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SEGMENT AND GEOGRAPHIC INFORMATION | 6 Months Ended
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Jun. 30, 2022
Disclosure of operating segments [abstract] |
SEGMENT AND GEOGRAPHIC INFORMATION | SEGMENT AND GEOGRAPHIC INFORMATION Reportable segments The Company is organized in five operating and reportable segments, which are components engaged in business activities from which they may earn revenues and incur expenses (including revenues and expenses relating to transactions with other components of the Company), for which discrete financial information is available and whose operating results are evaluated regularly by the chief operating decision maker “CODM” to make decisions about resources to be allocated to the segment and assess its performance. The Company CODM is the Executive Office comprising the Executive Chairman, Mr. Lakshmi N. Mittal and the CEO, Mr. Aditya Mittal. ArcelorMittal's operating segments include the attributable goodwill, intangible assets, property, plant and equipment, and certain equity method investments. They do not include cash and short-term deposits, short-term investments, tax assets and other current financial assets. Attributable liabilities are also those resulting from the normal activities of the segment, excluding tax liabilities and indebtedness but including post retirement obligations where directly attributable to the segment. The treasury function is managed centrally for the Company and is not directly attributable to individual operating segments or geographical areas. ArcelorMittal’s segments are structured as follows: •NAFTA represents the flat, long and tubular facilities of the Company located in Canada, Mexico and the United States. NAFTA produces flat products such as slabs, hot-rolled coil, cold-rolled coil, coated steel and plate. These products are sold primarily to customers in the following sectors: automotive, energy, construction, packaging and appliances and via distributors or processors. NAFTA also produces long products such as wire rod, sections, rebar, billets, blooms and wire drawing, and tubular products. The raw material supply of the NAFTA operations includes sourcing from iron ore captive mines in Mexico to supply the steel facilities. •Brazil includes the flat operations of Brazil, the long and tubular operations of Brazil and neighboring countries including Argentina, Costa Rica and Venezuela. Flat products include slabs, hot-rolled coil, cold-rolled coil and coated steel. Long products consist of wire rod, sections, bar and rebar, billets, blooms and wire drawing. The raw material supply of the Brazil operations includes sourcing from iron ore captive mines in Brazil. •Europe is the largest flat steel producer in Europe, with operations that range from Spain in the west to Romania in the east, and covering the flat carbon steel product portfolio in all major countries and markets. Europe produces hot-rolled coil, cold-rolled coil, coated products, tinplate, plate and slab. These products are sold primarily to customers in the automotive, general and packaging sectors. Europe also produces long products consisting of sections, wire rod, rebar, billets, blooms and wire drawing, and tubular products. In addition, it includes Downstream Solutions, primarily an in-house trading and distribution arm of ArcelorMittal. Downstream Solutions also provides value-added and customized steel solutions through further steel processing to meet specific customer requirements. The raw material supply of Europe operations includes sourcing from iron ore captive mines in Bosnia & Herzegovina. •ACIS produces a combination of flat, long and tubular products. Its steel facilities are located in South Africa, Ukraine and Kazakhstan. The raw material supply of the ACIS operations includes sourcing from iron ore captive mines in Kazakhstan and Ukraine and coal captive mines in Kazakhstan. •Mining segment comprises the mines owned by ArcelorMittal in Canada and Africa (Liberia). It provides the Company's steel operations with high quality and low-cost iron ore reserves and also sells mineral products to third parties. The following table summarizes certain financial data relating to ArcelorMittal’s operations in its different reportable segments:
| NAFTA |  | Brazil |  | Europe |  | ACIS |  | Mining |  | Others* |  | Elimination |  | Total
Six months ended June 30, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sales to external customers | 7,385 |  |  | 6,291 |  |  | 26,377 |  |  | 3,189 |  |  | 727 |  |  | 9 |  |  | — |  |  | 43,978 |
Intersegment sales** | 28 |  |  | 1,061 |  |  | 115 |  |  | 381 |  |  | 1,211 |  |  | 8 |  |  | (2,804) |  |  | — |
Operating income (loss) | 1,871 |  |  | 1,875 |  |  | 4,144 |  |  | 323 |  |  | 974 |  |  | (136) |  |  | (124) |  |  | 8,927 |
Depreciation and amortization | 186 |  |  | 129 |  |  | 652 |  |  | 211 |  |  | 120 |  |  | 18 |  |  | — |  |  | 1,316 |
Capital expenditures | 202 |  |  | 213 |  |  | 398 |  |  | 197 |  |  | 162 |  |  | 12 |  |  | — |  |  | 1,184 |
Six months ended June 30, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Sales to external customers | 5,755 |  |  | 4,861 |  |  | 19,990 |  |  | 4,170 |  |  | 751 |  |  | 9 |  |  | — |  |  | 35,536 |
Intersegment sales** | 23 |  |  | 937 |  |  | 37 |  |  | 726 |  |  | 1,317 |  |  | 7 |  |  | (3,047) |  |  | — |
Operating income (loss) | 936 |  |  | 1,742 |  |  | 1,861 |  |  | 1,458 |  |  | 1,287 |  |  | (126) |  |  | (85) |  |  | 7,073 |
Depreciation and amortization | 142 |  |  | 109 |  |  | 615 |  |  | 220 |  |  | 115 |  |  | 20 |  |  | — |  |  | 1,221 |
Capital expenditures | 147 |  |  | 139 |  |  | 578 |  |  | 214 |  |  | 97 |  |  | 16 |  |  | (3) |  |  | 1,188 |
*Others include all other operational and non-operational items which are not segmented, such as corporate and shared services, financial activities, and shipping and logistics. **Transactions between segments are reported on the same basis of accounting as transactions with third parties. The reconciliation from operating income to net income is as follows:
| Six months ended June 30,
| 2022 |  | 2021
Operating income | 8,927 |  |  | 7,073 |
Income from investments in associates, joint ventures and other investments | 1,137 |  |  | 1,043 |
Financing costs - net | (427) |  |  | (594) |
Income before taxes | 9,637 |  |  | 7,522 |
Income tax expense | (1,381) |  |  | (946) |
Net income (including non-controlling interests) | 8,256 |  |  | 6,576 |
Geographical segmentation Sales (by destination)
| Six months ended June 30,
| 2022 |  | 2021
Americas |  |  |
United States | 4,768 |  |  | 3,342 |
Brazil | 4,545 |  |  | 3,971 |
Canada | 2,281 |  |  | 1,844 |
Mexico | 1,463 |  |  | 1,151 |
Argentina | 856 |  |  | 598 |
Others Americas | 960 |  |  | 749 |
Total Americas | 14,873 |  |  | 11,655 |
Europe |  |  |
Germany | 4,236 |  |  | 3,019 |
France | 3,288 |  |  | 2,489 |
Poland | 3,399 |  |  | 2,328 |
Spain | 2,665 |  |  | 2,041 |
Italy | 2,396 |  |  | 2,667 |
Turkey | 685 |  |  | 669 |
Czech Republic | 848 |  |  | 598 |
United Kingdom | 952 |  |  | 728 |
Belgium | 1,071 |  |  | 877 |
Russia | 420 |  |  | 863 |
Netherlands | 1,046 |  |  | 628 |
Romania | 312 |  |  | 228 |
Ukraine | 275 |  |  | 394 |
Others Europe | 3,499 |  |  | 2,200 |
Total Europe | 25,092 |  |  | 19,729 |
Asia & Africa |  |  |
South Africa | 1,308 |  |  | 1,202 |
Morocco | 416 |  |  | 325 |
Egypt | 76 |  |  | 26 |
Rest of Africa | 289 |  |  | 456 |
China | 345 |  |  | 397 |
Kazakhstan | 370 |  |  | 370 |
South Korea | 240 |  |  | 264 |
India | 47 |  |  | 91 |
Rest of Asia | 922 |  |  | 1,021 |
Total Asia & Africa | 4,013 |  |  | 4,152 |
Total | 43,978 |  |  | 35,536 |
Product segmentation The table below presents sales to external customers by product type. In addition to steel produced by the Company, amounts include material purchased for additional transformation and sold through distribution services. Others include mainly non-steel sales, manufactured and specialty steel products, and services. Sales (by products)
| Six months ended June 30,
| 2022 |  | 2021
Flat products | 25,208 |  |  | 19,418 |
Long products | 9,682 |  |  | 8,380 |
Tubular products | 1,477 |  |  | 1,045 |
Mining products | 837 |  |  | 839 |
Others | 6,774 |  |  | 5,854 |
Total | 43,978 |  |  | 35,536 |
Disaggregated revenue The tables below summarize the disaggregated revenue recognized from contracts with customers for the six months ended June 30, 2022 and 2021, respectively:
Six months ended June 30, 2022 | NAFTA |  | Brazil |  | Europe |  | ACIS |  | Mining |  | Others |  | Total
Steel sales | 7,153 |  |  | 5,877 |  |  | 23,720 |  |  | 2,767 |  |  | — |  |  | — |  |  | 39,517 |
Non-steel sales 1 | 10 |  |  | 87 |  |  | 1,124 |  |  | 227 |  |  | 708 |  |  | — |  |  | 2,156 |
By-product sales 2 | 64 |  |  | 67 |  |  | 641 |  |  | 84 |  |  | — |  |  | — |  |  | 856 |
Other sales 3 | 158 |  |  | 260 |  |  | 892 |  |  | 111 |  |  | 19 |  |  | 9 |  |  | 1,449 |
Total | 7,385 |  |  | 6,291 |  |  | 26,377 |  |  | 3,189 |  |  | 727 |  |  | 9 |  |  | 43,978 |
Six months ended June 30, 2021 | NAFTA |  | Brazil |  | Europe |  | ACIS |  | Mining |  | Others |  | Total
Steel sales | 5,594 |  |  | 4,588 |  |  | 17,874 |  |  | 3,470 |  |  | — |  |  | — |  |  | 31,526 |
Non-steel sales 1 | 1 |  |  | 91 |  |  | 861 |  |  | 490 |  |  | 740 |  |  | — |  |  | 2,183 |
By-product sales 2 | 43 |  |  | 52 |  |  | 439 |  |  | 67 |  |  | — |  |  | — |  |  | 601 |
Other sales 3 | 117 |  |  | 130 |  |  | 816 |  |  | 143 |  |  | 11 |  |  | 9 |  |  | 1,226 |
Total | 5,755 |  |  | 4,861 |  |  | 19,990 |  |  | 4,170 |  |  | 751 |  |  | 9 |  |  | 35,536 |
1.Non-steel sales mainly relate to iron ore, coal, scrap and electricity; 2.By-products sales mainly relate to slag, waste and coke by-products; 3.Other sales are mainly comprised of shipping and other services.

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