Financials

Industrial assets

Mining operations

Operations

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.

Sustainability

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 (2017 and 2018)

In millions of U.S. dollars	2017	2018	Q1 17	Q2 17	Q3 17	Q4 17	Q1 18	Q2 18	Q3 18	Q4 18
Sales	68,679	76,033	16,086	17,244	17,639	17,710	19,186	19,998	18,522	18,327
Depreciation	(2,768)	(2,799)	(655)	(676)	(690)	(747)	(711)	(712)	(653)	(723)
Impairment¹	(206)	(810)	—	(46)	—	—	(86)	—	(509)	(215)
Exceptional (charges) / income²	—	(117)	—	—	—	—	(146)	—	—	29

Operating income	5,434	6,539	1,576	1,390	1,234	1,234	1,569	2,361	1,567	1,042
Operating margin %	7.9%	8.6%	9.8%	8.1%	7.0%	7.0%	8.2%	11.8%	8.5%	5.7%

Income from associates, joint ventures and other investments	448	652	86	120	117	125	212	30	183	227
Net interest expense	(823)	(615)	(223)	(207)	(205)	(188)	(164)	(159)	(152)	(140)
Foreign exchange and other net financing gain/(loss)	(52)	(1,595)	(133)	210	132	(261)	(174)	(390)	(475)	(556)
Income (loss) before taxes and non-controlling interest	5,007	4,981	1,306	1,513	1,278	910	1,443	1,842	1,123	573
Current tax	(583)	(928)	(207)	(126)	(116)	(134)	(284)	(240)	(206)	(198)
Deferred tax	151	1,277	(76)	(71)	45	253	81	259	28	909
Income tax benefit/(expense)	(432)	349	(283)	(197)	(71)	119	(203)	19	(178)	711
Income (loss) including non-controlling interests	4,575	5,330	1,023	1,316	1,207	1,029	1,240	1,861	945	1,284
Non-controlling interests (income)/loss	(7)	(181)	(21)	6	(2)	10	(48)	4	(46)	(91)
Net Income attributable to the equity holders of the parent	4,568	5,149	1,002	1,322	1,205	1,039	1,192	1,865	899	1,193

Basic earnings per common share ($)³	4.48	5.07	0.98	1.30	1.18	1.02	1.17	1.84	0.89	1.18
Diluted earnings per common share ($)³	4.46	5.04	0.98	1.29	1.18	1.01	1.17	1.83	0.88	1.17

Weighted average common shares outstanding (in millions)	1,020	1,015	1,020	1,020	1,020	1,020	1,019	1,013	1,014	1,014
Adjusted diluted weighted average common shares outstanding (in millions)	1,024	1,021	1,022	1,023	1,023	1,024	1,023	1,018	1,019	1,020

EBITDA⁴	8,408	10,265	2,231	2,112	1,924	2,141	2,512	3,073	2,729	1,951
EBITDA Margin %	12.2%	13.5%	13.9%	12.2%	10.9%	12.1%	13.1%	15.4%	14.7%	10.6%

1. Impairment charges for 12M 2018 of $1.0 billion primarily related to the remedy asset sales in connection with the ArcelorMittal Italia acquisition and the agreed remedy package required for the approval of the Votorantim acquisition, partially offset by a $0.2 billion bargain purchase gain relating to the acquisition of ArcelorMittal Italia.
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 2018 was $117 million impacted by $113 million in charges related to a blast furnace dismantling in Florange (France), $60 million in charges related to the new collective labor agreement in the United States (including a signing bonus), a $146 million provision taken in the first quarter of 2018 in respect of a litigation case that was paid in the third quarter of 2018, offset in part by the recognition in Brazil of $202 million in PIS/Cofins tax credits related to prior periods.

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.

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 for Q1 2017, has been recast in accordance with IFRS.

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