6-K

0001193125-18-068439.txt : 20180302 0001193125-18-068439.hdr.sgml : 20180302 20180302112612 ACCESSION NUMBER: 0001193125-18-068439 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 5 CONFORMED PERIOD OF REPORT: 20180302 FILED AS OF DATE: 20180302 DATE AS OF CHANGE: 20180302 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: 18660499 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 d545575d6k.htm 6-K 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, 2018

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 ☒ 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): ☐

THIS REPORT ON FORM 6-K SHALL BE DEEMED TO BE INCORPORATED BY REFERENCE IN THE REGISTRATION STATEMENT ON FORM F-3 (NO. 333-202409) OF ARCELORMITTAL AND THE PROSPECTUSES INCORPORATED THEREIN.

ArcelorMittal is providing on this Form 6-K (i) its table of capitalization and indebtedness as of December 31, 2017; (ii) its ratio of earnings to fixed charges for the years ended December 31, 2017, 2016, 2015, 2014 and 2013 and (iii) certain other recent developments.

Exhibit List


Exhibit No.		Description

Exhibit 12.1		Computation of Ratio of Earnings to Fixed Charges

Exhibit 99.1		Table of Capitalization and Indebtedness

Exhibit 99.2		Ratio of Earnings to Fixed Charges

Exhibit 99.3		Certain Other Recent Developments

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, 2018


By:		/s/ Henk Scheffer
Name:		Henk Scheffer
Title:		Company Secretary & Group Compliance & Data Protection Officer

Exhibit Index


Exhibit No.		Description

Exhibit 12.1		Computation of Ratio of Earnings to Fixed Charges

Exhibit 99.1		Table of Capitalization and Indebtedness

Exhibit 99.2		Ratio of Earnings to Fixed Charges

Exhibit 99.3		Certain Other Recent Developments

EX-12.1 2 d545575dex121.htm EX-12.1 EX-12.1

Exhibit 12.1

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES


	Year ended December 31,
(Dollars in millions, except ratios)	2017			2016			2015⁽¹⁾			2014⁽²⁾			2013⁽²⁾
Interest expensed and capitalized⁽³⁾		886			1,186			1,388			1,581			1,896
Interest portion of rental obligations⁽⁴⁾		179			172			178			226			222

Total fixed charges (A)		1,065			1,358			1,566			1,807			2,118

Pre-tax income from continuing operations before adjustment for non-controlling interests in consolidated subsidiaries or income or loss from equity investees		5,007			2,720			(7,521	)		(520	)		(2,360	)
Post-tax income allocable to non-controlling interest in consolidated entities that have not incurred fixed charges		(7	)		45			477			(112	)		30
Undistributed earnings of equity investees		(216	)		(439	)		729			381			661
Fixed charges, excluding capitalized interest		1,058			1,344			1,561			1,791			2,112

Earnings-pretax income with applicable adjustments (B)		5,842			3,670			(4,754	)		1,540			443

Ratio of (B) to (A)		5.5			2.7			(3.0	)		0.9			0.2

Notes

(1)	Due to ArcelorMittal’s pretax loss in 2015, the ratio coverage was less than 1:1. ArcelorMittal would have needed to generate additional earnings of $6,320 million to have achieved a coverage of 1:1 for 2015.

(2)	In 2014 and 2013, ArcelorMittal’s pretax results were not enough to reach a ratio of 1:1. ArcelorMittal would have needed to generate additional earnings of $267 million and $1,675 million to have achieved a coverage of 1:1 for 2014 and 2013, respectively.

(3)	Includes amortization of premiums, discounts and capitalized expenses related to indebtedness.

(4)	Deemed to be 33% of the total rental expenses.

The ratio of earnings to fixed charges is computed by dividing earnings by fixed charges. Earnings represent consolidated pre-tax income from continuing operations before adjustment for non-controlling interests in consolidated subsidiaries or income or loss from equity investees, less post-tax income allocable to non-controlling interests in consolidated entities that have not incurred fixed charges and capitalized interest, plus fixed charges and distributed 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 used to calculate the ratio of earnings to fixed charges were prepared in accordance with IFRS as issued by the International Accounting Standards Board.

EX-99.1 3 d545575dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

CAPITALIZATION AND INDEBTEDNESS

The following table sets out the consolidated capitalization and indebtedness of ArcelorMittal at December 31, 2017. 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, 2017.


	As of December 31, 2017
	Actual
Short-term borrowings, including current portion of long-term debt		2,785
Secured and Unguaranteed		372
Guaranteed and Unsecured		41
Secured and Guaranteed		—
Unsecured/Unguaranteed		2,372
Long-term borrowings, net of current portion		10,143
Secured and Unguaranteed		504
Guaranteed and Unsecured		—
Secured and Guaranteed		—
Unsecured/Unguaranteed		9,639
Equity attributable to the equity holders of the parent		38,789
Non-controlling interests		2,066
Total shareholder’s equity		40,855
Total capitalization (Total shareholder’s equity plus Short-term borrowings plus Long-term borrowings)		53,783

Except as disclosed herein, there have been no material changes in ArcelorMittal’s consolidated capitalization and indebtedness since December 31, 2017.

As of December 31, 2017, ArcelorMittal had guaranteed approximately $41 million of debt of its operating subsidiaries.

As of December 31, 2017, ArcelorMittal had approximately $876 million of consolidated secured indebtedness outstanding.

As of December 31, 2017, ArcelorMittal also had $5.5 billion of indebtedness available to be drawn under existing credit facilities, all of which would be unsecured, ArcelorMittal USA LLC (a subsidiary of ArcelorMitta) had $1.0 billion of indebtedness available to be drawn under an asset-based revolving credit facility, all of which would be secured, and ArcelorMittal South Africa Ltd. (a subsidiary of ArcelorMittal) had ZAR800 million ($65 million) of indebtedness available to be drawn under a borrowing base facility, all of which would be secured.

In January 2018, the Company entered into a bilateral financing facility due July 2018 for a total amount of €400 million.

EX-99.2 4 d545575dex992.htm EX-99.2 EX-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,

(Dollars in millions, except ratios)

2017

2016

2015⁽¹⁾

2014⁽²⁾

2013⁽²⁾

Ratio of earnings to fixed charges

5.5

2.7

(3.0

)

0.9

0.2

(1)	Due to ArcelorMittal’s pretax loss in 2015, the ratio coverage was less than 1:1. ArcelorMittal would have needed to generate additional earnings of $6,320 million to have achieved a coverage of 1:1 for 2015.

(2)	In 2014 and 2013, ArcelorMittal’s pretax results were not enough to reach a ratio of 1:1. ArcelorMittal would have needed to generate additional earnings of $267 million and $1,675 million to have achieved a coverage of 1:1 for 2014 and 2013, respectively.

EX-99.3 5 d545575dex993.htm EX-99.3 EX-99.3

Exhibit 99.3

Other Recent Developments

ArcelorMittal (the “Company”) has signed a joint venture formation agreement with Nippon Steel & Sumitomo Metal Corporation (“NSSMC”) in relation to its offer to acquire Essar Steel India Limited (“Essar Steel”). The Company’s subsidiary ArcelorMittal India Private Limited (“AMIPL”) submitted a Resolution Plan for Essar on February 12, 2018, which outlined the intention to have NSSMC formally join its bid for Essar Steel. Should the submitted Resolution Plan be selected and formally accepted by India’s National Company Law Tribunal, ArcelorMittal and NSSMC would jointly acquire and manage Essar Steel.

In its Resolution Plan, AMIPL set out a detailed industrial and turnaround plan aimed at restoring Essar Steel’s fortunes, enabling it to realize its full potential and participate in the anticipated steel demand growth in India.

ArcelorMittal and NSSMC have operated I/N Tek and I/N Kote in Indiana, USA, under joint venture agreements since 1987. I/N Tek and I/N Kote are high-added value downstream steel finishing facilities which serve the automotive and domestic appliance markets.

More recently, in 2014, ArcelorMittal partnered with NSSMC on the acquisition of AM/NS Calvert, a state-of-the art downstream finishing facility in Alabama, USA. The facility, which opened in 2010 and has a 5.3 million tonne capacity, was the largest newly constructed steel facility in the US in 40 years but had failed to reach its potential. A major investment program has been undertaken following the acquisition. The program focused on improving the facility’s finishing lines to enable the production of higher-added value steel products, including production of Usibor^®, ArcelorMittal’s flagship advanced high-strength steel for the automotive sector, and increasing slab staging capacity and efficiency. These investments have helped to facilitate a rapid improvement in AM/NS Calvert’s performance: capacity utilization rates have improved by over 20 per cent; shipments to the automotive sector more than doubled between 2015 and 2017; and productivity at the hot strip mill has increased by over 1 million tonnes since the acquisition.