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.
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Integrated Annual Review
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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:
- 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
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01 ArcelorMittal Fact Book 2023
Contents
Section 1
Financial highlights
- Key financial and operational information
- Three-yearfinancial summary
Section 2
Operations
07 Key operational overview
- Crude steel production quarterly by segment
- Crude steel production by process and region
- Steel shipments
- Steel shipments by product type and segment
- Sales by destination
- Group sales by market
- Capital expenditure
- Capital expenditure projects
Section 3
Mining operations
- Iron ore production and shipment by geography
- Mineral reserves and resources
- Raw material
Section 4
Sustainability performance
28 Sustainability performance table 2023
Section 5
Financials
32 Key financial and operational information
- Quarterly condensed statement of operations
- Number of employees
- Operating footprint
Section 6
Property, plant and equipment
- North America
- Brazil
- Europe
- India and JVs
- Sustainable solutions
- Mining
- 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 |
- Brazil - Tubarão, Sol, Vega
- Brazil - Pecem
- Brazil - Juiz de Fora, Piracicaba, Barra Mansa, Resende
- 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 | |
- Germany - Hamburg
- Germany - Ruhrort, Hochfeld
- Luxembourg - Esch-Belval, Differdange, Rodange
- Poland - Kraków, Świętochłowice
- 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
- South Africa - Newcastle, Vereeniging, Pretoria
- South Africa - Vanderbijlpark
88 Ukraine - Kryvyi Rih | 7 |
Section 8
Additional information
- Steelmaking process
- Products and services
93 | Glossary | 8 |
97 | Disclaimer | |
02 ArcelorMittal Fact Book 2023 | |
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Section
Financial
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03 ArcelorMittal Fact Book 2023
Key financial and operational information
Contents
EBITDA
EBITDA by segment (US$ millions)*
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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% | ||
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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%).
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Mining operations
Own iron ore production by region (Millions of Mt)
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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 |
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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.
- 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.
- 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).
- 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.
- 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.
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06 ArcelorMittal Fact Book 2023
Section
Operations
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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.
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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.