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EQUITY (Tables)
 12 Months Ended
Dec. 31, 2022
Share Capital, Reserves And Other Equity Interest [Abstract]  
Classes of Share Capital The Company’s shares consist of the following:
December 31, 2020Movement in yearDecember 31, 2021Movement in yearDecember 31, 2022
Issued shares1,102,809,772 (120,000,000)982,809,772 (105,000,000)877,809,772 
Treasury shares(22,075,359)(49,841,211)(71,916,570)(555,273)(72,471,843)
Total outstanding shares1,080,734,413 (169,841,211)910,893,202 (105,555,273)805,337,929 
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, 2022, 2021 and 2020.
Year ended December 31,
202220212020
Net income (loss) attributable to equity holders of the parent9,302 14,956 (733)
Weighted average common shares outstanding (in millions) for the purposes of basic earnings per share911 1,105 1,140 
Incremental shares from assumed conversion of restricted share units and performance share units (in millions)3 3 — 
Weighted average common shares outstanding (in millions) for the purposes of diluted earnings per share914 1,108 1,140 
Dividends
DescriptionApproved byDividend per
share (in $)		Payout dateTotal (in
millions of $)
Dividend for financial year 2019Annual general shareholders’ meeting on June 13, 2020— — — 
Dividend for financial year 2020Annual general shareholders’ meeting on June 8, 20210.30 June 15, 2021312 
Dividend for financial year 2021Annual general shareholders’ meeting on May 4, 20220.38 June 10, 2022332 
Schedule of Subsidiaries
2.2.1 List of subsidiaries
The table below provides a list of the Company’s principal operating subsidiaries at December 31, 2022. 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%
ArcelorMittal Texas HBI LLC1
USA80.00%
Brazil and neighboring countries ("Brazil")
ArcelorMittal Brasil S.A.Brazil97.08%
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 Ltd2
Liberia85.00%
1.Acquisition during the year. For more details see note 2.2.4.
2.ArcelorMittal Liberia Ltd is incorporated in Cyprus.
The tables below provide a list of the subsidiaries which include significant non-controlling interests at December 31, 2022 and 2021 and for the years ended December 31, 2022, 2021 and 2020.
Name of SubsidiaryCountry of incorporation and operation% of non-controlling interests and non- controlling voting rights at December 31, 2022% of non-controlling interests and non- controlling voting rights at December 31, 2021Net income (loss) attributable to non- controlling interests for the year ended December 31, 2022Non-controlling interests at December 31, 2022Net 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, 2020
AMSASouth Africa30.78 %30.78 %55 198 151 160 (34)
Société Nationale de Sidérurgie S.A. ("Sonasid")1
Morocco67.57 %67.57 %5 103 9 118 — 
ArcelorMittal Kryvyi RihUkraine4.87 %4.87 %(68)74 45 187 (1)
Belgo Bekaert Arames ("BBA")Brazil45.00 %45.00 %60 215 127 187 33 
Hera Ermac2
Luxembourg— — — 855 — 855 — 
AMMCCanada15.00 %15.00 %183 492 257 527 127 
ArceoBelgium62.86 %62.86 %1 144 2 153 2 
ArcelorMittal Liberia Ltd3
Liberia15.00 %15.00 %— (173)4 (218)28 
ArcelorMittal Texas HBI4
USA20.00 %— (9)225 — — — 
Other   9 305 14 269 — 
Total   236 2,438 609 2,238 155 
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).
3.ArcelorMittal Liberia Ltd is incorporated in Cyprus. On December 20, 2022, ArcelorMittal fully settled a 300 capital increase in ArcelorMittal Liberia Ltd including 45 on behalf of non-controlling interests.
4.On June 30, 2022, ArcelorMittal acquired a 80% controlling stake in ArcelorMittal Texas HBI (see note 2.2.4).
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, 2022 and 2021 and summarized statements of operations and summarized statements of cash flows for the years ended December 31, 2022, 2021 and 2020.
December 31, 2022
Summarized statements of financial positionAMSASonasidAM Kryvyi RihBBAHera ErmacAMMCArceoAM LiberiaArcelorMittal Texas HBI LLC
Current assets1,124 280 801 362 704 1,444 191 371 311 
Non-current assets608 98 1,186 160 953 3,029 42 423 963 
Total assets1,732 378 1,987 522 1,657 4,473 233 794 1,274 
Current liabilities762 193 493 107 64 480 — 1,727 113 
Non-current liabilities327 32 165 15 102 460 — 36 31 
Net assets643 153 1,329 400 1,491 3,533 233 (969)1,130 

December 31, 2022
Summarized statements of operations AMSASonasidAM Kryvyi RihBBAHera ErmacAMMCArceoAM LiberiaArcelorMittal Texas HBI LLC
Revenue2,516 471 1,435 1,032 — 3,467 — 303 462 
Net income (loss)177 9 (1,429)141 (55)1,171 2 4 (43)
Total comprehensive income (loss)178 15 (1,386)140 (55)1,273 2 4 (43)
 December 31, 2022
Summarized statements of cash flowsAMSASonasidAM Kryvyi RihBBAHera ErmacAMMCArceoAM LiberiaArcelorMittal Texas HBI LLC
Net cash provided by / (used in) operating activities22 30 77 202 17 1,159 6 154 125 
Net cash provided by / (used in) investing activities(69)(14)(73)(59)(11)432 6 (452)(133)
Net cash provided by / (used in) financing activities5 (15)(20)(156)(6)(1,601)(3)300 — 
Impact of currency movements on cash(4)(11)(6)— — — (5)— — 
Cash and cash equivalents:        
At the beginning of the year / at acquisition date203 99 48 31 — 216 89 2 12 
At the end of the year157 89 26 18 — 206 93 4 4 
Dividend to non-controlling interests— (10)— (71)— (237)(2)— — 
 December 31, 2021
Summarized statements of financial position AMSASonasidAM Kryvyi RihBBAHera ErmacAMMCArceoAM Liberia
Current assets1,229 232 1,657 392 685 2,058 196 176 
Non-current assets554 107 3,043 124 976 3,038 53 158 
Total assets1,783 339 4,700 516 1,661 5,096 249 334 
Current liabilities901 124 787 149 55 640 — 1,559 
Non-current liabilities362 43 284 23 54 623 — 46 
Net assets520 172 3,629 344 1,552 3,833 249 (1,271)

 December 31, 2021
Summarized statements of operationsAMSASonasidAM Kryvyi RihBBAHera ErmacAMMCArceoAM Liberia
Revenue2,695 480 4,015 1,021 — 3,997 — 372 
Net income (loss)489 15 920 272 (4)1,713 3 63 
Total comprehensive income (loss)491 17 918 273 (4)1,796 3 63 
 December 31, 2021
Summarized statements of cash flows AMSASonasidAM Kryvyi RihBBAHera ErmacAMMCArceoAM Liberia
Net cash provided by / (used in) operating activities180 23 778 90 5 2,310 8 214 
Net cash provided by / (used in) investing activities(85)(6)(313)(5)8 (844)19 (78)
Net cash provided by / (used in) financing activities(49)(4)(449)(72)(13)(1,375)(5)(135)
Impact of currency movements on cash(16)(6)1 (2)— — (6)— 
Cash and cash equivalents:
At the beginning of the year173 92 31 20 — 125 73 1 
At the end of the year203 99 48 31 — 216 89 2 
Dividend to non-controlling interests— (2)(17)(22)— (202)(3)— 

 December 31, 2020
Summarized statements of operations AMSASonasidAM Kryvyi RihBBAHera ErmacAMMCArceoAM Liberia
Revenue1,526 324 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 flowsAMSASonasidAM Kryvyi RihBBAHera ErmacAMMCArceoAM Liberia
Net cash provided by / (used in) operating activities30 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 activities77 (1)(485)(65)1 (870)(6)(204)
Impact of currency movements on cash19 6 (11)(2)— — 5 — 
Cash and cash equivalents:      
At the beginning of the year60 53 42 13 — 210 46 1 
At the end of the year173 92 31 20 — 125 73 1 
Dividend to non-controlling interests— — — (27)— (126)(3)—