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DEBT
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
DEBT
NOTE 11 - DEBT
11.1 Analysis by nature
At September 30, 2025At December 31, 2024
(in millions of U.S. dollars)Nominal Value in CurrencyNominal rateEffective rateFace ValueDebt issuance costsAccrued interestCarrying valueCarrying value
Secured Pan-U.S. ABL (due 2029) $70 Floating5.83 %70—17156
Senior Unsecured Notes
Issued June 2020 and due 2028$325 5.625 %6.05 %325(3)5327323
Issued February 2021 and due 2029$500 3.750 %4.05 %500(4)9505500
Issued June 2021 and due 2029€300 3.125 %3.41 %353(3)2352313
Issued August 2024 and due 2032$350 6.375 %6.77 %350(6)3347353
Issued August 2024 and due 2032€300 5.375 %5.73 %352(5)2349313
Finance lease liabilities 31——3130
Other loans (A)30——3030
Total debt 2,011(21)222,0121,918
Of which non-current 1,9741,879
Of which current (B)3839
(A)Other loans include $23 million of financial liabilities relating to the sale and leaseback of assets that were considered to be financing arrangements in substance.
(B)Current portion of borrowings include mainly accrued interest and current portions of finance leases and other long-term loans relating to the sale and leaseback of assets.

The fair values of Constellium SE Senior Notes issued in June 2020, February 2021, June 2021 and August 2024 were 99.9%, 95.2%, 97.5% and 102.7%, respectively, of the nominal value and amounted to $325 million, $476 million, $343 million and $721 million, respectively, at September 30, 2025, compared to $319 million, $453 million, $297 million, and $658 million, respectively, at December 31, 2024.
The €100 million French Inventory Facility was amended in February 2025 and the maturity was extended to December 2027. The Facility remained undrawn at September 30, 2025.
The Group was in compliance with all applicable financial debt covenants at September 30, 2025 and December 31, 2024.