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FINANCIAL INSTRUMENTS (Tables)
 6 Months Ended
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 positionNon-financial assets and liabilitiesAssets/ Liabilities at amortized costFair value recognized in profit or lossFair value recognized in OCIDerivatives
ASSETS
Current assets:
Cash and cash equivalents4,457 — 4,457 — — — 
Restricted cash 108 — 108 — — — 
Trade accounts receivable and other5,931 — 5,470 — 461 — 
Inventories23,303 23,303 — — — — 
Prepaid expenses and other current assets7,189 1,922 1,290 — — 3,977 
Total current assets40,988 25,225 11,325 — 461 3,977 
Non-current assets:
Goodwill and intangible assets4,307 4,307 — — — — 
Property, plant and equipment and biological assets29,542 29,499 — 42 — — 
Investments in associates and joint ventures10,992 10,992 — — — — 
Other investments866 — — 866 — 
Deferred tax assets7,974 7,974 — — — 
Other assets2,357 350 714 136 — 1,157 
Total non-current assets56,038 53,122 714 178 866 1,157 
Total assets97,026 78,347 12,039 178 1,327 5,134 
LIABILITIES AND EQUITY
Current liabilities:
Short-term debt and current portion of long-term debt2,719 — 2,719 — — — 
Trade accounts payable and other16,736 — 16,736 — — — 
Short-term provisions722 702 20 — — — 
Accrued expenses and other liabilities5,035 1,245 3,111 — — 679 
Income tax liabilities757 757 — — — — 
Total current liabilities25,969 2,704 22,586 — — 679 
Non-current liabilities:
Long-term debt, net of current portion6,069 — 6,069 — — — 
Deferred tax liabilities2,489 2,489 — — — — 
Deferred employee benefits3,517 3,517 — — — — 
Long-term provisions1,534 1,530 4 — — — 
Other long-term obligations1,002 355 584 — — 63 
Total non-current liabilities14,611 7,891 6,657 — — 63 
Equity:
Equity attributable to the equity holders of the parent53,992 53,992 — — — — 
Non-controlling interests2,454 2,454 — — — — 
Total equity56,446 56,446 — — — — 
Total liabilities and equity97,026 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 positionNon-financial assets and liabilitiesAssets/ Liabilities at amortized costFair value recognized in profit or lossFair value recognized in OCIDerivatives
ASSETS
Current assets:
Cash and cash equivalents4,457 — 4,457 — — — 
Restricted cash 108 — 108 — — — 
Trade accounts receivable and other5,931 — 5,470 — 461 — 
Inventories23,303 23,303 — — — — 
Prepaid expenses and other current assets7,189 1,922 1,290 — — 3,977 
Total current assets40,988 25,225 11,325 — 461 3,977 
Non-current assets:
Goodwill and intangible assets4,307 4,307 — — — — 
Property, plant and equipment and biological assets29,542 29,499 — 42 — — 
Investments in associates and joint ventures10,992 10,992 — — — — 
Other investments866 — — 866 — 
Deferred tax assets7,974 7,974 — — — 
Other assets2,357 350 714 136 — 1,157 
Total non-current assets56,038 53,122 714 178 866 1,157 
Total assets97,026 78,347 12,039 178 1,327 5,134 
LIABILITIES AND EQUITY
Current liabilities:
Short-term debt and current portion of long-term debt2,719 — 2,719 — — — 
Trade accounts payable and other16,736 — 16,736 — — — 
Short-term provisions722 702 20 — — — 
Accrued expenses and other liabilities5,035 1,245 3,111 — — 679 
Income tax liabilities757 757 — — — — 
Total current liabilities25,969 2,704 22,586 — — 679 
Non-current liabilities:
Long-term debt, net of current portion6,069 — 6,069 — — — 
Deferred tax liabilities2,489 2,489 — — — — 
Deferred employee benefits3,517 3,517 — — — — 
Long-term provisions1,534 1,530 4 — — — 
Other long-term obligations1,002 355 584 — — 63 
Total non-current liabilities14,611 7,891 6,657 — — 63 
Equity:
Equity attributable to the equity holders of the parent53,992 53,992 — — — — 
Non-controlling interests2,454 2,454 — — — — 
Total equity56,446 56,446 — — — — 
Total liabilities and equity97,026 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 1Level 2Level 3Total
Assets at fair value:
Investments in equity instruments at FVOCI791 — 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 value791 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 1Level 2Level 3Total
Assets at fair value:
Investments in equity instruments at FVOCI1,069 — 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 value1,069 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, 202059
Change in fair value37
Balance as of June 30, 202196
Change in fair value(81)
Balance as of December 31, 202115
Change in fair value(10)
Balance as of June 30, 20225
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 1Level 2Level 3Total
Assets at fair value:
Investments in equity instruments at FVOCI791 — 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 value791 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 1Level 2Level 3Total
Assets at fair value:
Investments in equity instruments at FVOCI1,069 — 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 value1,069 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, 202059
Change in fair value37
Balance as of June 30, 202196
Change in fair value(81)
Balance as of December 31, 202115
Change in fair value(10)
Balance as of June 30, 20225
Disclosure of derivative financial instruments
The portfolio associated with derivative financial instruments classified as Level 2 as of June 30, 2022 is as follows:
AssetsLiabilities
Notional AmountFair ValueNotional AmountFair Value
Foreign exchange rate instruments
Forward purchase of contracts7,787 358 1,322 (30)
Forward sale of contracts1,281 33 632 (91)
Exchange option purchases1,120 12 213 (2)
Exchange options sales900 31 394 (4)
Total foreign exchange rate instruments434 (127)
Raw materials (base metal), freight, energy, emission rights and others
Term contracts sales514 66 1,400 (411)
Term contracts purchases3,493 4,627 928 (203)
Options sales/purchases10 2 73 (1)
Total raw materials (base metal), freight, energy, emission rights and others4,695 (615)
Total5,129 (742)
The portfolio associated with derivative financial instruments classified as Level 2 as of December 31, 2021 is as follows:
AssetsLiabilities
Notional AmountFair ValueNotional AmountFair Value
Foreign exchange rate instruments
Forward purchase of contracts3,845 133 1,023 (43)
Forward sale of contracts2,685 16 1,431 (15)
Exchange option purchases712 2 254 (7)
Exchange options sales338 5 707 (2)
Total foreign exchange rate instruments156 (67)
Raw materials (base metal), freight, energy, emission rights and others
Term contracts sales121 1 644 (259)
Term contracts purchases3,461 3,131 497 (48)
Total raw materials (base metal), freight, energy, emission rights and others3,132 (307)
Total3,288 (374)