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Consolidated Statements of Cash Flows
€ in Millions, $ in Millions
12 Months Ended
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Dec. 31, 2020
USD ($)
Operating activities:      
Net (loss) income (including non-controlling interests) $ 9,538 $ 15,565 $ (578)
Adjustments to reconcile net income (loss) to net cash provided by operations:      
Depreciation and amortization 2,580 2,523 2,960
Net impairment (reversal) charges 1,026 (218) (133)
Bargain purchase gain (100) 0 0
Interest expense   401 357 477
Interest income (188) (79) (56)
Income tax expense 1,717 2,460 1,666
Net gain on disposal of subsidiaries 0 (104) (1,460)
Income from investments in associates, joint ventures and other investments (1,317) (2,204) (234)
Provision on pensions and other post-employment benefits 176 147 430
Change in fair value adjustment on call option on mandatory convertible bonds and pellet purchase agreement 15 44 143
Unrealized foreign exchange effects (82) (154) 321
Write-downs of inventories to net realizable value, provisions and other non-cash operating expenses net 399 1,313 597
Changes in assets and liabilities that provided (required) cash, net of acquisitions and disposals:      
Trade accounts receivable and other 1,133 (2,535) (76)
Inventories (2,062) (8,654) 1,786
Trade accounts payable and other (294) 4,780 (214)
VAT and other amounts (paid) received to/from public authorities (410) (123) 400
Other working capital and provisions movements 608 (672) (564)
Interest paid (440) (479) (604)
Interest received 178 73 69
Income taxes paid (2,940) (2,128) (705)
Dividends received from associates, joint ventures and other investments 493 261 189
Cash contributions to plan assets and benefits paid for pensions and other post-employment benefits (228) (268) (332)
Net cash provided by operating activities 10,203 9,905 4,082
Investing activities:      
Purchase of property, plant and equipment and intangibles (3,468) (3,008) (2,439)
Disposals of net assets of subsidiaries, net of cash disposed of nil, 4 and 7 in 2022, 2021 and 2020, respectively 0 (4) 497
Acquisitions of net assets of subsidiaries, net of cash acquired of 39, 10 and nil in 2022, 2021 and 2020, respectively (939) (25) 0
Lease installments and capital expenditure refund relating to ArcelorMittal Italia acquisition 0 (14) (139)
Cash collateral for the TSR receivables retained in ArcelorMittal USA after disposal 0 260 (260)
Disposal of common and preferred Cleveland-Cliffs shares 0 2,680 0
(Acquisitions) disposals of financial assets (32) (80) 59
Other investing activities net (44) (149) 271
Net cash provided by / (used in) investing activities (4,483) (340) (2,011)
Financing activities:      
(Payments) proceeds from mandatorily convertible subordinated notes 0 (1,196) 1,237
Payments from put and call option on shares 0 0 (135)
Proceeds from short-term debt 434 287 430
Proceeds from long-term debt 3,893 147 323
Payments of short-term debt (1,044) (1,664) (1,503)
Payments of long-term debt 0 (2,332) (1,645)
Equity offering 0 0 740
Share buyback (2,937) (5,170) (500)
Dividends paid (includes 331, 260 and 181 of dividends paid to non-controlling shareholders in 2022, 2021 and 2020, respectively) (663) (572) (181)
Repayment of cash pooling liability to Acciaierie d'Italia 0 (199) 0
Payment of principal portion of lease liabilities and other financing activities (160) (199) (264)
Net cash provided by / (used in) financing activities (477) (10,898) (1,498)
Net increase (decrease) in cash and cash equivalents 5,243 (1,333) 573
Effect of exchange rate changes on cash (158) (55) 163
Cash and cash equivalents:      
At the beginning of the year 4,215 5,600 4,867
Reclassification of the period-end cash and cash equivalents from (to) held for sale 0 3 (3)
At the end of the year $ 9,300 $ 4,215 $ 5,600