ArcelorMittal Merges Captive Mines Management with Steel Mills
ArcelorMittal announced that primary responsibility for the management of its captive mining operations, those mining operations which primarily serve the Company’s steel operations, will be moved from its Mining segment to the relevant steel segment. The Mining segment will retain responsibility for the operation of the seaborne oriented mining operations at ArcelorMittal Mines Canada and ArcelorMittal Liberia and will continue to provide technical support to all mining operations within the Company.
As a result, effective from the second quarter 2021, ArcelorMittal will amend its presentation of reportable segments to reflect this organisational change, as required by IFRS accounting regulations. Only the seaborne-oriented operations of AMMC and Liberia will be reported within the Mining segment, which will be renamed ‘Seaborne Iron Ore’. The results of the Company’s other mining operations will be accounted for within the respective steel segments that the mines supply.