← ArcelorMittal

Annual Trend FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025
Cash flows from operating activities:
Net Income — — — — — — $9.3b $919.0m $1.3b $3.2b
Net Income From Continuing Operations — — — — — — $9.5b $1.0b $1.4b $3.2b
Net income (including non-controlling interests) $1.7b $4.6b $5.3b ($2.4b) ($578.0m) $15.6b $9.5b $1.0b $1.4b $3.2b
Amortization Cash Flow — — — — — — $87.0m $123.0m $107.0m $129.0m
Amortization Of Intangibles — — — — — — $87.0m $123.0m $107.0m $129.0m
Depreciation — — — — — — $2.5b $2.6b $2.5b $2.8b
Depreciation Amortization Depletion — — — — — — $2.6b $2.7b $2.6b $2.9b
Depreciation and amortization $2.7b $2.8b $2.8b $3.1b $3.0b $2.5b $2.6b $2.7b $2.6b $2.9b
Deferred Income Tax — — — — — — $1.7b $238.0m $1.5b $359.0m
Deferred Tax — — — — — — $1.7b $238.0m $1.5b $359.0m
Asset Impairment Charge — — — — — — $1.4b $2.0b $708.0m $903.0m
Impairment charges $205.0m $206.0m $994.0m $1.9b ($133.0m) ($218.0m) $1.0b $1.0b $116.0m $204.0m
Impairment on investments in associates, joint ventures and other investments — — — — — $0 $0 $1.4b $0 $123.0m
Adjustments For Income Tax Expense $986.0m $432.0m ($349.0m) $459.0m $1.7b $2.5b $1.7b $238.0m $1.5b $359.0m
Earnings (Loss)es From Equity Investments — — — — — — ($1.3b) ($1.2b) ($779.0m) ($806.0m)
Income tax expense $986.0m $432.0m ($349.0m) $459.0m $1.7b $2.5b $1.7b $238.0m $1.5b $359.0m
Interest expense $1.2b $879.0m $687.0m $695.0m $477.0m $357.0m $401.0m $715.0m $510.0m $577.0m
Proceeds From Sales Of Investments Other Than Investments Accounted For Using Equity Method — — — — — $2.7b $0 $0 — —
Additional Financial Items
(Acquisitions) disposals of financial assets $165.0m $44.0m $44.0m $196.0m $59.0m ($80.0m) ($32.0m) $560.0m $216.0m ($19.0m)
Acquisition of and capital increase in associates and joint ventures — — — — — $0 $0 ($73.0m) ($1.2b) ($206.0m)
Acquisitions of net assets of subsidiaries, net of cash acquired of 369, 249 and 4 in 2025, 2024 and 2023, respectively $7.0m $16.0m ($39.0m) ($46.0m) $0 ($25.0m) ($939.0m) ($2.5b) ($184.0m) $47.0m
Adjustments For Decrease Increase In Trade Account Receivable ($373.0m) ($620.0m) ($646.0m) $964.0m ($76.0m) ($2.5b) $1.1b $307.0m ($192.0m) $597.0m
Adjustments For Gain Loss On Disposal Of Investments In Subsidiaries Joint Ventures And Associates $23.0m $18.0m $16.0m $101.0m $1.5b $104.0m $0 ($1.5b) $0 ($63.0m)
Adjustments For Increase Decrease In Trade Account Payable $1.4b $1.1b $914.0m ($1.2b) ($214.0m) $4.8b ($294.0m) ($271.0m) $56.0m ($942.0m)
Adjustments For Unrealised Foreign Exchange Losses Gains $486.0m ($541.0m) $152.0m $7.0m $321.0m ($154.0m) ($82.0m) $409.0m $639.0m $114.0m
At the beginning of the year $2.5b $2.6b $2.2b $4.9b $5.6b $4.2b $9.3b $7.7b $6.4b $5.4b
Beginning Cash Position — — — — — — $4.2b $9.3b $7.7b $6.4b
Cash Flow From Continuing Financing Activities — — — — — — ($477.0m) ($3.7b) ($680.0m) ($1.8b)
Cash Flow From Continuing Investing Activities — — — — — — ($4.5b) ($5.8b) ($5.0b) ($4.6b)
Cash contributions to plan assets and benefits paid for pensions and other post-employment benefits ($395.0m) ($496.0m) ($472.0m) ($348.0m) ($332.0m) ($268.0m) ($228.0m) ($248.0m) ($241.0m) ($277.0m)
Change In Account Payable — — — — — — ($294.0m) ($271.0m) $56.0m ($942.0m)
Change In Inventory — — — — — — ($2.1b) $1.6b $238.0m $820.0m
Change In Other Working Capital — — — — — — $608.0m $110.0m ($287.0m) ($742.0m)
Change In Payable — — — — — — ($294.0m) ($271.0m) $56.0m ($942.0m)
Change In Payables And Accrued Expense — — — — — — ($294.0m) ($271.0m) $56.0m ($942.0m)
Change In Receivables — — — — — — $1.1b $307.0m ($192.0m) $597.0m
Change In Working Capital — — — — — — ($615.0m) $1.7b ($185.0m) ($267.0m)
Changes In Account Receivables — — — — — — $1.1b $307.0m ($192.0m) $597.0m
Changes In Cash — — — — — — $5.2b ($1.9b) ($815.0m) ($1.5b)
Disposals of net assets of subsidiaries, net of cash disposed of 10, nil and 24 in 2025, 2024 and 2023, respectively $185.0m $6.0m $65.0m $514.0m $497.0m ($4.0m) $0 $254.0m $0 ($10.0m)
End Cash Position — — — — — — $9.3b $7.7b $6.4b $5.4b
Financing Cash Flow — — — — — — ($477.0m) ($3.7b) ($680.0m) ($1.8b)
Free Cash Flow — — — — — — $6.7b $3.0b $447.0m $471.0m
Gain Loss On Investment Securities — — — — — $44.0m $15.0m — — —
Gain Loss On Sale Of Business — — — — — — $0 $1.5b $0 $63.0m
Goodwill/(bargain purchase gain) — — — — — — — $0 $0 ($1.9b)
Income from investments in associates, joint ventures and other investments ($615.0m) ($448.0m) ($652.0m) ($347.0m) ($234.0m) ($2.2b) ($1.3b) ($1.2b) ($779.0m) ($806.0m)
Interest Received CFO — — — — — — $178.0m $553.0m $358.0m $308.0m
Interest Received Classified As Operating Activities $60.0m $57.0m $67.0m $118.0m $69.0m $73.0m $178.0m $553.0m $358.0m $308.0m
Interest income ($58.0m) ($56.0m) ($72.0m) ($88.0m) ($56.0m) ($79.0m) ($188.0m) ($570.0m) ($400.0m) ($281.0m)
Interest received $60.0m $57.0m $67.0m $118.0m $69.0m $73.0m $178.0m $553.0m $358.0m $308.0m
Inventories ($2.1b) ($2.3b) ($4.7b) $2.5b $1.8b ($8.7b) ($2.1b) $1.6b $238.0m $820.0m
Investing Cash Flow — — — — — — ($4.5b) ($5.8b) ($5.0b) ($4.6b)
Issuance Of Capital Stock — — — — — $0 $0 — — —
Net Business Purchase And Sale — — — — — — ($939.0m) ($2.3b) ($1.4b) ($169.0m)
Net Foreign Currency Exchange Gain Loss — — — — — — ($82.0m) $409.0m $639.0m $114.0m
Net PPE Purchase And Sale — — — — — — ($3.4b) ($3.9b) ($3.8b) ($4.2b)
Net loss on disposal of subsidiaries ($23.0m) ($18.0m) ($16.0m) ($101.0m) ($1.5b) ($104.0m) $0 $1.5b $0 $63.0m
Operating Gains Losses — — — — — — ($1.2b) $943.0m $26.0m ($397.0m)
Other Cash Adjustment Outside Changein Cash — — — — — — $0 $0 $0 ($3.0m)
Other Non Cash Items — — — — — — ($525.0m) ($94.0m) ($335.0m) ($1.2b)
Other working capital and provisions movements ($382.0m) ($282.0m) $44.0m ($110.0m) ($564.0m) ($672.0m) $608.0m $110.0m ($287.0m) ($742.0m)
Payments Of Lease Liabilities Classified As Financing Activities — — — $320.0m $242.0m $199.0m $185.0m $253.0m $224.0m $234.0m
Payments from mandatorily convertible subordinated notes/ mandatorily convertible bonds — — — $0 $1.2b ($1.2b) $0 ($340.0m) $0 $0
Pension And Employee Benefit Expense — — — — — — $176.0m $249.0m $166.0m $232.0m
Proceeds From Issuing Shares $3.1b $0 $0 — $740.0m $0 $0 — — —
Proceeds From Stock Option Exercised — — — — — $0 $0 — — —
Proceeds from repayment of a loan in connection with the sale of ArcelorMittal Temirtau — — — — — — $0 $0 $111.0m $301.0m
Provision on pensions and other post-employment benefits $439.0m $555.0m $463.0m $435.0m $430.0m $147.0m $176.0m $249.0m $166.0m $232.0m
Purchase Of Business — — — — — — ($939.0m) ($2.6b) ($1.4b) ($216.0m)
Purchase Of PPE — $2.8b $3.3b $3.6b $2.4b $3.0b ($3.5b) ($4.6b) ($4.4b) ($4.3b)
Repurchase Of Capital Stock — — — — — — ($2.9b) ($1.2b) ($1.3b) ($262.0m)
Sale Of Business — — — — — — $0 $254.0m $0 $47.0m
Sale Of PPE — — — — — — $95.0m $718.0m $568.0m $100.0m
Settlement of Votorantim put option liability — — — — — — — $0 $0 ($202.0m)
Share buyback $0 $0 ($226.0m) ($90.0m) ($500.0m) ($5.2b) ($2.9b) ($1.2b) ($1.3b) ($262.0m)
Trade accounts payable and other $1.4b $1.1b $914.0m ($1.2b) ($214.0m) $4.8b ($294.0m) ($271.0m) $56.0m ($942.0m)
Trade accounts receivable and other ($373.0m) ($620.0m) ($646.0m) $964.0m ($76.0m) ($2.5b) $1.1b $307.0m ($192.0m) $597.0m
Transactions with non-controlling interests — $0 ($68.0m) $0 $0 — $0 $0 $172.0m ($88.0m)
Unrealized foreign exchange effects $486.0m ($541.0m) $152.0m $7.0m $321.0m ($154.0m) ($82.0m) $409.0m $639.0m $114.0m
VAT and other amounts (paid) received to/from public authorities $46.0m ($177.0m) ($544.0m) $196.0m $400.0m ($123.0m) ($410.0m) $9.0m ($204.0m) $232.0m
Votorantim settlement expense — — — — — — — $0 $0 $420.0m
Profit or Loss $1.7b $4.6b $5.3b ($2.4b) ($578.0m) $15.6b $9.5b $1.0b $1.4b $3.2b
Capital Expenditure — — — — — — ($3.5b) ($4.6b) ($4.4b) ($4.3b)
Disposals of property, plant and equipment and intangibles — — — — — $105.0m $95.0m $718.0m $568.0m $100.0m
Purchase of property, plant and equipment and intangibles ($2.4b) ($2.8b) ($3.3b) ($3.6b) ($2.4b) ($3.0b) ($3.5b) ($4.6b) ($4.4b) ($4.3b)
Net Investment Purchase And Sale — — — — — — ($32.0m) $560.0m $216.0m ($19.0m)
Purchase Of Investment — — — — — ($80.0m) ($32.0m) — — —
Sale Of Investment — — — — — $2.7b $0 $560.0m — —
Net Other Investing Changes — — — — — — ($139.0m) ($170.0m) ($14.0m) ($126.0m)
Other investing activities net ($73.0m) ($77.0m) $257.0m $122.0m $271.0m ($149.0m) ($44.0m) ($170.0m) ($125.0m) ($225.0m)
Net cash provided by / (used in) investing activities ($1.1b) ($2.8b) ($3.8b) ($3.8b) ($2.0b) ($340.0m) ($4.5b) ($5.8b) ($5.0b) ($4.6b)
Cash flows from financing activities:
Issuance Of Debt — — — — — — $4.3b $352.0m $2.5b $2.1b
Long Term Debt Issuance — — — — — — $3.9b $134.0m $2.2b $2.1b
Net Issuance Payments Of Debt — — — — — — $3.1b ($1.9b) $1.0b ($874.0m)
Net Long Term Debt Issuance — — — — — — $3.7b ($475.0m) $2.0b $1.5b
Net Short Term Debt Issuance — — — — — — ($610.0m) ($1.5b) ($935.0m) ($2.3b)
Proceeds from long-term debt $110.0m $1.4b $1.1b $5.8b $323.0m $147.0m $3.9b $134.0m $2.2b $2.1b
Proceeds from short-term debt $1.5b $1.9b $2.3b $600.0m $430.0m $287.0m $434.0m $218.0m $257.0m $32.0m
Short Term Debt Issuance — — — — — — $434.0m $218.0m $257.0m $32.0m
Long Term Debt Payments — — — — — — ($160.0m) ($609.0m) ($264.0m) ($654.0m)
Payments of long-term debt ($4.9b) ($2.7b) ($798.0m) ($3.3b) ($1.6b) ($2.3b) $0 ($16.0m) ($61.0m) ($420.0m)
Payments of short-term debt ($2.7b) ($2.1b) ($2.9b) ($1.8b) ($1.5b) ($1.7b) ($1.0b) ($1.7b) ($1.2b) ($2.4b)
Repayment Of Debt — — — — — — ($1.2b) ($2.3b) ($1.5b) ($3.0b)
Short Term Debt Payments — — — — — — ($1.0b) ($1.7b) ($1.2b) ($2.4b)
Common Stock Issuance — — — — — $0 $0 — — —
Net Common Stock Issuance — — — — — — ($2.9b) ($1.2b) ($1.3b) ($262.0m)
Common Stock Payments — — — — — — ($2.9b) ($1.2b) ($1.3b) ($262.0m)
Cash Dividends Paid — — — — — — ($332.0m) ($369.0m) ($393.0m) ($421.0m)
Common Stock Dividend Paid — — — — — — ($332.0m) ($369.0m) ($393.0m) ($421.0m)
Dividend Received CFO — — — — — — $493.0m $316.0m $295.0m $362.0m
Dividends Paid Classified As Financing Activities $61.0m $141.0m $220.0m $332.0m $181.0m $572.0m $663.0m $531.0m $580.0m $542.0m
Dividends paid $63.0m $145.0m $216.0m $357.0m $162.0m $601.0m $636.0m $520.0m $585.0m $548.0m
Dividends paid (includes 121, 187 and 162 of dividends paid to non-controlling shareholders in 2025, 2024 and 2023, respectively) ($61) ($141) ($220) ($332) ($181) ($572) ($663) ($531) ($580) ($542)
Dividends received from associates, joint ventures and other investments $176 $232 $360 $370 $189 $261 $493 $316 $295 $362
Net Other Financing Charges — — — — — — ($331.0m) ($162.0m) ($15.0m) ($209.0m)
Payment of principal portion of lease liabilities and other financing activities — ($63.0m) ($78.0m) ($326.0m) ($264.0m) ($199.0m) ($160.0m) ($253.0m) ($203.0m) ($234.0m)
Effect Of Exchange Rate Changes — — — — — — ($158.0m) $255.0m ($471.0m) $504.0m
Effect of exchange rate changes on cash ($127.0m) $58.0m ($140.0m) ($22.0m) $163.0m ($55.0m) ($158.0m) $255.0m ($471.0m) $504.0m
Net (decrease) in cash and cash equivalents ($1.4b) $2.0m ($252.0m) $2.7b $573.0m ($1.3b) $5.2b ($1.9b) ($815.0m) ($1.5b)
Reclassification of the period-end cash and cash equivalents to held for sale ($13.0m) $13.0m ($10.0m) $10.0m ($3.0m) $3.0m — $0 $0 ($3.0m)
Change In Cash Supplemental As Reported — — — — — — $5.2b ($1.9b) ($815.0m) ($1.5b)
Interest Paid Classified As Operating Activities $1.4b $947.0m $749.0m $723.0m $604.0m $479.0m $440.0m $788.0m $799.0m $828.0m
Income Taxes Paid Refund Classified As Operating Activities $296.0m $506.0m $629.0m $484.0m $705.0m $2.1b $2.9b $977.0m $763.0m $633.0m

Data sourced from SEC EDGAR 10-K filings via EdgarTools. Amounts are shown in USD as reported in each fiscal year filing.

Values abbreviated: b = billions, m = millions, k = thousands. Per share data in USD.