0001193125-15-072162.txt : 20150302 0001193125-15-072162.hdr.sgml : 20150302 20150302102330 ACCESSION NUMBER: 0001193125-15-072162 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20150302 FILED AS OF DATE: 20150302 DATE AS OF CHANGE: 20150302 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ArcelorMittal CENTRAL INDEX KEY: 0001243429 STANDARD INDUSTRIAL CLASSIFICATION: STEEL WORKS, BLAST FURNACES ROLLING MILLS (COKE OVENS) [3312] IRS NUMBER: 000000000 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-35788 FILM NUMBER: 15662745 BUSINESS ADDRESS: STREET 1: 24-26 BOULEVARD D?AVRANCHES STREET 2: L-1160 LUXEMBOURG CITY: GRAND DUCHY OF LUXEMBOURG STATE: N4 ZIP: 00000 BUSINESS PHONE: 35247922151 MAIL ADDRESS: STREET 1: 24-26 BOULEVARD D?AVRANCHES STREET 2: L-1160 LUXEMBOURG CITY: GRAND DUCHY OF LUXEMBOURG STATE: N4 ZIP: 00000 FORMER COMPANY: FORMER CONFORMED NAME: ARCELOR DATE OF NAME CHANGE: 20030618 6-K 1 d882278d6k.htm FORM 6-K Form 6-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 6-K

 

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Dated March 2, 2015

Commission File Number: 001-35788

 

 

ARCELORMITTAL

(Translation of registrant’s name into English)

 

 

24-26 boulevard d’Avranches

L-1160 Luxembourg

Grand Duchy of Luxembourg

(Address of principal executive offices)

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F  x             Form 40-F  ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):  ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):  ¨

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes   ¨             No   x

If “Yes” marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-        

 

 

 

ArcelorMittal is providing on this Form 6-K its table of capitalization and indebtedness as of December 31, 2014 and its computation of the ratio of earnings to fixed charges for each of the five years ended December 31, 2010, 2011, 2012, 2013 and 2014.

Exhibit List

 

Exhibit

No.

   

Description

Exhibit 12.1    Computation of the Ratio of Earnings to Fixed Charges
Exhibit 99.1    Table of Capitalization and Indebtedness
Exhibit 99.2    Ratio of Earnings to Fixed Charges

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: March 2, 2015

 

By:

/s/ Henk Scheffer

Name: Henk Scheffer
Title: Company Secretary

Exhibit Index

 

Exhibit

No.

   

Description

Exhibit 12.1    Computation of the Ratio of Earnings to Fixed Charges
Exhibit 99.1    Table of Capitalization and Indebtedness
Exhibit 99.2    Ratio of Earnings to Fixed Charges
 EX-12.1 2 d882278dex121.htm EXHIBIT 12.1 Exhibit 12.1

Exhibit 12.1

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

 

     Year Ended December 31,  
(Dollars in millions, except ratios)    2010     2011     2012(1)     2013(2)     2014(2)  

Interest expensed and capitalized

      1,606        1,953        2,039        1,893        1,560   

Interest portion of rental obligations

      66        141        162        222        232   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Total fixed charges (A)

   1,672      2,094      2,200      2,115      1,792   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Pretax income from continuing operations before adjustment for non-controlling interests in consolidated subsidiaries

   1,936      2,835      (5,375 )    (2,360 )    (520 ) 

Income allocable to non-controlling interest in consolidated entities that have not incurred fixed charges

   (89 )    3      117      30      (112 ) 

Undistributed earnings of equity investees

   (294 )    (222 )    48      608      325   

Fixed charges, excluding capitalized interest

   1,672      2,087      2,192      2,112      1,797   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Earnings-pretax income with applicable adjustments (B)

   3,225      4,703      (3,017 )    390      1,490   
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

Ratio of (B) to (A)

   1.9      2.2      (1.4 )    0.2      0.8   

 

(1) Due to ArcelorMittal’s pretax loss in 2012, the ratio coverage was less than 1:1. ArcelorMittal would have needed to generate additional earnings of $5,218 million to achieve a coverage of 1:1 for 2012.
(2) In 2013 and 2014, ArcelorMittal’s pretax results were not enough to reach a ratio of 1:1; ArcelorMittal would have needed to generate additional earnings of $1,725 million and $302 million to achieve a coverage of 1:1 for 2013 and 2014, respectively.

The ratio of earnings to fixed charges is computed by dividing earnings by fixed charges. Earnings represent consolidated pretax income from continuing operations before adjustment for non-controlling interests in consolidated subsidiaries, less income allocable to non-controlling interests in consolidated entities that have not incurred fixed charges, fixed charges, and undistributed earnings of equity investees. Equity investees are investments accounted for using the equity method of accounting. Fixed charges include interest expensed and capitalized, the interest portion of rental obligations, amortized premiums, discounts and capitalized expenses related to indebtedness. Amounts were prepared in accordance with IFRS as issued by the International Accounting Standards Board.

EX-99.1 3 d882278dex991.htm EXHIBIT 99.1 Exhibit 99.1

Exhibit 99.1

CAPITALIZATION AND INDEBTEDNESS

The following table sets out the consolidated capitalization and indebtedness of ArcelorMittal at December 31, 2014, prepared on the basis of IFRS. You should read this table together with the Group’s consolidated financial statements and the other financial data appearing in its annual report on Form 20-F for the year ended December 31, 2014.

 

     As of December 31,
2014		  

Short-term borrowings, including current portion of long-term debt(1)

      2,522   

Secured and Unguaranteed

      79   

Guaranteed and Unsecured

      141   

Secured and Guaranteed

   

Unsecured/Unguaranteed

      2,302   

Long-term borrowings, net of current portion(2)

      17,275   

Secured and Unguaranteed

      633   

Guaranteed and Unsecured

      1,195   

Secured and Guaranteed

   

Unsecured/Unguaranteed

      15,447   

Equity attributable to the equity holders of the parent

      42,086   

Non-controlling interests

      3,074   

Total equity

      45,160   

Total capitalization (Total shareholder’s equity plus Short-term borrowings plus Long-term borrowings)

      64,957   

 

(1) Excludes $34 million of debt classified as held for sale.
(2) Excludes $24 million of debt classified as held for sale.

On January 14, 2015, ArcelorMittal issued €750 million 3.125 percent Notes due on January 14, 2022 under its €3 billion wholesale Euro Medium Term Notes Programme. The proceeds of the issuance will be used for general corporate purposes.

On June 10, 2014, ArcelorMittal entered into an agreement for financing with a financial institution for $1.0 billion. The financial institution had the right to request early repayment once per year beginning in February 2015 until the final maturity on April 20, 2017. On February 13, 2015, ArcelorMittal elected to make an early repayment of such financing.

Except as disclosed herein, there have been no material changes in ArcelorMittal’s consolidated capitalization and indebtedness since December 31, 2014.

As of December 31, 2014, ArcelorMittal had guaranteed approximately $1.4 billion of debt of its operating subsidiaries.

As of December 31, 2014, ArcelorMittal had $6.0 billion available to be drawn under existing credit facilities.

EX-99.2 4 d882278dex992.htm EXHIBIT 99.2 Exhibit 99.2

Exhibit 99.2

RATIO OF EARNINGS TO FIXED CHARGES

ArcelorMittal’s ratio of earnings to fixed charges for the periods indicated below was as follows:

 

     Year ended December 31,  
     2010      2011      2012(1)     2013(2)      2014(2)  

Ratio of earnings to fixed charges

      1.9x         2.2x         (1.4 )x      0.2x         0.8x   

 

(1) Due to ArcelorMittal’s pretax loss in 2012, the ratio coverage was less than 1:1. ArcelorMittal would have needed to generate additional earnings of $5,218 million to achieve a coverage of 1:1 for 2012.
(2) In 2013 and 2014, ArcelorMittal’s pretax results were not enough to reach a ratio of 1:1; ArcelorMittal would have needed to generate additional earnings of $1,725 million and $302 million to achieve a coverage of 1:1 for 2013 and 2014, respectively.

The ratio of earnings to fixed charges is computed by dividing earnings by fixed charges. Earnings represent consolidated pretax income from continuing operations before adjustment for non-controlling interests in consolidated subsidiaries, less income allocable to non-controlling interests in consolidated entities that have not incurred fixed charges, fixed charges, and undistributed earnings of equity investees. Equity investees are investments accounted for using the equity method of accounting. Fixed charges include interest expensed and capitalized, the interest portion of rental obligations, amortized premiums, discounts and capitalized expenses related to indebtedness. Amounts were prepared in accordance with IFRS as issued by the International Accounting Standards Board.