Annual report pursuant to Section 13 and 15(d)

Statements Of Consolidated Cash Flows

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Statements Of Consolidated Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
OPERATING ACTIVITIES      
Net income $ 450 $ 1,376 $ 3,033
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation, depletion and amortization 973 1,034 897
Deferred income taxes 114 90 767
Pension and OPEB credits (163) (132) (103)
Goodwill impairment 125 0 0
Loss on extinguishment of debt 0 75 88
Amortization of inventory step-up 0 0 161
Other 76 151 139
Changes in operating assets and liabilities, net of business combination:      
Accounts receivable, net 120 197 (754)
Inventories 670 64 (1,370)
Income taxes 122 (22) (136)
Pension and OPEB payments and contributions (94) (204) (343)
Payables, accrued employment and accrued expenses 4 (70) 457
Other, net (130) (136) (51)
Net cash provided by operating activities 2,267 2,423 2,785
INVESTING ACTIVITIES      
Purchase of property, plant and equipment (646) (943) (705)
Other investing activities 55 38 33
Net cash used by investing activities (591) (936) (1,379)
FINANCING ACTIVITIES      
Repurchase of common shares (152) (240) 0
Series B Redeemable Preferred Stock redemption 0 0 (1,343)
Proceeds from issuance of common shares 0 0 322
Proceeds from issuance of debt 750 0 1,000
Repayments of senior notes 0 (1,358) (1,372)
Borrowings under credit facilities 3,004 5,749 5,962
Repayments under credit facilities (4,868) (5,494) (5,889)
Debt issuance costs (34) 0 (20)
Other financing activities (204) (166) (130)
Net cash used by financing activities (1,504) (1,509) (1,470)
Net increase (decrease) in cash and cash equivalents 172 (22) (64)
Cash and cash equivalents at beginning of year 26 48 112
Cash and cash equivalents at end of year 198 26 48
Ferrous Processing and Trading      
INVESTING ACTIVITIES      
Acquisition, net of cash acquired 0 (31) (761)
ArcelorMittal USA      
INVESTING ACTIVITIES      
Acquisition, net of cash acquired $ 0 $ 0 $ 54