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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 20-F

☐    REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934

OR

☒    ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended December 31, 2020

OR

☐    TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

OR

☐    SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number 001-35788

ARCELORMITTAL

(Exact name of Registrant as specified in its charter)

N/A

(Translation of Registrant’s name into English)

Grand Duchy of Luxembourg

(Jurisdiction of incorporation or organization)

 24-26, Boulevard d’Avranches, L-1160 Luxembourg,

Grand Duchy of Luxembourg

(Address of principal executive offices)

 Henk Scheffer, Company Secretary, 24-26, Boulevard d’Avranches, L-1160 Luxembourg,

Grand Duchy of Luxembourg. Fax: +352 4792 2235

(Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)

Securities registered or to be registered pursuant to Section 12(b) of the Act:

Securities registered or to be registered pursuant to Section 12(g) of the Act:

None

Securities for which there is reporting obligation pursuant to Section 15(d) of the Act:

None 

Indicate the number of outstanding shares of the issuer’s classes of capital or common stock as of the close of the period covered by the annual report:

Ordinary Shares

1,080,734,413

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Yes  ☒    No ☐

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.

Yes ☐    No  ☒

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes ☒    No  ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S‐T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).

Yes ☒    No  ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or an emerging growth company. See definition of “accelerated filer, large accelerated filer and emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer  ☒        Accelerated filer  ☐        Non-accelerated filer  ☐        Emerging growth company  ☐

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange

Act. ☐

The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☒ 

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:

U.S. GAAP  ☐  International Financial Reporting Standards as issued by the International Accounting Standards

Board  ☒   Other  ☐

If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow.

Item 17  ☐   Item 18  ☐

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes  ☐    No  ☒

Form 20-F Cross Reference Guide

Item			Form 20-F Caption			Reference in current report			Page
Presentation of financial and certain other information						Glossary - definitions, terminology and principal subsidiaries			204
Cautionary statement regarding forward-looking statements						Cautionary statement regarding forward-looking statements			12
Part I
Item 1.			Identity of Directors, senior management and advisers			Not applicable
Item 2.			Offers statistics and expected timetable			Not applicable
Item 3.			Key information
A.			Selected financial data			Not applicable
B.			Capitalization and indebtedness			Not applicable
C.			Reasons for the offer and use of proceeds			Not applicable
D.			Risk factors			Risk Factors			16
Item 4.			Information on the Company
A.			History and development of the Company			History and development of the Company, Key transactions and events in 2020			6
B.			Business overview			Business strategy, Competitive strengths, Sustainable development, Products, Sales and marketing, Insurance, Intellectual property, Government regulations and Market information			38, 7, 43, 57, 61, 62, 62, 63, and 182
C.			Organizational structure			Organizational structure			70
D.			Property, plant and equipment			Property, plant and equipment, Capital expenditures, Reserves (iron ore and coal)			72, 94 and 96
Item 4A.			Unresolved staff comments			None
Item 5.			Operating and financial review and prospects
A.			Operating results			Economic conditions, Operating results			100 and 121
B.			Liquidity and capital resources			Liquidity and capital resources and Contractual obligations			133, 140
C.			Research and development, patents and licenses			Competitive strengths, Research and development			7, 39
D.			Trend information			Outlook			141
E.			Off-balance sheet arrangements			Contractual obligations			140
F.			Tabular disclosure of contractual obligations			Contractual obligations			140
G.			Safe harbor			Forward-looking statements			12
Item 6.			Directors, Senior management and employees
A.			Directors and senior management			Directors and senior management			142
B.			Compensation			Compensation			149
C.			Board practices/corporate governance			Corporate governance			165
D.			Employees			Employees			174
E.			Share ownership			Management share ownership			180
Item 7.			Major shareholders and related party transactions
A.			Major shareholders			Major shareholders			179
B.			Related party transactions			Related party transactions			181
C.			Interest of experts and counsel			Not applicable
Item 8.			Financial information
A.			Consolidated statements and other financial information			Consolidated financial statements as of and for the year ended December 31, 2020			209
B.			Significant changes			Not applicable
Item 9.			The offer and listing

A.			Offer and listing details			Markets			182
B.			Plan of distribution			Not applicable
C.			Markets			Markets			182
D.			Selling shareholders			Not applicable
E.			Dilution			Not applicable
F.			Expenses of the issue			Not applicable
Item 10.			Additional information
A.			Share capital			Share capital			184
B.			Memorandum and Articles of Association			Memorandum and Articles of Association			184
C.			Material contracts			Material contracts			193
D.			Exchange controls			Exchange controls and other limitations affecting security holders			195
E.			Taxation			Taxation			196
F.			Dividends and paying agents			Paying agents and Earnings distribution			182, 136
G.			Statements by experts			Reserves (iron ore and coal) and Exhibits			96, 206
H.			Documents on display			History and development of the Company			6
I.			Subsidiary information			Not applicable
Item 11.			Quantitative and qualitative disclosures about market risk			Disclosures about market risk			138
Item 12.			Description of securities other than equity securities
A.			Debt securities			Not applicable
B.			Warrants and rights			Not applicable
C.			Other securities			Not applicable
D.			American depositary shares			New York Registry Shares			182
Part II
Item 13.			Defaults, Dividend arrearages and Delinquencies			None
Item 14.			Material modifications to the rights of security holders and use of proceeds			None
Item 15.			Controls and procedures			Evaluation of disclosure controls and procedures, Management’s report on internal control over financial reporting			200 and 200
Item 16A.			Audit & Risk Committee Financial Expert			Corporate governance			182
Item 16B.			Code of ethics			Corporate governance			182
Item 16C.			Principal accountant fees and services			Principal accountant fees and services			203
Item 16D.			Exemptions from the listing standards for audit committees			None
Item 16E.			Purchases of equity securities by the issuer and affiliated purchasers			Purchases of equity securities by the issuer and affiliated purchasers			183
Item 16F.			Change in registrant’s certifying accountant			None
Item 16G.			Corporate governance			Corporate governance			165
Item 16H.			Mine safety disclosure			Health and safety and Exhibit 16.1			65
Part III
Item 17.			Financial statements			Consolidated financial statements			209
Item 18.			Financial statements			Consolidated financial statements			209
Item 19.			Exhibits			Exhibits			206

Introduction

Company overview