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FINANCIAL INSTRUMENTS (Tables) | 6 Months Ended
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Jun. 30, 2022
Disclosure of detailed information about financial instruments [abstract] |
Disclosure of assets based on categories | The following table summarizes assets and liabilities based on their categories at June 30, 2022.
| Carrying amount in statements of financial position |  | Non-financial assets and liabilities |  | Assets/ Liabilities at amortized cost |  | Fair value recognized in profit or loss |  | Fair value recognized in OCI |  | Derivatives
ASSETS |  |  |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | 4,457 |  |  | — |  |  | 4,457 |  |  | — |  |  | — |  |  | — |
Restricted cash | 108 |  |  | — |  |  | 108 |  |  | — |  |  | — |  |  | — |
Trade accounts receivable and other | 5,931 |  |  | — |  |  | 5,470 |  |  | — |  |  | 461 |  |  | — |
Inventories | 23,303 |  |  | 23,303 |  |  | — |  |  | — |  |  | — |  |  | — |
Prepaid expenses and other current assets | 7,189 |  |  | 1,922 |  |  | 1,290 |  |  | — |  |  | — |  |  | 3,977 |
Total current assets | 40,988 |  |  | 25,225 |  |  | 11,325 |  |  | — |  |  | 461 |  |  | 3,977 |
Non-current assets: |  |  |  |  |  |  |  |  |  |  |
Goodwill and intangible assets | 4,307 |  |  | 4,307 |  |  | — |  |  | — |  |  | — |  |  | — |
Property, plant and equipment and biological assets | 29,542 |  |  | 29,499 |  |  | — |  |  | 42 |  |  | — |  |  | — |
Investments in associates and joint ventures | 10,992 |  |  | 10,992 |  |  | — |  |  | — |  |  | — |  |  | — |
Other investments | 866 |  |  | — |  |  | — |  |  |  |  | 866 |  |  | — |
Deferred tax assets | 7,974 |  |  | 7,974 |  |  | — |  |  |  |  | — |  |  | — |
Other assets | 2,357 |  |  | 350 |  |  | 714 |  |  | 136 |  |  | — |  |  | 1,157 |
Total non-current assets | 56,038 |  |  | 53,122 |  |  | 714 |  |  | 178 |  |  | 866 |  |  | 1,157 |
Total assets | 97,026 |  |  | 78,347 |  |  | 12,039 |  |  | 178 |  |  | 1,327 |  |  | 5,134 |
LIABILITIES AND EQUITY |  |  |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |  |  |
Short-term debt and current portion of long-term debt | 2,719 |  |  | — |  |  | 2,719 |  |  | — |  |  | — |  |  | — |
Trade accounts payable and other | 16,736 |  |  | — |  |  | 16,736 |  |  | — |  |  | — |  |  | — |
Short-term provisions | 722 |  |  | 702 |  |  | 20 |  |  | — |  |  | — |  |  | — |
Accrued expenses and other liabilities | 5,035 |  |  | 1,245 |  |  | 3,111 |  |  | — |  |  | — |  |  | 679 |
Income tax liabilities | 757 |  |  | 757 |  |  | — |  |  | — |  |  | — |  |  | — |
Total current liabilities | 25,969 |  |  | 2,704 |  |  | 22,586 |  |  | — |  |  | — |  |  | 679 |
Non-current liabilities: |  |  |  |  |  |  |  |  |  |  |
Long-term debt, net of current portion | 6,069 |  |  | — |  |  | 6,069 |  |  | — |  |  | — |  |  | — |
Deferred tax liabilities | 2,489 |  |  | 2,489 |  |  | — |  |  | — |  |  | — |  |  | — |
Deferred employee benefits | 3,517 |  |  | 3,517 |  |  | — |  |  | — |  |  | — |  |  | — |
Long-term provisions | 1,534 |  |  | 1,530 |  |  | 4 |  |  | — |  |  | — |  |  | — |
Other long-term obligations | 1,002 |  |  | 355 |  |  | 584 |  |  | — |  |  | — |  |  | 63 |
Total non-current liabilities | 14,611 |  |  | 7,891 |  |  | 6,657 |  |  | — |  |  | — |  |  | 63 |
Equity: |  |  |  |  |  |  |  |  |  |  |
Equity attributable to the equity holders of the parent | 53,992 |  |  | 53,992 |  |  | — |  |  | — |  |  | — |  |  | — |
Non-controlling interests | 2,454 |  |  | 2,454 |  |  | — |  |  | — |  |  | — |  |  | — |
Total equity | 56,446 |  |  | 56,446 |  |  | — |  |  | — |  |  | — |  |  | — |
Total liabilities and equity | 97,026 |  |  | 67,041 |  |  | 29,243 |  |  | — |  |  | — |  |  | 742 |
*Restricted cash and other restricted funds of 108 include a cash deposit of 60 in connection with various environmental obligations and true sales of receivables programs in ArcelorMittal South Africa and 20 in connection with the mandatory convertible bonds as of June 30, 2022.
Disclosure of liabilities based on categories | The following table summarizes assets and liabilities based on their categories at June 30, 2022.
| Carrying amount in statements of financial position |  | Non-financial assets and liabilities |  | Assets/ Liabilities at amortized cost |  | Fair value recognized in profit or loss |  | Fair value recognized in OCI |  | Derivatives
ASSETS |  |  |  |  |  |  |  |  |  |  |
Current assets: |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | 4,457 |  |  | — |  |  | 4,457 |  |  | — |  |  | — |  |  | — |
Restricted cash | 108 |  |  | — |  |  | 108 |  |  | — |  |  | — |  |  | — |
Trade accounts receivable and other | 5,931 |  |  | — |  |  | 5,470 |  |  | — |  |  | 461 |  |  | — |
Inventories | 23,303 |  |  | 23,303 |  |  | — |  |  | — |  |  | — |  |  | — |
Prepaid expenses and other current assets | 7,189 |  |  | 1,922 |  |  | 1,290 |  |  | — |  |  | — |  |  | 3,977 |
Total current assets | 40,988 |  |  | 25,225 |  |  | 11,325 |  |  | — |  |  | 461 |  |  | 3,977 |
Non-current assets: |  |  |  |  |  |  |  |  |  |  |
Goodwill and intangible assets | 4,307 |  |  | 4,307 |  |  | — |  |  | — |  |  | — |  |  | — |
Property, plant and equipment and biological assets | 29,542 |  |  | 29,499 |  |  | — |  |  | 42 |  |  | — |  |  | — |
Investments in associates and joint ventures | 10,992 |  |  | 10,992 |  |  | — |  |  | — |  |  | — |  |  | — |
Other investments | 866 |  |  | — |  |  | — |  |  |  |  | 866 |  |  | — |
Deferred tax assets | 7,974 |  |  | 7,974 |  |  | — |  |  |  |  | — |  |  | — |
Other assets | 2,357 |  |  | 350 |  |  | 714 |  |  | 136 |  |  | — |  |  | 1,157 |
Total non-current assets | 56,038 |  |  | 53,122 |  |  | 714 |  |  | 178 |  |  | 866 |  |  | 1,157 |
Total assets | 97,026 |  |  | 78,347 |  |  | 12,039 |  |  | 178 |  |  | 1,327 |  |  | 5,134 |
LIABILITIES AND EQUITY |  |  |  |  |  |  |  |  |  |  |
Current liabilities: |  |  |  |  |  |  |  |  |  |  |
Short-term debt and current portion of long-term debt | 2,719 |  |  | — |  |  | 2,719 |  |  | — |  |  | — |  |  | — |
Trade accounts payable and other | 16,736 |  |  | — |  |  | 16,736 |  |  | — |  |  | — |  |  | — |
Short-term provisions | 722 |  |  | 702 |  |  | 20 |  |  | — |  |  | — |  |  | — |
Accrued expenses and other liabilities | 5,035 |  |  | 1,245 |  |  | 3,111 |  |  | — |  |  | — |  |  | 679 |
Income tax liabilities | 757 |  |  | 757 |  |  | — |  |  | — |  |  | — |  |  | — |
Total current liabilities | 25,969 |  |  | 2,704 |  |  | 22,586 |  |  | — |  |  | — |  |  | 679 |
Non-current liabilities: |  |  |  |  |  |  |  |  |  |  |
Long-term debt, net of current portion | 6,069 |  |  | — |  |  | 6,069 |  |  | — |  |  | — |  |  | — |
Deferred tax liabilities | 2,489 |  |  | 2,489 |  |  | — |  |  | — |  |  | — |  |  | — |
Deferred employee benefits | 3,517 |  |  | 3,517 |  |  | — |  |  | — |  |  | — |  |  | — |
Long-term provisions | 1,534 |  |  | 1,530 |  |  | 4 |  |  | — |  |  | — |  |  | — |
Other long-term obligations | 1,002 |  |  | 355 |  |  | 584 |  |  | — |  |  | — |  |  | 63 |
Total non-current liabilities | 14,611 |  |  | 7,891 |  |  | 6,657 |  |  | — |  |  | — |  |  | 63 |
Equity: |  |  |  |  |  |  |  |  |  |  |
Equity attributable to the equity holders of the parent | 53,992 |  |  | 53,992 |  |  | — |  |  | — |  |  | — |  |  | — |
Non-controlling interests | 2,454 |  |  | 2,454 |  |  | — |  |  | — |  |  | — |  |  | — |
Total equity | 56,446 |  |  | 56,446 |  |  | — |  |  | — |  |  | — |  |  | — |
Total liabilities and equity | 97,026 |  |  | 67,041 |  |  | 29,243 |  |  | — |  |  | — |  |  | 742 |
*Restricted cash and other restricted funds of 108 include a cash deposit of 60 in connection with various environmental obligations and true sales of receivables programs in ArcelorMittal South Africa and 20 in connection with the mandatory convertible bonds as of June 30, 2022.
Disclosure of fair value measurement of assets | The following tables summarize the bases used to measure certain assets and liabilities at their fair value.
As of June 30, 2022 |  |  |  |  |  |  |
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets at fair value: |  |  |  |  |  |  |
Investments in equity instruments at FVOCI | 791 |  |  | — |  |  | 75 |  |  | 866 |
Trade accounts receivable and other subject to TSR programs* | — |  |  | — |  |  | 461 |  |  | 461 |
Derivative financial current assets | — |  |  | 3,977 |  |  | — |  |  | 3,977 |
Derivative financial non-current assets | — |  |  | 1,152 |  |  | 5 |  |  | 1,157 |
Total assets at fair value | 791 |  |  | 5,129 |  |  | 541 |  |  | 6,461 |
Liabilities at fair value: |  |  |  |  |  |  |
Derivative financial current liabilities | — |  |  | 679 |  |  | — |  |  | 679 |
Derivative financial non-current liabilities | — |  |  | 63 |  |  | — |  |  | 63 |
Total liabilities at fair value | — |  |  | 742 |  |  | — |  |  | 742 |
* The fair value of TSR program receivables equals carrying amount due to the short time frame between the initial recognition and time of sale.
As of December 31, 2021 |  |  |  |  |  |  |
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets at fair value: |  |  |  |  |  |  |
Investments in equity instruments at FVOCI | 1,069 |  |  | — |  |  | 77 |  |  | 1,146 |
Trade accounts receivable and other subject to TSR programs* | — |  |  | — |  |  | 622 |  |  | 622 |
Derivative financial current assets | — |  |  | 2,985 |  |  | — |  |  | 2,985 |
Derivative financial non-current assets | — |  |  | 303 |  |  | 15 |  |  | 318 |
Total assets at fair value | 1,069 |  |  | 3,288 |  |  | 714 |  |  | 5,071 |
Liabilities at fair value: |  |  |  |  |  |  |
Derivative financial current liabilities | — |  |  | 316 |  |  | — |  |  | 316 |
Derivative financial non-current liabilities | — |  |  | 58 |  |  | — |  |  | 58 |
Total liabilities at fair value | — |  |  | 374 |  |  | — |  |  | 374 |
* The fair value of TSR program receivables equals carrying amount due to the short time frame between the initial recognition and time of sale.The following table summarizes the reconciliation of the fair value of the call option on the 1,000 mandatory convertible bonds classified as Level 3 as of June 30, 2022 and December 31, 2021:
| Call option on 1,000 mandatory convertible bonds
Balance as of December 31, 2020 | 59
Change in fair value | 37
Balance as of June 30, 2021 | 96
Change in fair value | (81)
Balance as of December 31, 2021 | 15
Change in fair value | (10)
Balance as of June 30, 2022 | 5
Disclosure of fair value measurement of liabilities | The following tables summarize the bases used to measure certain assets and liabilities at their fair value.
As of June 30, 2022 |  |  |  |  |  |  |
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets at fair value: |  |  |  |  |  |  |
Investments in equity instruments at FVOCI | 791 |  |  | — |  |  | 75 |  |  | 866 |
Trade accounts receivable and other subject to TSR programs* | — |  |  | — |  |  | 461 |  |  | 461 |
Derivative financial current assets | — |  |  | 3,977 |  |  | — |  |  | 3,977 |
Derivative financial non-current assets | — |  |  | 1,152 |  |  | 5 |  |  | 1,157 |
Total assets at fair value | 791 |  |  | 5,129 |  |  | 541 |  |  | 6,461 |
Liabilities at fair value: |  |  |  |  |  |  |
Derivative financial current liabilities | — |  |  | 679 |  |  | — |  |  | 679 |
Derivative financial non-current liabilities | — |  |  | 63 |  |  | — |  |  | 63 |
Total liabilities at fair value | — |  |  | 742 |  |  | — |  |  | 742 |
* The fair value of TSR program receivables equals carrying amount due to the short time frame between the initial recognition and time of sale.
As of December 31, 2021 |  |  |  |  |  |  |
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets at fair value: |  |  |  |  |  |  |
Investments in equity instruments at FVOCI | 1,069 |  |  | — |  |  | 77 |  |  | 1,146 |
Trade accounts receivable and other subject to TSR programs* | — |  |  | — |  |  | 622 |  |  | 622 |
Derivative financial current assets | — |  |  | 2,985 |  |  | — |  |  | 2,985 |
Derivative financial non-current assets | — |  |  | 303 |  |  | 15 |  |  | 318 |
Total assets at fair value | 1,069 |  |  | 3,288 |  |  | 714 |  |  | 5,071 |
Liabilities at fair value: |  |  |  |  |  |  |
Derivative financial current liabilities | — |  |  | 316 |  |  | — |  |  | 316 |
Derivative financial non-current liabilities | — |  |  | 58 |  |  | — |  |  | 58 |
Total liabilities at fair value | — |  |  | 374 |  |  | — |  |  | 374 |
* The fair value of TSR program receivables equals carrying amount due to the short time frame between the initial recognition and time of sale.The following table summarizes the reconciliation of the fair value of the call option on the 1,000 mandatory convertible bonds classified as Level 3 as of June 30, 2022 and December 31, 2021:
| Call option on 1,000 mandatory convertible bonds
Balance as of December 31, 2020 | 59
Change in fair value | 37
Balance as of June 30, 2021 | 96
Change in fair value | (81)
Balance as of December 31, 2021 | 15
Change in fair value | (10)
Balance as of June 30, 2022 | 5
Disclosure of derivative financial instruments | The portfolio associated with derivative financial instruments classified as Level 2 as of June 30, 2022 is as follows:
| Assets |  | Liabilities
| Notional Amount |  | Fair Value |  | Notional Amount |  | Fair Value
Foreign exchange rate instruments |  |  |  |  |  |  |
Forward purchase of contracts | 7,787 |  |  | 358 |  |  | 1,322 |  |  | (30) |
Forward sale of contracts | 1,281 |  |  | 33 |  |  | 632 |  |  | (91) |
Exchange option purchases | 1,120 |  |  | 12 |  |  | 213 |  |  | (2) |
Exchange options sales | 900 |  |  | 31 |  |  | 394 |  |  | (4) |
Total foreign exchange rate instruments |  |  | 434 |  |  |  |  | (127) |
Raw materials (base metal), freight, energy, emission rights and others |  |  |  |  |  |  |
Term contracts sales | 514 |  |  | 66 |  |  | 1,400 |  |  | (411) |
Term contracts purchases | 3,493 |  |  | 4,627 |  |  | 928 |  |  | (203) |
Options sales/purchases | 10 |  |  | 2 |  |  | 73 |  |  | (1) |
Total raw materials (base metal), freight, energy, emission rights and others |  |  | 4,695 |  |  |  |  | (615) |
Total |  |  | 5,129 |  |  |  |  | (742) |
The portfolio associated with derivative financial instruments classified as Level 2 as of December 31, 2021 is as follows:
| Assets |  | Liabilities
| Notional Amount |  | Fair Value |  | Notional Amount |  | Fair Value
Foreign exchange rate instruments |  |  |  |  |  |  |
Forward purchase of contracts | 3,845 |  |  | 133 |  |  | 1,023 |  |  | (43) |
Forward sale of contracts | 2,685 |  |  | 16 |  |  | 1,431 |  |  | (15) |
Exchange option purchases | 712 |  |  | 2 |  |  | 254 |  |  | (7) |
Exchange options sales | 338 |  |  | 5 |  |  | 707 |  |  | (2) |
Total foreign exchange rate instruments |  |  | 156 |  |  |  |  | (67) |
Raw materials (base metal), freight, energy, emission rights and others |  |  |  |  |  |  |
Term contracts sales | 121 |  |  | 1 |  |  | 644 |  |  | (259) |
Term contracts purchases | 3,461 |  |  | 3,131 |  |  | 497 |  |  | (48) |
Total raw materials (base metal), freight, energy, emission rights and others |  |  | 3,132 |  |  |  |  | (307) |
Total |  |  | 3,288 |  |  |  |  | (374) |

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