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SCOPE OF CONSOLIDATION (Tables)
 12 Months Ended
Dec. 31, 2021
Dec. 31, 2019
Basis Of Consolidation [Abstract]    
Schedule of Subsidiaries
The table below provides a list of the Company’s principal operating subsidiaries at December 31, 2021. 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 SubsidiaryCountry% of Ownership
NAFTA
ArcelorMittal Dofasco G.P.Canada100.00%
ArcelorMittal México S.A. de C.V.Mexico100.00%
ArcelorMittal Long Products Canada G.P.Canada100.00%
Brazil and neighboring countries ("Brazil")
ArcelorMittal Brasil S.A.Brazil97.01%
Acindar Industria Argentina de Aceros S.A. ("Acindar")Argentina100.00%
Europe
ArcelorMittal France S.A.S.France100.00%
ArcelorMittal Belgium N.V.Belgium100.00%
ArcelorMittal España S.A.Spain99.85%
ArcelorMittal Flat Carbon Europe S.A.Luxembourg100.00%
ArcelorMittal Poland S.A.Poland100.00%
ArcelorMittal Eisenhüttenstadt GmbHGermany100.00%
ArcelorMittal Bremen GmbHGermany100.00%
ArcelorMittal Méditerranée S.A.S.France100.00%
ArcelorMittal Belval & Differdange S.A.Luxembourg100.00%
ArcelorMittal Hamburg GmbHGermany100.00%
ArcelorMittal Duisburg GmbHGermany100.00%
ArcelorMittal International Luxembourg S.A.Luxembourg100.00%
Africa and Commonwealth of Independent States ("ACIS")
ArcelorMittal South Africa Ltd. ("AMSA")South Africa69.22%
JSC ArcelorMittal TemirtauKazakhstan100.00%
PJSC ArcelorMittal Kryvyi Rih ("AM Kryvyi Rih")Ukraine95.13%
Mining
ArcelorMittal Mining Canada G.P. and ArcelorMittal Infrastructure Canada G.P. (AMMC)Canada85.00%
ArcelorMittal Liberia LtdLiberia85.00%
The tables below provide a list of the subsidiaries which include significant non-controlling interests at December 31, 2021 and 2020 and for the years ended December 31, 2021, 2020 and 2019.
Name of SubsidiaryCountry of incorporation and operation% of non-controlling interests and non- controlling voting rights at December 31, 2021% of non-controlling interests and non- controlling voting rights at December 31, 2020Net income (loss) attributable to non- controlling interests for the year ended December 31, 2021Non-controlling interests at December 31, 2021Net income (loss) attributable to non- controlling interests for the year ended December 31, 2020Non-controlling interests at December 31, 2020Net income (loss) attributable to non- controlling interests for the year ended December 31, 2019
AMSASouth Africa30.78 %30.78 %151 160 (34)24 (98)
Société Nationale de Sidérurgie S.A. ("Sonasid")1
Morocco67.57 %67.57 %9 118 — 114 — 
ArcelorMittal Kryvyi RihUkraine4.87 %4.87 %45 187 (1)151 (5)
Belgo Bekaert Arames ("BBA")Brazil45.00 %45.00 %127 187 33 116 28 
Hera Ermac2
Luxembourg— — — 855 — 855 — 
AMMCCanada15.00 %15.00 %257 527 127 466 114 
ArceoBelgium62.86 %62.86 %2 153 2 167 3 
ArcelorMittal Liberia LtdLiberia15.00 %15.00 %4 (218)28 (222)18 
Other   14 269 — 286 3 
Total   609 2,238 155 1,957 63 
1.Sonasid - ArcelorMittal holds a controlling stake of 50% in Nouvelles Sidérurgies Industrielles ("NSI"). ArcelorMittal controls NSI on the basis of a shareholders’ agreement which includes deadlock arrangements in favor of the Company. NSI 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 NSI.
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). 		 
Schedule of Business Combinations
The table below summarizes the final acquisition-date fair value of the assets acquired and liabilities assumed in respect of Condesa in 2021 and Münker in 2019:
20212019
CondesaMünker
Current assets92 22 
Property, plant and equipment39 34 
Intangible assets— 11 
Other non-current assets10 — 
Total assets141 67 
Deferred tax liabilities— (8)
Other liabilities(84)(14)
Total liabilities (84)(22)
Net assets acquired57 45 
Consideration paid, net25 46 
Consideration payable— 5 
Fair value of previously held interest at acquisition date11 — 
Remeasurement gain relating to the equity interest previously held(3)— 
Goodwill/(bargain purchase gain)(24)6 
  
Schedule of Significant Divestments
The table below summarizes the significant divestments completed in 2021, 2020 and 2019:
202120202019
Acciaierie d'ItaliaArcelorMittal USA Divestment BusinessGlobal Chartering LimitedArcelorMittal Italia remedies
Cash and cash equivalents4 7 — — 
Other current assets2,446 2,105 14 1,386 
Intangible assets17 12 — — 
Property, plant and equipment1,875 3,341 517 178 
Other assets297 166 21 11 
Total assets4,639 5,631 552 1,575 
Current liabilities2,204 1,604 229 1,046 
Other long-term liabilities1,669 3,938 311 241 
Total liabilities3,873 5,542 540 1,287 
Total net assets766 89 12 288 
Assigned receivables— — — 404 
% of net assets sold100 %100 %50 %100 %
Total net assets disposed of766 89 6 692 
ArcelorMittal retained interest 62%
1,205 — — — 
Goodwill allocation(52)(672)— — 
Consideration— 2,219 (4)518 
Consideration receivable— — 6 174 
Reclassification of foreign exchange and other (283)2 33 72 
Gain on disposal/derecognition104 1,460 29 72 
  
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, 2020. There were no assets classified as held for sale at December 31, 2021.
December 31, 2020
ArcelorMittal Italia and plate operations in Europe
Current Assets:
Cash and cash equivalents3 
Trade accounts receivable, prepaid expenses and other current assets635 
Inventories1,446 
Total Current Assets2,084 
Non-current Assets:
Property, plant and equipment 1,843 
Other assets402 
Total Non-current Assets2,245 
Total Assets4,329 
Current Liabilities:
Trade accounts payables, accrued expenses and other liabilities1,236 
Total Current Liabilities1,236 
Non-current Liabilities:
Long-term debt21 
Other long-term liabilities1,782 
Total Non-current Liabilities1,803 
Total Liabilities3,039 
  
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,
Category20212020
Joint ventures6,087 3,006 
Associates2,985 2,847 
Individually immaterial joint ventures and associates1
1,247 964 
Total10,319 6,817 
1.Individually immaterial joint ventures and associates represent in aggregate less than 20% of the total carrying amount of investments in joint ventures and associates at December 31, 2021 and 2020, and none of them have a carrying value exceeding 150 at December 31, 2021 and 2020. 		 
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, 2021
Joint VenturesAMNS IndiaAcciaierie d'Italia CalvertVAMATamehBorçelikAl JubailTotal
Place of incorporation and operation 1
IndiaItalyUnited StatesChinaPolandTurkeySaudi Arabia
Principal Activity
Integrated flat steel producer 5,6
Integrated flat steel producer 7
Automotive steel finishing8
Automotive steel finishingEnergy production and supply
Manufacturing and sale of steel 2,3,4
Production and sale
seamless line pipes and tubes 9
Ownership and voting rights at December 31, 202160.00 %62.00 %50.00 %50.00 %50.00 %50.00 %29.23 %
Current assets5,536 3,643 2,334 293 356 983 573 13,718 
of which cash and cash equivalents1,285 92 256 56 62 155 88 1,994 
Non-current assets6,260 2,669 1,418 679 497 243 1,197 12,963 
Current liabilities764 3,313 1,162 466 376 723 533 7,337 
of which trade and other payables and provisions620 2,840 202 272 330 581 120 4,965 
Non-current liabilities5,770 1,365 790 8 169 56 640 8,798 
of which trade and other payables and provisions331 1,342 — — 24 44 45 1,786 
Net assets5,262 1,634 1,800 498 308 447 597 10,546 
Company's share of net assets3,157 1,013 900 249 154 224 175 5,872 
Adjustments for differences in accounting policies and other148 146 (34)— — (29)(16)215 
Carrying amount in the statements of financial position3,305 1,159 866 249 154 195 159 6,087 
Revenue7,226 3,291 4,808 1,452 721 1,791 334 19,623 
Depreciation and amortization(378)(119)(65)(34)(34)(24)(42)(696)
Interest income53 — — 3 — 1 — 57 
Interest expense(139)(12)(28)(7)(6)(18)(27)(237)
Income tax benefit (expense)(71)211 — (12)(4)(65)— 59 
Income (loss) from continuing operations1,436 393 861 95 18 105 (85)2,823 
Other comprehensive income (loss)818 — 9 — 8 9 — 844 
Total comprehensive income (loss)2,254 393 870 95 26 114 (85)3,667 
Cash dividends received by the Company— — 50 — 10 13 — 73 
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, 2021; voting interest was 48.01% at December 31, 2021.
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.
7.Includes Acciaierie d'Italia summarized statement of financial position as of December 31, 2021 adjusted for the fair value adjustments at divestment date (see note 2.3.1). The summarized statement of comprehensive income presents results of Acciaierie d'Italia for the period from April 14, 2021 to December 31, 2021.
8.Adjustments in Calvert primarily relate to differences in accounting policies regarding inventory valuation.
9.The summarized statement of comprehensive income presents results for full year 2021 including Jubail Energy Services Company ("JESCO") results after July 31, 2021.

December 31, 2020
Joint VenturesAMNS IndiaCalvertVAMATamehBorçelikTotal
Place of incorporation and operation 1
IndiaUnited StatesChinaPolandTurkey
Principal Activity
Integrated flat steel producer 5,6
Automotive steel finishingAutomotive steel finishingEnergy production and supply
Manufacturing and sale of steel 2,3,4
Ownership and voting rights at December 31, 202060.00 %50.00 %50.00 %50.00 %50.00 %
Current assets3,528 1,236 252 175 510 5,701 
of which cash and cash equivalents1,137 53 77 43 82 1,392 
Non-current assets5,745 1,261 669 570 257 8,502 
Current liabilities657 805 511 180 283 2,436 
of which trade and other payables and provisions524 138 232 132 271 1,297 
Non-current liabilities5,604 662 23 226 127 6,642 
of which trade and other payables and provisions67 — — 26 47 140 
Net assets3,012 1,030 387 339 357 5,125 
Company's share of net assets1,807 515 194 170 179 2,865 
Adjustments for differences in accounting policies and other149 24 — — (32)141 
Carrying amount in the statements of financial position1,956 539 194 170 147 3,006 
Revenue3,992 2,693 1,001 420 1,055 9,161 
Depreciation and amortization(371)(61)(41)(48)(24)(545)
Interest income43 — 1 — 1 45 
Interest expense(135)(33)(16)(8)(12)(204)
Income tax benefit (expense)318 — (6)(2)(17)293 
Income / (loss) from continuing operations472 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 VenturesAMNS IndiaCalvertVAMATamehBorçelikTotal
Place of incorporation and operation1
IndiaUnited StatesChinaPolandTurkey
Principal Activity
Flat carbon steel manufacture 5,6
Automotive steel finishingAutomotive steel finishingEnergy production and supply
Manufacturing and sale of steel 2,3,4
Ownership and voting rights at December 31, 201960.00 %50.00 %50.00 %50.00 %50.00 %
Current assets2,318 1,604 313 171 508 4,914 
of which cash and cash equivalents444 62 81 75 106 768 
Non-current assets6,295 1,282 637 580 267 9,061 
Current liabilities5,922 984 485 183 378 7,952 
of which trade and other payables and provisions670 144 226 139 274 1,453 
Non-current liabilities189 764 147 244 49 1,393 
of which trade and other payables and provisions46 — — 26 49 121 
Net assets2,502 1,138 318 324 348 4,630 
Company's share of net assets1,501 569 159 162 174 2,565 
Adjustments for differences in accounting policies and other48 6 — — (33)21 
Carrying amount in the statements of financial position1,549 575 159 162 141 2,586 
Revenue— 3,504 772 499 1,141 5,916 
Depreciation and amortization— (63)(31)(37)(24)(155)
Interest income2 2 1 — 1 6 
Interest expense(10)(48)(23)(7)(19)(107)
Income tax benefit (expense)(83)— (22)(7)(10)(122)
Income / (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 primarily to transaction costs incurred to set up the joint venture.
6.Includes AMNS Luxembourg, AMNS India and intermediate holding entities.
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, 2021
AssociatesChina OrientalDHS GroupGonvarri Steel Industries
Baffinland 6
Total
Financial statements reporting dateJune 30, 2021September 30, 2021September 30, 2021December 31, 2021
Place of incorporation and operation1
BermudaGermanySpainCanada
Principal ActivityIron and steel manufacturing
Steel manufacturing 3
Steel manufacturing 4
Extraction of iron ore 5
Ownership and voting rights at December 31, 202137.00 %33.43 %35.00 %25.23 %
Current assets4,636 1,364 2,840 479 9,319 
Non-current assets2,978 2,668 1,797 10,790 18,233 
Current liabilities3,571 472 1,568 477 6,088 
Non-current liabilities533 1,107 716 3,365 5,721 
Non-controlling interests88 103 415 — 606 
Net assets attributable to equity holders of the parent3,422 2,350 1,938 7,427 15,137 
Company's share of net assets1,266 786 678 1,874 4,604 
Adjustments for differences in accounting policies and other— 55 (47)(1,488)(1,480)
Other adjustments2
66 (191)(14)— (139)
Carrying amount in the statements of financial position1,332 650 617 386 2,985 
Revenue3,863 2,011 4,465 676 11,015 
Income / (loss) from continuing operations250 (44)197 (45)358 
Other comprehensive income (loss)— 7 33 — 40 
Total comprehensive income (loss)250 (37)230 (45)398 
Cash dividends received by the Company36 — 17 — 53 
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, 2021 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.
December 31, 2020
AssociatesChina OrientalDHS GroupGonvarri Steel Industries
Baffinland6
Total
Financial statements reporting dateJune 30, 2020September 30, 2020September 30, 2020December 31, 2020
Place of incorporation and operation1
BermudaGermanySpainCanada
Principal ActivityIron and steel manufacturing
Steel manufacturing 3
Steel manufacturing 4
Extraction of iron ore 5
Ownership and voting rights at December 31, 202037.02 %33.43 %35.00 %25.23 %
Current assets3,611 1,330 2,233 538 7,712 
Non-current assets2,507 2,810 1,675 8,295 15,287 
Current liabilities2,780 364 1,087 479 4,710 
Non-current liabilities454 1,165 772 1,050 3,441 
Non-controlling interests46 112 288 1 447 
Net assets attributable to equity holders of the parent2,838 2,499 1,761 7,303 14,401 
Company's share of net assets1,050 835 616 1,843 4,344 
Adjustments for differences in accounting policies and other— 38 (49)(1,456)(1,467)
Other adjustments2
112 (201)59 — (30)
Carrying amount in the statements of financial position1,162 672 626 387 2,847 
Revenue2,420 1,428 3,065 772 7,685 
Income / (loss) from continuing operations112 (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 Company28 — 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 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
AssociatesChina OrientalDHS GroupGonvarri Steel IndustriesBaffinlandTotal
Financial statements reporting dateJune 30, 2019September 30, 2019September 30, 2019December 31, 2019
Place of incorporation and operation1
BermudaGermanySpainCanada
Principal ActivityIron and steel manufacturing
Steel manufacturing 3
Steel manufacturing 4
Extraction of iron ore 5
Ownership and voting rights at December 31, 201937.02 %33.43 %35.00 %25.70 %
Current assets2,920 1,385 2,062 479 6,846 
Non-current assets1,797 2,794 1,628 2,403 8,622 
Current liabilities1,837 402 1,038 663 3,940 
Non-current liabilities150 979 795 891 2,815 
Non-controlling interests44 122 218 — 384 
Net assets attributable to equity holders of the parent2,686 2,676 1,639 1,328 8,329 
Company's share of net assets994 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 position999 965 547 348 2,859 
Revenue3,102 1,795 3,724 454 9,075 
Income / (loss) from continuing operations249 (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 Company57 — 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. 		 
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, 2021December 31, 2020
AssociatesJoint VenturesTotalAssociatesJoint VenturesTotal
Carrying amount of interests in associates and joint ventures383 864 1,247 328 636 964 
Share of:
Income from continuing operations77 386 463 15 33 48 
Other comprehensive income (loss)(4)— (4)(8)(20)(28)
Total comprehensive income73 386 459 7 13 20 
  
Other Investments Other investments include the following:
December 31,
20212020
Erdemir885 850 
ArcelorMittal XCarb83 — 
Stalprodukt S.A.77 96 
Cleveland-Cliffs— 1,988 
Others101 46 
Investments in equity instruments at FVOCI1,146 2,980 
  
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,
202120202019
Share in net earnings of equity-accounted companies2,091 430 252 
Impairment charges— (211)— 
Gain (loss) on disposal16 — (4)
Dividend income97 15 99 
Total2,204 234 347