Fact Book 2023

Smarter steels for people and planet

ArcelorMittal Fact Book 2023

Performance highlights

Sales Revenue

EBITDA*

Net Debt

$68,275

$8,742

$2,898

(US$ millions)

(US$ millions)

(US$ millions)

2023

$68.3 billion

2023

$8.7 billion

2023

$2.9 billion

2022

$79.8 billion

2022

$15.5 billion

2022

$2.2 billion

2021

$76.6 billion

2021

$21.6 billion

2021

$4.0 billion

Free Cash flow**

Steel Shipments***

Iron Ore Production

$2,870

55.6Mt

42.0Mt

(US$ millions)

(Million metric tonnes)

(Million metric tonnes)

2023

$2.9 billion

2023

55.6Mt

2023

$42.0Mt

2022

$6.4 billion

2022

55.9Mt

2022

$45.3Mt

2021

$6.6 billion

2021

62.9Mt

2021

$50.9Mt

  • Applied from January 1, 2024, the Company's EBITDA is defined as operating result plus depreciation, impairment items and exceptional items and result from associates, joint ventures and other investments (excluding impairments and exceptional items if any). The historical figures for 2021, 2022 and 2023 have been retroactively amended to reflect this EBITDA definition.
  • Free cash flow defined as cashflow from operations less capex less dividends paid to minority shareholders.
  • Figures presented include Kazakhstan operations, which were sold on December 7, 2023. On a scope adjusted basis i.e. excluding Kazakhstan operations, steel shipments amounted to 59.6Mt for 2021, 52.8Mt for 2022 and 52.9Mt for 2023.

Contents

1

2

3

4

5

Integrated Annual Review

6

Basis of Reporting

Reporting Index

Climate Action Report 2

7

Form 20-F

Annual Report

8

ArcelorMittal Fact Book 2023

Our reporting

Our Integrated Annual Review is a central element in our commitment to engage stakeholders and communicate our financial and non-financial performance. It forms part of our wider approach to reporting at a global and local level, supported by reports that provide details on specific areas of our work or are designed for the use of specific stakeholder groups. Our local sustainability reports are available on country websites. Please find details of other reporting links alongside.

As announced with the ArcelorMittal's fourth quarter 2023 financial results, the Company has amended its presentation of reportable segments and EBITDA.

The changes, applied from January 1, 2024, are as follows:

  1. EBITDA is defined as operating result plus depreciation, impairment items and exceptional items and result from associates, joint ventures and other investments (excluding impairments and exceptional items if any); b) The NAFTA segment has been renamed 'North America', a core growth region for the Company; c) 'India and JVs' is now reported separately as a segment, reflecting the share of net income of AMNS India, VAMA and AMNS Calvert as well as the other associates, joint ventures and other investments.

India is a high growth vector of the Company, with our assets well-positioned to grow with the domestic market; d) A new 'Sustainable Solutions' segment is composed of a number of high-growth, niche, capital light businesses, playing an important role in supporting climate action (including renewables, special projects and construction business). Previously reported within the Europe segment, this is a growth vector of the Company and represents businesses employing over 12,000 people at more than 260 commercial and production sites across 60+ countries; e) Following the sale of the Company's operations in Kazakhstan, the remaining parts of the former 'ACIS' segment have been assigned to 'Others'; there are no changes to the 'Brazil' and 'Mining' segments.

For the purposes of this 2023 Fact Book, the following periods: FY 2021, FY 2022 and FY 2023 and four quarters of 2022 and 2023 - have been retroactively amended to reflect the

new EBITDA definition and new reportable segments. The historical recast figures have been published in the Company's analyst model which can be viewed here: https://corporate.arcelormittal.com/investors/results.

annualreview2023.arcelormittal.com

Contents

1

2

3

4

5

6

7

8

01 ArcelorMittal Fact Book 2023

Contents

Section 1

Financial highlights

  1. Key financial and operational information
  1. Three-yearfinancial summary

Section 2

Operations

07 Key operational overview

  1. Crude steel production quarterly by segment
  2. Crude steel production by process and region
  3. Steel shipments
  4. Steel shipments by product type and segment
  1. Sales by destination
  1. Group sales by market
  2. Capital expenditure
  3. Capital expenditure projects

Section 3

Mining operations

  1. Iron ore production and shipment by geography
  1. Mineral reserves and resources
  1. Raw material

Section 4

Sustainability performance

28 Sustainability performance table 2023

Section 5

Financials

32 Key financial and operational information

  1. Quarterly condensed statement of operations
  2. Number of employees
  3. Operating footprint

Section 6

Property, plant and equipment

  1. North America
  1. Brazil
  1. Europe
  1. India and JVs
  1. Sustainable solutions
  2. Mining
  1. Others

Contents

Section 7

Production facilities

North America

1

61

Canada - Contrecoeur East, West

62

Canada - Hamilton

63

Mexico - Lázaro Cárdenas

Brazil

64

Argentina - Villa Constitucion

2

  1. Brazil - Tubarão, Sol, Vega
  2. Brazil - Pecem
  3. Brazil - Juiz de Fora, Piracicaba, Barra Mansa, Resende
  4. Brazil - João Monlevade

Europe

3

69

Belgium - Gent, Geel, Genk, Liège

70

Bosnia and Herzegovina - Zenica

71

France - Dunkirk, Mardyck, Montataire & Desvres,

Florange, Mouzon, Basse-Indre

72

France - Fos-sur-Mer,Saint-Chély

73

Germany - Bremen, Bottrop

4

74

Germany - Eisenhüttenstadt

  1. Germany - Hamburg
  2. Germany - Ruhrort, Hochfeld
  3. Luxembourg - Esch-Belval, Differdange, Rodange
  4. Poland - Kraków, Świętochłowice
  5. Poland - Dąbrowa Górnicza, Sosnowiec, ZKZ

80

Spain - Avilés, Gijón, Etxebarri, Lesaka, Sagunto

5

81

Spain - Olaberría, Bergara

82

Spain - Sestao

India and JVs

83

VAMA, China - Loudi, Hunan

84

AM/NS Calvert - USA, Alabama

6

85 AM/NS India - Hazira, Pune, Dabuna, Paradeep, Kirandul, Vizag

Others

  1. South Africa - Newcastle, Vereeniging, Pretoria
  2. South Africa - Vanderbijlpark

88 Ukraine - Kryvyi Rih

7

Section 8

Additional information

  1. Steelmaking process
  1. Products and services

93

Glossary

8

97

Disclaimer

02 ArcelorMittal Fact Book 2023

Contents

Section

Financial

highlights1

2

3

4

5

6

7

8

03 ArcelorMittal Fact Book 2023

Key financial and operational information

Contents

EBITDA

EBITDA by segment (US$ millions)*

6

1

5

Total

4

8,742

2

3

(US$ millions)

2023

%*

1

North America

2,452

27%

2

Brazil

1,802

20%

3

Europe

1,977

21%

4

India and JVs

1,184

13%

5

Sustainable Solutions

368

4%

6

Mining

1,382

15%

7

Others

(423)

-

Total

8,742

100%

* % figures presented in the pie chart exclude Others segment.

Capex

Capital expenditure by segment (US$ millions)

6

1

5

Total

2

4,613

4

3

(US$ millions)

2023

%

1

North America

426

10%

2

Brazil

917

20%

3

Europe

1,398

30%

4

Sustainable Solutions

611

13%

5

Mining

784

17%

6

Others

477

10%

Total

4,613

100%

1

2

3

4

5

6

7

8

04 ArcelorMittal Fact Book 2023

Key financial and operational information continued

Contents

Crude steel production

Crude steel production by segment (000's Mt)

4

1

Total

58,067

2

3

(000's Mt)

2023

%

1

North America

8,727

15%

2

Brazil

13,986

24%

3

Europe

28,445

49%

4

Others

6,909

12%

Total*

58,067

100%

  • Figures presented include Kazakhstan operations, which were sold on December 7, 2023. On a scope adjusted basis i.e. excluding Kazakhstan operations total crude steel production amounted to 55.3Mt in 2023.

Steel shipments

Steel shipments by product (000's Mt)

3

2Total

55,612

1

(000's Mt)

2023

%

1

Flat

37,348

67%

2

Long

17,075

31%

3

Pipes and Tubes

1,189

2%

Total*

55,612

100%

  • Figures presented include Kazakhstan operations, which were sold on December 7, 2023. On a scope adjusted basis i.e. excluding the Kazakhstan operations, total 2023 shipment amount to 52.9Mt:
    (Flat 66%, Long 32% and pipes and tubes 2%).

1

2

3

Mining operations

Own iron ore production by region (Millions of Mt)

5

4

Total

3

42.0

1

2

Region

2023

%

1

North America

26.4

63%

2

South America

3.5

8%

3

Europe

1.2

3%

4

Africa

3.6

9%

5

Asia, CIS & Other

7.3

17%

Own production*

42.0

100%

  • Figures presented include Kazakhstan operations, which were sold on December 7, 2023. On a scope adjusted basis i.e. excluding Kazakhstan operations total own iron ore production amounted to 39.6Mt in 2023.

Iron ore shipments and production 2023 (Millions of Mt)

Mt

2023

AMMC

Liberia

Iron ore production

26.0

22.4

3.6

Iron ore shipments

26.4

22.7

3.7

4

5

6

7

8

05 ArcelorMittal Fact Book 2023

Three-year financial summary

Highlights for 2021-2023

2021

2022

2023

Health and safety

Lost time injury frequency rate (LTIF)1

0.79

0.70

0.92

ArcelorMittal steel operations (millions of metric tonnes)

Production of steel products

69.1

59.0

58.1

Change year/year

(3.4)%

(14.6)%

(1.5)%

Shipments of steel products

62.9

55.9

55.6

Change year/year

(8.9)%

(11.2)%

(0.5)%

ArcelorMittal mining operations (millions of metric tonnes)

Total group iron ore production

50.9

45.3

42.0

Mining production (AMMC & Liberia only)

26.2

28.6

26.0

Mining shipments (AMMC & Liberia only)

26.0

28.0

26.4

ArcelorMittal financials (US$ millions)

Sales

76,571

79,844

68,275

EBITDA2

21,608

15,478

8,742

Operating income

16,976

10,272

2,340

Adjusted net income attributable to equity holders of the parent

14,861

10,611

4,867

Net cash provided by operating activities

9,905

10,203

7,645

Net cash used in investing activities

(340)

(4,483)

(5,848)

Net cash used in financing activities

(10,898)

(477)

(3,666)

Cash and cash equivalent

4,371

9,414

7,783

Property, plant and equipment

30,075

30,167

33,656

Total assets

90,512

94,547

93,917

Short-term debt and current portion of long-term debt

1,913

2,583

2,312

Long-term debt, net of current portion

6,488

9,067

8,369

Equity attributable to the equity holders of the parent

49,106

53,152

53,961

Net debt3

4,030

2,236

2,898

ArcelorMittal financials per share (US$)

ArcelorMittal average share price

29.83

27.16

27.07

Book value per share4

50.78

61.64

65.86

Adjusted basic earnings per share5

13.45

11.65

5.78

ArcelorMittal ratios

EBITDA margin2

28.2%

19.4%

12.8%

Operating margin

22.2%

12.9%

3.4%

EBITDA per tonne2

343

277

157

Sources: ArcelorMittal and NYSE

1. The lost-time injury frequency rate ('LTIFR') for the Company, defined as the number of injuries per million hours worked that result in employees or contractors taking time off work.

  1. Applied from January 1, 2024, the Company's EBITDA is defined as operating result plus depreciation, impairment items and exceptional items and result from associates, joint ventures and other investments (excluding impairments and exceptional items if any). The historical figures for 2021, 2022 and 2023 have been retroactively amended to reflect this EBITDA definition.
  2. Net debt: long-term debt, plus short-term debt less cash and cash equivalents and restricted funds (including those held as part of assets and liabilities held for sale).
  3. Equity book value per share is calculated as the Equity attributable to the equity holders of the parent divided by diluted number of shares at the end of the period.
  4. Adjusted basic earnings per common share is calculated by dividing adjusted net income attributable to equity holders of ArcelorMittal by the weighted average number of common shares outstanding during the periods presented.

Contents

1

2

3

4

5

6

7

8

06 ArcelorMittal Fact Book 2023

Section

Operations

Contents

1

2

3

4

5

6

7

8

07 ArcelorMittal Fact Book 2023

Key operational overview

Segment annually (2021-2023) and quarterly 2022 and 2023

2021

2022

2023

1Q 22

2Q 22

3Q 22

4Q 22

1Q 23

2Q 23

3Q 23

4Q 23

Crude steel production (000's Mt)

North America

8,487

8,271

8,727

2,077

2,043

2,126

2,025

2,176

2,244

2,122

2,185

Brazil

12,413

11,877

13,986

3,040

3,085

2,969

2,783

3,052

3,732

3,669

3,533

Europe

36,366

31,483

28,445

8,571

8,136

7,913

6,863

7,680

6,827

7,398

6,540

Others

11,795

7,370

6,909

2,570

1,386

1,927

1,487

1,582

1,884

2,002

1,441

Total

69,061

59,001

58,067

16,258

14,650

14,935

13,158

14,490

14,687

15,191

13,699

Steel shipments* (000's MT)

North America

9,586

9,586

10,564

2,456

2,453

2,339

2,338

2,843

2,604

2,527

2,590

Brazil

11,695

11,516

13,681

3,037

3,003

2,837

2,639

2,937

3,583

3,599

3,562

Europe

32,702

29,699

27,559

8,225

7,850

6,931

6,693

7,613

7,114

6,425

6,407

Others and eliminations

8,964

5,117

3,808

1,619

1,071

1,466

961

1,058

904

1,135

711

Total

62,947

55,918

55,612

15,337

14,377

13,573

12,631

14,451

14,205

13,686

13,270

Average steel selling price (US$/tonne)

North America

1,128

1,215

1,024

1,322

1,317

1,191

1,021

994

1,116

1,043

948

Brazil

1,030

1,114

939

1,039

1,234

1,137

1,036

978

1,001

932

852

Europe

964

1,157

995

1,186

1,257

1,113

1,044

1,008

1,048

980

935

Total

986

1,149

994

1,168

1,258

1,116

1,040

1,012

1,055

976

927

Revenue (US$ millions)

North America

12,530

13,774

12,978

3,760

3,653

3,438

2,923

3,350

3,498

3,188

2,942

Brazil

12,856

13,732

13,163

3,366

3,986

3,486

2,894

3,068

3,826

3,560

2,709

Europe

36,437

39,639

31,695

11,032

11,332

8,992

8,283

9,080

8,686

7,302

6,627

Sustainable Solutions

12,417

13,658

11,467

3,801

3,891

3,027

2,939

3,112

3,218

2,680

2,457

Mining

4,045

3,396

3,077

933

1,005

742

716

904

680

729

764

Others

(1,714)

(4,355)

(4,105)

(1,056)

(1,725)

(710)

(864)

(1,013)

(1,302)

(843)

(947)

Total

76,571

79,844

68,275

21,836

22,142

18,975

16,891

18,501

18,606

16,616

14,552

EBITDA** (US$ millions)

North America

3,125

3,055

2,452

1,147

910

638

360

581

789

645

437

Brazil

4,149

3,021

1,802

732

1,272

655

362

395

658

501

248

Europe

5,515

5,154

1,977

2,047

2,001

824

282

571

706

417

283

India and JVs

2,204

1,317

1,184

559

578

59

121

318

393

285

188

Sustainable Solutions

1,191

886

368

359

393

106

28

100

159

56

53

Mining

2,599

1,717

1,382

567

527

311

312

430

281

332

339

Others & eliminations

2,825

328

(423)

228

60

126

(86)

(255)

12

(86)

(94)

Total

21,608

15,478

8,742

5,639

5,741

2,719

1,379

2,140

2,998

2,150

1,454

Operating income/(loss) (US$ millions)

North America

2,800

2,818

1,917

1,054

817

616

331

455

662

520

280

Brazil

3,798

2,775

1,461

674

1.201

598

302

323

553

414

171

Europe

4,583

3,521

879

1,748

1,700

77

(4)

308

436

139

(4)

Sustainable Solutions

1,089

778

225

333

367

79

(1)

69

120

21

15

Mining

2,371

1,483

1,144

511

463

254

255

374

225

275

270

Others and eliminations

2,335

(1,103)

(3,286)

113

(54)

27

(1,189)

(337)

(71)

(166)

(2,712)

Total

16,976

10,272

2,340

4,433

4,494

1,651

(306)

1,192

1,925

1,203

(1,980)

EBITDA/tonne*** (US$/tonne)

North America

326

319

232

467

371

272

154

204

303

255

169

Brazil

355

262

132

241

424

231

137

135

184

139

70

Europe

169

174

72

249

255

119

42

75

99

65

44

Total

343

277

157

368

399

201

109

148

211

157

110

  • Steel shipment figures presented include Kazakhstan operations, which were sold on December 7, 2023. On a scope adjusted basis i.e. excluding Kazakhstan operations steel shipments amounted to 59.6Mt for 2021, 52.8Mt for 2022 and 52.9Mt for 2023.
  • Applied from January 1, 2024, the Company's EBITDA is defined as operating result plus depreciation, impairment items and exceptional items and result from associates, joint ventures and other investments (excluding impairments and exceptional items if any). The historical figures for 2021, 2022 and 2023 have been retroactively amended to reflect this EBITDA definition.
  • EBITDA/tonne is calculated as group EBITDA divided by total steel shipments.

Contents

1

2

3

4

5

6

7

8

Attachments

  • Original Link
  • Original Document
  • Permalink

Disclaimer

ArcelorMittal SA published this content on 24 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 April 2024 13:50:08 UTC.