v3.25.4
OPERATING DATA (Tables)
 12 Months Ended
Dec. 31, 2025
Revenue, Cost Of Sales, Current Assets, And Current Liabilities [Abstract]  
Schedule of Movements in Trade and Other Receivables The tables below summarize the movements relating to the
Company's trade receivable and other for the years ended
December 31, 2025, 2024 and 2023.
Year ended December 31,
2025
2024
2023
Trade accounts receivable and
other - opening balance
3,375
3,661
3,839
Performance obligations
satisfied
61,352
62,441
68,275
Payments received
(61,949)
(62,249)
(68,590)
Impairment of receivables (net
of write backs and utilization)
(12)
(18)
(165)
Recognition (derecognition) of
receivables related to business
combination and divestments 1
412
31
189
Foreign exchange and others
298
(491)
113
Trade accounts receivable and
other - closing balance
3,476
3,375
3,661
1.Includes, in 2025, trade receivables recognized in connection with the
acquisitions of Calvert, Tuper, Tekno and AMTBA (see note 2.2.4) partly
offset by the derecognition of receivables following the divestments of AMZ
and AMTPI (see note 2.3). 2024 consists of receivables recognized in
connection with the acquisition of Italpannelli SRL. 2023 mainly included
receivables recognized in connection with the acquisition of ArcelorMittal
Pecém (see note 2.2.4) and receivables from ArcelorMittal Temirtau
recognized upon disposal partially offset by the derecognition of
ArcelorMittal Temirtau's receivables following its deconsolidation (see note
2.3).
Schedule of Cost of Sales Cost of sales includes the following components:
 
Year ended December 31,
 
2025
2024
2023
Materials
40,549
41,932
46,422
Labor costs
7,171
6,781
7,038
Logistic expenses
4,163
3,789
4,028
Depreciation and amortization
2,945
2,632
2,675
Impairment charges (note 3.1)
204
116
1,038
Foreign exchange translation
losses upon disposal of
Kazakhstan operations (note
2.3)
—
—
1,469
Other
1,944
1,403
868
Total
56,976
56,653
63,538
Schedule of Trade Accounts Receivable and Allowance for Expected Credit Losses
 
December 31,
 
2025
2024
Gross amount
3,884
3,685
Allowance for lifetime expected credit losses
(408)
(310)
Total
3,476
3,375
Exposure to Credit Risk by Reportable Segment The maximum exposure to credit risk for trade accounts
receivable by reportable segment and others is as follows:
 
December 31,
 
2025
2024
North America
387
313
Brazil
1,122
1,051
Europe
963
1,220
Sustainable Solutions
616
538
Mining
208
62
Others
180
191
Total
3,476
3,375
Aging of Trade Accounts Receivable Aging of trade accounts receivable
 
December 31,
December 31,
 
2025
2024
 
Gross
Allowance
Total
Gross
Allowance
Total
Not past due
2,971
(62)
2,909
2,930
(41)
2,889
Overdue 1-30 days
335
(3)
332
293
(5)
288
Overdue 31-60 days
74
—
74
80
(1)
79
Overdue 61-90 days
33
—
33
25
(1)
24
Overdue 91-180 days
88
(3)
85
43
(2)
41
More than 180 days
383
(340)
43
314
(260)
54
Total
3,884
(408)
3,476
3,685
(310)
3,375
Movement in the Allowance for Lifetime Expected Credit Losses The allowances in respect of trade accounts receivable during
the periods presented are as follows:
Year ended December 31,
2025
2024
2023
Allowance - opening
balance
310
364
190
Additions
29
30
178
Write backs / utilization
(17)
(12)
(13)
Foreign exchange and
others
86
(72)
9
Allowance - closing
balance
408
310
364
Schedule of Inventories Inventories, net of allowance for slow-moving inventory, excess
of cost over net realizable value and obsolescence of 1,180
and 1,370 as of December 31, 2025 and 2024, respectively,
are comprised of the following:
 
December 31,
 
2025
2024
Finished products
5,589
4,853
Production in process
4,652
4,177
Raw materials
5,597
5,245
Manufacturing supplies, spare parts and
other 1
2,751
2,226
Total
18,589
16,501
1.Including spare parts of 2.1 billion and 1.7 billion, and manufacturing and
other supplies of 0.6 billion and 0.5 billion as of December 31, 2025 and
2024, respectively.
Movement in Inventory Reserve Movements in the inventory write-downs are as follows:
Year ended December 31,
2025
2024
2023
Inventory write-downs -
opening balance
1,370
1,434
1,629
Additions 1
220
567
516
Deductions / Releases 2
(554)
(550)
(681)
Foreign exchange and others
144
(81)
(30)
Inventory write-downs -
closing balance
1,180
1,370
1,434
1.Additions refer to write-downs of inventories excluding those utilized or
written back during the same financial year.
2.Deductions/releases correspond to write-backs and utilization related to the
prior periods.
Schedule of Prepaid Expenses and Other Current Assets
December 31,
2025
2024
VAT receivables
844
836
Prepaid expenses and non-trade
receivables
954
610
Financial amounts receivable2
282
389
Income tax receivable
163
148
Receivables from public authorities
179
207
Receivables from sale of intangible, tangible
and financial assets
44
91
Derivative financial instruments (notes 6.1
and 6.3)
193
305
CO2 emission rights
100
180
Other1
268
256
Total
3,027
3,022
1.Other included mainly advances to employees, accrued interest and other
miscellaneous receivables.
2.Includes nil and 98 of outstanding receivables in connection with the sale of
ArcelorMittal Temirtau, at December 31, 2025 and 2024, respectively (see
note 2.3).
Schedule of Other Assets Other assets consisted of the following:
 
December 31,
 
2025
2024
Derivative financial instruments (notes 6.1
and 6.3)
105
133
Financial amounts receivable2
179
594
Long-term VAT receivables
278
239
Cash guarantees and deposits
188
153
Receivables from public authorities
110
71
Accrued interest
36
25
Receivables from sale of intangible, tangible
and financial assets
12
68
Income tax receivable
27
49
Other1
264
246
Total
1,199
1,578
1.Other mainly includes assets in pension funds and other amounts receivable.
2.Includes nil and 197 of outstanding receivables in connection with the sale of
ArcelorMittal Temirtau, at December 31, 2025 and 2024, respectively (see
note 2.3).
Schedule of Accrued Expenses and Other Liabilities Accrued expenses and other liabilities were comprised of the
following:
December 31,
2025
2024
Accrued payroll and employee related
expenses
1,426
1,335
Accrued interest and other payables
1,091
873
Payable from acquisition of intangible,
tangible & financial assets
1,420
1,471
Other amounts due to public authorities
914
644
Derivative financial instruments (notes 6.1
and 6.3)
223
327
Unearned revenue and accrued payables
94
88
Total
5,168
4,738