ArcelorMittal
(NYSE:MT)

ArcelorMittal, together with its subsidiaries, owns and operates steel manufacturing and mining facilities in Europe, North and South America, Asia, and Africa. The company's principal steel products include semi-finished flat products, such as slabs; finished flat products comprising plates, hot- a...

Website: http://www.arcelormittal.com

Founded: 2006

Full Time Employees: 191,248

Sector: Basic Materials

Industry: Steel

Materials Steel

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At a glance:

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Quarterly

Annual

Unit: USD	2025-06-30	2024-06-30	2023-12-31	2023-06-30	2022-12-31	2022-06-30	2021-06-30	2020-12-31	2020-06-30	2019-06-30	2018-06-30	2017-12-31	2016-12-31	2016-06-30	2015-12-31	2014-12-31	2013-12-31	2013-06-30	2013-01-09	2012-12-31	2012-10-31	2012-05-10	2012-02-08	2011-12-31	2011-11-08	2011-11-03	2011-08-01	2011-07-27	2011-05-11	2011-02-08	2010-12-31	2010-12-16	2010-10-29	2010-10-26	2010-07-30	2010-07-28	2010-05-12	2010-04-29	2009-12-31	2009-10-28	2009-08-05	2009-07-29	2008-12-31	2008-09-22	2008-09-03	2007-12-31

sales	30,724,000,000	32,531,000,000		37,107,000,000		43,978,000,000	35,536,000,000		25,820,000,000	38,467,000,000	39,184,000,000			28,142,000,000				39,949,000,000	19,723,000,000	19,309,000,000	19,723,000,000	22,703,000,000	22,449,000,000	22,449,000,000	24,214,000,000	24,214,000,000	78,025,000,000	25,126,000,000	22,184,000,000	20,699,000,000		4,235,000,000	21,039,000,000	21,039,000,000	40,303,000,000	21,651,000,000	18,652,000,000	18,652,000,000	18,642,000,000	16,170,000,000	30,298,000,000	15,176,000,000		105,216,000,000	67
yoy		-26.03%				14.33%	-9.31%			36.69%				-29.56%				75.96%	-12.14%	-13.99%	-18.55%	-6.24%	-71.23%	-10.65%	9.15%	16.98%		493.29%	5.44%	-1.62%		-80.44%	12.80%	12.80%	116.19%	33.90%	-38.44%	22.90%		-84.63%	45220895422.39%
qoq	-5.55%					23.76%			-32.88%	-1.83%								102.55%	2.14%	-2.10%	-13.13%	1.13%	0.00%	-7.29%	0.00%	-68.97%	210.53%	13.26%	7.17%			-79.87%	0.00%	-47.80%	86.15%	16.08%	0.00%	0.05%	15.29%	-46.63%	99.64%			157038805870.15%
cost of sales	28,548,000,000	29,157,000,000		32,809,000,000		33,928,000,000	27,402,000,000		25,459,000,000	36,664,000,000	33,921,000,000			24,912,000,000				37,708,000,000									71,084,000,000					4,145,000,000			36,103,000,000						30,915,000,000			84,953,000,000
gross margin	2,176,000,000	3,374,000,000		4,298,000,000		10,050,000,000	8,134,000,000		361,000,000	1,803,000,000	5,263,000,000			3,230,000,000				2,241,000,000									6,941,000,000					90,000,000			4,200,000,000						-617,000,000			20,263,000,000	13
yoy		-66.43%				457.40%	54.55%			-44.18%				44.13%																											-4746153946.15%
qoq	-35.51%					23.56%			-79.98%	-65.74%																																		155869230669.23%
gross margin %	7.08%	10.37%	NaN%	11.58%	NaN%	22.85%	22.89%	NaN%	1.40%	4.69%	13.43%		NaN%	11.48%			NaN%	5.61%	0%	0%	0%	0%	0%	0%	0%	0%	8.90%	0%	0%	0%	NaN%	2.13%	0%	0%	10.42%	0%	0%	0%	0%	0%	-2.04%	0%	NaN%	19.26%	19.40%
selling, general and administrative expenses	1,277,000,000	1,256,000,000		1,181,000,000		1,123,000,000	1,061,000,000		967,000,000	1,192,000,000	1,333,000,000			1,083,000,000				1,485,000,000
acquisition gain of calvert	1,858,000,000
operating income	2,757,000,000	2,118,000,000		3,117,000,000		8,927,000,000	7,073,000,000		-606,000,000	611,000,000	3,930,000,000			2,148,000,000				756,000,000	-49,000,000	-4,941,000,000	-49,000,000	663,000,000	47,000,000	47,000,000	1,168,000,000	1,168,000,000	3,605,000,000	2,252,000,000	1,431,000,000				1,057,000,000	1,057,000,000	2,409,000,000	1,723,000,000	686,000,000	686,000,000			-2,667,000,000	-1,184,000,000		14,830,000,000	10
yoy		-76.27%				1361.05%	79.97%			-71.55%				184.13%				14.03%	-204.26%	-10612.77%	-104.20%	-43.24%	-98.70%	-97.91%	-18.38%				35.38%				54.08%	54.08%			-125.72%	-157.94%			-26670000100.00%
qoq	30.17%					26.21%			-199.18%	-84.45%								-1642.86%	-99.01%	9983.67%	-107.39%	1310.64%	0.00%	-95.98%	0.00%	-67.60%	60.08%	57.37%					0.00%	-56.12%	39.81%	151.17%	0.00%				125.25%			148299999900.00%
operating margin %	8.97%	6.51%	NaN%	8.40%	NaN%	20.30%	19.90%	NaN%	-2.35%	1.59%	10.03%		NaN%	7.63%			NaN%	1.89%	-0.25%	-25.59%	-0.25%	2.92%	0.21%	0.21%	4.82%	4.82%	4.62%	8.96%	6.45%	0%	NaN%	0%	5.02%	5.02%	5.98%	7.96%	3.68%	3.68%	0%	0%	-8.80%	-7.80%	NaN%	14.09%	14.93%
income from investments in associates, joint ventures and other investments	346,000,000	423,000,000		711,000,000		1,137,000,000	1,043,000,000		127,000,000	302,000,000	242,000,000			492,000,000
financing costs - net	2,000,000	-583,000,000		-361,000,000		-427,000,000	-594,000,000		-642,000,000					-1,079,000,000				-1,634,000,000									-2,200,000,000								-608,000,000
income before taxes	3,105,000,000	1,958,000,000		3,467,000,000		9,637,000,000	7,522,000,000		-1,121,000,000	194,000,000	3,285,000,000			1,561,000,000				-920,000,000									1,856,000,000								2,078,000,000						-4,314,000,000			14,888,000,000	10
income tax expense	-454,000,000	-472,000,000		-420,000,000		-1,381,000,000	-946,000,000		-524,000,000					853,000,000													-1,479,000,000														-2,327,000,000			3,038,000,000	1
net income	2,651,000,000	1,486,000,000		3,047,000,000		8,256,000,000	6,576,000,000		-1,645,000,000	45,000,000	3,101,000,000			708,000,000				-1,116,000,000									3,005,000,000								2,502,000,000						-1,987,000,000			11,850,000,000	8
yoy		-82.00%				18246.67%	112.06%			-93.64%				-163.44%																											-24837500100.00%
qoq	78.40%					25.55%			-3755.56%	-98.55%																																		148124999900.00%
net income margin %	8.63%	4.57%	NaN%	8.21%	NaN%	18.77%	18.51%	NaN%	-6.37%	0.12%	7.91%		NaN%	2.52%			NaN%	-2.79%	0%	0%	0%	0%	0%	0%	0%	0%	3.85%	0%	0%	0%	NaN%	0%	0%	0%	6.21%	0%	0%	0%	0%	0%	-6.56%	0%	NaN%	11.26%	11.94%
net income attributable to:
equity holders of the parent	2,598,000,000	1,442,000,000		2,956,000,000		8,048,000,000	6,290,000,000		-1,679,000,000		3,057,000,000			696,000,000				-1,125,000,000																	2,383,000,000						-1,855,000,000			10,368,000,000	8
non-controlling interests	53,000,000	44,000,000		91,000,000		208,000,000	286,000,000		34,000,000	78,000,000	44,000,000			12,000,000				9,000,000	20,000,000	5,250,000	20,000,000		25,000,000	-5,250,000	31,000,000	31,000,000		-41,000,000	-11,000,000	46,000,000			-16,000,000	-16,000,000	119,000,000	-79,000,000	-40,000,000	-40,000,000			-132,000,000
earnings per common share
basic	3,400,000	1,800,000		3,470,000		8,530,000	5,400,000		-1,570,000		3,010,000							-650,000																							-1,340,000				5.87
diluted	3,380,000	1,790,000		3,460,000		8,510,000	5,390,000		-1,570,000		2,990,000							-650,000																							-1,340,000				5.86
weighted-average common shares outstanding																			1,549,000,000		1,549,000,000	1,549,000,000	1,549,000,000		1,549,000,000	1,549,000,000		1,549,000,000	1,549,000,000	1,515,000,000			1,510,000,000	1,510,000,000		1,510,000,000	1,510,000,000	1,510,000,000		1,508,000,000		1,395,000,000
basic	765,000,000	802,000,000	842,000,000	851,000,000	911,000,000	944,000,000	1,165,000,000	1,140,000,000	1,066,000,000	1,013,000,000	1,016,000,000		2,860,000,000	2,377,000,000			1,780,000,000	1,769,000,000		1,549,000,000																					1,381,000,000				1
diluted	768,000,000	804,000,000	845,000,000	853,000,000	914,000,000	946,000,000	1,168,000,000	1,140,000,000	1,066,000,000	1,013,000,000	1,021,000,000		2,865,000,000	2,380,000,000			1,782,000,000	1,770,000,000		1,550,000,000																					1,381,000,000				1
earnings per common share
basic and diluted														290,000
income from investments in associates and joint ventures																		-42,000,000									451,000,000								277,000,000						-142,000,000
income tax benefit																		-196,000,000	-43,000,000	-2,291,000,000	-43,000,000	190,000,000	-833,000,000	-12,250,000	-154,000,000	-154,000,000		-61,000,000	166,000,000	450,000,000			566,000,000	566,000,000	424,000,000	75,000,000	349,000,000	349,000,000	806,500,000	899,000,000		1,239,000,000
depreciation																			-1,157,000,000	-862,000,000	-1,157,000,000	-1,133,000,000	-1,220,000,000	-862,250,000	-1,155,000,000	-1,155,000,000		-1,161,000,000	-1,133,000,000	-1,075,000,000			-1,182,000,000	-1,182,000,000		-1,160,000,000	-1,202,000,000	-1,202,000,000	-892,000,000	-1,222,000,000		-1,228,000,000
impairment																			-130,000,000	-49,750,000	-130,000,000	-69,000,000	-228,000,000	-25,750,000	-85,000,000	-85,000,000			-18,000,000	-381,000,000			-26,000,000	-26,000,000		-119,000,000			-15,500,000	-62,000,000
restructuring charges																			-98,000,000	-98,750,000	-98,000,000	-107,000,000	-219,000,000
operating margin %																			-200,000	650,000	-200,000	2,900,000	200,000	1,700,000	4,800,000	4,800,000		9,000,000	6,500,000	1,900,000			5,000,000	5,000,000		8,000,000	3,700,000	3,700,000	-1,275,000	1,900,000
income from equity method investments and other income																			-55,000,000	13,000,000	-55,000,000	-14,000,000	177,000,000	110,750,000	6,000,000	6,000,000		289,000,000	148,000,000	74,000,000			108,000,000	108,000,000		183,000,000	94,000,000	94,000,000	-10,750,000	99,000,000		11,000,000
net interest expense																			-479,000,000	-349,000,000	-479,000,000	-461,000,000	-429,000,000	-348,250,000	-477,000,000	-477,000,000		-457,000,000	-459,000,000	-413,000,000			-378,000,000	-378,000,000		-308,000,000	-355,000,000	-355,000,000	-273,000,000	-387,000,000		-401,000,000
foreign exchange and other net financing gains																			-103,000,000	-124,250,000	-103,000,000	-347,000,000	26,000,000	-271,000,000	26,000,000	26,000,000		-443,000,000	-667,000,000	-494,000,000			-27,000,000	-27,000,000		-479,000,000	-188,000,000	-188,000,000	-75,250,000	106,000,000		-142,000,000
income before taxes and non-controlling interests																			-686,000,000	-31,500,000	-686,000,000
current tax																			-101,000,000	-102,000,000	-101,000,000	-136,000,000	-185,000,000	-208,500,000	-209,000,000	-209,000,000		-311,000,000								-271,000,000
deferred tax																			58,000,000	193,500,000	58,000,000	326,000,000	-648,000,000	196,250,000	55,000,000	55,000,000		250,000,000								346,000,000
income from continuing operations including non-controlling interest																			-729,000,000	60,000,000	-729,000,000			705,750,000	628,000,000	628,000,000		1,576,000,000	619,000,000	-279,000,000
income from continuing operations																			-709,000,000	65,250,000	-709,000,000	11,000,000	-1,000,000,000	700,500,000	659,000,000	659,000,000		1,535,000,000	608,000,000	-233,000,000
income from discontinued operations, net of tax																								115,250,000					461,000,000
net income attributable to owners of the parent																			-709,000,000	65,250,000	-709,000,000	11,000,000	-1,000,000,000	815,750,000	659,000,000	659,000,000		1,535,000,000	1,069,000,000	-780,000,000			1,350,000,000	1,350,000,000		1,704,000,000	679,000,000	679,000,000	-238,000,000	903,000,000		-792,000,000
basic earnings per common share																			-460,000	42,500	-460,000	10,000	-650,000	-950,000	430,000	430,000		990,000	690,000	-510,000			890,000	890,000		1,130,000	450,000	450,000	-167,500	600,000		-570,000
diluted earnings per common share																			-460,000	37,500	-460,000	10,000	-650,000	-910,000	190,000	190,000		930,000	690,000	-510,000			890,000	890,000		750,000	350,000	350,000	-167,500	600,000		-570,000
weighted-average common shares outstanding																			1,549,000,000		1,549,000,000	1,549,000,000	1,549,000,000		1,549,000,000	1,549,000,000		1,549,000,000	1,549,000,000	1,515,000,000			1,510,000,000	1,510,000,000		1,510,000,000	1,510,000,000	1,510,000,000		1,508,000,000		1,395,000,000
adjusted diluted weighted-average common shares outstanding																			1,549,000,000		1,549,000,000	1,549,000,000	1,549,000,000		1,611,000,000	1,611,000,000		1,638,000,000	1,550,000,000	1,516,000,000			1,537,000,000	1,537,000,000		1,599,000,000	1,573,000,000	1,573,000,000		1,597,000,000
other information
total iron ore production19																			17,800,000
crude steel production																			21,900,000	16,850,000	21,900,000	22,800,000	21,700,000	17,550,000	22,400,000	22,400,000		24,400,000	23,500,000	21,600,000			22,700,000	22,700,000		24,800,000	23,100,000	23,100,000
total shipments of steel products20																			19,900,000																				12,775,000	18,200,000
employees																			251,000,000	62,750,000	251,000,000	258,000,000	261,000,000	66,250,000	265,000,000	265,000,000		265,000,000	264,000,000	263,000,000			277,000,000	277,000,000		281,000,000	282,000,000	282,000,000	71,750,000	287,000,000		296,000,000
ebitda3																				1,439,250,000	1,336,000,000	1,972,000,000	1,714,000,000			2,408,000,000		3,413,000,000						2,265,000,000				1,888,000,000
ebitda margin %																				2,225,000	6,800,000	8,700,000	7,600,000			9,900,000		13,600,000	11,600,000	9,000,000				10,800,000		13,900,000		10,100,000	1,975,000	9,800,000		8,000,000
total iron ore production20																				12,800,000	17,800,000
total shipments of steel products21																				15,950,000	19,900,000
mark to market on convertible bonds																						-15,000,000	-13,000,000	13,750,000	59,000,000	59,000,000				-293,000,000			24,000,000	24,000,000		555,000,000	141,000,000	141,000,000	-116,750,000	-110,000,000		-357,000,000
income before taxes and non-controlling interest																						-174,000,000	-192,000,000	718,000,000	782,000,000	782,000,000		1,637,000,000	453,000,000	-729,000,000			800,000,000	800,000,000		1,708,000,000	370,000,000	370,000,000	-1,073,750,000	19,000,000		-2,093,000,000
income from continuing operations including non-controlling interests																						16,000,000	-1,025,000,000
total iron ore production13																						15,000,000				17,400,000										16,500,000	15,700,000
total shipments of steel products14																						22,200,000				21,100,000										22,800,000	21,500,000
total iron ore production15																							18,300,000							18,900,000
total shipments of steel products16																							20,600,000							21,100,000
total iron ore production11																								11,725,000	17,400,000
total shipments of steel products12																								16,300,000	21,100,000
selling, general and administrative																											3,336,000,000					297,000,000			1,791,000,000						2,050,000,000			5,433,000,000	3
net income from continuing operations																											3,335,000,000
discontinued operations, net of tax																											-330,000,000
equity holders of the parent:
net income from discontinued operations																											-330,000,000
net income attributable to equity holders of the parent																											2,916,000,000
non-controlling interests:
net income attributable to non-controlling interests																											89,000,000
earnings per common share
basic common shares																											1,930,000								1,580,000
diluted common shares¹																											1,720,000
earnings per common share - continuing operations
earnings per common share - discontinued operations
mark to market on convertible bonds and the related call options
total iron ore production12																												15,900,000						17,400,000
total shipments of steel products13																												22,200,000						21,000,000
current income tax																													-314,000,000
deferred tax benefit																													480,000,000
ebitda 3																													2,582,000,000
own iron ore production10																													11,800,000
total shipments of steel products11																													22,000,000
exceptional items7
operating income /																														397,000,000									-590,500,000	305,000,000
discontinued operations																														-547,000,000
ebitda4																														1,853,000,000
income from other investments																																2,000,000
interest income																																10,000,000
interest expense and other net financing costs																																38,000,000
arcelormittal’s net investment
basic earnings per share																																-1.54
revaluation of derivative instruments																																	16,000,000	16,000,000		34,000,000			-7,500,000	6,000,000		-20,000,000
income including non-controlling interest																																	1,366,000,000	1,366,000,000		1,783,000,000	719,000,000	719,000,000	-267,250,000	918,000,000		-854,000,000
total iron ore production9																																	17,400,000
total shipments of steel products10																																	21,000,000
exceptional items11
diluted common shares																																			1,100,000
exceptional items12
ebitda																																				3,002,000,000
exceptional items15
total iron ore production16																																						15,700,000
total shipments of steel products17																																						21,500,000
exceptional items18																																							-606,250,000
non-controlling interest																																							29,250,000	-15,000,000		62,000,000
ebitda19																																							923,250,000	1,589,000,000
total iron ore production21																																							9,275,000	13,100,000
financing costs—net																																									-1,505,000,000
statements of operations data
exceptional items21																																										-1,177,000,000
diluted weighted-average common shares outstanding																																										1,396,000,000
ebitda22																																										1,221,000,000
total shipments of steel products23																																										17,000,000
total iron ore production24																																										12,100,000
other income—net
income from equity method investments																																												985,000,000	881
attributable to:
minority interest																																												1,482,000,000	592
basic: common shares
class a common shares
class b common shares
diluted: common shares
total
(millions of u.s. dollars except share
and per share data)
cost of sales (including depreciation and impairment of 1 985
and 2 855 for the six months ended june 30, 2007 and june 30,
2008 respectively)																																													54
other income – net
financing costs – net																																													-785
attributable to :

Balance Sheets:

Quarterly

Annual

Unit: USD	2025-11-06	2025-07-31	2025-06-30	2025-04-30	2025-02-06	2024-11-15	2024-11-07	2024-08-01	2024-06-30	2024-05-02	2024-03-31	2024-02-08	2023-12-31	2023-11-09	2023-07-27	2023-06-30	2023-05-04	2023-02-09	2022-12-31	2022-11-10	2022-06-30	2022-02-10	2021-11-11	2021-07-29	2021-06-30	2021-05-06	2020-12-31	2020-11-05	2020-06-30	2020-05-11	2020-05-07	2020-02-06	2019-08-01	2019-07-11	2019-06-30	2019-05-09	2019-03-31	2019-02-07	2018-06-30	2017-12-31	2017-11-13	2017-09-30	2017-07-27	2017-02-10	2016-07-29	2016-06-30	2016-05-06	2016-02-04	2015-12-31	2015-11-09	2015-07-31	2015-06-30	2015-05-07	2014-12-31	2014-11-07	2014-02-07	2013-12-31	2013-06-30	2013-05-10	2013-03-31	2013-01-09	2012-12-31	2012-10-31	2012-09-30	2012-05-10	2012-02-08	2011-12-31	2011-11-08	2011-11-03	2011-09-30	2011-08-01	2011-07-27	2011-06-30	2011-05-11	2011-03-31	2011-01-25	2010-12-31	2010-12-16	2010-10-29	2010-10-26	2010-09-30	2010-07-30	2010-07-28	2010-06-30	2010-05-12	2010-04-29	2010-03-31	2010-02-10	2009-12-31	2009-08-05	2009-06-30	2009-04-29	2009-03-31	2008-12-31	2008-11-07	2008-11-05	2008-09-30	2008-09-22	2008-09-03	2008-08-14	2008-07-30	2008-06-30	2008-05-19	2008-05-14	2008-03-31	2008-02-13	2007-12-31	2007-11-14

assets
cash and cash equivalents	5,733,000,000	5,443,000,000	5,358,000,000	5,319,000,000	6,484,000,000	5,094,000,000	5,094,000,000	5,903,000,000	5,838,000,000	5,437,000,000	5,437,000,000	7,783,000,000	7,686,000,000	6,289,000,000	5,943,000,000	5,825,000,000	6,290,000,000	9,414,000,000	9,300,000,000	5,067,000,000	4,457,000,000				4,071,000,000		5,600,000,000	6,617,000,000	5,630,000,000	4,298,000,000	4,298,000,000	4,995,000,000	3,656,000,000	2,246,000,000	3,520,000,000	2,246,000,000	2,246,000,000	2,354,000,000	2,943,000,000	2,574,000,000	2,978,000,000	2,978,000,000	2,272,000,000			2,289,000,000			4,002,000,000					3,893,000,000				6,751,000,000									3,821,000,000				6,207,000,000					85		118,000,000				2,408,000,000							5,919,000,000	7,245,000,000				7,576,000,000				7,860,000,000	7,000,000								7,860,000,000
trade accounts receivable and other	4,504,000,000	4,628,000,000	4,628,000,000	4,108,000,000	3,375,000,000	4,238,000,000	4,238,000,000	4,186,000,000	4,186,000,000	4,403,000,000	4,403,000,000	3,661,000,000	3,661,000,000	4,479,000,000	4,774,000,000	4,774,000,000	4,989,000,000	3,839,000,000	3,839,000,000	4,677,000,000	5,931,000,000	5,143,000,000	5,572,000,000	5,586,000,000	5,586,000,000	3,783,000,000	3,072,000,000	3,133,000,000	3,048,000,000	3,456,000,000	3,456,000,000	3,569,000,000	5,048,000,000	5,131,000,000	5,048,000,000	5,131,000,000	5,131,000,000	4,432,000,000	4,839,000,000	3,863,000,000	4,443,000,000	4,443,000,000	4,263,000,000	2,974,000,000	3,500,000,000	3,500,000,000	3,325,000,000	2,679,000,000	2,679,000,000	3,687,000,000	4,283,000,000	3,687,000,000	4,253,000,000		4,940,000,000	4,886,000,000		5,866,000,000	6,130,000,000	6,130,000,000	6,403,000,000	5,085,000,000	6,403,000,000	6,403,000,000	7,939,000,000	6,452,000,000		8,194,000,000	8,194,000,000	8,194,000,000		8,625,000,000	8,625,000,000	7,994,000,000	7,994,000,000	435	5,725,000,000		7,578,000,000	7,578,000,000	7,578,000,000	7,366,000,000	7,366,000,000	7,366,000,000	6,733,000,000	6,733,000,000	6,733,000,000	5,750,000,000	5,750,000,000	6,228,000,000	6,228,000,000			6,737,000,000
inventories	18,924,000,000	19,126,000,000	19,126,000,000	16,877,000,000	16,501,000,000	18,474,000,000	18,474,000,000	17,690,000,000	17,690,000,000	18,372,000,000	18,372,000,000	18,759,000,000	18,759,000,000	18,852,000,000	20,036,000,000	20,036,000,000	19,820,000,000	20,087,000,000	20,087,000,000	20,566,000,000	23,303,000,000	19,858,000,000	18,806,000,000	16,286,000,000	16,286,000,000	13,228,000,000	12,328,000,000	12,327,000,000	14,269,000,000	15,626,000,000	15,626,000,000	17,296,000,000	20,550,000,000	20,583,000,000	20,550,000,000	20,583,000,000	20,583,000,000	20,744,000,000	17,745,000,000	17,986,000,000	17,780,000,000	17,780,000,000	17,458,000,000	14,734,000,000	12,914,000,000	12,914,000,000	12,866,000,000	13,424,000,000	13,424,000,000	14,352,000,000	15,466,000,000	14,352,000,000	15,537,000,000	17,304,000,000	17,548,000,000	19,240,000,000		18,067,000,000	18,389,000,000	18,389,000,000	19,980,000,000	19,025,000,000	19,980,000,000	19,980,000,000	21,204,000,000	21,689,000,000	21,689,000,000	23,397,000,000	23,397,000,000	23,397,000,000	19,583,000,000	23,920,000,000	23,920,000,000	21,595,000,000	21,595,000,000	1,634	19,583,000,000	1,089,000,000	21,625,000,000	21,625,000,000	21,625,000,000	19,458,000,000	19,458,000,000	19,458,000,000	17,873,000,000	17,873,000,000	17,873,000,000	16,835,000,000	16,835,000,000	16,796,000,000	16,796,000,000	19,917,000,000	19,917,000,000	24,741,000,000	30,173,000,000	30,173,000,000	30,173,000,000	21,750,000,000	27,000,000	27,591,000,000	27,591,000,000	27,591,000,000	23,213,000,000	23,213,000,000	23,213,000,000		21,750,000,000	20,792,000,000
prepaid expenses and other current assets	3,205,000,000	3,576,000,000	3,576,000,000	3,362,000,000	3,022,000,000	3,255,000,000	3,255,000,000	3,229,000,000	3,229,000,000	3,462,000,000	3,462,000,000	3,037,000,000	3,037,000,000	3,505,000,000	3,636,000,000	3,636,000,000	4,655,000,000	3,778,000,000	3,778,000,000	6,114,000,000	7,189,000,000	5,567,000,000	4,421,000,000	3,344,000,000	3,344,000,000	3,160,000,000	2,281,000,000	2,094,000,000	2,199,000,000	2,551,000,000	2,551,000,000	2,756,000,000	3,123,000,000	3,000,000,000	3,123,000,000	3,000,000,000	3,000,000,000	2,834,000,000	2,802,000,000	1,931,000,000	2,719,000,000	2,719,000,000	2,286,000,000	1,665,000,000	1,667,000,000	1,667,000,000	2,793,000,000	1,859,000,000	1,859,000,000	2,046,000,000	2,402,000,000	2,046,000,000	2,492,000,000	2,627,000,000	2,962,000,000	3,375,000,000		3,862,000,000	3,319,000,000	3,319,000,000	3,651,000,000	3,148,000,000	3,651,000,000	3,651,000,000	3,530,000,000	3,559,000,000	3,559,000,000	4,246,000,000	4,246,000,000	4,246,000,000	4,160,000,000	4,376,000,000	4,376,000,000	4,605,000,000	4,605,000,000	159	4,160,000,000	579,000,000	4,756,000,000	4,756,000,000	4,756,000,000	4,192,000,000	4,193,000,000	4,193,000,000	4,088,000,000	4,088,000,000	4,088,000,000	4,213,000,000	4,212,000,000	4,618,000,000	4,623,000,000	4,014,000,000	4,014,000,000	4,439,000,000	7,080,000,000	7,080,000,000	7,080,000,000	4,644,000,000	5,000,000	6,762,000,000	6,762,000,000	6,762,000,000	6,252,000,000	6,252,000,000	6,252,000,000		4,644,000,000	5,725,000,000
assets held for sale8	166,000,000	199,000,000																																																	24,000,000
total current assets	32,532,000,000	32,972,000,000	32,972,000,000	29,666,000,000	29,382,000,000	31,061,000,000	31,061,000,000	31,008,000,000	31,008,000,000	31,674,000,000	31,674,000,000	33,240,000,000	33,240,000,000	33,125,000,000	34,389,000,000	34,389,000,000	35,754,000,000	37,118,000,000	37,118,000,000	36,424,000,000	40,988,000,000	34,939,000,000	33,180,000,000	29,400,000,000	29,400,000,000	30,499,000,000	27,973,000,000	30,240,000,000	25,218,000,000	25,931,000,000	25,931,000,000	28,616,000,000	32,499,000,000	32,910,000,000	32,499,000,000	32,910,000,000	32,910,000,000	32,475,000,000	31,429,000,000	26,745,000,000	28,047,000,000	28,047,000,000	26,406,000,000	22,247,000,000	20,768,000,000	20,768,000,000	22,148,000,000	22,326,000,000	22,326,000,000	23,765,000,000	26,887,000,000	23,765,000,000	25,061,000,000	28,057,000,000	30,103,000,000	34,025,000,000		34,713,000,000	35,815,000,000	35,815,000,000	33,894,000,000	31,794,000,000	33,894,000,000	33,894,000,000	38,044,000,000	35,605,000,000	35,605,000,000	38,637,000,000	38,637,000,000	38,637,000,000	42,675,000,000	40,126,000,000	40,126,000,000	38,066,000,000	38,066,000,000	2,313	42,675,000,000	2,110,000,000	37,436,000,000	37,436,000,000	37,436,000,000	33,595,000,000	33,595,000,000	33,595,000,000	32,450,000,000	32,450,000,000	32,450,000,000	32,807,000,000	32,807,000,000	34,910,000,000	34,910,000,000	34,245,000,000	34,245,000,000	44,414,000,000	56,693,000,000	56,693,000,000	56,693,000,000	45,328,000,000	56,000,000	56,679,000,000	56,679,000,000	56,679,000,000	48,403,000,000	48,403,000,000	48,403,000,000	45,510,000,000	45,328,000,000	44,119,000,000
goodwill and intangible assets	5,134,000,000	5,343,000,000	5,343,000,000	4,599,000,000	4,453,000,000	4,762,000,000	4,762,000,000	4,947,000,000	4,947,000,000	5,016,000,000	5,016,000,000	5,102,000,000	5,102,000,000	4,885,000,000	5,074,000,000	5,074,000,000	5,023,000,000	4,903,000,000	4,903,000,000	4,035,000,000	4,307,000,000	4,425,000,000	4,309,000,000	4,557,000,000	4,557,000,000	4,212,000,000	4,312,000,000	4,195,000,000	4,944,000,000	4,911,000,000	4,911,000,000	5,432,000,000	5,480,000,000	5,549,000,000	5,480,000,000	5,549,000,000	5,549,000,000	5,728,000,000	5,451,000,000	5,737,000,000	5,856,000,000	5,856,000,000	5,769,000,000	5,651,000,000	5,837,000,000	5,837,000,000	5,689,000,000	5,592,000,000	5,592,000,000	6,779,000,000	7,279,000,000	6,779,000,000	7,104,000,000	8,104,000,000	8,340,000,000	8,734,000,000		9,123,000,000	9,365,000,000	9,365,000,000	13,854,000,000	9,581,000,000	13,854,000,000	13,854,000,000	14,205,000,000	14,053,000,000	14,053,000,000	14,683,000,000	14,683,000,000	14,683,000,000	14,373,000,000	15,134,000,000	15,134,000,000	15,051,000,000	15,051,000,000	1,379	14,373,000,000	1,045,000,000	16,443,000,000	16,443,000,000	16,443,000,000	15,720,000,000	15,720,000,000	15,720,000,000	16,385,000,000	16,385,000,000	16,385,000,000	17,034,000,000	17,034,000,000	16,397,000,000	16,397,000,000	15,754,000,000	15,754,000,000	16,119,000,000	17,154,000,000	17,154,000,000	17,154,000,000	15,031,000,000	17,000,000	17,854,000,000	17,854,000,000	17,854,000,000	15,984,000,000	15,984,000,000	15,984,000,000	15,031,000,000	15,031,000,000	14,979,000,000
property, plant and equipment	40,297,000,000	39,621,000,000		34,705,000,000	33,311,000,000	34,535,000,000	34,535,000,000	33,142,000,000		33,477,000,000	33,477,000,000	33,656,000,000		33,494,000,000	33,682,000,000		32,900,000,000	30,167,000,000		28,515,000,000		30,075,000,000	29,599,000,000	30,229,000,000		29,498,000,000		31,326,000,000		33,522,000,000	33,522,000,000	36,231,000,000	36,725,000,000	36,647,000,000		36,647,000,000	36,647,000,000	35,638,000,000			36,471,000,000	36,471,000,000	35,765,000,000	34,831,000,000	35,978,000,000		36,213,000,000	35,780,000,000	35,700,000,000	40,480,000,000	42,648,000,000	40,480,000,000	41,694,000,000	46,465,000,000	48,162,000,000	51,364,000,000		51,431,000,000	52,507,000,000	52,507,000,000	53,734,000,000	53,834,000,000	53,734,000,000	53,734,000,000	54,998,000,000	54,251,000,000	54,251,000,000	54,052,000,000	54,052,000,000	54,052,000,000	54,344,000,000	56,124,000,000	56,124,000,000	55,477,000,000	55,477,000,000	3,086	54,344,000,000	3,193,000,000	57,568,000,000	57,568,000,000	57,568,000,000	54,715,000,000	54,715,000,000	54,715,000,000	57,866,000,000	57,866,000,000	57,866,000,000	60,385,000,000	60,385,000,000	60,715,000,000	60,715,000,000	58,470,000,000	58,470,000,000	60,755,000,000	63,760,000,000	63,760,000,000	63,760,000,000	61,994,000,000	66,000,000	66,350,000,000	66,350,000,000	66,350,000,000	63,948,000,000	63,948,000,000	63,948,000,000	61,994,000,000	61,994,000,000	59,341,000,000
investments in associates and joint ventures	10,338,000,000	10,668,000,000	10,668,000,000	11,711,000,000	11,420,000,000	11,304,000,000		10,168,000,000	10,168,000,000	10,141,000,000	10,141,000,000	10,078,000,000	10,078,000,000	11,171,000,000	11,142,000,000	11,142,000,000	10,904,000,000	10,765,000,000	10,765,000,000	10,742,000,000	10,992,000,000	10,319,000,000	10,134,000,000	9,090,000,000	9,090,000,000	7,205,000,000	6,817,000,000	6,488,000,000	6,321,000,000	6,334,000,000	6,334,000,000	6,529,000,000	5,026,000,000	5,000,000,000	5,026,000,000	5,000,000,000	5,000,000,000	4,906,000,000	4,711,000,000	5,084,000,000	4,943,000,000	4,943,000,000	4,679,000,000	4,297,000,000	4,359,000,000	4,359,000,000	4,457,000,000	4,911,000,000	4,911,000,000	5,472,000,000	5,532,000,000	5,472,000,000	5,394,000,000	5,833,000,000	6,536,000,000			6,913,000,000									9,041,000,000				10,152,000,000											9,282,000,000							9,628,000,000	9,136,000,000				8,512,000,000
deferred tax assets	8,648,000,000	8,586,000,000	8,586,000,000	8,904,000,000	8,942,000,000	9,525,000,000	9,525,000,000	9,563,000,000	9,563,000,000	9,521,000,000	9,521,000,000	9,469,000,000	9,469,000,000	8,884,000,000	8,901,000,000	8,901,000,000	8,571,000,000	8,554,000,000	8,554,000,000	8,033,000,000	7,974,000,000	8,147,000,000	7,787,000,000	7,824,000,000	7,824,000,000	7,831,000,000	7,866,000,000	8,052,000,000	8,674,000,000	8,669,000,000	8,669,000,000	8,680,000,000	8,412,000,000	8,318,000,000	8,412,000,000	8,318,000,000	8,318,000,000	8,287,000,000	7,496,000,000	7,055,000,000	6,697,000,000	6,697,000,000	6,470,000,000	5,837,000,000	5,956,000,000	5,956,000,000	6,163,000,000	6,625,000,000	6,625,000,000	7,193,000,000	7,214,000,000	7,193,000,000	6,982,000,000	7,962,000,000	8,280,000,000	8,938,000,000		8,134,000,000	7,994,000,000	7,994,000,000	6,307,000,000	8,130,000,000	6,307,000,000	6,307,000,000	6,639,000,000		6,081,000,000				6,603,000,000					68		173,000,000				5,073,000,000							4,838,000,000	3,111,000,000				751,000,000				1,629,000,000	2,000,000								1,629,000,000	1,618,000,000
other assets	1,818,000,000	1,688,000,000	1,346,000,000	1,867,000,000	1,877,000,000	1,981,000,000	1,981,000,000	2,019,000,000	1,736,000,000	2,118,000,000	2,118,000,000	2,372,000,000	1,859,000,000	2,180,000,000	2,235,000,000	1,714,000,000	2,108,000,000		1,921,000,000		2,357,000,000				2,032,000,000		1,482,000,000	2,224,000,000	1,708,000,000	1,961,000,000	1,961,000,000	2,420,000,000	4,224,000,000	4,236,000,000	3,369,000,000	4,236,000,000	4,236,000,000	4,215,000,000	2,340,000,000	2,234,000,000	2,498,000,000	2,498,000,000	2,371,000,000	2,279,000,000	2,121,000,000	1,153,000,000	1,889,000,000	1,612,000,000	920,000,000	1,901,000,000	2,372,000,000	1,901,000,000	2,282,000,000	1,428,000,000	2,652,000,000	2,052,000,000		1,275,000,000	3,163,000,000	3,163,000,000	3,819,000,000	3,948,000,000	3,819,000,000	3,819,000,000	3,830,000,000		2,623,000,000				2,490,000,000					78		377,000,000				1,946,000,000							2,581,000,000	2,391,000,000				2,100,000,000				1,597,000,000	2,000,000								1,597,000,000	2,214,000,000
total assets	98,767,000,000	98,878,000,000	98,878,000,000	91,452,000,000	89,385,000,000	93,168,000,000	93,168,000,000	90,847,000,000	90,847,000,000	91,947,000,000	91,947,000,000	93,917,000,000	93,917,000,000	93,739,000,000	95,423,000,000	95,423,000,000	95,260,000,000	94,547,000,000	94,547,000,000	91,216,000,000	97,026,000,000	90,512,000,000	88,091,000,000	85,424,000,000	85,424,000,000	83,649,000,000	82,052,000,000	82,525,000,000	81,301,000,000	81,328,000,000	81,328,000,000	87,908,000,000	92,366,000,000	92,660,000,000	92,366,000,000	92,660,000,000	92,660,000,000	91,249,000,000	86,964,000,000	85,297,000,000	84,512,000,000	84,512,000,000	81,460,000,000	75,142,000,000	75,019,000,000	75,019,000,000	76,559,000,000	76,846,000,000	76,846,000,000	85,590,000,000	91,932,000,000	85,590,000,000	88,517,000,000	99,179,000,000	104,073,000,000	112,308,000,000		112,633,000,000	115,767,000,000	115,767,000,000	118,631,000,000	114,573,000,000	118,631,000,000	118,631,000,000	124,970,000,000	121,880,000,000	121,880,000,000	127,328,000,000	127,328,000,000	127,328,000,000	130,904,000,000	133,519,000,000	133,519,000,000	130,084,000,000	130,084,000,000	7,086	130,904,000,000	7,133,000,000	130,626,000,000	130,626,000,000	130,626,000,000	120,743,000,000	120,743,000,000	120,743,000,000	123,935,000,000	123,935,000,000	123,935,000,000	127,697,000,000	127,697,000,000	127,118,000,000	127,118,000,000	120,498,000,000	120,498,000,000	133,088,000,000	153,589,000,000	153,589,000,000	153,589,000,000	133,625,000,000	156,000,000	156,264,000,000	156,264,000,000	156,264,000,000	141,401,000,000	141,401,000,000	141,401,000,000	133,648,000,000	133,625,000,000	127,625,000,000
liabilities and shareholders’ equity
short-term debt and current portion of long-term debt	4,377,000,000	3,173,000,000	3,173,000,000	3,456,000,000	2,748,000,000	2,356,000,000	2,356,000,000	2,357,000,000	2,357,000,000	1,873,000,000	1,873,000,000	2,312,000,000	2,312,000,000	2,310,000,000	1,809,000,000	1,809,000,000	2,827,000,000	2,583,000,000	2,583,000,000	2,580,000,000	2,719,000,000	1,913,000,000	1,796,000,000	2,639,000,000	2,639,000,000	2,813,000,000	2,507,000,000	3,776,000,000	3,134,000,000	3,147,000,000	3,147,000,000	2,869,000,000	3,107,000,000	2,739,000,000	3,107,000,000	2,739,000,000	2,739,000,000	3,167,000,000	4,556,000,000	2,785,000,000	5,764,000,000	5,764,000,000	3,936,000,000	1,885,000,000	1,123,000,000	1,123,000,000	3,883,000,000	2,308,000,000	2,308,000,000	2,455,000,000	3,239,000,000	2,455,000,000	2,441,000,000	2,522,000,000	4,383,000,000	4,092,000,000		4,140,000,000	4,234,000,000	4,234,000,000	4,790,000,000	4,339,000,000	4,790,000,000	4,790,000,000	2,991,000,000	2,784,000,000	2,784,000,000	3,626,000,000	3,626,000,000	3,626,000,000	6,716,000,000	3,688,000,000	3,688,000,000	3,718,000,000	3,718,000,000	63	6,716,000,000	506,000,000	5,359,000,000	5,359,000,000	5,359,000,000	5,599,000,000	5,599,000,000	5,599,000,000	4,990,000,000	4,990,000,000	4,990,000,000			7,962,000,000									10,000,000
trade accounts payable and other	12,108,000,000	12,741,000,000	12,741,000,000	11,884,000,000	12,921,000,000	13,164,000,000	13,164,000,000	12,493,000,000	12,493,000,000	12,674,000,000	12,674,000,000	13,605,000,000	13,605,000,000	12,315,000,000	13,454,000,000	13,454,000,000	13,312,000,000	13,532,000,000	13,532,000,000	13,384,000,000	16,736,000,000	15,093,000,000	14,108,000,000	14,076,000,000	14,076,000,000	12,231,000,000	11,525,000,000	9,389,000,000	10,019,000,000	11,968,000,000	11,968,000,000	12,614,000,000	14,418,000,000	14,232,000,000	14,418,000,000	14,232,000,000	14,232,000,000	13,981,000,000	12,418,000,000	13,428,000,000	12,074,000,000	12,074,000,000	12,555,000,000	11,633,000,000	8,876,000,000	8,876,000,000	8,586,000,000	8,977,000,000	8,977,000,000	9,455,000,000	10,291,000,000	9,455,000,000	10,276,000,000		11,507,000,000	12,604,000,000		12,499,000,000	11,558,000,000	11,558,000,000	11,732,000,000	11,418,000,000	11,732,000,000	11,732,000,000	12,879,000,000	12,836,000,000		13,772,000,000	13,772,000,000	13,772,000,000		14,864,000,000	14,864,000,000	14,731,000,000	14,731,000,000	731	13,256,000,000		13,249,000,000	13,249,000,000	13,249,000,000	12,774,000,000	12,774,000,000	12,774,000,000	11,719,000,000	11,719,000,000	11,719,000,000	10,676,000,000		8,106,000,000	8,106,000,000								19,000,000
accrued expenses and other current liabilities	6,906,000,000	7,583,000,000		6,656,000,000	6,156,000,000	5,761,000,000	5,761,000,000	5,456,000,000		5,890,000,000	5,890,000,000	5,852,000,000		5,826,000,000	5,791,000,000		6,687,000,000	6,283,000,000		6,556,000,000		7,161,000,000	7,527,000,000	6,201,000,000		5,729,000,000		6,036,000,000		5,645,000,000	5,645,000,000	5,804,000,000	5,549,000,000	5,699,000,000		5,699,000,000	5,699,000,000	5,486,000,000			5,229,000,000	5,229,000,000	4,930,000,000	4,502,000,000	5,532,000,000		5,855,000,000	6,536,000,000		5,754,000,000	6,023,000,000	5,754,000,000	6,211,000,000		6,716,000,000	8,456,000,000			7,416,000,000	7,416,000,000	7,620,000,000	8,061,000,000	7,620,000,000	7,620,000,000	8,276,000,000	8,204,000,000		8,527,000,000	8,527,000,000	8,527,000,000		8,545,000,000	8,545,000,000	8,508,000,000	8,508,000,000		8,714,000,000		8,855,000,000	8,855,000,000	8,855,000,000		8,158,000,000	8,158,000,000	7,322,000,000	7,322,000,000	7,322,000,000	8,719,000,000			9,545,000,000	9,908,000,000	9,908,000,000		12,250,000,000	12,250,000,000	12,250,000,000		9,000,000	12,740,000,000	12,740,000,000	12,740,000,000	10,352,000,000	10,352,000,000	10,352,000,000			10,703,000,000
liabilities held for sale8	87,000,000	103,000,000
total current liabilities	23,478,000,000	23,600,000,000	23,600,000,000	21,996,000,000	21,825,000,000	21,281,000,000	21,281,000,000	20,306,000,000	20,306,000,000	20,437,000,000	20,437,000,000	21,769,000,000	21,769,000,000	20,451,000,000	21,054,000,000	21,054,000,000	22,826,000,000	22,398,000,000	22,398,000,000	22,520,000,000	25,969,000,000	24,167,000,000	23,431,000,000	22,916,000,000	22,916,000,000	24,044,000,000	22,667,000,000	24,843,000,000	19,332,000,000	20,760,000,000	20,760,000,000	21,287,000,000	23,109,000,000	23,498,000,000	23,109,000,000	23,498,000,000	23,498,000,000	23,455,000,000	22,713,000,000	21,410,000,000	23,107,000,000	23,107,000,000	21,460,000,000	18,115,000,000	15,754,000,000	15,754,000,000	18,532,000,000	18,041,000,000	18,041,000,000	17,701,000,000	19,553,000,000	17,701,000,000	18,928,000,000	21,123,000,000	22,764,000,000	25,235,000,000		24,882,000,000	23,208,000,000	23,208,000,000	24,731,000,000	23,818,000,000	24,731,000,000	24,731,000,000	24,146,000,000	23,824,000,000	23,824,000,000	25,925,000,000	25,925,000,000	25,925,000,000	30,723,000,000	27,097,000,000	27,097,000,000	26,957,000,000	26,957,000,000	1,161	30,723,000,000	1,643,000,000	27,463,000,000	27,463,000,000	27,463,000,000	26,531,000,000	26,531,000,000	26,531,000,000	24,031,000,000	24,031,000,000	24,031,000,000	23,530,000,000		25,613,000,000	25,613,000,000	25,893,000,000	25,893,000,000		39,477,000,000	39,477,000,000	39,477,000,000		42,000,000	42,203,000,000	42,203,000,000	42,203,000,000	35,768,000,000	35,768,000,000	35,768,000,000	32,391,000,000		32,545,000,000
long-term debt	10,491,000,000	10,559,000,000	10,559,000,000	8,591,000,000	8,815,000,000	8,903,000,000	8,903,000,000	8,770,000,000	8,770,000,000	8,348,000,000	8,348,000,000	8,369,000,000	8,369,000,000	8,233,000,000	8,651,000,000	8,651,000,000	8,650,000,000	9,067,000,000	9,067,000,000	6,414,000,000	6,069,000,000	6,488,000,000	6,453,000,000	6,589,000,000	6,589,000,000	8,552,000,000	9,815,000,000	9,608,000,000	10,414,000,000	10,650,000,000	10,650,000,000	11,471,000,000	10,723,000,000	10,591,000,000	10,723,000,000	10,591,000,000	10,591,000,000	9,316,000,000	8,963,000,000	10,143,000,000	9,185,000,000	9,185,000,000	10,220,000,000	11,789,000,000	14,019,000,000	14,019,000,000	16,309,000,000	17,478,000,000	17,478,000,000	17,932,000,000	18,031,000,000	17,932,000,000	16,986,000,000	17,275,000,000	17,487,000,000	18,219,000,000		18,943,000,000	21,745,000,000	21,745,000,000	21,827,000,000	21,965,000,000	21,827,000,000	21,827,000,000	25,523,000,000	23,634,000,000	23,634,000,000	24,061,000,000	24,061,000,000	24,061,000,000	19,292,000,000	24,530,000,000	24,530,000,000	22,758,000,000	22,758,000,000	116	19,292,000,000	1,375,000,000	20,177,000,000	20,177,000,000	20,177,000,000	17,234,000,000	17,234,000,000	17,234,000,000	19,420,000,000	19,420,000,000	19,420,000,000	20,677,000,000		22,164,000,000	22,164,000,000	23,076,000,000	23,076,000,000		28,422,000,000	28,422,000,000	28,422,000,000		27,000,000	27,920,000,000	27,920,000,000	27,920,000,000	25,119,000,000	25,119,000,000	25,119,000,000	22,085,000,000		19,775,000,000
deferred tax liabilities	2,459,000,000	2,429,000,000	2,429,000,000	2,418,000,000	2,338,000,000	2,318,000,000	2,318,000,000	2,270,000,000	2,270,000,000	2,330,000,000	2,330,000,000	2,432,000,000	2,432,000,000	2,573,000,000	2,722,000,000	2,722,000,000	2,596,000,000	2,666,000,000	2,666,000,000	2,394,000,000	2,489,000,000	2,369,000,000	1,953,000,000	1,958,000,000	1,958,000,000	1,812,000,000	1,832,000,000	1,928,000,000	2,039,000,000	2,075,000,000	2,075,000,000	2,331,000,000	2,284,000,000	2,337,000,000	2,284,000,000	2,337,000,000	2,337,000,000	2,374,000,000	2,506,000,000	2,684,000,000	2,713,000,000	2,713,000,000	2,690,000,000	2,529,000,000	2,405,000,000	2,405,000,000	2,322,000,000	2,496,000,000	2,496,000,000	2,417,000,000	2,707,000,000	2,417,000,000	2,670,000,000	3,004,000,000	3,108,000,000	3,115,000,000		2,690,000,000	2,896,000,000	2,896,000,000	3,123,000,000	3,228,000,000	3,123,000,000	3,123,000,000	3,681,000,000	3,680,000,000	3,680,000,000	3,678,000,000	3,678,000,000	3,678,000,000	4,006,000,000	4,010,000,000	4,010,000,000	3,997,000,000	3,997,000,000	364	4,006,000,000	178,000,000	5,126,000,000	5,126,000,000	5,126,000,000	4,846,000,000	4,846,000,000	4,846,000,000	5,000,000,000	5,000,000,000	5,000,000,000	5,144,000,000		5,669,000,000	5,669,000,000	5,527,000,000	5,527,000,000		7,639,000,000	7,639,000,000	7,639,000,000		8,000,000	8,309,000,000	8,309,000,000	8,309,000,000	8,387,000,000	8,387,000,000	8,387,000,000			7,878,000,000
other long-term liabilities	5,661,000,000	5,820,000,000		5,148,000,000	5,121,000,000	5,302,000,000	5,302,000,000	5,202,000,000		5,175,000,000	5,175,000,000	5,279,000,000		4,943,000,000	5,087,000,000		5,067,000,000	4,826,000,000		5,971,000,000		6,144,000,000	6,933,000,000	7,636,000,000		7,259,000,000		8,510,000,000		11,820,000,000	11,820,000,000	12,336,000,000	12,139,000,000	11,945,000,000		11,945,000,000	11,945,000,000	11,996,000,000			10,966,000,000	10,966,000,000	10,838,000,000	10,384,000,000	10,836,000,000		11,587,000,000	11,261,000,000		11,481,000,000	11,808,000,000	11,481,000,000	11,634,000,000		11,524,000,000				14,963,000,000	14,963,000,000	10,107,000,000	10,365,000,000	10,107,000,000	10,107,000,000	10,334,000,000	10,265,000,000		10,288,000,000	10,288,000,000	10,288,000,000		11,381,000,000	11,381,000,000	11,372,000,000	11,372,000,000		10,783,000,000		11,643,000,000	11,643,000,000	11,643,000,000		11,258,000,000	11,258,000,000	12,397,000,000	12,397,000,000	12,397,000,000	12,948,000,000			12,361,000,000	10,542,000,000	10,542,000,000		11,806,000,000	11,806,000,000	11,806,000,000			10,683,000,000	10,683,000,000	10,683,000,000	9,684,000,000	9,684,000,000	9,684,000,000
total liabilities	42,089,000,000	42,408,000,000	42,408,000,000	38,153,000,000	38,099,000,000	37,804,000,000	37,804,000,000	36,548,000,000	36,548,000,000	36,290,000,000	36,290,000,000	37,849,000,000	37,849,000,000	36,200,000,000	37,514,000,000	37,514,000,000	39,139,000,000	38,957,000,000	38,957,000,000	37,299,000,000	40,580,000,000	39,168,000,000	38,770,000,000	39,099,000,000	39,099,000,000	41,667,000,000	41,815,000,000	44,889,000,000	43,703,000,000	45,305,000,000	45,305,000,000	47,425,000,000	48,255,000,000	48,371,000,000	48,255,000,000	48,371,000,000	48,371,000,000	47,141,000,000	44,629,000,000	44,442,000,000	45,971,000,000	45,971,000,000	45,208,000,000	42,817,000,000	43,014,000,000	43,014,000,000	48,750,000,000	49,276,000,000	49,276,000,000	49,531,000,000	52,099,000,000	49,531,000,000	50,218,000,000	54,019,000,000	54,883,000,000	59,135,000,000		60,970,000,000	62,812,000,000	62,812,000,000	59,788,000,000	59,376,000,000	59,788,000,000	59,788,000,000	63,684,000,000	61,403,000,000	61,403,000,000	63,952,000,000	63,952,000,000	63,952,000,000	64,804,000,000	67,018,000,000	67,018,000,000	65,084,000,000	65,084,000,000	1,964	64,804,000,000	3,544,000,000	64,409,000,000	64,409,000,000	64,409,000,000	59,869,000,000	59,869,000,000	59,869,000,000	60,848,000,000	60,848,000,000	60,848,000,000	62,299,000,000		65,807,000,000	65,807,000,000	65,038,000,000	65,038,000,000		87,344,000,000	87,344,000,000	87,344,000,000		89,000,000	89,115,000,000	89,115,000,000	89,115,000,000	78,958,000,000	78,958,000,000	78,958,000,000	72,272,000,000		68,865,000,000
equity attributable to the equity holders of the parent	54,603,000,000	54,378,000,000	54,378,000,000	51,206,000,000	49,223,000,000	53,308,000,000	53,308,000,000	52,204,000,000	52,204,000,000	53,591,000,000	53,591,000,000	53,961,000,000	53,961,000,000	55,406,000,000	55,720,000,000	55,720,000,000	53,974,000,000	53,152,000,000	53,152,000,000	51,563,000,000	53,992,000,000	49,106,000,000	47,116,000,000	44,165,000,000	44,165,000,000	40,000,000,000	38,280,000,000	35,838,000,000	35,774,000,000	34,249,000,000	34,249,000,000	38,521,000,000	42,033,000,000	42,286,000,000	42,033,000,000	42,286,000,000	42,286,000,000	42,086,000,000	40,320,000,000	38,789,000,000	36,374,000,000	36,374,000,000	34,027,000,000	30,135,000,000	29,756,000,000	29,756,000,000	25,580,000,000	25,272,000,000	25,272,000,000	33,275,000,000	36,813,000,000	33,275,000,000	35,452,000,000	42,086,000,000	46,036,000,000	49,793,000,000		48,263,000,000	49,522,000,000	49,522,000,000	55,112,000,000	51,723,000,000	55,112,000,000	55,112,000,000	57,406,000,000	56,690,000,000	56,690,000,000	59,586,000,000	59,586,000,000	59,586,000,000	62,430,000,000	62,615,000,000	62,615,000,000	61,161,000,000	61,161,000,000		62,430,000,000		62,475,000,000	62,475,000,000	62,475,000,000	57,077,000,000	57,077,000,000	57,077,000,000	59,199,000,000	59,199,000,000	59,199,000,000	61,045,000,000		57,515,000,000	57,515,000,000
non-controlling interests	2,075,000,000	2,092,000,000	2,092,000,000	2,093,000,000	2,063,000,000	2,056,000,000	2,056,000,000	2,095,000,000	2,095,000,000	2,066,000,000	2,066,000,000	2,107,000,000	2,107,000,000	2,133,000,000	2,189,000,000	2,189,000,000	2,147,000,000	2,438,000,000	2,438,000,000	2,354,000,000	2,454,000,000	2,238,000,000	2,205,000,000	2,160,000,000	2,160,000,000	1,982,000,000	1,957,000,000	1,798,000,000	1,824,000,000	1,774,000,000	1,774,000,000	1,962,000,000	2,078,000,000	2,003,000,000	2,078,000,000	2,003,000,000	2,003,000,000	2,022,000,000	2,015,000,000	2,066,000,000						2,249,000,000			2,298,000,000					3,074,000,000				3,400,000,000									3,787,000,000				3,670,000,000							6,000,000				3,797,000,000								3,796,000,000
total equity	56,678,000,000	56,470,000,000	56,470,000,000	53,299,000,000	51,286,000,000	55,364,000,000	55,364,000,000	54,299,000,000	54,299,000,000	55,657,000,000	55,657,000,000	56,068,000,000	56,068,000,000	57,539,000,000	57,909,000,000	57,909,000,000	56,121,000,000	55,590,000,000	55,590,000,000	53,917,000,000	56,446,000,000	51,344,000,000	49,321,000,000	46,325,000,000	46,325,000,000	41,982,000,000	40,237,000,000	37,636,000,000	37,598,000,000	36,023,000,000	36,023,000,000	40,483,000,000	44,111,000,000	44,289,000,000	44,111,000,000	44,289,000,000	44,289,000,000	44,108,000,000	42,335,000,000	40,855,000,000	38,541,000,000	38,541,000,000	36,252,000,000	32,325,000,000	32,005,000,000	32,005,000,000	27,809,000,000	27,570,000,000	27,570,000,000	36,059,000,000	39,833,000,000	36,059,000,000	38,299,000,000	45,160,000,000	49,190,000,000	53,173,000,000		51,663,000,000	52,955,000,000	52,955,000,000	58,843,000,000	55,197,000,000	58,843,000,000	58,843,000,000	61,286,000,000	60,477,000,000	60,477,000,000	63,376,000,000	63,376,000,000	63,376,000,000	66,100,000,000	66,501,000,000	66,501,000,000	65,000,000,000	65,000,000,000		66,100,000,000	3,589,000,000	66,217,000,000	66,217,000,000	66,217,000,000	60,874,000,000	60,874,000,000	60,874,000,000	63,087,000,000	63,087,000,000	63,087,000,000	65,398,000,000		61,311,000,000	61,311,000,000	55,460,000,000	55,460,000,000		66,245,000,000	66,245,000,000	66,245,000,000		67,000,000	67,149,000,000	67,149,000,000	67,149,000,000	62,443,000,000	62,443,000,000	62,443,000,000	61,376,000,000		58,760,000,000
total liabilities and shareholders’ equity	98,767,000,000	98,878,000,000		91,452,000,000	89,385,000,000	93,168,000,000	93,168,000,000	90,847,000,000		91,947,000,000	91,947,000,000	93,917,000,000		93,739,000,000	95,423,000,000		95,260,000,000	94,547,000,000		91,216,000,000		90,512,000,000	88,091,000,000	85,424,000,000		83,649,000,000		82,525,000,000		81,328,000,000	81,328,000,000	87,908,000,000	92,366,000,000	92,660,000,000		92,660,000,000	92,660,000,000	91,249,000,000			84,512,000,000	84,512,000,000	81,460,000,000	75,142,000,000	75,019,000,000		76,559,000,000	76,846,000,000		85,590,000,000	91,932,000,000	85,590,000,000	88,517,000,000		104,073,000,000	112,308,000,000			115,767,000,000	115,767,000,000	118,631,000,000	114,573,000,000	118,631,000,000	118,631,000,000	124,970,000,000	121,880,000,000		127,328,000,000	127,328,000,000	127,328,000,000		133,519,000,000	133,519,000,000	130,084,000,000	130,084,000,000		130,904,000,000		130,626,000,000	130,626,000,000	130,626,000,000		120,743,000,000	120,743,000,000	123,935,000,000	123,935,000,000	123,935,000,000	127,697,000,000			127,118,000,000	120,498,000,000	120,498,000,000		153,589,000,000	153,589,000,000	153,589,000,000			156,264,000,000	156,264,000,000	156,264,000,000	141,401,000,000	141,401,000,000	141,401,000,000	133,648,000,000		127,625,000,000
current assets:
restricted cash			85,000,000						65,000,000				97,000,000			118,000,000			114,000,000		108,000,000								72,000,000						136,000,000				157,000,000	212,000,000						106,000,000			100,000,000					123,000,000				167,000,000									84,000,000				82,000,000											170,000,000							90,000,000	18,000,000				11,000,000				245,000,000	64,000,000								245,000,000
assets held for sale			199,000,000																								4,329,000,000								122,000,000				2,943,000,000	179,000,000						292,000,000			262,000,000					414,000,000		292,000,000					870,000,000		870,000,000	870,000,000																		1,000,000							1,000,000	5,000,000				910,000,000				1,296,000,000	966,000,000								1,296,000,000
non-current assets:
property, plant and equipment and biological assets			39,621,000,000						33,142,000,000				33,656,000,000			33,682,000,000			30,167,000,000		29,542,000,000				30,229,000,000		30,622,000,000		33,766,000,000						36,725,000,000				34,290,000,000	36,971,000,000						35,978,000,000
other investments			342,000,000						283,000,000				513,000,000			521,000,000			1,119,000,000		866,000,000				2,292,000,000		2,980,000,000		670,000,000						855,000,000				1,247,000,000	1,471,000,000						968,000,000			692,000,000					1,202,000,000				895,000,000									226,000,000				267,000,000					162		103,000,000				412,000,000							424,000,000	458,000,000				437,000,000				2,159,000,000	2,000,000								2,159,000,000
total non-current assets			65,906,000,000						59,839,000,000				60,677,000,000			61,034,000,000			57,429,000,000		56,038,000,000				56,024,000,000		54,079,000,000		56,083,000,000						59,867,000,000				55,535,000,000	58,552,000,000						54,251,000,000			54,520,000,000					71,122,000,000				77,920,000,000									86,275,000,000				88,229,000,000					4,773		5,023,000,000				87,148,000,000							94,890,000,000	92,208,000,000				88,674,000,000				88,297,000,000	99,000,000								88,297,000,000
liabilities and equity
current liabilities:
short-term provisions			1,036,000,000						455,000,000				588,000,000			662,000,000			1,101,000,000		722,000,000				659,000,000		935,000,000		982,000,000						476,000,000				491,000,000	410,000,000						560,000,000			770,000,000					1,024,000,000				1,199,000,000									1,213,000,000				1,343,000,000					41		39,000,000				995,000,000								2,544,000,000									1,000,000
accrued expenses and other liabilities			6,048,000,000						4,674,000,000				4,967,000,000			4,880,000,000			4,864,000,000		5,035,000,000				4,497,000,000		4,197,000,000		4,820,000,000						4,791,000,000				4,090,000,000	4,505,000,000						4,835,000,000			5,633,000,000					5,740,000,000				6,889,000,000									6,624,000,000				6,900,000,000					307		488,000,000				6,728,000,000								6,432,000,000
income tax liabilities			499,000,000						327,000,000				297,000,000			249,000,000			318,000,000		757,000,000				1,045,000,000		464,000,000		377,000,000						282,000,000				312,000,000	232,000,000						137,000,000			133,000,000					230,000,000				155,000,000									367,000,000				471,000,000					19		2,000,000				394,000,000								569,000,000									1,000,000
liabilities held for sale			103,000,000																								3,039,000,000								35,000,000				846,000,000	50,000,000						223,000,000			220,000,000					157,000,000		83,000,000					589,000,000		589,000,000	589,000,000																		41,000,000																	502,000,000
non-current liabilities:
deferred employee benefits			2,521,000,000						2,620,000,000				2,741,000,000			2,676,000,000			2,606,000,000		3,517,000,000				4,528,000,000		4,656,000,000		7,253,000,000						7,043,000,000				7,408,000,000	7,630,000,000						8,732,000,000			9,216,000,000					10,074,000,000				11,449,000,000									7,160,000,000				7,180,000,000					185		193,000,000				7,095,000,000								7,371,000,000									6,000,000
long-term provisions			1,750,000,000						1,407,000,000				1,477,000,000			1,450,000,000			1,306,000,000		1,534,000,000				1,952,000,000		1,697,000,000		1,978,000,000						2,023,000,000				1,652,000,000	1,612,000,000						1,545,000,000			1,434,000,000					1,587,000,000				1,872,000,000									1,601,000,000				1,738,000,000					127		136,000,000				1,904,000,000								2,236,000,000									2,000,000
other long-term obligations			1,549,000,000						1,175,000,000				1,061,000,000			961,000,000			914,000,000		1,002,000,000				1,156,000,000		1,148,000,000		2,687,000,000						3,073,000,000				1,387,000,000	963,000,000						559,000,000			611,000,000					956,000,000				1,134,000,000									1,504,000,000				1,865,000,000					11		19,000,000				2,259,000,000								2,754,000,000									1,000,000
total non-current liabilities			18,808,000,000						16,242,000,000				16,080,000,000			16,460,000,000			16,559,000,000		14,611,000,000				16,183,000,000		19,148,000,000		24,371,000,000						25,146,000,000				21,916,000,000	23,032,000,000						27,260,000,000			31,235,000,000					32,896,000,000				36,088,000,000									37,579,000,000				34,081,000,000					803		1,901,000,000				33,338,000,000								40,194,000,000									46,000,000
commitments and contingencies
equity
total liabilities and equity			98,878,000,000						90,847,000,000				93,917,000,000			95,423,000,000			94,547,000,000		97,026,000,000				85,424,000,000		82,052,000,000		81,301,000,000						92,366,000,000				86,964,000,000	85,297,000,000						75,019,000,000			76,846,000,000					99,179,000,000				112,633,000,000									121,880,000,000				130,904,000,000							7,133,000,000				120,743,000,000								127,118,000,000									156,000,000
investments in associates and joint ventures6							11,304,000,000
contingencies and commitments
equity:
common shares													303,000,000						312,000,000								393,000,000													401,000,000									10,011,000,000					10,011,000,000													9,403,000,000				9,950,000,000
treasury shares													-849,000,000						-1,895,000,000								-538,000,000													-362,000,000									-377,000,000					-399,000,000													-419,000,000				-427,000,000
additional paid-in capital													27,185,000,000						28,651,000,000								35,247,000,000													34,848,000,000									20,294,000,000					20,258,000,000													19,056,000,000				20,198,000,000
mandatorily convertible notes																			509,000,000								840,000,000																						1,800,000,000					1,838,000,000
retained earnings													46,264,000,000						45,442,000,000								22,097,000,000													20,635,000,000									13,902,000,000					22,182,000,000													30,531,000,000				31,647,000,000
reserves													-18,942,000,000						-19,867,000,000								-19,759,000,000													-16,733,000,000									-20,358,000,000					-11,804,000,000													-1,881,000,000				1,062,000,000
48
other assets15																		3,040,000,000
other assets10																				3,467,000,000
cash and cash equivalents and restricted funds																						4,371,000,000	4,381,000,000	4,184,000,000		5,474,000,000
asset held for sale11
other assets16																						2,607,000,000		4,324,000,000		4,404,000,000
liabilities held for sale11																																						821,000,000					39,000,000					220,000,000		37,000,000		37,000,000
asset held for sale9
other assets13																							3,082,000,000
liabilities held for sale9																																	35,000,000	828,000,000		828,000,000	828,000,000								223,000,000
asset held for sale12																										4,854,000,000
liabilities held for sale12																										3,271,000,000															40,000,000	40,000,000
restricted cash and other restricted funds																									113,000,000		363,000,000
interim financial statements																									39,000,000
216 consolidated financial statements
arcelormittal and subsidiaries
consolidated statements of changes in equity
asset held for sale6																												6,069,000,000
liabilities held for sale6																												5,642,000,000
assets held for sale6
assets held for sale9																																	122,000,000	1,950,000,000		1,950,000,000	1,950,000,000								292,000,000
assets held for sale11																																						2,111,000,000					127,000,000					262,000,000		44,000,000		44,000,000
shares1
balance at december 31, 2014																																								10,011,000,000
net income
other comprehensive income
total comprehensive income
other changes in non-controlling interests
recognition of share based payments
voluntary conversion of mandatorily convertible notes
mandatory convertible bonds extension
dividend
other movements
balance at december 31, 2015																																								10,011,000,000
equity offering																																								144,000,000
reduction of the share capital par value																																								-10,376,000,000
conversion of the mandatorily convertible notes																																								622,000,000
recognition of share-based payments
equity offering in arcelormittal south africa
equity share option plan in amsa
amsa b-bbee transaction
balance at december 31, 2016																																								401,000,000
acquisition of sumaré
balance at december 31, 2017																																								401,000,000
assets held for sale12																																									127,000,000	127,000,000
non–controlling interests																																									2,167,000,000	2,167,000,000	2,225,000,000	2,190,000,000	2,249,000,000		2,229,000,000	2,298,000,000		2,784,000,000	3,020,000,000	2,784,000,000	2,847,000,000		3,154,000,000	3,380,000,000			3,433,000,000	3,433,000,000	3,731,000,000	3,474,000,000	3,731,000,000	3,731,000,000	3,880,000,000	3,787,000,000		3,790,000,000	3,790,000,000	3,790,000,000		3,886,000,000	3,886,000,000	3,839,000,000	3,839,000,000		3,670,000,000		3,742,000,000	3,742,000,000	3,742,000,000		3,797,000,000	3,797,000,000	3,888,000,000	3,888,000,000	3,888,000,000
net debt																																									11,971,000,000	11,971,000,000
cash and cash equivalents including restricted cash																																												2,615,000,000	2,395,000,000		2,863,000,000	4,102,000,000		3,636,000,000	4,712,000,000	3,636,000,000	2,779,000,000		4,175,000,000	6,232,000,000			7,977,000,000	7,977,000,000	2,990,000,000	4,536,000,000	2,990,000,000	2,990,000,000	4,934,000,000	3,905,000,000		2,800,000,000	2,800,000,000	2,800,000,000		3,205,000,000	3,205,000,000	3,872,000,000	3,872,000,000		6,289,000,000		3,477,000,000	3,477,000,000	3,477,000,000
assets held for sale14																																												259,000,000
liabilities held for sale14																																												95,000,000
the accompanying notes are an integral part of these condensed consolidated financial statements.
assets held for sale13																																															301,000,000
liabilities held for sale13																																															208,000,000
biological assets																																																	80,000,000					128,000,000				149,000,000
the accompanying notes are an integral part of these consolidated financial statements.
assets held for sale10
liabilities held for sale10
trade accounts receivable and other, including 424 and 469 from related parties at december 31, 2013 and 2014, respectively																																																						3,696,000,000
trade accounts payable and other, including 143 and 290 to related parties at december 31, 2013 and 2014, respectively																																																						11,450,000,000
subordinated perpetual capital securities
assets held for sale24																																																							478,000,000
liabilities held for sale24																																																							158,000,000
investments in affiliates and joint ventures																																																								7,195,000,000			6,923,000,000	6,923,000,000	7,023,000,000	7,286,000,000	7,023,000,000	7,023,000,000	7,254,000,000																																											5,354,000,000
other long-term liabilities31																																																								12,566,000,000
baffinland
current assets																																																									2
property, plant & equipment																																																									112
mining rights
intangible assets
total assets acquired																																																									114
current liabilities
total liabilities assumed
total net assets																																																									114
total net assets acquired																																																									114
previously held equity interests																																																									10
cash paid to stockholders, gross																																																									57
cash acquired
debt outstanding on acquisition
purchase price																																																									57
goodwill
bargain purchase
assets held for sales and distribution																																																																	437,000,000
assets held for distribution																																																																													6,918,000,000
investments in affiliates and joint ventures and other assets																																																																		17,971,000,000		19,956,000,000	19,956,000,000	19,956,000,000		22,135,000,000	22,135,000,000	21,490,000,000	21,490,000,000		19,512,000,000		19,179,000,000	19,179,000,000	19,179,000,000		16,713,000,000	16,713,000,000	17,234,000,000	17,234,000,000	17,234,000,000	17,471,000,000			15,096,000,000	12,029,000,000	12,029,000,000		15,982,000,000	15,982,000,000	15,982,000,000			15,381,000,000	15,381,000,000	15,381,000,000	13,066,000,000	13,066,000,000	13,066,000,000	11,113,000,000
liabilities held for distribution																																																																													2,037,000,000
trade accounts receivable and other, including 616 and 457 from related parties at december 31, 2010 and 2011, respectively																																																																			6,452,000,000
assets held for sale and distribution																																																																							6,918,000,000
trade accounts payable and other, including 465 and 257 to related parties at december 31, 2010 and 2011, respectively																																																																			12,836,000,000
liabilities held for sale and distribution																																																																							2,037,000,000
trade accounts receivable and other, including 392 and 616 from related parties at december 31, 2009 and 2010, respectively																																																																							5,725,000,000
trade accounts payable and other, including 337 and 465 to related parties at december 31, 2009 and 2010, respectively																																																																							13,256,000,000
liabilities
total assets held for distribution																																																																												7,086
total liabilities held for distribution																																																																												-1,964
assets related to intra-group transactions within arcelormittal																																																																												76
liabilities related to intra-group transactions within arcelormittal																																																																												-1,210
fair value of aperam shares attributed to arcelormittal as a result of the treasury shares held by the company																																																																												-24
total decrease in equity																																																																												3,964
trade accounts receivable																																																																														324,000,000
investments in associates																																																																														132,000,000
trade accounts payable																																																																														608,000,000																														12,248,000,000
capital employed																																																																														2,995,000,000
foreign currency translation adjustments																																																																														535,000,000
unrealized gain on available-for-sale securities																																																																														53,000,000
arcelormittal’s net investment																																																																														3,583,000,000
cash and cash equivalents and restricted cash																																																																																			2,578,000,000	2,578,000,000	3,756,000,000	3,756,000,000	3,756,000,000	6,009,000,000			7,263,000,000	3,979,000,000	3,979,000,000
payable to banks and current portion of long-term debt																																																																																								4,135,000,000			7,962,000,000	7,614,000,000	7,614,000,000		10,140,000,000	10,140,000,000	10,140,000,000			10,329,000,000	10,329,000,000	10,329,000,000	9,537,000,000	9,537,000,000	9,537,000,000	8,542,000,000		9,594,000,000
non–controlling interest																																																																																								4,353,000,000			3,796,000,000
in millions of us dollars
trade accounts receivable – net																																																																																												6,335,000,000	6,335,000,000		13,393,000,000	13,393,000,000	13,393,000,000			14,795,000,000	14,795,000,000	14,795,000,000	11,694,000,000	11,694,000,000	11,694,000,000			10,402,000,000
trade accounts payable and others																																																																																												8,371,000,000	8,371,000,000		17,087,000,000	17,087,000,000	17,087,000,000			19,134,000,000	19,134,000,000	19,134,000,000	15,879,000,000	15,879,000,000	15,879,000,000
total shareholders’ equity																																																																																												51,762,000,000	51,762,000,000		61,842,000,000	61,842,000,000	61,842,000,000			63,067,000,000	63,067,000,000	63,067,000,000	57,889,000,000	57,889,000,000	57,889,000,000	56,526,000,000		52,079,000,000
minority interest																																																																																												3,698,000,000	3,698,000,000		4,403,000,000	4,403,000,000	4,403,000,000		4,000,000	4,082,000,000	4,082,000,000	4,082,000,000	4,554,000,000	4,554,000,000	4,554,000,000	4,850,000,000		6,681,000,000
treasury stock
cash and cash equivalents, restricted cash and short-term investments																																																																																															6,047,000,000	6,047,000,000	6,047,000,000			7,531,000,000	7,531,000,000	7,531,000,000	7,244,000,000	7,244,000,000	7,244,000,000	8,105,000,000		7,200,000,000
short-term investments
trade accounts receivables																																																																																																		9,533,000,000	14,000,000								9,533,000,000
investments accounted for using the equity method																																																																																																		5,887,000,000	8,000,000								5,887,000,000
class a common shares,
class b common shares,
equity attributable to equity holders of the parent																																																																																																			63,000,000
in millions of u.s. dollars
trade accounts receivable – net inventories prepaid expenses and other current assets																																																																																																										9,715,000,000
trade accounts payable accrued expenses and other current liabilities																																																																																																										14,173,000,000
deferred tax liabilities other long-term liabilities																																																																																																										7,927,000,000
other long-term obligations and deferred employee benefits																																																																																																												8,667,000,000

Cashflow Statements:

Quarterly

Annual

Unit: USD	2019-06-30	2019-03-31	2017-12-31	2015-12-31	2012-12-31	2011-12-31	2011-06-30	2011-03-31	2010-12-16	2010-09-30	2010-06-30	2010-03-31	2009-12-31	2009-09-30	2009-06-30	2009-03-31	2008-12-31	2008-06-30	2008-03-31

operating activities:
net income										-1,152,000,000	1,025,000,000	679,000,000	-828,000,000	2,890,000,000
adjustments to reconcile net income to net cash from operations:
depreciation and amortization
impairment
acquisition of calvert
interest expense
interest income
income tax expense
income from associates, joint ventures and other investments	-94,000,000	-208,000,000
provisions on pension and other post-employment benefit liabilities
unrealized foreign exchange effects
write-downs of inventories to net realizable value, provisions and other non-cash operating expenses
changes in assets and liabilities that provided (required) cash:
change in working capital
provision movements and other liabilities
vat and other amounts recoverable from public authorities
interest paid
interest received
cash contributions to plan assets and benefits paid for pensions and other post-employment benefit liabilities
dividends received from associates, joint ventures and other investments
income tax paid
net cash from operating activities	1,786,000,000	971,000,000	3,800,000,000	1,678,000,000	5,642,000,000	1,007,000,000	725,000,000	-1,298,000,000	-566,000,000	1,114,000,000	1,104,000,000	-719,000,000	4,890,000,000	313,000,000	1,417,000,000	329,000,000	12,091,000,000	2,250,000,000	1,982,000,000
investing activities:
purchase of property, plant and equipment and intangibles	-869,000,000	-947,000,000	-2,182,000,000	-2,023,000,000		-3,571,000,000	-34,000,000	-1,031,000,000
acquisitions of net assets of subsidiaries, net of cash acquired of 338 and 249 for the six months ended june 30, 2025 and june 30, 2024 respectively
capital increase in tuper
disposal of common shares in erdemir
proceeds from repayment of a loan in connection with the sale of arcelormittal temirtau
other investing activities	-261,000,000	254,000,000					-727,000,000	541,000,000	43,000,000	-61,000,000	9,000,000	-126,000,000	128,000,000	-293,000,000	29,000,000	57,000,000	2,656,000,000	-2,839,000,000	-1,408,000,000
net cash from investing activities	-564,000,000	-693,000,000	-2,267,000,000	-1,521,000,000		-2,380,000,000	-656,000,000	-595,000,000	925,000,000	590,000,000	-95,000,000	-665,000,000		617,000,000	311,000,000	-793,000,000		-3,217,000,000	-2,383,000,000
financing activities:
proceeds from short-term and long-term debt
payments of short-term and long-term debt
share buyback	0	-90,000,000
dividends paid	-204,000,000	-46,000,000	-61,000,000	-395,000,000		-885,000,000	-8,000,000	-294,000,000		257,000,000	-27,000,000	-282,000,000		391,000,000	-7,000,000	-345,000,000		32,000,000	-661,000,000
proceeds from non-controlling interests
payment of principal portion of lease liabilities and other financing activities
net cash from financing activities	180,000,000	-344,000,000		1,230,000,000	-1,287,000,000	-834,000,000	1,894,000,000	-788,000,000		2,198,000,000	29,000,000	-719,000,000		-2,176,000,000	4,597,000,000	-2,887,000,000		2,391,000,000	-439,000,000
net decrease in cash and cash equivalents
effect of exchange rate changes on cash	17,000,000	-15,000,000	49,000,000	-197,000,000		110,000,000	-87,000,000	141,000,000	-215,000,000	585,000,000	-47,000,000	-148,000,000	-14,000,000	164,000,000	572,000,000	-263,000,000		-473,000,000	168,000,000
cash and cash equivalents:
at the beginning of the period
reclassification of the period-end cash and cash equivalents to assets held for sale
at the end of the period
acquisitions of net assets of subsidiaries, net of cash acquired of 249 and 4 for the six months ended june 30, 2024 and june 30, 2023 respectively
acquisition of investments at fvoci
acquisition of associates and joint ventures
early repayment of mandatory convertible bonds
change in fair value adjustment on call option on mandatory convertible bonds
foreign exchange effects, write-downs of inventories to net realizable value, provisions and other non-cash operating expenses
acquisitions of net assets of subsidiaries, net of cash acquired of 4 and 30 for the six months ended june 30, 2023 and june 30, 2022 respectively
net increase in cash and cash equivalents				1,120,000,000		-2,275,000,000	1,963,000,000	-2,681,000,000			1,038,000,000	-2,103,000,000			6,325,000,000	-3,351,000,000		1,424,000,000	-840,000,000
net impairment (reversal) charges
bargain purchase gain
net gain on disposal of subsidiaries
income from investments in associates, joint ventures and other investments
provision on pensions and other post-employment benefits
change in fair value adjustment on call option on mandatory convertible bonds and pellet purchase agreement
write-downs of inventories to net realizable value, provisions and other non-cash operating expenses net
changes in assets and liabilities that provided (required) cash, net of acquisitions and disposals:
trade accounts receivable and other
inventories
trade accounts payable and other
vat and other amounts (paid) received to/from public authorities
other working capital and provisions movements
income taxes paid
cash contributions to plan assets and benefits paid for pensions and other post-employment benefits
disposals of net assets of subsidiaries, net of cash disposed of nil, 4 and 7 in 2022, 2021 and 2020, respectively
acquisitions of net assets of subsidiaries, net of cash acquired of 39, 10 and nil in 2022, 2021 and 2020, respectively
lease installments and capital expenditure refund relating to arcelormittal italia acquisition
cash collateral for the tsr receivables retained in arcelormittal usa after disposal
disposal of common and preferred cleveland-cliffs shares
(acquisitions) disposals of financial assets
other investing activities net
(payments) proceeds from mandatorily convertible subordinated notes
payments from put and call option on shares
proceeds from short-term debt
proceeds from long-term debt
payments of short-term debt
payments of long-term debt
equity offering
repayment of cash pooling liability to acciaierie d'italia
at the beginning of the year
reclassification of the period-end cash and cash equivalents from (to) held for sale
at the end of the year
•
acquisitions of net assets of subsidiaries, net of cash acquired of 30 and nil for the six months ended june 30, 2022 and june 30, 2021 respectively
lease installments relating to arcelormittal italia acquisition
disposal of net assets of subsidiaries, net of cash disposed of nil and for the six months ended june 30, 2022 and june 30, 2021 respectively
disposal of common shares in cleveland-cliffs
proceeds from repayment of cash collateral for the tsr receivables retained in arcelormittal usa
reclassification of the period-end cash and cash equivalents from assets held for sale
completed projects in most recent quarters
segment
europe
ongoing projects
nafta
acis
brazil
mining
net															271,000,000	-1,063,000,000
income tax expense/
remeasurement loss relating to us deferred employee benefits
provision on pensions and opeb
write-downs (reversal) of inventories to net realizable value, provisions and other non-cash operating expenses net
cash contributions to plan assets and benefits paid for pensions and opeb
vat and other amounts received (paid) from/to public authorities
disposals of net assets of subsidiaries, net of cash disposed of 7, 38 and 1 in 2020, 2019 and 2018, respectively
acquisitions of net assets of subsidiaries, net of cash acquired of —, 3 and 13 in 2020, 2019 and 2018, respectively
acquisition of amns india
acquisition of uttam galva and kss petron debt
disposals of associates and joint ventures
disposals of financial assets
proceeds from mandatorily convertible subordinated notes
acquisition of non-controlling interests
(payments)/ proceeds from put and call option on shares
reclassification of the period-end cash and cash equivalents (to) from held for sale
depreciation
provisions on pension and opeb
working capital, provision movements and other liabilities
acquisitions of net assets of subsidiaries, net of cash acquired of nil and 3 for the six months ended june 30, 2020 and june 30, 2019 respectively
disposal of net assets of subsidiaries, net of cash (disposed) of nil and 34 for the six months ended june 30, 2020 and june 30, 2019 respectively
proceeds from roll over of derivative hedging the proposed acquisition of esil
proceeds from repayment of an outstanding short-term loan to global chartering limited
taxes paid
acquisitions of net assets of subsidiaries, net of cash acquired of 3 and 11 for the six months ended june 30, 2019 and june 30, 2018 respectively
disposal of net assets of subsidiaries, net of cash
lease payments and other financing activities
reclassification of the period-end cash and cash equivalents from (to) assets held for sale
income attributable to equity holders of the parent		414,000,000
non-controlling interests income/		36,000,000
depreciation and impairment charges net of purchase gains		883,000,000
deferred tax		-45,000,000
change in trade accounts receivable		-748,000,000
change in inventories		-230,000,000
change in trade accounts payable and other		425,000,000
other operating activities		444,000,000					305,000,000	-554,000,000			320,000,000	-347,000,000
net (payments) / proceeds relating to payable to banks and long-term debt		-136,000,000
lease principal payments and other financing activities		-72,000,000
net (decrease) / increase in cash and cash equivalents		-66,000,000
cash and cash equivalents transferred to assets held for sale		-11,000,000
change in cash and cash equivalents		-92,000,000					1,876,000,000	-2,540,000,000			991,000,000	-2,251,000,000			6,897,000,000	-3,614,000,000		951,000,000	-672,000,000
depreciation and impairment							10,000,000	1,151,000,000		-1,273,000,000	77,000,000	1,202,000,000		-1,062,000,000			4,686,000,000
provisions for labor agreements and separation plans
foreign exchange effects, write-downs
disposal
other financing activities							-117,000,000	92,000,000		2,000,000	7,000,000	-23,000,000							17,000,000
reclassification of the period-end cash and cash equivalents (to) from assets held for sale
remeasurement gain relating to us deferred employee benefits
(income) income from investments in associates, joint ventures and other investments
changes in assets and liabilities that provided (required) cash, net of acquisitions:
trade accounts receivable
disposals of net assets of subsidiaries, net of cash disposed of 13, nil and 10 in 2017, 2016 and 2015, respectively
acquisitions of net assets of subsidiaries, net of cash acquired of 617, 63 and nil in 2017, 2016 and 2015, respectively
disposal of non-controlling interests
other financing activities net
adjustments to reconcile net income to net cash (used in) / provided by operations:
non-controlling interest’s income /
exceptional income4
deferred tax (benefit)/ expense
net proceeds / (payments) relating to payable to banks and long-term debt
net cash from / (used in) financing activities
cash and cash equivalents transferred from assets held for sale
free cashflow
change in fair value adjustment on call options on mandatory convertible bonds
income tax amnesty expenses
payments of subordinated perpetual capital securities
(acquisition) disposal of non-controlling interests
reclassification of the period-end cash and cash equivalent (to) from held for sale
the accompanying notes are an integral part of these consolidated financial statements.
adjustments to reconcile net income to net cash provided by operations and payments:
foreign exchange effects, provisions and other non-cash operating expenses
vat and other amounts from public authorities
disposal of net assets of subsidiaries, net of cash disposed of nil and 10 for the six months ended june 30, 2016 and june 30, 2015, respectively
recycling of deferred gain on raw material hedges
net gain on disposal of subsidiaries and net assets
loss from investments in associates, joint ventures and other investments
change in fair value adjustment on conversion options on the euro convertible bond, call options on arcelormittal shares and mandatory convertible bonds
write-downs (recoveries) of inventories to net realizable value, provisions and other non-cash operating expenses net
trade accounts payable
vat and other amounts received from/to public authorities
proceeds from mandatorily convertible notes
common stock offering
net (loss) / income attributable to equity holders of the parent
adjustments to reconcile net income /(loss) to net cash from operations:
non-controlling interest							30,000,000	11,000,000
exceptional charges
deferred income tax							230,000,000	-480,000,000			205,000,000	-551,000,000
change in operating working capital
payments for subordinated perpetual securities
write-downs (recoveries) of inventories to net realizable value and expense related to onerous supply contracts
litigation provisions
other provisions and non-cash operating expenses net
vat and other amount received from/to public authorities
disposal of net assets of subsidiaries, net of cash disposed of
proceeds from/
discontinued operations
(income)/income from associates, joint ventures and other investments
unrealized foreign exchange effects, other provisions and non-cash operating expenses net
vat and other amount received (paid) from/to public authorities
net cash flows from operating activities from discontinued operations
cash receipt from loan to discontinued operations
net cash flows used in investing activities from discontinued operations
proceeds from mandatorily convertible bonds
proceeds from subordinated perpetual capital securities
proceeds from long-term debt, net of debt issuance costs
net cash flows (used in) financing activities from discontinued operations
cash related to discontinued operations
reclassification of the period-end cash and cash equivalent to held for sale
undistributed (profits) losses of associates
provision for pensions and opeb
net realizable value and onerous supply contract
net gain on disposal of subsidiary
curtailment of long term employee benefits
unrealized foreign exchange effects, provisions and other non-cash operating expenses
changes in operating assets and liabilities, net of effects from acquisitions:
other working capital and provision movements
disposal of subsidiaries
income / (loss) from continuing operations
adjustments to reconcile income / (loss) to net cash from operations:
non-controlling interests												40,000,000
restructuring charges
change in operating working capital17
proceeds (payments) relating to payable to banks and long-term debt															1,689,000,000	-2,535,000,000
combined capital offering
proceeds from subordinated perpetual securities
disposal / (acquisition)of non-controlling interest
cash and cash equivalents transferred to / from assets held for sale
sales1
cost of sales (including depreciation and impairment)2 3
selling, general and administrative expenses
operating income/
operating income as percentage of sales
income from investments in associates and joint ventures
financing costs—net
income/(loss) before taxes
net income from continuing operations						1,139,000,000	927,000,000	608,000,000
net income attributable to equity holders of the parent
earnings per common share—continuing operations
basic earnings per common share4
diluted earnings per common share4
earnings per common share— discontinued operations
earnings per common share
consolidated statements of financial position6
cash and cash equivalents including restricted cash7
property, plant and equipment and biological assets
total assets
short-term debt and current portion of long-term debt
long-term debt, net of current portion
net assets
share capital
basic weighted-average common shares outstanding
diluted weighted-average common shares outstanding
other data
net cash (used in) investing activities
total production of crude steel
total shipments of steel products (thousands of tonnes)5
1
2
3
4
5
6
7
sales to external customers
intersegment sales**
operating income
capital expenditures	-869,000,000	-947,000,000	-2,182,000,000	-2,023,000,000	0	-3,571,000,000	-34,000,000	-1,031,000,000	0	377,000,000	-104,000,000	-539,000,000	0	843,000,000	282,000,000	-850,000,000	0	-378,000,000	-975,000,000
free cash flows	917,000,000	24,000,000	1,618,000,000	-345,000,000	5,642,000,000	-2,564,000,000	691,000,000	-2,329,000,000	-566,000,000	1,491,000,000	1,000,000,000	-1,258,000,000	4,890,000,000	1,156,000,000	1,699,000,000	-521,000,000	12,091,000,000	1,872,000,000	1,007,000,000
*
**
change in operating working capital22
net cash from operating activities - continued operations							535,000,000	-1,108,000,000
net cash from operating activities - discontinued operations								-190,000,000
net cash from investing activities - continued operations							-761,000,000	-490,000,000
net cash from investing activities - discontinued operations								-105,000,000
proceeds from mandatory convertible bond
acquisition of non-controlling interest								-91,000,000
net cash from financing activities - continued operations							1,886,000,000	-780,000,000
net cash from financing activities - discontinued operations
adjustments to reconcile net income to net cash from operations and payments:
net interest
write-downs of inventories to net realizable value and expense related to onerous supply contracts 1
change in fair value of conversion options on convertible bonds and call options on arcelormittal shares
changes in operating assets, liabilities, provision and other operating cash activities excluding the effect from acquisitions:
interest paid and received
dividends received
cash contributions to defined benefit plans
cash received from settlement of hedges not recognized in the consolidated statements of operations
net cash flows (used in ) provided by operating activities from discontinued operations
investments in associates and joint ventures accounted for under equity method
disposals of financial assets 2
other investing activities net 2
cash receipt from loan to discontinued operations 3
net cash flows from investing activities from discontinued operations
offering of common shares
proceeds from mandatory convertible bonds
acquisition of non-controlling interests 4
premium paid for call options on arcelormittal shares
sale of treasury shares in connection with the call options on arcelormittal shares
sale of treasury shares for stock option exercises
net cash flows from financing activities from discontinued operations
cash held for discontinued operations
reclassification of the period-end cash and cash equivalent of discontinued activities to assets held for sale and distribution
change in operating working capital13								-1,844,000,000
proceeds relating to payable to banks and long-term debt
proceeds from mandatorily convertible bond
net cash (used in) financing activities - discontinued operations
write-downs of inventories to net realizable value and expense related to onerous supply contracts 2
labor agreements and separation plans
unrealized foreign exchange effects, provisions and other non-cash operating expenses net
cash received from settlement of hedges not recognized in the statement of operations
cash paid for separation plans
acquisition of net assets of subsidiaries and non-controlling interests, net of cash acquired of 103, 15 and nil in 2008, 2009 and 2010, respectively
disposals of financial assets 3
purchase of treasury shares
change in operating working capital14
(payments) proceeds relating to payable to banks and long-term debt							1,920,000,000	-487,000,000
premium paid for call option
sale of treasury shares
transferred to held for sale14
net cash flows used in financing activities from discontinued operations
write-downs of inventories to net realizable value and expense related to onerous supply contracts
impairment of financial assets
unrealized losses on derivative instruments
changes in operating assets, liabilities and provisions, net of effects from acquisitions:
purchase of property, plant and equipment										377,000,000	-104,000,000	-539,000,000		843,000,000	282,000,000	-850,000,000		-378,000,000	-975,000,000
acquisitions of net assets of subsidiaries
loans under cash pooling arrangements
payments of long -term debt
borrowings under cash pooling arrangements
dividends paid to arcelormittal
acquisitions of non-controlling interests
dividends paid to non-controlling shareholders
change in arcelormittal’s net investment (**).
change in operating working capital12
share buy-back																		1,566,000,000	-2,107,000,000
acquisition of non-controlling interest13
change in fair value of conversion options on convertible bonds
other working capital movements
acquisition of net assets of subsidiaries, net of cash acquired of nil and nil, respectively, and non-controlling interests *
acquisition of non-controlling interests*
exceptional items12
change in operating working capital15
acquisition of non-controlling interest16
exceptional items15
change in operating working capital18												-1,742,000,000
payments relating to payable to banks and long-term debt												-41,000,000
acquisition of non-controlling interests19												-373,000,000
mandatorily convertible bond
changes in operating assets, liabilities and provisions net of effects from acquisitions:
acquisition of net assets of subsidiaries and non-controlling interests, net of cash acquired of 24, 103 and 15 respectively
exceptional items22
change in operating working capital23
share buy-back24
adjustments to reconcile net income to net cash from operations and payments
others
changes in operating assets and liabilities, net of effects from acquisitions
acquisition of net assets of subsidiaries and non-controlling interests, net of cash acquired
other financing activities (net) includes (2,648) share buy back in 2008
share buy-back27
labor agreement and separation plans
cash received from settlement of hedges not recognized in the statement of income
acquisition of net assets of subsidiaries and minorities, net of cash acquired of 4,599, 24, and 103 respectively
disposals of financial fixed assets
purchase of treasury stock
sale of treasury stock for stock option exercises
net income adjustments to reconcile net income to net cash from operations:
minority interests
change in net working capital16
other operating activity
proceeds (payments) from payable to banks and long-term debt																		810,000,000	2,312,000,000
negative goodwill released to income
other non-cash operating expenses
acquisition of net assets of subsidiaries and minorities, net of cash acquired of 816, 4,599 and 24, respectively
investments in companies accounted for under equity method
net income adjustments to reconcile net income to net cash from operations: minority interests depreciation and impairment other operating activity																		3,468,000,000	2,371,000,000

ArcelorMittal(NYSE:MT)

ArcelorMittal
(NYSE:MT)