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Our Business

How and where we run our steel and mining business.

Our progress

This year saw important progress across our business, where we continued to meet the needs of all our stakeholders.

Action 2020

Action 2020 is ArcelorMittal's commitment to structurally improving profitability and cash flow generation.

Governance

Good corporate governance is about compliance, continuous stakeholder dialogue and being a good corporate citizen.

Fact book

Details of our steel and mining operations, financials, production facilities and shareholder information.

Quarterly condensed income statement

Annually and Quarterly (2016 and 2017)

In millions of U.S. dollars	2016	2017	1Q 16	2Q 16	3Q 16	4Q 16	1Q 17	2Q 17	3Q 17	4Q 17
Sales	56,791	68,679	13,399	14,743	14,523	14,126	16,086	17,244	17,639	17,710
Depreciation	(2,721)	(2,768)	(652)	(680)	(693)	(696)	(655)	(676)	(690)	(747)
Impairment¹	(205)	(206)	—	(49)	—	(156)	—	(46)	—	(160)
Exceptional income²	832	—	—	832	—	—	—	—	—	—

Operating income/(loss)	4,161	5,434	275	1,873	1,204	809	1,576	1,390	1,234	1,234
Operating margin %	7.3%	7.9%	2.1%	12.7%	8.3%	5.7%	9.8%	8.1%	7.0%	7.0%

Income from associates, joint ventures and other investments	615	448	324	168	109	14	86	120	117	125
Net interest expense	(1,114)	(823)	(332)	(306)	(255)	(221)	(223)	(207)	(205)	(188)
Foreign exchange and other net financing gain/(loss)	(942)	(52)	9	(450)	(223)	(278)	(133)	210	132	(261)
Income (loss) before taxes and non-controlling interest	2,720	5,007	276	1,285	835	324	1,306	1,513	1,278	910
Current tax	(254)	(583)	(24)	(83)	(67)	(80)	(207)	(126)	(116)	(134)
Deferred tax	(732)	151	(676)	(70)	(79)	93	(76)	(71)	45	253
Income tax benefit/(expense)	(986)	(432)	(700)	(153)	(146)	13	(283)	(197)	(71)	119
Income (loss) including non-controlling interests	1,734	4,575	(424)	1,132	689	337	1,023	1,316	1,207	1,029
Non-controlling interests (income)/loss	45	(7)	8	(20)	(9)	66	(21)	6	(2)	10
Net Income/(loss) attributable to the equity holders of the parent	1,779	4,568	(416)	1,112	680	403	1,002	1,322	1,205	1,039

Basic earnings (loss) per common share ($)⁵	1.87	4.48	(0.70)	1.13	0.67	0.40	0.98	1.30	1.18	1.02
Diluted earnings (loss) per common share ($)^3,5	1.86	4.46	(0.70)	1.13	0.67	0.39	0.98	1.29	1.18	1.01

Weighted average common shares outstanding (in millions)⁵	953	1,020	598	987	1,020	1,020	1,020	1,020	1,020	1,020
Adjusted diluted weighted average common shares outstanding (in millions)⁵	955	1,024	598	988	1,021	1,021	1,022	1,023	1,023	1,024

EBITDA⁴	6,255	8,408	927	1,770	1,897	1,661	2,231	2,112	1,924	2,141
EBITDA Margin %	11.0%	12.2%	6.9%	12.0%	13.1%	11.8%	13.9%	12.2%	10.9%	12.1%

1. Impairment charges for 12M 2016 were $205 million of which $49 million related to the sale of ArcelorMittal Zaragoza in Spain and $156 million mainly related to the Vanderbijlpark plant in South Africa. Impairment charges for 12M 2017 were $206 million related to a downward revision of cash flow projections across all steel facilities in ArcelorMittal South Africa.

2. Exceptional income for 12M 2016 was $832 million relating to a one-time gain on employee benefits following the signing of the new US labour contract.

3. Diluted earnings per common share include assumed shares from employee share-based payments and convertible debt (if dilutive) in the weighted average number of common shares outstanding during the periods presented.

4. EBITDA defined as operating income plus depreciation, impairment expenses and exceptional charges/ (income).

5. Following the Company’s equity offering in April 2016, the basic and diluted earnings (loss) per share for prior periods have been recasted in accordance with IFRS in the current year for the three months starting 1Q'15 and for the years ended December 31, 2014 and December 31, 2015, to include the bonus element derived from the 35% discount to the theoretical ex-right price included in the subscription price. Following the completion of the Company’s share consolidation of each three existing shares into one share without nominal value on May 22, 2017, the earnings (loss) per share and corresponding basic and diluted weighted average common shares outstanding have been recosted in accordance with IFRS in the current year for the three months starting 1Q’16 and for the year ended December 31, 2016.