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SCOPE OF CONSOLIDATION (Tables)

12 Months Ended

Dec. 31, 2019

The table below provides a list of the Company’s principal operating subsidiaries at December 31, 2019. Unless otherwise stated, the subsidiaries listed below have share capital consisting solely of ordinary shares or voting interests in the case of partnerships, which are held directly or indirectly by the Company and the proportion of ownership interests held equals to the voting rights held by the Company. The country of incorporation corresponds to their principal place of operations.



Name of Subsidiary	Country	% of Ownership
NAFTA
ArcelorMittal Dofasco G.P.	Canada	100.00%
ArcelorMittal México S.A. de C.V.	Mexico	100.00%
ArcelorMittal USA LLC	United States	100.00%
ArcelorMittal Long Products Canada G.P.	Canada	100.00%
Brazil and neighboring countries ("Brazil")
ArcelorMittal Brasil S.A.	Brazil	97.01%
Acindar Industria Argentina de Aceros S.A.	Argentina	100.00%
Europe
ArcelorMittal France S.A.S.	France	100.00%	¹
ArcelorMittal Belgium N.V.	Belgium	100.00%
ArcelorMittal España S.A.	Spain	99.85%
ArcelorMittal Flat Carbon Europe S.A.	Luxembourg	100.00%
ArcelorMittal Poland S.A.	Poland	100.00%
ArcelorMittal Eisenhüttenstadt GmbH	Germany	100.00%
ArcelorMittal Bremen GmbH	Germany	100.00%
ArcelorMittal Méditerranée S.A.S.	France	100.00%
ArcelorMittal Belval & Differdange S.A.	Luxembourg	100.00%
ArcelorMittal Hamburg GmbH	Germany	100.00%
ArcelorMittal Duisburg GmbH	Germany	100.00%
ArcelorMittal International Luxembourg S.A.	Luxembourg	100.00%
ArcelorMittal Italia S.p.A.	Italy	94.45%
Africa and Commonwealth of Independent States ("ACIS")
ArcelorMittal South Africa Ltd. ("AMSA")	South Africa	69.22%
JSC ArcelorMittal Temirtau	Kazakhstan	100.00%
PJSC ArcelorMittal Kryvyi Rih ("AM Kryvyi Rih")	Ukraine	95.13%
Mining
ArcelorMittal Mining Canada G.P. and ArcelorMittal Infrastructure G.P.("AMMC")	Canada	85.00%
ArcelorMittal Liberia Ltd	Liberia	85.00%
JSC ArcelorMittal Temirtau	Kazakhstan	100.00%
PJSC ArcelorMittal Kryvyi Rih	Ukraine	95.13%


1.	On July 1, 2019, ArcelorMittal Atlantique et Lorraine S.A.S. was merged into ArcelorMittal France S.A.S.

The tables below provide a list of the subsidiaries which include significant non-controlling interests at December 31, 2019 and 2018 and for the years ended December 31, 2019, 2018 and 2017.



Name of Subsidiary	Country of incorporation and operation	% of non-controlling interests and non- controlling voting rights at December 31, 2019	% of non-controlling interests and non- controlling voting rights at December 31, 2018	Net income (loss) attributable to non- controlling interests for the year ended December 31, 2019		Non-controlling interests at December 31, 2019		Net income (loss) attributable to non- controlling interests for the year ended December 31, 2018		Non-controlling interests at December 31, 2018		Net income (loss) attributable to non- controlling interests for the year ended December 31, 2017
AMSA	South Africa	30.78%	30.78%	(98	)	74		29		170		(124	)
Sonasid¹	Morocco	67.57%	67.57%	—		103		2		107		3
ArcelorMittal Kryvyi Rih	Ukraine	4.87%	4.87%	(5	)	185		15		182		10
Belgo Bekaert Arames ("BBA")	Brazil	45.00%	45.00%	28		141		28		136		25
Hera Ermac²	Luxembourg	—	—	—		801		—		797		—
AMMC	Canada	15.00%	15.00%	114		486		91		484		91
Arceo	Belgium	62.86%	62.86%	3		154		4		158		4
ArcelorMittal Liberia Ltd	Liberia	15.00%	15.00%	18		(250	)	(2	)	(268	)	(11	)
Other				3		268		14		256		9
Total				63		1,962		181		2,022		7

Sonasid - ArcelorMittal holds a controlling stake of 50% in Nouvelles Sidérurgies Industrielles. ArcelorMittal controls Nouvelles Sidérurgies Industrielles on the basis of a shareholders’ agreement which includes deadlock arrangements in favor of the Company. Nouvelles Sidérurgies Industrielles holds a 64.86% stake in Sonasid. The total non-controlling interests in Sonasid of 67.57% are the result of ArcelorMittal’s indirect ownership percentage in Sonasid of 32.43% through its controlling stake in Nouvelles Sidérurgies Industrielles.


2.	Hera Ermac - The non-controlling interests correspond to the equity component of the mandatory convertible bonds maturing on January 29, 2021 (see note 11.2).

Schedule of Business Combinations

The table below summarizes the final acquisition-date fair value of the assets acquired and liabilities assumed in respect of Münker, AMSF and the former Ilva business in 2019:



	Münker		AMSF		Ilva
Current assets	22		262		1,156
Property, plant and equipment	34		600		1,118
Intangible assets	11		19		267
Other non-current assets	—		252		369
Total assets acquired	67		1,133		2,910
Deferred tax liabilities	(8	)	(45	)	(74	)
Other liabilities	(14	)	(792	)	(1,113	)
Total liabilities acquired	(22	)	(837	)	(1,187	)
Net assets acquired	45		296		1,723
Non-controlling interests	—		—		—
Consideration paid, net	46		—		52
Consideration payable	5		328		1,490
Goodwill/(bargain purchase gain)	6		32		(181	)

Schedule of Significant Divestments

The table below summarizes the significant divestments:



	2019				2018				2017
	ArcelorMittal Italia remedies		Global Chartering Limited		Frýdek Místek		Votorantim remedies		AMTBA		Downstream Solutions Europe		Georgetown
Cash and cash equivalents	—		—		—		—		13		—		—
Other current assets	1,386		14		48		40		46		38		—
Property, plant and equipment	178		517		35		48		55		2		4
Other assets	11		21		—		—		10		17		—
Total assets	1,575		552		83		88		124		57		4
Current liabilities	1,046		229		31		4		52		18		1
Other long-term liabilities	241		311		4		—		7		12		2
Total liabilities	1,287		540		35		4		59		30		3
Total net assets	288		12		48		84		65		27		1
Assigned receivables	404		—		—		—		—		—		—
% of net assets sold	100	%	50	%	100	%	100	%	100	%	100	%	100	%
Total net assets disposed of	692		6		48		84		65		27		1
Cash consideration received, net of escrow deposit and cash disposed	518		(4	)	39		26		65		6		19
Consideration receivable	174		6		10		58
Reclassification of foreign exchange reserves	72		33		15		—		—		21		—
Gain on disposal	72		29		16		—		—		—		18

Details of Assets and Liabilities Held for Sale

The table below provides the details for the entities classified as held for sale at December 31, 2018. The ArcelorMittal Italia remedies were disposed during 2019 as disclosed in note 2.3.1.



	December 31, 2018
	ArcelorMittal Italia remedies	Steelton	Total
Current Assets:
Cash and cash equivalents	10	—	10
Trade accounts receivable, prepaid expenses and other current assets	291	28	319
Inventories	1,011	23	1,034
Total Current Assets	1,312	51	1,363
Non-current Assets:
Property, plant and equipment	638	78	716
Other assets	32	—	32
Total Non-current Assets	670	78	748
Total Assets	1,982	129	2,111

Current Liabilities:
Trade accounts payables, accrued expenses and other liabilities	542	21	563
Total Current Liabilities	542	21	563
Non-current Liabilities:
Long-term debt	77	—	77
Other long-term liabilities	164	17	181
Total Non-current Liabilities	241	17	258
Total Liabilities	783	38	821

Investments Accounted for Under the Equity Method

The carrying amounts of the Company’s investments accounted for under the equity method were as follows:



	December 31,
Category	2019	2018
Joint ventures	2,586	1,011
Associates	2,859	2,871
Individually immaterial joint ventures and associates¹	1,084	1,024
Total	6,529	4,906

Individually immaterial joint ventures and associates represent in aggregate less than 20% of the total carrying amount of investments in joint ventures and associates at December 31, 2019 and 2018, and none of them have a carrying value exceeding 100 at December 31, 2019 and 2018.

Joint Ventures

The following tables summarize the latest available financial information and reconcile it to the carrying value of each of the Company’s material joint ventures, as well as the income statement of the Company’s material joint ventures:



	December 31, 2019
Joint Ventures	AMNS India		Calvert		VAMA		Tameh		Borçelik		Total
Place of incorporation and operation¹	India		United States		China		Poland		Turkey
Principal Activity	Integrated flat steel producer ^5,6		Automotive steel finishing		Automotive steel finishing		Energy production and supply		Manufacturing and sale of steel ^2,3,4
Ownership and voting rights at December 31, 2019	60.00%		50.00%		50.00%		50.00%		50.00%
Current assets	2,318		1,604		313		171		508		4,914
of which cash and cash equivalents	444		62		81		75		106		768
Non-current assets	6,295		1,282		637		580		267		9,061
Current liabilities	5,922		984		485		183		378		7,952
of which trade and other payables and provisions	670		144		226		139		274		1,453
Non-current liabilities	189		764		147		244		49		1,393
of which trade and other payables and provisions	46		—		—		26		49		121
Net assets	2,502		1,138		318		324		348		4,630
Company's share of net assets	1,501		569		159		162		174		2,565
Adjustments for differences in accounting policies and other	48		6		—		—		(33	)	21
Carrying amount in the statements of financial position	1,549		575		159		162		141		2,586
Revenue	—		3,504		772		499		1,141		5,916
Depreciation and amortization	—		(63	)	(31	)	(37	)	(24	)	(155	)
Interest income	2		2		1		—		1		6
Interest expense	(10	)	(48	)	(23	)	(7	)	(19	)	(107	)
Income tax benefit (expense)	(83	)	—		(22	)	(7	)	(10	)	(122	)
Profit (loss) from continuing operations	(116	)	156		10		28		19		97
Total comprehensive income (loss)	(116	)	156		10		28		19		97
Cash dividends received by the Company	—		57		—		9		12		78


1.	The country of incorporation corresponds to the country of operation except for Tameh whose country of operation is also the Czech Republic.


2.	Ownership interest in Borçelik was 45.33% and 50.00% based on issued shares and outstanding shares, respectively, at December 31, 2019; voting interest was 48.01% at December 31, 2019.


3.	The non-current liabilities include 42 deferred tax liability.


4.	Adjustment in Borçelik relates primarily to differences in accounting policies regarding revaluation of fixed assets.


5.	Adjustments in AMNS India correspond to transaction costs incurred to set up the joint venture.


6.	Includes AMNS Luxembourg, AMNS India and intermediate holding entities.



	December 31, 2018
Joint Ventures	Calvert		VAMA		Tameh		Borçelik		Total
Place of incorporation and operation¹	United States		China		Poland		Turkey
Principal Activity	Automotive steel finishing		Automotive steel finishing		Energy production and supply		Manufacturing and sale of steel ^2,3,4
Ownership and voting rights at December 31, 2018	50.00%		50.00%		50.00%		50.00%
Current assets	1,490		329		205		519		2,543
of which cash and cash equivalents	76		85		90		67		318
Non-current assets	1,282		688		540		282		2,792
Current liabilities	824		491		208		398		1,921
of which trade and other payables and provisions	173		180		176		263		792
Non-current liabilities	853		217		226		49		1,345
of which trade and other payables and provisions	—		—		22		—		22
Net assets	1,095		309		311		354		2,069
Company's share of net assets	548		156		156		177		1,037
Adjustments for differences in accounting policies and other	6		—		—		(32	)	(26	)
Carrying amount in the statements of financial position	554		156		156		145		1,011
Revenue	3,295		625		467		1,328		5,715
Depreciation and amortization	(62	)	(32	)	(31	)	(22	)	(147	)
Interest income	1		1		—		2		4
Interest expense	(40	)	(26	)	(4	)	(20	)	(90	)
Income tax benefit (expense)	—		(1	)	(8	)	(18	)	(27	)
Profit (loss) from continuing operations	312		5		30		6		353
Other comprehensive income (loss)	—		—		3		1		4
Total comprehensive income (loss)	312		5		33		7		357
Cash dividends received by the Company	48		—		4		34		86

1. The country of incorporation corresponds to the country of operation except for Tameh whose country of operation is also the Czech Republic.


2.	Ownership interest in Borçelik was 45.33% and 50.00% based on issued shares and outstanding shares, respectively, at December 31, 2018; voting interest was 48.01% at December 31, 2018.


3.	The non-current liabilities include 43 deferred tax liability.


4.	Adjustment in Borçelik relates primarily to differences in accounting policies regarding revaluation of fixed assets.



	December 31, 2017
Joint Ventures	Calvert	Macsteel	VAMA	Tameh		Borçelik		Total
Place of incorporation and operation¹	United States	Netherlands	China	Poland		Turkey
Principal Activity	Automotive steel finishing	Steel trading and shipping	Automotive steel finishing	Energy production and supply		Manufacturing and sale of steel ^2,3
Ownership and voting rights at December 31, 2017	50.00%	50.00%	49.00%	50.00%		45.33%		Ownership and voting rights % at **
Current assets	1,135	739	283	158		519		2,834
of which cash and cash equivalents	13	95	71	57		7		243
Non-current assets	1,303	389	754	476		296		3,218
Current liabilities	612	404	449	132		357		1,954
of which trade and other payables and provisions	118	235	190	118		244		905
Non-current liabilities	947	43	277	189		46		1,502
of which trade and other payables and provisions	—	3	—	20		—		23
Net assets	879	681	311	313		412		2,596
Company's share of net assets	440	341	152	156		187		1,276
Adjustments for differences in accounting policies and other	6	(3)	—	—		(30)		(27)
Carrying amount in the statements of financial position	446	338	152	156		157		1,249
Revenue	2,870	2,775	489	330		1,234		7,698
Depreciation and amortization	(62)	(1)	(30)	(27)		(22)		(142)
Interest income	—	14	1	—		1		16
Interest expense	(35)	(10)	(28)	4		(12)		(81)
Income tax benefit (expense)	—	(5)	—	(7)		(20)		(32)
Profit (loss) from continuing operations	270	31	5	42		65		413
Other comprehensive income (loss)	—	2	—	(1	)	(1	)	—
Total comprehensive income (loss)	270	33	5	41		64		413
Cash dividends received by the Company	20	—	—	4		30		54


1.	The country of incorporation corresponds to the country of operation except for Tameh whose country of operation is also the Czech Republic and Macsteel whose countries of operation are mainly the United States, the United Arab Emirates and China.


2.	The non-current liabilities include 40 deferred tax liability.


3.	Adjustment in Borçelik relates primarily to differences in accounting policies regarding revaluation of fixed assets.

Associates

The following table summarizes the financial information and reconciles it to the carrying amount of each of the Company’s material associates, as well as the income statement of the Company’s material associates:



	December 31, 2019
Associates	China Oriental	DHS Group		Gonvarri Steel Industries		Baffinland		Total
Financial statements reporting date	June 30, 2019	September 30, 2019		September 30, 2019		December 31, 2019
Place of incorporation and operation¹	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 adjustments²	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 operation¹	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 adjustments²	44	(4	)	(12	)	—		28
Carrying amount in the statements of financial position	952	1,015		524		380		2,871
Revenue	3,370	1,959		3,544		320		9,193
Profit (loss) from continuing operations	474	20		60		(98	)	456
Other comprehensive income (loss)	—	5		(37	)	—		(32	)
Total comprehensive income (loss)	474	25		23		(98	)	424
Cash dividends received by the Company	92	5		16		—		113


1.	The country of incorporation corresponds to the country of operation except for China Oriental whose country of operation is China.


2.	Other adjustments correspond to the difference between the carrying amount at December 31, 2018 and the net assets situation corresponding to the latest financial statements ArcelorMittal is permitted to disclose as of the reporting dates described in the table above.


3.	The amount for DHS Group includes an adjustment to align the German GAAP financial information with the Company’s accounting policies, and is mainly linked to property, plant and equipment, inventory and pension.


4.	Adjustments in Gonvarri Steel Industries primarily relate to differences in accounting policies regarding revaluation of fixed assets.


5.	Adjustments in Baffinland primarily relate to differences in accounting policies regarding revaluation of fixed assets and locally recognized goodwill.



	December 31, 2017
Associates	China Oriental		DHS Group		Gonvarri Steel Industries		Baffinland		Total
Financial statements reporting date	June 30, 2017		September 30, 2017		September 30, 2017		December 31, 2017
Place of incorporation and operation¹	Bermuda		Germany		Spain		Canada
Principal Activity	Iron and steel manufacturing		Steel manufacturing ³		Steel manufacturing ⁴		Extraction of iron ore ⁵
Ownership and voting rights at December 31, 2017	39.02%		33.43%		35.00%		31.07%
Current assets	1,737		1,699		1,967		355		5,758
Non-current assets	1,336		3,096		1,372		1,698		7,502
Current liabilities	1,261		555		889		302		3,007
Non-current liabilities	119		1,121		446		531		2,217
Non-controlling interests	23		136		220		—		379
Net assets attributable to equity holders of the parent	1,670		2,983		1,784		1,220		7,657
Company's share of net assets	652		997		624		379		2,652
Adjustments for differences in accounting policies and other	—		32		(54	)	23		1
Other adjustments²	183		22		(4	)	—		201
Carrying amount in the statements of financial position	835		1,051		566		402		2,854
Revenue	2,944		1,773		2,862		341		7,920
Profit (loss) from continuing operations	275		(4	)	122		(20	)	373
Other comprehensive income (loss)	(1	)	(5	)	(9	)	—		(15	)
Total comprehensive income (loss)	274		(9	)	113		(20	)	358
Cash dividends received by the Company	49		—		18		—		67


1.	The country of incorporation corresponds to the country of operation except for China Oriental whose country of operation is China.


2.	Other adjustments correspond to the difference between the carrying amount at December 31, 2017 and the net assets situation corresponding to the latest financial statements ArcelorMittal is permitted to disclose as of the reporting dates described in the table above.


3.	The amount for DHS Group includes an adjustment to align the German GAAP financial information with the Company’s accounting policies, and is mainly linked to property, plant and equipment, inventory and pension.


4.	Adjustments in Gonvarri Steel Industries primarily relate to differences in accounting policies regarding revaluation of fixed assets.

Adjustments in Baffinland primarily relate to differences in accounting policies regarding revaluation of fixed assets and locally recognized goodwill.

Other Associates and Joint Ventures that are Not Individually Material

The Company has interests in a number of other joint ventures and associates, none of which are regarded as individually material. The following table summarizes the financial information of all individually immaterial joint ventures and associates that are accounted for using the equity method:



	December 31, 2019			December 31, 2018
	Associates	Joint Ventures	Total	Associates	Joint Ventures	Total
Carrying amount of interests in associates and joint ventures	304	780	1,084	310	714	1,024
Share of:
Income from continuing operations	26	87	113	8	80	88
Other comprehensive income (loss)	1	2	3	(5)	2	(3	)
Total comprehensive income	27	89	116	3	82	85

Other Investments

Other investments include those investments in equity instruments for which the Company does not have significant influence. The Company irrevocably elected to present the changes in fair value of such equity instruments, which are not held for trading, in other comprehensive income, because these investments are held as long-term strategic investments that are not expected to be sold in the short to medium term. Other investments include the following:



	December 31,
	2019	2018
Erdemir	642	577
Stalprodukt S.A.	57	101
Powercell Sweden	23	12
Gerdau	—	115
Others	50	50
Investments in equity instruments at FVOCI	772	855

Income (Loss) from Investments in Associates, Joint Ventures and Other Investments

Income (loss) from investments in associates, joint ventures and other investments consisted of the following:



	Year Ended December 31,
	2019		2018		2017
Share in net earnings of equity-accounted companies	252		567		537
Impairment charges	—		(132	)	(26	)
Gain (loss) on disposal	(4	)	126		(117	)
Dividend income	99		91		54
Total	347		652		448