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Annual Report 2015

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Annual Report 2015 Annual Report 2015 Management report 1 Table of contents Management Report Company overview ____________________________________________________________________________________________ 2 Business overview _____________________________________________________________________________________________ 3 Disclosures about market risks ___________________________________________________________________________________ 29 Group operational structure _____________________________________________________________________________________ 32 Key transactions and events in 2015 _______________________________________________________________________________ 35 Recent developments __________________________________________________________________________________________ 35 Corporate governance _________________________________________________________________________________________ 36 > Luxembourg takeover law disclosure_____________________________________________________________________________ 61 Additional information __________________________________________________________________________________________ 62 Chief executive officer and chief financial officer’s responsibility statement _______________________________________________ 65 Consolidated financial statements for the year ended December 31, 2015 ________________________________________________ 66 Consolidated statements of operations ____________________________________________________________________________ 67 Consolidated statements of other comprehensive income ____________________________________________________________ 68 Consolidated statements of financial position _______________________________________________________________________ 69 Consolidated statements of changes in equity _______________________________________________________________________ 70 Consolidated statements of cash flows _____________________________________________________________________________ 71 Notes to the consolidated financial statements ______________________________________________________________________ 72 Report of the réviseur d’entreprises agréé – consolidated financial statements ____________________________________________ 161 Financial statements of ArcelorMittal parent company for the year ended December 31, 2015 ________________________________ 162 Management Report ___________________________________________________________________________________________ 163 Chief executive officer and chief financial officer’s responsibility statement _______________________________________________ 164 Statements of financial position __________________________________________________________________________________ 165 Statements of operations ________________________________________________________________________________________ 166 Statements of other comprehensive income ________________________________________________________________________ 166 Statements of changes in equity __________________________________________________________________________________ 167 Statements of cash flows ________________________________________________________________________________________ 168 Notes to the financial statements _________________________________________________________________________________ 169 Report of the réviseur d’entreprises agréé – financial statements of ArcelorMittal parent company _____________________________ 205 Risks related to the global economy and the steel industry ____________________________________________________________ 207 Mining ______________________________________________________________________________________________________ 219 2 Management report Company Overview other scientific bodies. organization to a diverse range of and full shipments at Peña Colorada customers in approximately 160 for own use), approximately 62% of History and development of the Against this backdrop, ArcelorMittal’s countries including the automotive, ArcelorMittal’s iron-ore requirements Company strategy is to leverage four distinctive appliance, engineering, construction and approximately 15% of its PCI attributes that will enable it to and machinery industries. The and coal requirements were supplied ArcelorMittal is the world’s leading capture leading positions in the most Company also produces various from its own mines or pursuant integrated steel and mining attractive areas of the steel industry’s types of mining products including to strategic contracts at many of company. Since the creation of value chain, from mining at one iron ore lump, fines, concentrate and its operating units. The Company ArcelorMittal in 2006 (through the end to distribution and first-stage sinter feed, as well as coking, PCI and currently has iron ore mining combination of Mittal Steel and processing at the other: global scale thermal coal. activities in Brazil, Bosnia, Canada, Arcelor) and continuing through and scope; unmatched technical Kazakhstan, Liberia, Mexico, Ukraine 2008, ArcelorMittal pursued a capabilities; a diverse portfolio of As a global steel producer, the and the United States. The Company disciplined growth strategy, with steel and related businesses, one Company is able to meet the currently has coal mining activities transactions in Argentina, Australia, of which is mining; and financial needs of different markets. in Kazakhstan and the United States. Austria, Brazil, Canada, Costa Rica, capabilities. Steel consumption and product ArcelorMittal also has made strategic China, Estonia, France, Germany, requirements clearly differ between investments in order to secure access Italy, Mexico, Poland, Russia, Slovakia, Geography: ArcelorMittal is the developed markets and developing to other raw materials including South Africa, Sweden, Turkey, the largest steel producer in the markets. Steel consumption in manganese and ferro alloys. United Kingdom, Uruguay, United Americas, Africa and Europe and is developed economies is weighted Arab Emirates, the United States and the fifth largest steel producer in the towards flat products and a higher In addition, ArcelorMittal produces Venezuela. Beginning in the latter CIS region. ArcelorMittal has steel- value-added mix, while developing substantial amounts of direct part of 2008, ArcelorMittal largely making operations in 19 countries markets utilize a higher proportion reduced iron, or DRI, which is a suspended mergers and acquisitions on four continents, including 54 of long products and commodity scrap substitute used in its mini-mill activity in light of the deteriorating integrated and mini-mill steel- grades. To meet these diverse needs, facilities to supplement external economic and market environment, making facilities. As of December the Company maintains a high metallics purchases. ArcelorMittal and sharply curtailed its investment 31, 2015, ArcelorMittal had degree of product diversification and is also a significant producer of activities, with the exception of the approximately 209,000 employees. seeks opportunities to increase the coke, which is produced from acquisition (along with a partner) of proportion of higher value-added metallurgical coal and is a critical Baffinland in 2011. ArcelorMittal’s steel-making products in its product mix. raw material for steel-making, operations have a high degree satisfying 86% of its coke needs Since September 2011, ArcelorMittal of geographic diversification. Automotive focus: ArcelorMittal has through its own production facilities. has been undergoing a deleveraging Approximately 37% of its crude a leading market share in its core ArcelorMittal’s facilities have process to reduce its indebtedness steel is produced in the Americas, markets in the automotive steel good access to shipping facilities, including numerous divestments of approximately 47% is produced business and is a leader in the fast- including through ArcelorMittal’s non-core assets (see note 2.3 to the in Europe and approximately 15% growing advanced high strength own 17 deep-water port facilities consolidated financial statements is produced in other countries, steels segment. ArcelorMittal and linked railway sidings. for the divestments made in 2014 such as Kazakhstan, South is the first steel company in the and 2015). Despite ArcelorMittal’s Africa and Ukraine. In addition, world to embed its own engineers ArcelorMittal has its own overall strategy of deleveraging, the ArcelorMittal’s sales of steel products within an automotive customer downstream steel distribution Company completed an acquisition are spread over both developed to provide engineering support. business, primarily run through its through a 50/50 joint venture and developing markets, which The Company begins working with Europe segment. It also provides partnership of Calvert in 2014. have different consumption original equipment manufacturers value-added and customized characteristics. ArcelorMittal’s mining (“OEMs”) as early as five years before steel solutions through additional ArcelorMittal’s success is built on operations, present in North and a vehicle reaches the showroom, processing activities to meet specific its core values of sustainability, South America, Africa, Europe and to provide generic steel solutions, customer requirements. quality and leadership and the the CIS region, are integrated with its co-engineering and help with the entrepreneurial boldness that has global steel-making facilities and are industrialization of the project. In empowered its emergence as the important producers of iron ore and June 2013, ArcelorMittal
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