ArcelorMittal publishes revised analyst model per new segmental reporting

27 March 2024, 10:30 CET

As announced with ArcelorMittal’s (‘the Company’) fourth quarter 2023 financial results, the Company has amended its presentation of reportable segments and EBITDA.

The changes, applied from January 1, 2024, are as follows:

• EBITDA is defined as operating result plus depreciation, impairment items and exceptional items and result from associates, joint ventures and other investments (excluding impairments and exceptional items if any);
• The NAFTA segment has been renamed "North America", a core growth region for the Company;
• ‘India and JVs’ is now reported separately as a segment, reflecting the share of net income of AMNS India, VAMA and AMNS Calvert as well as the other associates, joint ventures and other investments. India is a high growth vector of the Company, with our assets well-positioned to grow with the domestic market;
• A new ‘Sustainable Solutions’ segment is composed of a number of high-growth, niche, capital light businesses, playing an important role in supporting climate action (including renewables, special projects and construction business). Previously reported within the Europe segment, this is a growth vector of the Company and represents businesses employing over 12,000 people at more than 260 commercial and production sites across 60+ countries;
• Following the sale of the Company’s operations in Kazakhstan, the remaining parts of the former ‘ACIS’ segment have been assigned to ‘Others’; there are no changes to the ‘Brazil’ and ‘Mining’ segments.
  
  

The following periods: FY 2021, FY 2022 and FY 2023 and all four quarters of 2023 - have been recast in the Company’s published analyst model which can be viewed here: https://corporate.arcelormittal.com/investors/results

In addition, the Company has included key reconciliations of net income/ (loss) to EBITDA and adjusted net income and adjusted EPS as well as provided historic key performance indicators for its three key JVs: AMNS India, AMNS Calvert and VAMA.

Forward-Looking Statements
This document may contain forward-looking information and statements about ArcelorMittal and its subsidiaries. These statements include financial projections and estimates and their underlying assumptions, statements regarding plans, objectives and expectations with respect to future operations, products and services, and statements regarding future performance. Forward-looking statements may be identified by the words “believe”, “expect”, “anticipate”, “target” or similar expressions. Although ArcelorMittal’s management believes that the expectations reflected in such forward-looking statements are reasonable, investors and holders of ArcelorMittal’s securities are cautioned that forward-looking information and statements are subject to numerous risks and uncertainties, many of which are difficult to predict and generally beyond the control of ArcelorMittal, that could cause actual results and developments to differ materially and adversely from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include those discussed or identified in the filings with the Luxembourg Stock Market Authority for the Financial Markets (Commission de Surveillance du Secteur Financier) and the United States Securities and Exchange Commission (the “SEC”) made or to be made by ArcelorMittal, including ArcelorMittal’s latest Annual Report on Form 20-F on file with the SEC. ArcelorMittal undertakes no obligation to publicly update its forward-looking statements, whether as a result of new information, future events, or otherwise.