2017, the administrative tribunal of the second instance found largely in favor of the Federal Revenue Service. In January 2018, ArcelorMittal Brasil filed a motion for clarification of this decision. In February 2018, the motion for clarification was rejected and, in March 2018, an appeal was filed to the administrative tribunal of the third instance. In 2013, ArcelorMittal Brasil received a tax assessment in relation to the 2008-2010 tax years for IRPJ and CSL in relation to (i) the amortization of goodwill on the acquisition of Mendes Júnior Siderurgia, Dedini Siderurgia and CST |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2020 | |
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. 10.1 Income tax expense (benefit) The components of income tax expense (benefit) are summarized as follows: Year ended December 31, 2020 2019 2018 Total current tax expense 839 786 928 Total deferred tax expense (benefit) 827 (327) (1,277) Total income tax expense (benefit) 1,666 459 (349) 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, 2020 2019 2018 Net (loss) income (including non-controlling interests) (578) (2,391) 5,330 Income tax expense (benefit) 1,666 459 (349) Income (loss) before tax 1,088 (1,932) 4,981 Tax expense (benefit) at the statutory rates applicable to profits (losses) in the countries 1 136 (468) 1,043 Permanent items 714 (993) (421) Rate changes — 340 — Net change in measurement of deferred tax assets 454 1,201 (1,301) Tax effects of foreign currency translation 41 14 (47) Tax credits (13) (9) (17) Other taxes 267 160 151 Others 67 214 243 Income tax expense (benefit) 1,666 459 (349) 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, 2020 2019 2018 Taxable reversals of (tax deductible) write-downs on shares and receivables 630 (922) (498) Juros sobre o Capital Próprio (37) (32) (73) Non taxable gain on bargain purchase — — (60) Taxable income (tax loss) of AMTFS — (8) 47 Other permanent items 121 (31) 163 Total permanent items 714 (993) (421) Taxable reversals of (tax deductible) write-downs on shares and receivables: in connection with the Company's impairment test for goodwill and property, plant and equipment, 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 : 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 limited liability company organized under the laws of Luxembourg subject to taxation in Luxembourg on its worldwide income, was a subsidiary of ArcelorMittal Treasury Americas LLC until a transfer to ArcelorMittal S.A in December 2019. Prior to the transfer, AMTFS was also subject to United States federal income tax as a disregarded entity. 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. Net change in measurement of deferred tax assets The 2020 net change in measurement of deferred tax assets of 454 mainly consists of derecognition and utilization of deferred tax assets in Luxembourg of 709 following lower income expectation mainly as a result of the disposal of ArcelorMittal USA, recognition of deferred tax assets on current year taxable reversal of write-downs of the value of shares and receivables of consolidated subsidiaries in Luxembourg (630), and 375 net non-recognition and derecognition of deferred tax assets on losses and temporary differences in other tax jurisdictions. 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. Tax effects of foreign currency translation The tax effects of foreign currency translation of 41, 14 and (47) at December 31, 2020, 2019 and 2018 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. Tax credits The tax credits are mainly attributable to the Company’s operating subsidiaries in Brazil. They relate to credits claimed on foreign investments, credits for research and development and other 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 Entrepris es ("CVAE'') in France. Others Year ended December 31, 2020 2019 2018 Tax contingencies/settlements 87 225 183 Prior period taxes (15) (20) 21 Others (5) 9 39 Total 67 214 243 In 2020 and 2019, tax contingencies/settlements consist of uncertain tax positions (see note 10.3) respectively for 87 and 225, mainly related to North America and ACIS. The 2018 tax contingencies/settlements consist of uncertain tax positions mainly related to Europe. 10.2 Income tax recorded directly in equity and/or other comprehensive income Year ended December 31, 2020 2019 2018 Recognized in other comprehensive income on: Deferred tax expense (benefit) Unrealized gain (loss) on investments in equity instruments at FVOCI 56 — — (Loss) gain on derivative financial instruments (28) (244) 380 Recognized actuarial (loss) gain (69) 32 (228) Foreign currency translation adjustments (335) (35) (106) (376) (247) 46 Recognized directly in equity on: Current tax expense (benefit) Realized gain (loss) on investments in equity instruments at FVOCI 4 — — Deferred tax expense (benefit) Realized gain (loss) on investments in equity instruments at FVOCI 9 — — 13 — — Total (363) (247) 46 10.3 Uncertain tax positions 10.4 Deferred tax assets and liabilities The origin of the deferred tax assets and liabilities is as follows: Assets Liabilities Net 2020 2019 2020 2019 2020 2019 Intangible assets 15 22 (538) (720) (523) (698) Property, plant and equipment 73 177 (4,064) (4,445) (3,991) (4,268) Inventories 277 261 (77) (209) 200 52 Financial instruments 13 47 (124) (98) (111) (51) Other assets 162 157 (306) (408) (144) (251) Provisions 1,240 1,350 (276) (243) 964 1,107 Other liabilities 458 469 (120) (70) 338 399 Tax losses and other tax benefits carried forward 9,168 9,984 — — 9,168 9,984 Tax credits carried forward 133 76 — — 133 76 Untaxed reserves — — — (1) — (1) Deferred tax assets / (liabilities) 11,539 12,543 (5,505) (6,194) 6,034 6,349 Deferred tax assets 7,866 8,680 Deferred tax liabilities (1,832) (2,331) The deferred tax assets recognized by the Company as of December 31, 2020 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 114,266 28,554 9,168 19,386 Tax credits carried forward 745 745 133 612 Other temporary differences 12,029 3,072 2,238 834 Total 32,371 11,539 20,832 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 As of December 31, 2020, 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 USA) 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, 2020, the total amount of accumulated tax losses in Luxembourg with respect to the ArcelorMittal S.A. tax integration amounted to approximately 91.3 billion, of which 31.5 billion is considered realizable, resulting in the recognition of 7.9 billion of deferred tax assets at the applicable income tax rate in Luxembourg. As at December 31, 2019, the total amount of accumulated tax losses in Luxembourg with respect to the main tax consolidation amounted to approximately 83.3 billion, of this amount 34.8 billion was considered realizable, resulting in the recognition of 8.7 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, 20.2 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 reduction of the Group net debt level, (v) the industrial franchise agreement 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, 2020, based upon the level of historical taxable income and projections for future taxable income over the periods in which the deductible temporary differences are anticipated to reverse, management believes it is probable that ArcelorMittal will realize the benefits of the deferred tax assets of 7.9 billion recognized. The amount of future taxable income required to be generated by ArcelorMittal’s subsidiaries to utilize the deferred tax assets of 7.9 billion is at least 31.5 billion. Historically, the Company has been able to generate sufficient taxable income and believes that it will generate sufficient levels of taxable income in the coming years to allow the Company to utilize tax benefits associated with tax losses carried forward and other deferred tax assets that have been recognized in its consolidated financial statements. Where the Company has had a history of recent losses, it relied on convincing other evidence such as the character of (historical) losses and planning opportunities to support the deferred tax assets recognized. For the period ended December 31, 2020, ArcelorMittal recorded approximately 90 (December 31, 2019: 79) 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 736. 10.5 Tax losses, tax credits and other tax benefits carried forward At December 31, 2020, the Company had total estimated tax losses carried forward and other tax benefits of 114.3 billion. This includes net operating losses and other tax benefits of 8.6 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 2021 44 906 950 2022 82 132 214 2023 6 468 474 2024 10 211 221 2025 49 100 149 2025 - 2039 706 5,848 6,554 Total 897 7,665 8,562 The remaining tax losses carried forward and other tax benefits for an amount of 105.7 billion (of which 36.1 billion are recognized and 69.6 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, 2020, the Company also had total estimated tax credits carried forward of 745. Such amount includes tax credits of 658 (of which 89 recognized and 569 unrecognized) and primarily attributable to subsidiaries in Basque country in Spain which expire as follows: Year expiring Recognized Unrecognized Total 2021 — 1 1 2022 — 1 1 2023 — 2 2 2024 — 1 1 2025 — 1 1 2025 - 2039 89 563 652 Total 89 569 658 The remaining tax credits for an amount of 87 (of which 44 are recognized and 43 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 |
EQUITY
EQUITY | 12 Months Ended |
Dec. 31, 2020 | |
Share Capital, Reserves And Other Equity Interest [Abstract] | |
EQUITY | NOTE 11: EQUITY 11.1 Share details On May 14, 2020 and May 18, 2020, the Company completed an offering of common shares, without nominal value for 750 at a price of $9.27 per share. A Mittal family trust participated in the offerings by contributing an amount of 100 for the shares. Following the offering of common shares described above with net proceeds of 740 (net of transaction costs of 10), on May 14, 2020, the Company issued 80,906,149 fully paid up shares. The Company allocated 29 to share capital, which increased from 364 at December 31, 2019 to 393 at December 31, 2020 and the remainder of 711 to additional paid-in-capital. Under the terms of the offerings, there is a 180-day lock-up period for the Company on issuances or sales of shares and securities exchangeable for or convertible into shares, subject to customary exceptions. The Company’s shares consist of the following: December 31, 2018 Movement in year December 31, 2019 Movement in year December 31, 2020 Issued shares 1,021,903,623 — 1,021,903,623 80,906,149 1,102,809,772 Treasury shares (8,335,365) (1,488,837) (9,824,202) (12,251,157) (22,075,359) Total outstanding shares 1,013,568,258 (1,488,837) 1,012,079,421 68,654,992 1,080,734,413 The number of issued shares were 1,021,903,623 at December 31, 2018 and 2019, and 1,102,809,772 at December 31, 2020. Authorized shares 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 amounted 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. On June 13, 2020, at the Extraordinary General Meeting of shareholders, the shareholders approved an increase of the authorized share capital by 74. As a result, the authorized share capital increased from 411 represented by 1,151,576,921 ordinary shares without nominal value as of December 31, 2019 to 485 represented by 1,361,418,599 ordinary shares without nominal value as of December 31, 2020. 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). On October 30, 2020, the Company completed a share buyback program in connection with the announced sale of 100% of the shares of ArcelorMittal USA. ArcelorMittal repurchased 35,636,253 shares at an average price per share of €11.92 (equivalent to $14.03) for a total value of €425 million (500). The shares acquired through the buyback program were recognized as treasury shares. On December 15, 2020, ArcelorMittal signed separate, privately negotiated exchange agreements with a limited number of holders of the MCNs for which it delivered 22,653,933 shares out of treasury shares (see note 11.2). Treasury shares ArcelorMittal held, indirectly and directly, 22.1 million and 9.8 million treasury shares as of December 31, 2020 and December 31, 2019, 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 has extended the conversion date for the mandatory convertible bonds from time to time with the latest extension on December 22, 2020 (resulting in the extinguishment and recognition of a new compound instrument) to January 31, 2024. 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, 2020, the remaining notes were linked to the value of the shares of China Oriental (see note 6.1.5). On December 22, 2020, as described above the maturity of the mandatory convertible bonds was extended from January 29, 2021 to January 31, 2024. 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 869 (net of cumulative tax and fees) and other liabilities for 131. The derecognition of the previous instrument and the recognition at fair value of the new instrument resulted in a 178 expense included in financing costs-net in the consolidated statement of operations and a 53 increase in non-controlling interests. Mandatorily convertible subordinated notes On May 18, 2020, following the offering of common shares described in note 11.1, the Company completed an offering of mandatorily convertible subordinated notes (“MCNs”) for 1,250. The MCNs have a three In all cases, ArcelorMittal may exercise its right to convert early, taking precedent over the other options. In case of an early conversion, ArcelorMittal must deliver shares at the “Maximum Conversion Ratio.” The mandatorily convertible notes pay a coupon of 5.50% per annum, payable quarterly in arrears. The minimum conversion price of the mandatorily convertible notes is equal to $9.27, corresponding to the offering price of the shares as described above, and the maximum conversion price is 117.5% of the minimum conversion price or $10.89, subject to certain adjustments. ArcelorMittal intends to use the net proceeds from the offerings for general corporate purposes, to deleverage and to enhance liquidity, thereby building additional resilience going forward in what remains an uncertain environment. A Mittal family trust participated in the offerings by contributing an amount of 100 for the MCNs. The Company determined that the MCNs are a hybrid instrument including an equity component and a debt component. The Company assessed whether there is actual economic or other business reasons that it would exercise its option to convert prior to maturity, whether the MCNs would have been priced differently if the early settlement option had not been included in the contractual terms and other factors such as the term of the instrument, the width of the range between the cap and the floor, ArcelorMittal’s share price and the volatility of the share price as important criterion in this conclusion. The early conversion right has economic substance with respect to maintaining the current credit rating if early conversion can help in preventing a rating downgrade. In this event, future savings of credit interest is expected to be more than the cost of early conversion. The debt component of 190 (net of transaction costs of 2) at issuance corresponded to the net present value of the future interest payments and is included in accrued expenses and other liabilities and other long-term obligations. The remaining amount of 1,047 (net of transaction costs of 11) was the equity instrument . On December 15, 2020, ArcelorMittal signed separate, privately negotiated exchange agreements with a limited number of holders of the MCNs exchanging 247 in aggregate principal amount of MCNs for an aggregate of 22,653,933 treasury shares at the minimum conversion ratio plus 25 paid in cash (including accrued interest on the exchanged MCNs up to, but excluding, the settlement date). The Company allocated the share consideration to the debt (30) and equity (207) components consistent with the original allocation using net present value of the future interest payments at the date of exchange. As of December 31, 2020 and following the 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. 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. 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, 2020, 2019 and 2018. Year ended December 31, 2020 2019 2018 Net (loss) / income attributable to equity holders of the parent (733) (2,454) 5,149 Weighted average common shares outstanding (in millions) for the purposes of basic earnings per share 1,140 1,013 1,015 Incremental shares from assumed conversion of restricted share units and performance share units (in millions) — — 6 Weighted average common shares outstanding (in millions) for the purposes of diluted earnings per share 1,140 1,013 1,021 11.4 Dividends Calculations to determine the amounts available for dividends are based on ArcelorMittal’s financial statements (“ArcelorMittal Description Approved by Dividend per Payout date Total (in 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 Dividend for financial year 2019 Annual general shareholders’ meeting on June 13, 2020 — — — On June 13, 2020, at the annual general meeting of shareholders, the shareholders approved, as determined by the Board of Directors, that due to impact of the COVID-19 pandemic that it was both appropriate and prudent to suspend dividend payments until such a time as the operating environment normalizes. On February 11, 2021, the Board proposed to restart the base dividend to shareholders at $0.30 per share (in respect of 2020) which will be proposed to the shareholders at the annual general meeting of shareholders' in May 2021. It also proposed to return 570 of capital to shareholders through a share buyback program in 2021. This is in addition to the 650 share buyback which commenced on February 15, 2021 to return the proceeds of the partial sale of the Company's shares held in Cleveland-Cliffs as described in note 2.5. The share buyback program was completed on March 3, 2021 with 27,113,321 million shares repurchased (9,852,980 of which were repurchased from the Significant Shareholder for purposes of maintaining its voting rights for €195 (236)) for a total value of approximately €537 (650) at an approximate average price per share of €19.79. On March 4, 2021, ArcelorMittal commenced the second share buyback program for an aggregate amount of 570, in-line with 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, 2020 and 2019 and for the years ended December 31, 2020, 2019 and 2018. Name of Subsidiary Country of incorporation and operation % of non-controlling interests and non- controlling voting rights at December 31, 2020 % of non-controlling interests and non- controlling voting rights at December 31, 2019 Net income (loss) attributable to non- controlling interests for the year ended December 31, 2020 Non-controlling interests at December 31, 2020 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 AMSA South Africa 30.78 % 30.78 % (34) 24 (98) 74 29 Sonasid 1 Morocco 67.57 % 67.57 % — 114 — 103 2 ArcelorMittal Kryvyi Rih Ukraine 4.87 % 4.87 % (1) 151 (5) 185 15 Belgo Bekaert Arames ("BBA") Brazil 45.00 % 45.00 % 33 116 28 141 28 Hera Ermac 2 Luxembourg — — — 855 — 801 — AMMC Canada 15.00 % 15.00 % 127 466 114 486 91 Arceo Belgium 62.86 % 62.86 % 2 167 3 154 4 ArcelorMittal Liberia Ltd Liberia 15.00 % 15.00 % 28 (222) 18 (250) (2) Other — 286 3 268 14 Total 155 1,957 63 1,962 181 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 net of transaction fees of the mandatory convertible bonds maturing on January 31, 2024 (see note 11.2). The tables below provide summarized statements of financial position for the above-mentioned subsidiaries as of December 31, 2020 and 2019 and summarized statements of operations and summarized statements of cash flows for the years ended December 31, 2020, 2019 and 2018. December 31, 2020 Summarized statements of financial position AMSA Sonasid AM Kryvyi Rih BBA Hera Ermac AMMC Arceo AM Liberia Current assets 853 214 1,050 200 694 1,566 182 153 Non-current assets 572 114 2,871 112 1,044 2,987 89 150 Total assets 1,425 328 3,921 312 1,738 4,553 271 303 Current liabilities 875 115 619 93 54 515 — 1,583 Non-current liabilities 471 48 354 9 113 633 — 55 Net assets 79 165 2,948 210 1,571 3,405 271 (1,335) December 31, 2020 Summarized statements of operations AMSA Sonasid AM Kryvyi Rih BBA Hera Ermac AMMC Arceo AM Liberia Revenue 1,526 324 2,348 650 — 2,746 — 361 Net income (loss) (110) (1) 17 75 (208) 849 4 192 Total comprehensive income (loss) (138) 3 14 79 (208) 747 4 192 December 31, 2020 Summarized statements of cash flows AMSA Sonasid AM Kryvyi Rih BBA Hera Ermac AMMC Arceo AM Liberia Net cash provided by / (used in) operating activities 30 39 697 86 (209) 922 8 223 Net cash provided by / (used in) investing activities (13) (5) (212) (12) 208 (137) 20 (19) Net cash provided by / (used in) financing activities 77 (1) (485) (65) 1 (870) (6) (204) Impact of currency movements on cash 19 6 (11) (2) — — 5 — Cash and cash equivalents: At the beginning of the year 60 53 42 13 — 210 46 1 At the end of the year 173 92 31 20 — 125 73 1 Dividend to non-controlling interests (27) (126) (3) December 31, 2019 Summarized statements of financial position 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) December 31, 2019 Summarized statements of operations 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 December 31, 2019 Summarized statements of cash flows 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) — December 31, 2018 Summarized statements of operations 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) December 31, 2018 Summarized statements of cash flows 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) — 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. |
RELATED PARTIES
RELATED PARTIES | 12 Months Ended |
Dec. 31, 2020 | |
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 12.1 Sales and trade receivables Year ended December 31, December 31, Sales Trade receivables Related parties and their subsidiaries where applicable Category 2020 2019 2018 2020 2019 Calvert Joint Venture 1,488 2,518 2,207 18 5 Gonvarri Steel Industries 1 Associate 1,395 1,728 2,022 67 42 Borçelik Joint Venture 312 474 536 15 20 ArcelorMittal CLN Distribuzione Italia Joint Venture 304 483 511 6 57 Bamesa Associate 226 365 383 27 32 I/N Kote 2 Other 226 321 329 — 2 ArcelorMittal RZK Çelik Servis Merkezi Joint Venture 167 225 136 14 13 Aperam Other 155 172 278 19 16 Coils Lamiere Nastri (C.L.N.) Associate 146 247 265 7 10 Tuper Joint Venture 128 147 155 36 43 WDI 3 Associate 106 105 148 1 1 Tameh Joint Venture 64 109 110 6 8 SSC Tanger Associate 49 55 53 1 1 Al Jubail Joint Venture 4 25 115 4 — Macsteel 4 Other — — 470 — — Other 372 468 541 48 48 Total 5,142 7,442 8,259 269 298 1. Gonvarri Steel Industries includes ArcelorMittal Gonvarri Brasil Productos Siderúrgicos which is a joint venture. 2. I/N Kote was divested on December 9, 2020 upon completion of ArcelorMittal USA sale (see note 2.3.1). 3. WDI includes Westfälische Drahtindustrie Verwaltungsgesellschaft mbH & Co. KG and Westfälische Drahtindustrie GmbH. 4. 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 2020 2019 2018 2020 2019 Tameh Joint Venture 171 273 344 37 22 Global Chartering Joint Venture 138 — — 8 12 Calvert Joint Venture 124 127 107 9 41 Baffinland 1 Associate 64 16 28 52 1 Aperam Other 56 47 85 8 7 CFL Cargo Associate 54 63 59 16 17 Exeltium Associate 50 52 54 12 — Baycoat Joint Venture 46 47 43 7 8 Sitrel Joint Venture 29 49 41 — 1 Gonvarri Steel Industries 2 Associate 19 22 35 17 15 Al Jubail Joint Venture 16 53 42 7 4 Other 384 343 278 99 123 Total 1,151 1,092 1,116 272 251 1. Baffinland was classified as an associate as of October 31, 2017 (see note 2). Following a legal reorganization in September 2020, the Company holds an indirect interest in Baffinland through Nunavut Iron Ore Inc. 2. Gonvarri Steel Industries includes ArcelorMittal Gonvarri Brasil Productos Siderúrgicos which is a joint venture. 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 capacity of Global Chartering at that time. As of December 31, 2019, the Company also had an outstanding short-term loan of 127 granted to Global Chartering, which was repaid in 2020 following the sale-and-lease back of three vessels owned by Global Chartering. At December 31, 2020, 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, 2020, the loans amounted to 178 including accrued interest. The loans bear interest from 2.28% 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. This arrangement was renewed on December 1, 2020. 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 a |
SUBSEQUENT EVENTS (Notes)
SUBSEQUENT EVENTS (Notes) | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent Events1 [Abstract] | |
SUBSEQUENT EVENTS | NOTE 13: SUBSEQUENT EVENTS On February 11, 2021, the Board of Directors of ArcelorMittal announced that, effective immediately, Aditya Mittal, currently President, CFO and CEO ArcelorMittal Europe, will become Chief Executive Officer of the Company. Mr. Mittal, who founded the Company in 1976 and is currently Chairman and CEO will become Executive Chairman. In this position, he will continue to lead the Board of Directors and work together with the CEO and management team. The CEO Office will be renamed Executive Office, consisting of the Executive Chairman and the CEO. As a result of these developments, Genuino Christino, who joined the Company in 2003 and has held the position of Head of Finance since 2016, will become Chief Financial Officer. |
ACCOUNTING PRINCIPLES (Policies
ACCOUNTING PRINCIPLES (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
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 certain 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. |
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. |
Adoption of new IFRS standards, amendments and interpretations applicable from January 1, 2020 | 1.3.1 Adoption of new IFRS standards, amendments and interpretations applicable from January 1, 2020 On January 1, 2020, the Company adopted the following amendments which did not have a material impact on the consolidated financial statements of the Company: • Revised "Conceptual Framework for Financial Reporting" published by the IASB on March 29, 2018, which includes revised definitions of an asset and a liability as well as new guidance on measurement and derecognition, presentation and disclosure and must be applied retrospectively unless retrospective application would be impracticable or involve undue cost or effort. • Amendments to IFRS 3 "Business Combinations" issued by the IASB on October 22, 2018, which include 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. • Amendments to IAS 1 "Presentation of Financial Statements" and IAS 8 "Accounting Policies, Changes in Accounting Estimates and Errors" issued by the IASB on October 31, 2018 to clarify the definition of ‘material’ and to align the definition used in the Conceptual Framework and the standards themselves. • Interest Rate Benchmark Reform, amendments to IFRS 9, IAS 39 and IFRS 7 published by the IASB on September 26, 2019. These amendments provide relief from the specific hedge accounting requirements and must be applied retrospectively, 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. On June 1, 2020, the Company adopted the amendment to IFRS 16 "Leases" issued by the IASB on May 28, 2020 addressing COVID-19 related rent concessions. The amendment allows entities to elect, as a practical expedient and if certain criteria are met, not to assess whether a rent concession is a lease modification, therefore recognizing the change in lease expense immediately in the statement of profit or loss. ArcelorMittal elected to apply the practical expedient and applied it retrospectively in accordance with IAS 8, without any restatement of prior period figures. The amendment did not have a material impact on the consolidated financial statements of the Company. |
New IFRS standards, amendments and interpretations from 2021 onward | 1.3.2 New IFRS standards, amendments and interpretations applicable from 2021 onward On May 18, 2017, the IASB issued IFRS 17 "Insuran ce 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. On June 25, 2020, the IASB issued amendments to IFRS 17, including a deferral of the effective date to periods beginning on or after January 1, 2023 and should be applied retrospectively unless impracticable, 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 standard, amendments and related interpretations will have a material impact to its consolidated financial statements. On January 23, 2020, the IASB issued narrow-scope amendments to IAS 1 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. On July 15, 2020, the IASB postponed the effective date of the amendments. The amendments are effective for annual periods beginning on or after January 1, 2023 and are to be applied retrospectively, with early adoption permitted. On February 12, 2021, the IASB issued amendments to IAS 1 and IFRS Practice Statement 2. The amendments are intended to help preparers in deciding which accounting policies to disclose in their financial statements and gives further clarity on the materiality assessment of accounting policies. The amendments are effective for annual periods beginning on or after January 1, 2023 and are to be applied prospectively, with early adoption permitted.The Company does not expect that the adoption of these amendments will have a material impact to its consolidated financial statements. On May 14, 2020, the IASB issued the following narrow-scope amendments : • Amendments to IFRS 3 "Business Combinations" updated the reference to the Conceptual Framework for financial reporting, without changing the accounting requirements for business combinations. • Amendments to IAS 16 "Property, Plant and Equipment" prohibit deducting from the cost of an item of property, plant and equipment any proceeds from selling items produced while bringing that asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Instead, an entity recognizes the proceeds from selling such items and related cost in profit or loss. The amendments are applied retrospectively, • Amendments to IAS 37 "Provisions, Contingent Liabilities and Contingent Assets" clarify that the cost of fulfilling a contract comprises the costs a company includes when assessing whether a contract will be loss-making are costs that relate directly to the contract. Costs that relate directly to a contract can either be incremental costs of fulfilling that contract or an allocation of other costs that relate directly to fulfilling the contract. • Minor amendments as part of the Annual Improvements 2018-2020 to: • IFRS 1 "First-time Adoption of International Financial Reporting Standards" related to cumulative translation differences for a subsidiary as a first time user. • IFRS 9 "Financial Instruments" related to which fees an entity includes when it applies the ‘10 per cent’ test in assessing whether to derecognize a financial liability. ▪ IFRS 16 "Leases" removing the reimbursement of leasehold improvements by the lessor from illustrative example 13 in order to resolve any potential confusion regarding the treatment of lease incentives and ▪ IAS 41 "Agriculture" removing the requirement for entities to exclude taxation cash flows when measuring the fair value of a biological asset using a present value technique to ensure consistency with the requirements in IFRS 13. The Company does not expect that the adoption of these amendments will have a material impact to its consolidated financial statements which are effective for annual periods beginning on or after January 1, 2022. On June 25, 2020, the IASB issued amendments to IFRS 4 Insurance contracts" which provides an extension of the temporary exemption from applying IFRS 9 until January 1, 2023 in order to align with the effective date of IFRS 17 "Insurance Contracts". On August 27, 2020, the IASB published Phase 2 (Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16) of the Interest Rate Benchmark Reform. The amendments complement those issued in 2019 described above and focus on the effects on financial statements when a company replaces the old interest rate benchmark with an alternative benchmark rate as a result of the reform. The amendments in this final phase relate to: • changes to contractual cash flows—a company will not have to derecognize or adjust the carrying amount of financial instruments for changes required by the reform, but will instead update the effective interest rate to reflect the change to the alternative benchmark rate; • hedge accounting—a company will not have to discontinue its hedge accounting solely because it makes changes required by the reform, if the hedge meets other hedge accounting criteria; and • disclosures—a company will be required to disclose information about new risks arising from the reform and how it manages the transition to alternative benchmark rates. The amendments are effective for annual periods beginning on or after January 1, 2021 and are to be applied retrospectively, with early adoption permitted. The Company does not expect that the adoption of these amendments will have a material impact to its consolidated financial statements. On February 12, 2021, the IASB issued amendments to IAS 8. The amendments are intended to help entities distinguish between accounting policies and accounting estimates. The amendments are effective for annual periods beginning on or after January 1, 2023 and changes in accounting policies or accounting estimates on or after the start of that period with early adoption permitted. The Company does not expect that the adoption of these amendments will have a material impact to its consolidated financial statements. |
Basis 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.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 | Associates 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). |
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. |
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. |
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 as of December 31, 2020 was 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. On February 11, 2021, the Board of Directors of ArcelorMittal announced that Aditya Mittal became Chief Executive Officer of the Company (see note 13). 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 Canada, Mexico and the United States (on December 9, 2020, the Company divested ArcelorMittal USA see note 2.3.1). 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 South Africa, Ukraine and Kazakhstan; and |
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 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 357 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 these unsatisfied performance obligations as of December 31, 2020 to be recognized as revenue during 2021 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 it is 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 the collectibility can be clearly demonstrated. Uninsured trade receivables and the associated allowance are written off when ArcelorMittal has exhausted its recovery efforts and enforcement options. ArcelorMittal considered the continued impact of the COVID-19 pandemic on the economic environment in its risk of default assessment for receivables outstanding less than 180 days. Receivables aged 31 days or older and uninsured trade receivables remain consistent with historical levels and the Company did not identify any expected increased risk of default. |
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 being the amount that the inventory is expected to realize, taking into account the purpose for which the inventory is held. |
Goodwill | 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. |
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 (“CO2”) emission rights, effective as of January 1, 2005, are located primarily in Belgium, France, Germany, Luxembourg, Poland, Spain and Italy. In Ontario, Canada, ArcelorMittal's operations are currently subject to output based pricing system regulations, effective from January 1, 2019 until the newly accepted Ontario province program (Emissions Performance Standards) is transitioned (expected to be effective January 1, 2022 or retroactively to January 1, 2021). In South Africa, a CO2 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 64 years Auxiliary facilities 15 to 60 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 fixed assets and determined there were no material changes to the useful lives of property, 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. |
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. 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 fair value less cost of disposal 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, 2020, the Company determined it has 53 cash-generating units. In the context of the investment agreement signed on December 10, 2020 with Invitalia (see note 2.3.2) in order to create a partnership between Invitalia and the Company with respect to ArcelorMittal Italia, the Company performed a fair value calculation of ArcelorMittal Italia, which was a separate cash-generating unit, prior to held for sale classification based on the |
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); Investments in equity instruments at FVOCI classified as Level 1 refer to listed securities quoted in active markets. A quoted market price in an active market provides the most reliable evidence of fair value and is used without adjustment to measure fair value whenever available, with limited exceptions. The total fair value is either the price of the most recent trade at the time of the market close or the official close price as defined by the exchange on which the asset is most actively traded on the last trading day of the period, multiplied by the number of units held without consideration of transaction costs. The increase in investments in equity instruments at FVOCI in 2020 is mainly related to the Company's interest acquired in Cleveland-Cliffs following the sale of ArcelorMittal USA (see note 2.3.1). 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. |
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. Cash and cash equivalents are primarily centralized at the parent level and are managed by ArcelorMittal Treasury SNC, although from time to time cash or cash equivalent balances may be held at the Company’s international subsidiaries or its holding companies. 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 |
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. |
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). |
Other non-derivative financial assets and liabilities | Other non-derivative financial assets and liabilities include cash and cash equivalents, restricted cash and other restricted funds (see note 6.1.3), certain 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 Company 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. ArcelorMittal considered the continued impact of the COVID-19 pandemic on the economic environment in its risk of default assessment for receivables outstanding less than 180 days. Receivables aged 31 days or older and uninsured trade receivables remain consistent with historical levels and the Company did not identify any expected increased risk of default (note 4.3). 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. |
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. |
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 that they may be impaired. Variable lease payments not included in the measurement of the lease liabilities are expensed to the consolidated statement of |
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 long-term termination plans (like early retirement 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. |
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. 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 |
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. |
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. |
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. 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. |
Trade accounts payables 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. The Company’s average outstanding number of trade payable days amounted to 82 over the last 5 years. |
SCOPE OF CONSOLIDATION (Tables)
SCOPE OF CONSOLIDATION (Tables) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2018 | |
Basis Of Consolidation [Abstract] | ||
Schedule of Subsidiaries | 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 1 United States Sold 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. ("Acindar") Argentina 100.00% Europe ArcelorMittal France S.A.S. France 100.00% ArcelorMittal Belgium N.V. Belgium 100.00% ArcelorMittal España S.A. Spain 99.85% ArcelorMittal Flat Carbon Europe S.A. Luxembourg 100.00% ArcelorMittal 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. 2 Italy 100.00% 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 December 9, 2020, the Company completed the sale of ArcelorMittal USA (see note 2.3.1). 2. On December 10, 2020, the Company signed a binding agreement with Invitalia, an Italian state-owned company, forming a public-private joint venture between the parties. As a result, the carrying amount of the assets and liabilities of ArcelorMittal Italia was classified as held for sale and the Company's investment in ArcelorMittal Italia will be accounted for under the equity method upon closing of the first investment (expected in the first quarter of 2021) (see note 2.3.2). The tables below provide a list of the subsidiaries which include significant non-controlling interests at December 31, 2020 and 2019 and for the years ended December 31, 2020, 2019 and 2018. Name of Subsidiary Country of incorporation and operation % of non-controlling interests and non- controlling voting rights at December 31, 2020 % of non-controlling interests and non- controlling voting rights at December 31, 2019 Net income (loss) attributable to non- controlling interests for the year ended December 31, 2020 Non-controlling interests at December 31, 2020 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 AMSA South Africa 30.78 % 30.78 % (34) 24 (98) 74 29 Sonasid 1 Morocco 67.57 % 67.57 % — 114 — 103 2 ArcelorMittal Kryvyi Rih Ukraine 4.87 % 4.87 % (1) 151 (5) 185 15 Belgo Bekaert Arames ("BBA") Brazil 45.00 % 45.00 % 33 116 28 141 28 Hera Ermac 2 Luxembourg — — — 855 — 801 — AMMC Canada 15.00 % 15.00 % 127 466 114 486 91 Arceo Belgium 62.86 % 62.86 % 2 167 3 154 4 ArcelorMittal Liberia Ltd Liberia 15.00 % 15.00 % 28 (222) 18 (250) (2) Other — 286 3 268 14 Total 155 1,957 63 1,962 181 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. | |
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 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: 2020 2019 2018 ArcelorMittal USA Divestment Business Global Chartering Limited ArcelorMittal Italia remedies Frýdek Místek Votorantim remedies Cash and cash equivalents 7 — — — — Other current assets 2,105 14 1,386 48 40 Goodwill and intangible assets 684 — — — — Property, plant and equipment 3,341 517 178 35 48 Other assets 166 21 11 — — Total assets 6,303 552 1,575 83 88 Current liabilities 1,604 229 1,046 31 4 Other long-term liabilities 3,938 311 241 4 — Total liabilities 5,542 540 1,287 35 4 Total net assets 761 12 288 48 84 Assigned receivables — — 404 — — % of net assets sold 100 % 50 % 100 % 100 % 100 % Total net assets disposed of 761 6 692 48 84 Consideration 2,219 (4) 518 39 26 Consideration receivable — 6 174 10 58 Reclassification of foreign exchange and other reserves 2 33 72 15 — Gain on disposal 1,460 29 72 16 — | |
Details of Assets and Liabilities Held for Sale | December 31, 2020 ArcelorMittal Italia and plate operations in Europe Current Assets: Cash and cash equivalents 3 Trade accounts receivable, prepaid expenses and other current assets 635 Inventories 1,446 Total Current Assets 2,084 Non-current Assets: Property, plant and equipment 1,843 Other assets 402 Total Non-current Assets 2,245 Total Assets 4,329 Current Liabilities: Trade accounts payables, accrued expenses and other liabilities 1,236 Total Current Liabilities 1,236 Non-current Liabilities: Long-term debt 21 Other long-term liabilities 1,782 Total Non-current Liabilities 1,803 Total Liabilities 3,039 | |
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 2020 2019 Joint ventures 3,006 2,586 Associates 2,847 2,859 Individually immaterial joint ventures and associates 1 964 1,084 Total 6,817 6,529 | |
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, 2020 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, 2020 60.00 % 50.00 % 50.00 % 50.00 % 50.00 % Current assets 3,528 1,236 252 175 510 5,701 of which cash and cash equivalents 1,137 53 77 43 82 1,392 Non-current assets 5,745 1,261 669 570 257 8,502 Current liabilities 657 805 511 180 283 2,436 of which trade and other payables and provisions 524 138 232 132 271 1,297 Non-current liabilities 5,604 662 23 226 127 6,642 of which trade and other payables and provisions 67 — — 26 47 140 Net assets 3,012 1,030 387 339 357 5,125 Company's share of net assets 1,807 515 194 170 179 2,865 Adjustments for differences in accounting policies and other 149 24 — — (32) 141 Carrying amount in the statements of financial position 1,956 539 194 170 147 3,006 Revenue 3,992 2,693 1,001 420 1,055 9,161 Depreciation and amortization (371) (61) (41) (48) (24) (545) Interest income 43 — 1 — 1 45 Interest expense (135) (33) (16) (8) (12) (204) Income tax benefit (expense) 318 — (6) (2) (17) 293 Profit (loss) from continuing operations 472 9 47 7 29 564 Other comprehensive income (loss) (98) — — 6 (4) (96) Total comprehensive income (loss) 374 9 47 13 25 468 Cash dividends received by the Company — 58 — — 9 67 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, 2020; voting interest was 48.01% at December 31, 2020. 3. The non-current liabilities include 39 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 primarily to transaction costs incurred to set up the joint venture and the fair value of the guarantee of the joint venture's debt (see note 9.4). 6. Includes AMNS Luxembourg, AMNS India and intermediate holding entities. December 31, 2019 Joint Ventures AMNS India Calvert VAMA Tameh Borçelik Place of incorporation and operation 1 India United States China Poland Turkey Principal Activity Flat carbon steel manufacture 5,6 Automotive steel finishing Automotive steel finishing Energy production and supply Manufacturing and sale of steel 2,3,4 Total 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. | |
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, 2020 Associates China Oriental DHS Group Gonvarri Steel Industries Baffinland 6 Total Financial statements reporting date June 30, 2020 September 30, 2020 September 30, 2020 December 31, 2020 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, 2020 37.02 % 33.43 % 35.00 % 25.23 % Current assets 3,611 1,330 2,233 538 7,712 Non-current assets 2,507 2,810 1,675 8,295 15,287 Current liabilities 2,780 364 1,087 479 4,710 Non-current liabilities 454 1,165 772 1,050 3,441 Non-controlling interests 46 112 288 1 447 Net assets attributable to equity holders of the parent 2,838 2,499 1,761 7,303 14,401 Company's share of net assets 1,050 835 616 1,843 4,344 Adjustments for differences in accounting policies and other — 38 (49) (1,456) (1,467) Other adjustments 2 112 (201) 59 — (30) Carrying amount in the statements of financial position 1,162 672 626 387 2,847 Revenue 2,420 1,428 3,065 772 7,685 Profit (loss) from continuing operations 112 (244) 86 73 27 Other comprehensive income (loss) 16 (5) (67) — (56) Total comprehensive income (loss) 128 (249) 19 73 (29) Cash dividends received by the Company 28 — 15 — 43 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, 2020 and the net assets situation corresponding to the latest financial statements ArcelorMittal is permitted to disclose translated with closing rates as of the reporting dates described in the table above. For the year ended December 31, 2020, the Company recognized a 211 impairment loss with respect to its investment in DHS. 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. In September 2020, following a legal reorganization that was not a business combination for the Company, its share of provisional fair value remeasurement of 1.5 billion was not recognized in the carrying amount of Baffinland. 6. Following a legal reorganization in September 2020, the Company holds an indirect interest in Baffinland through Nunavut Iron Ore Inc. The summarized statement of comprehensive income presents full year result for Baffinland (direct owner and operator of Mary River project). 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. | |
Other Associates and Joint Ventures that are Not 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, 2020 December 31, 2019 Associates Joint Ventures Total Associates Joint Ventures Total Carrying amount of interests in associates and joint ventures 328 636 964 304 780 1,084 Share of: Income from continuing operations 15 33 48 26 87 113 Other comprehensive income (loss) (8) (20) (28) 1 2 3 Total comprehensive income 7 13 20 27 89 116 | |
Other Investments | Other investments include the following: December 31, 2020 2019 Cleveland-Cliffs 1,988 — Erdemir 850 642 Stalprodukt S.A. 96 57 Powercell Sweden — 23 Others 46 50 Investments in equity instruments at FVOCI 2,980 772 | |
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, 2020 2019 2018 Share in net earnings of equity-accounted companies 430 252 567 Impairment charges (211) — (132) Gain (loss) on disposal — (4) 126 Dividend income 15 99 91 Total 234 347 652 |
SEGMENT REPORTING (Tables)
SEGMENT REPORTING (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020 Sales to external customers 13,373 5,548 27,989 4,898 1,451 11 — 53,270 Intersegment sales 2 224 723 82 609 3,302 13 (4,953) — Operating income (loss) 1,667 754 (1,444) 84 1,411 (263) (99) 2,110 Depreciation and amortization (449) (224) (1,413) (332) (500) (42) — (2,960) Impairment reversal (impairment) 660 — (527) — — — — 133 Capital expenditures 459 208 1,039 324 370 39 — 2,439 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 1. Others include all other operational and non-operational items which are not segmented, such as corporate and shared services, financial activities, and shipping and logistics. 2. Transactions between segments are reported on the same basis of accounting as transactions with third parties except for certain mining products shipped internally and reported on a cost plus basis. |
Reconciliation of Operating Income (Loss) to Net Income | The reconciliation from operating income to net income (including non-controlling interests) is as follows: Year ended December 31, 2020 2019 2018 Operating (loss)/income 2,110 (627) 6,539 Income from investments in associates and joint ventures 234 347 652 Financing costs - net (1,256) (1,652) (2,210) (Loss) income before taxes 1,088 (1,932) 4,981 Income tax expense (benefit) 1,666 459 (349) Net (loss) income (including non-controlling interests) (578) (2,391) 5,330 |
Schedule of Geographical Areas | Year ended December 31, 2020 2019 2018 Americas United States 1 9,991 15,238 16,271 Brazil 4,396 5,094 4,982 Canada 2,537 3,004 3,563 Mexico 1,707 1,941 1,970 Argentina 679 814 960 Others 872 1,195 1,322 Total Americas 20,182 27,286 29,068 Europe Germany 4,200 5,694 6,757 Poland 3,231 3,957 4,518 France 3,115 4,114 4,431 Spain 2,817 3,855 4,265 Italy 3,195 4,317 3,333 Czech Republic 752 1,244 1,782 Turkey 1,075 1,499 1,683 United Kingdom 966 1,434 1,471 Belgium 1,274 1,617 1,309 Netherlands 878 1,142 1,209 Russia 804 876 1,144 Romania 335 720 708 Ukraine 2 515 540 635 Others 3,148 4,359 5,018 Total Europe 26,305 35,368 38,263 Asia & Africa South Africa 1,366 2,260 2,742 Morocco 492 583 628 Egypt 103 309 206 Rest of Africa 619 1,278 1,257 China 1,622 676 608 Kazakhstan 425 470 496 South Korea 331 380 365 India 142 95 92 Rest of Asia 1,683 1,910 2,308 Total Asia & Africa 6,783 7,961 8,702 Total 53,270 70,615 76,033 1. On December 9, 2020, the Company completed the sale of ArcelorMittal USA. The sales of the operations disposed of were consolidated by ArcelorMittal until December 9, 2020, see note 2.3.1. 2. Ukraine is presented separately in 2020, due to the increased contribution. In prior periods Ukraine was included in others. The comparative periods are revised to align with the current presentation. December 31, 2020 2019 Americas Canada 5,213 5,336 Brazil 3,330 4,254 United States 2 116 2,878 Mexico 1,457 1,408 Argentina 249 266 Venezuela 17 17 Others 18 16 Total Americas 10,400 14,175 Europe France 4,207 4,293 Germany 2,789 2,665 Belgium 2,712 2,695 Poland 2,546 2,508 Ukraine 2,154 2,674 Spain 2,058 1,920 Italy 3 15 1,488 Luxembourg 1,297 1,231 Bosnia and Herzegovina 189 188 Romania 56 62 Czech Republic 28 31 Others 191 165 Total Europe 18,242 19,920 Asia & Africa Kazakhstan 1,401 1,519 South Africa 528 568 Liberia 132 157 Morocco 102 92 Others 137 128 Total Asia & Africa 2,300 2,464 Unallocated assets 23,137 22,733 Total 54,079 59,292 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. On December 9, 2020, the Company completed the sale of ArcelorMittal USA assets (see note 2.3.1). |
Schedule of Sales by Product Type | Year ended December 31, 2020 2019 2018 Flat products 31,584 43,633 46,734 Long products 11,117 13,706 15,751 Tubular products 1,343 2,044 2,158 Mining products 1,451 1,165 1,009 Others 7,775 10,067 10,380 Total 53,270 70,615 76,033 |
Disaggregation of Revenue From Contracts With Customers | The tables below summarize the disaggregated revenue recognized from contracts with customers: Year ended December 31, 2020 NAFTA Brazil Europe ACIS Mining Others Total Steel sales 12,791 5,226 25,437 4,232 — — 47,686 Non-steel sales 1 76 47 621 319 1,412 — 2,475 By-product sales 2 83 82 553 90 — — 808 Other sales 3 423 193 1,378 257 39 11 2,301 Total 13,373 5,548 27,989 4,898 1,451 11 53,270 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 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, 2020 | |
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, 2020, 2019 and 2018. Year ended December 31, 2020 2019 2018 Trade accounts receivable and other - opening balance 3,569 4,432 3,863 Performance obligations satisfied 53,270 70,615 76,033 Payments received (53,194) (71,559) (75,387) Impairment of receivables (net of write backs and utilization) (16) 9 (8) Reclassification of the period-end receivables to held for sale and derecognition of receivable through business divestment (724) — (182) Acquisitions through business combination — 4 532 TSR receivables retained in ArcelorMittal USA divestment 1 260 — — Foreign exchange and others (93) 68 (419) Trade accounts receivable and other - closing balance 3,072 3,569 4,432 1. See note 6.1.3 |
Schedule of Cost of Sales | Cost of sales includes the following components: Year ended December 31, 2020 2019 2018 Materials 34,599 47,809 46,842 Labor costs 7,690 9,094 9,206 Logistic expenses 3,474 4,951 4,974 Depreciation and amortization 2,960 3,067 2,799 Gain on bargain purchase 1 — — (209) Impairment reversal net of impairment (see note 5.3) (133) 1,927 994 Gain on AM USA disposal 2 (1,460) — — Other 2,008 2,039 2,419 Total 49,138 68,887 67,025 1. See note 2.2.4 2. See note 2.3.1 for details |
Schedule of Trade Accounts Receivable and Allowance for Expected Credit Losses | December 31, 2020 2019 Gross amount 3,208 3,698 Allowance for lifetime expected credit losses (136) (129) Total 3,072 3,569 |
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, 2020 2019 NAFTA 1 454 285 Brazil 803 702 Europe 1,396 1,983 ACIS 184 523 Mining 235 76 Total 3,072 3,569 1. The increase in NAFTA trade receivables is due to the TSR receivables retained as part of the sale of ArcelorMittal USA, see note 4.1. |
Aging of Trade Accounts Receivable | Aging of trade accounts receivable December 31, December 31, 2020 2019 Gross Allowance Total Gross Allowance Total Not past due 2,699 (13) 2,686 2,851 (11) 2,840 Overdue 1-30 days 215 (1) 214 452 (2) 450 Overdue 31-60 days 49 (1) 48 85 (1) 84 Overdue 61-90 days 26 — 26 43 — 43 Overdue 91-180 days 42 (3) 39 67 (4) 63 More than 180 days 177 (118) 59 200 (111) 89 Total 3,208 (136) 3,072 3,698 (129) 3,569 |
Movement in the Allowance for Lifetime Expected Credit Losses | The allowances in respect of trade accounts receivable during the periods presented are as follows: Year ended December 31, 2020 2019 2018 Allowance - opening balance 129 173 193 Additions 27 18 35 Write backs / utilization (11) (27) (29) Foreign exchange and others (9) (35) (26) Allowance - closing balance 136 129 173 |
Schedule of Inventories | Inventories, net of allowance for slow-moving inventory, excess of cost over net realizable value and obsolescence of 1,079 and 1,760 as of December 31, 2020 and 2019, respectively, are comprised of the following: December 31, 2020 2019 Finished products 3,403 5,821 Production in process 3,305 4,165 Raw materials 3,839 5,101 Manufacturing supplies, spare parts and other 1 1,781 2,209 Total 12,328 17,296 |
Movement in Inventory Reserve | Movements in the inventory reserve are as follows: Year ended December 31, 2020 2019 2018 Inventory reserve - opening balance 1,760 1,168 1,239 Additions 1 294 726 423 Deductions / Releases 2 (878) (212) (382) Foreign exchange and others (97) 78 (112) Inventory reserve - closing balance 1,079 1,760 1,168 1. Additions in 2020 and 2019 refer to write-downs of inventories excluding those utilized or written back during the same financial year and the additions in 2018 refer to write-downs of inventories including those utilized or written back during the same financial year. |
Schedule of Prepaid Expenses and Other Current Assets | December 31, 2020 2019 VAT receivables 752 941 Prepaid expenses and non-trade receivables 486 696 Financial amounts receivable 94 350 Income tax receivable 51 102 Receivables from public authorities 143 137 Receivables from sale of financial and intangible assets 78 153 Derivative financial instruments 353 268 Other 1 324 109 Total 2,281 2,756 |
Schedule of Other Assets | Other assets consisted of the following: December 31, 2020 2019 Derivative financial instruments 324 130 Financial amounts receivable 503 594 Long-term VAT receivables 156 285 Cash guarantees and deposits 86 164 Receivables from public authorities 41 51 Accrued interest 30 65 Receivables from sale of financial and intangible assets 172 131 Income tax receivable 18 25 Other 1 152 203 Total 1,482 1,648 |
Schedule of Accrued Expenses and Other Liabilities | Accrued expenses and other liabilities are comprised of the following as of: December 31, 2020 2019 Accrued payroll and employee related expenses 1,238 1,560 Accrued interest and other payables 1,151 927 Payable from acquisition of intangible, tangible & financial assets 1 847 1,559 Other amounts due to public authorities 680 507 Derivative financial instruments 2 208 308 Unearned revenue and accrued payables 73 49 Total 4,197 4,910 1. Payables from acquisition of intangible, tangible & financial assets decreased primarily due to the divestment of ArcelorMittal USA and classification of ArcelorMittal Italia as assets held for sale at December 31, 2020. See note 2.3.1 and 2.3.2. 2. Derivative financial instruments included 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. The put option was exercised in December 2020 (see note 2.2.4). |
GOODWILL, INTANGIBLE AND TANG_2
GOODWILL, INTANGIBLE AND TANGIBLE ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Intangible Assets [Abstract] | |
Schedule of Goodwill and Intangible Assets | The carrying amounts of goodwill and intangible assets are summarized as follows: December 31, 2020 2019 Goodwill on acquisitions 3,992 5,104 Concessions, patents and licenses 190 197 Customer relationships and trade marks 90 95 Other 40 36 Total 4,312 5,432 Other intangible assets are summarized as follows: Concessions, patents and licenses Customer relationships and trade marks Other Total Cost At December 31, 2018 745 1,128 443 2,316 Acquisitions 17 — 65 82 Acquisitions through business combinations (note 2.2.4) — 12 — 12 Disposals — — (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 Acquisitions 17 — 35 52 Disposal (8) — (2) (10) Divestment (note 2.3.1) (251) (9) — (260) Foreign exchange differences 16 24 11 51 Transfers to assets held for sale (note 2.3) (12) — (11) (23) Transfers and other movements 1 37 — — 37 Fully amortized intangible assets 2 (29) — — (29) At December 31, 2020 400 1,148 180 1,728 Accumulated amortization and impairment losses 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 Disposals (7) — — (7) Divestment (note 2.3.1) (239) (9) — (248) Amortization charge 47 10 30 87 Impairment charge (note 5.3) 4 — — 4 Foreign exchange differences 17 19 8 44 Transfers to assets held for sale (note 2.3) (12) — (9) (21) Transfers and other movements 1 (4) — — (4) Fully amortized intangible assets 2 (29) — — (29) At December 31, 2020 210 1,058 140 1,408 Carrying amount At December 31, 2019 197 95 36 328 At December 31, 2020 190 90 40 320 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 note 7). |
Schedule of Goodwill Acquired | Goodwill acquired in business combinations for each of the Company’s operating segments is as follows: December 31, 2019 Divestments and assets held for sale 1 Foreign exchange differences and other movements December 31, 2020 NAFTA 2,233 (672) 5 1,566 Brazil 1,353 — (284) 1,069 Europe 545 (45) 40 540 ACIS 973 — (156) 817 Total 5,104 (717) (395) 3,992 1. See notes 2.3.1 and 2.3.2 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 |
Schedule of Property, Plant and Equipment | Asset Category Useful Life Range Land Not depreciated Buildings 10 to 50 years Property plant & equipment 15 to 64 years Auxiliary facilities 15 to 60 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, 2018 10,879 44,062 4,363 — 3,901 63,205 Adoption of IFRS 16 (note 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 Additions 27 172 1,857 233 23 2,312 Foreign exchange differences 621 1,121 (129) 36 (130) 1,519 Disposals (62) (630) (19) — (4) (715) Divestments (note 2.3.1) (858) (8,559) (261) (449) (766) (10,893) Transfers to assets held for sale (note 2.3.2) (461) (1,911) (612) (89) — (3,073) Other movements 1 574 1,778 (2,363) (225) 48 (188) At December 31, 2020 10,738 36,599 3,963 1,598 3,284 56,182 Accumulated depreciation and impairment At December 31, 2018 3,113 20,838 981 — 2,635 27,567 Adoption of IFRS 16 (note 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 Depreciation charge for the year 338 2,188 — 212 135 2,873 Impairment charges/ (reversal) (note 5.3) 111 (280) 29 3 — (137) Disposals (40) (591) (7) — (3) (641) Foreign exchange differences 424 1,189 8 8 (102) 1,527 Divestments (note 2.3.1) (527) (6,002) (5) (300) (718) (7,552) Transfers to assets held for sale (note 2.3.2) (163) (1,045) (13) (9) — (1,230) Other movements 1 177 (212) (9) (212) (13) (269) At December 31, 2020 3,808 18,136 994 559 2,063 25,560 Carrying amount At December 31, 2019 7,409 21,739 4,499 1,235 1,349 36,231 At December 31, 2020 6,930 18,463 2,969 1,039 1,221 30,622 1. Other movements predominantly represent transfers from construction in progress to other categories and retirement of fully depreciated assets. In 2019, other movements 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 45 and 59 as of December 31, 2020 and 2019, respectively, and bearer plants of 29 and 38 as of December 31, 2020 and 2019, 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). |
Schedule of Impairment of Assets | Net impairment (reversals)/charges recognized were as follows: Year ended December 31, Type of asset 2020 2019 2018 Goodwill — — 34 Tangible assets (133) 1,927 960 Total (133) 1,927 994 NAFTA Brazil Europe ACIS GCGU weighted average pre-tax discount rate used in 2020 (in %) 10.5 15.9 8.5 14.6 GCGU weighted average pre-tax discount rate used in 2019 (in %) 10.8 15.0 9.1 14.5 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 |
FINANCING AND FINANCIAL INSTR_2
FINANCING AND FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Financial Instruments [Abstract] | |
Disclosure of Assets Based on Categories | The following table summarizes assets and liabilities based on their categories at December 31, 2020: December 31, 2020 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 5,600 — 5,600 — — — Restricted cash and other restricted funds 363 — 363 — — — Trade accounts receivable and other 3,072 — 2,699 — 373 — Inventories 12,328 12,328 — — — — Prepaid expenses and other current assets 2,281 910 1,018 — — 353 Assets held for sale 4,329 3,384 945 — — — Total current assets 27,973 16,622 10,625 — 373 353 Non-current assets: Goodwill and intangible assets 4,312 4,312 — — — — Property, plant and equipment and biological assets 30,622 30,577 — 45 — — Investments in associates and joint ventures 6,817 6,817 — — — — Other investments 2,980 — — — 2,980 — Deferred tax assets 7,866 7,866 — — — — Other assets 1,482 237 785 136 — 324 Total non-current assets 54,079 49,809 785 181 2,980 324 Total assets 82,052 66,431 11,410 181 3,353 677 LIABILITIES AND EQUITY Current liabilities: Short-term debt and current portion of long-term debt 2,507 — 2,507 — — — Trade accounts payable and other 11,525 — 11,525 — — — Short-term provisions 935 919 16 — — — Accrued expenses and other liabilities 4,197 1,160 2,829 — — 208 Income tax liabilities 464 464 — — — — Liabilities held for sale 3,039 709 2,330 — — — Total current liabilities 22,667 3,252 19,207 — — 208 Non-current liabilities: Long-term debt, net of current portion 9,815 — 9,815 — — — Deferred tax liabilities 1,832 1,832 — — — — Deferred employee benefits 4,656 4,656 — — — — Long-term provisions 1,697 1,691 6 — — — Other long-term obligations 1,148 354 698 — — 96 Total non-current liabilities 19,148 8,533 10,519 — — 96 Equity: Equity attributable to the equity holders of the parent 38,280 38,280 — — — — Non-controlling interests 1,957 1,957 — — — — Total equity 40,237 40,237 — — — — Total liabilities and equity 82,052 52,022 29,726 — — 304 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 |
Disclosure of Liabilities Based on Categories | The following table summarizes assets and liabilities based on their categories at December 31, 2020: December 31, 2020 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 5,600 — 5,600 — — — Restricted cash and other restricted funds 363 — 363 — — — Trade accounts receivable and other 3,072 — 2,699 — 373 — Inventories 12,328 12,328 — — — — Prepaid expenses and other current assets 2,281 910 1,018 — — 353 Assets held for sale 4,329 3,384 945 — — — Total current assets 27,973 16,622 10,625 — 373 353 Non-current assets: Goodwill and intangible assets 4,312 4,312 — — — — Property, plant and equipment and biological assets 30,622 30,577 — 45 — — Investments in associates and joint ventures 6,817 6,817 — — — — Other investments 2,980 — — — 2,980 — Deferred tax assets 7,866 7,866 — — — — Other assets 1,482 237 785 136 — 324 Total non-current assets 54,079 49,809 785 181 2,980 324 Total assets 82,052 66,431 11,410 181 3,353 677 LIABILITIES AND EQUITY Current liabilities: Short-term debt and current portion of long-term debt 2,507 — 2,507 — — — Trade accounts payable and other 11,525 — 11,525 — — — Short-term provisions 935 919 16 — — — Accrued expenses and other liabilities 4,197 1,160 2,829 — — 208 Income tax liabilities 464 464 — — — — Liabilities held for sale 3,039 709 2,330 — — — Total current liabilities 22,667 3,252 19,207 — — 208 Non-current liabilities: Long-term debt, net of current portion 9,815 — 9,815 — — — Deferred tax liabilities 1,832 1,832 — — — — Deferred employee benefits 4,656 4,656 — — — — Long-term provisions 1,697 1,691 6 — — — Other long-term obligations 1,148 354 698 — — 96 Total non-current liabilities 19,148 8,533 10,519 — — 96 Equity: Equity attributable to the equity holders of the parent 38,280 38,280 — — — — Non-controlling interests 1,957 1,957 — — — — Total equity 40,237 40,237 — — — — Total liabilities and equity 82,052 52,022 29,726 — — 304 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 |
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, 2020 Level 1 Level 2 Level 3 Total Assets at fair value: Investments in equity instruments at FVOCI 2,934 — 46 2,980 Trade accounts receivable and other subject to TSR programs* — — 373 373 Derivative financial current assets — 353 — 353 Derivative financial non-current assets — 265 59 324 Total assets at fair value 2,934 618 478 4,030 Liabilities at fair value: Derivative financial current liabilities — 208 — 208 Derivative financial non-current liabilities — 96 — 96 Total liabilities at fair value — 304 — 304 *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, 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. The following table summarizes the reconciliation of the fair value of the financial instruments classified as Level 3: Put option with ISP Call option on 1,000 mandatory convertible bonds Special payment in pellet purchase agreement Total 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) Change in fair value/foreign exchange differences (10) (68) 6 (72) Value of option at exercise date/divested balance 135 — 170 305 Balance as of December 31, 2020 — 59 — 59 |
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, 2020 Level 1 Level 2 Level 3 Total Assets at fair value: Investments in equity instruments at FVOCI 2,934 — 46 2,980 Trade accounts receivable and other subject to TSR programs* — — 373 373 Derivative financial current assets — 353 — 353 Derivative financial non-current assets — 265 59 324 Total assets at fair value 2,934 618 478 4,030 Liabilities at fair value: Derivative financial current liabilities — 208 — 208 Derivative financial non-current liabilities — 96 — 96 Total liabilities at fair value — 304 — 304 *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, 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. The following table summarizes the reconciliation of the fair value of the financial instruments classified as Level 3: Put option with ISP Call option on 1,000 mandatory convertible bonds Special payment in pellet purchase agreement Total 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) Change in fair value/foreign exchange differences (10) (68) 6 (72) Value of option at exercise date/divested balance 135 — 170 305 Balance as of December 31, 2020 — 59 — 59 |
Disclosure of Detailed Information About Borrowings | Short-term debt, including the current portion of long-term debt, consisted of the following: December 31, 2020 2019 Short-term bank loans and other credit facilities including commercial paper 1 1,647 1,838 Current portion of long-term debt 677 770 Lease obligations 2 183 261 Total 2,507 2,869 1. The weighted average interest rate on short-term borrowings outstanding was 1.3% and 1.1% as of December 31, 2020 and 2019, respectively. 2. See note 7. Long-term debt is comprised of the following: December 31, Year of maturity Type of Interest Interest rate 1 2020 2019 Corporate 5.5 billion Revolving Credit Facility 3 2023 - 2025 Floating — — CHF 225 million Unsecured Notes 2020 Fixed 2.50 % — 233 €600 million Unsecured Notes 2020 Fixed 2.88 % — 316 €500 million Unsecured Notes 2021 Fixed 3.00 % 350 320 €750 million Unsecured Notes 2022 Fixed 3.13 % 596 841 1.1 billion Unsecured Notes 2022 Fixed 6.25 % — 657 €500 million Unsecured Notes 2023 Fixed 0.95 % 448 558 €750 million Unsecured Notes 2023 Fixed 1.00 % 917 838 €1.0 billion Unsecured Notes 2024 Fixed 2.25 % 1,234 1,131 750 Unsecured Notes 2024 Fixed 3.60 % 747 746 500 Unsecured Notes 2025 Fixed 6.13 % 256 498 €750 million Unsecured Notes 2025 Fixed 1.75 % 913 834 750 Unsecured Notes 2026 Fixed 4.55 % 745 745 500 Unsecured Notes 2029 Fixed 4.25 % 494 493 1.5 billion Unsecured Bonds 2039 Fixed 7.25 % 671 671 1.0 billion Unsecured Notes 2041 Fixed 7.00 % 428 428 Other loans 2021 - 2022 Fixed 3.1% - 3.5% 218 151 EIB loan 2025 Fixed 1.16 % 304 344 Other loans 2021 - 2035 Floating 0.4% - 2.4% 1,204 1,218 Total Corporate 9,525 11,022 Americas Other loans 2020 - 2030 Fixed/Floating 0.0% - 9.5% 83 81 Total Americas 83 81 Europe, Asia & Africa EBRD Facility 2024 Floating 2.2% - 2.5% 129 175 Other loans 2021 - 2030 Fixed/Floating 0.0% - 6.2% 123 97 Total Europe, Asia & Africa 252 272 Total 9,860 11,375 Less current portion of long-term debt (677) (770) Total long-term debt (excluding lease obligations) 9,183 10,605 Long-term lease obligations 2 632 866 Total long-term debt, net of current portion 9,815 11,471 1. Rates applicable to balances outstanding at December 31, 2020. For debt that has been redeemed in its entirety during 2020, the interest rates refer to the rates at repayment date. 2. Net of current portion of 183 and 261 as of December 31, 2020 and 2019, respectively. Further information regarding leases is provided in note 7. 3. On November 26, 2020, the commitments were extended by one year to December 19, 2025. The commitments are 5.5 billion until December 19, 2023 and 5.4 billion until December 19, 2025. Nominal value Date of issuance Repayment date Interest rate 1 Issued at €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 % €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 7.25 % 95.20 % 500 Unsecured Bonds Aug 5, 2010 Oct 15, 2039 7.25 % 104.84 % 1.0 billion Unsecured Notes Mar 7, 2011 Mar 1, 2041 7.00 % 99.18 % 1. Rates applicable at December 31, 2020. |
Disclosure of Maturity Analysis for Non-derivative Financial Liabilities | As of December 31, 2020 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 2021 2,507 2022 955 2023 2,454 2024 2,191 2025 1,339 Subsequent years 2,876 Total 12,322 December 31, 2020 Carrying amount Contractual Cash Flow 2021 2022 from 2023 to 2025 After 2025 Non-derivative financial liabilities Bonds (7,888) (10,307) (616) (851) (5,135) (3,705) Loans over 100 (1,998) (2,345) (769) (190) (998) (388) Trade and other payables (11,525) (11,530) (11,530) — — — Other loans and lease (2,436) (2,692) (1,448) (211) (546) (487) Total (23,847) (26,874) (14,363) (1,252) (6,679) (4,580) Derivative financial liabilities Foreign exchange contracts (170) (170) (149) (13) (8) — Other commodities contracts 1 (134) (134) (59) (28) (47) — Total (304) (304) (208) (41) (55) — 1. Commodity contracts include base metals, freight, energy and emission rights. 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 (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) 1 (125) (125) (125) — — — Foreign exchange contracts (90) (90) (49) — — (41) Other commodities contracts 2 (331) (331) (134) (76) (103) (18) Total (546) (546) (308) (76) (103) (59) 1. Equity contracts balance as of December 31, 2019 shown above included the the put option granted to ISP in the context of the acquisition of ArcelorMittal Italia, which was exercised in December 2020, see note 2.2.4 and 2.3.2. |
Disclosure of Estimated Fair Value and Carrying Value of Debt | As of December 31, 2020 Carrying amount Fair Value Level 1 Level 2 Level 3 Total Instruments payable bearing interest at fixed rates 9,195 8,698 1,431 — 10,129 Instruments payable bearing interest at variable rates 1,480 1,488 — 1,488 Total long-term debt, including current portion 10,675 8,698 2,919 — 11,617 Short term bank loans and other credit facilities including commercial paper 1,647 — 1,649 — 1,649 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 |
Disclosure of Cash and Cash Equivalents | Cash and cash equivalents consisted of the following: December 31, 2020 2019 Cash at bank 3,487 3,443 Term deposits 393 246 Money market funds 1 1,720 1,178 Total 5,600 4,867 |
Reconciliation of Liabilities Arising 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, 2018 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) 1 (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 Proceeds from long-term debt 323 — Payments of long-term debt (1,645) — Amortized cost 8 7 Unrealized foreign exchange effects 563 115 Proceeds from short-term debt — 430 Payments of short-term debt — (1,503) Current portion of long-term debt (860) 860 Payments of principal portion of lease liabilities (note 7) 1 (7) (235) Additions to lease liabilities (notes 5.2 and 7) 195 38 Derecognition of lease liabilities following the divestment of ArcelorMittal USA (note 2.3.1) (208) (70) Debt classified as held for sale (note 2.3.2) (21) (3) Other movements (4) (1) Balance as of December 31, 2020 (note 6.1.2) 9,815 2,507 |
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, 2020 and December 31, 2019: As of December 31, 2020 Total USD EUR USD CAD PLN UAH Other Short-term debt and current portion of long-term debt 2,507 1,283 765 172 19 46 222 Long-term debt, net of current portion 9,815 5,775 3,567 91 239 17 126 Cash and cash equivalents, restricted cash and other restricted funds (5,963) (2,637) (2,236) (35) (152) (19) (884) Net debt 6,359 4,421 2,096 228 106 44 (536) 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 and restricted cash (4,995) (2,986) (1,383) (2) (64) (32) (528) Net debt 9,345 5,220 3,619 231 195 248 (168) |
Disclosure of Detailed Information About Financial Instruments | The following tables summarize this portfolio: December 31, 2020 Assets Liabilities Notional Amount Fair Value Notional Amount Fair Value Interest rate instruments Other interest rate instruments 22 — 10 — Total interest rate instruments — — Foreign exchange rate instruments Forward purchase contracts 356 2 2,199 (113) Forward sale contracts 847 24 371 (19) Currency swaps purchase 260 36 — — Exchange option purchases 2,938 18 1,176 (15) Exchange options sales 2,960 26 1,208 (23) Total foreign exchange rate instruments 106 (170) Raw materials (base metals), freight, energy, emission rights Term contracts sales 567 38 370 (46) Term contracts purchases 1,673 473 854 (87) Options sales/purchases 47 1 48 (1) Total raw materials (base metals), freight, energy, emission rights 512 (134) Total 618 (304) 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) Option sales/purchases 12 6 10 (6) Total raw materials (base metals), freight, energy, emission rights 152 (155) Total 271 (245) Fair values of raw material, freight, energy and emission rights instruments categorized as Level 2 are as follows: December 31, 2020 2019 Base metals 7 (6) Freight — 7 Energy (oil, gas, electricity) (36) (92) Emission rights 407 88 Total 378 (3) Derivative assets associated with raw materials, energy, freight and emission rights 512 152 Derivative liabilities associated with raw materials, energy, freight and emission rights (134) (155) Total 378 (3) |
Analysis of Financing Costs | Financing costs - net recognized in the years ended December 31, 2020, 2019 and 2018 are as follows: Year ended December 31, 2020 2019 2018 Interest expense (477) (695) (687) Interest income 56 88 72 Change in fair value adjustment on call option on mandatory convertible bonds and pellet purchase agreement (note 6.1.5) (143) (320) (572) Accretion of defined benefit obligations and other long term liabilities (325) (405) (349) Net foreign exchange result 107 4 (235) Other 1 (474) (324) (439) Total (1,256) (1,652) (2,210) 1. Other mainly includes expenses related to true sale of receivables (“TSR”) programs and bank fees. It also includes premiums and fees of 120 relating to the bonds early redeemed in 2020 (71 and 104 of premiums and fees relating to bonds early redeemed in 2019 and 2018, respectively). In 2020, other also includes 178 relating to renewal of mandatorily convertible bonds (see note 11.2). |
Disclosure of Capital Management | December 31, 2020 2019 Total equity 40,237 40,483 Net debt (including 21 and nil cash and debt classified as held for sale as of December 31, 2020 and 2019 respectively) 6,380 9,345 Gearing 15.9 % 23.1 % |
Disclosure of Nature and Extent of Risks Arising from Financial Instruments | December 31, 2020 Trade receivables Trade payables USD 830 4,168 EUR 805 4,507 BRL 705 934 CAD 42 284 KZT 42 206 ZAR 82 249 MXN 55 54 UAH 62 161 PLN 165 615 ARS 51 61 Other 233 286 Total 3,072 11,525 |
Sensitivity Analysis for Types of Market Risk | 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 81 451 (81) (451) BRL 71 93 (71) (93) CAD 4 28 (4) (28) KZT 4 21 (4) (21) ZAR 8 25 (8) (25) MXN 6 5 (6) (5) UAH 6 16 (6) (16) PLN 17 62 (17) (62) ARS 5 6 (5) (6) December 31, 2020 Income Other Equity 10% strengthening in U.S. dollar (60) 196 10% weakening in U.S. dollar 64 (202) December 31, 2019 Income Other Equity 10% strengthening in U.S. dollar (104) 325 10% weakening in U.S. dollar 113 (252) December 31, 2020 Floating porting of net debt 1 Interest Rate Swaps/Forward Rate Agreements 100 bp increase 40 — 100 bp decrease (40) — December 31, 2019 Floating porting of net debt 1 Interest Rate Swaps/Forward Rate Agreements 100 bp increase 30 — 100 bp decrease (30) — 1. Please refer to note 6.1.4 for a description of net debt (including fixed and floating portion). December 31, 2020 Income Other Equity Cash Flow Hedging Reserves '+10% in prices Base Metals 2 10 Iron Ore — (1) Freight — 3 Emission rights — 145 Energy — 82 '-10% in prices Base Metals (2) (10) Iron Ore — 1 Freight — (3) Emission rights — (145) Energy — (82) 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) |
Disclosure of Maturity Analysis for Derivative Financial Liabilities | December 31, 2020 Carrying amount Contractual Cash Flow 2021 2022 from 2023 to 2025 After 2025 Non-derivative financial liabilities Bonds (7,888) (10,307) (616) (851) (5,135) (3,705) Loans over 100 (1,998) (2,345) (769) (190) (998) (388) Trade and other payables (11,525) (11,530) (11,530) — — — Other loans and lease (2,436) (2,692) (1,448) (211) (546) (487) Total (23,847) (26,874) (14,363) (1,252) (6,679) (4,580) Derivative financial liabilities Foreign exchange contracts (170) (170) (149) (13) (8) — Other commodities contracts 1 (134) (134) (59) (28) (47) — Total (304) (304) (208) (41) (55) — 1. Commodity contracts include base metals, freight, energy and emission rights. 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 (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) 1 (125) (125) (125) — — — Foreign exchange contracts (90) (90) (49) — — (41) Other commodities contracts 2 (331) (331) (134) (76) (103) (18) Total (546) (546) (308) (76) (103) (59) 1. Equity contracts balance as of December 31, 2019 shown above included the the put option granted to ISP in the context of the acquisition of ArcelorMittal Italia, which was exercised in December 2020, see note 2.2.4 and 2.3.2. |
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, 2020 Assets/ (liabilities) (Outflows)/inflows Fair value 3 months and less 3-6 months 6-12 months 2022 After 2022 Foreign exchange contracts (37) (29) (31) (21) 2 42 Commodities (35) — 1 6 (9) (33) Emission rights 405 89 — 129 187 — Total 333 60 (30) 114 180 9 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 1 (275) (12) (27) (40) (47) (149) Emission rights 88 (4) — 92 — — Total (141) 51 (44) 48 (47) (149) 1. The commodities balance as of December 31, 2019 shown above included the commodities liability balance of 176 for the special payment in the pellet purchase agreement, which was disposed in 2020 with the sale of ArcelorMittal USA (note 6.1.5). December 31, 2020 Cash flow hedge reserve 1 (Expense)/income Carrying amount 3 months and less 3-6 months 6-12 months 2022 After 2022 Foreign exchange contracts (13) 3 1 (23) 2 4 Commodity contracts (2) 2 2 8 4 (18) Emission rights 214 15 15 33 81 70 Total 199 20 18 18 87 56 1. The cash flow hedge reserve balance as of December 31, 2020 also includes 30 deferred gains for the Company's share of such reserves at its equity method investments, which are not disclosed above (nil as of December 31, 2019). December 31, 2019 Cash flow hedge 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 1 (106) (16) (19) (27) (44) — Emission rights 310 72 73 145 16 4 Total 217 65 55 121 (28) 4 1. The commodity contracts balance as of December 31, 2019 shown above included 29 deferred losses related to the special payment in the pellet purchase agreement and other commodity hedges, which were disposed in 2020 with the sale of ArcelorMittal USA (note 6.1.5). |
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, 2020 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 2,379 3 (84) Prepaid expenses and other current assets/Accrued expenses and other liabilities Foreign exchange risk - Option/forward/swap contracts 440 44 — Other assets/Other long-term obligations Price risk - Commodities forwards 459 22 (14) Prepaid expenses and other current assets/Accrued expenses and other liabilities Price risk - Commodities forwards 971 32 (75) Other assets/Other long-term obligations Price risk - Emission rights forwards 686 218 — Prepaid expenses and other current assets/Accrued expenses and other liabilities Price risk - Emission rights forwards 348 187 — Other assets/Other long-term obligations Total 506 (173) December 31, 2020 Hedging Instruments Cash flow hedge reserve at December 31, 2019 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, 2020 1 Cash flow hedges Foreign exchange risk - Option/Forward contracts 31 (96) 35 17 Sales (13) Price risk - Commodities forwards (106) (140) 241 3 Sales, Cost of sales (2) Price risk - Emission rights forwards 310 271 (367) — Cost of sales 214 Total 235 35 (91) 20 199 1. The cash flow hedge reserve balance as of December 31, 2020 also includes 30 deferred gains for the Company's share of such reserves at its equity method investments, which are not disclosed above. 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. The commodities balance as of December 31, 2019 shown above included 38 short-term and 138 long-term amounts for the special payment in the pellet purchase agreement, which was derecognized in 2020 with the sale of ArcelorMittal USA (note 6.1.5). 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 1 (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 1. The commodity contracts balance as of December 31, 2019 shown above included 29 deferred losses related to the special payment in the pellet purchase agreement, which was derecognized in 2020 with the sale of ArcelorMittal USA (note 6.1.5). December 31, 2020 Date traded Date maturity /unwound Notional OCI gross Deferred tax OCI net of deferred tax December, 2014 January, 2016 375 83 (24) 59 May, 2015 March, 2020 1 500 11 (3) 8 May, 2015 July, 2019 500 (16) 5 (11) March, 2018 June, 2018 100 8 (2) 6 April, 2019 November, 2019 200 11 (3) 8 Total 97 (27) 70 1. On March 25, 2020 and March 26, 2020, the Company unwound euro/U.S. dollar CCS with a notional of 300 and 200, respectively, which were entered into on May 27, 2015 and designated as a net investment hedge of a euro denominated net investment in foreign operations amounting to €459. A deferred gain of 8, net of tax, was recorded in other comprehensive income and it will be recycled to the consolidation statements of operations when the hedged assets are disposed of. December 31, 2019 Date traded Date maturity /unwound Notional OCI gross Deferred tax OCI net of deferred tax December, 2014 January, 2016 375 83 (24) 59 May, 2015 June, 2025 500 (41) 12 (29) May, 2015 July, 2019 500 (16) 5 (11) March, 2018 June, 2018 100 8 (2) 6 April, 2019 November, 2019 200 11 (3) 8 Total 45 (12) 33 December 31, 2020 Hedging Instruments Nominal amount of the hedging instrument Assets carrying amount Liabilities carrying amount Line item in the statement of financial position where the hedging instrument is located Change in value used for calculating hedge ineffectiveness for 2020 Line item in the statement of comprehensive income that includes the recognized hedge ineffectiveness Foreign currency translation reserve Net investment hedges Foreign exchange risk - Cross Currency Swap — — — N/a — N/a 70 Foreign exchange risk - EUR debt 6,335 — (6,327) Short-term debt and current portion of long-term debt; long-term debt, net of current portion — N/a (10) Total 6,335 — (6,327) — 60 Derivatives Notional amount Date traded Fair value atFair value at December 31, 2018 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 |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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" 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 |
Schedule of Right-of-use Assets, Depreciation and Impairment | Balances for the Company’s lease activities are summarized as follows: As at December 31, 2020 As at December 31, 2019 Lease liabilities 815 1,127 Right of-use assets: Land, buildings and improvements 761 854 Machinery, equipment and others 278 381 Total right-of-use assets 1,039 1,235 Year ended December 31, 2020 Year ended December 31, 2019 Depreciation and impairment charges: Land, buildings and improvements 114 118 Machinery, equipment and others 101 288 Total depreciation and impairment charges 215 406 Other lease related expenses: Interest expense on lease liabilities 66 98 Expenses of short-term leases 134 165 Expenses of leases of low-value assets 61 68 Expenses related to variable lease payments not included in the measurement of lease liabilities 73 65 Additions to right-of-use assets 233 259 Lease payments recorded as reduction of lease liabilities and cash outflow from financing activities 242 320 |
Maturity Analysis of Lease Liabilities | The maturity analysis of the lease liabilities as of December 31, 2020 and December 31, 2019, is as follows: December 31, 2020 1 year or less 2-3 years 4-5 years Greater than 5 years TOTAL Lease liabilities (undiscounted) 217 265 156 778 1,416 December 31, 2019 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 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, 2020 and December 31, 2019, is as follows: December 31, 2020 1 year or less 2-3 years 4-5 years Greater than 5 years TOTAL Potential variable lease payments 58 99 68 123 348 December 31, 2019 1 year or less 2-3 years 4-5 years Greater than 5 years TOTAL Potential variable lease payments 61 91 69 73 294 December 31, 2020 1 year or less 2-3 years 4-5 years Greater than 5 years TOTAL Potential extension options 1 1 — 1 3 Potential termination options (1) — — — (1) Potential residual value guarantees 1 1 2 3 7 December 31, 2019 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, 2020 and December 31, 2019, to which the Company is committed are described below: December 31, 2020 1 year or less 2-3 years 4-5 years Greater than 5 years TOTAL Leases not yet commenced 2 6 9 51 68 December 31, 2019 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, 2020 | |
Employee Benefits [Abstract] | |
Disclosure of Employees Total Annual Compensation | As of December 31, 2020, 2019 and 2018, ArcelorMittal had approximately 168,000, 191,000 and 209,000 employees, respectively, and the total annual compensation of ArcelorMittal’s employees in 2020, 2019 and 2018 was as follows: Year ended December 31, Employee Information 2020 2019 2018 Wages and salaries 7,681 8,380 8,176 Defined benefits cost (see note 8.2) 260 201 264 Loss following new labor agreement in the U.S. (see note 8.2) — — 15 Other staff expenses 1,405 1,668 2,004 Total 9,346 10,249 10,459 |
Disclosure of Information About Key Management Personnel | The total annual compensation of ArcelorMittal’s key management personnel, including its Board of Directors, expensed in 2020, 2019 and 2018 was as follows: Year ended December 31, 2020 2019 2018 Base salary and directors fees 7 8 8 Short-term performance-related bonus 3 9 8 Post-employment benefits 1 1 1 Share-based payments 4 — 4 |
Disclosure of Net Defined Benefit Liability (Asset) | Total deferred employee benefits including pension or other post-employment benefits, are as follows: December 31, 2020 2019 Pension plan benefits 3,000 3,289 Other post-employment benefits and other long-term employee benefits ("OPEB") 1,432 3,792 Termination benefits 173 198 Defined benefit liabilities 4,605 7,279 Provisions for social plans (non-current) 51 64 Total 4,656 7,343 The following tables detail the reconciliation of defined benefit obligation (“DBO”), plan assets, irrecoverable surplus and statements of financial position. Year ended December 31, 2020 Total United States Canada Brazil Europe Other Change in benefit obligation Benefit obligation at beginning of the period 10,629 3,505 3,360 664 2,830 270 Current service cost 129 28 25 — 64 12 Interest cost on DBO 279 95 96 36 29 23 Past service cost - Plan amendments 8 1 3 — 4 — Past service cost - Curtailments 2 2 — — — — Plan participants’ contribution 1 — — — 1 — Actuarial (gain) loss 705 237 250 (3) 185 36 Demographic assumptions (32) (32) — — — — Financial assumptions 795 286 276 5 214 14 Experience adjustment (58) (17) (26) (8) (29) 22 Benefits paid (693) (279) (206) (32) (149) (27) Divestments (note 2.3.1) (3,550) (3,550) — — — — Foreign currency exchange rate differences and other movements 94 — 62 (148) 209 (29) Benefit obligation at end of the period 7,604 39 3,590 517 3,173 285 Change in plan assets Fair value of plan assets at beginning of the period 7,395 2,881 3,021 576 917 — Interest income on plan assets 192 69 84 31 8 — Return on plan assets greater/(less) than discount rate 444 209 188 (12) 59 — Employer contribution 64 2 21 1 40 — Plan participants’ contribution 1 — — — 1 — Plan amendments 2 2 — — — — Benefits paid (579) (276) (205) (32) (66) — Divestments (note 2.3.1) (2,842) (2,842) — — — — Foreign currency exchange rate differences and other movements (23) — 58 (129) 48 — Fair value of plan assets at end of the period 4,654 45 3,167 435 1,007 — Present value of the wholly or partly funded obligation (5,831) (37) (3,575) (517) (1,702) — Fair value of plan assets 4,654 45 3,167 435 1,007 — Net present value of the wholly or partly funded obligation (1,177) 8 (408) (82) (695) — Present value of the unfunded obligation (1,773) (2) (15) — (1,471) (285) Prepaid due to unrecoverable surpluses (27) — (23) (1) (3) — Net amount recognized (2,977) 6 (446) (83) (2,169) (285) Net assets related to funded obligations 23 8 11 — 4 — Recognized liabilities (3,000) (2) (457) (83) (2,173) (285) Change in unrecoverable surplus Unrecoverable surplus at beginning of the period (30) — (25) (2) (3) — Interest cost on unrecoverable surplus (1) — (1) — — — Change in unrecoverable surplus in excess of interest 4 — 3 1 — — Unrecoverable surplus at end of the period (27) — (23) (1) (3) — 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 — Settlements (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) — Summary of changes in the other post-employment benefit obligation and changes in plan assets are as follows: Year ended December 31, 2020 Total United States Canada Europe Others Change in benefit obligation Benefit obligation at beginning of the period 4,294 2,976 688 546 84 Current service cost 85 44 10 27 4 Interest cost on DBO 122 91 19 7 5 Past service cost - Plan amendments (1) — (1) — — Past service cost - Curtailments 3 3 — — — Plan participants’ contribution 23 23 — — — Actuarial (gain) loss 113 46 41 26 — Demographic assumptions (39) (39) — — — Financial assumptions 266 170 54 37 5 Experience adjustment (114) (85) (13) (11) (5) Benefits paid (208) (131) (30) (37) (10) Divestments (note 2.3.1) (3,024) (3,024) — — — Foreign currency exchange rate differences and other movements 31 — 15 21 (5) Benefit obligation at end of the period 1,438 28 742 590 78 Change in plan assets Fair value of plan assets at beginning of the period 502 496 — 6 — Interest income on plan assets 12 12 — — — Return on plan assets greater than discount rate 11 11 — — — Employer contribution (32) (32) — — — Plan participants’ contribution 23 23 — — — Benefits paid (22) (21) — (1) — Divestments (note 2.3.1) (489) (489) — — — Foreign currency exchange rate differences and other movements 1 — — 1 — Fair value of plan assets at end of the period 6 — — 6 — Present value of the wholly or partly funded obligation (34) — — (34) — Fair value of plan assets 6 — — 6 — Net present value of the wholly or partly funded obligation (28) — — (28) — Present value of the unfunded obligation (1,404) (28) (742) (556) (78) Net amount recognized (1,432) (28) (742) (584) (78) 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 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) |
Components of Net Periodic Pension and Post-employment Cost | The following tables detail the components of net periodic pension cost: Year ended December 31, 2020 Net periodic pension cost (benefit) Total United States Canada Brazil Europe Others Current service cost 129 28 25 — 64 12 Past service cost - Plan amendments 6 (1) 3 — 4 — Past service cost - Curtailments 2 2 — — — — Net interest cost/(income) on net DB liability/(asset) 88 26 13 5 21 23 Total 225 55 41 5 89 35 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 The following tables detail the components of net periodic other post-employment cost: Year ended December 31, 2020 Components of net periodic OPEB cost (benefit) Total United States Canada Europe Others Current service cost 85 44 10 27 4 Past service cost - Plan amendments (1) — (1) — — Past service cost - Curtailments 3 3 — — — Net interest cost/(income) on net DB liability/(asset) 110 79 19 7 5 Actuarial losses recognized during the year 8 — — 8 — Total 205 126 28 42 9 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 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 losses recognized during the year 7 — — 7 — Total 215 142 30 40 3 |
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, 2020 2019 2018 Net periodic pension cost 225 204 263 Net periodic OPEB cost 205 231 215 Total 430 435 478 Cost of sales 189 142 212 Selling, general and administrative expenses 34 30 34 Financing costs - net 207 263 232 Total 430 435 478 |
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, 2020 Canada Brazil Europe Equity Securities 47 % 6 % 1 % - Asset classes that have a quoted market price in an active market 39 % 3 % 1 % - Asset classes that do not have a quoted market price in an active market 8 % 3 % — Fixed Income Securities (including cash) 46 % 77 % 72 % - Asset classes that have a quoted market price in an active market 42 % 77 % 72 % - Asset classes that do not have a quoted market price in an active market 4 % — — Real Estate 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 6 % — — Other 1 % 16 % 27 % - Asset classes that have a quoted market price in an active market — 16 % 5 % - Asset classes that do not have a quoted market price in an active market 1 % — 22 % ' 1 Total 100 % 100 % 100 % 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 % 1. The percentage consists primarily of assets from insurance contracts in Belgium. |
Disclosure of Fair Value of Plan Assets | December 31, 2020 Canada Brazil Europe Equity Securities 43 % 5 % 3 % Fixed Income Securities (including cash) 47 % 78 % 70 % Real Estate 5 % 1 % — Other 5 % 16 % 27 % ' 1 Total 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 2020 2019 2018 2020 2019 2018 Discount rate Range 0.50% - 10.00% 1.00% - 10.50% 1.75% - 16.00% 0.50% - 6.20% 1.00% - 7.25% 1.75% - 9.50% Weighted average 2.13 % 2.90 % 3.80 % 1.84 % 3.06 % 3.98 % Rate of compensation increase Range 1.72% - 10.00% 1.90% - 10.00% 2.00% - 10.00% 1.30% - 4.80% 1.60% - 4.80% 2.00% - 4.80% Weighted average 2.71 % 2.80 % 2.85 % 2.85 % 2.95 % 3.24 % |
Disclosure of Defined Benefit Plans | Other Post-employment Benefits 2020 2019 2018 Healthcare cost trend rate assumed Range 1.40% - 4.50% 1.80% - 5.00% 1.80% - 8.00% Weighted average 3.94 % 4.42 % 4.46 % |
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, 2020, the defined benefit obligation for pension plans was 7,604): Effect on 2021 Pre-Tax Pension Expense (sum of service cost and interest cost) Effect on December 31, 2020 DBO Change in assumption 100 basis points decrease in discount rate (38) 1,082 100 basis points increase in discount rate 28 (869) 100 basis points decrease in rate of compensation (15) (203) 100 basis points increase in rate of compensation 16 204 1 year increase of the expected life of the beneficiaries 5 213 The following table illustrates the sensitivity to a change of the significant actuarial assumptions related to ArcelorMittal’s OPEB plans (as of December 31, 2020 the defined benefit obligation for post-employment benefit plans was 1,438): Effect on 2021 Pre-Tax OPEB Expense (sum of service cost and interest cost) Effect on December 31, 2020 DBO Change in assumption 100 basis points decrease in discount rate (3) 211 100 basis points increase in discount rate 2 (169) 100 basis points decrease in healthcare cost trend rate (5) (93) 100 basis points increase in healthcare cost trend rate 7 117 1 year increase of the expected life of the beneficiaries 1 30 |
Disclosure of Exercise Prices of Outstanding Share Options | Grant date Exercise prices (per option) 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, 2020, 2019 and 2018: Number of Options Range of Exercise Prices Weighted Average Exercise Price 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 Expired (904,390) 91.98 91.98 Outstanding, December 31, 2020 — — — Exercisable, December 31, 2018 1,989,375 91.98 – 109.14 100.33 Exercisable, December 31, 2019 904,390 91.98 91.98 Exercisable, December 31, 2020 — — — |
Terms and Conditions of Share-based Payment Arrangements | Conditions of the 2020 grant were as follows: CEO Office Other Executive Officers 2020 Grant l PSUs with a three l PSUs with a three 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 TSR vs. peer group 100% target 100% vesting EPS vs. peer group 100% target 100% vesting TSR vs. S&P 500 Performance equal to Index ≥Performance equal to Index + 2% p.a. outperformance Gap to competition (where applicable) 100% target 100% vesting Vesting percentage 50% 100% l RSUs with a three l RSUs with a one CEO Office Other Executive Officers 2016 Special Grant l PSUs with a five three two l PSUs with a five three two 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 one target grant: a share will vest if performance is met at target one overperformance grant: a share will vest if performance exceeds 120% 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% p.a. outperformance Overperformance award (=20% of target award) — 100% Vesting percentage 50% 100% 2017 Grant l PSUs with a three l PSUs with a three 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% p.a. outperformance Gap to competition (where applicable) 100% target 100% vesting Vesting percentage 50% 100% 2018 Grant l PSUs with a three l PSUs with a three l Value at grant 100% of base salary for the CEO and the President and CFO l Vesting conditions: l Vesting conditions Threshold Target TSR/EPS vs. peer group 100% median ≥120% median ROCE 100% target 100% vesting TSR vs. S&P 500 Performance equal to Index ≥Performance equal to Index + 2% p.a. outperformance Gap to competition (where applicable) 100% target 100% vesting Vesting percentage 50% 100% 2019 Grant l PSUs with a three l PSUs with a three l Value at grant 100% of base salary for the CEO and the President and CFO l Vesting conditions: l Vesting conditions: Threshold Target TSR/EPS vs. peer group 100% median ≥120% median ROCE 100% target 100% vesting TSR vs. S&P 500 Performance equal to Index ≥Performance equal to Index + 2% p.a. outperformance Gap to competition (where applicable) 100% target 100% vesting 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, 2020: At Grant date Number of shares issued as of December 31, 2020 Grant date Type of plan Number of shares Number of beneficiaries Maturity Fair value Shares outstanding Shares forfeited Shares exited December 14, 2020 RSU 1,074,600 656 December 14, 2023 21.15 1,074,600 — — December 14, 2020 RSU 316,684 203 December 14, 2021 21.15 316,684 — — December 14, 2020 PSU 714,250 235 January 1, 2024 19.74 714,250 — — December 14, 2020 CEO Office 148,422 2 January 1, 2024 18.19 148,422 — — December 16, 2019 PSU 1,760,350 517 January 1, 2023 18.57 1,521,900 62,700 175,750 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 1,075,350 161,150 122,250 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 18.42 781,345 206,932 93,170 December 20, 2017 CEO Office 90,084 2 January 1, 2021 22.85 90,084 — — June 30, 2016 PSU 3,472,355 554 January 1, 2021 13.17 2,358,170 847,214 266,971 June 30, 2016 CEO Office 153,268 2 January 1, 2022 16.62 153,268 — — Total 10,477,588 $13.17 – $22.85 8,541,451 1,277,996 658,141 |
Schedule of Share Unit Plan Activity | Share unit plan activity is summarized below as of and for each year ended December 31, 2020, 2019 and 2018: RSUs PSUs Number of shares Fair value per share Number of shares Fair value per share Outstanding, December 31, 2017 306,005 11.49 8,596,836 14.83 Granted 1 — — 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 2 — — 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 Granted 1,391,284 21.15 862,672 19.47 Exited — — (658,141) 16.86 Forfeited — — (526,420) 15.48 Outstanding, December 31, 2020 1,391,284 21.15 7,150,167 17.18 1. 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. 2. 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, 2020 | |
Disclosure of Other Provisions, Contingent Liabilities and Commitments [Abstract] | |
Disclosure of Changes in Provisions | Balance at December 31, 2019 Additions 1 Deductions/ Effects of foreign exchange and other movements Divestments and reclassification to held for sale 2, 3 Balance at December 31, 2020 Environmental (see note 9.3) 1,074 137 (88) 57 (519) 661 Emission obligations 484 373 (92) (40) (154) 571 Asset retirement obligations (see note 9.3) 478 21 (10) 41 (133) 397 Site restoration 136 167 (12) 18 — 309 Staff related obligations 185 88 (41) (14) (91) 127 Voluntary separation plans 47 30 (38) 20 (4) 55 Litigation and other (see note 9.3) 312 40 (36) (39) (8) 269 Tax claims 81 5 (6) (18) — 62 Other legal claims 231 35 (30) (21) (8) 207 Commercial agreements and onerous contracts 46 68 (31) (4) (54) 25 Other 229 29 (44) 16 (12) 218 2,991 953 (392) 55 (975) 2,632 Short-term provisions 516 935 Long-term provisions 2,475 1,697 2,991 2,632 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) ' 4 1,074 Emission obligations — 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 1. Additions exclude provisions reversed or utilized during the same year. 2. On December 9, 2020, the Company completed the sale of ArcelorMittal USA and certain other US operations (see note 2.3.1). 3. On December 10, 2020, the Company signed a binding agreement with Invitalia, an Italian state-owned company, to form a public-private partnership between the parties. As a result, the carrying amounts of the assets and liabilities of ArcelorMittal Italia were classified as held for sale as of December 31, 2020 (see note 2.3.2.) 4. 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, 2020 2019 Derivative financial instruments (see note 6.1.5) 96 238 Payable from acquisition of financial assets 359 1,340 Unfavorable contracts 132 203 Income tax payable 214 251 Other 347 486 Total 1,148 2,518 |
Schedule of Commitments | December 31, 2020 2019 Purchase commitments 13,047 19,697 Guarantees, pledges and other collateral 8,632 7,815 Capital expenditure commitments 354 448 Other commitments 3,143 3,201 Total 25,176 31,161 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Taxes [Abstract] | |
Components of Income Tax Expense (Benefit) | The components of income tax expense (benefit) are summarized as follows: Year ended December 31, 2020 2019 2018 Total current tax expense 839 786 928 Total deferred tax expense (benefit) 827 (327) (1,277) Total income tax expense (benefit) 1,666 459 (349) |
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, 2020 2019 2018 Net (loss) income (including non-controlling interests) (578) (2,391) 5,330 Income tax expense (benefit) 1,666 459 (349) Income (loss) before tax 1,088 (1,932) 4,981 Tax expense (benefit) at the statutory rates applicable to profits (losses) in the countries 1 136 (468) 1,043 Permanent items 714 (993) (421) Rate changes — 340 — Net change in measurement of deferred tax assets 454 1,201 (1,301) Tax effects of foreign currency translation 41 14 (47) Tax credits (13) (9) (17) Other taxes 267 160 151 Others 67 214 243 Income tax expense (benefit) 1,666 459 (349) |
Schedule of Permanent Items | Permanent items Year ended December 31, 2020 2019 2018 Taxable reversals of (tax deductible) write-downs on shares and receivables 630 (922) (498) Juros sobre o Capital Próprio (37) (32) (73) Non taxable gain on bargain purchase — — (60) Taxable income (tax loss) of AMTFS — (8) 47 Other permanent items 121 (31) 163 Total permanent items 714 (993) (421) |
Schedule of Other Tax Items | Others Year ended December 31, 2020 2019 2018 Tax contingencies/settlements 87 225 183 Prior period taxes (15) (20) 21 Others (5) 9 39 Total 67 214 243 |
Disclosure of Income Tax Recorded Directly in Equity | Year ended December 31, 2020 2019 2018 Recognized in other comprehensive income on: Deferred tax expense (benefit) Unrealized gain (loss) on investments in equity instruments at FVOCI 56 — — (Loss) gain on derivative financial instruments (28) (244) 380 Recognized actuarial (loss) gain (69) 32 (228) Foreign currency translation adjustments (335) (35) (106) (376) (247) 46 Recognized directly in equity on: Current tax expense (benefit) Realized gain (loss) on investments in equity instruments at FVOCI 4 — — Deferred tax expense (benefit) Realized gain (loss) on investments in equity instruments at FVOCI 9 — — 13 — — Total (363) (247) 46 |
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 2020 2019 2020 2019 2020 2019 Intangible assets 15 22 (538) (720) (523) (698) Property, plant and equipment 73 177 (4,064) (4,445) (3,991) (4,268) Inventories 277 261 (77) (209) 200 52 Financial instruments 13 47 (124) (98) (111) (51) Other assets 162 157 (306) (408) (144) (251) Provisions 1,240 1,350 (276) (243) 964 1,107 Other liabilities 458 469 (120) (70) 338 399 Tax losses and other tax benefits carried forward 9,168 9,984 — — 9,168 9,984 Tax credits carried forward 133 76 — — 133 76 Untaxed reserves — — — (1) — (1) Deferred tax assets / (liabilities) 11,539 12,543 (5,505) (6,194) 6,034 6,349 Deferred tax assets 7,866 8,680 Deferred tax liabilities (1,832) (2,331) The deferred tax assets recognized by the Company as of December 31, 2020 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 114,266 28,554 9,168 19,386 Tax credits carried forward 745 745 133 612 Other temporary differences 12,029 3,072 2,238 834 Total 32,371 11,539 20,832 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 This includes net operating losses and other tax benefits of 8.6 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 2021 44 906 950 2022 82 132 214 2023 6 468 474 2024 10 211 221 2025 49 100 149 2025 - 2039 706 5,848 6,554 Total 897 7,665 8,562 Such amount includes tax credits of 658 (of which 89 recognized and 569 unrecognized) and primarily attributable to subsidiaries in Basque country in Spain which expire as follows: Year expiring Recognized Unrecognized Total 2021 — 1 1 2022 — 1 1 2023 — 2 2 2024 — 1 1 2025 — 1 1 2025 - 2039 89 563 652 Total 89 569 658 |
EQUITY (Tables)
EQUITY (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Share Capital, Reserves And Other Equity Interest [Abstract] | |
Classes of Share Capital | The Company’s shares consist of the following: December 31, 2018 Movement in year December 31, 2019 Movement in year December 31, 2020 Issued shares 1,021,903,623 — 1,021,903,623 80,906,149 1,102,809,772 Treasury shares (8,335,365) (1,488,837) (9,824,202) (12,251,157) (22,075,359) Total outstanding shares 1,013,568,258 (1,488,837) 1,012,079,421 68,654,992 1,080,734,413 |
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, 2020, 2019 and 2018. Year ended December 31, 2020 2019 2018 Net (loss) / income attributable to equity holders of the parent (733) (2,454) 5,149 Weighted average common shares outstanding (in millions) for the purposes of basic earnings per share 1,140 1,013 1,015 Incremental shares from assumed conversion of restricted share units and performance share units (in millions) — — 6 Weighted average common shares outstanding (in millions) for the purposes of diluted earnings per share 1,140 1,013 1,021 |
Dividends | Description Approved by Dividend per Payout date Total (in 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 Dividend for financial year 2019 Annual general shareholders’ meeting on June 13, 2020 — — — |
Schedule of Subsidiaries | 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 1 United States Sold 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. ("Acindar") Argentina 100.00% Europe ArcelorMittal France S.A.S. France 100.00% ArcelorMittal Belgium N.V. Belgium 100.00% ArcelorMittal España S.A. Spain 99.85% ArcelorMittal Flat Carbon Europe S.A. Luxembourg 100.00% ArcelorMittal 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. 2 Italy 100.00% 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 December 9, 2020, the Company completed the sale of ArcelorMittal USA (see note 2.3.1). 2. On December 10, 2020, the Company signed a binding agreement with Invitalia, an Italian state-owned company, forming a public-private joint venture between the parties. As a result, the carrying amount of the assets and liabilities of ArcelorMittal Italia was classified as held for sale and the Company's investment in ArcelorMittal Italia will be accounted for under the equity method upon closing of the first investment (expected in the first quarter of 2021) (see note 2.3.2). The tables below provide a list of the subsidiaries which include significant non-controlling interests at December 31, 2020 and 2019 and for the years ended December 31, 2020, 2019 and 2018. Name of Subsidiary Country of incorporation and operation % of non-controlling interests and non- controlling voting rights at December 31, 2020 % of non-controlling interests and non- controlling voting rights at December 31, 2019 Net income (loss) attributable to non- controlling interests for the year ended December 31, 2020 Non-controlling interests at December 31, 2020 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 AMSA South Africa 30.78 % 30.78 % (34) 24 (98) 74 29 Sonasid 1 Morocco 67.57 % 67.57 % — 114 — 103 2 ArcelorMittal Kryvyi Rih Ukraine 4.87 % 4.87 % (1) 151 (5) 185 15 Belgo Bekaert Arames ("BBA") Brazil 45.00 % 45.00 % 33 116 28 141 28 Hera Ermac 2 Luxembourg — — — 855 — 801 — AMMC Canada 15.00 % 15.00 % 127 466 114 486 91 Arceo Belgium 62.86 % 62.86 % 2 167 3 154 4 ArcelorMittal Liberia Ltd Liberia 15.00 % 15.00 % 28 (222) 18 (250) (2) Other — 286 3 268 14 Total 155 1,957 63 1,962 181 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. |
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, 2020 and 2019 and summarized statements of operations and summarized statements of cash flows for the years ended December 31, 2020, 2019 and 2018. December 31, 2020 Summarized statements of financial position AMSA Sonasid AM Kryvyi Rih BBA Hera Ermac AMMC Arceo AM Liberia Current assets 853 214 1,050 200 694 1,566 182 153 Non-current assets 572 114 2,871 112 1,044 2,987 89 150 Total assets 1,425 328 3,921 312 1,738 4,553 271 303 Current liabilities 875 115 619 93 54 515 — 1,583 Non-current liabilities 471 48 354 9 113 633 — 55 Net assets 79 165 2,948 210 1,571 3,405 271 (1,335) December 31, 2020 Summarized statements of operations AMSA Sonasid AM Kryvyi Rih BBA Hera Ermac AMMC Arceo AM Liberia Revenue 1,526 324 2,348 650 — 2,746 — 361 Net income (loss) (110) (1) 17 75 (208) 849 4 192 Total comprehensive income (loss) (138) 3 14 79 (208) 747 4 192 December 31, 2020 Summarized statements of cash flows AMSA Sonasid AM Kryvyi Rih BBA Hera Ermac AMMC Arceo AM Liberia Net cash provided by / (used in) operating activities 30 39 697 86 (209) 922 8 223 Net cash provided by / (used in) investing activities (13) (5) (212) (12) 208 (137) 20 (19) Net cash provided by / (used in) financing activities 77 (1) (485) (65) 1 (870) (6) (204) Impact of currency movements on cash 19 6 (11) (2) — — 5 — Cash and cash equivalents: At the beginning of the year 60 53 42 13 — 210 46 1 At the end of the year 173 92 31 20 — 125 73 1 Dividend to non-controlling interests (27) (126) (3) December 31, 2019 Summarized statements of financial position 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) December 31, 2019 Summarized statements of operations 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 December 31, 2019 Summarized statements of cash flows 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) — December 31, 2018 Summarized statements of operations 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) December 31, 2018 Summarized statements of cash flows 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) — |
RELATED PARTIES (Tables)
RELATED PARTIES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Related Party [Abstract] | |
Disclosure of Transactions Between Related Parties | Year ended December 31, December 31, Sales Trade receivables Related parties and their subsidiaries where applicable Category 2020 2019 2018 2020 2019 Calvert Joint Venture 1,488 2,518 2,207 18 5 Gonvarri Steel Industries 1 Associate 1,395 1,728 2,022 67 42 Borçelik Joint Venture 312 474 536 15 20 ArcelorMittal CLN Distribuzione Italia Joint Venture 304 483 511 6 57 Bamesa Associate 226 365 383 27 32 I/N Kote 2 Other 226 321 329 — 2 ArcelorMittal RZK Çelik Servis Merkezi Joint Venture 167 225 136 14 13 Aperam Other 155 172 278 19 16 Coils Lamiere Nastri (C.L.N.) Associate 146 247 265 7 10 Tuper Joint Venture 128 147 155 36 43 WDI 3 Associate 106 105 148 1 1 Tameh Joint Venture 64 109 110 6 8 SSC Tanger Associate 49 55 53 1 1 Al Jubail Joint Venture 4 25 115 4 — Macsteel 4 Other — — 470 — — Other 372 468 541 48 48 Total 5,142 7,442 8,259 269 298 1. Gonvarri Steel Industries includes ArcelorMittal Gonvarri Brasil Productos Siderúrgicos which is a joint venture. 2. I/N Kote was divested on December 9, 2020 upon completion of ArcelorMittal USA sale (see note 2.3.1). 3. WDI includes Westfälische Drahtindustrie Verwaltungsgesellschaft mbH & Co. KG and Westfälische Drahtindustrie GmbH. 4. Macsteel was sold on October 31, 2018. Year ended December 31, December 31, Purchases Trade payables Related parties and their subsidiaries where applicable Category 2020 2019 2018 2020 2019 Tameh Joint Venture 171 273 344 37 22 Global Chartering Joint Venture 138 — — 8 12 Calvert Joint Venture 124 127 107 9 41 Baffinland 1 Associate 64 16 28 52 1 Aperam Other 56 47 85 8 7 CFL Cargo Associate 54 63 59 16 17 Exeltium Associate 50 52 54 12 — Baycoat Joint Venture 46 47 43 7 8 Sitrel Joint Venture 29 49 41 — 1 Gonvarri Steel Industries 2 Associate 19 22 35 17 15 Al Jubail Joint Venture 16 53 42 7 4 Other 384 343 278 99 123 Total 1,151 1,092 1,116 272 251 1. Baffinland was classified as an associate as of October 31, 2017 (see note 2). Following a legal reorganization in September 2020, the Company holds an indirect interest in Baffinland through Nunavut Iron Ore Inc. |
ACCOUNTING PRINCIPLES (Details)
ACCOUNTING PRINCIPLES (Details) - USD ($) | Dec. 31, 2020 | Dec. 22, 2020 | May 18, 2020 | Sep. 27, 2011 | Dec. 28, 2009 |
Mandatorily convertible unsecured unsubordinated bonds | |||||
Disclosure of initial application of standards or interpretations [line items] | |||||
Notional amount | $ 1,000,000,000 | $ 869,000,000 | $ 1,250,000,000 | $ 1,000,000,000 | $ 750,000,000 |
SCOPE OF CONSOLIDATION - List o
SCOPE OF CONSOLIDATION - List of Subsidiaries (Details) | 12 Months Ended |
Dec. 31, 2020 | |
ArcelorMittal Dofasco G.P. | NAFTA | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary (in percent) | 100.00% |
ArcelorMittal México S.A. de C.V. | NAFTA | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary (in percent) | 100.00% |
ArcelorMittal Long Products Canada G.P. | NAFTA | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary (in percent) | 100.00% |
ArcelorMittal Brasil S.A. | Brazil | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary (in percent) | 97.01% |
Acindar Industria Argentina de Aceros S.A. ("Acindar") | Brazil | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary (in percent) | 100.00% |
ArcelorMittal France S.A.S. | Europe | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary (in percent) | 100.00% |
ArcelorMittal Belgium N.V. | Europe | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary (in percent) | 100.00% |
ArcelorMittal España S.A. | Europe | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary (in percent) | 99.85% |
ArcelorMittal Flat Carbon Europe S.A. | Europe | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary (in percent) | 100.00% |
ArcelorMittal Poland S.A. | Europe | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary (in percent) | 100.00% |
ArcelorMittal Eisenhüttenstadt GmbH | Europe | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary (in percent) | 100.00% |
ArcelorMittal Bremen GmbH | Europe | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary (in percent) | 100.00% |
ArcelorMittal Méditerranée S.A.S. | Europe | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary (in percent) | 100.00% |
ArcelorMittal Belval & Differdange S.A. | Europe | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary (in percent) | 100.00% |
ArcelorMittal Hamburg GmbH | Europe | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary (in percent) | 100.00% |
ArcelorMittal Duisburg GmbH | Europe | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary (in percent) | 100.00% |
ArcelorMittal International Luxembourg S.A. | Europe | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary (in percent) | 100.00% |
ArcelorMittal Italia S.p.A | Europe | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary (in percent) | 100.00% |
ArcelorMittal South Africa Ltd. ("AMSA") | ACIS | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary (in percent) | 69.22% |
JSC ArcelorMittal Temirtau | ACIS | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary (in percent) | 100.00% |
JSC ArcelorMittal Temirtau | Mining | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary (in percent) | 100.00% |
PJSC ArcelorMittal Kryvyi Rih ("AM Kryvyi Rih") | ACIS | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary (in percent) | 95.13% |
PJSC ArcelorMittal Kryvyi Rih ("AM Kryvyi Rih") | Mining | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary (in percent) | 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 (in percent) | 85.00% |
ArcelorMittal Liberia Ltd | Mining | |
Disclosure of subsidiaries [line items] | |
Proportion of ownership interest in subsidiary (in percent) | 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, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018 | |
Industrias Unicon CA | |||
Entity information [Line Items] | |||
Level of price index (in percent) | 0.02667 | 0.12922 | 2.13605 |
Acindar Industria Argentina de Aceros S.A. ("Acindar") | |||
Entity information [Line Items] | |||
Level of price index (in percent) | 0.361 | 0.547 | |
Gains (losses) on net monetary position | $ 30 | $ 64 |
SCOPE OF CONSOLIDATION - Acquis
SCOPE OF CONSOLIDATION - Acquisitions Narrative - IIva (renamed ArcelorMittal Italia) (Details) € in Millions, $ in Millions | Nov. 09, 2018 | Nov. 01, 2018EUR (€) | Nov. 01, 2018USD ($) | Sep. 30, 2018worker | Dec. 31, 2018USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Nov. 01, 2018USD ($) |
Disclosure of detailed information about business combination [line items] | ||||||||||
Bargain purchase gain | $ 0 | $ 0 | $ 209 | |||||||
Capital commitments | $ 448 | $ 354 | 448 | |||||||
ArcelorMIttal Italia | ||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||
Consideration transferred, acquisition-date fair value | € 1,800 | $ 2,100 | ||||||||
Consideration transferred, annual installments payable | € 180 | 206 | ||||||||
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 | 4 years | 4 years | ||||||||
Consideration payable related to put option, liability at fair value | 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 | € 400 | 500 | ||||||||
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 | € 1,300 | 1,400 | ||||||||
Capital commitments, period | 7 years | 7 years | ||||||||
Environmental capital expenditure commitments | € 800 | 900 | ||||||||
ArcelorMIttal Italia | Environmental provisions | ||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||
Measurement period adjustment | (118) | |||||||||
ArcelorMIttal Italia | Deferred tax liabilities | ||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||
Measurement period adjustment | 74 | |||||||||
ArcelorMIttal Italia | Property, plant and equipment | ||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||
Measurement period adjustment | 92 | $ 92 | ||||||||
ArcelorMIttal Italia | Bargain purchase gain | ||||||||||
Disclosure of detailed information about business combination [line items] | ||||||||||
Measurement period adjustment | $ (28) | |||||||||
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 (in percent) | 94.45% | 94.45% | ||||||||
Proportion of ownership interests held by non-controlling interests (in percent) | 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 (in percent) | 15.00% |
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 (in percent) | 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 | ||||
AMSF | Other liabilities | |||||
Disclosure of detailed information about business combination [line items] | |||||
Measurement period adjustment | $ 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 (in percent) | 50.00% | ||||
Sitrel | AMSF | |||||
Disclosure of detailed information about business combination [line items] | |||||
Investments in joint ventures | $ 82 |
SCOPE OF CONSOLIDATION - Acqu_3
SCOPE OF CONSOLIDATION - Acquisitions Narrative - Other (Details) € in Millions, $ in Millions | Jun. 04, 2019USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Jun. 04, 2019EUR (€) |
Disclosure of detailed information about business combination [line items] | ||||||
Cash acquired from acquisition | $ 0 | $ 3 | $ 13 | |||
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) | |||||
Münker | Goodwill | ||||||
Disclosure of detailed information about business combination [line items] | ||||||
Goodwill recognised as of acquisition date | 6 | |||||
Münker | Current assets | ||||||
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 ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | 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 | $ 0 | $ (209) | |||||
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 | |||||||
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 | |||||||
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 | |||||||
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. 09, 2020USD ($)shares | Dec. 31, 2019USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2019EUR (€) | Jun. 28, 2019USD ($) | Jun. 28, 2019EUR (€) | Feb. 28, 2018USD ($) | Feb. 07, 2018USD ($) | May 31, 2018employer | Jun. 30, 2019USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Jun. 30, 2019EUR (€) | May 07, 2018divestment_package |
Disclosure of joint ventures [line items] | |||||||||||||||
Cash disposed | $ 7 | $ 38 | $ 1 | ||||||||||||
Gain on disposal | 0 | (4) | $ 126 | ||||||||||||
Reversal of impairment loss recognised in profit or loss | $ 660 | 133 | |||||||||||||
Additional provisions, other provisions | 953 | 946 | |||||||||||||
Number of production sites | employer | 2 | ||||||||||||||
Global Chartering Limited | |||||||||||||||
Disclosure of joint ventures [line items] | |||||||||||||||
Proportion of ownership interest in joint venture (in percent) | 50.00% | ||||||||||||||
Other | |||||||||||||||
Disclosure of joint ventures [line items] | |||||||||||||||
Additional provisions, other provisions | 29 | 148 | |||||||||||||
Other | Global Chartering Limited | |||||||||||||||
Disclosure of joint ventures [line items] | |||||||||||||||
Additional provisions, other provisions | $ 97 | 126 | |||||||||||||
Ordinary Shares | Cleveland-Cliffs Inc | |||||||||||||||
Disclosure of joint ventures [line items] | |||||||||||||||
Number of shares obtained (in shares) | shares | 78,186,671 | ||||||||||||||
Proportion of ordinary shares held (in percent) | 16.00% | ||||||||||||||
Number of shares redeemable (in shares) | shares | 58,327,300 | ||||||||||||||
Preference shares | Cleveland-Cliffs Inc | |||||||||||||||
Disclosure of joint ventures [line items] | |||||||||||||||
Number of shares obtained (in shares) | shares | 583,273 | ||||||||||||||
ArcelorMittal USA Divestment Business | Ordinary Shares | Cleveland-Cliffs Inc | |||||||||||||||
Disclosure of joint ventures [line items] | |||||||||||||||
Number of shares obtained (in shares) | shares | 78,186,671 | ||||||||||||||
Consideration received, fair value of common stock | $ 1,020 | ||||||||||||||
Proportion of ordinary shares held (in percent) | 16.00% | ||||||||||||||
Number of shares redeemable (in shares) | shares | 58,327,300 | ||||||||||||||
Value of shares redeemable, convertible share option | $ 761 | ||||||||||||||
ArcelorMittal USA Divestment Business | Preference shares | Cleveland-Cliffs Inc | |||||||||||||||
Disclosure of joint ventures [line items] | |||||||||||||||
Number of shares obtained (in shares) | shares | 583,273 | ||||||||||||||
ArcelorMittal USA Divestment Business | Disposal group, disposed of by sale, not discontinued operations | |||||||||||||||
Disclosure of joint ventures [line items] | |||||||||||||||
Proportion of ownership interest in subsidiary sold (in percent) | 100.00% | ||||||||||||||
Transaction cost on divestment of subsidiary | $ 21 | ||||||||||||||
Working capital adjustments | 50 | ||||||||||||||
Total consideration including receivable | (2,219) | ||||||||||||||
Portion of consideration received consisting of cash and cash equivalents | 509 | ||||||||||||||
Portion of consideration received consisting of cash and cash equivalents, net of cash disposed | 497 | ||||||||||||||
Cash disposed | 7 | ||||||||||||||
Transaction cost paid related to cash consideration, divestment of subsidiary | 5 | ||||||||||||||
Decrease of post-employment benefit liabilities | 3,200 | ||||||||||||||
Gain on disposal | 1,460 | ||||||||||||||
Goodwill | 672 | ||||||||||||||
Portion of consideration paid (received) consisting of cash and cash equivalents | (509) | ||||||||||||||
Portion of consideration received consisting of cash and cash equivalents, net of escrow deposit and cash disposed | 2,219 | ||||||||||||||
Portion of consideration receivable consisting of cash and cash equivalents | 0 | ||||||||||||||
Assigned receivables | $ 0 | ||||||||||||||
ArcelorMittal Italia remedies | Disposal group, disposed of by sale, not discontinued operations | |||||||||||||||
Disclosure of joint ventures [line items] | |||||||||||||||
Portion of consideration received consisting of cash and cash equivalents | $ 694 | $ 694 | € 610 | ||||||||||||
Cash disposed | 34 | ||||||||||||||
Number of divestment packages | divestment_package | 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 paid to joint venture | 17 | ||||||||||||||
Portion of consideration receivable consisting of cash and cash equivalents | 174 | 161 | |||||||||||||
Assigned receivables | $ 404 | $ 404 | |||||||||||||
Global Chartering Limited | Disposal group, disposed of by sale, not discontinued operations | |||||||||||||||
Disclosure of joint ventures [line items] | |||||||||||||||
Proportion of ownership interest in subsidiary sold (in percent) | 50.00% | ||||||||||||||
Gain on disposal | $ 29 | ||||||||||||||
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 | |||||||||||||
Foreign exchange translation gain | $ 33 | ||||||||||||||
Decrease of right-of-use assets | 390 | ||||||||||||||
Decrease of lease liabilities | $ 400 | ||||||||||||||
Frýdek Místek | Disposal group, disposed of by sale, not discontinued operations | |||||||||||||||
Disclosure of joint ventures [line items] | |||||||||||||||
Total consideration including receivable | $ 49 | ||||||||||||||
Cash disposed | 1 | ||||||||||||||
Portion of consideration received consisting of cash and cash equivalents, net of escrow deposit and cash disposed | 39 | ||||||||||||||
Portion of consideration receivable consisting of cash and cash equivalents | 10 | ||||||||||||||
Assigned receivables | $ 0 | ||||||||||||||
Votorantim remedies | Disposal group, disposed of by sale, not discontinued operations | |||||||||||||||
Disclosure of joint ventures [line items] | |||||||||||||||
Total consideration including receivable | $ 84 | ||||||||||||||
Cash disposed | 1 | ||||||||||||||
Impairment loss | 86 | ||||||||||||||
Portion of consideration received consisting of cash and cash equivalents, net of escrow deposit and cash disposed | 26 | ||||||||||||||
Portion of consideration receivable consisting of cash and cash equivalents | 58 | ||||||||||||||
Assigned receivables | $ 0 |
SCOPE OF CONSOLIDATION - Summar
SCOPE OF CONSOLIDATION - Summary of Divestments (Details) - USD ($) $ in Millions | Dec. 09, 2020 | Dec. 31, 2019 | Jun. 30, 2019 | Feb. 28, 2018 | Feb. 07, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure Of Non-current Assets Held For Sale And Discontinued Operations [Line Items] | |||||||||
Cash and cash equivalents | $ 4,867 | $ 5,600 | $ 4,867 | $ 2,172 | $ 2,574 | ||||
Other current assets | 109 | 324 | 109 | ||||||
Goodwill and intangible assets | 5,432 | 4,312 | 5,432 | ||||||
Property, plant and equipment | 36,231 | 30,622 | 36,231 | ||||||
Other assets | 1,648 | 1,482 | 1,648 | ||||||
Total assets | 87,908 | 82,052 | 87,908 | ||||||
Current liabilities | 21,287 | 22,667 | 21,287 | ||||||
Other long-term liabilities | 2,518 | 1,148 | 2,518 | ||||||
Total liabilities | 47,425 | 41,815 | 47,425 | ||||||
Gain on disposal | $ 1,460 | 101 | $ 16 | ||||||
Disposal group, disposed of by sale, not discontinued operations | ArcelorMittal USA Divestment Business | |||||||||
Disclosure Of Non-current Assets Held For Sale And Discontinued Operations [Line Items] | |||||||||
Cash and cash equivalents | $ 7 | ||||||||
Other current assets | 2,105 | ||||||||
Goodwill and intangible assets | 684 | ||||||||
Property, plant and equipment | 3,341 | ||||||||
Other assets | 166 | ||||||||
Total assets | 6,303 | ||||||||
Current liabilities | 1,604 | ||||||||
Other long-term liabilities | 3,938 | ||||||||
Total liabilities | 5,542 | ||||||||
Total net assets | 761 | ||||||||
Assigned receivables | $ 0 | ||||||||
% of net assets sold (in percent) | 100.00% | ||||||||
Total net assets disposed of | $ 761 | ||||||||
Consideration | 2,219 | ||||||||
Consideration receivable | 0 | ||||||||
Reclassification of foreign exchange and other reserves | 2 | ||||||||
Gain on disposal | $ 1,460 | ||||||||
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 | |||||||
Goodwill and intangible assets | 0 | 0 | |||||||
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 (in percent) | 50.00% | ||||||||
Total net assets disposed of | $ 6 | ||||||||
Consideration | (4) | ||||||||
Consideration receivable | 6 | ||||||||
Reclassification of foreign exchange and other reserves | 33 | ||||||||
Gain on disposal | $ 29 | ||||||||
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 | ||||||||
Goodwill and intangible assets | 0 | ||||||||
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 (in percent) | 100.00% | ||||||||
Total net assets disposed of | $ 692 | ||||||||
Consideration | 518 | ||||||||
Consideration receivable | 174 | $ 161 | |||||||
Reclassification of foreign exchange and other reserves | 72 | ||||||||
Gain on disposal | $ 72 | ||||||||
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 | ||||||||
Goodwill and intangible assets | 0 | ||||||||
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 (in percent) | 100.00% | ||||||||
Total net assets disposed of | $ 48 | ||||||||
Consideration | 39 | ||||||||
Consideration receivable | 10 | ||||||||
Reclassification of foreign exchange and other 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 | ||||||||
Goodwill and intangible assets | 0 | ||||||||
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 (in percent) | 100.00% | ||||||||
Total net assets disposed of | $ 84 | ||||||||
Consideration | 26 | ||||||||
Consideration receivable | 58 | ||||||||
Reclassification of foreign exchange and other reserves | 0 | ||||||||
Gain on disposal | $ 0 |
SCOPE OF CONSOLIDATION - Narrat
SCOPE OF CONSOLIDATION - Narrative Assets Held for Sale (Details) € in Millions, $ in Millions | Dec. 31, 2020USD ($)capital_increase | Mar. 31, 2021EUR (€) | Dec. 31, 2020USD ($)capital_increase | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | May 31, 2022EUR (€) | Dec. 14, 2020EUR (€) | Dec. 14, 2020USD ($) | Mar. 04, 2020 |
Disclosure Of Non-current Assets Held For Sale And Discontinued Operations [Line Items] | |||||||||
Number of capital increases | capital_increase | 2 | 2 | |||||||
Impairment loss | $ (133) | $ 1,927 | $ 994 | ||||||
Goodwill | |||||||||
Disclosure Of Non-current Assets Held For Sale And Discontinued Operations [Line Items] | |||||||||
Transfer to assets held for sale | 717 | 0 | |||||||
Goodwill | Europe | |||||||||
Disclosure Of Non-current Assets Held For Sale And Discontinued Operations [Line Items] | |||||||||
Transfer to assets held for sale | $ 45 | $ 0 | |||||||
Cost of sales | |||||||||
Disclosure Of Non-current Assets Held For Sale And Discontinued Operations [Line Items] | |||||||||
Impairment loss | $ 331 | ||||||||
ArcelorMittal Italia S.p.A | |||||||||
Disclosure Of Non-current Assets Held For Sale And Discontinued Operations [Line Items] | |||||||||
Consideration payable related to put option | € 111 | $ 135 | |||||||
Disposal groups classified as held for sale | |||||||||
Disclosure Of Non-current Assets Held For Sale And Discontinued Operations [Line Items] | |||||||||
Reduction in quarterly lease payments (in percent) | 50.00% | ||||||||
Disposal groups classified as held for sale | AM Investco Italy S.r.l. | |||||||||
Disclosure Of Non-current Assets Held For Sale And Discontinued Operations [Line Items] | |||||||||
First investment, investment agreement | € | € 400 | € 680 | |||||||
Proportion of ownership interest in subsidiary sold (in percent) | 60.00% | ||||||||
Proportion of ownership interest retained after additional investment (in percent) | 40.00% | ||||||||
Disposal groups classified as held for sale | AM Investco Italy S.r.l. | Disposal of major subsidiary | |||||||||
Disclosure Of Non-current Assets Held For Sale And Discontinued Operations [Line Items] | |||||||||
Proportion of ownership interest in subsidiary sold (in percent) | 50.00% | ||||||||
Disposal groups classified as held for sale | AM Investco Italy S.r.l. | Top of range | |||||||||
Disclosure Of Non-current Assets Held For Sale And Discontinued Operations [Line Items] | |||||||||
Purchase of interests in investments accounted for using equity method | € | € 70 |
SCOPE OF CONSOLIDATION - Assets
SCOPE OF CONSOLIDATION - Assets Held for Sale (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Current assets: | ||||
Cash and cash equivalents | $ 5,600 | $ 4,867 | $ 2,172 | $ 2,574 |
Inventories | 12,328 | 17,296 | ||
Total current assets | 27,973 | 28,616 | ||
Non-current assets: | ||||
Property, plant and equipment | 30,622 | 36,231 | ||
Other assets | 1,482 | 1,648 | ||
Total non-current assets | 54,079 | 59,292 | ||
Total assets | 82,052 | 87,908 | ||
Current liabilities: | ||||
Current liabilities | 22,667 | 21,287 | ||
Non-current liabilities: | ||||
Long-term debt | 9,815 | 11,471 | ||
Other long-term liabilities | 1,148 | 2,518 | ||
Total Non-current Liabilities | 19,148 | 26,138 | ||
Total liabilities | 41,815 | $ 47,425 | ||
Disposal groups classified as held for sale | ArcelorMittal Italia and plate operations in Europe | ||||
Current assets: | ||||
Cash and cash equivalents | 3 | |||
Trade accounts receivable, prepaid expenses and other current assets | 635 | |||
Inventories | 1,446 | |||
Total current assets | 2,084 | |||
Non-current assets: | ||||
Property, plant and equipment | 1,843 | |||
Other assets | 402 | |||
Total non-current assets | 2,245 | |||
Total assets | 4,329 | |||
Current liabilities: | ||||
Trade accounts payables, accrued expenses and other liabilities | 1,236 | |||
Current liabilities | 1,236 | |||
Non-current liabilities: | ||||
Long-term debt | 21 | |||
Other long-term liabilities | 1,782 | |||
Total Non-current Liabilities | 1,803 | |||
Total liabilities | $ 3,039 |
SCOPE OF CONSOLIDATION - Invest
SCOPE OF CONSOLIDATION - Investment in Associates and Joint Arrangements (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Basis Of Consolidation [Abstract] | ||
Joint ventures | $ 3,006,000,000 | $ 2,586,000,000 |
Associates | 2,847,000,000 | 2,859,000,000 |
Individually immaterial joint ventures and associates | 964,000,000 | 1,084,000,000 |
Total | $ 6,817,000,000 | $ 6,529,000,000 |
Threshold aggregate of individually immaterial joint ventures and associates (in percent) | 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 | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of joint ventures [line items] | ||||
Current assets | $ 27,973 | $ 28,616 | ||
of which cash and cash equivalents | 5,600 | 4,867 | $ 2,172 | $ 2,574 |
Non-current assets | 54,079 | 59,292 | ||
Current liabilities | 22,667 | 21,287 | ||
Non-current liabilities | 19,148 | 26,138 | ||
Carrying amount in the statements of financial position | 3,006 | 2,586 | ||
Revenue | 53,270 | 70,615 | 76,033 | |
Depreciation and amortization | (2,960) | (3,067) | (2,799) | |
Interest income | 56 | 88 | 72 | |
Interest expense | (477) | (695) | (687) | |
Income tax benefit (expense) | (1,666) | (459) | 349 | |
Profit (loss) from continuing operations | (578) | (2,391) | 5,330 | |
Other comprehensive income (loss) | (826) | (624) | (1,575) | |
Total comprehensive income (loss) | (1,404) | (3,015) | 3,755 | |
Deferred tax liabilities | 1,832 | 2,331 | ||
Joint ventures | ||||
Disclosure of joint ventures [line items] | ||||
Current assets | 5,701 | 4,914 | 2,543 | |
of which cash and cash equivalents | 1,392 | 768 | 318 | |
Non-current assets | 8,502 | 9,061 | 2,792 | |
Current liabilities | 2,436 | 7,952 | 1,921 | |
of which trade and other payables and provisions | 1,297 | 1,453 | 792 | |
Non-current liabilities | 6,642 | 1,393 | 1,345 | |
of which trade and other payables and provisions | 140 | 121 | 22 | |
Total net assets | 5,125 | 4,630 | 2,069 | |
Company's share of net assets | 2,865 | 2,565 | 1,037 | |
Adjustments for differences in accounting policies and other | 141 | 21 | (26) | |
Carrying amount in the statements of financial position | 3,006 | 2,586 | 1,011 | |
Revenue | 9,161 | 5,916 | 5,715 | |
Depreciation and amortization | (545) | (155) | (147) | |
Interest income | 45 | 6 | 4 | |
Interest expense | (204) | (107) | (90) | |
Income tax benefit (expense) | 293 | (122) | (27) | |
Profit (loss) from continuing operations | 564 | 97 | 353 | |
Other comprehensive income (loss) | (96) | 4 | ||
Total comprehensive income (loss) | 468 | 97 | 357 | |
Cash dividends received by the Company | $ 67 | $ 78 | $ 86 | |
AMNS India | ||||
Disclosure of joint ventures [line items] | ||||
Proportion of ownership interest in joint venture (in percent) | 60.00% | 60.00% | ||
Current assets | $ 3,528 | $ 2,318 | ||
of which cash and cash equivalents | 1,137 | 444 | ||
Non-current assets | 5,745 | 6,295 | ||
Current liabilities | 657 | 5,922 | ||
of which trade and other payables and provisions | 524 | 670 | ||
Non-current liabilities | 5,604 | 189 | ||
of which trade and other payables and provisions | 67 | 46 | ||
Total net assets | 3,012 | 2,502 | ||
Company's share of net assets | 1,807 | 1,501 | ||
Adjustments for differences in accounting policies and other | 149 | 48 | ||
Carrying amount in the statements of financial position | 1,956 | 1,549 | ||
Revenue | 3,992 | 0 | ||
Depreciation and amortization | (371) | 0 | ||
Interest income | 43 | 2 | ||
Interest expense | (135) | (10) | ||
Income tax benefit (expense) | 318 | (83) | ||
Profit (loss) from continuing operations | 472 | (116) | ||
Other comprehensive income (loss) | (98) | |||
Total comprehensive income (loss) | 374 | (116) | ||
Cash dividends received by the Company | $ 0 | $ 0 | ||
Calvert | ||||
Disclosure of joint ventures [line items] | ||||
Proportion of ownership interest in joint venture (in percent) | 50.00% | 50.00% | 50.00% | |
Current assets | $ 1,236 | $ 1,604 | $ 1,490 | |
of which cash and cash equivalents | 53 | 62 | 76 | |
Non-current assets | 1,261 | 1,282 | 1,282 | |
Current liabilities | 805 | 984 | 824 | |
of which trade and other payables and provisions | 138 | 144 | 173 | |
Non-current liabilities | 662 | 764 | 853 | |
of which trade and other payables and provisions | 0 | 0 | 0 | |
Total net assets | 1,030 | 1,138 | 1,095 | |
Company's share of net assets | 515 | 569 | 548 | |
Adjustments for differences in accounting policies and other | 24 | 6 | 6 | |
Carrying amount in the statements of financial position | 539 | 575 | 554 | |
Revenue | 2,693 | 3,504 | 3,295 | |
Depreciation and amortization | (61) | (63) | (62) | |
Interest income | 0 | 2 | 1 | |
Interest expense | (33) | (48) | (40) | |
Income tax benefit (expense) | 0 | 0 | 0 | |
Profit (loss) from continuing operations | 9 | 156 | 312 | |
Other comprehensive income (loss) | 0 | 0 | ||
Total comprehensive income (loss) | 9 | 156 | 312 | |
Cash dividends received by the Company | $ 58 | $ 57 | $ 48 | |
Proportion of voting rights held in joint venture (in percent) | 50.00% | |||
VAMA | ||||
Disclosure of joint ventures [line items] | ||||
Proportion of ownership interest in joint venture (in percent) | 50.00% | 50.00% | 50.00% | |
Current assets | $ 252 | $ 313 | $ 329 | |
of which cash and cash equivalents | 77 | 81 | 85 | |
Non-current assets | 669 | 637 | 688 | |
Current liabilities | 511 | 485 | 491 | |
of which trade and other payables and provisions | 232 | 226 | 180 | |
Non-current liabilities | 23 | 147 | 217 | |
of which trade and other payables and provisions | 0 | 0 | 0 | |
Total net assets | 387 | 318 | 309 | |
Company's share of net assets | 194 | 159 | 156 | |
Adjustments for differences in accounting policies and other | 0 | 0 | 0 | |
Carrying amount in the statements of financial position | 194 | 159 | 156 | |
Revenue | 1,001 | 772 | 625 | |
Depreciation and amortization | (41) | (31) | (32) | |
Interest income | 1 | 1 | 1 | |
Interest expense | (16) | (23) | (26) | |
Income tax benefit (expense) | (6) | (22) | (1) | |
Profit (loss) from continuing operations | 47 | 10 | 5 | |
Other comprehensive income (loss) | 0 | 0 | ||
Total comprehensive income (loss) | 47 | 10 | 5 | |
Cash dividends received by the Company | $ 0 | $ 0 | $ 0 | |
Proportion of voting rights held in joint venture (in percent) | 50.00% | |||
Tameh | ||||
Disclosure of joint ventures [line items] | ||||
Proportion of ownership interest in joint venture (in percent) | 50.00% | 50.00% | 50.00% | |
Current assets | $ 175 | $ 171 | $ 205 | |
of which cash and cash equivalents | 43 | 75 | 90 | |
Non-current assets | 570 | 580 | 540 | |
Current liabilities | 180 | 183 | 208 | |
of which trade and other payables and provisions | 132 | 139 | 176 | |
Non-current liabilities | 226 | 244 | 226 | |
of which trade and other payables and provisions | 26 | 26 | 22 | |
Total net assets | 339 | 324 | 311 | |
Company's share of net assets | 170 | 162 | 156 | |
Adjustments for differences in accounting policies and other | 0 | 0 | 0 | |
Carrying amount in the statements of financial position | 170 | 162 | 156 | |
Revenue | 420 | 499 | 467 | |
Depreciation and amortization | (48) | (37) | (31) | |
Interest income | 0 | 0 | 0 | |
Interest expense | (8) | (7) | (4) | |
Income tax benefit (expense) | (2) | (7) | (8) | |
Profit (loss) from continuing operations | 7 | 28 | 30 | |
Other comprehensive income (loss) | 6 | 3 | ||
Total comprehensive income (loss) | 13 | 28 | 33 | |
Cash dividends received by the Company | $ 0 | $ 9 | $ 4 | |
Proportion of voting rights held in joint venture (in percent) | 50.00% | |||
Borçelik | ||||
Disclosure of joint ventures [line items] | ||||
Proportion of ownership interest in joint venture (in percent) | 50.00% | 50.00% | 50.00% | |
Current assets | $ 510 | $ 508 | $ 519 | |
of which cash and cash equivalents | 82 | 106 | 67 | |
Non-current assets | 257 | 267 | 282 | |
Current liabilities | 283 | 378 | 398 | |
of which trade and other payables and provisions | 271 | 274 | 263 | |
Non-current liabilities | 127 | 49 | 49 | |
of which trade and other payables and provisions | 47 | 49 | 0 | |
Total net assets | 357 | 348 | 354 | |
Company's share of net assets | 179 | 174 | 177 | |
Adjustments for differences in accounting policies and other | (32) | (33) | (32) | |
Carrying amount in the statements of financial position | 147 | 141 | 145 | |
Revenue | 1,055 | 1,141 | 1,328 | |
Depreciation and amortization | (24) | (24) | (22) | |
Interest income | 1 | 1 | 2 | |
Interest expense | (12) | (19) | (20) | |
Income tax benefit (expense) | (17) | (10) | (18) | |
Profit (loss) from continuing operations | 29 | 19 | 6 | |
Other comprehensive income (loss) | (4) | 1 | ||
Total comprehensive income (loss) | 25 | 19 | 7 | |
Cash dividends received by the Company | $ 9 | $ 12 | $ 34 | |
Proportion of ownership in joint venture, based on shares issued (in percent) | 45.33% | 45.33% | 45.33% | |
Proportion of ownership in joint venture, based on outstanding shares (in percent) | 50.00% | 50.00% | 50.00% | |
Proportion of voting rights held in joint venture (in percent) | 48.01% | 48.01% | 48.01% | |
Deferred tax liabilities | $ 39 | $ 42 | $ 43 |
SCOPE OF CONSOLIDATION - Joint
SCOPE OF CONSOLIDATION - Joint Ventures Narrative (Details) t in Thousands, tonne in Millions | Dec. 09, 2020t | Jul. 07, 2020USD ($) | Mar. 17, 2020USD ($) | Mar. 16, 2020USD ($) | Feb. 13, 2020USD ($) | Feb. 10, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 16, 2019USD ($) | Dec. 09, 2019USD ($) | Dec. 08, 2019 | Nov. 29, 2018USD ($) | Oct. 26, 2018USD ($)stage | May 28, 2018USD ($) | Dec. 31, 2020USD ($)facilityservice_centerplantplant_systemt | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Jul. 23, 2020tonne | Mar. 27, 2020USD ($) | Nov. 20, 2018USD ($) |
Disclosure of joint ventures [line items] | |||||||||||||||||||
Sharing of cash flow hedge gain with joint venture partner | $ 141,000,000 | ||||||||||||||||||
Borrowings | $ 12,322,000,000 | ||||||||||||||||||
Proceeds from current borrowings | 430,000,000 | 600,000,000 | $ 2,319,000,000 | ||||||||||||||||
Cash flows used in obtaining control of subsidiaries or other businesses | 0 | 46,000,000 | 39,000,000 | ||||||||||||||||
Impairment charges | 211,000,000 | 0 | 132,000,000 | ||||||||||||||||
Accumulated foreign exchange translation gains (losses) recognized in earnings due to decrease in ownership interest in investment | $ 0 | $ 105,000,000 | 15,000,000 | ||||||||||||||||
Number of energy production facilities | facility | 4 | ||||||||||||||||||
AMNS India | |||||||||||||||||||
Disclosure of joint ventures [line items] | |||||||||||||||||||
Proportion of ownership interest in joint venture (in percent) | 60.00% | 60.00% | |||||||||||||||||
Equity interests of acquirer | $ 840,000,000 | ||||||||||||||||||
Number of iron ore beneficiation plants | plant | 2 | ||||||||||||||||||
Number of service centers | service_center | 7 | ||||||||||||||||||
Number of pellet plant systems | plant_system | 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 | ||||||||||||||||||
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 | ||||||||||||||||||
Steel trading and shipping | Disposal group, disposed of by sale, not discontinued operations | |||||||||||||||||||
Disclosure of joint ventures [line items] | |||||||||||||||||||
Proportion of ownership interest in joint venture (in percent) | 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 (in percent) | 50.00% | 50.00% | 50.00% | ||||||||||||||||
Purchase agreement term | 5 years | 6 years | |||||||||||||||||
Purchase agreement amount of tonnes | t | 1,500 | 2,000 | |||||||||||||||||
Purchase agreement, option to extend term | 3 years | 3 years | |||||||||||||||||
Purchase agreement extension, amount of tonnes | t | 550 | ||||||||||||||||||
Purchase agreement, option, extended term notice period | 6 months | ||||||||||||||||||
Thakurani iron ore mine | AMNS India | |||||||||||||||||||
Disclosure of joint ventures [line items] | |||||||||||||||||||
Iron ore estimated reserves (in tonnes) | tonne | 85 | ||||||||||||||||||
7.0 billion Term Facility, Due in 2020 | |||||||||||||||||||
Disclosure of joint ventures [line items] | |||||||||||||||||||
Borrowings | $ 3,046,000,000 | ||||||||||||||||||
Proceeds from current borrowings | $ 475,000,000 | $ 2,571,000,000 | $ 1,000,000,000 | ||||||||||||||||
Notional amount | $ 7,000,000,000 | ||||||||||||||||||
5.146 billion Term Loan, Due 2030 | |||||||||||||||||||
Disclosure of joint ventures [line items] | |||||||||||||||||||
Notional amount | $ 5,146,000,000 | $ 5,146,000,000 | |||||||||||||||||
Borrowings maturity, term | 10 years | 10 years | |||||||||||||||||
7 billion Bridge Term Facilities | |||||||||||||||||||
Disclosure of joint ventures [line items] | |||||||||||||||||||
Notional amount | $ 7,000,000,000 | $ 7,000,000,000 | $ 7 | ||||||||||||||||
Retained Earnings | |||||||||||||||||||
Disclosure of joint ventures [line items] | |||||||||||||||||||
Sharing of cash flow hedge gain with joint venture partner | 141,000,000 | ||||||||||||||||||
AMNS India | |||||||||||||||||||
Disclosure of joint ventures [line items] | |||||||||||||||||||
Proportion of ownership interest in joint venture (in percent) | 60.00% | 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 | ||||||||||||||||||
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 | 325,000,000 | 1,475,000,000 | |||||||||||||||||
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 | $ 475,000,000 | 2,204,000,000 | |||||||||||||||||
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 | Retained Earnings | NSC | |||||||||||||||||||
Disclosure of joint ventures [line items] | |||||||||||||||||||
Sharing of cash flow hedge gain with joint venture partner | 141,000,000 | ||||||||||||||||||
AMNS India | NSC | |||||||||||||||||||
Disclosure of joint ventures [line items] | |||||||||||||||||||
Proportion of ownership interest in joint venture (in percent) | 40.00% | 40.00% | |||||||||||||||||
Equity interests of acquirer | $ 891,000,000 | ||||||||||||||||||
Reclassification adjustments on cash flow hedges, net of tax | $ 353,000,000 | ||||||||||||||||||
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 | ||||||||||||||||||
Odisha Slurry Pipeline infrastructure Limited | |||||||||||||||||||
Disclosure of joint ventures [line items] | |||||||||||||||||||
Cash flows used in obtaining control of subsidiaries or other businesses | $ 245,000,000,000 |
SCOPE OF CONSOLIDATION - Associ
SCOPE OF CONSOLIDATION - Associates (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Jan. 27, 2017 | Jan. 26, 2017 | Sep. 30, 2020 | Jan. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of associates [line items] | |||||||||
Current assets | $ 27,973 | $ 27,973 | $ 28,616 | ||||||
Non-current assets | 54,079 | 54,079 | 59,292 | ||||||
Current liabilities | 22,667 | 22,667 | 21,287 | ||||||
Non-current liabilities | 19,148 | 19,148 | 26,138 | ||||||
Non-controlling interests | 1,957 | 1,957 | 1,962 | ||||||
Net assets attributable to equity holders of the parent | 38,280 | 38,280 | 38,521 | ||||||
Carrying amount in the statements of financial position | 2,847 | 2,847 | 2,859 | ||||||
Revenue | 53,270 | 70,615 | $ 76,033 | ||||||
Profit (loss) from continuing operations | (578) | (2,391) | 5,330 | ||||||
Other comprehensive income (loss) | (826) | (624) | (1,575) | ||||||
Total comprehensive income (loss) | (1,404) | (3,015) | 3,755 | ||||||
Impairment charges | $ 211 | $ 0 | 132 | ||||||
Increase in number of shares outstanding (in shares) | 68,654,992 | (1,488,837) | |||||||
Net gain (loss) on disposal of subsidiaries | $ 1,460 | $ 101 | 16 | ||||||
Accumulated foreign exchange translation gains (losses) recognized in earnings due to decrease in ownership interest in investment | 0 | 105 | 15 | ||||||
Associate | |||||||||
Disclosure of associates [line items] | |||||||||
Current assets | 7,712 | 7,712 | 6,846 | 6,617 | |||||
Non-current assets | 15,287 | 15,287 | 8,622 | 7,980 | |||||
Current liabilities | 4,710 | 4,710 | 3,940 | 3,439 | |||||
Non-current liabilities | 3,441 | 3,441 | 2,815 | 2,411 | |||||
Non-controlling interests | 447 | 447 | 384 | 400 | |||||
Net assets attributable to equity holders of the parent | 14,401 | 14,401 | 8,329 | 8,347 | |||||
Company's share of net assets | 4,344 | 4,344 | 2,804 | 2,846 | |||||
Adjustments for differences in accounting policies and other | (1,467) | (1,467) | 1 | (3) | |||||
Other adjustments | (30) | (30) | 54 | 28 | |||||
Carrying amount in the statements of financial position | 2,847 | 2,847 | 2,859 | 2,871 | |||||
Revenue | 7,685 | 9,075 | 9,193 | ||||||
Profit (loss) from continuing operations | 27 | 143 | 456 | ||||||
Other comprehensive income (loss) | (56) | 1 | (32) | ||||||
Total comprehensive income (loss) | (29) | 144 | 424 | ||||||
Cash dividends received by the Company | $ 43 | $ 70 | $ 113 | ||||||
China Oriental | |||||||||
Disclosure of associates [line items] | |||||||||
Proportion of voting rights held in associate (in percent) | 37.02% | 37.02% | 37.02% | ||||||
Current assets | 3,611 | $ 3,611 | $ 2,920 | $ 2,516 | |||||
Non-current assets | 2,507 | 2,507 | 1,797 | 1,443 | |||||
Current liabilities | 2,780 | 2,780 | 1,837 | 1,426 | |||||
Non-current liabilities | 454 | 454 | 150 | 35 | |||||
Non-controlling interests | 46 | 46 | 44 | 45 | |||||
Net assets attributable to equity holders of the parent | 2,838 | 2,838 | 2,686 | 2,453 | |||||
Company's share of net assets | 1,050 | 1,050 | 994 | 908 | |||||
Adjustments for differences in accounting policies and other | 0 | 0 | 0 | 0 | |||||
Other adjustments | 112 | 112 | 5 | 44 | |||||
Carrying amount in the statements of financial position | 1,162 | 1,162 | 999 | 952 | |||||
Revenue | 2,420 | 3,102 | 3,370 | ||||||
Profit (loss) from continuing operations | 112 | 249 | 474 | ||||||
Other comprehensive income (loss) | 16 | 0 | 0 | ||||||
Total comprehensive income (loss) | 128 | 249 | 474 | ||||||
Cash dividends received by the Company | $ 28 | $ 57 | $ 92 | ||||||
Increase in number of shares outstanding (in shares) | 586,284,000 | 192,000,000 | |||||||
Proportion of ownership interest in associate (in percent) | 39.02% | 46.99% | 37.02% | 37.02% | 37.02% | 37.02% | 39.02% | ||
Net gain (loss) on disposal of subsidiaries | $ (67) | $ (20) | $ (12) | ||||||
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 voting rights held in associate (in percent) | 33.43% | 33.43% | 33.43% | ||||||
Current assets | 1,330 | $ 1,330 | $ 1,385 | $ 1,528 | |||||
Non-current assets | 2,810 | 2,810 | 2,794 | 3,062 | |||||
Current liabilities | 364 | 364 | 402 | 480 | |||||
Non-current liabilities | 1,165 | 1,165 | 979 | 1,005 | |||||
Non-controlling interests | 112 | 112 | 122 | 136 | |||||
Net assets attributable to equity holders of the parent | 2,499 | 2,499 | 2,676 | 2,969 | |||||
Company's share of net assets | 835 | 835 | 895 | 992 | |||||
Adjustments for differences in accounting policies and other | 38 | 38 | 43 | 27 | |||||
Other adjustments | (201) | (201) | 27 | (4) | |||||
Carrying amount in the statements of financial position | 672 | 672 | 965 | 1,015 | |||||
Revenue | 1,428 | 1,795 | 1,959 | ||||||
Profit (loss) from continuing operations | (244) | (116) | 20 | ||||||
Other comprehensive income (loss) | (5) | 8 | 5 | ||||||
Total comprehensive income (loss) | (249) | (108) | 25 | ||||||
Cash dividends received by the Company | 0 | $ 0 | $ 5 | ||||||
Impairment charges | $ 211 | $ 211 | |||||||
Proportion of ownership interest in associate (in percent) | 33.43% | 33.43% | 33.43% | ||||||
Discount rate used in current estimate of value in use | 7.24% | 7.24% | |||||||
Gonvarri Steel Industries | |||||||||
Disclosure of associates [line items] | |||||||||
Proportion of voting rights held in associate (in percent) | 35.00% | 35.00% | 35.00% | ||||||
Current assets | $ 2,233 | $ 2,233 | $ 2,062 | $ 2,183 | |||||
Non-current assets | 1,675 | 1,675 | 1,628 | 1,526 | |||||
Current liabilities | 1,087 | 1,087 | 1,038 | 1,134 | |||||
Non-current liabilities | 772 | 772 | 795 | 677 | |||||
Non-controlling interests | 288 | 288 | 218 | 219 | |||||
Net assets attributable to equity holders of the parent | 1,761 | 1,761 | 1,639 | 1,679 | |||||
Company's share of net assets | 616 | 616 | 574 | 588 | |||||
Adjustments for differences in accounting policies and other | (49) | (49) | (49) | (52) | |||||
Other adjustments | 59 | 59 | 22 | (12) | |||||
Carrying amount in the statements of financial position | 626 | 626 | 547 | 524 | |||||
Revenue | 3,065 | 3,724 | 3,544 | ||||||
Profit (loss) from continuing operations | 86 | 82 | 60 | ||||||
Other comprehensive income (loss) | (67) | (7) | (37) | ||||||
Total comprehensive income (loss) | 19 | 75 | 23 | ||||||
Cash dividends received by the Company | $ 15 | $ 13 | $ 16 | ||||||
Proportion of ownership interest in associate (in percent) | 35.00% | 35.00% | 35.00% | ||||||
Baffinland | |||||||||
Disclosure of associates [line items] | |||||||||
Proportion of voting rights held in associate (in percent) | 25.23% | 25.70% | 28.76% | ||||||
Current assets | 538 | $ 538 | $ 479 | $ 390 | |||||
Non-current assets | 8,295 | 8,295 | 2,403 | 1,949 | |||||
Current liabilities | 479 | 479 | 663 | 399 | |||||
Non-current liabilities | 1,050 | 1,050 | 891 | 694 | |||||
Non-controlling interests | 1 | 1 | 0 | 0 | |||||
Net assets attributable to equity holders of the parent | 7,303 | 7,303 | 1,328 | 1,246 | |||||
Company's share of net assets | 1,843 | 1,843 | 341 | 358 | |||||
Adjustments for differences in accounting policies and other | (1,456) | (1,456) | 7 | 22 | |||||
Other adjustments | 0 | 0 | 0 | 0 | |||||
Carrying amount in the statements of financial position | $ 387 | 387 | 348 | 380 | |||||
Revenue | 772 | 454 | 320 | ||||||
Profit (loss) from continuing operations | 73 | (72) | (98) | ||||||
Other comprehensive income (loss) | 0 | 0 | 0 | ||||||
Total comprehensive income (loss) | 73 | (72) | (98) | ||||||
Cash dividends received by the Company | $ 0 | $ 0 | $ 0 | ||||||
Fair value measurement adjustment not recognized | $ 1,500 | ||||||||
Proportion of ownership interest in associate (in percent) | 25.23% | 25.70% | 28.76% | 31.07% | |||||
Net gain (loss) on disposal of subsidiaries | $ (4) | $ (3) | |||||||
Accumulated foreign exchange translation gains (losses) recognized in earnings due to decrease in ownership interest in investment | $ (12) | $ (9) | |||||||
Proportion of ownership interest in joint venture (in percent) | 25.23% | 25.70% |
SCOPE OF CONSOLIDATION - Other
SCOPE OF CONSOLIDATION - Other Associates and Joint Ventures that are not Individually Material (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of transactions between related parties [line items] | |||
Carrying amount of interests in associates and joint ventures | $ 2,847,000,000 | $ 2,859,000,000 | |
Carrying amount in the statements of financial position | 3,006,000,000 | 2,586,000,000 | |
Carrying amount of interests in associates and joint ventures | 6,817,000,000 | 6,529,000,000 | |
Al Jubail | Joint Venture | |||
Share of: | |||
Loans receivable converted to equity, related party | 31,000,000 | ||
Cash injection made to related parties | 30,000,000 | ||
Loan receivable | 109,000,000 | ||
Aggregated individually immaterial joint ventures | |||
Disclosure of transactions between related parties [line items] | |||
Carrying amount in the statements of financial position | 636,000,000 | 780,000,000 | |
Share of: | |||
Income from continuing operations | 33,000,000 | 87,000,000 | |
Other comprehensive income (loss) | (20,000,000) | 2,000,000 | |
Total comprehensive income | 13,000,000 | 89,000,000 | |
Al Jubail | |||
Disclosure of transactions between related parties [line items] | |||
Carrying amount in the statements of financial position | $ 26,000,000 | $ 0 | |
Share of: | |||
Proportion of ownership interest in joint venture (in percent) | 40.80% | ||
Aggregated individually immaterial associates | |||
Disclosure of transactions between related parties [line items] | |||
Carrying amount of interests in associates and joint ventures | 328,000,000 | $ 304,000,000 | |
Share of: | |||
Income from continuing operations | 15,000,000 | 26,000,000 | |
Other comprehensive income (loss) | (8,000,000) | 1,000,000 | |
Total comprehensive income | 7,000,000 | 27,000,000 | |
Aggregated individually immaterial associates | Aggregated individually immaterial joint ventures | |||
Disclosure of transactions between related parties [line items] | |||
Carrying amount of interests in associates and joint ventures | 964,000,000 | 1,084,000,000 | |
Share of: | |||
Income from continuing operations | 48,000,000 | 113,000,000 | |
Other comprehensive income (loss) | (28,000,000) | 3,000,000 | |
Total comprehensive income | $ 20,000,000 | $ 116,000,000 |
SCOPE OF CONSOLIDATION - Impair
SCOPE OF CONSOLIDATION - Impairment of Associates and Joint Ventures (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of impairment loss and reversal of impairment loss [line items] | ||||
Impairment charges | $ 211 | $ 0 | $ 132 | |
DHS Group | ||||
Disclosure of impairment loss and reversal of impairment loss [line items] | ||||
Impairment charges | $ 211 | $ 211 |
SCOPE OF CONSOLIDATION - Inve_2
SCOPE OF CONSOLIDATION - Investments in Joint Operations (Details) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Peña Colorada | ||
Disclosure of joint operations [line items] | ||
Proportion of ownership interest in joint operation (in percent) | 50.00% | 50.00% |
Hibbing Taconite Mines | ||
Disclosure of joint operations [line items] | ||
Proportion of ownership interest in joint operation (in percent) | 62.31% | 62.31% |
I/N Tek | ||
Disclosure of joint operations [line items] | ||
Proportion of ownership interest in joint operation (in percent) | 60.00% | 60.00% |
Double G Coating | ||
Disclosure of joint operations [line items] | ||
Proportion of ownership interest in joint operation (in percent) | 50.00% | 50.00% |
SCOPE OF CONSOLIDATION - Othe_2
SCOPE OF CONSOLIDATION - Other Investments (Details) - USD ($) $ / shares in Units, $ in Millions | Feb. 09, 2021 | Jul. 16, 2019 | Feb. 28, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 09, 2020 | Dec. 31, 2018 |
Other investments | |||||||
Disclosure of financial assets [line items] | |||||||
Investments in equity instruments at FVOCI | $ 2,980 | $ 772 | |||||
Other investments | Cleveland-Cliffs Inc | |||||||
Disclosure of financial assets [line items] | |||||||
Investments in equity instruments at FVOCI | 1,988 | 0 | |||||
Other investments | Cleveland-Cliffs Inc | Other disposals of assets | |||||||
Disclosure of financial assets [line items] | |||||||
Sale of shares (in shares) | 40,000,000 | ||||||
Consideration received | $ 652,000 | ||||||
Par value per share (in USD per share) | $ 16.12 | ||||||
Number of ordinary shares retained after divestment (in shares) | 38,000,000 | ||||||
Cumulative gain (loss) on disposal of investments in equity instruments designated at fair value through other comprehensive income | $ 123 | ||||||
Other investments | Erdemir | |||||||
Disclosure of financial assets [line items] | |||||||
Investments in equity instruments at FVOCI | 850 | 642 | |||||
Unrealized gains (losses) recognized in OCI | 386 | 196 | |||||
Other investments | Stalprodukt S.A. | |||||||
Disclosure of financial assets [line items] | |||||||
Investments in equity instruments at FVOCI | 96 | 57 | |||||
Unrealized gains (losses) recognized in OCI | (1) | (32) | |||||
Other investments | Powercell Sweden | |||||||
Disclosure of financial assets [line items] | |||||||
Investments in equity instruments at FVOCI | $ 0 | $ 23 | |||||
Sale of shares (in shares) | 1,800,000 | 3,400,000 | |||||
Consideration received | $ 59 | $ 36 | |||||
Cumulative gain (loss) on disposal of investments in equity instruments designated at fair value through other comprehensive income | 28 | 19 | |||||
Other investments | Others | |||||||
Disclosure of financial assets [line items] | |||||||
Investments in equity instruments at FVOCI | 46 | $ 50 | |||||
Other investments | Gerdau | |||||||
Disclosure of financial assets [line items] | |||||||
Consideration received | $ 116 | ||||||
Cumulative gain (loss) on disposal of investments in equity instruments designated at fair value through other comprehensive income | $ 51 | ||||||
Accumulated gain on financial assets measured at fair value through other comprehensive income | $ 48 | ||||||
Sale of preferred shares (in shares) | 30,000,000 | ||||||
Proportion of preferred shares held (in percent) | 2.60% | ||||||
Ordinary Shares | Cleveland-Cliffs Inc | |||||||
Disclosure of financial assets [line items] | |||||||
Investments in equity instruments at FVOCI | $ 1,020 | ||||||
Number of shares obtained (in shares) | 78,186,671 | ||||||
Proportion of ordinary shares held (in percent) | 16.00% | ||||||
Number of shares redeemable (in shares) | 58,327,300 | ||||||
Unrealized gains (losses) recognized in OCI | 119 | ||||||
Preference shares | Cleveland-Cliffs Inc | |||||||
Disclosure of financial assets [line items] | |||||||
Investments in equity instruments at FVOCI | $ 761 | ||||||
Number of shares obtained (in shares) | 583,273 | ||||||
Unrealized gains (losses) recognized in OCI | $ 88 |
SCOPE OF CONSOLIDATION - Othe_3
SCOPE OF CONSOLIDATION - Other Investments - Unconsolidated Structured Entities (Details) - vessel | Dec. 31, 2019 | Dec. 31, 2020 |
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 (in percent) | 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 (in percent) | 50.00% |
SCOPE OF CONSOLIDATION - Income
SCOPE OF CONSOLIDATION - Income (Loss) from Investments in Associates, Joint Ventures and Other Investments (Details) - USD ($) $ in Millions | Dec. 31, 2020 | May 28, 2018 | Jan. 27, 2017 | Jan. 26, 2017 | Jan. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of financial assets [line items] | |||||||||
Share in net earnings of equity-accounted companies | $ 430 | $ 252 | $ 567 | ||||||
Impairment charges | (211) | 0 | (132) | ||||||
Gain (loss) on disposal | 0 | (4) | 126 | ||||||
Dividend income | 15 | 99 | 91 | ||||||
Total | 234 | 347 | 652 | ||||||
Gain (loss) on disposal | 1,460 | 101 | 16 | ||||||
EIMP | |||||||||
Disclosure of financial assets [line items] | |||||||||
Gain (loss) on disposal | $ 133 | ||||||||
Ownership interest in equity investment sold (in percent) | 21.00% | ||||||||
Proceeds from sales of investments | $ 44 | 44 | |||||||
Steel trading and shipping | |||||||||
Disclosure of financial assets [line items] | |||||||||
Gain (loss) on disposal | 142 | ||||||||
Steel trading and shipping | Disposal group, disposed of by sale, not discontinued operations | |||||||||
Disclosure of financial assets [line items] | |||||||||
Impairment charges | $ (132) | $ (132) | |||||||
DHS Group | |||||||||
Disclosure of financial assets [line items] | |||||||||
Impairment charges | $ (211) | $ (211) | |||||||
Proportion of ownership interest in associate (in percent) | 33.43% | 33.43% | 33.43% | ||||||
China Oriental | |||||||||
Disclosure of financial assets [line items] | |||||||||
Gain (loss) on disposal | $ (67) | $ (20) | $ (12) | ||||||
Proportion of ownership interest in associate (in percent) | 39.02% | 46.99% | 37.02% | 37.02% | 37.02% | 37.02% | 39.02% |
SEGMENT REPORTING - Reportable
SEGMENT REPORTING - Reportable Segments (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020USD ($)segment | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Disclosure of operating segments [line items] | |||
Number of operating segments | segment | 5 | ||
Number of reportable segments | segment | 5 | ||
Disclosure of operating segments [abstract] | |||
Sales | $ 53,270 | $ 70,615 | $ 76,033 |
Operating income (loss) | 2,110 | (627) | 6,539 |
Depreciation and amortization | (2,960) | (3,067) | (2,799) |
Impairment charges/ (reversal) | (133) | 1,927 | 994 |
Bargain purchase gain | 0 | 0 | 209 |
Capital expenditures | 2,439 | 3,572 | 3,305 |
Reconciliation From Operating Income [Abstract] | |||
Operating (loss)/income | 2,110 | (627) | 6,539 |
Income from investments in associates and joint ventures | 234 | 347 | 652 |
Financing costs - net | (1,256) | (1,652) | (2,210) |
Income / (loss) before taxes | 1,088 | (1,932) | 4,981 |
Income tax expense (benefit) | 1,666 | 459 | (349) |
Net (loss) / income (including non-controlling interests) | (578) | (2,391) | 5,330 |
Operating segments | NAFTA | |||
Disclosure of operating segments [abstract] | |||
Sales | 13,373 | 18,478 | 20,145 |
Operating income (loss) | 1,667 | (1,259) | 1,889 |
Depreciation and amortization | (449) | (570) | (522) |
Impairment charges/ (reversal) | (660) | 1,300 | 0 |
Bargain purchase gain | 0 | ||
Capital expenditures | 459 | 727 | 669 |
Reconciliation From Operating Income [Abstract] | |||
Operating (loss)/income | 1,667 | (1,259) | 1,889 |
Operating segments | Brazil | |||
Disclosure of operating segments [abstract] | |||
Sales | 5,548 | 6,927 | 7,041 |
Operating income (loss) | 754 | 846 | 1,356 |
Depreciation and amortization | (224) | (274) | (298) |
Impairment charges/ (reversal) | 0 | 0 | 86 |
Bargain purchase gain | 0 | ||
Capital expenditures | 208 | 328 | 244 |
Reconciliation From Operating Income [Abstract] | |||
Operating (loss)/income | 754 | 846 | 1,356 |
Operating segments | Europe | |||
Disclosure of operating segments [abstract] | |||
Sales | 27,989 | 37,487 | 40,247 |
Operating income (loss) | (1,444) | (1,107) | 1,632 |
Depreciation and amortization | (1,413) | (1,256) | (1,195) |
Impairment charges/ (reversal) | 527 | 525 | 908 |
Bargain purchase gain | 209 | ||
Capital expenditures | 1,039 | 1,353 | 1,336 |
Reconciliation From Operating Income [Abstract] | |||
Operating (loss)/income | (1,444) | (1,107) | 1,632 |
Operating segments | ACIS | |||
Disclosure of operating segments [abstract] | |||
Sales | 4,898 | 6,487 | 7,506 |
Operating income (loss) | 84 | (25) | 1,094 |
Depreciation and amortization | (332) | (364) | (311) |
Impairment charges/ (reversal) | 0 | 102 | 0 |
Bargain purchase gain | 0 | ||
Capital expenditures | 324 | 513 | 534 |
Reconciliation From Operating Income [Abstract] | |||
Operating (loss)/income | 84 | (25) | 1,094 |
Operating segments | Mining | |||
Disclosure of operating segments [abstract] | |||
Sales | 1,451 | 1,165 | 1,009 |
Operating income (loss) | 1,411 | 1,215 | 860 |
Depreciation and amortization | (500) | (448) | (418) |
Impairment charges/ (reversal) | 0 | 0 | 0 |
Bargain purchase gain | 0 | ||
Capital expenditures | 370 | 480 | 485 |
Reconciliation From Operating Income [Abstract] | |||
Operating (loss)/income | 1,411 | 1,215 | 860 |
Operating segments | All other segments | |||
Disclosure of operating segments [abstract] | |||
Sales | 11 | 71 | 85 |
Operating income (loss) | (263) | (295) | (247) |
Depreciation and amortization | (42) | (155) | (55) |
Impairment charges/ (reversal) | 0 | 0 | 0 |
Bargain purchase gain | 0 | ||
Capital expenditures | 39 | 171 | 37 |
Reconciliation From Operating Income [Abstract] | |||
Operating (loss)/income | (263) | (295) | (247) |
Intersegment sales | |||
Disclosure of operating segments [abstract] | |||
Sales | (4,953) | (5,872) | (6,062) |
Operating income (loss) | (99) | (2) | (45) |
Depreciation and amortization | 0 | 0 | 0 |
Impairment charges/ (reversal) | 0 | 0 | 0 |
Bargain purchase gain | 0 | ||
Capital expenditures | 0 | 0 | 0 |
Reconciliation From Operating Income [Abstract] | |||
Operating (loss)/income | (99) | (2) | (45) |
Intersegment sales | NAFTA | |||
Disclosure of operating segments [abstract] | |||
Sales | 224 | 77 | 187 |
Intersegment sales | Brazil | |||
Disclosure of operating segments [abstract] | |||
Sales | 723 | 1,186 | 1,670 |
Intersegment sales | Europe | |||
Disclosure of operating segments [abstract] | |||
Sales | 82 | 234 | 241 |
Intersegment sales | ACIS | |||
Disclosure of operating segments [abstract] | |||
Sales | 609 | 350 | 455 |
Intersegment sales | Mining | |||
Disclosure of operating segments [abstract] | |||
Sales | 3,302 | 3,672 | 3,202 |
Intersegment sales | All other segments | |||
Disclosure of operating segments [abstract] | |||
Sales | $ 13 | $ 353 | $ 307 |
SEGMENT REPORTING - Sales by Ge
SEGMENT REPORTING - Sales by Geographical Area (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of geographical areas [line items] | |||
Sales | $ 53,270 | $ 70,615 | $ 76,033 |
Total Americas | |||
Disclosure of geographical areas [line items] | |||
Sales | 20,182 | 27,286 | 29,068 |
United States | |||
Disclosure of geographical areas [line items] | |||
Sales | 9,991 | 15,238 | 16,271 |
Brazil | |||
Disclosure of geographical areas [line items] | |||
Sales | 4,396 | 5,094 | 4,982 |
Canada | |||
Disclosure of geographical areas [line items] | |||
Sales | 2,537 | 3,004 | 3,563 |
Mexico | |||
Disclosure of geographical areas [line items] | |||
Sales | 1,707 | 1,941 | 1,970 |
Argentina | |||
Disclosure of geographical areas [line items] | |||
Sales | 679 | 814 | 960 |
Others | |||
Disclosure of geographical areas [line items] | |||
Sales | 872 | 1,195 | 1,322 |
Total Europe | |||
Disclosure of geographical areas [line items] | |||
Sales | 26,305 | 35,368 | 38,263 |
Germany | |||
Disclosure of geographical areas [line items] | |||
Sales | 4,200 | 5,694 | 6,757 |
Poland | |||
Disclosure of geographical areas [line items] | |||
Sales | 3,231 | 3,957 | 4,518 |
France | |||
Disclosure of geographical areas [line items] | |||
Sales | 3,115 | 4,114 | 4,431 |
Spain | |||
Disclosure of geographical areas [line items] | |||
Sales | 2,817 | 3,855 | 4,265 |
Italy | |||
Disclosure of geographical areas [line items] | |||
Sales | 3,195 | 4,317 | 3,333 |
Czech Republic | |||
Disclosure of geographical areas [line items] | |||
Sales | 752 | 1,244 | 1,782 |
Turkey | |||
Disclosure of geographical areas [line items] | |||
Sales | 1,075 | 1,499 | 1,683 |
United Kingdom | |||
Disclosure of geographical areas [line items] | |||
Sales | 966 | 1,434 | 1,471 |
Belgium | |||
Disclosure of geographical areas [line items] | |||
Sales | 1,274 | 1,617 | 1,309 |
Netherlands | |||
Disclosure of geographical areas [line items] | |||
Sales | 878 | 1,142 | 1,209 |
Russia | |||
Disclosure of geographical areas [line items] | |||
Sales | 804 | 876 | 1,144 |
Romania | |||
Disclosure of geographical areas [line items] | |||
Sales | 335 | 720 | 708 |
Ukraine | |||
Disclosure of geographical areas [line items] | |||
Sales | 515 | 540 | 635 |
Others | |||
Disclosure of geographical areas [line items] | |||
Sales | 3,148 | 4,359 | 5,018 |
Total Asia & Africa | |||
Disclosure of geographical areas [line items] | |||
Sales | 6,783 | 7,961 | 8,702 |
South Africa | |||
Disclosure of geographical areas [line items] | |||
Sales | 1,366 | 2,260 | 2,742 |
Morocco | |||
Disclosure of geographical areas [line items] | |||
Sales | 492 | 583 | 628 |
Egypt | |||
Disclosure of geographical areas [line items] | |||
Sales | 103 | 309 | 206 |
Rest of Africa | |||
Disclosure of geographical areas [line items] | |||
Sales | 619 | 1,278 | 1,257 |
China | |||
Disclosure of geographical areas [line items] | |||
Sales | 1,622 | 676 | 608 |
Kazakhstan | |||
Disclosure of geographical areas [line items] | |||
Sales | 425 | 470 | 496 |
South Korea | |||
Disclosure of geographical areas [line items] | |||
Sales | 331 | 380 | 365 |
India | |||
Disclosure of geographical areas [line items] | |||
Sales | 142 | 95 | 92 |
Rest of Asia | |||
Disclosure of geographical areas [line items] | |||
Sales | 1,683 | 1,910 | 2,308 |
Luxembourg | |||
Disclosure of geographical areas [line items] | |||
Sales | $ 114 | $ 151 | $ 162 |
SEGMENT REPORTING - Non-current
SEGMENT REPORTING - Non-current Assets by Geographical Area (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of geographical areas [line items] | ||
Unallocated assets | $ 23,137 | $ 22,733 |
Total non-current assets | 54,079 | 59,292 |
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 | 10,400 | 14,175 |
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 | 5,213 | 5,336 |
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 | 3,330 | 4,254 |
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 | 116 | 2,878 |
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 | 1,457 | 1,408 |
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 | 249 | 266 |
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 | 17 |
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 | 18 | 16 |
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 | 18,242 | 19,920 |
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 | 4,207 | 4,293 |
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 | 2,789 | 2,665 |
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 | 2,712 | 2,695 |
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 | 2,546 | 2,508 |
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 | 2,154 | 2,674 |
Spain | ||
Disclosure of geographical areas [line items] | ||
Non-current assets other than financial instruments, deferred tax assets, post-employment benefit assets, and rights arising under insurance contracts | 2,058 | 1,920 |
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 | 15 | 1,488 |
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 | 1,297 | 1,231 |
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 | 189 | 188 |
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 | 56 | 62 |
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 | 28 | 31 |
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 | 191 | 165 |
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 | 2,300 | 2,464 |
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 | 1,401 | 1,519 |
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 | 528 | 568 |
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 | 132 | 157 |
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 | 102 | 92 |
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 | $ 137 | $ 128 |
SEGMENT REPORTING - Sales by Ty
SEGMENT REPORTING - Sales by Type of Products (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of products and services [line items] | |||
Sales | $ 53,270 | $ 70,615 | $ 76,033 |
Flat products | |||
Disclosure of products and services [line items] | |||
Sales | 31,584 | 43,633 | 46,734 |
Long products | |||
Disclosure of products and services [line items] | |||
Sales | 11,117 | 13,706 | 15,751 |
Tubular products | |||
Disclosure of products and services [line items] | |||
Sales | 1,343 | 2,044 | 2,158 |
Mining products | |||
Disclosure of products and services [line items] | |||
Sales | 1,451 | 1,165 | 1,009 |
Others | |||
Disclosure of products and services [line items] | |||
Sales | $ 7,775 | $ 10,067 | $ 10,380 |
SEGMENT REPORTING - Disaggregat
SEGMENT REPORTING - Disaggregated Revenue (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Sales | $ 53,270 | $ 70,615 | $ 76,033 |
Steel sales | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Sales | 47,686 | 63,684 | 69,305 |
Non-steel sales | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Sales | 2,475 | 2,674 | 2,272 |
By-product sales | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Sales | 808 | 1,158 | 1,368 |
Other sales | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Sales | 2,301 | 3,099 | 3,088 |
Operating segments | NAFTA | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Sales | 13,373 | 18,478 | 20,145 |
Operating segments | Brazil | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Sales | 5,548 | 6,927 | 7,041 |
Operating segments | Europe | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Sales | 27,989 | 37,487 | 40,247 |
Operating segments | ACIS | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Sales | 4,898 | 6,487 | 7,506 |
Operating segments | Mining | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Sales | 1,451 | 1,165 | 1,009 |
Operating segments | Steel sales | NAFTA | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Sales | 12,791 | 17,669 | 19,372 |
Operating segments | Steel sales | Brazil | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Sales | 5,226 | 6,467 | 6,582 |
Operating segments | Steel sales | Europe | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Sales | 25,437 | 33,759 | 36,603 |
Operating segments | Steel sales | ACIS | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Sales | 4,232 | 5,789 | 6,748 |
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 | 76 | 122 | 148 |
Operating segments | Non-steel sales | Brazil | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Sales | 47 | 66 | 31 |
Operating segments | Non-steel sales | Europe | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Sales | 621 | 1,130 | 882 |
Operating segments | Non-steel sales | ACIS | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Sales | 319 | 239 | 243 |
Operating segments | Non-steel sales | Mining | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Sales | 1,412 | 1,117 | 968 |
Operating segments | By-product sales | NAFTA | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Sales | 83 | 114 | 124 |
Operating segments | By-product sales | Brazil | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Sales | 82 | 93 | 115 |
Operating segments | By-product sales | Europe | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Sales | 553 | 816 | 947 |
Operating segments | By-product sales | ACIS | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Sales | 90 | 135 | 182 |
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 | 423 | 573 | 501 |
Operating segments | Other sales | Brazil | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Sales | 193 | 301 | 313 |
Operating segments | Other sales | Europe | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Sales | 1,378 | 1,782 | 1,815 |
Operating segments | Other sales | ACIS | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Sales | 257 | 324 | 333 |
Operating segments | Other sales | Mining | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Sales | 39 | 48 | 41 |
Others | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Sales | 11 | 71 | 85 |
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 | $ 11 | $ 71 | $ 85 |
OPERATING DATA - Revenue (Detai
OPERATING DATA - Revenue (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of performance obligations [line items] | |||
Advances received | $ 357 | ||
Trade accounts receivable and other - opening balance | 3,569 | $ 4,432 | $ 3,863 |
Performance obligations satisfied | 53,270 | 70,615 | 76,033 |
Payments received | (53,194) | (71,559) | (75,387) |
Impairment of receivables (net of write backs and utilization) | (16) | 9 | (8) |
Reclassification of the period-end receivables to held for sale and derecognition of receivable through business divestment | (724) | 0 | (182) |
Acquisitions through business combination | 0 | 4 | 532 |
TSR receivables retained in ArcelorMittal USA divestment | 0 | 0 | |
Foreign exchange and others | (93) | 68 | (419) |
Trade accounts receivable and other - ending balance | 3,072 | $ 3,569 | $ 4,432 |
ArcelorMittal USA Divestment Business | |||
Disclosure of performance obligations [line items] | |||
TSR receivables retained in ArcelorMittal USA divestment | $ 260 | ||
2021 | |||
Disclosure of performance obligations [line items] | |||
Revenue, remaining performance obligation, (in percent) | 100.00% |
OPERATING DATA - Schedule of Co
OPERATING DATA - Schedule of Cost of Sales (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue, Cost Of Sales, Current Assets, And Current Liabilities [Abstract] | |||
Materials | $ 34,599 | $ 47,809 | $ 46,842 |
Labor costs | 7,690 | 9,094 | 9,206 |
Logistic expenses | 3,474 | 4,951 | 4,974 |
Depreciation and amortization | 2,960 | 3,067 | 2,799 |
Gain on bargain purchase | 0 | 0 | (209) |
Impairment charges/ (reversal) | (133) | 1,927 | 994 |
Gains on disposals of investments | (1,460) | 0 | 0 |
Other | 2,008 | 2,039 | 2,419 |
Total | $ 49,138 | $ 68,887 | $ 67,025 |
OPERATING DATA - Trade Accounts
OPERATING DATA - Trade Accounts Receivable and Other - Narrative (Details) - Individually assessed for credit losses | 12 Months Ended |
Dec. 31, 2020 | |
More than 180 days | |
Disclosure of financial assets that are either past due or impaired [line items] | |
Overdue period | 180 days |
Less than 180 days | |
Disclosure of financial assets that are either past due or impaired [line items] | |
Overdue period | 180 days |
31 days or older | |
Disclosure of financial assets that are either past due or impaired [line items] | |
Overdue period | 31 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, 2020 | Dec. 31, 2019 |
Disclosure of reconciliation of changes in loss allowance and explanation of changes in gross carrying amount for financial instruments [line items] | ||
Trade accounts receivable | $ 3,072 | $ 3,569 |
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 | 3,208 | 3,698 |
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 | $ (136) | $ (129) |
OPERATING DATA - Exposure to Cr
OPERATING DATA - Exposure to Credit Risk by Reportable Segment (Details) - Trade accounts receivables - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of credit risk exposure [line items] | ||
Maximum exposure to credit risk | $ 3,072 | $ 3,569 |
NAFTA | ||
Disclosure of credit risk exposure [line items] | ||
Maximum exposure to credit risk | 454 | 285 |
Brazil | ||
Disclosure of credit risk exposure [line items] | ||
Maximum exposure to credit risk | 803 | 702 |
Europe | ||
Disclosure of credit risk exposure [line items] | ||
Maximum exposure to credit risk | 1,396 | 1,983 |
ACIS | ||
Disclosure of credit risk exposure [line items] | ||
Maximum exposure to credit risk | 184 | 523 |
Mining | ||
Disclosure of credit risk exposure [line items] | ||
Maximum exposure to credit risk | $ 235 | $ 76 |
OPERATING DATA - Aging of Trade
OPERATING DATA - Aging of Trade Accounts Receivable (Details) - Trade accounts receivables - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of provision matrix [line items] | ||
Trade accounts receivables | $ 3,072 | $ 3,569 |
Gross | ||
Disclosure of provision matrix [line items] | ||
Trade accounts receivables | 3,208 | 3,698 |
Allowance | ||
Disclosure of provision matrix [line items] | ||
Trade accounts receivables | (136) | (129) |
Not past due | ||
Disclosure of provision matrix [line items] | ||
Trade accounts receivables | 2,686 | 2,840 |
Not past due | Gross | ||
Disclosure of provision matrix [line items] | ||
Trade accounts receivables | 2,699 | 2,851 |
Not past due | Allowance | ||
Disclosure of provision matrix [line items] | ||
Trade accounts receivables | (13) | (11) |
Overdue 1-30 days | ||
Disclosure of provision matrix [line items] | ||
Trade accounts receivables | 214 | 450 |
Overdue 1-30 days | Gross | ||
Disclosure of provision matrix [line items] | ||
Trade accounts receivables | 215 | 452 |
Overdue 1-30 days | Allowance | ||
Disclosure of provision matrix [line items] | ||
Trade accounts receivables | (1) | (2) |
Overdue 31-60 days | ||
Disclosure of provision matrix [line items] | ||
Trade accounts receivables | 48 | 84 |
Overdue 31-60 days | Gross | ||
Disclosure of provision matrix [line items] | ||
Trade accounts receivables | 49 | 85 |
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 | 26 | 43 |
Overdue 61-90 days | Gross | ||
Disclosure of provision matrix [line items] | ||
Trade accounts receivables | 26 | 43 |
Overdue 61-90 days | Allowance | ||
Disclosure of provision matrix [line items] | ||
Trade accounts receivables | 0 | 0 |
Overdue 91-180 days | ||
Disclosure of provision matrix [line items] | ||
Trade accounts receivables | 39 | 63 |
Overdue 91-180 days | Gross | ||
Disclosure of provision matrix [line items] | ||
Trade accounts receivables | 42 | 67 |
Overdue 91-180 days | Allowance | ||
Disclosure of provision matrix [line items] | ||
Trade accounts receivables | (3) | (4) |
More than 180 days | ||
Disclosure of provision matrix [line items] | ||
Trade accounts receivables | 59 | 89 |
More than 180 days | Gross | ||
Disclosure of provision matrix [line items] | ||
Trade accounts receivables | 177 | 200 |
More than 180 days | Allowance | ||
Disclosure of provision matrix [line items] | ||
Trade accounts receivables | $ (118) | $ (111) |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Reconciliation of changes in allowance account for credit losses of financial assets [abstract] | |||
Balance as of beginning of year | $ 129 | $ 173 | $ 193 |
Additions | 27 | 18 | 35 |
Write backs / utilization | (11) | (27) | (29) |
Foreign exchange and others | (9) | (35) | (26) |
Balance as of end of year | $ 136 | $ 129 | $ 173 |
OPERATING DATA - Inventories -
OPERATING DATA - Inventories - Narrative (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Revenue, Cost Of Sales, Current Assets, And Current Liabilities [Abstract] | ||||
Allowance for slow-moving inventory, excess of cost over net realizable value and obsolescence | $ 1,079 | $ 1,760 | $ 1,168 | $ 1,239 |
OPERATING DATA - Schedule of In
OPERATING DATA - Schedule of Inventories (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Revenue, Cost Of Sales, Current Assets, And Current Liabilities [Abstract] | ||
Finished products | $ 3,403 | $ 5,821 |
Production in process | 3,305 | 4,165 |
Raw materials | 3,839 | 5,101 |
Manufacturing supplies, spare parts and other | 1,781 | 2,209 |
Total | 12,328 | 17,296 |
Spare parts | 1,400 | 1,600 |
Manufacturing and other | $ 400 | $ 600 |
OPERATING DATA - Movement in In
OPERATING DATA - Movement in Inventory Reserve (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue, Cost Of Sales, Current Assets, And Current Liabilities [Abstract] | |||
Balance as of beginning of year | $ 1,760 | $ 1,168 | $ 1,239 |
Additions | 294 | 726 | 423 |
Deductions / Releases | (878) | (212) | (382) |
Foreign exchange and others | (97) | 78 | (112) |
Balance as of end of year | $ 1,079 | $ 1,760 | $ 1,168 |
OPERATING DATA - Schedule of Pr
OPERATING DATA - Schedule of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of transactions between related parties [line items] | ||
VAT receivables | $ 752 | $ 941 |
Prepaid expenses and non-trade receivables | 486 | 696 |
Financial amounts receivable | 94 | 350 |
Income tax receivable | 51 | 102 |
Receivables from public authorities | 143 | 137 |
Receivables from sale of financial and intangible assets | 78 | 153 |
Derivative financial instruments | 353 | 268 |
Other | 324 | 109 |
Total | 2,281 | $ 2,756 |
Advances to employees, accrued interest and emission rights held as current assets | $ 219 |
OPERATING DATA - Schedule of Ot
OPERATING DATA - Schedule of Other Assets (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Revenue, Cost Of Sales, Current Assets, And Current Liabilities [Abstract] | ||
Derivative financial instruments | $ 324 | $ 130 |
Financial amounts receivable | 503 | 594 |
Long-term VAT receivables | 156 | 285 |
Cash guarantees and deposits | 86 | 164 |
Receivables from public authorities | 41 | 51 |
Accrued interest | 30 | 65 |
Receivables from sale of financial and intangible assets | 172 | 131 |
Income tax receivable | 18 | 25 |
Other | 152 | 203 |
Total | $ 1,482 | $ 1,648 |
OPERATING DATA - Trade Accoun_2
OPERATING DATA - Trade Accounts Payable and Other - Narrative (Details) - USD ($) $ in Billions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of voluntary change in accounting policy [line items] | ||
Average trade payable maturity, last five years | 82 days | |
Trade payables subject to early payment discount | $ 2 | $ 2.6 |
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, 2020 | Dec. 31, 2019 |
Disclosure of detailed information about financial instruments [line items] | ||
Accrued payroll and employee related expenses | $ 1,238 | $ 1,560 |
Accrued interest and other payables | 1,151 | 927 |
Payable from acquisition of intangible, tangible & financial assets | 847 | 1,559 |
Other amounts due to public authorities | 680 | 507 |
Derivative financial instruments | 208 | 308 |
Unearned revenue and accrued payables | 73 | 49 |
Total | $ 4,197 | 4,910 |
Put option with ISP | ||
Disclosure of detailed information about financial instruments [line items] | ||
Derivative financial instruments | $ 125 |
GOODWILL, INTANGIBLE AND TANG_3
GOODWILL, INTANGIBLE AND TANGIBLE ASSETS - Goodwill and Intangible Assets (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Goodwill and intangible assets | $ 4,312 | $ 5,432 | |
Concessions, patents and licenses | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Goodwill and intangible assets | 190 | 197 | |
Customer relationships and trade marks | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Goodwill and intangible assets | 90 | 95 | |
Other | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Goodwill and intangible assets | 40 | 36 | |
Goodwill on acquisitions | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Goodwill and intangible assets | $ 3,992 | $ 5,104 | $ 4,986 |
GOODWILL, INTANGIBLE AND TANG_4
GOODWILL, INTANGIBLE AND TANGIBLE ASSETS - Goodwill and Intangible Assets, Goodwill (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Goodwill beginning balance | $ 5,432 | |
Goodwill ending balance | $ 4,312 | $ 5,432 |
Useful life | 5 years | |
Goodwill | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Goodwill beginning balance | $ 5,104 | 4,986 |
Divestments and assets held for sale | (717) | 0 |
Foreign exchange differences and other movements | (395) | 118 |
Goodwill ending balance | 3,992 | 5,104 |
Goodwill | Münker | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Foreign exchange differences and other movements | 6 | |
Goodwill | NAFTA | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Goodwill beginning balance | 2,233 | 2,198 |
Divestments and assets held for sale | (672) | 0 |
Foreign exchange differences and other movements | 5 | 35 |
Goodwill ending balance | 1,566 | 2,233 |
Goodwill | Brazil | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Goodwill beginning balance | 1,353 | 1,404 |
Divestments and assets held for sale | 0 | 0 |
Foreign exchange differences and other movements | (284) | (51) |
Goodwill ending balance | 1,069 | 1,353 |
Goodwill | Brazil | AMSF | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Foreign exchange differences and other movements | 8 | |
Goodwill | Europe | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Goodwill beginning balance | 545 | 550 |
Divestments and assets held for sale | (45) | 0 |
Foreign exchange differences and other movements | 40 | (5) |
Goodwill ending balance | 540 | 545 |
Goodwill | ACIS | ||
Reconciliation of changes in intangible assets and goodwill [abstract] | ||
Goodwill beginning balance | 973 | 834 |
Divestments and assets held for sale | 0 | 0 |
Foreign exchange differences and other movements | (156) | 139 |
Goodwill ending balance | $ 817 | $ 973 |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Reconciliation of changes in intangible assets other than goodwill [abstract] | |||
Intangible assets other than goodwill beginning balance | $ 328 | ||
Intangible assets other than goodwill ending balance | 320 | $ 328 | |
Research and development costs | 245 | 301 | $ 290 |
Cost | |||
Reconciliation of changes in intangible assets other than goodwill [abstract] | |||
Intangible assets other than goodwill beginning balance | 1,910 | 2,316 | |
Acquisitions | 52 | 82 | |
Acquisitions through business combinations (note 2.2.4) | 12 | ||
Disposals | 10 | 6 | |
Divestment (note 2.3.1) | 260 | ||
Foreign exchange differences | 51 | (23) | |
Transfers to assets held for sale (note 2.3) | 23 | ||
Transfers and other movements | 37 | (454) | |
Fully amortized intangible assets | (29) | (17) | |
Intangible assets other than goodwill ending balance | 1,728 | 1,910 | 2,316 |
Accumulated amortization and impairment losses | |||
Reconciliation of changes in intangible assets other than goodwill [abstract] | |||
Intangible assets other than goodwill beginning balance | (1,582) | (1,574) | |
Disposals | (7) | ||
Divestment (note 2.3.1) | (248) | ||
Amortization charge | 87 | 94 | |
Impairment charge (note 5.3) | 4 | ||
Foreign exchange differences | (44) | 20 | |
Transfers to assets held for sale (note 2.3) | (21) | ||
Transfers and other movements | 4 | 49 | |
Fully amortized intangible assets | 29 | 17 | |
Intangible assets other than goodwill ending balance | (1,408) | (1,582) | (1,574) |
Concessions, patents and licenses | |||
Reconciliation of changes in intangible assets other than goodwill [abstract] | |||
Intangible assets other than goodwill beginning balance | 197 | ||
Intangible assets other than goodwill ending balance | 190 | 197 | |
Concessions, patents and licenses | Cost | |||
Reconciliation of changes in intangible assets other than goodwill [abstract] | |||
Intangible assets other than goodwill beginning balance | 630 | 745 | |
Acquisitions | 17 | 17 | |
Acquisitions through business combinations (note 2.2.4) | 0 | ||
Disposals | 8 | 0 | |
Divestment (note 2.3.1) | 251 | ||
Foreign exchange differences | 16 | (8) | |
Transfers to assets held for sale (note 2.3) | 12 | ||
Transfers and other movements | 37 | (107) | |
Fully amortized intangible assets | (29) | (17) | |
Intangible assets other than goodwill ending balance | 400 | 630 | 745 |
Concessions, patents and licenses | Accumulated amortization and impairment losses | |||
Reconciliation of changes in intangible assets other than goodwill [abstract] | |||
Intangible assets other than goodwill beginning balance | (433) | (452) | |
Disposals | (7) | ||
Divestment (note 2.3.1) | (239) | ||
Amortization charge | 47 | 53 | |
Impairment charge (note 5.3) | 4 | ||
Foreign exchange differences | (17) | 7 | |
Transfers to assets held for sale (note 2.3) | (12) | ||
Transfers and other movements | 4 | 48 | |
Fully amortized intangible assets | 29 | 17 | |
Intangible assets other than goodwill ending balance | (210) | (433) | (452) |
Customer relationships and trade marks | |||
Reconciliation of changes in intangible assets other than goodwill [abstract] | |||
Intangible assets other than goodwill beginning balance | 95 | ||
Intangible assets other than goodwill ending balance | 90 | 95 | |
Customer relationships and trade marks | Cost | |||
Reconciliation of changes in intangible assets other than goodwill [abstract] | |||
Intangible assets other than goodwill beginning balance | 1,133 | 1,128 | |
Acquisitions | 0 | 0 | |
Acquisitions through business combinations (note 2.2.4) | 12 | ||
Disposals | 0 | 0 | |
Divestment (note 2.3.1) | 9 | ||
Foreign exchange differences | 24 | (11) | |
Transfers to assets held for sale (note 2.3) | 0 | ||
Transfers and other movements | 0 | 4 | |
Fully amortized intangible assets | 0 | 0 | |
Intangible assets other than goodwill ending balance | 1,148 | 1,133 | 1,128 |
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 beginning balance | (1,038) | (1,038) | |
Disposals | 0 | ||
Divestment (note 2.3.1) | (9) | ||
Amortization charge | 10 | 11 | |
Impairment charge (note 5.3) | 0 | ||
Foreign exchange differences | (19) | 11 | |
Transfers to assets held for sale (note 2.3) | 0 | ||
Transfers and other movements | 0 | 0 | |
Fully amortized intangible assets | 0 | 0 | |
Intangible assets other than goodwill ending balance | (1,058) | (1,038) | (1,038) |
Other | |||
Reconciliation of changes in intangible assets other than goodwill [abstract] | |||
Intangible assets other than goodwill beginning balance | 36 | ||
Intangible assets other than goodwill ending balance | 40 | 36 | |
Other | Cost | |||
Reconciliation of changes in intangible assets other than goodwill [abstract] | |||
Intangible assets other than goodwill beginning balance | 147 | 443 | |
Acquisitions | 35 | 65 | |
Acquisitions through business combinations (note 2.2.4) | 0 | ||
Disposals | 2 | 6 | |
Divestment (note 2.3.1) | 0 | ||
Foreign exchange differences | 11 | (4) | |
Transfers to assets held for sale (note 2.3) | 11 | ||
Transfers and other movements | 0 | (351) | |
Fully amortized intangible assets | 0 | 0 | |
Intangible assets other than goodwill ending balance | 180 | 147 | 443 |
Other | Accumulated amortization and impairment losses | |||
Reconciliation of changes in intangible assets other than goodwill [abstract] | |||
Intangible assets other than goodwill beginning balance | (111) | (84) | |
Disposals | 0 | ||
Divestment (note 2.3.1) | 0 | ||
Amortization charge | 30 | 30 | |
Impairment charge (note 5.3) | 0 | ||
Foreign exchange differences | (8) | 2 | |
Transfers to assets held for sale (note 2.3) | (9) | ||
Transfers and other movements | 0 | 1 | |
Fully amortized intangible assets | 0 | 0 | |
Intangible assets other than goodwill ending balance | (140) | $ (111) | $ (84) |
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, 2020 | |
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 | 64 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 | 60 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 | 3 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | |
Reconciliation of changes in property, plant and equipment [abstract] | ||||||||
Property, plant and equipment and biological assets beginning balance | $ 36,231 | $ 30,622 | $ 36,231 | $ 30,622 | $ 36,231 | |||
Impairment charges/ (reversal) | (133) | 1,927 | $ 994 | |||||
Property, plant and equipment and biological assets ending balance | 36,231 | 30,622 | 36,231 | |||||
Right-of-use assets | 1,039 | 1,235 | $ 1,768 | |||||
Property, plant and equipment, temporarily idle | 246 | 332 | ||||||
Property, plant and equipment, assets retired from active use and not classified as held for sale | 12 | 47 | ||||||
Brazil | ||||||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||||||
Property, plant and equipment, temporarily idle | 170 | 228 | ||||||
NAFTA | ||||||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||||||
Property, plant and equipment, temporarily idle | 31 | 14 | ||||||
Europe | ||||||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||||||
Property, plant and equipment, temporarily idle | 37 | 88 | ||||||
ACIS | ||||||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||||||
Property, plant and equipment, temporarily idle | 9 | 2 | ||||||
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 | 92 | ||||||
Cost | ||||||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||||||
Property, plant and equipment and biological assets beginning balance | 67,220 | 56,182 | 67,220 | 63,205 | 56,182 | 67,220 | 64,649 | $ 63,205 |
Adoption of IFRS 16 (note 7) | 1,444 | |||||||
Additions | 2,312 | 4,036 | ||||||
Acquisitions through business combinations (note 2.2.4) | 34 | |||||||
Foreign exchange differences | 1,519 | (116) | ||||||
Disposals | (715) | (759) | ||||||
Divestments (note 2.3.1) | (10,893) | (614) | ||||||
Transfers (to)/ from assets held for sale (note 2.3.2) | (3,073) | |||||||
Other movements | (188) | (10) | ||||||
Property, plant and equipment and biological assets ending balance | 67,220 | 56,182 | 67,220 | 63,205 | ||||
Accumulated depreciation and impairment | ||||||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||||||
Property, plant and equipment and biological assets beginning balance | (30,989) | (25,560) | (30,989) | (27,567) | (25,560) | (30,989) | (27,606) | (27,567) |
Adoption of IFRS 16 (note 7) | (39) | |||||||
Foreign exchange differences | (1,527) | 146 | ||||||
Disposals | 641 | 679 | ||||||
Divestments (note 2.3.1) | 7,552 | 97 | ||||||
Transfers (to)/ from assets held for sale (note 2.3.2) | 1,230 | |||||||
Other movements | 269 | 98 | ||||||
Depreciation charge for the year | 2,873 | 2,973 | ||||||
Impairment charges/ (reversal) | (137) | 1,430 | ||||||
Property, plant and equipment and biological assets ending balance | (30,989) | (25,560) | (30,989) | (27,567) | ||||
Land, buildings and Improvements | ||||||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||||||
Property, plant and equipment and biological assets beginning balance | 7,409 | 6,930 | 7,409 | 6,930 | 7,409 | |||
Property, plant and equipment and biological assets ending balance | 7,409 | 6,930 | 7,409 | |||||
Land, buildings and Improvements | Cost | ||||||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||||||
Property, plant and equipment and biological assets beginning balance | 10,897 | 10,738 | 10,897 | 10,879 | 10,738 | 10,897 | 10,879 | 10,879 |
Adoption of IFRS 16 (note 7) | 0 | |||||||
Additions | 27 | 35 | ||||||
Acquisitions through business combinations (note 2.2.4) | 24 | |||||||
Foreign exchange differences | 621 | (99) | ||||||
Disposals | (62) | (66) | ||||||
Divestments (note 2.3.1) | (858) | 0 | ||||||
Transfers (to)/ from assets held for sale (note 2.3.2) | (461) | |||||||
Other movements | 574 | 124 | ||||||
Property, plant and equipment and biological assets ending balance | 10,897 | 10,738 | 10,897 | 10,879 | ||||
Land, buildings and Improvements | Accumulated depreciation and impairment | ||||||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||||||
Property, plant and equipment and biological assets beginning balance | (3,488) | (3,808) | (3,488) | (3,113) | (3,808) | (3,488) | (3,113) | (3,113) |
Adoption of IFRS 16 (note 7) | 0 | |||||||
Foreign exchange differences | (424) | 58 | ||||||
Disposals | 40 | 45 | ||||||
Divestments (note 2.3.1) | 527 | 0 | ||||||
Transfers (to)/ from assets held for sale (note 2.3.2) | 163 | |||||||
Other movements | (177) | 14 | ||||||
Depreciation charge for the year | 338 | 338 | ||||||
Impairment charges/ (reversal) | 111 | 154 | ||||||
Property, plant and equipment and biological assets ending balance | (3,488) | (3,808) | (3,488) | (3,113) | ||||
Machinery, equipment and other | ||||||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||||||
Property, plant and equipment and biological assets beginning balance | 21,739 | 18,463 | 21,739 | 18,463 | 21,739 | |||
Property, plant and equipment and biological assets ending balance | 21,739 | 18,463 | 21,739 | |||||
Biological assets | 45 | 59 | ||||||
Bearer plants | 29 | 38 | ||||||
Machinery, equipment and other | Cost | ||||||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||||||
Property, plant and equipment and biological assets beginning balance | 44,628 | 36,599 | 44,628 | 44,062 | 36,599 | 44,628 | 43,141 | 44,062 |
Adoption of IFRS 16 (note 7) | (921) | |||||||
Additions | 172 | 471 | ||||||
Acquisitions through business combinations (note 2.2.4) | 10 | |||||||
Foreign exchange differences | 1,121 | (98) | ||||||
Disposals | (630) | (654) | ||||||
Divestments (note 2.3.1) | (8,559) | (130) | ||||||
Transfers (to)/ from assets held for sale (note 2.3.2) | (1,911) | |||||||
Other movements | 1,778 | 1,888 | ||||||
Property, plant and equipment and biological assets ending balance | 44,628 | 36,599 | 44,628 | 44,062 | ||||
Right-of-use assets | 921 | |||||||
Machinery, equipment and other | Accumulated depreciation and impairment | ||||||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||||||
Property, plant and equipment and biological assets beginning balance | (22,889) | (18,136) | (22,889) | (20,838) | (18,136) | (22,889) | (20,280) | (20,838) |
Adoption of IFRS 16 (note 7) | 558 | |||||||
Foreign exchange differences | (1,189) | 112 | ||||||
Disposals | 591 | 614 | ||||||
Divestments (note 2.3.1) | 6,002 | 3 | ||||||
Transfers (to)/ from assets held for sale (note 2.3.2) | 1,045 | |||||||
Other movements | 212 | 35 | ||||||
Depreciation charge for the year | 2,188 | 2,171 | ||||||
Impairment charges/ (reversal) | (280) | 1,202 | ||||||
Property, plant and equipment and biological assets ending balance | (22,889) | (18,136) | (22,889) | (20,838) | ||||
Right-of-use assets | (558) | |||||||
Construction in progress | ||||||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||||||
Property, plant and equipment and biological assets beginning balance | 4,499 | 2,969 | 4,499 | 2,969 | 4,499 | |||
Property, plant and equipment and biological assets ending balance | 4,499 | 2,969 | 4,499 | |||||
Construction in progress | Cost | ||||||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||||||
Property, plant and equipment and biological assets beginning balance | 5,490 | 3,963 | 5,490 | 4,363 | 3,963 | 5,490 | 4,363 | 4,363 |
Adoption of IFRS 16 (note 7) | 0 | |||||||
Additions | 1,857 | 3,245 | ||||||
Acquisitions through business combinations (note 2.2.4) | 0 | |||||||
Foreign exchange differences | (129) | 50 | ||||||
Disposals | (19) | (16) | ||||||
Divestments (note 2.3.1) | (261) | 0 | ||||||
Transfers (to)/ from assets held for sale (note 2.3.2) | (612) | |||||||
Other movements | (2,363) | (2,152) | ||||||
Property, plant and equipment and biological assets ending balance | 5,490 | 3,963 | 5,490 | 4,363 | ||||
Construction in progress | Accumulated depreciation and impairment | ||||||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||||||
Property, plant and equipment and biological assets beginning balance | (991) | (994) | (991) | (981) | (994) | (991) | (981) | (981) |
Adoption of IFRS 16 (note 7) | 0 | |||||||
Foreign exchange differences | (8) | 4 | ||||||
Disposals | 7 | 0 | ||||||
Divestments (note 2.3.1) | 5 | 0 | ||||||
Transfers (to)/ from assets held for sale (note 2.3.2) | 13 | |||||||
Other movements | 9 | (5) | ||||||
Depreciation charge for the year | 0 | 0 | ||||||
Impairment charges/ (reversal) | 29 | 9 | ||||||
Property, plant and equipment and biological assets ending balance | (991) | (994) | (991) | (981) | ||||
Right-of-use assets | ||||||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||||||
Property, plant and equipment and biological assets beginning balance | 1,235 | 1,039 | 1,235 | 1,039 | 1,235 | |||
Property, plant and equipment and biological assets ending balance | 1,235 | 1,039 | 1,235 | |||||
Right-of-use assets | Cost | ||||||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||||||
Property, plant and equipment and biological assets beginning balance | 2,092 | 1,598 | 2,092 | 0 | 1,598 | 2,092 | 2,365 | 0 |
Adoption of IFRS 16 (note 7) | 2,365 | |||||||
Additions | 233 | 259 | ||||||
Acquisitions through business combinations (note 2.2.4) | 0 | |||||||
Foreign exchange differences | 36 | (7) | ||||||
Disposals | 0 | (4) | ||||||
Divestments (note 2.3.1) | (449) | (484) | ||||||
Transfers (to)/ from assets held for sale (note 2.3.2) | (89) | |||||||
Other movements | (225) | (37) | ||||||
Property, plant and equipment and biological assets ending balance | 2,092 | 1,598 | 2,092 | 0 | ||||
Right-of-use assets | Accumulated depreciation and impairment | ||||||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||||||
Property, plant and equipment and biological assets beginning balance | (857) | (559) | (857) | 0 | (559) | (857) | (597) | 0 |
Adoption of IFRS 16 (note 7) | (597) | |||||||
Foreign exchange differences | (8) | (4) | ||||||
Disposals | 0 | 3 | ||||||
Divestments (note 2.3.1) | 300 | 94 | ||||||
Transfers (to)/ from assets held for sale (note 2.3.2) | 9 | |||||||
Other movements | 212 | 55 | ||||||
Depreciation charge for the year | 212 | 343 | ||||||
Impairment charges/ (reversal) | 3 | 65 | ||||||
Property, plant and equipment and biological assets ending balance | (857) | (559) | (857) | 0 | ||||
Mining Assets | ||||||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||||||
Property, plant and equipment and biological assets beginning balance | 1,349 | 1,221 | 1,349 | 1,221 | 1,349 | |||
Property, plant and equipment and biological assets ending balance | 1,349 | 1,221 | 1,349 | |||||
Mining Assets | Cost | ||||||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||||||
Property, plant and equipment and biological assets beginning balance | 4,113 | 3,284 | 4,113 | 3,901 | 3,284 | 4,113 | 3,901 | 3,901 |
Adoption of IFRS 16 (note 7) | 0 | |||||||
Additions | 23 | 26 | ||||||
Acquisitions through business combinations (note 2.2.4) | 0 | |||||||
Foreign exchange differences | (130) | 38 | ||||||
Disposals | (4) | (19) | ||||||
Divestments (note 2.3.1) | (766) | 0 | ||||||
Transfers (to)/ from assets held for sale (note 2.3.2) | 0 | |||||||
Other movements | 48 | 167 | ||||||
Property, plant and equipment and biological assets ending balance | 4,113 | 3,284 | 4,113 | 3,901 | ||||
Mining Assets | Accumulated depreciation and impairment | ||||||||
Reconciliation of changes in property, plant and equipment [abstract] | ||||||||
Property, plant and equipment and biological assets beginning balance | (2,764) | (2,063) | (2,764) | (2,635) | $ (2,063) | $ (2,764) | (2,635) | $ (2,635) |
Adoption of IFRS 16 (note 7) | $ 0 | |||||||
Foreign exchange differences | 102 | (24) | ||||||
Disposals | 3 | 17 | ||||||
Divestments (note 2.3.1) | 718 | 0 | ||||||
Transfers (to)/ from assets held for sale (note 2.3.2) | 0 | |||||||
Other movements | 13 | (1) | ||||||
Depreciation charge for the year | 135 | 121 | ||||||
Impairment charges/ (reversal) | 0 | 0 | ||||||
Property, plant and equipment and biological assets ending balance | $ (2,764) | $ (2,063) | $ (2,764) | $ (2,635) | ||||
Bottom of range | ||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||
Harvest cycle period | 6 years | |||||||
Top of range | ||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||
Harvest cycle period | 7 years |
GOODWILL, INTANGIBLE AND 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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Net (reversal of impairment loss) impairment loss recognised in profit or loss | $ 133 | $ 1,927 | $ 994 |
Goodwill | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Net (reversal of impairment loss) impairment loss recognised in profit or loss | 0 | 0 | 34 |
Tangible assets | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Net (reversal of impairment loss) impairment loss recognised in profit or loss | $ 133 | $ 1,927 | $ 960 |
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) | Oct. 01, 2020USD ($) | Oct. 01, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2020uSDPerTonne | Dec. 31, 2019 |
Disclosure of information for cash-generating units [line items] | |||||
Reduction of carbon emissions (in percent) | 30.00% | ||||
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 | ||||
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 | ||||
Cash-generating units | |||||
Disclosure of information for cash-generating units [line items] | |||||
Estimated growth rate (in percent) | 2.00% | ||||
Impairment of goodwill | $ | $ 0 | $ 0 | |||
Cash-generating units | NAFTA | |||||
Disclosure of information for cash-generating units [line items] | |||||
Weighted average pre-tax discount rate used (in percent) | 10.50% | 10.80% | |||
Cash-generating units | Brazil | |||||
Disclosure of information for cash-generating units [line items] | |||||
Weighted average pre-tax discount rate used (in percent) | 15.90% | 15.00% | |||
Cash-generating units | Europe | |||||
Disclosure of information for cash-generating units [line items] | |||||
Weighted average pre-tax discount rate used (in percent) | 8.50% | 9.10% | |||
Cash-generating units | ACIS | |||||
Disclosure of information for cash-generating units [line items] | |||||
Weighted average pre-tax discount rate used (in percent) | 14.60% | 14.50% | |||
Cash-generating units | Bottom of range | |||||
Disclosure of information for cash-generating units [line items] | |||||
Iron ore (in USD per tonne) | 67 | ||||
Coking coal (in USD per tonne) | 142 | ||||
Cash-generating units | Top of range | |||||
Disclosure of information for cash-generating units [line items] | |||||
Iron ore (in USD per tonne) | 100 | ||||
Coking coal (in USD per tonne) | 149 |
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 | Dec. 09, 2020USD ($) | Sep. 30, 2020USD ($) | Dec. 31, 2019USD ($) | Jun. 30, 2019USD ($) | Dec. 31, 2020USD ($)cash_generating_unit | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Jun. 30, 2018 |
Disclosure of information for cash-generating units [line items] | ||||||||
Number of cash-generating units | cash_generating_unit | 53 | |||||||
Reversal of impairment loss recognised in profit or loss | $ 660 | $ 133 | ||||||
Impairment charge related for property, plant and equipment | $ 1,927 | $ 960 | ||||||
Property, plant and equipment and biological assets beginning balance | 36,231 | |||||||
Impairment (note 5.3) | 1,927 | 960 | ||||||
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 | |||||||
Impairment (note 5.3) | 68 | |||||||
ArcelorMittal South Africa Ltd. ("AMSA") | ||||||||
Disclosure of information for cash-generating units [line items] | ||||||||
Impairment charge related for property, plant and equipment | 27 | |||||||
Impairment (note 5.3) | 27 | |||||||
Saldanha facility | ||||||||
Disclosure of information for cash-generating units [line items] | ||||||||
Impairment charge related for property, plant and equipment | 20 | |||||||
Impairment (note 5.3) | 20 | |||||||
ArcelorMittal Italia remedies | ||||||||
Disclosure of information for cash-generating units [line items] | ||||||||
Impairment charge related for property, plant and equipment | 497 | 872 | ||||||
Impairment (note 5.3) | 497 | $ 872 | ||||||
Florange | ||||||||
Disclosure of information for cash-generating units [line items] | ||||||||
Impairment charge related for property, plant and equipment | 92 | |||||||
Impairment (note 5.3) | 92 | |||||||
Krakow | ||||||||
Disclosure of information for cash-generating units [line items] | ||||||||
Impairment charge related for property, plant and equipment | 104 | |||||||
Impairment (note 5.3) | 104 | |||||||
NAFTA | ArcelorMittal USA LLC | ||||||||
Disclosure of information for cash-generating units [line items] | ||||||||
Impairment charge related for property, plant and equipment | 1,300 | |||||||
Impairment (note 5.3) | $ 1,300 | |||||||
NAFTA | ArcelorMittal USA LLC | ||||||||
Disclosure of information for cash-generating units [line items] | ||||||||
Reversal of impairment loss recognised in profit or loss | $ 660 | |||||||
NAFTA | United States | ArcelorMittal USA LLC | ||||||||
Disclosure of information for cash-generating units [line items] | ||||||||
Impairment charge related for property, plant and equipment | $ 700 | $ 600 | ||||||
Discount rate (in percent) | 10.17% | 13.98% | 10.17% | 16.91% | 16.91% | |||
Property, plant and equipment and biological assets beginning balance | $ 3,213 | 2,568 | ||||||
Impairment (note 5.3) | $ 700 | $ 600 | ||||||
ACIS | ArcelorMittal South Africa Ltd. ("AMSA") | ||||||||
Disclosure of information for cash-generating units [line items] | ||||||||
Impairment charge related for property, plant and equipment | $ 102 | |||||||
Impairment (note 5.3) | 102 | |||||||
ACIS | South Africa | Long Steel Products | ||||||||
Disclosure of information for cash-generating units [line items] | ||||||||
Impairment charge related for property, plant and equipment | $ 75 | |||||||
Discount rate (in percent) | 13.87% | 13.87% | 15.13% | |||||
Property, plant and equipment and biological assets beginning balance | 163 | |||||||
Impairment (note 5.3) | $ 75 | |||||||
Europe | ||||||||
Disclosure of information for cash-generating units [line items] | ||||||||
Impairment charge related for property, plant and equipment | 331 | |||||||
Impairment (note 5.3) | $ 331 | |||||||
Europe | ArcelorMittal Italia remedies | ||||||||
Disclosure of information for cash-generating units [line items] | ||||||||
Impairment charge related for property, plant and equipment | 525 | |||||||
Impairment (note 5.3) | $ 525 |
FINANCING AND FINANCIAL INSTR_3
FINANCING AND FINANCIAL INSTRUMENTS - Summary of Assets and Liabilities Based on Categories (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Current assets: | ||||
Cash and cash equivalents | $ 5,600 | $ 4,867 | $ 2,172 | $ 2,574 |
Restricted cash and other restricted funds | 363 | 128 | ||
Trade accounts receivable and other | 3,072 | 3,569 | ||
Inventories | 12,328 | 17,296 | ||
Prepaid expenses and other current assets | 2,281 | 2,756 | ||
Assets held for sale | 4,329 | 0 | ||
Total current assets | 27,973 | 28,616 | ||
Non-current assets: | ||||
Goodwill and intangible assets | 4,312 | 5,432 | ||
Property, plant and equipment and biological assets | 30,622 | 36,231 | ||
Carrying amount of interests in associates and joint ventures | 6,817 | 6,529 | ||
Other investments | 2,980 | 772 | ||
Deferred tax assets | 7,866 | 8,680 | ||
Other assets | 1,482 | 1,648 | ||
Total non-current assets | 54,079 | 59,292 | ||
Total assets | 82,052 | 87,908 | ||
Current liabilities: | ||||
Short-term debt and current portion of long-term debt | 2,507 | 2,869 | ||
Trade accounts payable and other | 11,525 | 12,614 | ||
Short-term provisions | 935 | 516 | ||
Accrued expenses and other liabilities | 4,197 | 4,910 | ||
Income tax liabilities | 464 | 378 | ||
Liabilities held for sale | 3,039 | 0 | ||
Total current liabilities | 22,667 | 21,287 | ||
Non-current liabilities: | ||||
Long-term debt, net of current portion | 9,815 | 11,471 | ||
Deferred tax liabilities | 1,832 | 2,331 | ||
Deferred employee benefits | 4,656 | 7,343 | ||
Long-term provisions | 1,697 | 2,475 | 1,995 | |
Other long-term obligations | 1,148 | 2,518 | ||
Total non-current liabilities | 19,148 | 26,138 | ||
Equity: | ||||
Equity attributable to the equity holders of the parent | 38,280 | 38,521 | ||
Non-controlling interests | 1,957 | 1,962 | ||
Total equity | 40,237 | 40,483 | $ 44,108 | $ 40,855 |
Total liabilities and equity | 82,052 | 87,908 | ||
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 | 919 | 485 | ||
Accrued expenses and other liabilities | 1,160 | 1,075 | ||
Income tax liabilities | 464 | 378 | ||
Liabilities held for sale | 709 | |||
Total current liabilities | 3,252 | 1,938 | ||
Non-current liabilities: | ||||
Long-term debt, net of current portion | 0 | 0 | ||
Deferred tax liabilities | 1,832 | 2,331 | ||
Deferred employee benefits | 4,656 | 7,343 | ||
Long-term provisions | 1,691 | 2,465 | ||
Other long-term obligations | 354 | 501 | ||
Total non-current liabilities | 8,533 | 12,640 | ||
Equity: | ||||
Equity attributable to the equity holders of the parent | 38,280 | 38,521 | ||
Non-controlling interests | 1,957 | 1,962 | ||
Total equity | 40,237 | 40,483 | ||
Total liabilities and equity | 52,022 | 55,061 | ||
Financial liabilities | Liabilities at amortized cost | ||||
Current liabilities: | ||||
Short-term debt and current portion of long-term debt | 2,507 | 2,869 | ||
Trade accounts payable and other | 11,525 | 12,614 | ||
Short-term provisions | 16 | 31 | ||
Accrued expenses and other liabilities | 2,829 | 3,527 | ||
Income tax liabilities | 0 | 0 | ||
Liabilities held for sale | 2,330 | |||
Total current liabilities | 19,207 | 19,041 | ||
Non-current liabilities: | ||||
Long-term debt, net of current portion | 9,815 | 11,471 | ||
Deferred tax liabilities | 0 | 0 | ||
Deferred employee benefits | 0 | 0 | ||
Long-term provisions | 6 | 10 | ||
Other long-term obligations | 698 | 1,779 | ||
Total non-current liabilities | 10,519 | 13,260 | ||
Equity: | ||||
Total liabilities and equity | 29,726 | 32,301 | ||
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 | 208 | 308 | ||
Income tax liabilities | 0 | 0 | ||
Liabilities held for sale | 0 | |||
Total current liabilities | 208 | 308 | ||
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 | 96 | 238 | ||
Total non-current liabilities | 96 | 238 | ||
Equity: | ||||
Total liabilities and equity | 304 | 546 | ||
Non-financial assets | ||||
Current assets: | ||||
Cash and cash equivalents | 0 | 0 | ||
Restricted cash and other restricted funds | 0 | 0 | ||
Trade accounts receivable and other | 0 | 0 | ||
Inventories | 12,328 | 17,296 | ||
Prepaid expenses and other current assets | 910 | 1,305 | ||
Assets held for sale | 3,384 | |||
Total current assets | 16,622 | 18,601 | ||
Non-current assets: | ||||
Goodwill and intangible assets | 4,312 | 5,432 | ||
Property, plant and equipment and biological assets | 30,577 | 36,172 | ||
Carrying amount of interests in associates and joint ventures | 6,817 | 6,529 | ||
Other investments | 0 | 0 | ||
Deferred tax assets | 7,866 | 8,680 | ||
Other assets | 237 | 388 | ||
Total non-current assets | 49,809 | 57,201 | ||
Total assets | 66,431 | 75,802 | ||
Financial assets | ||||
Current assets: | ||||
Cash and cash equivalents | 0 | |||
Financial assets | Assets at amortized cost | ||||
Current assets: | ||||
Cash and cash equivalents | 5,600 | 4,867 | ||
Restricted cash and other restricted funds | 363 | 128 | ||
Trade accounts receivable and other | 2,699 | 3,146 | ||
Inventories | 0 | 0 | ||
Prepaid expenses and other current assets | 1,018 | 1,047 | ||
Assets held for sale | 945 | |||
Total current assets | 10,625 | 9,188 | ||
Non-current assets: | ||||
Goodwill and intangible assets | 0 | 0 | ||
Property, plant and equipment and biological assets | 0 | 0 | ||
Carrying amount of interests in associates and joint ventures | 0 | 0 | ||
Other investments | 0 | 0 | ||
Deferred tax assets | 0 | 0 | ||
Other assets | 785 | 1,130 | ||
Total non-current assets | 785 | 1,130 | ||
Total assets | 11,410 | 10,318 | ||
Financial assets | Fair value recognized in profit or loss | ||||
Current assets: | ||||
Cash and cash equivalents | 0 | 0 | ||
Restricted cash and other restricted funds | 0 | 0 | ||
Trade accounts receivable and other | 0 | 0 | ||
Inventories | 0 | 0 | ||
Prepaid expenses and other current assets | 0 | 136 | ||
Assets held for sale | 0 | |||
Total current assets | 0 | 136 | ||
Non-current assets: | ||||
Goodwill and intangible assets | 0 | 0 | ||
Property, plant and equipment and biological assets | 45 | 59 | ||
Carrying amount of interests in associates and joint ventures | 0 | 0 | ||
Other investments | 0 | 0 | ||
Deferred tax assets | 0 | 0 | ||
Other assets | 136 | 0 | ||
Total non-current assets | 181 | 59 | ||
Total assets | 181 | 195 | ||
Financial assets | Fair value recognized in OCI | ||||
Current assets: | ||||
Cash and cash equivalents | 0 | 0 | ||
Restricted cash and other restricted funds | 0 | 0 | ||
Trade accounts receivable and other | 373 | 423 | ||
Inventories | 0 | 0 | ||
Prepaid expenses and other current assets | 0 | 0 | ||
Assets held for sale | 0 | |||
Total current assets | 373 | 423 | ||
Non-current assets: | ||||
Goodwill and intangible assets | 0 | 0 | ||
Property, plant and equipment and biological assets | 0 | 0 | ||
Carrying amount of interests in associates and joint ventures | 0 | 0 | ||
Other investments | 2,980 | 772 | ||
Deferred tax assets | 0 | 0 | ||
Other assets | 0 | 0 | ||
Total non-current assets | 2,980 | 772 | ||
Total assets | 3,353 | 1,195 | ||
Financial assets | Derivatives | ||||
Current assets: | ||||
Cash and cash equivalents | 0 | |||
Restricted cash and other restricted funds | 0 | 0 | ||
Trade accounts receivable and other | 0 | 0 | ||
Inventories | 0 | 0 | ||
Prepaid expenses and other current assets | 353 | 268 | ||
Assets held for sale | 0 | |||
Total current assets | 353 | 268 | ||
Non-current assets: | ||||
Goodwill and intangible assets | 0 | 0 | ||
Property, plant and equipment and biological assets | 0 | 0 | ||
Carrying amount of interests in associates and joint ventures | 0 | 0 | ||
Other investments | 0 | 0 | ||
Deferred tax assets | 0 | 0 | ||
Other assets | 324 | 130 | ||
Total non-current assets | 324 | 130 | ||
Total assets | $ 677 | $ 398 |
FINANCING AND FINANCIAL INSTR_4
FINANCING AND FINANCIAL INSTRUMENTS - Schedule of Assets and Liabilities at Fair Value (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of fair value measurement of assets [line items] | ||
Total assets | $ 82,052 | $ 87,908 |
Total liabilities | 41,815 | 47,425 |
Recurring fair value measurement | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 4,030 | 1,593 |
Total liabilities | 304 | 546 |
Recurring fair value measurement | Level 1 | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 2,934 | 699 |
Total liabilities | 0 | 0 |
Recurring fair value measurement | Level 2 | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 618 | 271 |
Total liabilities | 304 | 245 |
Recurring fair value measurement | Level 3 | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 478 | 623 |
Total liabilities | 0 | 301 |
Recurring fair value measurement | Derivative financial current liabilities | ||
Disclosure of fair value measurement of assets [line items] | ||
Total liabilities | 208 | 308 |
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 | 208 | 144 |
Recurring fair value measurement | Derivative financial current liabilities | Level 3 | ||
Disclosure of fair value measurement of assets [line items] | ||
Total liabilities | 0 | 164 |
Recurring fair value measurement | Derivative financial non-current liabilities | ||
Disclosure of fair value measurement of assets [line items] | ||
Total liabilities | 96 | 238 |
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 | 96 | 101 |
Recurring fair value measurement | Derivative financial non-current liabilities | Level 3 | ||
Disclosure of fair value measurement of assets [line items] | ||
Total liabilities | 0 | 137 |
Recurring fair value measurement | Investments in equity instruments at FVOCI | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 2,980 | 772 |
Recurring fair value measurement | Investments in equity instruments at FVOCI | Level 1 | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 2,934 | 699 |
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 | 46 | 73 |
Recurring fair value measurement | Trade accounts receivable and other subject to TSR programs | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 373 | 423 |
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 | 373 | 423 |
Recurring fair value measurement | Derivative financial current assets | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | 353 | 268 |
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 | 353 | 268 |
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 | 324 | 130 |
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 | 265 | 3 |
Recurring fair value measurement | Derivative financial non-current assets | Level 3 | ||
Disclosure of fair value measurement of assets [line items] | ||
Total assets | $ 59 | $ 127 |
FINANCING AND FINANCIAL INSTR_5
FINANCING AND FINANCIAL INSTRUMENTS - Gross Debt - Short-term Debt (Details) $ in Millions | May 20, 2020USD ($) | May 14, 2020USD ($) | May 05, 2020USD ($) | Dec. 31, 2020USD ($)facility | Dec. 31, 2019USD ($) | Dec. 31, 2020EUR (€)facility | May 20, 2020EUR (€) | May 05, 2020EUR (€) | Apr. 08, 2020USD ($) | Apr. 08, 2020EUR (€) |
Disclosure of detailed information about borrowings [line items] | ||||||||||
Short-term bank loans and other credit facilities including commercial paper | $ 1,647 | $ 1,838 | ||||||||
Current portion of long-term debt | 677 | 770 | ||||||||
Lease obligations | 183 | 261 | ||||||||
Total | $ 2,507 | 2,869 | ||||||||
Proceeds from issue of ordinary shares | $ 700 | $ 750 | ||||||||
Number of facilities extended | facility | 1 | 1 | ||||||||
Short-term bilateral credit facility | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Undrawn borrowing facilities | $ 700 | |||||||||
Commercial paper | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Short-term bank loans and other credit facilities including commercial paper | $ 1,044 | $ 1,200 | ||||||||
Amount of potential borrowings | € | € 1,500,000,000 | |||||||||
0.7 billion USD short-term term facility, due 2021 | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Notional amount | $ 700 | |||||||||
Notional amount | $ 700 | |||||||||
2.1 billion short-term term facility, due 2021 | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Notional amount | € | € 2,100,000,000 | |||||||||
Notional amount | € | € 2,100,000,000 | |||||||||
Term facility | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Borrowings maturity, term | 1 year | |||||||||
Mandatorily convertible subordinated notes | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Notional amount | $ 1,200 | |||||||||
Notional amount | $ 1,200 | |||||||||
0.2 billion short-term term facility, due 2021 | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Notional amount | 200 | |||||||||
Notional amount | $ 200 | |||||||||
0.7 billion EUR short-term term facility, due 2021 | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Notional amount | € | € 700,000,000 | |||||||||
Notional amount | € | € 700,000,000 | |||||||||
300 million EUR term loan, due 2021 | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Notional amount | $ 341 | € 300,000,000 | ||||||||
Notional amount | $ 341 | € 300,000,000 | ||||||||
Weighted average | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Short-term borrowings interest rate (in percent) | 1.30% | 1.10% |
FINANCING AND FINANCIAL INSTR_6
FINANCING AND FINANCIAL INSTRUMENTS - Gross Debt - Long-term Debt (Details) SFr in Millions | Nov. 26, 2020 | Dec. 31, 2020USD ($) | Dec. 31, 2020EUR (€) | Oct. 15, 2020USD ($) | Oct. 15, 2020EUR (€) | Jul. 06, 2020EUR (€) | Mar. 09, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2019EUR (€) | Dec. 31, 2019CHF (SFr) | Nov. 27, 2019USD ($) | Dec. 31, 2018USD ($) |
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Borrowings | $ 12,322,000,000 | |||||||||||
Current portion of long-term debt | 677,000,000 | $ 770,000,000 | ||||||||||
Total long-term debt, net of current portion | 9,815,000,000 | 11,471,000,000 | ||||||||||
Long-term debt | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Borrowings | 9,860,000,000 | 11,375,000,000 | ||||||||||
Total long-term debt (excluding lease obligations) | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Total long-term debt, net of current portion | 9,183,000,000 | 10,605,000,000 | ||||||||||
Corporate Borrowings | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Borrowings | 9,525,000,000 | 11,022,000,000 | ||||||||||
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 | ||||||||||
Borrowings | 0 | 0 | ||||||||||
CHF 225 million Unsecured Notes, Due in 2020 | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Notional amount | SFr | SFr 225 | |||||||||||
Borrowings | 0 | $ 233,000,000 | ||||||||||
CHF 225 million Unsecured Notes, Due in 2020 | Fixed interest rate | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Borrowings, interest rate (in percent) | 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 | € 600,000,000 | ||||||||||
Borrowings | 0 | $ 316,000,000 | ||||||||||
€600 million Unsecured Notes, Due in 2020 | Fixed interest rate | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Borrowings, interest rate (in percent) | 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 | $ 350,000,000 | $ 320,000,000 | ||||||||||
€500 million Unsecured Notes, Due in 2021 | Fixed interest rate | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Borrowings, interest rate (in percent) | 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, interest rate (in percent) | 3.125% | 3.125% | ||||||||||
Borrowings | $ 596,000,000 | $ 596,000,000 | € 486,000,000 | 841,000,000 | ||||||||
€750 million Unsecured Notes, Due in 2022 | Fixed interest rate | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Borrowings, interest rate (in percent) | 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 | $ 1,100,000,000 | ||||||||||
Borrowings, interest rate (in percent) | 6.25% | |||||||||||
Borrowings | $ 0 | 657,000,000 | ||||||||||
1.1 billion Unsecured Notes, Due in 2022 | Fixed interest rate | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Borrowings, interest rate (in percent) | 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, interest rate (in percent) | 0.95% | 0.95% | ||||||||||
Borrowings | $ 448,000,000 | $ 448,000,000 | € 365,000,000 | 558,000,000 | ||||||||
€500 million Unsecured Notes, Due in 2023 | Fixed interest rate | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Borrowings, interest rate (in percent) | 0.95% | 0.95% | ||||||||||
€750 million Unsecured Notes, Due in 2023 | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Notional amount | € | € 750,000,000 | |||||||||||
Borrowings | $ 917,000,000 | 838,000,000 | ||||||||||
€750 million Unsecured Notes, Due in 2023 | Fixed interest rate | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Borrowings, interest rate (in percent) | 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 | $ 1,234,000,000 | 1,131,000,000 | ||||||||||
€1 billion Unsecured Notes, Due in 2024 | Fixed interest rate | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Borrowings, interest rate (in percent) | 2.25% | 2.25% | ||||||||||
750 million Unsecured Notes, Due in 2024 | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Notional amount | $ 750,000,000 | |||||||||||
Borrowings | $ 747,000,000 | 746,000,000 | ||||||||||
750 million Unsecured Notes, Due in 2024 | Fixed interest rate | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Borrowings, interest rate (in percent) | 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, interest rate (in percent) | 6.125% | 6.125% | ||||||||||
Borrowings | $ 256,000,000 | $ 256,000,000 | 498,000,000 | |||||||||
500 million Unsecured Notes, Due in 2025 | Fixed interest rate | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Borrowings, interest rate (in percent) | 6.13% | 6.13% | ||||||||||
€750 million Unsecured Notes, Due in 2025 | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Notional amount | € | € 750,000,000 | |||||||||||
Borrowings | $ 913,000,000 | 834,000,000 | ||||||||||
€750 million Unsecured Notes, Due in 2025 | Fixed interest rate | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Borrowings, interest rate (in percent) | 1.75% | 1.75% | ||||||||||
750 million Unsecured Notes, Due in 2026 | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Notional amount | $ 750,000,000 | |||||||||||
Borrowings | $ 745,000,000 | 745,000,000 | ||||||||||
750 million Unsecured Notes, Due in 2026 | Fixed interest rate | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Borrowings, interest rate (in percent) | 4.55% | 4.55% | ||||||||||
500 million Unsecured Notes, Due in 2029 | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Notional amount | $ 500,000,000 | |||||||||||
Borrowings | $ 494,000,000 | 493,000,000 | ||||||||||
500 million Unsecured Notes, Due in 2029 | Fixed interest rate | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Borrowings, interest rate (in percent) | 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 | 671,000,000 | ||||||||||
1.5 billion Unsecured Bonds, Due in 2039 | Fixed interest rate | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Borrowings, interest rate (in percent) | 7.25% | 7.25% | ||||||||||
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 (in percent) | 7.00% | 7.00% | ||||||||||
Other Loans, Due in 2021 | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Borrowings | $ 218,000,000 | 151,000,000 | ||||||||||
Other Loans, Due in 2021 | Fixed interest rate | Bottom of range | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Borrowings, interest rate (in percent) | 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 (in percent) | 3.50% | 3.50% | ||||||||||
EIB loan, Due in 2025 | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Borrowings | $ 304,000,000 | € 248,000,000 | 344,000,000 | |||||||||
EIB loan, Due in 2025 | Fixed interest rate | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Borrowings, interest rate (in percent) | 1.16% | 1.16% | ||||||||||
Other Loans, Due in 2021-2035 | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Borrowings | $ 1,204,000,000 | 1,218,000,000 | ||||||||||
Other Loans, Due in 2021-2035 | Floating interest rate | Bottom of range | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Borrowings, interest rate (in percent) | 0.40% | 0.40% | ||||||||||
Other Loans, Due in 2021-2035 | Floating interest rate | Top of range | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Borrowings, interest rate (in percent) | 2.40% | 2.40% | ||||||||||
Long-term lease obligations | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Current portion of long-term debt | $ 183,000,000 | 261,000,000 | ||||||||||
Total long-term debt, net of current portion | 632,000,000 | 866,000,000 | ||||||||||
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 | $ 5,400,000,000 | ||||||||||
Extension term | 1 year | |||||||||||
Five Point Five Billion Revolving Credit Facility, Due 2023 | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Line of credit, maximum borrowing capacity | $ 5,500,000,000 | |||||||||||
Americas | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Borrowings | 83,000,000 | 81,000,000 | ||||||||||
Americas | Other Loans, Fixed/Floating, Due in 2020-2030 | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Borrowings | $ 83,000,000 | 81,000,000 | ||||||||||
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 (in percent) | 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 (in percent) | 9.50% | 9.50% | ||||||||||
Europe, Asia & Africa | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Borrowings | $ 252,000,000 | 272,000,000 | ||||||||||
Europe, Asia & Africa | EBRD Facility, Floating, Due in 2024 | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Borrowings | $ 129,000,000 | 175,000,000 | ||||||||||
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 (in percent) | 2.20% | 2.20% | ||||||||||
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 (in percent) | 2.50% | 2.50% | ||||||||||
Europe, Asia & Africa | Other Loans, Fixed/Floating, Due in 2020-2029 | ||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||
Borrowings | $ 123,000,000 | $ 97,000,000 | ||||||||||
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 (in percent) | 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 (in percent) | 6.20% | 6.20% |
FINANCING AND FINANCIAL INSTR_7
FINANCING AND FINANCIAL INSTRUMENTS - Gross Debt - Long-Term Debt, Narrative Credit Facility and Bonds (Details) SFr in Millions | Oct. 16, 2020USD ($) | Oct. 15, 2020USD ($) | Oct. 15, 2020EUR (€) | Jul. 06, 2020USD ($) | Jul. 06, 2020EUR (€) | Jul. 03, 2020USD ($) | Jul. 03, 2020CHF (SFr) | Mar. 09, 2020USD ($) | Dec. 19, 2018extension_option | Dec. 31, 2020USD ($) | Dec. 31, 2020EUR (€) | Nov. 25, 2020USD ($) | Oct. 15, 2020EUR (€) | Dec. 31, 2019USD ($) | Dec. 31, 2019EUR (€) | Dec. 31, 2019CHF (SFr) | Nov. 27, 2019USD ($) | Jul. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2014USD ($) | Oct. 26, 2012USD ($) | Sep. 30, 2010USD ($) |
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||
Borrowings | $ 12,322,000,000 | |||||||||||||||||||||
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 | ||||||||||||||||||||
Number of possible extensions | extension_option | 2 | |||||||||||||||||||||
Borrowings, extension option term | 1 year | |||||||||||||||||||||
Borrowings | 0 | $ 0 | ||||||||||||||||||||
Undrawn borrowing facilities | 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 | $ 5,400,000,000 | ||||||||||||||||||||
0.1 billion Revolving Credit Facility, Due 2023 | ||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||
Line of credit, maximum borrowing capacity | 100,000,000 | |||||||||||||||||||||
2010 Revolving Multi-currency Letter of Credit Facility | ||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||
Line of credit, maximum borrowing capacity | $ 395,000,000 | $ 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 | |||||||||||||||||||||
1.1 billion Unsecured Notes, Due in 2022 | ||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||
Extinguishment of debt, amount | $ 659,000,000 | |||||||||||||||||||||
Notional amount | $ 1,100,000,000 | 1,100,000,000 | ||||||||||||||||||||
Borrowings, interest rate (in percent) | 6.25% | |||||||||||||||||||||
Repayments of borrowings, classified as financing activities | $ 725,000,000 | |||||||||||||||||||||
Borrowings | 0 | 657,000,000 | ||||||||||||||||||||
CHF 225 million Unsecured Notes, Due in 2020 | ||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||
Notional amount | SFr | SFr 225 | |||||||||||||||||||||
Repayments of borrowings, classified as financing activities | $ 237,000,000 | SFr 225 | ||||||||||||||||||||
Borrowings | 0 | 233,000,000 | ||||||||||||||||||||
€600 million Unsecured Notes, Due in 2020 | ||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||
Notional amount | € | € 600,000,000 | € 600,000,000 | ||||||||||||||||||||
Repayments of borrowings, classified as financing activities | $ 319,000,000 | € 282,000,000 | ||||||||||||||||||||
Borrowings | 0 | 316,000,000 | ||||||||||||||||||||
€750 million Unsecured Notes, Due in 2022 | ||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||
Extinguishment of debt, amount | $ 311,000,000 | € 264,000,000 | ||||||||||||||||||||
Notional amount | € | € 750,000,000 | |||||||||||||||||||||
Borrowings, interest rate (in percent) | 3.125% | 3.125% | ||||||||||||||||||||
Interest paid, classified as investing activities | € | 279,000,000 | |||||||||||||||||||||
Borrowings | $ 596,000,000 | 596,000,000 | € 486,000,000 | 841,000,000 | ||||||||||||||||||
€500 million Unsecured Notes, Due in 2023 | ||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||
Extinguishment of debt, amount | $ 157,000,000 | 133,000,000 | ||||||||||||||||||||
Notional amount | € | € 500,000,000 | |||||||||||||||||||||
Borrowings, interest rate (in percent) | 0.95% | 0.95% | ||||||||||||||||||||
Interest paid, classified as investing activities | € | € 134,000,000 | |||||||||||||||||||||
Borrowings | $ 448,000,000 | 448,000,000 | € 365,000,000 | 558,000,000 | ||||||||||||||||||
500 million Unsecured Notes, Due in 2025 | ||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||||||||
Extinguishment of debt, amount | $ 1,000,000 | $ 242,000,000 | ||||||||||||||||||||
Notional amount | 500,000,000 | |||||||||||||||||||||
Borrowings, interest rate (in percent) | 6.125% | 6.125% | ||||||||||||||||||||
Interest paid, classified as investing activities | $ 290,000,000 | |||||||||||||||||||||
Borrowings | $ 256,000,000 | $ 256,000,000 | $ 498,000,000 |
FINANCING AND FINANCIAL INSTR_8
FINANCING AND FINANCIAL INSTRUMENTS - Gross Debt - Interest Rate "Step-Up" (Details) | Dec. 31, 2020USD ($) | Dec. 31, 2020EUR (€) | Oct. 15, 2020 | Mar. 09, 2020USD ($) | Nov. 19, 2019 | Jul. 16, 2019 | Jul. 04, 2019 | Mar. 11, 2019 | Jan. 17, 2019 | Dec. 04, 2017 | Jun. 01, 2015 | Apr. 09, 2015 | Jan. 14, 2015 | Mar. 07, 2011 | Aug. 05, 2010 | Oct. 08, 2009 |
€500 million Unsecured Notes, Due in 2021 | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Notional amount | € | € 500,000,000 | |||||||||||||||
Borrowings issuance price percentage (in percent) | 99.55% | |||||||||||||||
€500 million Unsecured Notes, Due in 2021 | Fixed interest rate | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Borrowings, interest rate (in percent) | 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, interest rate (in percent) | 3.125% | |||||||||||||||
Borrowings issuance price percentage (in percent) | 99.73% | |||||||||||||||
€750 million Unsecured Notes, Due in 2022 | Fixed interest rate | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Borrowings, interest rate (in percent) | 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 | $ 1,100,000,000 | ||||||||||||||
Borrowings, interest rate (in percent) | 6.25% | |||||||||||||||
1.1 billion Unsecured Notes, Due in 2022 | Fixed interest rate | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Borrowings, interest rate (in percent) | 6.25% | 6.25% | ||||||||||||||
Five Hundred Million Unsecured Notes, Due 2023 | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Notional amount | € | € 500,000,000 | |||||||||||||||
Borrowings, interest rate (in percent) | 0.95% | 0.95% | ||||||||||||||
Borrowings issuance price percentage (in percent) | 99.38% | |||||||||||||||
€750 million Unsecured Notes, Due in 2023 | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Notional amount | € | € 750,000,000 | |||||||||||||||
Borrowings issuance price percentage (in percent) | 99.89% | |||||||||||||||
€750 million Unsecured Notes, Due in 2023 | Fixed interest rate | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Borrowings, interest rate (in percent) | 1.00% | 1.00% | ||||||||||||||
€250 million Unsecured Notes, Due in 2024 | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Notional amount | € | € 250,000,000 | |||||||||||||||
Borrowings issuance price percentage (in percent) | 105.59% | |||||||||||||||
€250 million Unsecured Notes, Due in 2024 | Fixed interest rate | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Borrowings, interest rate (in percent) | 2.25% | 2.25% | ||||||||||||||
€750 million Unsecured Notes, Due in 2024 | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Notional amount | € | € 750,000,000 | |||||||||||||||
Borrowings issuance price percentage (in percent) | 99.72% | |||||||||||||||
€750 million Unsecured Notes, Due in 2024 | Fixed interest rate | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Borrowings, interest rate (in percent) | 2.25% | 2.25% | ||||||||||||||
750 million Unsecured Notes, Due in 2024 | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Notional amount | $ 750,000,000 | |||||||||||||||
Borrowings issuance price percentage (in percent) | 99.86% | |||||||||||||||
750 million Unsecured Notes, Due in 2024 | Fixed interest rate | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Borrowings, interest rate (in percent) | 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, interest rate (in percent) | 6.125% | |||||||||||||||
Borrowings issuance price percentage (in percent) | 100.00% | |||||||||||||||
500 million Unsecured Notes, Due in 2025 | Fixed interest rate | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Borrowings, interest rate (in percent) | 6.13% | 6.13% | ||||||||||||||
€750 million Unsecured Notes, Due in 2025 | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Notional amount | € | € 750,000,000 | |||||||||||||||
Borrowings issuance price percentage (in percent) | 99.41% | |||||||||||||||
€750 million Unsecured Notes, Due in 2025 | Fixed interest rate | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Borrowings, interest rate (in percent) | 1.75% | 1.75% | ||||||||||||||
750 million Unsecured Notes, Due in 2026 | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Notional amount | $ 750,000,000 | |||||||||||||||
Borrowings issuance price percentage (in percent) | 99.72% | |||||||||||||||
750 million Unsecured Notes, Due in 2026 | Fixed interest rate | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Borrowings, interest rate (in percent) | 4.55% | 4.55% | ||||||||||||||
500 million Unsecured Notes, Due in 2029 | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Notional amount | $ 500,000,000 | |||||||||||||||
Borrowings issuance price percentage (in percent) | 99.00% | |||||||||||||||
500 million Unsecured Notes, Due in 2029 | Fixed interest rate | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Borrowings, interest rate (in percent) | 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 (in percent) | 95.20% | |||||||||||||||
1.0 billion Unsecured Bonds, Due 2039 | Fixed interest rate | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Borrowings, interest rate (in percent) | 7.25% | 7.25% | ||||||||||||||
500 million Unsecured Bonds, Due 2039 | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Notional amount | $ 500,000,000 | |||||||||||||||
Borrowings issuance price percentage (in percent) | 104.84% | |||||||||||||||
500 million Unsecured Bonds, Due 2039 | Fixed interest rate | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Borrowings, interest rate (in percent) | 7.25% | 7.25% | ||||||||||||||
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 (in percent) | 99.18% | |||||||||||||||
1.0 billion Unsecured Notes, Due in 2041 | Fixed interest rate | ||||||||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||||||||
Borrowings, interest rate (in percent) | 7.00% | 7.00% |
FINANCING AND FINANCIAL INSTR_9
FINANCING AND FINANCIAL INSTRUMENTS - Gross Debt - Long-Term Debt, Narrative EIB, Other Loans, Hedging (Details) $ in Millions | Jul. 31, 2020 | Mar. 27, 2020USD ($) | Feb. 10, 2020USD ($) | Dec. 20, 2019USD ($)extension_option | Dec. 09, 2019USD ($) | Jun. 12, 2019extension_option | Dec. 19, 2018extension_option | Dec. 18, 2018 | Nov. 29, 2018USD ($) | Nov. 20, 2018USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2020EUR (€) | Dec. 31, 2020ZAR (R) | Jul. 02, 2020USD ($) | Jul. 02, 2020CAD ($) | Mar. 17, 2020USD ($) | Mar. 16, 2020USD ($) | Dec. 20, 2019EUR (€) | Dec. 21, 2018EUR (€) | Dec. 21, 2017USD ($) | May 25, 2017ZAR (R) | Dec. 16, 2016EUR (€) |
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||
Proceeds from current borrowings | $ 430,000,000 | $ 600,000,000 | $ 2,319,000,000 | ||||||||||||||||||||||
Repayments of current borrowings | 1,503,000,000 | 1,811,000,000 | 2,871,000,000 | ||||||||||||||||||||||
Borrowings | 12,322,000,000 | ||||||||||||||||||||||||
Gains on hedges of net investments in foreign operations, net of tax | 597,000,000 | ||||||||||||||||||||||||
Net investment hedge | |||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||
Hedging instrument, liabilities | 6,327,000,000 | 7,818,000,000 | € 5,156,000,000 | ||||||||||||||||||||||
Hedged item, assets | € | 7,445,000,000 | ||||||||||||||||||||||||
Gains on hedges of net investments in foreign operations, net of tax | (597,000,000) | ||||||||||||||||||||||||
EIB loan, Due in 2025 | |||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||
Amount of potential borrowings | € | € 350,000,000 | ||||||||||||||||||||||||
Borrowings | 304,000,000 | 344,000,000 | 248,000,000 | ||||||||||||||||||||||
7.0 billion Term Facility, Due in 2020 | |||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||
Notional amount | $ 7,000,000,000 | ||||||||||||||||||||||||
Debt instrument, term | 1 year | ||||||||||||||||||||||||
Debt instrument, term, option to extend | 6 months | ||||||||||||||||||||||||
Proceeds from current borrowings | $ 475,000,000 | $ 2,571,000,000 | $ 1,000,000,000 | ||||||||||||||||||||||
Repayments of current borrowings | $ 1,000,000,000 | ||||||||||||||||||||||||
Number of possible extensions | extension_option | 1 | ||||||||||||||||||||||||
Extinguishment of debt, amount | $ 3,046,000,000 | ||||||||||||||||||||||||
Borrowings | $ 3,046,000,000 | ||||||||||||||||||||||||
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 | |||||||||||||||||||||||
Number of possible extensions | extension_option | 2 | ||||||||||||||||||||||||
Borrowings | 0 | $ 0 | |||||||||||||||||||||||
Borrowings, extension option term | 1 year | ||||||||||||||||||||||||
5.146 billion Term Loan, Due 2030 | |||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||
Notional amount | $ 5,146,000,000 | $ 5,146,000,000 | |||||||||||||||||||||||
€235 million Facility Agreement | |||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||
Notional amount | € | € 235,000,000 | ||||||||||||||||||||||||
Borrowings | 201,000,000 | 163,000,000 | |||||||||||||||||||||||
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 | |||||||||||||||||||||||
Borrowings, extension option term | 1 year | ||||||||||||||||||||||||
€100 million Bilateral Term Loan, Due in 2023 | |||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||
Notional amount | $ 110,000,000 | € 100,000,000 | |||||||||||||||||||||||
Number of possible extensions | extension_option | 2 | ||||||||||||||||||||||||
Borrowings, extension option term | 1 year | ||||||||||||||||||||||||
174 million CAD Financing Agreement, due 2021-2022 | |||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||
Notional amount | $ 128,000,000 | $ 174 | |||||||||||||||||||||||
EBRD Facility, Floating, Due in 2024 | PJSC ArcelorMittal Kryvyi Rih | |||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||
Notional amount | $ 175,000,000 | ||||||||||||||||||||||||
Borrowings | 175,000,000 | ||||||||||||||||||||||||
Notional amount, uncommitted amount | $ 175,000,000 | ||||||||||||||||||||||||
4.5 Billion ZAR Revolving Borrowing Base Finance Facility, Due in 2020 | ArcelorMittal South Africa Ltd. ("AMSA") | |||||||||||||||||||||||||
Disclosure of detailed information about borrowings [line items] | |||||||||||||||||||||||||
Line of credit, maximum borrowing capacity | R | R 4,500,000,000 | ||||||||||||||||||||||||
Borrowings | $ 168,000,000 | R 2,500,000,000 |
FINANCING AND FINANCIAL INST_10
FINANCING AND FINANCIAL INSTRUMENTS - Gross Debt - Maturities (Details) $ in Millions | Dec. 31, 2020USD ($) |
Disclosure of detailed information about borrowings [line items] | |
Borrowings | $ 12,322 |
2021 | |
Disclosure of detailed information about borrowings [line items] | |
Borrowings | 2,507 |
2022 | |
Disclosure of detailed information about borrowings [line items] | |
Borrowings | 955 |
2023 | |
Disclosure of detailed information about borrowings [line items] | |
Borrowings | 2,454 |
2024 | |
Disclosure of detailed information about borrowings [line items] | |
Borrowings | 2,191 |
2025 | |
Disclosure of detailed information about borrowings [line items] | |
Borrowings | 1,339 |
Subsequent years | |
Disclosure of detailed information about borrowings [line items] | |
Borrowings | $ 2,876 |
FINANCING AND FINANCIAL INST_11
FINANCING AND FINANCIAL INSTRUMENTS - Gross Debt - Carrying Value and Fair Value (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Long-term debt | ||
Disclosure of financial liabilities [line items] | ||
Carrying Amount | $ 10,675 | $ 12,502 |
Estimated Fair Value | 11,617 | 13,211 |
Short-term debt | ||
Disclosure of financial liabilities [line items] | ||
Carrying Amount | 1,647 | 1,838 |
Estimated Fair Value | 1,649 | 1,854 |
Fixed interest rate | Long-term debt | ||
Disclosure of financial liabilities [line items] | ||
Carrying Amount | 9,195 | 10,999 |
Estimated Fair Value | 10,129 | 11,710 |
Floating interest rate | Long-term debt | ||
Disclosure of financial liabilities [line items] | ||
Carrying Amount | 1,480 | 1,503 |
Estimated Fair Value | 1,488 | 1,501 |
Level 1 | Long-term debt | ||
Disclosure of financial liabilities [line items] | ||
Estimated Fair Value | 8,698 | 9,963 |
Level 1 | Short-term debt | ||
Disclosure of financial liabilities [line items] | ||
Estimated Fair Value | 0 | |
Level 1 | Fixed interest rate | Long-term debt | ||
Disclosure of financial liabilities [line items] | ||
Estimated Fair Value | 8,698 | 9,963 |
Level 1 | Floating interest rate | Long-term debt | ||
Disclosure of financial liabilities [line items] | ||
Estimated Fair Value | ||
Level 2 | Long-term debt | ||
Disclosure of financial liabilities [line items] | ||
Estimated Fair Value | 2,919 | 3,248 |
Level 2 | Short-term debt | ||
Disclosure of financial liabilities [line items] | ||
Estimated Fair Value | 1,649 | 1,854 |
Level 2 | Fixed interest rate | Long-term debt | ||
Disclosure of financial liabilities [line items] | ||
Estimated Fair Value | 1,431 | 1,747 |
Level 2 | Floating interest rate | Long-term debt | ||
Disclosure of financial liabilities [line items] | ||
Estimated Fair Value | 1,488 | 1,501 |
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_12
FINANCING AND FINANCIAL INSTRUMENTS - Schedule of Cash and Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Entity information [Line Items] | ||||
Cash at bank | $ 3,487 | $ 3,443 | ||
Term deposits | 393 | 246 | ||
Money market funds | 1,720 | 1,178 | ||
Total | 5,600 | 4,867 | $ 2,172 | $ 2,574 |
Restricted cash and other restricted funds | 363 | 128 | ||
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 | 56 | $ 80 | ||
ArcelorMittal USA LLC | ||||
Entity information [Line Items] | ||||
Commitments with respect to cash collateral | $ 260 |
FINANCING AND FINANCIAL INST_13
FINANCING AND FINANCIAL INSTRUMENTS - Reconciliation of Liabilities Arising from Financing Activities (Details) - USD ($) $ in Millions | Jan. 01, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Changes in liabilities arising from financing activities [abstract] | ||||
Proceeds from long-term debt | $ 323 | $ 5,772 | $ 1,138 | |
Payments of long-term debt | (1,645) | (3,299) | (798) | |
Proceeds from short-term debt | 430 | 600 | 2,319 | |
Payments of short-term debt | (1,503) | (1,811) | (2,871) | |
Payments of principal portion of lease liabilities (note 7) | (242) | (320) | ||
Long-term debt, net of current portion | ||||
Changes in liabilities arising from financing activities [abstract] | ||||
Liabilities arising from financing activities, beginning balance | $ 9,316 | 11,471 | 9,316 | |
Adoption of IFRS 16 (notes 1 and 7) | 893 | |||
Proceeds from long-term debt | 323 | 5,772 | ||
Payments of long-term debt | (1,645) | (3,299) | ||
Amortized cost | 8 | 7 | ||
Unrealized foreign exchange effects | 563 | (78) | ||
Payments of principal portion of lease liabilities (note 7) | (7) | (10) | ||
Additions to lease liabilities (notes 5.2 and 7) | 195 | 185 | ||
Current portion of long-term debt | (860) | (1,031) | ||
Derecognition of lease liabilities following the divestment of Global Chartering (note 2.3.1) | (208) | (311) | ||
Debt classified as held for sale (note 2.3.2) | (21) | |||
Other movements | (4) | 27 | ||
Liabilities arising from financing activities, ending balance | 10,209 | 9,815 | 11,471 | 9,316 |
Short-term debt and current portion of long term debt | ||||
Changes in liabilities arising from financing activities [abstract] | ||||
Liabilities arising from financing activities, beginning balance | 3,167 | 2,869 | 3,167 | |
Adoption of IFRS 16 (notes 1 and 7) | 243 | |||
Amortized cost | 7 | 13 | ||
Unrealized foreign exchange effects | 115 | (42) | ||
Proceeds from short-term debt | 430 | 600 | ||
Payments of short-term debt | (1,503) | (1,811) | ||
Payments of principal portion of lease liabilities (note 7) | (235) | (310) | ||
Additions to lease liabilities (notes 5.2 and 7) | 38 | 74 | ||
Current portion of long-term debt | 860 | 1,031 | ||
Derecognition of lease liabilities following the divestment of Global Chartering (note 2.3.1) | (70) | (89) | ||
Debt classified as held for sale (note 2.3.2) | (3) | |||
Other movements | (1) | (7) | ||
Liabilities arising from financing activities, ending balance | $ 3,410 | $ 2,507 | $ 2,869 | $ 3,167 |
FINANCING AND FINANCIAL INST_14
FINANCING AND FINANCIAL INSTRUMENTS - Net Debt (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of detailed information about financial instruments [line items] | ||
Short-term debt and current portion of long-term debt | $ 2,507 | $ 2,869 |
Long-term debt, net of current portion | 9,815 | 11,471 |
Cash and cash equivalents, restricted cash and other restricted funds | (5,963) | (4,995) |
Net debt | 6,359 | 9,345 |
Net debt (including 21 and nil cash and debt classified as held for sale as of December 31, 2020 and 2019 respectively) | 6,380 | 9,345 |
EUR | ||
Disclosure of detailed information about financial instruments [line items] | ||
Short-term debt and current portion of long-term debt | 1,283 | 1,966 |
Long-term debt, net of current portion | 5,775 | 6,240 |
Cash and cash equivalents, restricted cash and other restricted funds | (2,637) | (2,986) |
Net debt | 4,421 | 5,220 |
USD | ||
Disclosure of detailed information about financial instruments [line items] | ||
Short-term debt and current portion of long-term debt | 765 | 248 |
Long-term debt, net of current portion | 3,567 | 4,754 |
Cash and cash equivalents, restricted cash and other restricted funds | (2,236) | (1,383) |
Net debt | 2,096 | 3,619 |
CAD | ||
Disclosure of detailed information about financial instruments [line items] | ||
Short-term debt and current portion of long-term debt | 172 | 174 |
Long-term debt, net of current portion | 91 | 106 |
Cash and cash equivalents, restricted cash and other restricted funds | (35) | (32) |
Net debt | 228 | 248 |
PLN | ||
Disclosure of detailed information about financial instruments [line items] | ||
Short-term debt and current portion of long-term debt | 19 | 20 |
Long-term debt, net of current portion | 239 | 239 |
Cash and cash equivalents, restricted cash and other restricted funds | (152) | (64) |
Net debt | 106 | 195 |
UAH | ||
Disclosure of detailed information about financial instruments [line items] | ||
Short-term debt and current portion of long-term debt | 46 | |
Long-term debt, net of current portion | 17 | |
Cash and cash equivalents, restricted cash and other restricted funds | (19) | |
Net debt | 44 | |
CHF | ||
Disclosure of detailed information about financial instruments [line items] | ||
Short-term debt and current portion of long-term debt | 233 | |
Long-term debt, net of current portion | 0 | |
Cash and cash equivalents, restricted cash and other restricted funds | (2) | |
Net debt | 231 | |
Other (in USD) | ||
Disclosure of detailed information about financial instruments [line items] | ||
Short-term debt and current portion of long-term debt | 222 | 228 |
Long-term debt, net of current portion | 126 | 132 |
Cash and cash equivalents, restricted cash and other restricted funds | (884) | (528) |
Net debt | $ (536) | $ (168) |
FINANCING AND FINANCIAL INST_15
FINANCING AND FINANCIAL INSTRUMENTS - Derivative Financial Instruments - Classified as Level 2 (Details) - Level 2 - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of detailed information about financial instruments [line items] | ||
Derivative assets, fair value | $ 618 | $ 271 |
Derivative liabilities, fair value | (304) | (245) |
Total interest rate instruments | ||
Disclosure of detailed information about financial instruments [line items] | ||
Derivative asset, notional amount | ||
Derivative assets, fair value | 0 | |
Derivative liabilities, notional amount | ||
Derivative liabilities, fair value | 0 | |
Other interest rate instruments | ||
Disclosure of detailed information about financial instruments [line items] | ||
Derivative asset, notional amount | 22 | |
Derivative assets, fair value | 0 | |
Derivative liabilities, notional amount | 10 | |
Derivative liabilities, fair value | 0 | |
Total foreign exchange rate instruments | ||
Disclosure of detailed information about financial instruments [line items] | ||
Derivative assets, fair value | 106 | 119 |
Derivative liabilities, fair value | (170) | (90) |
Forward purchase contracts | ||
Disclosure of detailed information about financial instruments [line items] | ||
Derivative asset, notional amount | 356 | 1,187 |
Derivative assets, fair value | 2 | 29 |
Derivative liabilities, notional amount | 2,199 | 2,633 |
Derivative liabilities, fair value | (113) | (36) |
Forward sale contracts | ||
Disclosure of detailed information about financial instruments [line items] | ||
Derivative asset, notional amount | 847 | 1,716 |
Derivative assets, fair value | 24 | 42 |
Derivative liabilities, notional amount | 371 | 705 |
Derivative liabilities, fair value | (19) | (4) |
Currency swaps purchase | ||
Disclosure of detailed information about financial instruments [line items] | ||
Derivative asset, notional amount | 260 | 0 |
Derivative assets, fair value | 36 | 0 |
Derivative liabilities, notional amount | 0 | 500 |
Derivative liabilities, fair value | 0 | (41) |
Exchange option purchases | ||
Disclosure of detailed information about financial instruments [line items] | ||
Derivative asset, notional amount | 2,938 | 2,317 |
Derivative assets, fair value | 18 | 38 |
Derivative liabilities, notional amount | 1,176 | 1,030 |
Derivative liabilities, fair value | (15) | (4) |
Exchange options sales | ||
Disclosure of detailed information about financial instruments [line items] | ||
Derivative asset, notional amount | 2,960 | 1,213 |
Derivative assets, fair value | 26 | 10 |
Derivative liabilities, notional amount | 1,208 | 1,418 |
Derivative liabilities, fair value | (23) | (5) |
Total raw materials (base metals), freight, energy, emission rights | ||
Disclosure of detailed information about financial instruments [line items] | ||
Derivative assets, fair value | 512 | 152 |
Derivative liabilities, fair value | (134) | (155) |
Term contracts sales | ||
Disclosure of detailed information about financial instruments [line items] | ||
Derivative asset, notional amount | 567 | 250 |
Derivative assets, fair value | 38 | 29 |
Derivative liabilities, notional amount | 370 | 182 |
Derivative liabilities, fair value | (46) | (7) |
Term contracts purchases | ||
Disclosure of detailed information about financial instruments [line items] | ||
Derivative asset, notional amount | 1,673 | 419 |
Derivative assets, fair value | 473 | 117 |
Derivative liabilities, notional amount | 854 | 1,479 |
Derivative liabilities, fair value | (87) | (142) |
Options sales/purchases | ||
Disclosure of detailed information about financial instruments [line items] | ||
Derivative asset, notional amount | 47 | 12 |
Derivative assets, fair value | 1 | 6 |
Derivative liabilities, notional amount | 48 | 10 |
Derivative liabilities, fair value | $ (1) | $ (6) |
FINANCING AND FINANCIAL INST_16
FINANCING AND FINANCIAL INSTRUMENTS - Derivative Financial Instruments - Classified as Level 3 (Details) € in Millions | 12 Months Ended | ||||||||
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2020USD ($) | Dec. 22, 2020USD ($) | Dec. 09, 2020USD ($) | May 18, 2020USD ($) | Nov. 01, 2018EUR (€) | 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) | $ 554 | ||||||||
Reconciliation of changes in fair value measurement, liabilities [abstract] | |||||||||
Beginning of period, liabilities | (47,425,000,000) | ||||||||
End of period, liabilities | (47,425,000,000) | $ (41,815,000,000) | |||||||
Reconciliation of changes in fair value measurement, assets [abstract] | |||||||||
Beginning of period, assets | 87,908,000,000 | ||||||||
End of period, assets | 87,908,000,000 | 82,052,000,000 | |||||||
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) | (174,000,000) | $ (209,000,000) | |||||||
Change in fair value | (72,000,000) | 35,000,000 | |||||||
End of period, assets (liabilities) | $ (174,000,000) | (209,000,000) | 59,000,000 | $ 305,000,000 | |||||
Level 3 | Call option on 1,000 mandatory convertible bonds | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Spot price | 141 | ||||||||
Volatility percentage (in percent) | 16.00% | ||||||||
Reconciliation of changes in fair value measurement, assets [abstract] | |||||||||
Beginning of period, assets | $ 127,000,000 | 483,000,000 | |||||||
Change in fair value | (68,000,000) | (356,000,000) | |||||||
End of period, assets | 127,000,000 | 483,000,000 | $ 59,000,000 | 0 | |||||
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 (in percent) | 156.00% | ||||||||
Decrease in fair value measurement, percentage, due to a 10% decrease in unobservable input (in percent) | 92.00% | ||||||||
Level 3 | Put option with ISP | |||||||||
Reconciliation of changes in fair value measurement, liabilities [abstract] | |||||||||
Beginning of period, liabilities | (125,000,000) | (124,000,000) | |||||||
Change in fair value | (10,000,000) | (1,000,000) | |||||||
End of period, liabilities | (125,000,000) | (124,000,000) | $ 0 | 135,000,000 | |||||
Level 3 | Special payment in pellet purchase agreement | |||||||||
Reconciliation of changes in fair value measurement, liabilities [abstract] | |||||||||
Beginning of period, liabilities | (176,000,000) | (568,000,000) | |||||||
Change in fair value | 6,000,000 | 392,000,000 | |||||||
End of period, liabilities | $ (176,000,000) | $ (568,000,000) | 0 | $ 170,000,000 | |||||
Mandatorily convertible unsecured unsubordinated bonds | |||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||
Notional amount | $ 1,000,000,000 | $ 869,000,000 | $ 1,250,000,000 | $ 1,000,000,000 | $ 750,000,000 |
FINANCING AND FINANCIAL INST_17
FINANCING AND FINANCIAL INSTRUMENTS - Financing Costs (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Financial Instruments [Abstract] | |||
Interest expense | $ (477) | $ (695) | $ (687) |
Interest income | 56 | 88 | 72 |
Change in fair value adjustment on call option on mandatory convertible bonds and pellet purchase agreement (note 6.1.5) | (143) | (320) | (572) |
Accretion of defined benefit obligations and other long term liabilities | (325) | (405) | (349) |
Net foreign exchange result | 107 | 4 | (235) |
Other | (474) | (324) | (439) |
Total | (1,256) | (1,652) | (2,210) |
Premiums and fees for bonds early redeemed | 120 | $ 71 | $ 104 |
Renewal of mandatorily convertible bonds | $ 178 |
FINANCING AND FINANCIAL INST_18
FINANCING AND FINANCIAL INSTRUMENTS - Risk management policy - Capital Management (Details) - USD ($) | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Financial Instruments [Abstract] | ||||
Total equity | $ 40,237,000,000 | $ 40,483,000,000 | $ 44,108,000,000 | $ 40,855,000,000 |
Net debt (including 21 and nil cash and debt classified as held for sale as of December 31, 2020 and 2019 respectively) | $ 6,380,000,000 | $ 9,345,000,000 | ||
Gearing (in percent) | 15.90% | 23.10% | ||
Cash and debt classified as held for sale | $ 21,000,000 | $ 0 |
FINANCING AND FINANCIAL INST_19
FINANCING AND FINANCIAL INSTRUMENTS - Risk management policy - Interest Rate Risk (Details) - Interest rate risk | Dec. 31, 2020 |
Fixed interest rate | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
Risk exposure associated with instruments sharing characteristic (in percent) | 86.00% |
Floating interest rate | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
Risk exposure associated with instruments sharing characteristic (in percent) | 14.00% |
FINANCING AND FINANCIAL INST_20
FINANCING AND FINANCIAL INSTRUMENTS - Risk management policy - Foreign Currency Sensitivity Analysis (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
Reasonably possible change in risk variable (in percent) | 10.00% |
Currency risk | EUR | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
10% increase, trade receivables | $ 81 |
10% increase, trade payables | 451 |
10% decrease, trade receivables | (81) |
10% decrease, trade payables | (451) |
Currency risk | BRL | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
10% increase, trade receivables | 71 |
10% increase, trade payables | 93 |
10% decrease, trade receivables | (71) |
10% decrease, trade payables | (93) |
Currency risk | CAD | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
10% increase, trade receivables | 4 |
10% increase, trade payables | 28 |
10% decrease, trade receivables | (4) |
10% decrease, trade payables | (28) |
Currency risk | KZT | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
10% increase, trade receivables | 4 |
10% increase, trade payables | 21 |
10% decrease, trade receivables | (4) |
10% decrease, trade payables | (21) |
Currency risk | ZAR | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
10% increase, trade receivables | 8 |
10% increase, trade payables | 25 |
10% decrease, trade receivables | (8) |
10% decrease, trade payables | (25) |
Currency risk | MXN | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
10% increase, trade receivables | 6 |
10% increase, trade payables | 5 |
10% decrease, trade receivables | (6) |
10% decrease, trade payables | (5) |
Currency risk | UAH | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
10% increase, trade receivables | 6 |
10% increase, trade payables | 16 |
10% decrease, trade receivables | (6) |
10% decrease, trade payables | (16) |
Currency risk | PLN | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
10% increase, trade receivables | 17 |
10% increase, trade payables | 62 |
10% decrease, trade receivables | (17) |
10% decrease, trade payables | (62) |
Currency risk | ARS | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
10% increase, trade receivables | 5 |
10% increase, trade payables | 6 |
10% decrease, trade receivables | (5) |
10% decrease, trade payables | (6) |
Currency risk | Trade payables | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
Risk exposure associated with instruments sharing characteristic | 11,525 |
Currency risk | Trade payables | USD | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
Risk exposure associated with instruments sharing characteristic | 4,168 |
Currency risk | Trade payables | EUR | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
Risk exposure associated with instruments sharing characteristic | 4,507 |
Currency risk | Trade payables | BRL | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
Risk exposure associated with instruments sharing characteristic | 934 |
Currency risk | Trade payables | CAD | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
Risk exposure associated with instruments sharing characteristic | 284 |
Currency risk | Trade payables | KZT | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
Risk exposure associated with instruments sharing characteristic | 206 |
Currency risk | Trade payables | ZAR | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
Risk exposure associated with instruments sharing characteristic | 249 |
Currency risk | Trade payables | MXN | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
Risk exposure associated with instruments sharing characteristic | 54 |
Currency risk | Trade payables | UAH | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
Risk exposure associated with instruments sharing characteristic | 161 |
Currency risk | Trade payables | PLN | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
Risk exposure associated with instruments sharing characteristic | 615 |
Currency risk | Trade payables | ARS | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
Risk exposure associated with instruments sharing characteristic | 61 |
Currency risk | Trade payables | Other | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
Risk exposure associated with instruments sharing characteristic | 286 |
Currency risk | Trade receivables | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
Risk exposure associated with instruments sharing characteristic | 3,072 |
Currency risk | Trade receivables | USD | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
Risk exposure associated with instruments sharing characteristic | 830 |
Currency risk | Trade receivables | EUR | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
Risk exposure associated with instruments sharing characteristic | 805 |
Currency risk | Trade receivables | BRL | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
Risk exposure associated with instruments sharing characteristic | 705 |
Currency risk | Trade receivables | CAD | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
Risk exposure associated with instruments sharing characteristic | 42 |
Currency risk | Trade receivables | KZT | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
Risk exposure associated with instruments sharing characteristic | 42 |
Currency risk | Trade receivables | ZAR | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
Risk exposure associated with instruments sharing characteristic | 82 |
Currency risk | Trade receivables | MXN | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
Risk exposure associated with instruments sharing characteristic | 55 |
Currency risk | Trade receivables | UAH | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
Risk exposure associated with instruments sharing characteristic | 62 |
Currency risk | Trade receivables | PLN | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
Risk exposure associated with instruments sharing characteristic | 165 |
Currency risk | Trade receivables | ARS | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
Risk exposure associated with instruments sharing characteristic | 51 |
Currency risk | Trade receivables | Other | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
Risk exposure associated with instruments sharing characteristic | $ 233 |
FINANCING AND FINANCIAL INST_21
FINANCING AND FINANCIAL INSTRUMENTS - Risk management policy - Liquidity Risk (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Non-derivative financial liabilities | ||
Trade and other payables | $ (11,525) | $ (12,614) |
Liquidity risk | ||
Non-derivative financial liabilities | ||
Bonds | (7,888) | (9,398) |
Bonds, contractual cash flow | (10,307) | (12,227) |
Loans over 100 | (1,998) | (1,968) |
Loans over 100, contractual cash flow | (2,345) | (2,405) |
Trade and other payables | (11,525) | (12,614) |
Trade and other payables, contractual cash flow | (11,530) | (12,619) |
Other loans and lease | (2,436) | (2,974) |
Other loans and lease, contractual cash flow | (2,692) | (3,257) |
Total | (23,847) | (26,954) |
Total, contractual cash flow | (26,874) | (30,508) |
Derivative financial liabilities | ||
Derivative liabilities, fair value | (304) | (546) |
Derivative financial liabilities, contractual cash flow | (304) | (546) |
Liquidity risk | Equity contract | ||
Derivative financial liabilities | ||
Derivative liabilities, fair value | (125) | |
Derivative financial liabilities, contractual cash flow | (125) | |
Liquidity risk | Foreign exchange contracts | ||
Derivative financial liabilities | ||
Derivative liabilities, fair value | (170) | (90) |
Derivative financial liabilities, contractual cash flow | (170) | (90) |
Liquidity risk | Other commodities contracts | ||
Derivative financial liabilities | ||
Derivative liabilities, fair value | (134) | (331) |
Derivative financial liabilities, contractual cash flow | (134) | (331) |
Liquidity risk | 1 year or less | ||
Non-derivative financial liabilities | ||
Bonds, contractual cash flow | (616) | (880) |
Loans over 100, contractual cash flow | (769) | (534) |
Trade and other payables, contractual cash flow | (11,530) | (12,619) |
Other loans and lease, contractual cash flow | (1,448) | (1,886) |
Total, contractual cash flow | (14,363) | (15,919) |
Derivative financial liabilities | ||
Derivative financial liabilities, contractual cash flow | (208) | (308) |
Liquidity risk | 1 year or less | Equity contract | ||
Derivative financial liabilities | ||
Derivative financial liabilities, contractual cash flow | (125) | |
Liquidity risk | 1 year or less | Foreign exchange contracts | ||
Derivative financial liabilities | ||
Derivative financial liabilities, contractual cash flow | (149) | (49) |
Liquidity risk | 1 year or less | Other commodities contracts | ||
Derivative financial liabilities | ||
Derivative financial liabilities, contractual cash flow | (59) | (134) |
Liquidity risk | Later than one year and not later than two years | ||
Non-derivative financial liabilities | ||
Bonds, contractual cash flow | (851) | (643) |
Loans over 100, contractual cash flow | (190) | (453) |
Trade and other payables, contractual cash flow | 0 | 0 |
Other loans and lease, contractual cash flow | (211) | (297) |
Total, contractual cash flow | (1,252) | (1,393) |
Derivative financial liabilities | ||
Derivative financial liabilities, contractual cash flow | (41) | (76) |
Liquidity risk | Later than one year and not later than two years | Equity contract | ||
Derivative financial liabilities | ||
Derivative financial liabilities, contractual cash flow | 0 | |
Liquidity risk | Later than one year and not later than two years | Foreign exchange contracts | ||
Derivative financial liabilities | ||
Derivative financial liabilities, contractual cash flow | (13) | 0 |
Liquidity risk | Later than one year and not later than two years | Other commodities contracts | ||
Derivative financial liabilities | ||
Derivative financial liabilities, contractual cash flow | (28) | (76) |
Liquidity risk | Later than two years and not later than five years | ||
Non-derivative financial liabilities | ||
Bonds, contractual cash flow | (5,135) | (5,542) |
Loans over 100, contractual cash flow | (998) | (1,014) |
Trade and other payables, contractual cash flow | 0 | 0 |
Other loans and lease, contractual cash flow | (546) | (528) |
Total, contractual cash flow | (6,679) | (7,084) |
Derivative financial liabilities | ||
Derivative financial liabilities, contractual cash flow | (55) | (103) |
Liquidity risk | Later than two years and not later than five years | Equity contract | ||
Derivative financial liabilities | ||
Derivative financial liabilities, contractual cash flow | 0 | |
Liquidity risk | Later than two years and not later than five years | Foreign exchange contracts | ||
Derivative financial liabilities | ||
Derivative financial liabilities, contractual cash flow | (8) | 0 |
Liquidity risk | Later than two years and not later than five years | Other commodities contracts | ||
Derivative financial liabilities | ||
Derivative financial liabilities, contractual cash flow | (47) | (103) |
Liquidity risk | Greater than 5 years | ||
Non-derivative financial liabilities | ||
Bonds, contractual cash flow | (3,705) | (5,162) |
Loans over 100, contractual cash flow | (388) | (404) |
Trade and other payables, contractual cash flow | 0 | 0 |
Other loans and lease, contractual cash flow | (487) | (546) |
Total, contractual cash flow | (4,580) | (6,112) |
Derivative financial liabilities | ||
Derivative financial liabilities, contractual cash flow | 0 | (59) |
Liquidity risk | Greater than 5 years | Equity contract | ||
Derivative financial liabilities | ||
Derivative financial liabilities, contractual cash flow | 0 | |
Liquidity risk | Greater than 5 years | Foreign exchange contracts | ||
Derivative financial liabilities | ||
Derivative financial liabilities, contractual cash flow | 0 | (41) |
Liquidity risk | Greater than 5 years | Other commodities contracts | ||
Derivative financial liabilities | ||
Derivative financial liabilities, contractual cash flow | $ 0 | $ (18) |
FINANCING AND FINANCIAL INST_22
FINANCING AND FINANCIAL INSTRUMENTS - Risk management policy - Cash Flow Hedges (Details) - Cash flow hedges - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
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 | $ 333 | $ (141) |
Reserve of cash flow hedges | 199 | 217 |
Derivative contract, equity method investments | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Reserve of cash flow hedges | 30 | 0 |
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 | 60 | 51 |
Reserve of cash flow hedges | 20 | 65 |
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 | (30) | (44) |
Reserve of cash flow hedges | 18 | 55 |
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 | 114 | 48 |
Reserve of cash flow hedges | 18 | 121 |
Later than one year and not later than two 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 | 180 | (47) |
Reserve of cash flow hedges | 87 | (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 | 9 | (149) |
Reserve of cash flow hedges | 56 | 4 |
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 | (37) | 46 |
Reserve of cash flow hedges | (13) | 13 |
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 | (29) | 67 |
Reserve of cash flow hedges | 3 | 9 |
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 | (31) | (17) |
Reserve of cash flow hedges | 1 | 1 |
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 | (21) | (4) |
Reserve of cash flow hedges | (23) | 3 |
Foreign exchange contracts | Later than one year and not later than two 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 | 2 | 0 |
Reserve of cash flow hedges | 2 | 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 | 42 | 0 |
Reserve of cash flow hedges | 4 | 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 | (35) | (275) |
Reserve of cash flow hedges | (2) | (106) |
Commodities | 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 | 176 | |
Reserve of cash flow hedges | 29 | |
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 | 0 | (12) |
Reserve of cash flow hedges | 2 | (16) |
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 | 1 | (27) |
Reserve of cash flow hedges | 2 | (19) |
Commodities | 6-12 months | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Financial instruments designated as hedging instruments, at fair value | 6 | (40) |
Reserve of cash flow hedges | 8 | (27) |
Commodities | Later than one year and not later than two 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 | (9) | (47) |
Reserve of cash flow hedges | 4 | (44) |
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 | (33) | (149) |
Reserve of cash flow hedges | (18) | 0 |
Emission rights | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Financial instruments designated as hedging instruments, at fair value | 405 | 88 |
Reserve of cash flow hedges | 214 | 310 |
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 | 89 | (4) |
Reserve of cash flow hedges | 15 | 72 |
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 | 15 | 73 |
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 | 129 | 92 |
Reserve of cash flow hedges | 33 | 145 |
Emission rights | Later than one year and not later than two 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 | 187 | 0 |
Reserve of cash flow hedges | 81 | 16 |
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 | $ 70 | $ 4 |
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, 2020USD ($) | Dec. 31, 2019USD ($) | |
Disclosure of detailed information about hedging instruments [line items] | ||
Assets carrying amount | $ 506 | $ 198 |
Liabilities carrying amount | (173) | (339) |
Cash Flow Hedge Reserve Rollforward: | ||
Cash flow hedge reserve at beginning of period | 235 | 661 |
Hedging gains or losses of the reporting period that were recognized in OCI | 35 | 316 |
Gains or losses reclassification adjustment and hedge ineffectiveness | (91) | (419) |
Basis adjustment | 20 | (323) |
Cash flow hedge reserve at end of period | 199 | 235 |
Reserve of cash flow hedges | 199 | 217 |
Foreign exchange contracts | ||
Cash Flow Hedge Reserve Rollforward: | ||
Reserve of cash flow hedges | (13) | 13 |
Commodities | ||
Cash Flow Hedge Reserve Rollforward: | ||
Reserve of cash flow hedges | (2) | (106) |
Commodities | Pellet purchase agreement | ||
Cash Flow Hedge Reserve Rollforward: | ||
Reserve of cash flow hedges | 29 | |
Emission rights | ||
Cash Flow Hedge Reserve Rollforward: | ||
Reserve of cash flow hedges | 214 | 310 |
Currency risk | Foreign exchange contracts | ||
Cash Flow Hedge Reserve Rollforward: | ||
Cash flow hedge reserve at beginning of period | 31 | 282 |
Hedging gains or losses of the reporting period that were recognized in OCI | (96) | 76 |
Gains or losses reclassification adjustment and hedge ineffectiveness | 35 | (4) |
Basis adjustment | 17 | (323) |
Cash flow hedge reserve at end of period | (13) | 31 |
Commodity price risk | Commodities | ||
Cash Flow Hedge Reserve Rollforward: | ||
Cash flow hedge reserve at beginning of period | (106) | (399) |
Hedging gains or losses of the reporting period that were recognized in OCI | (140) | 272 |
Gains or losses reclassification adjustment and hedge ineffectiveness | 241 | 21 |
Basis adjustment | 3 | 0 |
Cash flow hedge reserve at end of period | (2) | (106) |
Commodity price risk | Emission rights | ||
Cash Flow Hedge Reserve Rollforward: | ||
Cash flow hedge reserve at beginning of period | 310 | 778 |
Hedging gains or losses of the reporting period that were recognized in OCI | 271 | (32) |
Gains or losses reclassification adjustment and hedge ineffectiveness | (367) | (436) |
Basis adjustment | 0 | 0 |
Cash flow hedge reserve at end of period | $ 214 | $ 310 |
Current prepayments and other current assets and 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 | 2,379 | |
Assets carrying amount | $ 3 | |
Liabilities carrying amount | $ (84) | |
Current prepayments and other current assets and accrued expenses and other liabilities | Commodity price risk | Commodities | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Nominal amount of the hedging instrument | 459 | |
Assets carrying amount | $ 22 | |
Liabilities carrying amount | $ (14) | |
Current prepayments and other current assets and 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 | 686 | |
Assets carrying amount | $ 218 | |
Liabilities carrying amount | $ 0 | |
Other assets and other long-term obligations | Currency risk | Foreign exchange contracts | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Nominal amount of the hedging instrument | 440 | |
Assets carrying amount | $ 44 | |
Liabilities carrying amount | $ 0 | |
Other assets and other long-term obligations | Commodity price risk | Commodities | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Nominal amount of the hedging instrument | 971 | |
Assets carrying amount | $ 32 | |
Liabilities carrying amount | $ (75) | |
Other assets and other long-term obligations | Commodity price risk | Emission rights | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Nominal amount of the hedging instrument | 348 | |
Assets carrying amount | $ 187 | |
Liabilities carrying amount | $ 0 | |
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 | 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/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 | Commodities | Pellet purchase agreement | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Liabilities carrying amount | $ 38 | |
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 | Pellet purchase agreement | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Liabilities carrying amount | $ 138 |
FINANCING AND FINANCIAL INST_24
FINANCING AND FINANCIAL INSTRUMENTS - Risk management policy - Net investment hedges, Narrative (Details) € in Millions, number in Millions, $ in Millions | 12 Months Ended | ||||||
Dec. 31, 2020USD ($) | Dec. 31, 2020EUR (€) | Dec. 31, 2020USD ($) | Mar. 26, 2020 | Mar. 25, 2020 | Dec. 31, 2019USD ($) | May 27, 2015EUR (€) | |
Disclosure of detailed information about hedging instruments [line items] | |||||||
Gains on hedges of net investments in foreign operations, net of tax | $ 597 | ||||||
Net investment hedge | |||||||
Disclosure of detailed information about hedging instruments [line items] | |||||||
Hedging instrument, liabilities | € 5,156 | $ 6,327 | $ 7,818 | ||||
Hedged item, assets | € | € 7,445 | ||||||
Gains on hedges of net investments in foreign operations, net of tax | (597) | ||||||
Nominal amount of the hedging instrument | 6,335 | 6,335 | 8,288 | ||||
Net investment hedge | Cross Currency Swap, 500 Notional Amount | |||||||
Disclosure of detailed information about hedging instruments [line items] | |||||||
Hedged item, assets | € | € 459 | ||||||
Nominal amount of the hedging instrument | 200 | 300 | |||||
Reclassification adjustments on hedges of net investments in foreign operations, net of tax | $ 8 |
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 | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2020EUR (€) |
Disclosure of detailed information about hedging instruments [line items] | |||||
Notional | 6,335 | 8,288 | 6,335 | 8,288 | 6,335 |
OCI gross | $ 97 | $ 45 | |||
Deferred tax | (27) | (12) | |||
OCI net of deferred tax | 70 | 33 | |||
Net Investment Hedge Fair Value: | |||||
Assets carrying amount | 0 | 0 | $ 0 | $ 0 | |
Liabilities carrying amount | (6,327) | (7,818) | (6,327) | (7,818) | € (5,156) |
Basis adjustment | 0 | 0 | |||
Foreign currency translation reserve | $ 60 | $ 600 | $ 60 | $ 600 | |
Cross Currency Swap, 375 Notional Amount, Maturity January 2016 | |||||
Disclosure of detailed information about hedging instruments [line items] | |||||
Notional | 375 | 375 | 375 | 375 | 375 |
OCI gross | $ 83 | $ 83 | |||
Deferred tax | (24) | (24) | |||
OCI net of deferred tax | $ 59 | $ 59 | |||
Cross Currency Swap, 500 Notional Amount, Maturity March 2020 | |||||
Disclosure of detailed information about hedging instruments [line items] | |||||
Notional | 500 | 500 | 500 | 500 | 500 |
OCI gross | $ 11 | $ (41) | |||
Deferred tax | (3) | 12 | |||
OCI net of deferred tax | $ 8 | $ (29) | |||
Cross Currency Swap, 500 Notional Amount, Maturity July 2019 | |||||
Disclosure of detailed information about hedging instruments [line items] | |||||
Notional | 500 | 500 | 500 | 500 | 500 |
OCI gross | $ (16) | $ (16) | |||
Deferred tax | 5 | 5 | |||
OCI net of deferred tax | $ (11) | $ (11) | |||
Cross Currency Swap, 100 Notional Amount, Maturity June 2018 | |||||
Disclosure of detailed information about hedging instruments [line items] | |||||
Notional | 100 | 100 | 100 | 100 | 100 |
OCI gross | $ 8 | $ 8 | |||
Deferred tax | (2) | (2) | |||
OCI net of deferred tax | $ 6 | $ 6 | |||
Cross Currency Swap, 200 Notional Amount, Maturity November 2019 | |||||
Disclosure of detailed information about hedging instruments [line items] | |||||
Notional | 200 | 200 | 200 | 200 | 200 |
OCI gross | $ 11 | $ 11 | |||
Deferred tax | (3) | (3) | |||
OCI net of deferred tax | $ 8 | $ 8 | |||
Cross Currency Swap, 300 Notional Amount | |||||
Disclosure of detailed information about hedging instruments [line items] | |||||
Notional | 300 | 300 | |||
Net Investment Hedge Fair Value: | |||||
Derivative at fair value at beginning of period | $ (25) | $ (39) | |||
Change in fair value | 14 | ||||
Derivative at fair value at end of period | $ (25) | $ (25) | |||
Derivative maturity term | 10 years | ||||
Cross Currency Swap, 160 Notional Amount | |||||
Disclosure of detailed information about hedging instruments [line items] | |||||
Notional | 160 | 160 | |||
Net Investment Hedge Fair Value: | |||||
Derivative at fair value at beginning of period | $ (13) | $ (21) | |||
Change in fair value | 8 | ||||
Derivative at fair value at end of period | $ (13) | $ (13) | |||
Derivative maturity term | 10 years | ||||
Cross Currency Swap, 40 Notional Amount | |||||
Disclosure of detailed information about hedging instruments [line items] | |||||
Notional | 40 | 40 | |||
Net Investment Hedge Fair Value: | |||||
Derivative at fair value at beginning of period | $ (3) | $ (6) | |||
Change in fair value | 3 | ||||
Derivative at fair value at end of period | $ (3) | $ (3) | |||
Derivative maturity term | 10 years | ||||
Cross currency swap | Currency risk | |||||
Disclosure of detailed information about hedging instruments [line items] | |||||
Notional | 0 | 0 | 0 | ||
Net Investment Hedge Fair Value: | |||||
Assets carrying amount | $ 0 | $ 0 | |||
Liabilities carrying amount | 0 | 0 | |||
Basis adjustment | 0 | ||||
Foreign currency translation reserve | $ 70 | $ 70 | |||
EUR debt | Currency risk | |||||
Disclosure of detailed information about hedging instruments [line items] | |||||
Notional | 6,335 | 7,788 | 6,335 | 7,788 | 6,335 |
Net Investment Hedge Fair Value: | |||||
Assets carrying amount | $ 0 | $ 0 | $ 0 | $ 0 | |
Liabilities carrying amount | (6,327) | (7,777) | (6,327) | (7,777) | |
Basis adjustment | 0 | 0 | |||
Foreign currency translation reserve | $ (10) | $ 567 | (10) | $ 567 | |
Cross currency swap 2018 | |||||
Disclosure of detailed information about hedging instruments [line items] | |||||
Notional | 500 | 500 | |||
Net Investment Hedge Fair Value: | |||||
Derivative at fair value at beginning of period | $ (41) | $ (66) | |||
Change in fair value | 25 | ||||
Derivative at fair value at end of period | $ (41) | $ (41) | |||
Cross currency swap 2018 | Currency risk | |||||
Disclosure of detailed information about hedging instruments [line items] | |||||
Notional | 500 | 500 | |||
Net Investment Hedge Fair Value: | |||||
Assets carrying amount | $ 0 | $ 0 | |||
Liabilities carrying amount | (41) | (41) | |||
Basis adjustment | 0 | ||||
Foreign currency translation reserve | $ 33 | $ 33 |
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, 2020USD ($) | Dec. 31, 2019USD ($) |
Emission rights | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net financial derivatives | $ 407 | $ 88 |
Derivative notional amount | 1,035 | 557 |
Level 2 | ||
Disclosure of detailed information about financial instruments [line items] | ||
Derivative assets associated with raw materials, energy, freight and emission rights | $ 618 | $ 271 |
Derivative liabilities associated with raw materials, energy, freight and emission rights | (304) | (245) |
Level 2 | Total raw materials (base metals), freight, energy, emission rights | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net financial derivatives | 378 | (3) |
Derivative assets associated with raw materials, energy, freight and emission rights | 512 | 152 |
Derivative liabilities associated with raw materials, energy, freight and emission rights | (134) | (155) |
Level 2 | Base Metals | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net financial derivatives | 7 | (6) |
Level 2 | Freight | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net financial derivatives | 0 | 7 |
Level 2 | Energy (oil, gas, electricity) | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net financial derivatives | (36) | (92) |
Level 2 | Emission rights | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net financial derivatives | $ 407 | $ 88 |
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, 2020 | Dec. 31, 2019 | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Reasonably possible increase in risk variable percent (in percent) | 10.00% | |
Reasonably possible decrease in risk variable percent (in percent) | 10.00% | |
Reasonably possible increase in risk variable, impact on income | $ (60) | $ (104) |
Reasonably possible increase in risk variable, impact on equity | 196 | 325 |
Reasonably possible decrease in risk variable, impact on income | 64 | 113 |
Reasonably possible decrease in risk variable, impact on equity | $ (202) | $ (252) |
FINANCING AND FINANCIAL INST_28
FINANCING AND FINANCIAL INSTRUMENTS - Risk management policy - Cash Flow Sensitivity on Variable Rate Instruments (Details) - Interest rate risk - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Reasonably possible decrease in risk variable percent (in basis points) | 10.00% | |
Floating interest rate | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Reasonably possible increase in risk variable percent (in basis points) | 1.00% | 1.00% |
Reasonable possible increase in risk variable, debt | $ 40 | $ 30 |
Reasonable possible increase in risk variable, derivatives | $ 0 | $ 0 |
Reasonably possible decrease in risk variable percent (in basis points) | 1.00% | 1.00% |
Reasonable possible decrease in risk variable, debt | $ (40) | $ (30) |
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) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Commodity price risk | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Reasonably possible increase in risk variable percent (in percent) | 10.00% | 10.00% |
Reasonably possible decrease in risk variable percent (in percent) | 10.00% | |
Commodity price risk | 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 | $ 2 |
Reasonably possible increase in risk variable, impact on equity | 10 | 15 |
Reasonably possible decrease in risk variable, impact on income | (2) | (2) |
Reasonably possible decrease in risk variable, impact on equity | (10) | (15) |
Commodity price risk | 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 | (1) | 0 |
Reasonably possible decrease in risk variable, impact on income | 0 | 0 |
Reasonably possible decrease in risk variable, impact on equity | 1 | 0 |
Commodity price risk | Freight | ||
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 | 3 | 0 |
Reasonably possible decrease in risk variable, impact on income | 0 | 0 |
Reasonably possible decrease in risk variable, impact on equity | (3) | 0 |
Commodity price risk | 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 | 145 | 65 |
Reasonably possible decrease in risk variable, impact on income | 0 | 0 |
Reasonably possible decrease in risk variable, impact on equity | (145) | (65) |
Commodity price risk | 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 | 82 | 71 |
Reasonably possible decrease in risk variable, impact on income | 0 | 0 |
Reasonably possible decrease in risk variable, impact on equity | $ (82) | $ (71) |
Interest rate risk | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Reasonably possible decrease in risk variable percent (in percent) | 10.00% | |
Interest rate risk | Floating interest rate | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Reasonably possible increase in risk variable percent (in percent) | 1.00% | 1.00% |
Reasonably possible decrease in risk variable percent (in percent) | 1.00% | 1.00% |
LEASES - Operating Lease Liabil
LEASES - Operating Lease Liabilities and Right-of-use Assets Recognized Upon Adoption of IFRS 16 (Details) - USD ($) | Jan. 01, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of initial application of standards or interpretations [line items] | |||||
Non-cancellable operating lease commitments as of December 31, 2018 | $ 1,869,000,000 | ||||
Undiscounted operating lease commitments as of January 1, 2019 | $ 1,416,000,000 | $ 1,370,000,000 | |||
Additional lease liabilities as of January 1, 2019 from leases previously classified as operating leases in accordance with IAS 17 | $ 1,559,000,000 | 815,000,000 | 1,127,000,000 | $ 423,000,000 | |
Capitalized amount | 363,000,000 | ||||
Right-of-use assets | 1,768,000,000 | 1,039,000,000 | 1,235,000,000 | ||
Equity | 40,237,000,000 | 40,483,000,000 | 44,108,000,000 | 40,855,000,000 | |
Retained Earnings | |||||
Disclosure of initial application of standards or interpretations [line items] | |||||
Equity | $ 22,097,000,000 | $ 22,883,000,000 | $ 25,611,000,000 | $ 20,635,000,000 | |
IFRS 16 | |||||
Disclosure of initial application of standards or interpretations [line items] | |||||
Recognition exemption for leases of low-value assets | (58,000,000) | ||||
Recognition exemption for short-term leases | (20,000,000) | ||||
Undiscounted operating lease commitments as of January 1, 2019 | $ 1,791,000,000 | ||||
Weighted average lessee's incremental borrowing rate applied to lease liabilities recognised at date of initial application of IFRS 16 | 4.70% | ||||
Effects of discounting using incremental borrowing rates (weighted average rate of 4.7%) | $ (632,000,000) | ||||
Lease liabilities related to assets held for sale | (23,000,000) | ||||
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 | ||||
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 | ||||
Right-of-use assets | 1,136,000,000 | ||||
IFRS 16 | Retained Earnings | |||||
Disclosure of initial application of standards or interpretations [line items] | |||||
Equity | $ 0 |
LEASES - Right-of-use Assets, D
LEASES - Right-of-use Assets, Depreciation and Impairment Charges (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2017 | |
Disclosure of quantitative information about right-of-use assets [line items] | ||||
Lease liabilities | $ 815 | $ 1,127 | $ 1,559 | $ 423 |
Right of-use assets: | ||||
Right-of-use assets | 1,039 | 1,235 | $ 1,768 | |
Depreciation and impairment charges: | ||||
Depreciation and impairment, right-of-use assets | 215 | 406 | ||
Other lease related expenses: | ||||
Interest expense on lease liabilities | 66 | 98 | ||
Expenses of short-term leases | 134 | 165 | ||
Expenses of leases of low-value assets | 61 | 68 | ||
Expenses related to variable lease payments not included in the measurement of lease liabilities | 73 | 65 | ||
Additions to right-of-use assets | 233 | 259 | ||
Lease payments recorded as reduction of lease liabilities and cash outflow from financing activities | 242 | 320 | ||
ArcelorMittal USA LLC | ||||
Other lease related expenses: | ||||
Decrease in right-of-use assets due to disposal of subsidiary | 149 | |||
Decrease in lease liabilities due to disposal of subsidiary | 278 | |||
Land, buildings and Improvements | ||||
Right of-use assets: | ||||
Right-of-use assets | 761 | 854 | ||
Depreciation and impairment charges: | ||||
Depreciation and impairment, right-of-use assets | 114 | 118 | ||
Machinery, equipment and other | ||||
Right of-use assets: | ||||
Right-of-use assets | 278 | 381 | ||
Depreciation and impairment charges: | ||||
Depreciation and impairment, right-of-use assets | $ 101 | $ 288 |
LEASES - Maturity Analysis of L
LEASES - Maturity Analysis of Lease Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of maturity analysis of operating lease payments [line items] | ||
Lease liabilities (undiscounted) | $ 1,416 | $ 1,370 |
1 year or less | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Lease liabilities (undiscounted) | 217 | 279 |
2-3 years | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Lease liabilities (undiscounted) | 265 | 369 |
4-5 years | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Lease liabilities (undiscounted) | 156 | 209 |
Greater than 5 years | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Lease liabilities (undiscounted) | $ 778 | $ 513 |
LEASES - Potential Variable Lea
LEASES - Potential Variable Lease Cash Outflows (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Potential Exposure To Future Cash Outflows Not Reflected In Measurement Of Lease Liability [Line Items] | ||
Potential variable lease payments | $ 348 | $ 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 | 58 | 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 | 99 | 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 | 68 | 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 | $ 123 | $ 73 |
LEASES - Potential Addition_(Re
LEASES - Potential Addition/(Reduction) in Future Cash Flows From Extension Options and/or Termination Options (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure Of Potential Exposure To Future Cash Outflows Not Reflected In Measurement Of Lease Liability [Line Items] | ||
Potential extension options | $ 3 | $ 38 |
Potential termination options | (1) | (6) |
Potential residual value guarantees | 7 | 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 | 1 |
Potential termination options | (1) | (2) |
Potential residual value guarantees | 1 | 1 |
2-3 years | ||
Disclosure Of Potential Exposure To Future Cash Outflows Not Reflected In Measurement Of Lease Liability [Line Items] | ||
Potential extension options | 1 | 8 |
Potential termination options | 0 | (2) |
Potential residual value guarantees | 1 | 1 |
4-5 years | ||
Disclosure Of Potential Exposure To Future Cash Outflows Not Reflected In Measurement Of Lease Liability [Line Items] | ||
Potential extension options | 0 | 13 |
Potential termination options | 0 | (1) |
Potential residual value guarantees | 2 | 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 | 1 | 16 |
Potential termination options | 0 | (1) |
Potential residual value guarantees | $ 3 | $ 0 |
LEASES - Leases Not Yet Commenc
LEASES - Leases Not Yet Commenced (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Potential Exposure To Future Cash Outflows Not Reflected In Measurement Of Lease Liability [Line Items] | ||
Leases not yet commenced | $ 68,000,000 | $ 31,000,000 |
Income from subleasing right-of-use assets | 0 | |
Gains (losses) arising from sale and leaseback transactions | 0 | |
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 | 2,000,000 | 2,000,000 |
2-3 years | ||
Disclosure Of Potential Exposure To Future Cash Outflows Not Reflected In Measurement Of Lease Liability [Line Items] | ||
Leases not yet commenced | 6,000,000 | 8,000,000 |
4-5 years | ||
Disclosure Of Potential Exposure To Future Cash Outflows Not Reflected In Measurement Of Lease Liability [Line Items] | ||
Leases not yet commenced | 9,000,000 | 8,000,000 |
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 | $ 51,000,000 | $ 13,000,000 |
PERSONNEL EXPENSES AND DEFERR_3
PERSONNEL EXPENSES AND DEFERRED EMPLOYEE BENEFITS - Employees and Key Management Personnel Narrative (Details) - employee employee in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Employee Benefits [Abstract] | |||
Number of employees | 168 | 191 | 209 |
PERSONNEL EXPENSES AND DEFERR_4
PERSONNEL EXPENSES AND DEFERRED EMPLOYEE BENEFITS - Employees' Compensation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Employee Benefits [Abstract] | |||
Wages and salaries | $ 7,681 | $ 8,380 | $ 8,176 |
Defined benefits cost (see note 8.2) | 260 | 201 | 264 |
Loss following new labor agreement in the U.S. (see note 8.2) | 0 | 0 | 15 |
Other staff expenses | 1,405 | 1,668 | 2,004 |
Total | $ 9,346 | $ 10,249 | $ 10,459 |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Employee Benefits [Abstract] | |||
Base salary and directors fees | $ 7 | $ 8 | $ 8 |
Short-term performance-related bonus | 3 | 9 | 8 |
Post-employment benefits | 1 | 1 | 1 |
Share-based payments | $ 4 | $ 0 | $ 4 |
PERSONNEL EXPENSES AND DEFERR_6
PERSONNEL EXPENSES AND DEFERRED EMPLOYEE BENEFITS - Deferred Employee Benefits (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of net defined benefit liability (asset) [line items] | ||
Deferred employee benefits | $ 4,656 | $ 7,343 |
Defined benefit liabilities | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Deferred employee benefits | 4,605 | 7,279 |
Pension plan benefits | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Deferred employee benefits | 3,000 | 3,289 |
Other post-employment benefits and other long-term employee benefits ("OPEB") | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Deferred employee benefits | 1,432 | 3,792 |
Termination benefits | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Deferred employee benefits | 173 | 198 |
Provisions for social plans (non-current) | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Deferred employee benefits | $ 51 | $ 64 |
PERSONNEL EXPENSES AND DEFERR_7
PERSONNEL EXPENSES AND DEFERRED EMPLOYEE BENEFITS - Deferred Employee Benefits - Narrative (Details) - USD ($) $ in Millions | Dec. 09, 2020 | Dec. 31, 2015 | Sep. 30, 2020 | Sep. 30, 2014 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2020 |
Disclosure of defined benefit plans [line items] | ||||||||
Deferred employee benefits | $ 4,656 | $ 7,343 | $ 4,656 | |||||
Belgium | ||||||||
Disclosure of defined benefit plans [line items] | ||||||||
Rates of return of insured plans on employer contributions (in percent) | 3.25% | |||||||
Rates of return of insured plans on employee contributions (in percent) | 3.75% | |||||||
Minimum guaranteed rate of return of insured plans (in percent) | 1.75% | |||||||
Collective labor agreement | Canada | ||||||||
Disclosure of defined benefit plans [line items] | ||||||||
Term of collective labor agreement | 6 years | 6 years | ||||||
Fully funded pension plans | Canada | ||||||||
Disclosure of defined benefit plans [line items] | ||||||||
Deferred employee benefits | 112 | $ 112 | ||||||
Pension defined benefit plans | ||||||||
Disclosure of defined benefit plans [line items] | ||||||||
Deferred employee benefits | 3,000 | 3,289 | 3,000 | |||||
Gains (losses) arising from settlements, net defined benefit liability (asset) | 26 | $ (2) | ||||||
Pension defined benefit plans | Present value of defined benefit obligation | ||||||||
Disclosure of defined benefit plans [line items] | ||||||||
Decrease through disposals, net defined benefit asset | (3,550) | |||||||
Gains (losses) arising from settlements, net defined benefit liability (asset) | 172 | |||||||
Divestments (note 2.3.1) | (3,550) | |||||||
Pension defined benefit plans | Plan assets | ||||||||
Disclosure of defined benefit plans [line items] | ||||||||
Decrease through disposals, net defined benefit asset | (2,842) | |||||||
Gains (losses) arising from settlements, net defined benefit liability (asset) | (146) | |||||||
Divestments (note 2.3.1) | (2,842) | |||||||
Pension defined benefit plans | Canada | ||||||||
Disclosure of defined benefit plans [line items] | ||||||||
Deferred employee benefits | 457 | 377 | 457 | |||||
Gains (losses) arising from settlements, net defined benefit liability (asset) | 0 | (2) | ||||||
Pension defined benefit plans | Canada | Present value of defined benefit obligation | ||||||||
Disclosure of defined benefit plans [line items] | ||||||||
Decrease through disposals, net defined benefit asset | 0 | |||||||
Gains (losses) arising from settlements, net defined benefit liability (asset) | 0 | |||||||
Divestments (note 2.3.1) | 0 | |||||||
Pension defined benefit plans | Canada | Plan assets | ||||||||
Disclosure of defined benefit plans [line items] | ||||||||
Decrease through disposals, net defined benefit asset | 0 | |||||||
Gains (losses) arising from settlements, net defined benefit liability (asset) | 0 | |||||||
Divestments (note 2.3.1) | 0 | |||||||
Pension defined benefit plans | Brazil | ||||||||
Disclosure of defined benefit plans [line items] | ||||||||
Deferred employee benefits | 83 | 90 | 83 | |||||
Gains (losses) arising from settlements, net defined benefit liability (asset) | 26 | 0 | ||||||
Pension defined benefit plans | Brazil | Present value of defined benefit obligation | ||||||||
Disclosure of defined benefit plans [line items] | ||||||||
Decrease through disposals, net defined benefit asset | 0 | |||||||
Gains (losses) arising from settlements, net defined benefit liability (asset) | 169 | |||||||
Divestments (note 2.3.1) | 0 | |||||||
Pension defined benefit plans | Brazil | Plan assets | ||||||||
Disclosure of defined benefit plans [line items] | ||||||||
Decrease through disposals, net defined benefit asset | 0 | |||||||
Gains (losses) arising from settlements, net defined benefit liability (asset) | (143) | |||||||
Divestments (note 2.3.1) | 0 | |||||||
Net periodic OPEB cost | ||||||||
Disclosure of defined benefit plans [line items] | ||||||||
Deferred employee benefits | 1,432 | $ 3,792 | $ 1,432 | |||||
Gains (losses) arising from settlements, net defined benefit liability (asset) | (3) | 2 | ||||||
Net periodic OPEB cost | Present value of defined benefit obligation | ||||||||
Disclosure of defined benefit plans [line items] | ||||||||
Decrease through disposals, net defined benefit asset | (3,024) | |||||||
Gains (losses) arising from settlements, net defined benefit liability (asset) | 3 | |||||||
Divestments (note 2.3.1) | (3,024) | |||||||
Net periodic OPEB cost | Plan assets | ||||||||
Disclosure of defined benefit plans [line items] | ||||||||
Decrease through disposals, net defined benefit asset | (489) | |||||||
Divestments (note 2.3.1) | (489) | |||||||
Net periodic OPEB cost | Canada | ||||||||
Disclosure of defined benefit plans [line items] | ||||||||
Gains (losses) arising from settlements, net defined benefit liability (asset) | 0 | $ 0 | ||||||
Net periodic OPEB cost | Canada | Present value of defined benefit obligation | ||||||||
Disclosure of defined benefit plans [line items] | ||||||||
Decrease through disposals, net defined benefit asset | 0 | |||||||
Gains (losses) arising from settlements, net defined benefit liability (asset) | 0 | |||||||
Divestments (note 2.3.1) | 0 | |||||||
Net periodic OPEB cost | Canada | Plan assets | ||||||||
Disclosure of defined benefit plans [line items] | ||||||||
Decrease through disposals, net defined benefit asset | 0 | |||||||
Divestments (note 2.3.1) | $ 0 | |||||||
ArcelorMittal USA LLC | Net periodic OPEB cost | ||||||||
Disclosure of defined benefit plans [line items] | ||||||||
Decrease through disposals, net defined benefit asset | $ (3,243) | |||||||
Divestments (note 2.3.1) | $ (3,243) |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of net defined benefit liability (asset) [line items] | |||||
Return on plan assets greater/(less) than discount rate | $ 659 | $ 1,121 | |||
Past service cost - Plan amendments | 0 | 0 | $ (15) | ||
Recognized liabilities | $ (4,656) | $ (7,343) | |||
Pension defined benefit plans | |||||
Disclosure of net defined benefit liability (asset) [line items] | |||||
Balance at beginning of the period | 3,264 | ||||
Current service cost | 129 | 114 | 136 | ||
Interest cost (income) | 88 | 112 | 94 | ||
Past service cost - Plan amendments | 6 | 4 | 25 | ||
Past service cost - Curtailments | (2) | ||||
Settlements | (26) | 2 | |||
Balance at end of the period | 2,977 | 3,264 | |||
Present value of the wholly or partly funded obligation | (5,831) | (9,012) | |||
Fair value of plan assets | 4,654 | 7,395 | |||
Net present value of the wholly or partly funded obligation | (1,177) | (1,617) | |||
Present value of the unfunded obligation | (1,773) | (1,617) | |||
Prepaid due to unrecoverable surpluses | (30) | (27) | (27) | (27) | (30) |
Net amount recognized | (3,264) | (3,264) | (2,977) | (3,264) | |
Net assets related to funded obligations | 23 | 25 | |||
Recognized liabilities | (3,000) | (3,289) | |||
Change in unrecoverable surplus | |||||
Unrecoverable surplus at beginning of the period | (30) | (27) | |||
Interest cost on unrecoverable surplus | (1) | (1) | |||
Change in unrecoverable surplus in excess of interest | 4 | (1) | |||
Exchange rates changes | (1) | ||||
Unrecoverable surplus at end of the period | (27) | (30) | (27) | ||
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 | 10,629 | 9,872 | |||
Current service cost | 129 | 114 | |||
Interest cost (income) | 279 | 367 | |||
Past service cost - Plan amendments | 8 | 4 | |||
Past service cost - Curtailments | 2 | ||||
Plan participants’ contribution | 1 | 2 | |||
Settlements | (172) | ||||
Actuarial (gain) loss | 705 | 1,001 | |||
Demographic assumptions | (32) | 16 | |||
Financial assumptions | 795 | 949 | |||
Experience adjustment | (58) | 36 | |||
Benefits paid | (693) | (652) | |||
Divestments (note 2.3.1) | (3,550) | ||||
Foreign currency exchange rate differences and other movements | 94 | 93 | |||
Balance at end of the period | 7,604 | 10,629 | 9,872 | ||
Net amount recognized | (10,629) | (10,629) | (9,872) | (7,604) | (10,629) |
Pension defined benefit plans | Plan assets | |||||
Disclosure of net defined benefit liability (asset) [line items] | |||||
Balance at beginning of the period | (7,395) | (6,877) | |||
Interest cost (income) | (192) | (256) | |||
Return on plan assets greater/(less) than discount rate | 444 | 808 | |||
Employer contribution | 64 | 77 | |||
Past service cost - Plan amendments | 2 | ||||
Plan participants’ contribution | (1) | (2) | |||
Settlements | 146 | ||||
Benefits paid | 579 | 541 | |||
Divestments (note 2.3.1) | (2,842) | ||||
Foreign currency exchange rate differences and other movements | 23 | (62) | |||
Balance at end of the period | (4,654) | (7,395) | (6,877) | ||
Net amount recognized | 7,395 | 7,395 | 6,877 | 4,654 | 7,395 |
United States | Pension defined benefit plans | |||||
Disclosure of net defined benefit liability (asset) [line items] | |||||
Balance at beginning of the period | 624 | ||||
Current service cost | 28 | 26 | 31 | ||
Interest cost (income) | 26 | 35 | 28 | ||
Past service cost - Plan amendments | (1) | 0 | 25 | ||
Past service cost - Curtailments | (2) | ||||
Settlements | 0 | 0 | |||
Balance at end of the period | (6) | 624 | |||
Present value of the wholly or partly funded obligation | (37) | (3,476) | |||
Fair value of plan assets | 45 | 2,881 | |||
Net present value of the wholly or partly funded obligation | 8 | (595) | |||
Present value of the unfunded obligation | (2) | (29) | |||
Prepaid due to unrecoverable surpluses | 0 | 0 | 0 | 0 | 0 |
Net amount recognized | (624) | (624) | 6 | (624) | |
Net assets related to funded obligations | 8 | 8 | |||
Recognized liabilities | (2) | (632) | |||
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 | ||||
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 | 3,505 | 3,266 | |||
Current service cost | 28 | 26 | |||
Interest cost (income) | 95 | 130 | |||
Past service cost - Plan amendments | 1 | 0 | |||
Past service cost - Curtailments | 2 | ||||
Plan participants’ contribution | 0 | 0 | |||
Settlements | 0 | ||||
Actuarial (gain) loss | 237 | 342 | |||
Demographic assumptions | (32) | 2 | |||
Financial assumptions | 286 | 334 | |||
Experience adjustment | (17) | 6 | |||
Benefits paid | (279) | (261) | |||
Divestments (note 2.3.1) | (3,550) | ||||
Foreign currency exchange rate differences and other movements | 0 | 2 | |||
Balance at end of the period | 39 | 3,505 | 3,266 | ||
Net amount recognized | (39) | (3,266) | (3,266) | (39) | (3,505) |
United States | Pension defined benefit plans | Plan assets | |||||
Disclosure of net defined benefit liability (asset) [line items] | |||||
Balance at beginning of the period | (2,881) | (2,676) | |||
Interest cost (income) | (69) | (95) | |||
Return on plan assets greater/(less) than discount rate | 209 | 360 | |||
Employer contribution | 2 | 7 | |||
Past service cost - Plan amendments | 2 | ||||
Plan participants’ contribution | 0 | 0 | |||
Settlements | 0 | ||||
Benefits paid | 276 | 257 | |||
Divestments (note 2.3.1) | (2,842) | ||||
Foreign currency exchange rate differences and other movements | 0 | 0 | |||
Balance at end of the period | (45) | (2,881) | (2,676) | ||
Net amount recognized | 2,881 | 2,881 | 2,676 | 45 | 2,881 |
Canada | Pension defined benefit plans | |||||
Disclosure of net defined benefit liability (asset) [line items] | |||||
Balance at beginning of the period | 364 | ||||
Current service cost | 25 | 21 | 25 | ||
Interest cost (income) | 13 | 19 | 14 | ||
Past service cost - Plan amendments | 3 | 0 | 0 | ||
Past service cost - Curtailments | 0 | ||||
Settlements | 0 | 2 | |||
Balance at end of the period | 446 | 364 | |||
Present value of the wholly or partly funded obligation | (3,575) | (3,345) | |||
Fair value of plan assets | 3,167 | 3,021 | |||
Net present value of the wholly or partly funded obligation | (408) | (324) | |||
Present value of the unfunded obligation | (15) | (15) | |||
Prepaid due to unrecoverable surpluses | (25) | (21) | (21) | (23) | (25) |
Net amount recognized | (364) | (364) | (446) | (364) | |
Net assets related to funded obligations | 11 | 13 | |||
Recognized liabilities | (457) | (377) | |||
Change in unrecoverable surplus | |||||
Unrecoverable surplus at beginning of the period | (25) | (21) | |||
Interest cost on unrecoverable surplus | (1) | (1) | |||
Change in unrecoverable surplus in excess of interest | 3 | (2) | |||
Exchange rates changes | (1) | ||||
Unrecoverable surplus at end of the period | (23) | (25) | (21) | ||
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 | 3,360 | 3,001 | |||
Current service cost | 25 | 21 | |||
Interest cost (income) | 96 | 110 | |||
Past service cost - Plan amendments | 3 | 0 | |||
Past service cost - Curtailments | 0 | ||||
Plan participants’ contribution | 0 | 0 | |||
Settlements | 0 | ||||
Actuarial (gain) loss | 250 | 277 | |||
Demographic assumptions | 0 | 43 | |||
Financial assumptions | 276 | 213 | |||
Experience adjustment | (26) | 21 | |||
Benefits paid | (206) | (201) | |||
Divestments (note 2.3.1) | 0 | ||||
Foreign currency exchange rate differences and other movements | 62 | 152 | |||
Balance at end of the period | 3,590 | 3,360 | 3,001 | ||
Net amount recognized | (3,590) | (3,001) | (3,001) | (3,590) | (3,360) |
Canada | Pension defined benefit plans | Plan assets | |||||
Disclosure of net defined benefit liability (asset) [line items] | |||||
Balance at beginning of the period | (3,021) | (2,664) | |||
Interest cost (income) | (84) | (92) | |||
Return on plan assets greater/(less) than discount rate | 188 | 305 | |||
Employer contribution | 21 | 27 | |||
Past service cost - Plan amendments | 0 | ||||
Plan participants’ contribution | 0 | 0 | |||
Settlements | 0 | ||||
Benefits paid | 205 | 200 | |||
Divestments (note 2.3.1) | 0 | ||||
Foreign currency exchange rate differences and other movements | (58) | (133) | |||
Balance at end of the period | (3,167) | (3,021) | (2,664) | ||
Net amount recognized | 3,167 | 2,664 | 2,664 | 3,167 | 3,021 |
Brazil | Pension defined benefit plans | |||||
Disclosure of net defined benefit liability (asset) [line items] | |||||
Balance at beginning of the period | 90 | ||||
Current service cost | 0 | 0 | 3 | ||
Interest cost (income) | 5 | 4 | 5 | ||
Past service cost - Plan amendments | 0 | 2 | 0 | ||
Past service cost - Curtailments | 0 | ||||
Settlements | (26) | 0 | |||
Balance at end of the period | 83 | 90 | |||
Present value of the wholly or partly funded obligation | (517) | (663) | |||
Fair value of plan assets | 435 | 576 | |||
Net present value of the wholly or partly funded obligation | (82) | (87) | |||
Present value of the unfunded obligation | 0 | (1) | |||
Prepaid due to unrecoverable surpluses | (2) | (3) | (3) | (1) | (2) |
Net amount recognized | (90) | (90) | (83) | (90) | |
Net assets related to funded obligations | 0 | 0 | |||
Recognized liabilities | (83) | (90) | |||
Change in unrecoverable surplus | |||||
Unrecoverable surplus at beginning of the period | (2) | (3) | |||
Interest cost on unrecoverable surplus | 0 | 0 | |||
Change in unrecoverable surplus in excess of interest | 1 | 1 | |||
Exchange rates changes | 0 | ||||
Unrecoverable surplus at end of the period | (1) | (2) | (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 | 664 | 724 | |||
Current service cost | 0 | 0 | |||
Interest cost (income) | 36 | 58 | |||
Past service cost - Plan amendments | 0 | 2 | |||
Past service cost - Curtailments | 0 | ||||
Plan participants’ contribution | 0 | 0 | |||
Settlements | (169) | ||||
Actuarial (gain) loss | (3) | 121 | |||
Demographic assumptions | 0 | 0 | |||
Financial assumptions | 5 | 138 | |||
Experience adjustment | (8) | (17) | |||
Benefits paid | (32) | (42) | |||
Divestments (note 2.3.1) | 0 | ||||
Foreign currency exchange rate differences and other movements | (148) | (30) | |||
Balance at end of the period | 517 | 664 | 724 | ||
Net amount recognized | (517) | (724) | (724) | (517) | (664) |
Brazil | Pension defined benefit plans | Plan assets | |||||
Disclosure of net defined benefit liability (asset) [line items] | |||||
Balance at beginning of the period | (576) | (655) | |||
Interest cost (income) | (31) | (54) | |||
Return on plan assets greater/(less) than discount rate | (12) | 79 | |||
Employer contribution | 1 | 2 | |||
Past service cost - Plan amendments | 0 | ||||
Plan participants’ contribution | 0 | 0 | |||
Settlements | 143 | ||||
Benefits paid | 32 | 42 | |||
Divestments (note 2.3.1) | 0 | ||||
Foreign currency exchange rate differences and other movements | 129 | 29 | |||
Balance at end of the period | (435) | (576) | (655) | ||
Net amount recognized | 435 | 655 | 655 | 435 | 576 |
Europe | Pension defined benefit plans | |||||
Disclosure of net defined benefit liability (asset) [line items] | |||||
Balance at beginning of the period | 1,916 | ||||
Current service cost | 64 | 58 | 68 | ||
Interest cost (income) | 21 | 32 | 27 | ||
Past service cost - Plan amendments | 4 | 2 | 0 | ||
Past service cost - Curtailments | 0 | ||||
Settlements | 0 | 0 | |||
Balance at end of the period | 2,169 | 1,916 | |||
Present value of the wholly or partly funded obligation | (1,702) | (1,528) | |||
Fair value of plan assets | 1,007 | 917 | |||
Net present value of the wholly or partly funded obligation | (695) | (611) | |||
Present value of the unfunded obligation | (1,471) | (1,302) | |||
Prepaid due to unrecoverable surpluses | (3) | (3) | (3) | (3) | (3) |
Net amount recognized | (1,916) | (1,916) | (2,169) | (1,916) | |
Net assets related to funded obligations | 4 | 4 | |||
Recognized liabilities | (2,173) | (1,920) | |||
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 | 0 | 0 | |||
Exchange rates changes | 0 | ||||
Unrecoverable surplus at end of the period | (3) | (3) | (3) | ||
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 | 2,830 | 2,716 | |||
Current service cost | 64 | 58 | |||
Interest cost (income) | 29 | 47 | |||
Past service cost - Plan amendments | 4 | 2 | |||
Past service cost - Curtailments | 0 | ||||
Plan participants’ contribution | 1 | 2 | |||
Settlements | (3) | ||||
Actuarial (gain) loss | 185 | 176 | |||
Demographic assumptions | 0 | (29) | |||
Financial assumptions | 214 | 209 | |||
Experience adjustment | (29) | (4) | |||
Benefits paid | (149) | (127) | |||
Divestments (note 2.3.1) | 0 | ||||
Foreign currency exchange rate differences and other movements | 209 | (41) | |||
Balance at end of the period | 3,173 | 2,830 | 2,716 | ||
Net amount recognized | (2,830) | (2,830) | (2,716) | (3,173) | (2,830) |
Europe | Pension defined benefit plans | Plan assets | |||||
Disclosure of net defined benefit liability (asset) [line items] | |||||
Balance at beginning of the period | (917) | (882) | |||
Interest cost (income) | (8) | (15) | |||
Return on plan assets greater/(less) than discount rate | 59 | 64 | |||
Employer contribution | 40 | 41 | |||
Past service cost - Plan amendments | 0 | ||||
Plan participants’ contribution | (1) | (2) | |||
Settlements | 3 | ||||
Benefits paid | 66 | 42 | |||
Divestments (note 2.3.1) | 0 | ||||
Foreign currency exchange rate differences and other movements | (48) | 42 | |||
Balance at end of the period | (1,007) | (917) | (882) | ||
Net amount recognized | 1,007 | 882 | 882 | 1,007 | 917 |
Other | Pension defined benefit plans | |||||
Disclosure of net defined benefit liability (asset) [line items] | |||||
Balance at beginning of the period | 270 | ||||
Current service cost | 12 | 9 | 9 | ||
Interest cost (income) | 23 | 22 | 20 | ||
Past service cost - Plan amendments | 0 | 0 | 0 | ||
Past service cost - Curtailments | 0 | ||||
Settlements | 0 | 0 | |||
Balance at end of the period | 285 | 270 | |||
Present value of the wholly or partly 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 | (285) | (270) | |||
Prepaid due to unrecoverable surpluses | 0 | 0 | 0 | 0 | 0 |
Net amount recognized | (270) | (270) | (285) | (270) | |
Net assets related to funded obligations | 0 | 0 | |||
Recognized liabilities | (285) | (270) | |||
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 | ||||
Unrecoverable surplus at end of the period | 0 | 0 | 0 | ||
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 | 270 | 165 | |||
Current service cost | 12 | 9 | |||
Interest cost (income) | 23 | 22 | |||
Past service cost - Plan amendments | 0 | 0 | |||
Past service cost - Curtailments | 0 | ||||
Plan participants’ contribution | 0 | 0 | |||
Settlements | 0 | ||||
Actuarial (gain) loss | 36 | 85 | |||
Demographic assumptions | 0 | 0 | |||
Financial assumptions | 14 | 55 | |||
Experience adjustment | 22 | 30 | |||
Benefits paid | (27) | (21) | |||
Divestments (note 2.3.1) | 0 | ||||
Foreign currency exchange rate differences and other movements | (29) | 10 | |||
Balance at end of the period | 285 | 270 | 165 | ||
Net amount recognized | (285) | (165) | (165) | (285) | (270) |
Other | Pension defined benefit plans | Plan assets | |||||
Disclosure of net defined benefit liability (asset) [line items] | |||||
Balance at beginning of the period | 0 | 0 | |||
Interest cost (income) | 0 | 0 | |||
Return on plan assets greater/(less) than discount rate | 0 | ||||
Employer contribution | 0 | 0 | |||
Past service cost - Plan amendments | 0 | ||||
Plan participants’ contribution | 0 | 0 | |||
Settlements | 0 | ||||
Benefits paid | 0 | 0 | |||
Divestments (note 2.3.1) | 0 | ||||
Foreign currency exchange rate differences and other movements | 0 | 0 | |||
Balance at end of the period | 0 | 0 | 0 | ||
Net amount recognized | $ 0 | $ 0 | $ 0 | $ 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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of net defined benefit liability (asset) [line items] | |||
Past service cost - Plan amendments | $ 0 | $ 0 | $ (15) |
Total | 430 | 435 | 478 |
Pension defined benefit plans | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Current service cost | 129 | 114 | 136 |
Past service cost - Plan amendments | 6 | 4 | 25 |
Past service cost - Curtailments | 2 | ||
Past service cost - Curtailments | (26) | 2 | |
Cost of termination benefits | 6 | ||
Net interest cost/(income) on net DB liability/(asset) | 88 | 112 | 94 |
Total | 225 | 204 | 263 |
United States | Pension defined benefit plans | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Current service cost | 28 | 26 | 31 |
Past service cost - Plan amendments | (1) | 0 | 25 |
Past service cost - Curtailments | 2 | ||
Past service cost - Curtailments | 0 | 0 | |
Cost of termination benefits | 0 | ||
Net interest cost/(income) on net DB liability/(asset) | 26 | 35 | 28 |
Total | 55 | 61 | 84 |
Canada | Pension defined benefit plans | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Current service cost | 25 | 21 | 25 |
Past service cost - Plan amendments | 3 | 0 | 0 |
Past service cost - Curtailments | 0 | ||
Past service cost - Curtailments | 0 | 2 | |
Cost of termination benefits | 0 | ||
Net interest cost/(income) on net DB liability/(asset) | 13 | 19 | 14 |
Total | 41 | 40 | 41 |
Brazil | Pension defined benefit plans | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Current service cost | 0 | 0 | 3 |
Past service cost - Plan amendments | 0 | 2 | 0 |
Past service cost - Curtailments | 0 | ||
Past service cost - Curtailments | (26) | 0 | |
Cost of termination benefits | 0 | ||
Net interest cost/(income) on net DB liability/(asset) | 5 | 4 | 5 |
Total | 5 | (20) | 8 |
Europe | Pension defined benefit plans | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Current service cost | 64 | 58 | 68 |
Past service cost - Plan amendments | 4 | 2 | 0 |
Past service cost - Curtailments | 0 | ||
Past service cost - Curtailments | 0 | 0 | |
Cost of termination benefits | 6 | ||
Net interest cost/(income) on net DB liability/(asset) | 21 | 32 | 27 |
Total | 89 | 92 | 101 |
Other | Pension defined benefit plans | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Current service cost | 12 | 9 | 9 |
Past service cost - Plan amendments | 0 | 0 | 0 |
Past service cost - Curtailments | 0 | ||
Past service cost - Curtailments | 0 | 0 | |
Cost of termination benefits | 0 | ||
Net interest cost/(income) on net DB liability/(asset) | 23 | 22 | 20 |
Total | $ 35 | $ 31 | $ 29 |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of net defined benefit liability (asset) [line items] | |||||
Past service cost - Plan amendments | $ 0 | $ 0 | $ (15) | ||
Return on plan assets greater/(less) than discount rate | 659 | 1,121 | |||
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 | 3,792 | ||||
Current service cost | 85 | 80 | 85 | ||
Interest cost (income) | 110 | 143 | 138 | ||
Past service cost - Plan amendments | (1) | (13) | |||
Past service cost - Curtailments | (3) | 2 | |||
Balance at end of the period | 1,432 | 3,792 | |||
Present value of the wholly or partly funded obligation | $ (34) | $ (575) | |||
Fair value of plan assets | 6 | 502 | |||
Net present value of the wholly or partly funded obligation | (28) | (73) | |||
Present value of the unfunded obligation | (1,404) | (3,719) | |||
Net amount recognized | (3,792) | (3,792) | (1,432) | (3,792) | |
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 | 4,294 | 4,098 | |||
Current service cost | 85 | 80 | |||
Interest cost (income) | 122 | 163 | |||
Past service cost - Plan amendments | (1) | ||||
Past service cost - Curtailments | 3 | ||||
Plan participants’ contribution | (23) | (29) | |||
Actuarial (gain) loss | 113 | 129 | |||
Demographic assumptions | (39) | 4 | |||
Financial assumptions | 266 | 256 | |||
Experience adjustment | (114) | (131) | |||
Benefits paid | (208) | (242) | |||
Divestments (note 2.3.1) | (3,024) | ||||
Foreign currency exchange rate differences and other movements | 31 | 37 | |||
Balance at end of the period | 1,438 | 4,294 | 4,098 | ||
Net amount recognized | (1,438) | (4,098) | (4,098) | (1,438) | (4,294) |
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 | (502) | (498) | |||
Interest cost (income) | (12) | (20) | |||
Plan participants’ contribution | 23 | 29 | |||
Return on plan assets greater/(less) than discount rate | 11 | 37 | |||
Employer contribution | (32) | (25) | |||
Benefits paid | 22 | 57 | |||
Divestments (note 2.3.1) | (489) | ||||
Foreign currency exchange rate differences and other movements | 1 | ||||
Balance at end of the period | (6) | (502) | (498) | ||
Net amount recognized | 502 | 502 | 498 | 6 | 502 |
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 | 2,480 | ||||
Current service cost | 44 | 40 | 49 | ||
Interest cost (income) | 79 | 104 | 103 | ||
Past service cost - Plan amendments | 0 | (10) | |||
Past service cost - Curtailments | (3) | 0 | |||
Balance at end of the period | 28 | 2,480 | |||
Present value of the wholly or partly funded obligation | 0 | (531) | |||
Fair value of plan assets | 0 | 496 | |||
Net present value of the wholly or partly funded obligation | 0 | (35) | |||
Present value of the unfunded obligation | (28) | (2,445) | |||
Net amount recognized | (2,480) | (2,480) | (28) | (2,480) | |
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 | 2,976 | 2,907 | |||
Current service cost | 44 | 40 | |||
Interest cost (income) | 91 | 124 | |||
Past service cost - Plan amendments | 0 | ||||
Past service cost - Curtailments | 3 | ||||
Plan participants’ contribution | (23) | (29) | |||
Actuarial (gain) loss | 46 | 29 | |||
Demographic assumptions | (39) | (11) | |||
Financial assumptions | 170 | 169 | |||
Experience adjustment | (85) | (129) | |||
Benefits paid | (131) | (170) | |||
Divestments (note 2.3.1) | (3,024) | ||||
Foreign currency exchange rate differences and other movements | 0 | 17 | |||
Balance at end of the period | 28 | 2,976 | 2,907 | ||
Net amount recognized | (28) | (2,907) | (2,907) | (28) | (2,976) |
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 | (496) | (491) | |||
Interest cost (income) | (12) | (20) | |||
Plan participants’ contribution | 23 | 29 | |||
Return on plan assets greater/(less) than discount rate | 11 | 37 | |||
Employer contribution | (32) | (25) | |||
Benefits paid | 21 | 56 | |||
Divestments (note 2.3.1) | (489) | ||||
Foreign currency exchange rate differences and other movements | 0 | ||||
Balance at end of the period | 0 | (496) | (491) | ||
Net amount recognized | 496 | 496 | 491 | 0 | 496 |
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 | 688 | ||||
Current service cost | 10 | 9 | 10 | ||
Interest cost (income) | 19 | 22 | 21 | ||
Past service cost - Plan amendments | (1) | (1) | |||
Past service cost - Curtailments | 0 | 0 | |||
Balance at end of the period | 742 | 688 | |||
Present value of the wholly or partly 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 | (742) | (688) | |||
Net amount recognized | (688) | (688) | (742) | (688) | |
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 | 688 | 591 | |||
Current service cost | 10 | 9 | |||
Interest cost (income) | 19 | 22 | |||
Past service cost - Plan amendments | (1) | ||||
Past service cost - Curtailments | 0 | ||||
Plan participants’ contribution | 0 | 0 | |||
Actuarial (gain) loss | 41 | 67 | |||
Demographic assumptions | 0 | 15 | |||
Financial assumptions | 54 | 53 | |||
Experience adjustment | (13) | (1) | |||
Benefits paid | (30) | (31) | |||
Divestments (note 2.3.1) | 0 | ||||
Foreign currency exchange rate differences and other movements | 15 | 30 | |||
Balance at end of the period | 742 | 688 | 591 | ||
Net amount recognized | (688) | (688) | (591) | (742) | (688) |
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/(less) than discount rate | 0 | 0 | |||
Employer contribution | 0 | 0 | |||
Benefits paid | 0 | 0 | |||
Divestments (note 2.3.1) | 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 | 540 | ||||
Current service cost | 27 | 28 | 25 | ||
Interest cost (income) | 7 | 11 | 12 | ||
Past service cost - Plan amendments | 0 | (2) | |||
Past service cost - Curtailments | 0 | 2 | |||
Balance at end of the period | 584 | 540 | |||
Present value of the wholly or partly funded obligation | (34) | (44) | |||
Fair value of plan assets | 6 | 6 | |||
Net present value of the wholly or partly funded obligation | (28) | (38) | |||
Present value of the unfunded obligation | (556) | (502) | |||
Net amount recognized | (540) | (540) | (584) | (540) | |
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 | 546 | 531 | |||
Current service cost | 27 | 28 | |||
Interest cost (income) | 7 | 11 | |||
Past service cost - Plan amendments | 0 | ||||
Past service cost - Curtailments | 0 | ||||
Plan participants’ contribution | 0 | 0 | |||
Actuarial (gain) loss | 26 | 26 | |||
Demographic assumptions | 0 | 0 | |||
Financial assumptions | 37 | 25 | |||
Experience adjustment | (11) | 1 | |||
Benefits paid | (37) | (37) | |||
Divestments (note 2.3.1) | 0 | ||||
Foreign currency exchange rate differences and other movements | 21 | (13) | |||
Balance at end of the period | 590 | 546 | 531 | ||
Net amount recognized | (546) | (546) | (531) | (590) | (546) |
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 | (6) | (7) | |||
Interest cost (income) | 0 | 0 | |||
Plan participants’ contribution | 0 | 0 | |||
Return on plan assets greater/(less) than discount rate | 0 | 0 | |||
Employer contribution | 0 | 0 | |||
Benefits paid | 1 | 1 | |||
Divestments (note 2.3.1) | 0 | ||||
Foreign currency exchange rate differences and other movements | 1 | ||||
Balance at end of the period | (6) | (6) | (7) | ||
Net amount recognized | 6 | 6 | 7 | 6 | 6 |
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 | 84 | ||||
Current service cost | 4 | 3 | 1 | ||
Interest cost (income) | 5 | 6 | 2 | ||
Past service cost - Plan amendments | 0 | 0 | |||
Past service cost - Curtailments | 0 | 0 | |||
Balance at end of the period | 78 | 84 | |||
Present value of the wholly or partly 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 | (78) | (84) | |||
Net amount recognized | (84) | (84) | (78) | (84) | |
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 | 84 | 69 | |||
Current service cost | 4 | 3 | |||
Interest cost (income) | 5 | 6 | |||
Past service cost - Plan amendments | 0 | ||||
Past service cost - Curtailments | 0 | ||||
Plan participants’ contribution | 0 | 0 | |||
Actuarial (gain) loss | 0 | 7 | |||
Demographic assumptions | 0 | 0 | |||
Financial assumptions | 5 | 9 | |||
Experience adjustment | (5) | (2) | |||
Benefits paid | (10) | (4) | |||
Divestments (note 2.3.1) | 0 | ||||
Foreign currency exchange rate differences and other movements | (5) | 3 | |||
Balance at end of the period | 78 | 84 | 69 | ||
Net amount recognized | (84) | (84) | (69) | (78) | (84) |
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/(less) than discount rate | 0 | 0 | |||
Employer contribution | 0 | 0 | |||
Benefits paid | 0 | 0 | |||
Divestments (note 2.3.1) | 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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of net defined benefit liability (asset) [line items] | |||
Past service cost - Plan amendments | $ 0 | $ 0 | $ (15) |
Total | 430 | 435 | 478 |
Other post-employment benefits and other long-term employee benefits ("OPEB") | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Current service cost | 85 | 80 | 85 |
Past service cost - Plan amendments | (1) | (13) | |
Past service cost - Curtailments | 3 | (2) | |
Net interest cost/(income) on net DB liability/(asset) | 110 | 143 | 138 |
Actuarial losses recognized during the year | 8 | 8 | 7 |
Total | 205 | 231 | 215 |
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 | 44 | 40 | 49 |
Past service cost - Plan amendments | 0 | (10) | |
Past service cost - Curtailments | 3 | 0 | |
Net interest cost/(income) on net DB liability/(asset) | 79 | 104 | 103 |
Actuarial losses recognized during the year | 0 | 0 | 0 |
Total | 126 | 144 | 142 |
Canada | Other post-employment benefits and other long-term employee benefits ("OPEB") | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Current service cost | 10 | 9 | 10 |
Past service cost - Plan amendments | (1) | (1) | |
Past service cost - Curtailments | 0 | 0 | |
Net interest cost/(income) on net DB liability/(asset) | 19 | 22 | 21 |
Actuarial losses recognized during the year | 0 | 0 | 0 |
Total | 28 | 31 | 30 |
Europe | Other post-employment benefits and other long-term employee benefits ("OPEB") | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Current service cost | 27 | 28 | 25 |
Past service cost - Plan amendments | 0 | (2) | |
Past service cost - Curtailments | 0 | (2) | |
Net interest cost/(income) on net DB liability/(asset) | 7 | 11 | 12 |
Actuarial losses recognized during the year | 8 | 8 | 7 |
Total | 42 | 47 | 40 |
Other | Other post-employment benefits and other long-term employee benefits ("OPEB") | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Current service cost | 4 | 3 | 1 |
Past service cost - Plan amendments | 0 | 0 | |
Past service cost - Curtailments | 0 | 0 | |
Net interest cost/(income) on net DB liability/(asset) | 5 | 6 | 2 |
Actuarial losses recognized during the year | 0 | 0 | 0 |
Total | $ 9 | $ 9 | $ 3 |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of defined benefit plans [line items] | |||
Total | $ 430 | $ 435 | $ 478 |
Cost of sales | |||
Disclosure of defined benefit plans [line items] | |||
Total | 189 | 142 | 212 |
Selling, general and administrative expenses | |||
Disclosure of defined benefit plans [line items] | |||
Total | 34 | 30 | 34 |
Financing costs - net | |||
Disclosure of defined benefit plans [line items] | |||
Total | 207 | 263 | 232 |
Net periodic pension cost | |||
Disclosure of defined benefit plans [line items] | |||
Total | 225 | 204 | 263 |
Net periodic OPEB cost | |||
Disclosure of defined benefit plans [line items] | |||
Total | $ 205 | $ 231 | $ 215 |
PERSONNEL EXPENSES AND DEFER_13
PERSONNEL EXPENSES AND DEFERRED EMPLOYEE BENEFITS - Weighted Average Asset Allocation for the Funded Defined Benefit Pension Plans (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of fair value of plan assets [line items] | ||
Return on plan assets excluding interest income or expense, net defined benefit liability (asset) | $ 659 | $ 1,121 |
United States | ||
Disclosure of fair value of plan assets [line items] | ||
Equity Securities (in percent) | 40.00% | |
Fixed Income Securities (including cash) (in percent) | 43.00% | |
Real Estate (in percent) | 3.00% | |
Other (in percent) | 14.00% | |
Total (in percent) | 100.00% | |
Canada | ||
Disclosure of fair value of plan assets [line items] | ||
Equity Securities (in percent) | 47.00% | 44.00% |
Fixed Income Securities (including cash) (in percent) | 46.00% | 48.00% |
Real Estate (in percent) | 6.00% | 6.00% |
Other (in percent) | 1.00% | 2.00% |
Total (in percent) | 100.00% | 100.00% |
Brazil | ||
Disclosure of fair value of plan assets [line items] | ||
Equity Securities (in percent) | 6.00% | 6.00% |
Fixed Income Securities (including cash) (in percent) | 77.00% | 88.00% |
Real Estate (in percent) | 1.00% | 1.00% |
Other (in percent) | 16.00% | 5.00% |
Total (in percent) | 100.00% | 100.00% |
Europe | ||
Disclosure of fair value of plan assets [line items] | ||
Equity Securities (in percent) | 1.00% | 2.00% |
Fixed Income Securities (including cash) (in percent) | 72.00% | 73.00% |
Real Estate (in percent) | 0.00% | 0.00% |
Other (in percent) | 27.00% | 25.00% |
Total (in percent) | 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 (in percent) | 13.00% | |
Fixed Income Securities (including cash) (in percent) | 0.00% | |
Real Estate (in percent) | 0.00% | |
Other (in percent) | 5.00% | |
- Asset classes that have a quoted market price in an active market | Canada | ||
Disclosure of fair value of plan assets [line items] | ||
Equity Securities (in percent) | 39.00% | 34.00% |
Fixed Income Securities (including cash) (in percent) | 42.00% | 42.00% |
Real Estate (in percent) | 0.00% | 0.00% |
Other (in percent) | 0.00% | 0.00% |
- Asset classes that have a quoted market price in an active market | Brazil | ||
Disclosure of fair value of plan assets [line items] | ||
Equity Securities (in percent) | 3.00% | 6.00% |
Fixed Income Securities (including cash) (in percent) | 77.00% | 88.00% |
Real Estate (in percent) | 1.00% | 1.00% |
Other (in percent) | 16.00% | 5.00% |
- Asset classes that have a quoted market price in an active market | Europe | ||
Disclosure of fair value of plan assets [line items] | ||
Equity Securities (in percent) | 1.00% | 2.00% |
Fixed Income Securities (including cash) (in percent) | 72.00% | 73.00% |
Real Estate (in percent) | 0.00% | 0.00% |
Other (in percent) | 5.00% | 5.00% |
- 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 (in percent) | 27.00% | |
Fixed Income Securities (including cash) (in percent) | 43.00% | |
Real Estate (in percent) | 3.00% | |
Other (in percent) | 9.00% | |
- Asset classes that do not have a quoted market price in an active market | Canada | ||
Disclosure of fair value of plan assets [line items] | ||
Equity Securities (in percent) | 8.00% | 10.00% |
Fixed Income Securities (including cash) (in percent) | 4.00% | 6.00% |
Real Estate (in percent) | 6.00% | 6.00% |
Other (in percent) | 1.00% | 2.00% |
- 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 (in percent) | 3.00% | 0.00% |
Fixed Income Securities (including cash) (in percent) | 0.00% | 0.00% |
Real Estate (in percent) | 0.00% | 0.00% |
Other (in percent) | 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 (in percent) | 0.00% | 0.00% |
Fixed Income Securities (including cash) (in percent) | 0.00% | 0.00% |
Real Estate (in percent) | 0.00% | 0.00% |
Other (in percent) | 22.00% | 20.00% |
PERSONNEL EXPENSES AND DEFER_14
PERSONNEL EXPENSES AND DEFERRED EMPLOYEE BENEFITS - Target Asset Allocation for the Funded Defined Benefit Pension Plans (Details) | Dec. 31, 2020 |
Canada | |
Disclosure of fair value of plan assets [line items] | |
Equity Securities (in percent) | 43.00% |
Fixed Income Securities (including cash) (in percent) | 47.00% |
Real Estate (in percent) | 5.00% |
Other (in percent) | 5.00% |
Total (in percent) | 100.00% |
Brazil | |
Disclosure of fair value of plan assets [line items] | |
Equity Securities (in percent) | 5.00% |
Fixed Income Securities (including cash) (in percent) | 78.00% |
Real Estate (in percent) | 1.00% |
Other (in percent) | 16.00% |
Total (in percent) | 100.00% |
Europe | |
Disclosure of fair value of plan assets [line items] | |
Equity Securities (in percent) | 3.00% |
Fixed Income Securities (including cash) (in percent) | 70.00% |
Real Estate (in percent) | 0.00% |
Other (in percent) | 27.00% |
Total (in percent) | 100.00% |
PERSONNEL EXPENSES AND DEFER_15
PERSONNEL EXPENSES AND DEFERRED EMPLOYEE BENEFITS - Actuarial Assumptions for Defined Benefit Plans (Details) | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Pension defined benefit plans | Bottom of range | |||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |||
Discount rate (in percent) | 0.50% | 1.00% | 1.75% |
Rate of compensation increase (in percent) | 1.72% | 1.90% | 2.00% |
Pension defined benefit plans | Top of range | |||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |||
Discount rate (in percent) | 10.00% | 10.50% | 16.00% |
Rate of compensation increase (in percent) | 10.00% | 10.00% | 10.00% |
Pension defined benefit plans | Weighted average | |||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |||
Discount rate (in percent) | 2.13% | 2.90% | 3.80% |
Rate of compensation increase (in percent) | 2.71% | 2.80% | 2.85% |
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 (in percent) | 0.50% | 1.00% | 1.75% |
Rate of compensation increase (in percent) | 1.30% | 1.60% | 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 (in percent) | 6.20% | 7.25% | 9.50% |
Rate of compensation increase (in percent) | 4.80% | 4.80% | 4.80% |
Other post-employment benefits and other long-term employee benefits ("OPEB") | Weighted average | |||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |||
Discount rate (in percent) | 1.84% | 3.06% | 3.98% |
Rate of compensation increase (in percent) | 2.85% | 2.95% | 3.24% |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Bottom of range | |||
Disclosure of defined benefit plans [line items] | |||
Healthcare cost trend rate assumed (in percent) | 1.40% | 1.80% | 1.80% |
Top of range | |||
Disclosure of defined benefit plans [line items] | |||
Healthcare cost trend rate assumed (in percent) | 4.50% | 5.00% | 8.00% |
Weighted average | |||
Disclosure of defined benefit plans [line items] | |||
Healthcare cost trend rate assumed (in percent) | 3.94% | 4.42% | 4.46% |
PERSONNEL EXPENSES AND DEFER_17
PERSONNEL EXPENSES AND DEFERRED EMPLOYEE BENEFITS - Cash Contributions and Maturity Profile, Life Expectancy - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of defined benefit plans [line items] | |||
Defined contribution plan, expected to be paid | $ 79 | ||
Defined contribution plan, employer discretionary contribution | $ 88 | ||
Actuarial assumption of life expectancy after retirement | 23 years | ||
United States | |||
Disclosure of defined benefit plans [line items] | |||
Multiple-employer plan, contribution by participating entity | $ 65 | ||
Pension plan benefits | |||
Disclosure of defined benefit plans [line items] | |||
Estimate of contributions expected to be paid to plan for next annual reporting period | $ 172 | ||
Weighted average duration of defined benefit obligation | 13 years | 12 years | |
Other post-employment benefits and other long-term employee benefits ("OPEB") | |||
Disclosure of defined benefit plans [line items] | |||
Estimate of contributions expected to be paid to plan for next annual reporting period | $ 71 | ||
Weighted average duration of defined benefit obligation | 13 years | 15 years |
PERSONNEL EXPENSES AND DEFER_18
PERSONNEL EXPENSES AND DEFERRED EMPLOYEE BENEFITS - Sensitivity to a Change of the Significant Actuarial Assumptions (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Pension defined benefit plans | |||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |||
Defined benefit obligation | $ 2,977 | $ 3,264 | |
Other post-employment benefits and other long-term employee benefits ("OPEB") | |||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |||
Defined benefit obligation | 1,432 | 3,792 | |
Present value of defined benefit obligation | Pension defined benefit plans | |||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |||
Defined benefit obligation | 7,604 | 10,629 | $ 9,872 |
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 | $ 1,438 | 4,294 | $ 4,098 |
Discount rate | Pension defined benefit plans | |||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |||
Percentage of reasonably possible decrease in actuarial assumption (in basis points) | 1.00% | ||
Increase (decrease) in pre-tax expense due to reasonably possible decrease in actuarial assumption | $ (38) | ||
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption | $ 1,082 | ||
Percentage of reasonably possible increase in actuarial assumption (in basis points) | 1.00% | ||
Increase (decrease) in pre-tax expense due to reasonably possible increase in actuarial assumption | $ 28 | ||
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption | $ (869) | ||
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 (in basis points) | 1.00% | ||
Increase (decrease) in pre-tax expense due to reasonably possible decrease in actuarial assumption | (3) | ||
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption | 211 | ||
Percentage of reasonably possible increase in actuarial assumption (in basis points) | 1.00% | ||
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 increase in actuarial assumption | (169) | ||
Rate of compensation | Pension defined benefit plans | |||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |||
Percentage of reasonably possible decrease in actuarial assumption (in basis points) | 1.00% | ||
Increase (decrease) in pre-tax expense due to reasonably possible decrease in actuarial assumption | $ (15) | ||
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption | $ (203) | ||
Percentage of reasonably possible increase in actuarial assumption (in basis points) | 1.00% | ||
Increase (decrease) in pre-tax expense due to reasonably possible increase in actuarial assumption | $ 16 | ||
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption | $ 204 | ||
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 (in basis points) | 1.00% | ||
Increase (decrease) in pre-tax expense due to reasonably possible decrease in actuarial assumption | (5) | ||
Increase (decrease) in defined benefit obligation due to reasonably possible decrease in actuarial assumption | (93) | ||
Percentage of reasonably possible increase in actuarial assumption (in basis points) | 1.00% | ||
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 | 117 | ||
Expected life of beneficiaries | Pension defined benefit plans | |||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |||
Increase (decrease) in pre-tax expense due to reasonably possible increase in actuarial assumption | $ 5 | ||
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption | $ 213 | ||
Duration of reasonably possible increase in actuarial assumption | 1 year | ||
Expected life of beneficiaries | Other post-employment benefits and other long-term employee benefits ("OPEB") | |||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |||
Increase (decrease) in pre-tax expense due to reasonably possible increase in actuarial assumption | 1 | ||
Increase (decrease) in defined benefit obligation due to reasonably possible increase in actuarial assumption | $ 30 | ||
Duration of reasonably possible increase in actuarial assumption | 1 year |
PERSONNEL EXPENSES AND DEFER_19
PERSONNEL EXPENSES AND DEFERRED EMPLOYEE BENEFITS - Share Based Payments - Narrative (Details) $ in Millions | 12 Months Ended | |||||||
Dec. 31, 2020USD ($)employeeshares | Dec. 31, 2019USD ($)sharesemployee | Dec. 31, 2018USD ($)sharesemployee | Dec. 31, 2017shares | Dec. 31, 2016 | Jun. 13, 2020shares | May 07, 2019shares | May 09, 2018shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||
Number of share options granted in share-based payment arrangement (in shares) | employee | 0 | 0 | 0 | |||||
Compensation expense | $ | $ 0 | $ 0 | $ 0 | |||||
Number of options (in shares) | 0 | 904,390 | 1,989,375 | 3,284,875 | ||||
Performance Share Units (PSUs) | ||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||
Compensation expense | $ | $ 30 | $ 0 | $ 31 | |||||
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 | 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 (in shares) | 2,500,000 | 1,500,000 | ||||||
CEO Office plan | Top of range | Restricted Share Units (RSUs) and Performance Share Units (PSUs) | ||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||
Number of shares authorized for grant (in shares) | 4,250,000 | |||||||
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 | 3 years | |||||||
Percentage of award vesting rights (in percent) | 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 (in shares) | 33,333,333 | |||||||
Special grant | ArcelorMittal Equity Incentive Plan | Restricted Share Units (RSUs) | ||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||||
Number of share options granted in share-based payment arrangement (in shares) | employee | 316,684 | |||||||
Award vesting period | 1 year |
PERSONNEL EXPENSES AND DEFER_20
PERSONNEL EXPENSES AND DEFERRED EMPLOYEE BENEFITS -Dates of Grant and Exercise Prices (Details) | 1 Months Ended |
Aug. 31, 2010$ / shares | |
Employee Benefits [Abstract] | |
Exercise prices (per option) | $ 91.98 |
PERSONNEL EXPENSES AND DEFER_21
PERSONNEL EXPENSES AND DEFERRED EMPLOYEE BENEFITS - Changes in Stock Options Issued (Details) | 12 Months Ended | |||
Dec. 31, 2020shares$ / shares | Dec. 31, 2019shares$ / shares | Dec. 31, 2018shares$ / shares | Dec. 31, 2017$ / shares | |
Disclosure of range of exercise prices of outstanding share options [line items] | ||||
Number of share options outstanding (in shares) | shares | 904,390 | 1,989,375 | 3,284,875 | |
Number of share options expired (in shares) | shares | (904,390) | (1,084,985) | (1,295,500) | |
Exercise price of outstanding share options (in USD per share) | $ 0 | $ 91.98 | ||
Weighted average exercise price of share options outstanding (in USD per share) | 0 | 91.98 | $ 100.33 | $ 145.86 |
Weighted average exercise price of share options expired (in USD per share) | $ 91.98 | $ 107.29 | $ 215.77 | |
Number of share options exercisable (in shares) | shares | 0 | 904,390 | 1,989,375 | |
Exercise price of exercisable share options (in USD per share) | $ 0 | $ 91.98 | ||
Weighted average exercise price of share options exercisable (in USD per share) | 0 | 91.98 | $ 100.33 | |
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 | ||
Exercise price of expired share options (in USD per share) | $ 91.98 | 91.98 | 63.42 | |
Exercise price of exercisable share options (in USD per share) | 91.98 | |||
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 | ||
Exercise price of expired share options (in USD per share) | $ 109.14 | 235.32 | ||
Exercise price of exercisable share options (in USD per share) | $ 109.14 |
PERSONNEL EXPENSES AND DEFER_22
PERSONNEL EXPENSES AND DEFERRED EMPLOYEE BENEFITS - Terms and Conditions of Grants (Details) | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Vesting period one | CEO Office plan | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Percentage of award vesting rights (in percent) | 50.00% | ||||
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 (in percent) | 50.00% | ||||
Vesting period two | CEO Office plan | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Percentage of award vesting rights (in percent) | 50.00% | ||||
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 (in percent) | 50.00% | ||||
Performance Share Units (PSUs) | CEO Office plan | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Award performance period | 3 years | 3 years | 3 years | 3 years | 5 years |
Performance Share Units (PSUs) | Executive Officers and other qualifying employees | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Award performance period | 3 years | 3 years | 3 years | 3 years | 5 years |
Performance Share Units (PSUs) | EPS vs peer group, threshold | CEO Office plan | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Award vesting performance, threshold percentage (in percent) | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
Performance Share Units (PSUs) | EPS vs peer group, target | CEO Office plan | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Percentage of target in over-performance grant (in percent) | 120.00% | 120.00% | 120.00% | 120.00% | 120.00% |
Performance Share Units (PSUs) | EPS vs peer group, target | Executive Officers and other qualifying employees | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Percentage of target in over-performance grant (in percent) | 100.00% | ||||
Performance Share Units (PSUs) | TSR vs performance index, target | CEO Office plan | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Percentage of award vesting rights (in percent) | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
Percentage of performance better than the index per annum over performance (in percent) | 2.00% | 2.00% | 2.00% | 2.00% | |
Performance Share Units (PSUs) | TSR vs performance index, threshold | CEO Office plan | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Percentage of award vesting rights (in percent) | 50.00% | 50.00% | 50.00% | 50.00% | |
Performance Share Units (PSUs) | Performance of ROCE and gap to competition, target | Executive Officers and other qualifying employees | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Percentage of target in over-performance grant (in percent) | 100.00% | 100.00% | 100.00% | 120.00% | |
Percentage of award vesting rights (in percent) | 100.00% | 100.00% | 100.00% | ||
Over-performance award, percentage overperformance (in percent) | 20.00% | ||||
Over-performance award (in percent) | 100.00% | ||||
Performance Share Units (PSUs) | Gap to competition, target | Executive Officers and other qualifying employees | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Percentage of target in over-performance grant (in percent) | 100.00% | 100.00% | 100.00% | 100.00% | |
Percentage of award vesting rights (in percent) | 100.00% | 100.00% | 100.00% | 100.00% | |
Performance Share Units (PSUs) | Vesting period one | CEO Office plan | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Award performance period | 3 years | ||||
Performance Share Units (PSUs) | Vesting period one | Executive Officers and other qualifying employees | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Award performance period | 3 years | ||||
Performance Share Units (PSUs) | Vesting period two | CEO Office plan | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Award performance period | 2 years | ||||
Performance Share Units (PSUs) | Vesting period two | Executive Officers and other qualifying employees | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Award performance period | 2 years | ||||
Performance Share Units (PSUs) | Performance based on TSR compared to peer group | CEO Office plan | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Performance criteria (in percent) | 50.00% | 50.00% | |||
Performance Share Units (PSUs) | Performance based on ESR compared to peer group | CEO Office plan | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Performance criteria (in percent) | 50.00% | 50.00% | |||
Performance Share Units (PSUs) | Performance of ROCE and Gap to Competition, Threshold | Executive Officers and other qualifying employees | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Percentage of target in over-performance grant (in percent) | 100.00% | ||||
Performance criteria (in percent) | 120.00% | ||||
Over-performance award (in percent) | 0.00% | ||||
Performance Share Units (PSUs) | TSR vs. peer group, threshold | Executive Officers and other qualifying employees | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Percentage of target in over-performance grant (in percent) | 100.00% | ||||
Percentage of award vesting rights (in percent) | 50.00% | ||||
Performance Share Units (PSUs) | TSR vs peer group, target | Executive Officers and other qualifying employees | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Percentage of target in over-performance grant (in percent) | 120.00% | ||||
Percentage of award vesting rights (in percent) | 100.00% | ||||
Performance Share Units (PSUs) | CEO | CEO Office plan | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Value of grant at grant date, percentage of base salary (in percent) | 100.00% | 100.00% | 100.00% | 100.00% | 150.00% |
Performance Share Units (PSUs) | CFO | CEO Office plan | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Value of grant at grant date, percentage of base salary (in percent) | 100.00% | 100.00% | 100.00% | 100.00% | |
Restricted Share Units (RSUs) | Vesting period one | Executive Officers and other qualifying employees | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Award vesting period | 3 years | ||||
Restricted Share Units (RSUs) | Vesting period two | Executive Officers and other qualifying employees | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Award vesting period | 1 year |
PERSONNEL EXPENSES AND DEFER_23
PERSONNEL EXPENSES AND DEFERRED EMPLOYEE BENEFITS - Summary of Share Unit Plans Outstanding (Details) $ / shares in Units, $ in Millions | Dec. 31, 2020shares | Dec. 14, 2020sharesbeneficiary$ / shares | Dec. 16, 2019sharesbeneficiary$ / shares | Dec. 20, 2018sharesbeneficiary$ / shares | Dec. 20, 2017sharesbeneficiary$ / shares | Jun. 30, 2016sharesbeneficiary$ / shares | Dec. 31, 2020USD ($)shares$ / shares | Dec. 31, 2019USD ($)shares$ / shares | Dec. 31, 2018USD ($)shares$ / shares | Dec. 31, 2020shares$ / shares | Dec. 31, 2017shares |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||
Number of shares granted (in shares) | 10,477,588 | ||||||||||
Number of shares outstanding (in shares) | 8,541,451 | 8,541,451 | 8,541,451 | ||||||||
Number of shares forfeited (in shares) | 1,277,996 | ||||||||||
Number of shares exited (in shares) | 658,141 | ||||||||||
Compensation expense | $ | $ 0 | $ 0 | $ 0 | ||||||||
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 | $ 13.17 | ||||||||||
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 | ||||||||||
Restricted Share Units (RSUs) | |||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||
Number of shares granted (in shares) | 1,391,284 | 0 | 0 | ||||||||
Fair value price per granted share (USD per share) | $ / shares | $ 21.15 | $ 0 | $ 0 | ||||||||
Number of shares outstanding (in shares) | 1,391,284 | 1,391,284 | 0 | 0 | 1,391,284 | 306,005 | |||||
Number of shares forfeited (in shares) | 0 | 0 | 17,284 | ||||||||
Number of shares exited (in shares) | 0 | 0 | 288,721 | ||||||||
PSU | |||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||
Number of shares granted (in shares) | 862,672 | 2,018,176 | 1,577,865 | ||||||||
Fair value price per granted share (USD per share) | $ / shares | $ 19.47 | $ 17.96 | $ 21.32 | ||||||||
Number of shares outstanding (in shares) | 7,150,167 | 7,150,167 | 7,472,056 | 9,370,460 | 7,150,167 | 8,596,836 | |||||
Number of shares forfeited (in shares) | 526,420 | 1,239,569 | 391,348 | ||||||||
Number of shares exited (in shares) | 658,141 | 2,677,011 | 412,893 | ||||||||
Compensation expense | $ | $ 30 | $ 0 | $ 31 | ||||||||
Grant date December 14, 2020, Maturity due December 2023 | Restricted Share Units (RSUs) | |||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||
Number of shares granted (in shares) | 1,074,600 | ||||||||||
Number of beneficiaries | beneficiary | 656 | ||||||||||
Fair value price per granted share (USD per share) | $ / shares | $ 21.15 | ||||||||||
Number of shares outstanding (in shares) | 1,074,600 | 1,074,600 | 1,074,600 | ||||||||
Number of shares forfeited (in shares) | 0 | ||||||||||
Number of shares exited (in shares) | 0 | ||||||||||
Grant date December 14, 2020, Maturity due December 2021 | Restricted Share Units (RSUs) | |||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||
Number of shares granted (in shares) | 316,684 | ||||||||||
Number of beneficiaries | beneficiary | 203 | ||||||||||
Fair value price per granted share (USD per share) | $ / shares | $ 21.15 | ||||||||||
Number of shares outstanding (in shares) | 316,684 | 316,684 | 316,684 | ||||||||
Number of shares forfeited (in shares) | 0 | ||||||||||
Number of shares exited (in shares) | 0 | ||||||||||
Grant date December 14, 2020, Maturity due January 1, 2024 | PSU | |||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||
Number of shares granted (in shares) | 714,250 | ||||||||||
Number of beneficiaries | beneficiary | 235 | ||||||||||
Fair value price per granted share (USD per share) | $ / shares | $ 19.74 | ||||||||||
Number of shares outstanding (in shares) | 714,250 | 714,250 | 714,250 | ||||||||
Number of shares forfeited (in shares) | 0 | ||||||||||
Number of shares exited (in shares) | 0 | ||||||||||
Grant date December 14, 2020, Maturity due January 1, 2024 | CEO Office plan | |||||||||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||||||||
Number of shares granted (in shares) | 148,422 | ||||||||||
Number of beneficiaries | beneficiary | 2 | ||||||||||
Fair value price per granted share (USD per share) | $ / shares | $ 18.19 | ||||||||||
Number of shares outstanding (in shares) | 148,422 | 148,422 | 148,422 | ||||||||
Number of shares forfeited (in shares) | 0 | ||||||||||
Number of shares exited (in shares) | 0 | ||||||||||
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) | 1,521,900 | 1,521,900 | 1,521,900 | ||||||||
Number of shares forfeited (in shares) | 62,700 | ||||||||||
Number of shares exited (in shares) | 175,750 | ||||||||||
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 | ||||||||||
Number of shares exited (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) | 1,075,350 | 1,075,350 | 1,075,350 | ||||||||
Number of shares forfeited (in shares) | 161,150 | ||||||||||
Number of shares exited (in shares) | 122,250 | ||||||||||
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 | ||||||||||
Number of shares exited (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) | 781,345 | 781,345 | 781,345 | ||||||||
Number of shares forfeited (in shares) | 206,932 | ||||||||||
Number of shares exited (in shares) | 93,170 | ||||||||||
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 | ||||||||||
Number of shares exited (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) | 2,358,170 | 2,358,170 | 2,358,170 | ||||||||
Number of shares forfeited (in shares) | 847,214 | ||||||||||
Number of shares exited (in shares) | 266,971 | ||||||||||
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 | ||||||||||
Number of shares exited (in shares) | 0 |
PERSONNEL EXPENSES AND DEFER_24
PERSONNEL EXPENSES AND DEFERRED EMPLOYEE BENEFITS - Share Unit Plan Activity (Details) | Dec. 31, 2020shares$ / shares | Dec. 31, 2020shares$ / shares | Dec. 31, 2019shares$ / shares | Dec. 31, 2018shares$ / shares | Dec. 31, 2020shares$ / shares |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Number of shares, Granted (in shares) | 10,477,588 | ||||
Number of shares, Exited (in shares) | (658,141) | ||||
Number of shares, Forfeited (in shares) | (1,277,996) | ||||
Number of shares, Outstanding, ending balance (in shares) | 8,541,451 | 8,541,451 | 8,541,451 | ||
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 | 0 | 306,005 | ||
Number of shares, Granted (in shares) | 1,391,284 | 0 | 0 | ||
Number of shares, Exited (in shares) | 0 | 0 | (288,721) | ||
Number of shares, Forfeited (in shares) | 0 | 0 | (17,284) | ||
Number of shares, Outstanding, ending balance (in shares) | 1,391,284 | 1,391,284 | 0 | 0 | 1,391,284 |
Fair value per share, Outstanding, beginning balance (USD per share) | $ / shares | $ 0 | $ 0 | $ 11.49 | ||
Fair value per share, Granted (USD per share) | $ / shares | 21.15 | 0 | 0 | ||
Fair value per share, Exited (USD per share) | $ / shares | 0 | 0 | 11.49 | ||
Fair value per share, Forfeited (USD per share) | $ / shares | 0 | 0 | 11.49 | ||
Fair value per share, Outstanding, ending balance (USD per share) | $ / shares | $ 21.15 | $ 21.15 | $ 0 | $ 0 | $ 21.15 |
Performance Share Units (PSUs) | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Number of shares, Outstanding, beginning balance (in shares) | 7,472,056 | 9,370,460 | 8,596,836 | ||
Number of shares, Granted (in shares) | 862,672 | 2,018,176 | 1,577,865 | ||
Number of shares, Exited (in shares) | (658,141) | (2,677,011) | (412,893) | ||
Number of shares, Forfeited (in shares) | (526,420) | (1,239,569) | (391,348) | ||
Number of shares, Outstanding, ending balance (in shares) | 7,150,167 | 7,150,167 | 7,472,056 | 9,370,460 | 7,150,167 |
Fair value per share, Outstanding, beginning balance (USD per share) | $ / shares | $ 16.76 | $ 15.34 | $ 14.83 | ||
Fair value per share, Granted (USD per share) | $ / shares | 19.47 | 17.96 | 21.32 | ||
Fair value per share, Exited (USD per share) | $ / shares | 16.86 | 13.49 | 28.98 | ||
Fair value per share, Forfeited (USD per share) | $ / shares | 15.48 | 14.25 | 16.41 | ||
Fair value per share, Outstanding, ending balance (USD per share) | $ / shares | $ 17.18 | $ 17.18 | $ 16.76 | $ 15.34 | $ 17.18 |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of other provisions [line items] | |||
Provisions, beginning balance | $ 2,991 | $ 2,534 | |
Additions | 953 | 946 | |
Deductions/ Payments | (392) | (324) | |
Effects of foreign exchange and other movements | 55 | (165) | |
Divestments and reclassification to held for sale | (975) | ||
Short-term provisions | 935 | 516 | $ 539 |
Long-term provisions | 1,697 | 2,475 | $ 1,995 |
Provisions, ending balance | 2,632 | 2,991 | |
Environmental (see note 9.3) | |||
Disclosure of other provisions [line items] | |||
Provisions, beginning balance | 1,074 | 1,228 | |
Additions | 137 | 97 | |
Deductions/ Payments | (88) | (95) | |
Effects of foreign exchange and other movements | 57 | (156) | |
Divestments and reclassification to held for sale | (519) | ||
Provisions, ending balance | 661 | 1,074 | |
Emission obligations | |||
Disclosure of other provisions [line items] | |||
Provisions, beginning balance | 484 | 0 | |
Additions | 373 | 481 | |
Deductions/ Payments | (92) | 0 | |
Effects of foreign exchange and other movements | (40) | 3 | |
Divestments and reclassification to held for sale | (154) | ||
Provisions, ending balance | 571 | 484 | |
Asset retirement obligations (see note 9.3) | |||
Disclosure of other provisions [line items] | |||
Provisions, beginning balance | 478 | 422 | |
Additions | 21 | 28 | |
Deductions/ Payments | (10) | (10) | |
Effects of foreign exchange and other movements | 41 | 38 | |
Divestments and reclassification to held for sale | (133) | ||
Provisions, ending balance | 397 | 478 | |
Site restoration | |||
Disclosure of other provisions [line items] | |||
Provisions, beginning balance | 136 | 141 | |
Additions | 167 | 3 | |
Deductions/ Payments | (12) | (5) | |
Effects of foreign exchange and other movements | 18 | (3) | |
Divestments and reclassification to held for sale | 0 | ||
Provisions, ending balance | 309 | 136 | |
Staff related obligations | |||
Disclosure of other provisions [line items] | |||
Provisions, beginning balance | 185 | 201 | |
Additions | 88 | 65 | |
Deductions/ Payments | (41) | (64) | |
Effects of foreign exchange and other movements | (14) | (17) | |
Divestments and reclassification to held for sale | (91) | ||
Provisions, ending balance | 127 | 185 | |
Voluntary separation plans | |||
Disclosure of other provisions [line items] | |||
Provisions, beginning balance | 47 | 38 | |
Additions | 30 | 30 | |
Deductions/ Payments | (38) | (13) | |
Effects of foreign exchange and other movements | 20 | (8) | |
Divestments and reclassification to held for sale | (4) | ||
Provisions, ending balance | 55 | 47 | |
Litigation and other (see note 9.3) | |||
Disclosure of other provisions [line items] | |||
Provisions, beginning balance | 312 | 369 | |
Additions | 40 | 65 | |
Deductions/ Payments | (36) | (91) | |
Effects of foreign exchange and other movements | (39) | (31) | |
Divestments and reclassification to held for sale | (8) | ||
Provisions, ending balance | 269 | 312 | |
Tax claims | |||
Disclosure of other provisions [line items] | |||
Provisions, beginning balance | 81 | 120 | |
Additions | 5 | 5 | |
Deductions/ Payments | (6) | (14) | |
Effects of foreign exchange and other movements | (18) | (30) | |
Divestments and reclassification to held for sale | 0 | ||
Provisions, ending balance | 62 | 81 | |
Other legal claims | |||
Disclosure of other provisions [line items] | |||
Provisions, beginning balance | 231 | 249 | |
Additions | 35 | 60 | |
Deductions/ Payments | (30) | (77) | |
Effects of foreign exchange and other movements | (21) | (1) | |
Divestments and reclassification to held for sale | (8) | ||
Provisions, ending balance | 207 | 231 | |
Commercial agreements and onerous contracts | |||
Disclosure of other provisions [line items] | |||
Provisions, beginning balance | 46 | 34 | |
Additions | 68 | 29 | |
Deductions/ Payments | (31) | (16) | |
Effects of foreign exchange and other movements | (4) | (1) | |
Divestments and reclassification to held for sale | (54) | ||
Provisions, ending balance | 25 | 46 | |
Other | |||
Disclosure of other provisions [line items] | |||
Provisions, beginning balance | 229 | 101 | |
Additions | 29 | 148 | |
Deductions/ Payments | (44) | (30) | |
Effects of foreign exchange and other movements | 16 | 10 | |
Divestments and reclassification to held for sale | (12) | ||
Provisions, ending balance | $ 218 | $ 229 |
PROVISIONS, CONTINGENCIES AND_4
PROVISIONS, CONTINGENCIES AND COMMITMENTS - Provisions Overview - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of other provisions [line items] | |||
Provisions | $ 2,632 | $ 2,991 | $ 2,534 |
Additional provisions, other provisions | 953 | 946 | |
Site restoration | |||
Disclosure of other provisions [line items] | |||
Provisions | 309 | 136 | 141 |
Additional provisions, other provisions | 167 | 3 | |
Other | |||
Disclosure of other provisions [line items] | |||
Provisions | 218 | 229 | $ 101 |
Additional provisions, other provisions | 29 | 148 | |
Global Chartering Limited | Other | |||
Disclosure of other provisions [line items] | |||
Additional provisions, other provisions | 97 | 126 | |
France | Site restoration | |||
Disclosure of other provisions [line items] | |||
Idling period | 6 years | ||
Provisions | 120 | $ 113 | |
Florange | Site restoration | |||
Disclosure of other provisions [line items] | |||
Provisions | 77 | ||
Poland | Site restoration | |||
Disclosure of other provisions [line items] | |||
Provisions | $ 77 |
PROVISIONS, CONTINGENCIES AND_5
PROVISIONS, CONTINGENCIES AND COMMITMENTS - Other Long-Term Obligations (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of detailed information about business combination [line items] | ||
Derivative financial instruments (see note 6.1.5) | $ 96 | $ 238 |
Payable from acquisition of financial assets | 359 | 1,340 |
Unfavorable contracts | 132 | 203 |
Income tax payable | 214 | 251 |
Other | 347 | 486 |
Total | 1,148 | 2,518 |
Ilva | ||
Disclosure of detailed information about business combination [line items] | ||
Payable from acquisition of financial assets | 1,032 | |
AMSF | ||
Disclosure of detailed information about business combination [line items] | ||
Payable from acquisition of financial assets | 235 | 265 |
Unfavorable contracts | $ 132 | 203 |
Special payment in pellet purchase agreement | ||
Disclosure of detailed information about business combination [line items] | ||
Derivative financial instruments (see note 6.1.5) | $ 138 |
PROVISIONS, CONTINGENCIES AND_6
PROVISIONS, CONTINGENCIES AND COMMITMENTS - Narrative Environmental Liabilities (Details) m³ in Thousands, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2020USD ($)m³ | Dec. 31, 2007ha | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Nov. 01, 2018USD ($) | |
Disclosure of other provisions [line items] | |||||
Provisions | $ 2,632 | $ 2,991 | $ 2,534 | ||
Other environment related provision | |||||
Disclosure of other provisions [line items] | |||||
Provisions | 661 | 1,074 | 1,228 | ||
Other environment related provision | Taranto Site | |||||
Disclosure of other provisions [line items] | |||||
Provisions | 158 | ||||
Provision for decommissioning, restoration and rehabilitation costs | |||||
Disclosure of other provisions [line items] | |||||
Provisions | 309 | 136 | $ 141 | ||
Europe | Other environment related provision | |||||
Disclosure of other provisions [line items] | |||||
Provisions | 500 | ||||
South Africa | Other environment related provision | |||||
Disclosure of other provisions [line items] | |||||
Provisions | $ 130 | ||||
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 | $ 43 | ||||
South Africa | Provision for decommissioning, restoration and rehabilitation costs | Vanderbijlpark Works Site | |||||
Disclosure of other provisions [line items] | |||||
Provisions | 20 | ||||
South Africa | Provision for decommissioning, restoration and rehabilitation costs | Newcastle Works Site | |||||
Disclosure of other provisions [line items] | |||||
Provisions | 23 | ||||
South Africa | Provision for decommissioning, restoration and rehabilitation costs | Thabazimbi Mine | |||||
Disclosure of other provisions [line items] | |||||
Provisions | 39 | ||||
Environmental trust investments acquired | $ 26 | ||||
South Africa | Provision for decommissioning, restoration and rehabilitation costs | Vereeniging Site | |||||
Disclosure of other provisions [line items] | |||||
Provisions | 5 | ||||
Canada | Other environment related provision | |||||
Disclosure of other provisions [line items] | |||||
Provisions | 31 | ||||
Canada | Remediating toxic sediment | |||||
Disclosure of other provisions [line items] | |||||
Provisions | 31 | ||||
Expected provision payment | 5 | ||||
Belgium | Other environment related provision | |||||
Disclosure of other provisions [line items] | |||||
Provisions | 247 | ||||
France | Other environment related provision | |||||
Disclosure of other provisions [line items] | |||||
Provisions | 74 | ||||
France | Provision for decommissioning, restoration and rehabilitation costs | |||||
Disclosure of other provisions [line items] | |||||
Provisions | 120 | $ 113 | |||
Poland | Other environment related provision | |||||
Disclosure of other provisions [line items] | |||||
Provisions | 72 | ||||
Increase in other provisions | $ 42 | ||||
Waste storage maximum term | 3 years | ||||
Poland | Provision for decommissioning, restoration and rehabilitation costs | |||||
Disclosure of other provisions [line items] | |||||
Provisions | $ 77 | ||||
Poland | Reclaim of landfill and disposal of residues | |||||
Disclosure of other provisions [line items] | |||||
Increase in other provisions | 30 | ||||
Luxembourg | Other environment related provision | |||||
Disclosure of other provisions [line items] | |||||
Provisions | $ 69 | ||||
Area of land sold (in hectares) | ha | 93 | ||||
Luxembourg | Other environment related provision | Ehlerange Site | |||||
Disclosure of other provisions [line items] | |||||
Volume of materials to be moved to other sites (in cubic meters) | m³ | 400 | ||||
Luxembourg | Other environment related provision | Differdange Site | |||||
Disclosure of other provisions [line items] | |||||
Volume of materials to be moved to other sites (in cubic meters) | m³ | 1,400 | ||||
Luxembourg | ArcelorMittal Luxembourg various site clean up | |||||
Disclosure of other provisions [line items] | |||||
Provisions | $ 58 | ||||
Luxembourg | Historical landfill cleanup ArcelorMittal Belval and Differdange | |||||
Disclosure of other provisions [line items] | |||||
Provisions | 10 | ||||
Germany | Other environment related provision | |||||
Disclosure of other provisions [line items] | |||||
Provisions | 30 | ||||
Spain | Other environment related provision | |||||
Disclosure of other provisions [line items] | |||||
Provisions | $ 8 | ||||
Term of environmental provisions | 30 years | ||||
Italy | Other environment related provision | |||||
Disclosure of other provisions [line items] | |||||
Provisions | $ 374 | ||||
Italy | Implementation of preventative, safety and clean up measures | |||||
Disclosure of other provisions [line items] | |||||
Provisions | $ 216 |
PROVISIONS, CONTINGENCIES AND_7
PROVISIONS, CONTINGENCIES AND COMMITMENTS - Narrative Asset Retirement Obligation (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of other provisions [line items] | |||
Provisions | $ 2,632 | $ 2,991 | $ 2,534 |
Asset retirement obligations | |||
Disclosure of other provisions [line items] | |||
Provisions | 397 | $ 478 | $ 422 |
Ukraine | Asset retirement obligations | |||
Disclosure of other provisions [line items] | |||
Provisions | 55 | ||
Canada | Asset retirement obligations | |||
Disclosure of other provisions [line items] | |||
Provisions | 144 | ||
Mexico | Asset retirement obligations | |||
Disclosure of other provisions [line items] | |||
Provisions | 69 | ||
Belgium | Asset retirement obligations | |||
Disclosure of other provisions [line items] | |||
Provisions | 16 | ||
Germany | Asset retirement obligations | |||
Disclosure of other provisions [line items] | |||
Provisions | 45 | ||
South Africa | Asset retirement obligations | |||
Disclosure of other provisions [line items] | |||
Provisions | 21 | ||
Brazil | Asset retirement obligations | |||
Disclosure of other provisions [line items] | |||
Provisions | 9 | ||
Kazakhstan | Asset retirement obligations | |||
Disclosure of other provisions [line items] | |||
Provisions | 13 | ||
Bosnia and Herzegivina | Asset retirement obligations | |||
Disclosure of other provisions [line items] | |||
Provisions | 2 | ||
Liberia | Asset retirement obligations | |||
Disclosure of other provisions [line items] | |||
Provisions | $ 23 |
PROVISIONS, CONTINGENCIES AND_8
PROVISIONS, CONTINGENCIES AND COMMITMENTS - Narrative Tax Claims (Details) $ in Millions | Dec. 31, 2018USD ($) | May 17, 2016USD ($) | Aug. 08, 2012USD ($) | Dec. 31, 2020USD ($) | Oct. 31, 2020USD ($) | Aug. 31, 2020USD ($) | 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 ($) | Apr. 30, 2016USD ($) | Jan. 31, 2014USD ($) | Dec. 31, 2007USD ($) | Jul. 31, 2015USD ($)claim | Dec. 31, 2020USD ($) | Dec. 31, 2018USD ($)claim | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2011USD ($)claim | Dec. 31, 2018USD ($)claim | Oct. 31, 2011USD ($) |
Disclosure of other provisions [line items] | ||||||||||||||||||||||||||||
Income tax payable | $ 214 | $ 251 | $ 214 | |||||||||||||||||||||||||
Provisions | $ 2,534 | 2,632 | 2,991 | $ 2,534 | 2,632 | $ 2,534 | $ 2,534 | |||||||||||||||||||||
Tax claims | ||||||||||||||||||||||||||||
Disclosure of other provisions [line items] | ||||||||||||||||||||||||||||
Income tax payable | 5 | 5 | ||||||||||||||||||||||||||
Provisions | 120 | 62 | $ 81 | 120 | $ 62 | $ 120 | $ 120 | |||||||||||||||||||||
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 | $ 100 | $ 70 | ||||||||||||||||||||||||||
Number of tax assessments or claims | claim | 9 | 6 | ||||||||||||||||||||||||||
Reduction in tax assessment | $ 4 | |||||||||||||||||||||||||||
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 | $ 360 | $ 404 | ||||||||||||||||||||||||||
Tax assessment penalty | $ 63 | 120 | ||||||||||||||||||||||||||
ArcelorMittal Brasil S.A. | Tax Assessments Related to Amortization of Goodwill | ||||||||||||||||||||||||||||
Disclosure of other provisions [line items] | ||||||||||||||||||||||||||||
Damages sought | 33 | 96 | $ 18 | |||||||||||||||||||||||||
Possible write off of net operating loss carryforward | $ 46 | $ 63 | ||||||||||||||||||||||||||
Write-off of net operating loss carry forward | $ 21 | |||||||||||||||||||||||||||
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 | $ 0.2 | 55 | ||||||||||||||||||||||||||
ArcelorMittal Brasil S.A. | Credits for Social Security Taxes | ||||||||||||||||||||||||||||
Disclosure of other provisions [line items] | ||||||||||||||||||||||||||||
Damages sought | $ 12 | $ 38 | ||||||||||||||||||||||||||
SOL Coqueria Tubarão S.A. | Value Added Tax | ||||||||||||||||||||||||||||
Disclosure of other provisions [line items] | ||||||||||||||||||||||||||||
Damages sought | $ 24 | |||||||||||||||||||||||||||
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 | $ 46 | $ 32 | ||||||||||||||||||||||||||
ArcelorMittal Comercializadora de Energia | Retroactive Application of New Law | ||||||||||||||||||||||||||||
Disclosure of other provisions [line items] | ||||||||||||||||||||||||||||
Reduction in tax assessment | $ 7 | $ 12 | ||||||||||||||||||||||||||
ArcelorMittal México S.A. de C.V. | Tax Year 2008 | Corporate income tax and social contributions on net profits | ||||||||||||||||||||||||||||
Disclosure of other provisions [line items] | ||||||||||||||||||||||||||||
Damages sought | $ 158 | |||||||||||||||||||||||||||
ArcelorMittal México S.A. de C.V. | Tax Year 2007 | Corporate income tax and social contributions on net profits | ||||||||||||||||||||||||||||
Disclosure of other provisions [line items] | ||||||||||||||||||||||||||||
Damages sought | $ 23 | |||||||||||||||||||||||||||
ArcelorMittal México S.A. de C.V. | Tax Year 2009 | Corporate income tax and social contributions on net profits | ||||||||||||||||||||||||||||
Disclosure of other provisions [line items] | ||||||||||||||||||||||||||||
Damages sought | $ 28 | |||||||||||||||||||||||||||
ArcelorMittal Las Truchas | Tax claims | ||||||||||||||||||||||||||||
Disclosure of other provisions [line items] | ||||||||||||||||||||||||||||
Damages sought | $ 84 | $ 89 | ||||||||||||||||||||||||||
ArcelorMittal Kryvyi Rih | Ukranian tax audit | ||||||||||||||||||||||||||||
Disclosure of other provisions [line items] | ||||||||||||||||||||||||||||
Damages sought | $ 282 | |||||||||||||||||||||||||||
Number of tax assessments or claims | claim | 3 | |||||||||||||||||||||||||||
Reduction in tax assessment | $ 87 | $ 124 |
PROVISIONS, CONTINGENCIES AND_9
PROVISIONS, CONTINGENCIES AND COMMITMENTS - Competition and Antitrust Claims (Details) - Competition and antitrust claims $ in Millions | 1 Months Ended | 12 Months Ended | ||
Feb. 28, 2011plaintiff | Sep. 30, 2005USD ($) | Sep. 30, 2000organizationsteel_producer | Dec. 31, 2020USD ($) | |
Disclosure of other provisions [line items] | ||||
Number of plaintiffs | organization | 2 | |||
Number of defendants | steel_producer | 3 | |||
ArcelorMittal Brasil S.A. | ||||
Disclosure of other provisions [line items] | ||||
Number of plaintiffs | plaintiff | 4 | |||
Trade organizations | ArcelorMittal Brasil S.A. | ||||
Disclosure of other provisions [line items] | ||||
Damages sought | $ 51 | |||
Federal Public Prosecutor of the state of Minas Gerais | ArcelorMittal Brasil S.A. | ||||
Disclosure of other provisions [line items] | ||||
Damages sought | $ 55 | |||
Spanish competition authority, CNMC | ArcelorMittal Spain Holding and its subsidiaries | ||||
Disclosure of other provisions [line items] | ||||
Damages sought, percentage of turnover (in percent) | 10.00% |
PROVISIONS, CONTINGENCIES AN_10
PROVISIONS, CONTINGENCIES AND COMMITMENTS - Other Legal Claims (Details) $ in Thousands, € in Millions, $ in Millions | Mar. 06, 2020USD ($)plaintiffs | Mar. 06, 2020EUR (€)plaintiffs | Feb. 15, 2017USD ($) | May 15, 2012USD ($) | Jan. 08, 2008USD ($) | Jan. 31, 2021USD ($)claim | Nov. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Jun. 30, 2019CAD ($) | Apr. 30, 2017USD ($) | Nov. 30, 2013claim | May 31, 2013USD ($) | Apr. 30, 2013claim | Jun. 30, 2012USD ($)claim | Jun. 30, 2006 | Dec. 31, 2020USD ($)employeeclaim | Dec. 31, 2019USD ($)claim | Dec. 31, 2012USD ($) | Dec. 31, 2012CAD ($) | Dec. 31, 2010USD ($) | Dec. 31, 2009USD ($) | Dec. 31, 2006 | Dec. 31, 2014claim | Dec. 31, 2018USD ($) | Dec. 18, 2014USD ($) | Jan. 31, 2010USD ($) |
Disclosure of other provisions [line items] | ||||||||||||||||||||||||||
Provisions | $ 2,632,000 | $ 2,991,000 | $ 2,534,000 | |||||||||||||||||||||||
Tender offer, exchange ratio | 1.5714 | |||||||||||||||||||||||||
Luxembourg | Significant shareholder | ||||||||||||||||||||||||||
Disclosure of other provisions [line items] | ||||||||||||||||||||||||||
Damages sought | $ 27,000 | $ 221,000 | ||||||||||||||||||||||||
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 | $ 479,000 | € 390 | $ 282,000 | |||||||||||||||||||||||
Number of plaintiffs | plaintiffs | 2 | 2 | ||||||||||||||||||||||||
Various other legal claims | ||||||||||||||||||||||||||
Disclosure of other provisions [line items] | ||||||||||||||||||||||||||
Provisions | 207,000 | |||||||||||||||||||||||||
Other legal claims | ||||||||||||||||||||||||||
Disclosure of other provisions [line items] | ||||||||||||||||||||||||||
Provisions | $ 207,000 | $ 231,000 | $ 249,000 | |||||||||||||||||||||||
Other legal claims | Shareholder of Siderurgica Tres Lagoas | ||||||||||||||||||||||||||
Disclosure of other provisions [line items] | ||||||||||||||||||||||||||
Damages sought | $ 33,000 | |||||||||||||||||||||||||
Other legal claims | Canada | ||||||||||||||||||||||||||
Disclosure of other provisions [line items] | ||||||||||||||||||||||||||
Damages sought | $ 764,000 | $ 1,000 | ||||||||||||||||||||||||
Amount awarded to other party | $ 5,000 | $ 6.5 | ||||||||||||||||||||||||
Other legal claims | Italy | Memorandum of agreement | ||||||||||||||||||||||||||
Disclosure of other provisions [line items] | ||||||||||||||||||||||||||
Business combination expected consideration | $ 114,000 | |||||||||||||||||||||||||
Estimate of possible loss | $ 29,000 | |||||||||||||||||||||||||
Other legal claims | Italy | Bottom of range | Memorandum of agreement | ||||||||||||||||||||||||||
Disclosure of other provisions [line items] | ||||||||||||||||||||||||||
Damages sought | $ 46,000 | $ 17,000 | ||||||||||||||||||||||||
Other legal claims | Italy | Top of range | Memorandum of agreement | ||||||||||||||||||||||||||
Disclosure of other provisions [line items] | ||||||||||||||||||||||||||
Damages sought | $ 73,000 | $ 29,000 | ||||||||||||||||||||||||
Other legal claims | Luxembourg | ||||||||||||||||||||||||||
Disclosure of other provisions [line items] | ||||||||||||||||||||||||||
Number of claims | claim | 59 | |||||||||||||||||||||||||
Damages sought | $ 72,000 | |||||||||||||||||||||||||
Number of claims pending | claim | 4 | |||||||||||||||||||||||||
Number of dismissed claims | claim | 2 | 2 | ||||||||||||||||||||||||
Other legal claims | France | ||||||||||||||||||||||||||
Disclosure of other provisions [line items] | ||||||||||||||||||||||||||
Number of claims pending | claim | 324,000,000 | 337,000,000 | ||||||||||||||||||||||||
Losses on litigation settlements | $ 4,790 | $ 7,770 | ||||||||||||||||||||||||
Professional fees expense | 200 | 150 | ||||||||||||||||||||||||
Payments for settlements | 4,590 | $ 7,600 | ||||||||||||||||||||||||
Other legal claims | France | Wrongful Termination of Contract | ||||||||||||||||||||||||||
Disclosure of other provisions [line items] | ||||||||||||||||||||||||||
Damages sought | $ 187,000 | |||||||||||||||||||||||||
Damages sought of counterclaim value | $ 232,000 | |||||||||||||||||||||||||
Damages awarded | $ 3,000 | |||||||||||||||||||||||||
Other legal claims | France | Bottom of range | ||||||||||||||||||||||||||
Disclosure of other provisions [line items] | ||||||||||||||||||||||||||
Damages sought | 35 | |||||||||||||||||||||||||
Other legal claims | France | Top of range | ||||||||||||||||||||||||||
Disclosure of other provisions [line items] | ||||||||||||||||||||||||||
Damages sought | $ 745 | |||||||||||||||||||||||||
Other legal claims | Acindar Industria Argentina de Aceros S.A. ("Acindar") | ||||||||||||||||||||||||||
Disclosure of other provisions [line items] | ||||||||||||||||||||||||||
Number of claims | claim | 39 | |||||||||||||||||||||||||
Damages sought | $ 103,000 | |||||||||||||||||||||||||
Number of claims pending | claim | 22 | |||||||||||||||||||||||||
Number of claims pending within the Administrative Branch of Customs Office Authority | claim | 7 | |||||||||||||||||||||||||
Number of pending claims appealed | claim | 15 | |||||||||||||||||||||||||
Other legal claims | ArcelorMittal Brasil S.A. | SINDIMETAL case | ||||||||||||||||||||||||||
Disclosure of other provisions [line items] | ||||||||||||||||||||||||||
Number of employees impacted | employee | 2,500 |
PROVISIONS, CONTINGENCIES AN_11
PROVISIONS, CONTINGENCIES AND COMMITMENTS - Commitments (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of Other Provisions, Contingent Liabilities and Commitments [Abstract] | ||
Purchase commitments | $ 13,047 | $ 19,697 |
Guarantees, pledges and other collateral | 8,632 | 7,815 |
Capital expenditure commitments | 354 | 448 |
Other commitments | 3,143 | 3,201 |
Total | $ 25,176 | $ 31,161 |
PROVISIONS, CONTINGENCIES AN_12
PROVISIONS, CONTINGENCIES AND COMMITMENTS - Commitments - Narrative (Details) t in Millions | Mar. 17, 2020USD ($) | Mar. 16, 2020USD ($) | Dec. 31, 2020USD ($)t | Dec. 31, 2019USD ($) | Dec. 22, 2020USD ($) | Mar. 27, 2020USD ($) | Oct. 26, 2018USD ($) |
Disclosure of transactions between related parties [line items] | |||||||
Commitments in relation to associates | $ 1,276,000,000 | $ 592,000,000 | |||||
Commitments in relation to joint ventures | 1,570,000,000 | 1,521,000,000 | |||||
Provision of guarantees or collateral to entity, third party transactions | 150,000,000 | 158,000,000 | |||||
Property, plant and equipment, pledged as security | 136,000,000 | 155,000,000 | |||||
Contractual commitments to sell | 211,000,000 | 215,000,000 | |||||
Ilva | |||||||
Disclosure of transactions between related parties [line items] | |||||||
Other commitments, industrial capital expenditure | $ 1,357,000,000 | 1,311,000,000 | |||||
Other commitments, industrial capital expenditure, period | 5 years | ||||||
Other commitments, environmental capital expenditure | $ 583,000,000 | 688,000,000 | |||||
ArcelorMittal South Africa Ltd. ("AMSA") | |||||||
Disclosure of transactions between related parties [line items] | |||||||
Contractual capital commitments | 126,000,000 | 139,000,000 | |||||
ArcelorMittal México S.A. de C.V. | |||||||
Disclosure of transactions between related parties [line items] | |||||||
Contractual capital commitments | 196,000,000 | 250,000,000 | |||||
Total amount of investment program | $ 1,000,000,000 | ||||||
Construction capacity (in tonnes) | t | 2.5 | ||||||
ArcelorMittal Brasil S.A. | |||||||
Disclosure of transactions between related parties [line items] | |||||||
Other commitments, expected costs to be in compliance | $ 49,000,000 | ||||||
Fine for non-compliance with agreement, maximum | $ 19,000,000 | 26,000,000 | |||||
ArcelorMittal USA LLC | |||||||
Disclosure of transactions between related parties [line items] | |||||||
Commitments in relation to subsidiaries | 7,807,000,000 | ||||||
Commitments in relation to subsidiaries | 7,807,000,000 | ||||||
5.146 billion Term Loan, Due 2030 | |||||||
Disclosure of transactions between related parties [line items] | |||||||
Guarantees (in percent) | 60.00% | ||||||
Notional amount | $ 5,146,000,000 | $ 5,146,000,000 | |||||
Borrowings maturity, term | 10 years | 10 years | |||||
Asset-Based Revolving Credit Facility | Operating Subsidiaries | South Africa | |||||||
Disclosure of transactions between related parties [line items] | |||||||
Inventory pledged in asset-based revolving credit facility | $ 168,000,000 | ||||||
Debt instrument, ceded bank accounts to secure environmental obligations, true sale of receivables programs and the revolving base finance facility | 103,000,000 | ||||||
7 billion Bridge Term Facilities | |||||||
Disclosure of transactions between related parties [line items] | |||||||
Notional amount | 7,000,000,000 | $ 7 | |||||
Kryvyi Rih industrial gas | |||||||
Disclosure of transactions between related parties [line items] | |||||||
Commitments in relation to associates | $ 561,000,000 | ||||||
Associates | |||||||
Disclosure of transactions between related parties [line items] | |||||||
Commitments within sureties, guarantees, LOC, pledges, and other collateral | 407,000,000 | 356,000,000 | |||||
Joint ventures | |||||||
Disclosure of transactions between related parties [line items] | |||||||
Provision of guarantees or collateral by entity, related party transactions | 4,477,000,000 | 3,836,000,000 | |||||
Commitments within sureties, guarantees, LOC, pledges, and other collateral | 173,000,000 | 293,000,000 | |||||
Tameh | |||||||
Disclosure of transactions between related parties [line items] | |||||||
Commitments in relation to joint ventures | 737,000,000 | 852,000,000 | |||||
Enerfos | |||||||
Disclosure of transactions between related parties [line items] | |||||||
Commitments in relation to joint ventures | 604,000,000 | 649,000,000 | |||||
Calvert | Joint ventures | |||||||
Disclosure of transactions between related parties [line items] | |||||||
Provision of guarantees or collateral by entity, related party transactions | 226,000,000 | 288,000,000 | |||||
Al Jubail | Joint ventures | |||||||
Disclosure of transactions between related parties [line items] | |||||||
Provision of guarantees or collateral by entity, related party transactions | 347,000,000 | 346,000,000 | |||||
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 | $ 600,000,000 | ||||||
Contractual capital commitments | $ 2,600,000,000 | ||||||
AMNS India | Joint ventures | |||||||
Disclosure of transactions between related parties [line items] | |||||||
Provision of guarantees or collateral by entity, related party transactions | 3,088,000,000 | 2,571,000,000 | |||||
Global Chartering Limited | |||||||
Disclosure of transactions between related parties [line items] | |||||||
Commitments within sureties, guarantees, LOC, pledges, and other collateral, related to lease obligations | $ 242,000,000 | $ 232,000,000 | |||||
Global Chartering Limited | Prime Shipping Investments Limited | |||||||
Disclosure of transactions between related parties [line items] | |||||||
Commitments, counter guarantee (in percent) | 50.00% | ||||||
CACIB | |||||||
Disclosure of transactions between related parties [line items] | |||||||
Commitments within sureties, guarantees, LOC, pledges, and other collateral, related to joint venture agreement obligation | $ 260,000,000 |
INCOME TAXES - Components of In
INCOME TAXES - Components of Income Tax Expense (Benefit) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Taxes [Abstract] | |||
Total current tax expense | $ 839 | $ 786 | $ 928 |
Total deferred tax expense (benefit) | 827 | (327) | (1,277) |
Total income tax expense (benefit) | $ 1,666 | $ 459 | $ (349) |
INCOME TAXES - Effective Income
INCOME TAXES - Effective Income Tax Rate Reconciliation (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Taxes [Abstract] | |||
Net income (loss) (including non-controlling interests) | $ (578) | $ (2,391) | $ 5,330 |
Income tax expense (benefit) | 1,666 | 459 | (349) |
Income / (loss) before taxes | 1,088 | (1,932) | 4,981 |
Tax expense (benefit) at the statutory rates applicable to profits (losses) in the countries | 136 | (468) | 1,043 |
Permanent items | 714 | (993) | (421) |
Rate changes | 0 | 340 | 0 |
Net change in measurement of deferred tax assets | 454 | 1,201 | (1,301) |
Tax effects of foreign currency translation | 41 | 14 | (47) |
Tax credits | (13) | (9) | (17) |
Other taxes | 267 | 160 | 151 |
Others | 67 | 214 | 243 |
Total income tax expense (benefit) | $ 1,666 | $ 459 | $ (349) |
INCOME TAXES - Narrative Income
INCOME TAXES - Narrative Income Tax expense (Benefit) (Details) - USD ($) $ in Millions | Nov. 01, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Bargain purchase gain | $ 0 | $ 0 | $ 209 | |
Tax effect from change in tax rate | 0 | 340 | 0 | |
Net change in measurement of deferred tax assets | 454 | 1,201 | (1,301) | |
Tax expense related to non-recognition and derecognition of other deferred tax assets | 375 | 541 | ||
Tax expense (benefit) related to recognition of deferred tax assets for losses and other deductible temporary differences of previous years | (1,842) | |||
Tax effect of foreign tax rates | 41 | 14 | (47) | |
Tax contingencies/settlements | 87 | 225 | 183 | |
ArcelorMittal USA LLC | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Decrease through loss of control of subsidiary, deferred tax asset | $ 630 | |||
Luxembourg | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Applicable tax rate (in percent) | 24.94% | |||
Decrease through loss of control of subsidiary, deferred tax asset | $ 709 | |||
Future taxable income increase due to tax integration | $ 600 | 800 | ||
Increase in deferred tax assets due to tax integration | 1,300 | |||
Deferred tax asset recoverability, currency adjustment | 600 | |||
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Taxes [Abstract] | |||
Taxable reversals of (tax deductible) write-downs on shares and receivables | $ 630 | $ (922) | $ (498) |
Juros sobre o Capital Próprio | (37) | (32) | (73) |
Non taxable gain on bargain purchase | 0 | 0 | (60) |
Taxable income (tax loss) of AMTFS | 0 | (8) | 47 |
Other permanent items | 121 | (31) | 163 |
Total permanent items | $ 714 | $ (993) | $ (421) |
INCOME TAXES - Others (Details)
INCOME TAXES - Others (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Taxes [Abstract] | |||
Tax contingencies/settlements | $ 87 | $ 225 | $ 183 |
Prior period taxes | (15) | (20) | 21 |
Others | (5) | 9 | 39 |
Total | $ 67 | $ 214 | $ 243 |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Recognized in other comprehensive income on: | |||
Income tax relating to components of other comprehensive income | $ (376) | $ (247) | $ 46 |
Deferred tax expense (benefit) | |||
Current and deferred tax relating to items credited (charged) directly to equity | 13 | 0 | 0 |
Total income tax related to items credited (charged) directly to equity and other comprehensive income | (363) | (247) | 46 |
Available-for-sale | |||
Recognized in other comprehensive income on: | |||
Income tax relating to components of other comprehensive income | 56 | 0 | 0 |
Current tax expense (benefit) | |||
Realized gain (loss) on investments in equity instruments at FVOCI | 4 | 0 | 0 |
Deferred tax expense (benefit) | |||
Realized gain (loss) on investments in equity instruments at FVOCI | 9 | 0 | 0 |
(Loss) gain on derivative financial instruments | |||
Recognized in other comprehensive income on: | |||
Income tax relating to components of other comprehensive income | (28) | (244) | 380 |
Recognized actuarial (loss) gain | |||
Recognized in other comprehensive income on: | |||
Income tax relating to components of other comprehensive income | (69) | 32 | (228) |
Foreign currency translation adjustments | |||
Recognized in other comprehensive income on: | |||
Income tax relating to components of other comprehensive income | $ (335) | $ (35) | $ (106) |
INCOME TAXES - Origin of the De
INCOME TAXES - Origin of the Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | $ 7,866 | $ 8,680 |
Deferred tax liabilities | (1,832) | (2,331) |
Deferred tax assets / (liabilities) | 6,034 | 6,349 |
Intangible assets | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets / (liabilities) | (523) | (698) |
Property, plant and equipment | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets / (liabilities) | (3,991) | (4,268) |
Inventories | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets / (liabilities) | 200 | 52 |
Financial instruments | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets / (liabilities) | (111) | (51) |
Other assets | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets / (liabilities) | (144) | (251) |
Provisions | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets / (liabilities) | 964 | 1,107 |
Other liabilities | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets / (liabilities) | 338 | 399 |
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) | 9,168 | 9,984 |
Tax credits carried forward | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets / (liabilities) | 133 | 76 |
Untaxed reserves | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets / (liabilities) | 0 | (1) |
Before Offset Amount | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | 11,539 | 12,543 |
Deferred tax liabilities | (5,505) | (6,194) |
Before Offset Amount | Intangible assets | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | 15 | 22 |
Deferred tax liabilities | (538) | (720) |
Before Offset Amount | Property, plant and equipment | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | 73 | 177 |
Deferred tax liabilities | (4,064) | (4,445) |
Before Offset Amount | Inventories | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | 277 | 261 |
Deferred tax liabilities | (77) | (209) |
Before Offset Amount | Financial instruments | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | 13 | 47 |
Deferred tax liabilities | (124) | (98) |
Before Offset Amount | Other assets | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | 162 | 157 |
Deferred tax liabilities | (306) | (408) |
Before Offset Amount | Provisions | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | 1,240 | 1,350 |
Deferred tax liabilities | (276) | (243) |
Before Offset Amount | Other liabilities | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | 458 | 469 |
Deferred tax liabilities | (120) | (70) |
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 | 9,168 | 9,984 |
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 | 133 | 76 |
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 | $ 0 | $ (1) |
INCOME TAXES - Deferred Tax Ass
INCOME TAXES - Deferred Tax Assets (Details) - USD ($) $ in Millions | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Recognized deferred tax assets | $ 7,866 | $ 8,680 |
Tax losses and other tax benefits carried forward | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Gross amount | 114,266 | 105,937 |
Tax credits carried forward | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Gross amount | 745 | 693 |
Other temporary differences | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Gross amount | 12,029 | 15,793 |
Before Offset Amount | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Total deferred tax assets | 32,371 | 30,996 |
Recognized deferred tax assets | 11,539 | 12,543 |
Unrecognized deferred tax assets | 20,832 | 18,453 |
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 | 28,554 | 26,504 |
Recognized deferred tax assets | 9,168 | 9,984 |
Unrecognized deferred tax assets | 19,386 | 16,520 |
Before Offset Amount | Tax credits carried forward | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Total deferred tax assets | 745 | 693 |
Recognized deferred tax assets | 133 | 76 |
Unrecognized deferred tax assets | 612 | 617 |
Before Offset Amount | Other temporary differences | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Total deferred tax assets | 3,072 | 3,799 |
Recognized deferred tax assets | 2,238 | 2,483 |
Unrecognized deferred tax assets | $ 834 | $ 1,316 |
INCOME TAXES - Narrative Deferr
INCOME TAXES - Narrative Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2017 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Deferred tax assets | $ 7,866 | $ 8,680 | |
Future taxable income required | 31,500 | ||
Deferred tax liabilities | 1,832 | 2,331 | |
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 | 90 | 79 | |
Other temporary differences | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Unrecognized deferred tax liabilities | 736 | ||
Luxembourg | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Accumulated income tax losses | 91,300 | 83,300 | |
Accumulated income tax losses, realizable | 31,500 | 34,800 | |
Deferred tax assets | $ 7,900 | $ 8,700 | |
Accumulated income tax losses subject to recapture | $ 20,200 |
INCOME TAXES - Narrative Tax Lo
INCOME TAXES - Narrative Tax Losses, Tax Credits and Other Tax Benefits (Details) $ in Millions | Dec. 31, 2020USD ($) |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Operating loss carryforward, amount | $ 114,300 |
Tax credit, amount | 745 |
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 | 8,562 |
Tax losses for which deferred tax asset recognised | 897 |
Unused tax losses for which no deferred tax asset recognised | 7,665 |
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 | 105,700 |
Tax losses for which deferred tax asset recognised | 36,100 |
Unused tax losses for which no deferred tax asset recognised | 69,600 |
Basque Country in Spain | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Tax credit, amount | 658 |
Tax credits for which deferred tax asset recognised | 89 |
Unused tax credits for which no deferred tax asset recognised | 569 |
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 | 87 |
Tax credits for which deferred tax asset recognised | 44 |
Unused tax credits for which no deferred tax asset recognised | $ 43 |
INCOME TAXES - Tax Losses (Deta
INCOME TAXES - Tax Losses (Details) $ in Millions | Dec. 31, 2020USD ($) |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Total | $ 114,300 |
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 | 897 |
Unrecognized | 7,665 |
Total | 8,562 |
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 | 44 |
Unrecognized | 906 |
Total | 950 |
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 | 82 |
Unrecognized | 132 |
Total | 214 |
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 | 468 |
Total | 474 |
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 | 10 |
Unrecognized | 211 |
Total | 221 |
Basque Country in Spain, Liberia, Luxembourg, Switzerland and the United States | Tax Year 2025 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Recognized | 49 |
Unrecognized | 100 |
Total | 149 |
Basque Country in Spain, Liberia, Luxembourg, Switzerland and the United States | Tax Year 2026 Through 2039 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Recognized | 706 |
Unrecognized | 5,848 |
Total | $ 6,554 |
INCOME TAXES - Tax Credits and
INCOME TAXES - Tax Credits and Other Tax Benefits (Details) $ in Millions | Dec. 31, 2020USD ($) |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Total | $ 745 |
Basque Country in Spain | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Recognized | 89 |
Unrecognized | 569 |
Total | 658 |
Basque Country in Spain | Tax Year 2021 | |
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 2022 | |
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 2023 | |
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 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 | |
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 2026 Through 2039 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Recognized | 89 |
Unrecognized | 563 |
Total | $ 652 |
EQUITY - Share Details (Details
EQUITY - Share Details (Details) € / shares in Units, $ / shares in Units, € in Millions, $ in Millions | Mar. 04, 2021USD ($) | Dec. 15, 2020shares | May 20, 2020USD ($) | May 18, 2020USD ($) | May 14, 2020USD ($)$ / sharesshares | Feb. 15, 2019USD ($)$ / sharesshares | Feb. 15, 2019EUR (€)€ / sharesshares | Mar. 26, 2018USD ($)$ / sharesshares | Mar. 26, 2018EUR (€)€ / sharesshares | Mar. 03, 2021USD ($)shares | Mar. 03, 2021EUR (€)€ / sharesshares | Oct. 30, 2020USD ($)$ / sharesshares | Oct. 30, 2020EUR (€)€ / sharesshares | Dec. 31, 2020USD ($)shares | Dec. 31, 2019USD ($)shares | Dec. 31, 2018USD ($)shares | Dec. 31, 2020USD ($)shares | Jun. 13, 2020USD ($) | Dec. 31, 2019USD ($)shares | Dec. 31, 2018USD ($)shares | May 16, 2018USD ($) | Dec. 31, 2017USD ($) | |||
Disclosure of reserves within equity [line items] | |||||||||||||||||||||||||
Proceeds from issue of ordinary shares | $ | $ 700 | $ 750 | |||||||||||||||||||||||
Sale of stock price (USD per share) | $ / shares | $ 9.27 | ||||||||||||||||||||||||
Proceeds from mandatorily convertible subordinated notes | $ | $ 1,237 | $ 0 | $ 0 | ||||||||||||||||||||||
Net proceeds after transaction costs from issue of ordinary shares | $ | $ 740 | ||||||||||||||||||||||||
Share issue related cost | $ | $ 10 | ||||||||||||||||||||||||
Offering of common shares (note 11.1) (in shares) | 80,906,149 | ||||||||||||||||||||||||
Offering of common shares (note 11.1) | $ | $ 740 | ||||||||||||||||||||||||
Equity | $ | $ 40,237 | $ 40,483 | $ 44,108 | $ 40,855 | |||||||||||||||||||||
Lock-up period, issue or sales of shares and securities | 180 days | ||||||||||||||||||||||||
Reconciliation of number of shares outstanding [abstract] | |||||||||||||||||||||||||
Issued shares, beginning of period (in shares) | 1,021,903,623 | 1,021,903,623 | |||||||||||||||||||||||
Shares issued out of treasury shares (in shares) | 80,906,149 | 0 | |||||||||||||||||||||||
Issued shares, end of period (in shares) | 1,102,809,772 | 1,021,903,623 | 1,021,903,623 | ||||||||||||||||||||||
Treasury shares, beginning of period (in shares) | (9,824,202) | (8,335,365) | |||||||||||||||||||||||
Movement in year (in shares) | (12,251,157) | (1,488,837) | |||||||||||||||||||||||
Treasury shares, end of period (in shares) | (22,075,359) | (9,824,202) | (8,335,365) | ||||||||||||||||||||||
Beginning balance (in shares) | 1,012,079,421 | 1,013,568,258 | |||||||||||||||||||||||
Movement in year (in shares) | 68,654,992 | (1,488,837) | |||||||||||||||||||||||
Ending balance (in shares) | 1,080,734,413 | 1,012,079,421 | 1,013,568,258 | ||||||||||||||||||||||
Shares issued (in shares) | 1,102,809,772 | 1,021,903,623 | 1,021,903,623 | 1,102,809,772 | 1,021,903,623 | 1,021,903,623 | |||||||||||||||||||
Authorised share capital | $ | $ 485 | $ 411 | $ 411 | ||||||||||||||||||||||
Shares authorized (in shares) | 1,361,418,599 | 1,151,576,921 | 1,151,576,921 | ||||||||||||||||||||||
Share capital | $ | $ 393 | $ 364 | $ 364 | ||||||||||||||||||||||
Number of shares issued and fully paid (in shares) | 1,021,903,623 | ||||||||||||||||||||||||
Increase in authorised share capital | $ | $ 74 | ||||||||||||||||||||||||
Share buyback (note 11.1) (in shares) | 4,000,000 | 4,000,000 | 7,000,000 | 7,000,000 | 27,113,321 | 27,113,321 | 35,636,253 | 35,636,253 | |||||||||||||||||
Share buyback | $ 570 | $ 90 | € 80 | $ 226 | € 184 | $ 650 | € 537 | $ 500 | € 425 | $ 500 | $ 90 | $ 226 | |||||||||||||
Treasury stock acquired, average price per share (in EUR/USD per share) | (per share) | $ 22.42 | € 19.89 | $ 32.36 | € 26.34 | € 19.79 | $ 14.03 | € 11.92 | ||||||||||||||||||
Percentage of stock repurchased during period (in percent) | 100.00% | 100.00% | |||||||||||||||||||||||
Shares issued out of treasury shares (in shares) | 80,906,149 | 0 | |||||||||||||||||||||||
Treasury shares (in shares) | 9,824,202 | 9,824,202 | 8,335,365 | 22,075,359 | 9,824,202 | 8,335,365 | |||||||||||||||||||
Significant shareholder | |||||||||||||||||||||||||
Reconciliation of number of shares outstanding [abstract] | |||||||||||||||||||||||||
Share buyback (note 11.1) (in shares) | 9,852,980 | 9,852,980 | |||||||||||||||||||||||
Share buyback | $ 236 | € 195 | |||||||||||||||||||||||
Share Capital | |||||||||||||||||||||||||
Disclosure of reserves within equity [line items] | |||||||||||||||||||||||||
Offering of common shares (note 11.1) (in shares) | [1] | 81,000,000 | |||||||||||||||||||||||
Offering of common shares (note 11.1) | $ | $ 29 | ||||||||||||||||||||||||
Equity | $ | $ 393 | $ 364 | $ 364 | 401 | |||||||||||||||||||||
Reconciliation of number of shares outstanding [abstract] | |||||||||||||||||||||||||
Beginning balance (in shares) | [1] | 1,012,000,000 | 1,014,000,000 | 1,020,000,000 | |||||||||||||||||||||
Ending balance (in shares) | 1,081,000,000 | 1,012,000,000 | [1] | 1,014,000,000 | [1] | ||||||||||||||||||||
Share buyback (note 11.1) (in shares) | [1] | (36,000,000) | (4,000,000) | (7,000,000) | |||||||||||||||||||||
Additional Paid-in Capital | |||||||||||||||||||||||||
Disclosure of reserves within equity [line items] | |||||||||||||||||||||||||
Offering of common shares (note 11.1) | $ | $ 711 | ||||||||||||||||||||||||
Equity | $ | $ 35,247 | $ 34,826 | $ 34,894 | $ 34,848 | |||||||||||||||||||||
Mandatorily convertible unsecured unsubordinated bonds | |||||||||||||||||||||||||
Reconciliation of number of shares outstanding [abstract] | |||||||||||||||||||||||||
Shares issued out of treasury shares (in shares) | 22,653,933 | ||||||||||||||||||||||||
Shares issued out of treasury shares (in shares) | 22,653,933 | ||||||||||||||||||||||||
Mittal family trust | Mandatorily convertible unsecured unsubordinated bonds | |||||||||||||||||||||||||
Disclosure of reserves within equity [line items] | |||||||||||||||||||||||||
Proceeds from mandatorily convertible subordinated notes | $ | $ 100 | ||||||||||||||||||||||||
[1] | Amounts are in millions of shares (treasury shares are excluded). |
EQUITY - Narrative Equity Instr
EQUITY - Narrative Equity Instruments and Hybrid Instruments (Details) | Dec. 22, 2020USD ($) | Dec. 15, 2020USD ($)shares | May 18, 2020USD ($)$ / shares | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019USD ($)shares | Dec. 31, 2018USD ($) | Sep. 27, 2011USD ($) | Dec. 28, 2009USD ($)business_day |
Disclosure of detailed information about borrowings [line items] | ||||||||
Financing costs - net | $ (1,256,000,000) | $ (1,652,000,000) | $ (2,210,000,000) | |||||
Increase in non-controlling interest | (59,000,000) | (11,000,000) | (20,000,000) | |||||
Proceeds from mandatorily convertible subordinated notes | 1,237,000,000 | 0 | 0 | |||||
Borrowings | 12,322,000,000 | |||||||
Mandatorily convertible notes | $ 840,000,000 | $ 0 | ||||||
Increase in number of ordinary shares issued (in shares) | shares | 80,906,149 | 0 | ||||||
Non-controlling interests | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Increase in non-controlling interest | $ (6,000,000) | $ (11,000,000) | $ 0 | |||||
Mandatorily convertible unsecured unsubordinated bonds | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Notional amount | $ 869,000,000 | $ 1,250,000,000 | $ 1,000,000,000 | $ 1,000,000,000 | $ 750,000,000 | |||
Call option, number of business days prior to maturity | business_day | 10 | |||||||
Other liabilities | 131,000,000 | |||||||
Financing costs - net | 178,000,000 | |||||||
Borrowings maturity, term | 3 years | |||||||
Borrowings, issuance amount of principal (in percent) | 100.00% | |||||||
Borrowings, interest rate (in percent) | 5.50% | |||||||
Conversion price (in USD per share) | $ / shares | $ 10.89 | $ 9.27 | ||||||
Percentage of minimum price used to determine maximum price (in percent) | 117.50% | |||||||
Borrowings | $ 190,000,000 | $ 123,000,000 | ||||||
Borrowing costs incurred | 2,000,000 | |||||||
Mandatorily convertible notes | 1,047,000,000 | $ 840,000,000 | ||||||
Borrowing costs incurred, equity component | 11,000,000 | |||||||
Borrowings, principal amount of debt converted | $ 247,000,000 | |||||||
Increase in number of ordinary shares issued (in shares) | shares | 22,653,933 | |||||||
Additional conversion cost | $ 25,000,000 | |||||||
Consideration allocated to debt component | 30,000,000 | |||||||
Consideration allocated to equity component | $ 207,000,000 | |||||||
Mandatorily convertible unsecured unsubordinated bonds | Mittal family trust | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Proceeds from mandatorily convertible subordinated notes | $ 100,000,000 | |||||||
Mandatorily convertible unsecured unsubordinated bonds | Non-controlling interests | ||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||
Increase in non-controlling interest | $ 53,000,000 |
EQUITY - Earnings per Common Sh
EQUITY - Earnings per Common Share (Details) - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Earnings per share [line items] | |||
Net (loss) / income attributable to equity holders of the parent | $ (733) | $ (2,454) | $ 5,149 |
Weighted average common shares outstanding (in millions) for the purposes of basic earnings per share (in shares) | 1,140 | 1,013 | 1,015 |
Incremental shares from assumed conversion of restricted share units and performance share units (in millions) (in shares) | 0 | 0 | 6 |
Weighted average common shares outstanding (in millions) for the purposes of diluted earnings per share (in shares) | 1,140 | 1,013 | 1,021 |
Share Unit Awards | |||
Earnings per share [line items] | |||
Potential common shares excluded from computation of earnings per share (in shares) | 9 | 7 | |
Employee Stock Option | |||
Earnings per share [line items] | |||
Potential common shares excluded from computation of earnings per share (in shares) | 1 | 2 |
EQUITY - Dividends (Details)
EQUITY - Dividends (Details) € / shares in Units, $ / shares in Units, € in Millions, $ in Millions | Mar. 04, 2021USD ($) | Feb. 11, 2021USD ($)$ / shares | Jun. 13, 2020USD ($)$ / shares | May 07, 2019USD ($)$ / shares | Feb. 15, 2019USD ($)$ / sharesshares | Feb. 15, 2019EUR (€)€ / sharesshares | May 09, 2018USD ($)$ / shares | Mar. 26, 2018USD ($)$ / sharesshares | Mar. 26, 2018EUR (€)€ / sharesshares | Mar. 03, 2021USD ($)shares | Mar. 03, 2021EUR (€)€ / sharesshares | Oct. 30, 2020USD ($)$ / sharesshares | Oct. 30, 2020EUR (€)€ / sharesshares | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Feb. 15, 2021USD ($) |
Disclosure of dividends [Line Items] | |||||||||||||||||
Share buyback | $ 570 | $ 90 | € 80 | $ 226 | € 184 | $ 650 | € 537 | $ 500 | € 425 | $ 500 | $ 90 | $ 226 | |||||
Dividends proposed or declared (in USD per share) | $ / shares | $ 0.30 | $ 0 | $ 0.20 | $ 0.10 | |||||||||||||
Dividend payable | $ | $ 0 | $ 203 | $ 101 | ||||||||||||||
Proposed share buyback | $ | $ 570 | $ 650 | |||||||||||||||
Share buyback (in shares) | shares | 4,000,000 | 4,000,000 | 7,000,000 | 7,000,000 | 27,113,321 | 27,113,321 | 35,636,253 | 35,636,253 | |||||||||
Average price per share acquired (in EUR per share) | (per share) | $ 22.42 | € 19.89 | $ 32.36 | € 26.34 | € 19.79 | $ 14.03 | € 11.92 | ||||||||||
Significant shareholder | |||||||||||||||||
Disclosure of dividends [Line Items] | |||||||||||||||||
Share buyback | $ 236 | € 195 | |||||||||||||||
Share buyback (in shares) | shares | 9,852,980 | 9,852,980 |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of subsidiaries [line items] | |||
Net income attributable to non-controlling interests | $ 155 | $ 63 | $ 181 |
Non-controlling interests | 1,957 | 1,962 | |
Current assets | 27,973 | 28,616 | |
Non-current assets | 54,079 | 59,292 | |
Total assets | 82,052 | 87,908 | |
Current liabilities | 22,667 | 21,287 | |
Non-current liabilities | 19,148 | 26,138 | |
Profit (loss) from continuing operations | (578) | (2,391) | 5,330 |
Total comprehensive income (loss) | (1,404) | (3,015) | 3,755 |
Net cash provided by / (used in) operating activities | 4,082 | 6,017 | 4,196 |
Net cash provided by / (used in) investing activities | (2,011) | (3,824) | (3,759) |
Net cash provided by / (used in) financing activities | (1,498) | 514 | (689) |
Impact of currency movements on cash | 163 | (22) | (140) |
Cash and cash equivalents: | |||
At the beginning of the year | 4,867 | 2,172 | 2,574 |
At the end of the year | 5,600 | 4,867 | 2,172 |
Dividend to non-controlling interests | (181) | (129) | (119) |
Subsidiaries with material non-controlling interests | |||
Disclosure of subsidiaries [line items] | |||
Net income attributable to non-controlling interests | 155 | 63 | 181 |
Non-controlling interests | $ 1,957 | $ 1,962 | |
AMSA | |||
Disclosure of subsidiaries [line items] | |||
% of non-controlling interests and non-controlling voting rights (in percent) | 30.78% | 30.78% | |
Net income attributable to non-controlling interests | $ (34) | $ (98) | 29 |
Non-controlling interests | 24 | 74 | |
Current assets | 853 | 997 | |
Non-current assets | 572 | 618 | |
Total assets | 1,425 | 1,615 | |
Current liabilities | 875 | 907 | |
Non-current liabilities | 471 | 468 | |
Total net assets | 79 | 240 | |
Revenue | 1,526 | 2,864 | 3,440 |
Profit (loss) from continuing operations | (110) | (319) | 95 |
Total comprehensive income (loss) | (138) | (312) | (40) |
Net cash provided by / (used in) operating activities | 30 | (35) | 69 |
Net cash provided by / (used in) investing activities | (13) | (79) | 132 |
Net cash provided by / (used in) financing activities | 77 | 97 | (260) |
Impact of currency movements on cash | 19 | 5 | (10) |
Cash and cash equivalents: | |||
At the beginning of the year | 60 | 72 | 141 |
At the end of the year | 173 | 60 | 72 |
Dividend to non-controlling interests | $ 0 | 0 | |
Sonasid | |||
Disclosure of subsidiaries [line items] | |||
% of non-controlling interests and non-controlling voting rights (in percent) | 67.57% | 67.57% | |
Net income attributable to non-controlling interests | $ 0 | $ 0 | 2 |
Non-controlling interests | $ 114 | 103 | |
Proportion of ownership interest in subsidiary (in percent) | 32.43% | ||
Current assets | $ 214 | 188 | |
Non-current assets | 114 | 102 | |
Total assets | 328 | 290 | |
Current liabilities | 115 | 101 | |
Non-current liabilities | 48 | 39 | |
Total net assets | 165 | 150 | |
Revenue | 324 | 366 | 396 |
Profit (loss) from continuing operations | (1) | (1) | 4 |
Total comprehensive income (loss) | 3 | 0 | 5 |
Net cash provided by / (used in) operating activities | 39 | 9 | 22 |
Net cash provided by / (used in) investing activities | (5) | (5) | (5) |
Net cash provided by / (used in) financing activities | (1) | (6) | 0 |
Impact of currency movements on cash | 6 | 0 | 0 |
Cash and cash equivalents: | |||
At the beginning of the year | 53 | 55 | 38 |
At the end of the year | 92 | 53 | 55 |
Dividend to non-controlling interests | $ (4) | 0 | |
Sonasid | Nouvelles Sidérurgies Industrielles | |||
Disclosure of subsidiaries [line items] | |||
Proportion of ownership interest in subsidiary (in percent) | 64.86% | ||
PJSC ArcelorMittal Kryvyi Rih | |||
Disclosure of subsidiaries [line items] | |||
% of non-controlling interests and non-controlling voting rights (in percent) | 4.87% | 4.87% | |
Net income attributable to non-controlling interests | $ (1) | $ (5) | 15 |
Non-controlling interests | 151 | 185 | |
Current assets | 1,050 | 1,557 | |
Non-current assets | 2,871 | 3,530 | |
Total assets | 3,921 | 5,087 | |
Current liabilities | 619 | 1,130 | |
Non-current liabilities | 354 | 446 | |
Total net assets | 2,948 | 3,511 | |
Revenue | 2,348 | 2,420 | 2,497 |
Profit (loss) from continuing operations | 17 | (100) | 340 |
Total comprehensive income (loss) | 14 | (141) | 331 |
Net cash provided by / (used in) operating activities | 697 | 163 | 313 |
Net cash provided by / (used in) investing activities | (212) | (270) | (346) |
Net cash provided by / (used in) financing activities | (485) | 68 | 50 |
Impact of currency movements on cash | (11) | 8 | (4) |
Cash and cash equivalents: | |||
At the beginning of the year | 42 | 73 | 60 |
At the end of the year | 31 | 42 | 73 |
Dividend to non-controlling interests | $ 0 | 0 | |
Belgo Bekaert Arames ("BBA") | |||
Disclosure of subsidiaries [line items] | |||
% of non-controlling interests and non-controlling voting rights (in percent) | 45.00% | 45.00% | |
Net income attributable to non-controlling interests | $ 33 | $ 28 | 28 |
Non-controlling interests | 116 | 141 | |
Current assets | 200 | 225 | |
Non-current assets | 112 | 148 | |
Total assets | 312 | 373 | |
Current liabilities | 93 | 98 | |
Non-current liabilities | 9 | 14 | |
Total net assets | 210 | 261 | |
Revenue | 650 | 761 | 771 |
Profit (loss) from continuing operations | 75 | 63 | 59 |
Total comprehensive income (loss) | 79 | 64 | 62 |
Net cash provided by / (used in) operating activities | 86 | 76 | 47 |
Net cash provided by / (used in) investing activities | (12) | (12) | (14) |
Net cash provided by / (used in) financing activities | (65) | (62) | (27) |
Impact of currency movements on cash | (2) | 0 | 0 |
Cash and cash equivalents: | |||
At the beginning of the year | 13 | 11 | 5 |
At the end of the year | 20 | 13 | 11 |
Dividend to non-controlling interests | $ (27) | $ (18) | (18) |
Hera Ermac | |||
Disclosure of subsidiaries [line items] | |||
% of non-controlling interests and non-controlling voting rights (in percent) | 0.00% | 0.00% | |
Net income attributable to non-controlling interests | $ 0 | $ 0 | 0 |
Non-controlling interests | 855 | 801 | |
Current assets | 694 | 905 | |
Non-current assets | 1,044 | 1,193 | |
Total assets | 1,738 | 2,098 | |
Current liabilities | 54 | 298 | |
Non-current liabilities | 113 | 76 | |
Total net assets | 1,571 | 1,724 | |
Revenue | 0 | 0 | 0 |
Profit (loss) from continuing operations | (208) | 144 | (555) |
Total comprehensive income (loss) | (208) | 144 | (555) |
Net cash provided by / (used in) operating activities | (209) | 857 | 38 |
Net cash provided by / (used in) investing activities | 208 | (114) | (38) |
Net cash provided by / (used in) financing activities | 1 | (743) | 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 | |
AMMC | |||
Disclosure of subsidiaries [line items] | |||
% of non-controlling interests and non-controlling voting rights (in percent) | 15.00% | 15.00% | |
Net income attributable to non-controlling interests | $ 127 | $ 114 | 91 |
Non-controlling interests | 466 | 486 | |
Current assets | 1,566 | 1,434 | |
Non-current assets | 2,987 | 3,083 | |
Total assets | 4,553 | 4,517 | |
Current liabilities | 515 | 457 | |
Non-current liabilities | 633 | 591 | |
Total net assets | 3,405 | 3,469 | |
Revenue | 2,746 | 2,655 | 2,396 |
Profit (loss) from continuing operations | 849 | 766 | 636 |
Total comprehensive income (loss) | 747 | 761 | 642 |
Net cash provided by / (used in) operating activities | 922 | 1,045 | 735 |
Net cash provided by / (used in) investing activities | (137) | (332) | (134) |
Net cash provided by / (used in) financing activities | (870) | (683) | (579) |
Impact of currency movements on cash | 0 | 0 | 0 |
Cash and cash equivalents: | |||
At the beginning of the year | 210 | 180 | 158 |
At the end of the year | 125 | 210 | 180 |
Dividend to non-controlling interests | $ (126) | $ (102) | (87) |
Arceo | |||
Disclosure of subsidiaries [line items] | |||
% of non-controlling interests and non-controlling voting rights (in percent) | 62.86% | 62.86% | |
Net income attributable to non-controlling interests | $ 2 | $ 3 | 4 |
Non-controlling interests | 167 | 154 | |
Current assets | 182 | 129 | |
Non-current assets | 89 | 122 | |
Total assets | 271 | 251 | |
Current liabilities | 0 | 1 | |
Non-current liabilities | 0 | 1 | |
Total net assets | 271 | 249 | |
Revenue | 0 | 0 | 0 |
Profit (loss) from continuing operations | 4 | 5 | 6 |
Total comprehensive income (loss) | 4 | 5 | 6 |
Net cash provided by / (used in) operating activities | 8 | 9 | 10 |
Net cash provided by / (used in) investing activities | 20 | 17 | 14 |
Net cash provided by / (used in) financing activities | (6) | (7) | (9) |
Impact of currency movements on cash | 5 | 0 | (1) |
Cash and cash equivalents: | |||
At the beginning of the year | 46 | 27 | 13 |
At the end of the year | 73 | 46 | 27 |
Dividend to non-controlling interests | $ (3) | $ (5) | (7) |
ArcelorMittal Liberia Ltd | |||
Disclosure of subsidiaries [line items] | |||
% of non-controlling interests and non-controlling voting rights (in percent) | 15.00% | 15.00% | |
Net income attributable to non-controlling interests | $ 28 | $ 18 | (2) |
Non-controlling interests | (222) | (250) | |
Current assets | 153 | 155 | |
Non-current assets | 150 | 123 | |
Total assets | 303 | 278 | |
Current liabilities | 1,583 | 1,739 | |
Non-current liabilities | 55 | 46 | |
Total net assets | (1,335) | (1,507) | |
Revenue | 361 | 257 | 132 |
Profit (loss) from continuing operations | 192 | 115 | (12) |
Total comprehensive income (loss) | 192 | 115 | (12) |
Net cash provided by / (used in) operating activities | 223 | 84 | (18) |
Net cash provided by / (used in) investing activities | (19) | (18) | (29) |
Net cash provided by / (used in) financing activities | (204) | (65) | 47 |
Impact of currency movements on cash | 0 | 0 | 0 |
Cash and cash equivalents: | |||
At the beginning of the year | 1 | 0 | 0 |
At the end of the year | 1 | 1 | 0 |
Dividend to non-controlling interests | 0 | 0 | |
Other | |||
Disclosure of subsidiaries [line items] | |||
Net income attributable to non-controlling interests | 0 | 3 | $ 14 |
Non-controlling interests | $ 286 | $ 268 | |
Nouvelles Sidérurgies Industrielles | |||
Disclosure of subsidiaries [line items] | |||
Proportion of ownership interest in subsidiary (in percent) | 50.00% |
RELATED PARTIES - Narrative (De
RELATED PARTIES - Narrative (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Significant shareholder | |
Disclosure of transactions between related parties [line items] | |
Proportion of ownership interests held by non-controlling interests (in percent) | 35.64% |
RELATED PARTIES - Sales and Tra
RELATED PARTIES - Sales and Trade Receivables (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of transactions between related parties [line items] | |||
Sales | $ 5,142 | $ 7,442 | $ 8,259 |
Trade receivables | 269 | 298 | |
Calvert | Joint Venture | |||
Disclosure of transactions between related parties [line items] | |||
Sales | 1,488 | 2,518 | 2,207 |
Trade receivables | 18 | 5 | |
Gonvarri Steel Industries | Associate | |||
Disclosure of transactions between related parties [line items] | |||
Sales | 1,395 | 1,728 | 2,022 |
Trade receivables | 67 | 42 | |
Borçelik | Joint Venture | |||
Disclosure of transactions between related parties [line items] | |||
Sales | 312 | 474 | 536 |
Trade receivables | 15 | 20 | |
ArcelorMittal CLN Distribuzione Italia | Joint Venture | |||
Disclosure of transactions between related parties [line items] | |||
Sales | 304 | 483 | 511 |
Trade receivables | 6 | 57 | |
Bamesa | Associate | |||
Disclosure of transactions between related parties [line items] | |||
Sales | 226 | 365 | 383 |
Trade receivables | 27 | 32 | |
I/N Kote L.P. | Other | |||
Disclosure of transactions between related parties [line items] | |||
Sales | 226 | 321 | 329 |
Trade receivables | 0 | 2 | |
ArcelorMittal RZK Çelik Servis Merkezi | Joint Venture | |||
Disclosure of transactions between related parties [line items] | |||
Sales | 167 | 225 | 136 |
Trade receivables | 14 | 13 | |
Aperam | Other | |||
Disclosure of transactions between related parties [line items] | |||
Sales | 155 | 172 | 278 |
Trade receivables | 19 | 16 | |
Coils Lamiere Nastri (C.L.N.) | Associate | |||
Disclosure of transactions between related parties [line items] | |||
Sales | 146 | 247 | 265 |
Trade receivables | 7 | 10 | |
Tuper | Joint Venture | |||
Disclosure of transactions between related parties [line items] | |||
Sales | 128 | 147 | 155 |
Trade receivables | 36 | 43 | |
WDI | Associate | |||
Disclosure of transactions between related parties [line items] | |||
Sales | 106 | 105 | 148 |
Trade receivables | 1 | 1 | |
Tameh | Joint Venture | |||
Disclosure of transactions between related parties [line items] | |||
Sales | 64 | 109 | 110 |
Trade receivables | 6 | 8 | |
SSC Tanger | Associate | |||
Disclosure of transactions between related parties [line items] | |||
Sales | 49 | 55 | 53 |
Trade receivables | 1 | 1 | |
Al Jubail | Joint Venture | |||
Disclosure of transactions between related parties [line items] | |||
Sales | 4 | 25 | 115 |
Trade receivables | 4 | 0 | |
Macsteel | Other | |||
Disclosure of transactions between related parties [line items] | |||
Sales | 0 | 0 | 470 |
Trade receivables | 0 | 0 | |
Other | |||
Disclosure of transactions between related parties [line items] | |||
Sales | 372 | 468 | $ 541 |
Trade receivables | $ 48 | $ 48 |
RELATED PARTIES - Purchases and
RELATED PARTIES - Purchases and Trade Payables (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of transactions between related parties [line items] | |||
Purchases | $ 1,151 | $ 1,092 | $ 1,116 |
Trade payables | 272 | 251 | |
Tameh | Joint Venture | |||
Disclosure of transactions between related parties [line items] | |||
Purchases | 171 | 273 | 344 |
Trade payables | 37 | 22 | |
Global Chartering Limited | Joint Venture | |||
Disclosure of transactions between related parties [line items] | |||
Purchases | 138 | 0 | 0 |
Trade payables | 8 | 12 | |
Calvert | Joint Venture | |||
Disclosure of transactions between related parties [line items] | |||
Purchases | 124 | 127 | 107 |
Trade payables | 9 | 41 | |
Baffinland | Associate | |||
Disclosure of transactions between related parties [line items] | |||
Purchases | 64 | 16 | 28 |
Trade payables | 52 | 1 | |
Aperam | Other | |||
Disclosure of transactions between related parties [line items] | |||
Purchases | 56 | 47 | 85 |
Trade payables | 8 | 7 | |
CFL Cargo | Associate | |||
Disclosure of transactions between related parties [line items] | |||
Purchases | 54 | 63 | 59 |
Trade payables | 16 | 17 | |
Exeltium | Associate | |||
Disclosure of transactions between related parties [line items] | |||
Purchases | 50 | 52 | 54 |
Trade payables | 12 | 0 | |
Baycoat | Joint Venture | |||
Disclosure of transactions between related parties [line items] | |||
Purchases | 46 | 47 | 43 |
Trade payables | 7 | 8 | |
Sitrel | Joint Venture | |||
Disclosure of transactions between related parties [line items] | |||
Purchases | 29 | 49 | 41 |
Trade payables | 0 | 1 | |
Gonvarri Steel Industries | Associate | |||
Disclosure of transactions between related parties [line items] | |||
Purchases | 19 | 22 | 35 |
Trade payables | 17 | 15 | |
Al Jubail | Joint Venture | |||
Disclosure of transactions between related parties [line items] | |||
Purchases | 16 | 53 | 42 |
Trade payables | 7 | 4 | |
Other | Other | |||
Disclosure of transactions between related parties [line items] | |||
Purchases | 384 | 343 | $ 278 |
Trade payables | $ 99 | $ 123 |
RELATED PARTIES - Other Transac
RELATED PARTIES - Other Transactions With Related Parties (Details) t in Millions, $ in Millions | Dec. 31, 2019t | Dec. 03, 2014 | Dec. 31, 2020USD ($) | Nov. 08, 2019USD ($)t |
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 (in percent) | 80.00% | |||
Al Jubail | Joint Venture | ||||
Disclosure of transactions between related parties [line items] | ||||
Loan receivable | 109 | |||
Calvert | Joint Venture | ArcelorMittal Calvert LLC | ||||
Disclosure of transactions between related parties [line items] | ||||
Loan receivable | 178 | |||
Calvert | Joint Venture | ArcelorMittal Calvert LLC | Bottom of range | ||||
Disclosure of transactions between related parties [line items] | ||||
Loans interest rate (in percent) | 2.28% | |||
Loan maturity term | 1 year | |||
Calvert | Joint Venture | ArcelorMittal Calvert LLC | Top of range | ||||
Disclosure of transactions between related parties [line items] | ||||
Loans interest rate (in percent) | 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 (in percent) | 78.00% | |||
Value of iron ore produced and hauled, maximum | $ 450 | |||
KSS Petron | AMNS India | ||||
Disclosure of transactions between related parties [line items] | ||||
Financial assets at fair value through profit or loss | $ 136 | |||
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 (in percent) | 50.00% |