ArcelorMittal - Annual Report 2024

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

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

For the fiscal year ended December 31 , 2024

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

☐ 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 2664 9649

(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:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Ordinary Shares	MT	New York Stock Exchange

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

768,546,622

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

“large accelerated filer," "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. ☒

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect

the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of

the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

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 ☒

Table of contents

Management report	Page
Introduction
Company overview	3
History and development of the Company	3
Cautionary Statement regarding forward-looking statements	8
Key transactions and events in 2024	9
Sustainable development highlights	10
Risk Factors and Control	12
Business overview
Business strategy	29
Research and development	30
Sustainable development	32
Products and markets	42
Raw materials and energy	46
Sales and marketing	47
Intellectual property	48
Government regulations	48
Organizational structure	59
Properties and capital expenditures
Property, plant and equipment	60
Capital expenditures	73
Mineral reserves and resources	75
Operating and financial review
Key factors affecting results of operations	91
Operating results	100
Liquidity and capital resources	113
Disclosures about market risk	118
Outlook	120
Management and employees
Directors and senior management	121
Compensation	133
Employees	148
Corporate governance	150
Insider Dealing Regulation	161

Shareholders and markets
Major shareholders	162
Related party transactions	164
Markets	165
New York Registry Shares	166
Dividend distributions	166
Purchases of equity securities by the issuer and affiliated purchasers	166
Share capital	168
Additional information	Page
Memorandum and Articles of Association	168
Material contracts	173
Exchange controls and other limitations affecting security holders	174
Taxation	175
Evaluation of disclosure controls and procedures	180
Management’s report on internal control over financial reporting	180
Principal accountant fees and services	183
Glossary - definitions, terminology and principal subsidiaries	184
Exhibits	187
Signature	189
Reports of Independent Registered Public Accounting Firms ( Ernst & Young S.A. , PCAOB ID 1367 )	191
Consolidated financial statements	190
Consolidated statements of operations	195
Consolidated statements of other comprehensive income	196
Consolidated statements of financial position	197
Consolidated statements of changes in equity	198
Consolidated statements of cash flows	199
Notes to the consolidated financial statements	200

Form 20-F Cross Reference Guide

Item	Form 20-F Caption	Reference in current report	Page
Presentation of financial and certain other i nformation		Glossary - definitions, terminology and principal subsidiaries	184
Cautionary statement regarding forward-looking s tatements		Cautionary statement regarding forward-looking statements	8
Part I
Item 1.	Identity of Directors, Senior Management and Advisers	Not applicable
Item 2.	O ffers Statistics and Expected Timetable	Not applicable
Item 3.	K ey Information
A.	[Reserved]	Not applicable
B.	Capitalization and indebtedness	Not applicable
C.	Reasons for the offer and use of proceeds	Not applicable
D.	Risk factors	Risk Factors and Control	12
Item 4.	Information on the Co mpany
A.	History and development of the Company	History and development of the Company, Key transactions and events in 2024, Recent developments, Sustainable development highlights - striving to be a leader in the decarbonization of the steel industry, Capital expenditures, Raw materials, Sources and uses of cash, Note 2 to consolidated financial statements	3 , 9 , 10 , 10 , 73 , 95 , 116 and 209
B.	Business overview	Competitive strengths, Market information, Key transactions and events in 2024, Risk management process, Business overview - Business strategy, Sustainable development, Purchasing, Products, Sales and marketing, Intellectual property, Government regulations, Raw materials	3 , 8 , 9 , 25 , 29 , 32 , 42 , 47 , 47 , 48 , 48 and 95
C.	Organizational structure	Organizational structure	59
D.	Property, plant and equipment	Property, plant and equipment, Capital expenditures, Reserves and Resources (iron ore and coal)	60 , 73 and 75
Item 4A.	Unresolved staff c omments	None
Item 5.	Operating and Financial Review and Prospects
A.	Operating results	Key factors affecting results of operations, Operating results	91 and 100
B.	Liquidity and capital resources	Liquidity and capital resources	113
C.	Research and development, patents and licenses , etc.	Competitive strengths, Research and development	3 , 30
D.	Trend information	Outlook and Key factors affecting results of operations	120 , 91
E.	Critical Accounting Estimates	Critical accounting policies and use of judgments and estimates	99
Item 6.	Directors, Senior Management and Employees
A.	Directors and senior management	Directors and senior management	121
B.	Compensation	Compensation	133
C.	Board practices	Corporate governance, Directors and senior management	150 , 121
D.	Employees	Employees	148
E.	Share ownership	Management share ownership, Compensation	163 , 133
F.	Disclosure of a registrant’s action to recover erroneously awarded compensation.	Not applicable
Item 7.	Major Shareholders and Related Party Transactions
A.	Major shareholders	Major shareholders	162
B.	Related party transactions	Related party transactions	164
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, 2024, Export sales, Legal proceedings, Additional information - Capital return policy	190 , 100 and 6
B.	Significant changes	Recent developments, Operating and financial review, Note 13 to consolidated financial statements	10 , 91 , 311
Item 9.	T he Offer and Listing

A.	Offer and listing details	Markets	165
B.	Plan of distribution	Not applicable
C.	Markets	Markets	165
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	168
B.	Memorandum and articles of association	Memorandum and Articles of Association	168
C.	Material contracts	Material contracts	173
D.	Exchange controls	Exchange controls and other limitations affecting security holders	174
E.	Taxation	Taxation	175
F.	Dividends and paying agents	Paying agents and Earnings distribution	165 , 115
G.	Statements by experts	Reserves and Resources (iron ore and coal) and Exhibits 15.1, 15.2, 15.3, 15.4, 15.5, 15.6, 15.7, 15.8, 15.9, 15.10 and 15.11	75 , 187
H.	Documents on display	History and development of the Company	3
I.	Subsidiary information	Not applicable
J.	Annual Report to Security Holders	Not applicable
Item 11.	Quantitative and Qualitative Disclosures about Market Risk	Disclosures about market risk	118
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	166
Part II
Item 13.	Defaults, Dividend Arrearages and Delinquenc ies	None
Item 14.	M aterial 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 and Internal control procedures, Report of Independent Registered Public Accounting Firm	180 , 180 , 26 and 182
Item 16A.	Audit committee financial expert	Corporate governance	150
Item 16B.	Code of Ethics	Corporate governance — Code of Business Conduct	150
Item 16C.	P rincipal Accountant Fees and Services	Principal accountant fees and services	183
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	166
Item 16F.	Change in Registrant’s Certifying Accountant	Not applicable
Item 16G.	Corporate Governance	Corporate governance	150
Item 16H.	Mine Safety Disclosure	Not applicable
Item 16I.	Disclosure Regarding Foreign Jurisdictions that Prevent Inspections	Not applicable
Item 16J.	Insider Trading Policies	Corporate governance —Insider Dealing Regulations, Exhibit 11.1	150
Item 16K	Cybersecurity	Risk Factors and Control — Cybersecurity	27
Part III
Item 17.	Financial statements	Consolidated financial statements	190
Item 18.	Financial statements	Consolidated financial statements	190
Item 19.	Exhibits	Exhibits	187

Management report

INTRODUCTION

Company overview

ArcelorMittal is one of the world’s leading integrated steel and

mining companies. ArcelorMittal is the largest steel producer in

Europe and among the largest in the Americas, and a growing

presence in Asia including India through its joint venture AMNS

India.

*Iron ore production includes production from ArcelorMittal Mining Canada G.P.

and ArcelorMittal Infrastructure G.P. ("AMMC"), ArcelorMittal Liberia and captive

mines.

ArcelorMittal has steel-making operations in 15 countries,

including 36 integrated and mini-mill steel-making facilities . As of

December 31, 2024, ArcelorMittal had approximately 125,416

employees.

ArcelorMittal produces a broad range of high-quality finished

and semi-finished steel products ("semis"). Specifically,

ArcelorMittal produces flat products, including sheet and plate,

and long products, including bars, rods and structural shapes. It

also produces pipes and tubes for various applications.

ArcelorMittal sells its products primarily in local markets and to a

diverse range of customers in approximately 129 countries,

including the automotive, appliance, engineering, construction

and machinery industries. ArcelorMittal’s mining operations

produce various types of mining products including iron ore

lump, fines, concentrate, pellets and sinter feed.

As a global steel producer, the Company is able to meet the

needs of different markets. Steel consumption and product

requirements clearly differ between developed markets and

developing markets. Steel consumption in developed economies

is weighted towards flat products and a higher value-added mix,

while developing markets utilize a higher proportion of long

products and commodity grades. To meet these diverse needs,

the Company maintains a high degree of product diversification

and seeks opportunities to increase the proportion of higher

value-added products in its product mix.

History and development of the Company

ArcelorMittal results from the merger in 2007 of its predecessor

companies Mittal Steel Company N.V. and Arcelor, each of

which had grown through acquisitions over many years. Since

its creation ArcelorMittal has experienced periods of external

growth as well as consolidation and deleveraging (including

through divestment).

ArcelorMittal's success is built on its core values of safety,

sustainability, quality and leadership and the entrepreneurial

boldness that has empowered its emergence as the first truly

global steel and mining company. Acknowledging that a

combination of structural issues and macroeconomic conditions

will continue to challenge returns in its sector, the Company has

adapted its footprint to the new demand realities, redoubled its

efforts to control costs and repositioned its operations with a

view toward outperforming its competitors. ArcelorMittal’s

research and development capability is strong and includes

several major research centers as well as strong academic

partnerships with universities and other scientific bodies.

Against this backdrop, ArcelorMittal's strategy is to leverage four

distinctive attributes that will enable it to capture leading

positions in the most attractive areas of the steel industry’s

value chain, from mining at one end to distribution and first-

stage processing at the other: global scale and scope; superior

technical capabilities; a diverse portfolio of steel and related

businesses, one of which is mining; and financial capabilities.

The Company’s strategy is further detailed under “Business

overview—Business strategy”.

ArcelorMittal’s steel-making operations have a high degree of

geographic diversification. In 2024, approximate ly 38%

of its crude steel was produced in the Americas, approximately

53% was produced in Europe and approximately 9% was

produced in other countries, such as South Africa and Ukraine .

In addition, ArcelorMittal’s sales of steel products are spread

over both developed and developing markets, which have

different consumption characteristics. ArcelorMittal’s mining

operations, including captive mines are present in North

America, South America, Africa and Europe. Captive mines are

integrated into the Company's global steel-making facilities.

Competitive strengths

The Company believes that the following factors contribute to

ArcelorMittal’s success in the global steel and mining industry:

Market leader in steel. ArcelorMittal had annual achievable

production capacity of approximately 76.7 millio n tonnes of

Management report

crude steel for the year ended December 31, 2024. Steel

shipments for the year ended December 31, 2024 totaled 54.3

million tonnes . ArcelorMittal has significant operations in many

countries which are described in "Properties and capital

expenditures". In addition, many of ArcelorMittal’s operating

units including through its joint ventures have access to

developing markets that are expected to experience, over time,

above-average growth in steel consumption (such as Central

and Eastern Europe, South America, India, Africa and Southeast

Asia).

The Company sells its products in local markets and through a

centralized marketing organization to customers in

approximately 129 countries. ArcelorMittal’s diversified product

offering, together with its distribution network and research and

development (“R&D”) programs, enable it to build strong

relationships with customers, which include many of the world’s

major automobile and appliance manufacturers. The Company

is a strategic partner to many major original equipment

manufacturers (“OEMs”) and has the capability to build long-

term contractual relationships with them based on early vendor

involvement, contributions to global OEM platforms and

common value-creation program s.

A world-class mining business. ArcelorMittal has a global

portfolio of 9 operating units with mines in operation and

development and is among the largest iron ore producers in the

world . In 2024 , ArcelorMittal sourced a large portion of its raw

materials from its own mines and facilities including leases. The

table below reflects ArcelorMittal's self-sufficiency through its

mining operations in 2024 .

Millions of metric tonnes	Consumption	Sourced from own mines/ facilities 2	Self- sufficiency %
Iron ore	71.1	40.9	58%
PCI & coal 1	27.6	—	—%
Coke	16.7	15.0	90%
Scrap & DRI	25.3	13.6	54%

Includes coal only for the steelmaking process and excludes steam coal for

power generation. ArcelorMittal's consumption of PCI and coal was 6.3 million

tonnes and 21.3 million tonnes, respectively, for the year ended December 31,

Assumes 100% consumption of ArcelorMittal's iron ore and coal ship ments.

The Company has iron ore mining activities in Brazil, Bosnia,

Canada, Liberia, Mexico, Ukraine, South Africa and through its

joint venture in India and associate in Canada (Baffinland).

ArcelorMittal’s main mining products include iron ore lump,

fines, concentrate, pellets and sinter feed. In addition,

ArcelorMittal produces substantial amounts of DRI, an important

metallic feedstock required for the production of highest quality

steels through the EAF route, which will grow substantially in the

context of decarbonization. As of December 31, 2024,

ArcelorMittal’s iron ore reserves (including reserves at mines

where ArcelorMittal owns less than 100%, based on

ArcelorMittal's ownership percentage even if ArcelorMittal is

entitled to mine all the reserves, and including reserves for

which use is restricted) were estimated at 3,831 million tonnes

run of mine. See “Properties and capital expenditures—Mineral

reserves and resources” for a detailed list of the entities with

mineral reserves and resources and ownership structure. The

Company’s long-life iron ore reserves and resources provide a

measure of security of supply and an important natural hedge

against raw material volatility and global supply constraints. The

seaborne iron ore mining business is managed as a separate

segment which enhances ArcelorMittal’s ability to optimize

capital allocation.

ArcelorMittal’s facilities have good access to shipping facilities,

including through ArcelorMittal’s own, or partially owned, 18

deep-water port facilities and linked railway sidings.

Market-leading automotive steel business . ArcelorMittal has

a leading market share (approximately 16% of the worldwide

market) in automotive, and is a leader in the fast-growing

advanced high-strength steels ("AHSS") segment, specifically

for flat products. ArcelorMittal is the first steel company in the

world to embed its own engineers within an automotive

customer to provide engineering support. The Company begins

working with OEMs as early as five years before a vehicle

reaches the showroom, to provide generic steel solutions, co-

engineering and help with the industrialization of the project.

These relationships are founded on the Company’s continuing

investment in R&D and its ability to provide well-engineered

solutions that help make vehicles lighter, safer and more fuel-

efficient.

In 2024, ArcelorMittal continued to extend the S-in Motion®

catalog according to the automotive market trends. The S-in

Motion® battery electric vehicles ("BEV") catalog of steel

solutions has been adapted to include specific products for

BEV's including new designs focused on battery protection.

Advanced and especially ultra-high strength steels, innovative

press hardened steels, and laser welded blanks are especially

highlighted as key solutions for optimal performance (passenger

safety/lightweighting) and battery protection. The growth of

various types of electric vehicles will impact design and

manufacturing leading to demand for different materials and

steel grades, and more AHSS for battery protection. For

instance, both the battery box and body structure have to

protect the battery in the event of a crash.

In the automotive industry, ArcelorMittal mainly supplies the

geographic markets where its production facilities are located,

which are Europe, North and South America, South Africa, India

through its joint venture AMNS India, and China through Valin

ArcelorMittal Automotive Steel Co., Ltd (“VAMA”), a joint venture

with Hunan Valin. VAMA’s product mix is oriented toward higher

value products and mainly toward the OEMs to which the

Management report

Company sells tailored solutions based on its products. With

sales and service offices worldwide and production facilities in

North and South America, South Africa, Europe, India and

China, ArcelorMittal believes that it is uniquely positioned to

supply global automotive customers with the same products

worldwide. The Company has multiple joint ventures and has

also developed a global downstream network of partners

through its distribution solutions activities. This provides the

Company with a proximity advantage in virtually all regions

where its global customers are present.

Sustainability (with focus on CO 2 emission reduction in the

supply chain) has become a key requirement in the automotive

industry linked to the importance of sustainability in the holistic

electrical vehicle market. In 2021, ArcelorMittal launched two

solutions under the XCarb® brand: XCarb® green steel

certificates and XCarb® recycled and renewably produced

("RRP"), which was well received in automotive industry and

markets. The first XCarb® RRP steels were successfully

launched in Europe and in North America, exhibiting potential for

reduction in CO 2 emissions. ArcelorMittal also combines

manufacturing simplification and sustainability with the

development in Europe of the XCarb® Door Ring.

For further details on the new products under development, see

"Business overview—Research and development”.

Diversified and efficient producer. As a global steel

manufacturer with a leading position in many markets,

ArcelorMittal benefits from scale and production cost efficiencies

in various markets and a measure of protection against the

cyclicality of the steel industry and raw materials prices.

• Diversified production process . In 2024, approximately

43.5 million tonnes of crude steel were produced

through the basic oxygen furnace process ("BOF") and

approximately 14.4 million tonnes through the electric

arc furnace ("EAF") process. This provides

ArcelorMittal with greater flexibility in its raw material

and energy use, and increased ability to meet varying

customer requirements in the markets it serves.

• Product and geographic diversification . By operating a

portfolio of assets diversified across product segments

and geographic areas, ArcelorMittal benefits from a

number of natural hedges. As a global steel producer

with a broad range of high-quality finished and semi-

finished steel products, ArcelorMittal is able to meet the

needs of diverse markets. Steel consumption and

product requirements vary between mature economy

markets and developing economy markets. Steel

consumption in mature economies is largely from flat

products and a higher value-added mix, while

developing markets utilize a higher proportion of long

products and commodity grades. As developing

economies mature and markets evolve, local

customers will require increasingly advanced steel

products. To meet these diverse needs, ArcelorMittal

maintains a high degree of product diversification and

seeks opportunities to increase the proportion of its

product mix consisting of higher value-added products.

• Upstream integration . ArcelorMittal believes that its

own raw material production provides it with a

competitive advantage over time. Additionally,

ArcelorMittal benefits from the ability to optimize its

steel-making facilities’ efficient use of raw materials, its

global procurement strategy and the implementation of

Company-wide knowledge management practices with

respect to raw materials. Certain of the Company’s

operating units also have access to infrastructure, such

as deep-water port facilities, railway sidings and

engineering workshops that lower transportation and

logistics costs.

• Downstream integration . ArcelorMittal’s downstream

integration, primarily through its Europe segment for

distribution solutions, enables it to provide customized

steel solutions to its customers more effectively. The

Company’s downstream assets have cut-to-length,

slitting and other processing facilities, which provide

value additions and help it to maximize operational

efficiencies.

Dynamic responses to market challenges and

opportunities. ArcelorMittal’s management team has a strong

track record and extensive experience in the steel and mining

industries.

In February 2022, the Company announced a new three-year

$1.5 billion value plan ($1.4 billion scope adjusted for the sale of

ArcelorMittal Temirtau operations on December 7, 2023)

focused on creating value through well-defined commercial and

operational initiatives. This plan did not include the impact of

strategic capital expenditure projects (which are followed

separately). The plan includes commercial initiatives, including

volume/mix improvements and operational improvements

(primarily in variable costs). The plan aims at protecting

operating income potential of the business from rising

inflationary pressures, improving its relative competitive position

vis-à-vis its peers and supporting sustainably higher profits. The

plan was completed in 2024, and the actions taken in the three

years from 2022 to 2024 have yielded cumulative benefits of

$1.4 billion (approximately 100% of the scope adjusted target).

These include $0.4 billion of commercial initiatives, $0.7 billion

of variable costs savings and $0.2 billion of logistic and other

improvements.

Management report

Proven expertise in acquisitions

A rcelorMittal’s management team has proven expertise in

successfully acquiring and subsequently integrating operations.

The Company takes a disciplined approach to investing and

uses teams with diverse areas of expertise from different

business units across the Company to evaluate opportunities,

conduct due diligence and monitor integration and post-

acquisition performance. The Company introduces focused

capital expenditure programs, implements Company-wide best

practices, balances working capital, ensures adequate

management resources and introduces safety and

environmental improvements at acquired facilities. ArcelorMittal

believes that these operating and financial measures have

improved the operating performance and the quality of steel

produced at such facilities.

In recent years, the Company has focused on portfolio

optimization including assets disposals and strategic M&A

activity (see also "— Key transactions and events in 2024"). In

2022, ArcelorMittal acquired a 80% interest in voestalpine's

world-class Hot Briquetted Iron ("HBI") plant in Texas and in

2023, the Company completed the acquisition of Companhia

Siderúrgica do Pecém ("CSP") renamed ArcelorMittal Pecém in

Brazil, a world-class operation, producing high-quality slab at a

globally competitive cost. To further support its decarbonization

strategy, ArcelorMittal acquired several steel recycling

businesses (ALBA and John Lawrie Metals in 2022, Riwald

Recycling in 2023). It also complemented the Company's

existing geographic presence and strengthened the product

portfolio of the Sustainable Solutions segment's construction

business through the acquisitions of Italpannelli Germany, Spain

and Italy in 2023 and 2024. In August 2024, ArcelorMittal

acquired a 28% stake in Vallourec, which presents a compelling

opportunity to increase the Company’s exposure to the

attractive, downstream, value-added tubular market.

Sustainability leadership

ArcelorMittal is committed to the industry’s efforts to

decarbonize, and to being part of the solution to the world

reaching net-zero by 2050. As innovation is central to the

Company's success given the onus it places on research and

development ("R&D") with the goal of ensuring ArcelorMittal is at

the forefront of the evolution of steelmaking processes and

products, the Company has developed the industry’s broadest

and most flexible suite of low-emissions steelmaking

technologies and has integrated them into two pathways, Smart

Carbon and Innovative-DRI, both of which hold the potential to

deliver carbon-neutral steelmaking.

Other information

ArcelorMittal is a public limited liability company (société

anonyme) that was incorporated for an unlimited period under

the laws of the Grand Duchy of Luxembourg on June 8, 2001.

ArcelorMittal is registered at the R.C.S. Luxembourg under

number B 82.454.

The mailing address and telephone number of ArcelorMittal’s

registered office are:

ArcelorMittal
24-26, Boulevard d’Avranches
L-1160 Luxembourg
Grand Duchy of Luxembourg
Telephone: +352 4792-1

ArcelorMittal’s agent for U.S. federal securities law purposes is:

ArcelorMittal Sales & Administration LLC
833 W. Lincoln Highway, Suite 200E,
Schererville, IN 46375
Telephone: +219 256 7303

Internet site

ArcelorMittal maintains an Internet site at

www.arcelormittal.com. Information contained on or otherwise

accessible through this Internet site is not a part of this annual

report. All references in this annual report to this Internet site

and to any other Internet sites (other than to specific documents

furnished to or filed with the SEC and specifically incorporated

by reference herein) are inactive textual references and are for

information only. The SEC maintains an internet site that

contains reports, proxy and information statements, and other

information regarding issuers that file electronically with the SEC

at www.sec.gov.

ArcelorMittal produces a range of publications to inform its

shareholders. These documents are available in various

formats: they can be viewed online or downloaded. Please refer

to www.arcelormittal.com, where they can be located within the

Investors menu, under Financial Reports, or within the

Corporate Library. Any request for documents may be sent to:

[email protected] or ArcelorMittal’s

registered office.

Sustainable development

ArcelorMittal's sustainable development information is detailed

in i ts Sustainability Report which is expected to be published

during the second quarter of 2025 . It will be available within the

Corporate Library on www.arcelormittal.com. For further

information, please refer to the section "Sustainable

Development".

ArcelorMittal as parent company of the ArcelorMittal group

ArcelorMittal, incorporated under the laws of Luxembourg, is the

parent company of the ArcelorMittal group and is expected to

continue this role during the coming years. The Company has

no branch offices.

Management report

Listings

ArcelorMittal’s shares (also referred to as "ordinary shares" or

"common shares" throughout this report) are traded on several

exchanges: New York (MT), Amsterdam (MT), Paris (MT),

Luxembourg (MT) and on the Spanish Stock Exchanges of

Barcelona, Bilbao, Madrid and Valencia (MTS). Its primary stock

exchange regulator is the Luxembourg CSSF ("Commission de

Surveillance du Secteur Financier"). ArcelorMittal’s CSSF issuer

number is E-0001.

Indexes

ArcelorMittal is a member of more than 145 indices including:

STOXX Europe 600, S&P Europe 350, CAC40, Bloomberg

Europe 500 Steel Index, and Euronext Amsterdam AEX Basic

Materials Index. Recognized for its commitments to sustainable

development, ArcelorMittal is also included in the FTSE4Good

Index, Euronext Vigeo Europe 120 and the Euronext Most

Advanced Benelux 20.

Share price performance

During 2024, the price of ArcelorMittal shares decreased by

17.9 % in dollar terms compared to 2023 year on year; the c hart

below shows a comparison between the performance of

ArcelorMittal’s shares and the Eurostoxx600 Basic Resource

(SXPP).

Capital return policy

On April 30, 2024 , at the annual general meeting of

shareholders ("AGM"), the shareholders approved the dividend

of $0.50 per share proposed by the Board of Directors. The

dividend amounted to $ 393 million and payment included two

installments; the first installment of $200 million was paid on

June 12, 2024 and the second installment of $193 million was

paid on December 4, 2024.

In accordance with its capital return policy, the Company

expects to pay a base annual dividend (to be progressively

increased over time) . In addition, a minimum of 50% of the

amount of free cash flow (calculated as net cash provided by

operating activities less purchases of property, plant and

equipment and intangibles ("capital expenditures") less

dividends paid to non-controlling shareholders) remaining after

paying the base annual dividend is allocated to a share buyback

program.

On May 5, 2023, the Company announced a share buyback

program pursuant to the authorization of the AGM held on May

2, 2023, which remains outstanding as of the date of this annual

report. I ncluding the $9.8 billion of shares repurchased under

previous and current share buyback programs from 2020 to

2023 and $1 .3 billion from shares repurchased during 2024 , the

Company returned in total $13.7 billion to shareholders under

the above-mentioned capital return policy . Also, see "Operating

and financial review—Earnings distribution". Additional

buybacks under the current share buyback program will be

allocated to the 2025 capital return. At December 31, 2024,

ArcelorMittal had repurchased 78 million shares representing

92% of the current share buyback program for a total value of

Management report

$2.0 billion. For further information on buybacks, see

"Purchases of equity securities by the issuer and affiliated

purchasers".

In February 2025, the Board of Directors recommended an

increase of the base annual dividend to $0.55/share (from

$0.50/share paid in 2024) to be paid in two equal installments in

June 2025 and December 2025, subject to the approval of

shareholders at the annual general meeting of shareholders in

May 2025.

Investor relations

ArcelorMittal has a dedicated investor relations team at the

disposal of analysts and investors. By implementing high

standards of financial information disclosure and providing clear,

regular, transparent and even-handed information to all its

shareholders, ArcelorMittal aims to be the first choice for

investors in the sector.

To meet this objective and provide information to fit the needs of

all parties, ArcelorMittal implements an active and broad

investor communications policy: conference calls, road shows

with the financial community, regular participation at investor

conferences, plant visits and meetings with individual investors.

ArcelorMittal’s senior management plans to meet investors and

shareholder associations in such events throughout 2025.

Investors may use the following e-mails or contact numbers to

reach the investor relations team:

[email protected]	' +44 207 543 1128
[email protected]	+33 1 7192 1026

Sustainable responsible investors

The Investor Relations team is also a source of information for

the growing sustainable responsible investment community. The

team organizes special events on ArcelorMittal’s corporate

responsibility strategy and answers all requests for information

sent to the Group at [email protected] or

may be contacted at +44 7861 397 073.

Financial calendar

The schedule is available on ArcelorMittal’s website

www.arcelormittal.com under Investors, Financial calendar.

Financial results*:
Results for the first quarter of 2025	May 2, 2025
Results for the second quarter of 2025 and half year 2025	July 31, 2025
Results for the third quarter of 2025	November 6, 2025
Meeting of shareholders:
Annual general meeting of shareholders	May 6, 2025

Earnings results are issued before the opening of the stock exchanges on which

ArcelorMittal is listed.

Cautionary Statement Regarding Forward-Looking Statements

This annual report contains forward-looking statements based

on estimates and assumptions. This annual report contains

forward-looking statements within the meaning of the Private

Securities Litigation Reform Act of 1995. Forward-looking

statements include, among other things, statements concerning

the business, future financial condition, results of operations and

prospects of ArcelorMittal, including its subsidiaries. These

statements usually contain the words “believes”, “plans”,

“expects”, “anticipates”, “intends”, “estimates”, "targets" or other

similar expressions. For each of these statements, you should

be aware that forward-looking statements involve known and

unknown risks and uncertainties. Although it is believed that the

expectations reflected in these forward-looking statements are

reasonable, there is no assurance that the actual results or

developments anticipated will be realized or, even if realized,

that they will have the expected effects on the business,

financial condition, results of operations or prospects of

ArcelorMittal.

These forward-looking statements speak only as of the date on

which the statements were made, and no obligation has been

undertaken to publicly update or revise any forward-looking

statements made in this annual report or elsewhere as a result

of new information, future events or otherwise, except as

required by securities and other applicable laws and regulations.

A detailed discussion of principal risks and uncertainties which

may cause actual results and events to differ materially from

such forward-looking statements is included in the section titled

“Risk factors”.

All information that is not historical in nature and disclosed

under “Operating and financial review” is deemed to be a

forward-looking statement.

Market information

This annual report includes industry data and projections about

the Company’s markets obtained from industry surveys, market

research, publicly available information and industry

publications. Statements on ArcelorMittal’s competitive position

contained in this annual report are based primarily on public

sources including, but not limited to, published information from

the Company's competitors. Industry publications generally

state that the information they contain has been obtained from

sources believed to be reliable but that the accuracy and

completeness of such information is not guaranteed and that the

projections they contain are based on a number of significant

assumptions. The Company has not independently verified this

data or determined the reasonableness of such assumptions. In

addition, in many cases the Company has made statements in

this annual report regarding its industry and its position in the

industry based on internal surveys, industry forecasts and

market research, as well as the Company’s experience. While

Management report

these statements are believed to be reliable, they have not been

independently verified.

Financial information

This annual report contains the audited consolidated financial

statements of ArcelorMittal and its consolidated subsidiaries,

including the consolidated statements of financial position as of

December 31, 2024 and 2023, and the consolidated statements

of operations, other comprehensive income, changes in equity

and cash flows for each of the years ended December 31, 2024,

2023 and 2022. ArcelorMittal’s consolidated financial statements

were prepared in accordance with International Financial

Reporting Standards (“IFRS”) as issued by the International

Accounting Standards Board (“IASB”) .

The financial information and certain other information

presented in a number of tables in this annual report have been

rounded to the nearest whole number or the nearest decimal.

Therefore, the sum of the numbers in a column may not conform

exactly to the total figure given for that column. In addition,

certain percentages presented in the tables in this annual report

reflect calculations based upon the underlying information prior

to rounding and, accordingly, may not conform exactly to the

percentages that would be derived if the relevant calculations

were based on the rounded numbers. This annual report

includes net debt, operating working capital, gearing and free

cash flow, which are non-GAAP financial measures.

ArcelorMittal believes net debt, operating working capital,

gearing and free cash flow to be relevant to enhance the

understanding of its financial position and provides additional

information to investors and management with respect to the

Company’s operating cash flows, capital structure and credit

assessment. In addition, it refers to “special” items in its capital

return policy which will be used to determine if the base dividend

will be paid. “Special” items relate to events or charges that the

Company does not consider to be part of the normal income

generating potential of the business. Items may qualify as

“special” although they may have occurred in prior years or are

likely to recur in following years. Non-GAAP financial measures

should be read in conjunction with and not as an alternative for,

ArcelorMittal’s financial information prepared in accordance with

IFRS. Such non-GAAP measures may not be comparable to

similarly titled measures applied by other companies.

Key transactions and events in 2024

During 2024, ArcelorMittal completed several financing and

liability management transactions. Please refer to "Operating

and financial review —Liquidity and capital resources—

Financings" of this report for a summary of these transactions.

• On February 20, 2024, the Italian government placed

Acciaierie d’Italia SpA (“ADI”) into extraordinary

administration proceedings (“EA”) subsequent to the

request of Invitalia, thereby passing control of the company

from its then current indirect shareholders, ArcelorMittal and

Invitalia, and management to government-appointed

commissioners. Shortly thereafter, the court of Milan

ascertained ADI’s insolvency, thereby definitively confirming

the EA proceeding. As a result, ArcelorMittal has been

stripped of its rights as an indirect shareholder of ADI.

Similarly, ArcelorMittal has been stripped of its rights as a

direct shareholder in ADI’s parent company, Acciaierie

d’Italia Holding S.p.A. ("ADIH"), after the Italian government

placed it in EA. This ended ArcelorMittal’s involvement in

ADI, which dated back to 2018 (then ADI was known as

Ilva). During its involvement, ArcelorMittal had been fully

committed to the people and assets of ADI, investing over

€2 billion in the business since 2018. See “Risk Factors and

Control—ArcelorMittal is currently, and in the future may be,

subject to legal proceedings or other proceedings, including

in relation to its interest in ADI, the resolution of which

could negatively affect the Company’s profitability and cash

flows in a particular period.”

• On March 19, 2024, ArcelorMittal announced that Kleber

Silva was nominated as Executive Vice President of

ArcelorMittal and appointed as Chief Executive Officer of

ArcelorMittal Mining, effective April 8 , 2024. See

"Management and employees —Directors and senior

management—Senior management" .

• On May 31, 2024, ArcelorMittal completed the acquisition of

Italpannelli SRL in Italy and Italpannelli Iberica in Spain.

This marks the second acquisition of Italpannelli businesses

by ArcelorMittal, following the purchase of Italpannelli

Germany near Trier in March 2023. Italpannelli is a

manufacturer of lightweight insulation panels for roofs and

façades. It operates two production plants across Europe,

in Zaragoza (Spain) and Abruzzo (Italy). Combined the two

facilities operate seven production lines with a capacity of

13 million square meters of sandwich panels per year,

primarily serving customers in the central and eastern

European, Italian and Spanish markets and employ

approximately 260 people.

• On November 28, 2023, ArcelorMittal South Africa

announced the contemplated wind down of its Newcastle

works and the broader long steel produc ts business (“Longs

Business”), subject to the results of a due diligence and a

consultative process involving key customers, suppliers,

organized labor and other stakeholders, including the South

African government. On July 2, 2024, ArcelorMittal South

Africa announced that the Longs Business would continue

to operate to allow an opportunity for the short-, medium-

and longer-term initiatives (aimed at securing its

sustainability) to be fully explored. ArcelorMittal worked

extensively with the South African government and

stakeholders to explore alternatives for sustaining the

Management report

Longs Business. While not seeking subsidies, ArcelorMittal

South Africa requested policy support to address structural

constraints affecting the steel sector. Despite extensive

consultations with the South African government and

stakeholders to find viable solutions to sustain the Longs

Business, progress was insufficient and a decision was

made to wind down the Longs Business. Such decision

comes after sustained challenges, including weak economic

growth, high logistics and energy costs, and an influx of

low-cost steel imports, particularly from China, combined

with insufficient policy interventions (especially longstanding

policy decisions (namely, the Price Preference System

(PPS) and Export Scrap tax) relating to the substantial

subsidization of scrap-based steelmaking operations to the

detriment of the Newcastle Works – which benefits South

African-sourced raw materials). On January 6, 2025,

ArcelorMittal South Africa announced that it will transition

the Longs Business into care and maintenance subject to a

consultation process. The persistent overcapacity in the

global and local markets, and unsustainably low

international steel prices have further exacerbated the

business’ structural difficulties. Asset utilization in the Longs

Business reached only 50% as weak market conditions

necessitated the operation of its blast furnace at the lowest

level technically and responsibly possible. It is expected

that approximately 3,500 direct and indirect jobs will be

affected . Steel production was anticipated to cease by late

January 2025, with the wind-down of the remaining

production processes completed in the first quarter of 2025

but the wind-down was postponed for one additional month

as discussions continued regarding potential governmental

support. On February 28, 2025, ArcerlorMittal South Africa

announced that it will implement the final wind down of the

Longs Business. It is envisaged that the shutdown of the

blast furnaces will commence in the first week of March,

with the last steel produced in late-March or early-April

The final wind down into care and maintenance will

be fully implemented in the second quarter of 2025.

• On August 6, 2024, ArcelorMittal completed the acquisition

of 65,243,206 shares, representing approximately 28.4%

non-controlling equity interest in Vallourec, for €14.64 per

share from Funds managed by Apollo Global Management,

Inc., for a total consideration of € 960 million ($1,048

million). Having carried out a successful restructuring in

recent years, the Company believes Vallourec presents a

compelling opportunity to increase ArcelorMittal’s exposure

to the attractive, downstream, value-added tubular market.

Vallourec is a global leader in premium tubular solutions for

energy markets and demanding industrial applications,

offering innovative, safe and competitive products for

various sectors including energy, automotive and

construction. Approximately 85 % of Vallourec’s 2.2 million

tonnes of annual rolling capacity is focused around low-

carbon, integrated productions hubs in the United States

and Brazil, both of which are important strategic markets for

ArcelorMittal .

• On October 11, 2024, ArcelorMittal announced it had

entered into a definitive Equity Purchase Agreement (the

“Agreement”) with Nippon Steel Corporation (“NSC”)

pursuant to which ArcelorMittal will purchase NSC’s 50%

equity interest in the AMNS Calvert joint venture (the

“Transaction”). The Transaction was entered into at the

request of NSC to address regulatory concerns pursuant to

its entry into an agreement to acquire US Steel . The

Transaction is subject to NSC completing its pending

acquisition of US Steel, which is subject to various other

regulatory requirements. Under the terms of the agreement,

ArcelorMittal will pay $1 consideration for the Transaction;

further, NSC will inject cash and forgive partner loans in an

amount estimated to be approximately $0.9 billion. On

January 3, 2025, the U.S. President issued an order

prohibiting NSC from acquiring US Steel but the parties

were granted an extension to June 18, 2025 to permanently

abandon the transaction. The agreement with NSC remains

in place until such date.

Recent developments

• On March 3, 2025, ArcelorMittal announced the

appointment of Jorge Luiz Ribeiro de Oliveira, currently

Vice President of ArcelorMittal and CEO of ArcelorMittal

South America Flat Products, as Executive Vice President

and an Executive Officer of ArcelorMittal as well as

President of ArcelorMittal Brasil effective April 1, 2025, to

succeed Jefferson de Paula who is retiring, effective April 1,

See "Management and employees —Directors and

senior management—Senior management".

Sustainable development highlights

• On February 27, 2024, ArcelorMittal announced that it had

signed a memorandum of understanding with Petrobras to

assess potential business models for low-carbon fuels,

hydrogen and its products, renewable energy production

and carbon capture and storage ("CCS"). This follows a

joint study to develop a CCS hub in the state of Espirito

Santo.

• On April 22, 2024, ArcelorMittal announced that

ArcelorMittal Calvert, wholly owned by ArcelorMittal, was

planning for an advanced manufacturing facility in Calvert,

Alabama that could deliver up to 150,000 tonnes of

domestic production capacity of non-grain-oriented

electrical steel ("NOES") annually, depending on the

product mix. NOES plays a crucial role in the performance

and efficiency of electric motors used to power battery

electric vehicles, plug in hybrid electric vehicles and hybrid

Management report

vehicles as well as other specialized commercial, industrial,

and power generation applications. Given the nature of the

US auto market (larger vehicles, full-size pickups, SUVs)

there is rapidly growing demand for the most sophisticated

NOES for which there is limited US domestic supply

capabilities. Plans at ArcelorMittal Calvert include an

annealing pickling line, cold-rolling mill, annealing coating

line, packaging and slitter line, and ancillary equipment

needed for operations. The planned i nvestment is expected

to create up to 1,300 jobs during the construction phase

and more than 200 permanent positions to support the

plant’s ongoing operations. The NOES facility would be

sited near ArcelorMittal’s existi ng joint venture with Nippon

Steel Corporation AMNS Calvert. On February 6, 2025,

ArcelorMittal confirmed that it will proceed with the

construction of the facility with estimated n et capital

expenditure of $0.9 billion (net of $0.3 billion of currently

planned federal, state and local support ) . The plant is

anticipated to commence production in the second half of

• On May 10, 2024, ArcelorMittal announced that it had

started the construction of an EAF for long products at its

Gijón plant, which is expected to produce its first heat in the

first quarter of 2026. This investment of €213 million will be

the first major EAF project to be implemented within the

Company’s decarbonization program in Europe and will

constitute the first step towards low-carbon emissions

steelmaking in Asturias. The new facility will have an annual

production capacity of 1.1 million tonnes of semi-finished

steel products, which will be supplied to the rail and wire-

rod mills at the plant. Initially, steel production through the

new EAF will lead to a reduction in CO 2 emissions of over

35%; the reduction in emissions could reach 1 million

tonnes of CO 2 equivalent a year once the transition phase

has been completed.

• On May 21, 2024, ArcelorMittal announced that it had

successfully started operating a pilot carbon capture unit on

the blast furnace off-gas at ArcelorMittal Gent in Belgium

with partners Mitsubishi Heavy Industries, Ltd. (MHI), BHP,

along with Mitsubishi Development Pty Ltd (Mitsubishi

Development). The pilot carbon capture unit will operate for

one to two years at Gent, to test the feasibility of progress

to full-scale deployment of the technology, which would be

able to capture a sizeable portion of the Gent site

emissions, if successful.

• On August 21, 2024, ArcelorMittal Brasil signed contracts

for the development of two solar energy projects with a

combined capacity of 465MW, equivalent to 14% of its

current electricity requirements. The first project builds on

ArcelorMittal Brazil’s existing relationship with Casa dos

Ventos (see "Properties and capital expenditures—

Investments in joint ventures— Ventos de Santo Antonio ").

This latest agreement – again a joint venture in which

ArcelorMittal Brazil will hold a 55% stake with Casa dos

Ventos holding the balance – will see the construction of a

200MW capacity solar power plant on the same site as the

wind power project, in the state of Bahia, north-east Brazil,

with commissioning also expected before the end of 2025.

The second project is a partnership with Atlas Renewable

Energy, the second largest independent renewable energy

developer in Latin America, for the development of a

265MW capacity solar energy project in the state of Minas

Gerais, east Brazil. The agreement is for an initial 50/50

joint venture, with ArcelorMittal acquiring 100% of the solar

park upon build completion. Project commissioning is again

expected before the end of 2025. Both projects are subject

to approval from the Administrative Council for Economic

Defense (CADE), Brazil’s antitrust authority. The projects

support ArcelorMittal Brazil’s aims to secure and

decarbonize its future electricity needs and are a further

step towards its long-term ambition to be self-sufficient in

terms of its electricity requirements.

• On October 9, 2024, ArcelorMittal published the

recommendations of the comprehensive dss+ workplace

safety audit that was commissioned at the end of 2023,

against the backdrop of a clear necessity to strengthen

Group safety performance. The audit, which was ongoing

for nine months across all geographies, functions and levels

of the organization, had three main scopes: (i) fatality

prevention standards for the three main occupational risks

leading to serious injuries and fatalities (work at heights,

vehicle driving and energy isolation); (ii) process safety

management focused on the highest risk assets; and (iii) in-

depth assessments of health and safety (H&S) systems,

processes and capabilities; governance and assurance

processes; and data management. See “Business overview

—Sustainability development—Health and Safety.".

• On November 26, 2024, ArcelorMittal provided an update

on its decarbonization plans in Europe. See “Business

overview—Sustainability development—Climate change

and decarbonization".

Management report

Risk Factors and Control

Risk factors

ArcelorMittal’s business, financial condition, results of

operations, reputation or prospects could be materially and

adversely affected by one or more of the risks and uncertainties

described below.

I. Risks related to the global economy and the mining and steel

industry

Prolonged low steel and (to a lesser extent) iron ore prices,

low steel demand and/or steel/iron ore oversupply would

have an adverse effect on ArcelorMittal’s results of

operations.

As an integrated producer of steel and iron ore, ArcelorMittal’s

results of operations are sensitive to the market prices of, and

demand for, steel and iron ore in its markets and globally. The

impact of market steel prices on its results is direct while the

impact of market iron ore prices is both direct and indirect, as

ArcelorMittal sells iron ore on the market to third parties (in

which case it benefits from higher iron ore market prices), and

indirect, as iron ore is a principal raw material used in steel

production and fluctuations in its market price are typically and

eventually (with the timing dependent on steel market

conditions) passed through to steel prices (with any lags in

passing on higher prices “squeezing” steel margins, as

discussed below). Steel and iron ore prices are affected by

supply and demand trends and inventory cycles. In terms of

demand, steel and iron ore prices are sensitive to trends in

cyclical industries, such as the automotive, construction,

appliance, machinery, equipment and transportation industries.

More generally, steel and iron ore prices are sensitive to

macroeconomic fluctuations in the global economy which are

impacted by many factors ranging from trade and geopolitical

tensions to global and regional monetary policy to specific

disruptive events such as pandemics, wars and natural

disasters. Prior recessions have generally resulted in lower steel

demand and steel prices, with consequential material adverse

impacts on steel companies’ results. Significant declines in steel

prices have resulted, and may in the future result, in inventory-

related charges. In addition, the impact of lower steel prices on

ArcelorMittal’s results is subject to a lag effect (due to its

contracts), and therefore the impact is felt beyond the duration

of any decline in spot steel prices. In the past, substantial price

decreases during periods of economic weakness have not

always been offset by commensurate price increases during

periods of economic strength.

Market prices for iron ore are also affected by supply and

demand conditions. Excess iron ore supply relative to demand

has led to depressed prices at various points in recent years

and could recur, with potentially a corollary effect on steel

prices. No assurance can be given that iron ore prices will not

decline further, particularly if there is a recession, Chinese steel

demand declines, worldwide capacity increases due to new

mines coming online or steel demand declines again due, for

example, to the negative effects from the continuing Russia-

Ukraine and Middle East conflicts, or other regional conflicts, in

particular on energy supply and prices.

The steel industry suffers from structural overcapacity globally,

especially for long products. This overcapacity is affected by

global macroeconomic trends and amplified during periods of

global or regional economic weakness, leading to weaker global

or regional demand, increased exports and/or decreased

regional or global prices. In particular, China is both the largest

global steel consumer and the largest global steel producer by a

large margin. At various points in the past and since the second

quarter of 2024, weaker Chinese steel demand has not been

fully offset by reduced Chinese steel production (due to large

price gaps compared to markets outside China), which has led

to a flood of Chinese steel exports into various regional markets,

including the Company’s principal markets, weighing on demand

and indeed depressing market prices. If this trend persists, it will

likely lead to rising inventory levels in steel markets outside of

China and continued downward pressure on prices and

spreads, negatively affecting the Company’s profitability. Exports

by steel producers in other developing countries and regions

(such as the CIS, Turkey and India) into the Company’s principal

markets are also a market feature. The extent of these exports

depends on the demand/production balance in the producer’s

home market as well as on regional market pricing differentials

(including any applicable import tariffs). The European steel

market is particularly sensitive to the import threat due to

structural overcapacity , which may also be aggravated by any

new or reinstated tariffs (such as those announced in the United

States). See “Unfair trade practices, import tariffs and/or,

barriers to free trade could negatively affect steel prices and

ArcelorMittal’s results of operations in various markets”.

In terms of inventory, steel stocking and destocking cycles affect

apparent demand for steel and hence steel prices and steel

producers’ profitability. For example, steel distributors may

accumulate substantial steel inventories in periods of low prices

and, in periods of rising real demand for steel from end-users,

steel distributors may sell steel from inventory (destock), thereby

delaying the effective implementation of steel price increases.

Conversely, steel price decreases can sometimes develop their

own momentum, as customers adopt a “wait and see” attitude

and destock in the expectation of further price decreases. The

trajectory of steel and iron ore demand and prices going

forward, in particular in 2025, is difficult to predict, including

given the variables described above. A scenario of prolonged

low steel and (to a lesser extent or if simultaneous) iron ore

Management report

prices, whether or not combined with low steel demand, would

have a material adverse effect on ArcelorMittal’s results of

operations and financial condition. Moreover, a renewed phase

of steel and iron ore oversupply would likely have a material

adverse effect on ArcelorMittal’s results of operations and

financial condition.

Volatility in the supply and prices of raw materials, energy

and volatility in steel prices or mismatches between steel

prices and raw material prices could adversely affect

ArcelorMittal’s results of operations.

Steel production consumes substantial amounts of raw

materials (the prices of which have been highly volatile in recent

years) including iron ore, coking coal and coke, and the

production of direct reduced iron, the production of steel in EAF

and the re-heating of steel involve the use of significant amounts

of energy, making steel companies, such as ArcelorMittal,

dependent on the price of, and their reliable access to, supplies

of raw materials and energy. Although ArcelorMittal has

substantial sources of iron ore from its own mines (the

Company’s self-sufficiency rate was 58% for iron ore in 2024), it

remains exposed to volatility in the supply and price of iron ore

and coking coal given that it obtains a significant portion of such

raw materials under supply contracts from third parties . Industry

and overall decarbonization efforts may also result in increased

and/or volatile prices, in particular, higher energy and carbon

dioxide ("CO 2 ") prices as well as scrap prices (due in particular

to an industry shift to EAF production). See "“Business overview

—Products—Mining products”, “Business overview—Products—

Other raw materials and energy” and “Operating and financial

review—Key factors affecting results of operations—Raw

materials”. The compression of steel spreads, including from

inflationary cost pressures and negative price-cost effects, has

resulted, and may in the future result, in the Company reducing

or ceasing production at certain plants. See "Key transactions

and events in 2024". Production cuts do not eliminate all costs

as the Company still incurs operating costs when production

capacity is idled and may incur increased costs to resume

production at idled facilities. Idling can also impact the long-term

health of assets, despite steps taken to protect them.

Furthermore, while steel and certain raw material (in particular

iron ore and coking coal) price trends have historically been

correlated, the Company has experienced (particularly in

Europe and North America) negative price-cost effects due to

differences in steel and raw material price trends (including due

to sudden spikes in raw material prices). See "Operating and

financial review—Key factors affecting results of operations".

The Company is likely to continue to experience such negative

effects in the future as this is a structural feature.

ArcelorMittal’s other principal input costs that affect its level of

profitability are energy and transportation. Energy expenses are

sensitive to changes in electricity, energy transportation and fuel

prices, including diesel fuel, natural gas and industrial gas.

While the Group has some long-term contracts with electrical,

natural gas and industrial gas suppliers, it is exposed to

fluctuations in electricity, natural gas and industrial gas prices

that can fluctuate widely with availability and demand levels

from other users. In addition, in certain circumstances (such as

periods of peak usage), supplies of energy in general may be

curtailed, and the Company may not be able to purchase them

at historical rates or at all. Supply disruptions may also cause

energy prices to increase, as has occurred previously (and is

likely to occur in the future) due to geopolitical conflicts (such as

the Russian-Ukraine war and conflicts in the Middle East) and

destructions of gas pipelines. Such events and any other

significant cuts in energy supplies or a collapse in demand due

to supply issues or otherwise have resulted, and may in the

future result, in the Company having to cut production regionally

or globally. Indirectly, if steel-using customers are unable to

source the energy supplies needed for their operations, they will

be unable to operate and their demand for steel will decline.

Unfair trade practices, import tariffs and/or barriers to free

trade could negatively affect steel prices and

ArcelorMittal’s results of operations in various markets .

ArcelorMittal is exposed to the effects of “dumping” and other

unfair trade and pricing practices by competitors. Moreover,

government subsidies to the steel industry remain widespread in

certain countries, particularly those with centrally controlled

economies such as China. In periods of lower global demand for

steel, there is an increased risk of additional volumes of unfairly-

traded steel exports into various markets, including Europe,

North America and other markets such as Brazil and South

Africa, in which ArcelorMittal produces and sells its products.

Such imports have had and could in the future have the effect of

reducing prices and demand for ArcelorMittal’s products.

ArcelorMittal is also exposed to the effects of import tariffs, other

trade barriers and protectionist policies more generally due to

the global nature of its operations. Various countries have

instituted, and may institute import tariffs and barriers that could,

depending on the nature of the measures adopted, adversely

affect ArcelorMittal’s business by limiting the Company’s access

to or competitiveness in steel markets. While such protectionist

measures can help the producers in the adopting country, they

may be ineffective (or only effective in the short-term), raise the

risk of exports being directed to markets where no such

measures are in place or are less effective and/or result in

retaliatory measures.

The prospect of higher tariffs, protectionist measures, increased

trade disputes and retaliatory actions is heightened in 2025

based on recent actions and announcements in various

countries, including Brazil, Turkey and India, as well as the

changing policies of the new U.S. administration. For example,

in February 2025, the U.S. administration announced new

Management report

Section 232 tariffs, reinstating a 25% tariff on all steel imports as

from March 2025 . Export sales of steel products from the

Company to the U.S. market represented $6.7 billion in 2024. As

was the case in 2018, new retaliatory protectionist measures

may be announced in the European Union, Canada or in other

countries as a result. The imposition of tariffs (whether in the

United States or in other countries or regions) may in the short

term, pending increases in domestic production, result in higher

steel prices (enabling ArcelorMittal’s exports from Canada and

Mexico into the U.S. to remain competitive and profitable) and/or

increase the profitability of its domestic sales (by AMNS Calvert

sufficiently to offset the negative effect on export sales). It is

however unclear how long any such positive impact would last

and what impact further tariffs on a widening list of imported

products and retaliatory protectionist measures by other

countries may have on global trade and ultimately economic

growth, steel demand, steel and iron ore prices, or input costs

(including energy and raw materials). In addition, the new U.S.

administration and the U.S. Congress may make substantial

changes in legislation, regulation and government policy directly

affecting ArcelorMittal’s business or indirectly affecting the

Company because of impacts on its customers and suppliers;

the current U.S. administration may seek to renegotiate free

trade agreements or withdraw from the WTO, destabilizing

global trade.

In addition, certain operations of ArcelorMittal may be a

respondent to anti-dumping and countervailing duty cases and

its exported products have been and in the future may be

subject to anti-dumping and countervailing duties or other trade

restrictions.

Russia’s invasion of Ukraine, international reaction to it (in

particular in the form of sanctions) and any regional or

global escalation of the conflict, could adversely affect the

Company’s business, results of operations and financial

condition.

The Company has significant operations in Ukraine, consisting

of a steel plant and (captive) mines. See "Properties and capital

expenditures—Property, plant and equipment—Others". After

operating at various levels of capacity in 2022/2023 affected by

various difficulties, ArcelorMittal Kryvyi Rih ("AMKR") is currently

operating its open pit mines and steel facilities at 75% and 23% ,

respectively. The Company cannot predict the duration of the

idling or of lower production as it will depend on the remaining

course of the conflict and the establishment of safe and stable

operating and logistical conditions thereafter, as well as potential

repairs of any damages sustained . The Russian army has also

blocked ports in Odessa, complicating and increasing the cost of

exports (including steel and iron ore) from Ukraine. The ongoing

conflict, its impact on demand, logistics (with respect to both

supply and delivery) and costs and any resulting further reduced

production, sales and income at its Ukrainian operations have

caused the Company to record impairment charges (and may

be required to record additional charges in the future). For

further information on these risks, see notes 1.3 and 5.3 to the

consolidated financial statements.

The imposition of extensive sanctions on Russia by the EU, the

U.S., the UK and other countries could affect the Company’s

sourcing of raw materials from sanctioned countries. Any

business conducted in Russia and with Russian counterparties

also carries the risk of non-compliance with economic sanctions

(and the attendant financial and reputational adverse

consequences), despite best efforts to comply. In addition,

sanctions may remain in place beyond the duration of any

military conflict and have a long-lasting impact on the region and

could adversely impact the Company’s results of operations and

financial condition. More generally the conflict could have a

further material adverse effect on the overall macroeconomic

environment (see “Volatility in the supply and prices of raw

materials, energy and transportation, and volatility in steel prices

or mismatches between steel prices and raw material prices

could adversely affect ArcelorMittal’s results of operations”). The

conflict could escalate militarily both regionally and globally; any

substantial escalation would have a material adverse effect on

macroeconomic conditions.

Competition from other materials and alternative steel-

based technologies could reduce market prices and

demand for steel products and thereby reduce

ArcelorMittal’s cash flows and profitability.

In many of its applications, steel competes with other materials

that may be used as substitutes, such as aluminum, concrete,

composites, glass, plastic and wood. In particular, as a result of

increasingly stringent regulatory requirements, as well as

developments in alternative materials, designers, engineers and

industrial manufacturers, especially those in the automotive

industry, have increased their use of lighter weight and

alternative materials, such as aluminum and plastics.

A loss of market share to substitute materials, increased

government regulatory initiatives favoring the use of alternative

materials, as well as the development of additional new

substitutes for steel products could significantly reduce market

prices and demand for steel products and thereby reduce

ArcelorMittal’s cash flows and profitability.

New technologies such as carbon free steelmaking could also

result in a loss of market share if competitors develop and

deploy this kind of technology before, or more effectively than

ArcelorMittal. In addition, to the extent regulatory requirements

and/or customer demand for low carbon or carbon neutral steel

increase, competition with respect to low CO 2 steel technologies

may become more significant, leading to substantial input cost

increases.

Management report

II. Risks related to sustainability

T he Group’s announced carbon emissions intensity

reduction targets were based on assumptions with respect

to the costs, government and societal support for the

reduction of carbon emissions in particular regions and the

advancement of technology and infrastructure related to

the reduction of carbon emissions over time. Future

developments may affect such assumptions, and this may

render the achievement of ArcelorMittal’s targets more

difficult, or even impossible, to achieve for cost or other

reasons.

The Company’s decarbonization strategy includes the objective

of carbon neutrality by 2050; the C ompany's medium-term

objective and associated decarbonization capital expenditures

are currently under review. ArcelorMittal's ability to achieve this

objective depends on numerous factors and assumptions,

including the costs of green hydrogen (meaning hydrogen

produced exclusively from renewable sources) and its evolution

over time, the construction of DRI and EAF facilities, the

development of CCUS infrastructure and the timing of the

introduction of GHG reduction requirements and supportive

policies in applicable jurisdictions. In November 2024, the

Company announced that it was unable to take final investment

decisions on projects to replace blast furnaces with lower-

carbon technology in Europe due to current conditions in

European policy, energy and market environments, given green

hydrogen's very slow evolution towards becoming a viable fuel

source and natural gas-based DRI production in Europe not yet

being a competitive interim solution. The development of l ow

emissions technologies depends on more stringent global GHG

reduction requirements and/or the introduction of carbon prices

in each jurisdiction , alongside the introduction of effective

policies to secure a level playing field. However, since Europe is

currently the only major market to have implemented a cost on

carbon, the Company has indicated that it needs further support

from host countries, first and foremost from the European Union

and its Member States, through more supportive policies

designed to avoid “carbon leakage” and provide compensation

for the significantly higher costs, while at the same time

maintaining a fair and competitive landscape (particularly given

that the CBAM adopted by the EU does not appear sufficient to

ensure the level-playing field necessary to maintain the

competitiveness of the steel industry in Europe).

In addition, ArcelorMittal’s targets have been based on the

assumption that public funding covers 50% of the total cost of

decarbonization (capital expenditures and higher operating

expenses, which are expected to be significant) so that the

Company and industry are not rendered uncompetitive during

this transition period. The Company believes this assumption is

reasonable (and funding from certain governments has been

approved), but such funding is subject to changes in

government and policy, among other factors, and may not be

achieved. See “Business overview—Sustainable development—

Climate change and decarbonization". The new Trump

administration in the United States appears unlikely to provide

the support necessary for decarbonization, which may also

influence adoption of such policies and support worldwide. A

lack of governmental and societal support could make the

Company’s targets more costly, more difficult or even impossible

to achieve. If the Company is unable to make the necessary

investments to decarbonize and reach its decarbonization

targets due to the design of governmental policy in Europe or

other jurisdictions where it operates (see “—Changes in

assumptions underlying the carrying value of certain assets,

including as a result of adverse market conditions, could result

in the impairment of such assets, including intangible assets

such as goodwill”), it may negatively affect its competitiveness,

profitability, cash flows, financing costs , results of operations

and financial condition, as well as harm its reputation.

Laws and regulations restricting emissions of greenhouse

gases could force ArcelorMittal to incur increased capital

and operating costs and could have a material adverse

effect on ArcelorMittal’s results of operations, financial

condition and reputation.

The integrated steel process involves significant carbon-

footprint . Compliance with new and more stringent

environmental obligations relating to GHG emissions, including

as part of the EU’s “Fit for 55” package, may require additional

capital expenditures or modifications in operating practices, as

well as additional reporting obligations. See “Business Overview

– Government Regulations—Environmental laws and

regulations—Climate Change".

The new laws are all interconnected, and they combine:

tightening and extending the existing emission trading system

("EU-ETS"); increased use of renewable energy; greater energy

efficiency; a faster roll-out of low emission transport modes and

the infrastructure and fuels to support them; an alignment of

taxation policies with the European Green Deal objectives; a

carbon border adjustment mechanism ("CBAM") to prevent

carbon leakage; and tools to preserve and grow natural carbon

sinks. Of particular relevance are the amending EU-ETS

directive and the CBAM regulation, which entered into force in

mid-2023, and will mainly impact the carbon emissions

allowances from the second trading period of Phase IV of the

EU-ETS (i.e., 2026-2030) onwards.

The implementation of Phase IV rules (applicable during the

2021-2030 period) has already resulted in increased EU

allowances prices, which the Company expects will continue to

increase, despite recent volatility. Moreover, as from 2026 free

allocation of CO 2 emissions allowances will be progressively

phased out (and completely phased out as from 2034). This will

contribute to a very significant shortage in free allocation in the

later years of the second trading period of Phase IV (given the

Management report

amount of CO 2 emission allowances is currently insufficient to

satisfy technically achievable operating conditions) and lead to

significant increases in prices for emissions allowances. The

Company’s operations will be subject to the additional costs

from these purchases, many of which may be significant and

higher than currently expected and may or may not be

effectively hedged in the future. In addition, the effectiveness of

the CBAM remains untested and the provisions to address

circumvention risks, including resource shuffling and cost

absorption, may be insufficient, and no solution for exports has

yet to be considered.

Similar regulations have been implemented to date in several

jurisdictions, and additional measures may well be enacted in

the future in other jurisdictions. Whether in the form of a national

or international cap-and-trade emissions permit system, a

carbon tax or acquisition of emission rights at market prices,

emissions controls, reporting requirements, or other regulatory

initiatives, such environmental regulations could have a negative

effect on ArcelorMittal’s production levels, income and cash

flows. These regulations could also negatively affect the

Company’s suppliers and customers, which could translate into

higher costs and lower sales.

Furthermore, many developing nations have not yet instituted

significant GHG regulations, and the Paris Agreement

specifically recognizes that GHG emissions will peak later in

developing countries. As the Intended Nationally Determined

Contributions (“INDC”) for developing nations under the Paris

Agreement may be less stringent than for developed nations in

light of different national circumstances, ArcelorMittal may be at

a competitive disadvantage relative to steelmakers having more

or all of their production in developing countries. Depending on

the extent of the difference between the requirements in

developed regions (such as Europe) and developing regions

(such as China or the CIS), this competitive disadvantage could

be severe and has resulted, and in the future may result, in

production cuts due to relatively higher carbon costs rendering

production structurally unprofitable. See "Properties and capital

expenditures—Property, plant and equipment” for further

information regarding production levels by segment.

In addition, as regulators and investors increasingly focus on

climate change issues, the Company is exposed to the risk of

frameworks and regulations being adopted that are ill-adapted

to steel industry dynamics . For example, the most established

framework for carbon pricing and emissions trading schemes is

currently the EU-ETS discussed above. As indicated above,

while a CBAM has been adopted to limit competitive distortions

from the ETS, it does not appear sufficient to enable the steel

industry in Europe to remain competitive. Furthermore, the

European Climate Law requires the Commission to present a

legislative proposal of a Union 2040 target within six months of

the first global stocktake, which concluded at COP28 in Dubai in

December 2023. In February 2024, the Commission presented

a communication recommending a 90% reduction in net

emissions by 2040 compared to 1990, in line with the advice of

the Scientific Advisory Board. The legislative proposal to table

the 2040 climate target is the responsibility of the new

Commission. It is expected that such a target would trigger a

further review of the EU-ETS cap, likely leading to a tightened

market that might drive higher prices for allowances.

For further information on environmental laws and regulations

and how they affect the Company’s operations, see “Business

overview—Government regulations—Environmental laws and

regulations” and note 9.1 to the consolidated financial

statements.

ArcelorMittal is subject to strict environmental, health and

safety laws and regulations that could give rise to a

significant increase in costs and liabilities.

ArcelorMittal is subject to a broad range of environmental,

health and safety laws and regulations in each of the

jurisdictions in which it operates. These laws and regulations

impose increasingly stringent standards regarding general

health and safety, air emissions, discharges of wastewater, the

use, handling and transportation of hazardous, toxic or

dangerous materials, waste disposal practices and the

remediation of environmental contamination, and health and

safety matters, and permit requirements/limits among other

things. The costs of complying with, and the imposition of

liabilities pursuant to, these laws and regulations can be

significant, and compliance with new and more stringent

obligations may require additional capital expenditures or

modifications in operating practices. Failure to comply can result

in civil and or criminal penalties being imposed, the suspension

of permits, requirements to curtail or suspend operations and

lawsuits by third parties.

Despite ArcelorMittal’s efforts to comply with environmental,

health and safety laws and regulations, and monitor and reduce

accidents at its facilities, health, safety and environmental

incidents or accidents, including those involving serious injury or

death, have occurred and may in the future occur. Such

accidents could include (and in certain instances have included)

explosions or gas leaks, fires or collapses in underground

mining operations, crushing incidents, vehicular accidents, falls

while working at heights, and other accidents involving mobile

equipment, or exposure to radioactive or other potentially

hazardous, toxic or dangerous materials, which have had, and

could in the future have, significant adverse consequences for

the Company’s workers and facilities, as well as the

environment. F or example, the Company’s previous operations

in Kazakhstan suffered several fatal accidents.

Certain of these incidents may result in costs and liabilities and

negatively impact the Company’s reputation or the operations of

the affected facilities. Such accidents could lead to production

Management report

stoppages, loss of personnel, loss of key assets, or put at risk

the Company’s employees (and those of sub-contractors and

suppliers) or persons living near affected sites. In addition, any

gap between community and worker expectations and

ArcelorMittal’s environmental, health and safety perceived

performance, as a result of any accidents, safety incidents or

even the perception of potential safety or environmental issues,

may negatively impact community relations, labor relations,

customer relations and the Company’s reputation and result in

disruptions to the Company’s operations. ArcelorMittal’s

operations may also be located in areas where individuals or

communities could regard its activities as having a detrimental

effect on their natural environment and conditions of life, and

actions taken by such individuals or communities in response to

such concerns could compromise ArcelorMittal’s profitability or,

in extreme cases, the viability of an operation or the

development of new activities in the relevant region or country.

ArcelorMittal also incurs costs and liabilities associated with the

assessment and remediation of contaminated sites, and in its

mining activities, those resulting from tailings and sludge

disposal, effluent management, and rehabilitation of land

disturbed during mining processes. In addition to the impact on

current facilities and operations, environmental remediation

obligations can give rise to substantial liabilities in respect of

divested assets and past activities. This may also be the case

for acquisitions when liabilities for past acts or omissions are not

adequately reflected in the terms and price of the acquisition.

ArcelorMittal could become subject to further remediation

obligations in the future, as additional contamination is

discovered or clean-up standards become more stringent.

In addition, with respect to sustainability reporting, if based on

information disclosed in accordance with new requirements

(such as the Corporate Sustainability Reporting Directive, which

specifies extensive and detailed sustainability information to be

provided based on the reporting standard published in July

2023, or any new SEC rules) or otherwise, financial institutions

or other stakeholders (including the public) begin to view

investments in steel and mining as undesirable, it may become

more difficult and/or more expensive for the Company to obtain

financing. While the Company has taken significant steps and

continues to adapt its operations in light of climate change and

the need for sustainability, such steps may not be in line with

future frameworks or regulations or market views of investment

suitability. Moreover, the Company may in the future face

increasing shareholder activism and/or litigation in relation to

sustainability matters.

For further information, see “Business overview—Sustainable

development— Health and safety ” and “Business overview—

Government regulations—Environmental laws and regulations”

and note 9.1 to the consolidated financial statements.

III. Risks related to ArcelorMittal's operations

ArcelorMittal could experience labor disputes that could

have an adverse effect on its operations and financial

results.

A majority of ArcelorMittal's employees and contractors are

represented by labor unions and covered by collective

bargaining or similar agreements, which are subject to periodic

renegotiation. Strikes and work stoppages have occurred, and

are likely to occur in the future, at various ArcelorMittal facilities

prior to or during negotiations preceding new collective

bargaining agreements, during wage and benefits negotiations

or during other periods for other reasons, in particular in

connection with any announced intentions to adapt its footprint.

Strikes or work stoppages, particularly when prolonged, could

disrupt ArcelorMittal’s operations and relationships with its

customers, as well as limit its ability to rationalize operations

and reduce labor costs in certain markets, resulting in an

adverse effect on its operations and financial results.

Disruptions to ArcelorMittal’s manufacturing processes and

mining operations caused for example by equipment

failures, natural disasters, accidents, explosions, epidemics

or pandemics, geopolitical conflicts or extreme weather

events could adversely affect its operations, customer

service levels and financial results and liabilities.

Steel manufacturing processes are dependent on critical steel-

making equipment, such as furnaces, continuous casters, rolling

mills and electrical equipment (such as transformers), and such

equipment may incur downtime as a result of unanticipated

failures or other events, such as fires, explosions, furnace

breakdowns or as a result of natural disasters, accidents,

epidemics or pandemics or severe weather conditions.

ArcelorMittal’s manufacturing plants and mines have

experienced, and may in the future experience, plant shutdowns

or periods of reduced production as a result of such events.

ArcelorMittal’s mining operations, in particular, are subject to the

hazards and risks usually associated with the exploration,

development and production of natural resources through either

open-pit or underground mining operations, any of which could

result in production shortfalls or damage to persons or property,

delay production, increase production costs and result in death

or injury to persons, damage to property and liability for

ArcelorMittal, some or all of which may not be covered by

insurance, as well as substantially harm ArcelorMittal’s

reputation, both as a Company focused on ensuring the health

and safety of its employees and more generally. Certain of these

incidents have resulted or may result in fatalities, production

stoppages, governmental investigations or proceedings and/or

in costs and liabilities and negatively impact the Company’s

reputation or the operations of the affected facilities. Such

hazardous incidents could also lead to loss of key personnel,

loss of key assets, or health and safety risks for ArcelorMittal's

Management report

employees (and those of sub-contractors and suppliers) or

persons living near affected sites. See also “—ArcelorMittal is

subject to strict environmental, health and safety laws and

regulations that could give rise to a significant increase in costs

and liabilities”. Conflicts may also cause interruptions to

operations; see “—Russia’s invasion of Ukraine, international

reaction to it (in particular in the form of sanctions) and any

regional or global escalation of the conflict, could adversely

affect the Company’s business, results of operations and

financial condition”.

In addition, natural disasters and severe weather conditions

have led , and could in the future lead, to significant damage at

ArcelorMittal’s production facilities and general infrastructure or

cause shutdowns, including due to earthquakes, tsunamis,

tornados, hurricanes and bush fires. More generally, changing

weather patterns and climatic conditions in recent years,

possibly due to climate change, have added to the

unpredictability and frequency of natural disasters.

Severe weather conditions can also affect ArcelorMittal’s

operations in particular due to the long supply chain for certain

of its operations and the location of certain operations in areas

subject to harsh winter conditions (i.e., Canada) or areas that

are susceptible to droughts (i.e., South Africa, Mexico and

Brazil). Water in particular is crucial to the steelmaking process,

and the risk that the authorities may restrict license to withdraw

water as a result of chronic drought could increase operating

costs and reduce production capacity. Flooding has also

affected ArcelorMittal’s operations, impacting shipment volumes

due to handling and logistic constraints. Damage to ArcelorMittal

production facilities due to natural disasters and severe weather

conditions could, to the extent that lost production cannot be

compensated for by unaffected facilities, adversely affect its

business, results of operations or financial condition. More

generally, these severe weather conditions could increase in

frequency and severity due to climate change.

ArcelorMittal’s reserve and resource estimates may

materially differ from mineral quantities that it may be able

to actually recover; ArcelorMittal’s estimates of mine life

may prove inaccurate; and changes in iron ore prices,

operating and capital costs and other assumptions used to

calculate these estimates may render certain reserves and

resources uneconomical to mine.

There is a degree of uncertainty attributable to the estimation of

mineral reserves and resources. Until mineral reserves and

resources are actually mined and processed, the quantity of

metal and grades must be considered as estimates only and no

assurance can be given that the indicated levels of metals will

be produced.

The estimation of mineral reserves and resources is a subjective

process that is partially dependent upon the judgment of the

qualified persons preparing such estimates. The process relies

on the quantity and quality of available data and is based on

knowledge, mining experience, statistical analysis of drilling and

sampling results and industry practices. Valid estimates made at

a given time may significantly change when new information

becomes available.

ArcelorMittal periodically updates its mineral reserve and

resources estimates based on the conclusions of the relevant

qualified persons with respect to new data generated from

exploratory and infill drilling campaigns, results from technical

studies and the experience acquired during the operation of the

mine and metallurgical processing, as well as changes to the

assumptions used to calculate these estimates. Additional data

generated may not be consistent with the data on which

previous mineral resources and mineral reserves were based.

Therefore, estimates may change from period to period or may

need to be revised, and there can be no assurance that the

mineral resources or mineral reserves in this report will be

recovered at the grade, quality or quantities presented.

As a result, there can be uncertainty in the assumptions used

that may materially impact and result in significant changes to

the Company’s current estimates. The assumptions that can

fluctuate may include, but are not limited to: market prices

including long-term forecasts; operating and capital costs;

changes to estimation input parameters and techniques; and

changes to cut-off grades, mining, and metallurgical recovery

rates and, with respect to mineral resources, further

engineering, legal and economic feasibility that would allow for

the conversion to mineral reserves. These changes may also

rend er some or all of ArcelorMittal's current proven and probable

mineral reserves and measured and indicated mineral resources

uneconomic to exploit and may ultimately result in a reduction of

mineral reserves and resources. In addition, no assurance can

be given that mineral resources (in particular inferred mineral

resources, which are subject to a greater amount of uncertainty

as to their existence and their economic and legal feasibility) will

be upgraded to a higher category or that any of the mineral

resources not already classified as mineral reserves will be

reclassified as mineral reserves.

If a project proves not to be economically feasible by the time

ArcelorMittal is able to exploit it, ArcelorMittal may incur

substantial losses and be obliged to recognize impairments. In

addition, potential changes or complications involving

metallurgical and other technological processes that arise during

the life of a project may result in delays and cost overruns that

may render the project not economically feasible. In addition,

ArcelorMittal faces rising extraction costs over time as reserves

deplete.

Management report

ArcelorMittal’s reputation and business could be materially

harmed as a result of data breaches, data theft,

unauthorized access or suspected or successful hacking .

ArcelorMittal’s operations depend on the secure and reliable

performance of its information technology systems.

ArcelorMittal, has experienced, and continues to experience,

increasing intrusion attempts on its computer networks through

sophisticated and targeted phishing, ransomware and virus

attacks, some of which have resulted, and may in the future

result, in breaches of its information technology security. See "—

Cybersecurity".

Adverse consequences of technological advances like Industry

4.0, Cloud Computing, Internet of Things, GenAi and Blockchain

may continue to increase threats or cause damage to

ArcelorMittal, for example by impacting shop-floor systems

supporting production and maintenance and thereby forcing

plant operations to revert to manual mode with loss of

production, resulting in new risks to ArcelorMittal’s operations

and systems. Because the techniques used to obtain

unauthorized access, disable or degrade service or sabotage

systems change frequently and often are not recognized until

launched against a target, the Company may be unable to

anticipate these techniques or to implement in a timely manner

effective and efficient countermeasures. Although ArcelorMittal

performs annual cyber maturity assessments in many of its

business units, which are supplemented by in-depth cyber

audits and penetration testing exercises performed by

ArcelorMittal Global Assurance, the risk of significant data

breaches, data theft, unauthorized access or successful hacking

cannot be eliminated. There may also be an increased risk of

cybersecurity breaches due to ongoing geopolitical tensions

involving Russia or China. See also "—Cybersecurity".

If unauthorized parties attempt or manage to bring down the

Company’s website or force access into its information

technology systems, they may be able to misappropriate

personal and confidential information, cause interruptions in the

Company’s operations, damage its computers or process

control systems or otherwise damage its reputation and

business. Any compromise of the security of the Company’s

information technology systems or those of its suppliers or

service providers could impact the Company’s ability to maintain

operations, disrupt the provision of services, result in a loss of

confidence in the Company’s security measures, subject it to

litigation, civil or criminal penalties, regulatory actions (e.g.,

under the EU’s General Data Protection Regulation) or adverse

publicity, any of which could adversely affect its financial

condition and results of operations.

IV. Risks related to ArcelorMittal’s acquisitions and investments

ArcelorMittal has grown through acquisitions and may

continue to do so. Failure to manage external growth and

difficulties completing planned acquisitions or integrating

acquired companies could harm ArcelorMittal’s future

results of operations, financial condition and prospects.

The Company has made several large acquisitions in recent

years. To the extent ArcelorMittal continues to pursue significant

acquisitions, the associated financing may (depending on the

structure) result in increased debt, leverage and gearing.

Acquisitions also entail increased operating costs, as well as

greater allocation of management resources away from daily

operations. Managing acquisitions requires the continued

development of ArcelorMittal’s financial and management

information control systems, the integration of acquired assets

with existing operations, the adoption of manufacturing best

practices, handling any labor disruptions that may arise,

attracting and retaining qualified management and personnel as

well as the continued training and supervision of such

personnel, and the ability to manage the risks and liabilities

associated with the acquired businesses. Acquisitions also have

resulted, and may in the future result, in subsequent disputes or

financial liabilities, including in respect of put options granted to

selling shareholders over a retained minority stake. See note 9.3

to the consolidated financial statements for further information.

In addition, acquisitions may entail future capital expenditures,

either as a condition or in order to realize synergies, operational

efficiencies or strategic benefits. Such capital expenditure may

not provide the anticipated return on investment. More generally,

failure to manage acquisitions could have a material adverse

effect on ArcelorMittal’s business, financial condition, results of

operations or prospects.

ArcelorMittal is currently and in the future may be subject

to legal proceedings or other proceedings, including in

relation to its interest in ADI, the resolution of which could

negatively affect the Company’s profitability and cash flows

in a particular period.

ArcelorMittal’s profitability or cash flows in a particular period

could be affected by adverse rulings in current and future legal

proceedings against the Company. See note 9.3 to the

consolidated financial statements.

In April 2021, ArcelorMittal and Invitalia, an Italian state-owned

company, formed a public-private partnership, ADIH, to operate

and subsequently acquire the Ilva business (which had to that

point been managed by the Company and Italian-government

appointed commissioners), providing Invitalia with joint control

rights. In February 2024, the Italian government placed ADIH’s

main operating subsidiary ADI in EA (followed by a Milan court

determination of ADI’s insolvency), thereby passing control of

the company to government-appointed commissioners and

stripping ArcelorMittal of its rights as an indirect shareholder of

ADI. ArcelorMittal was subsequently stripped of its rights as a

direct shareholder in ADIH after being placed in EA and a Milan

court determination of its insolvency. The Company's appeal

against the Milan court decision is currently pending.

ArcelorMittal has also appealed the Italian government EA

Management report

decrees and the decrees authorizing ADI’s commissioners to

enter into a new interim lease agreement with Ilva’s

commissioners (to which ADIH is not a party) and authorizing a

new sale process for Ilva’s business. Hearings before the court

have not yet taken place. The subsequent placement of ADI and

ADIH in EA, a complex procedure, could well lead to further

disputes. In this respect, in July 2024 the commissioners of ADI

and ADIH filed with the court of Milan a request for an urgent

technical assessment of the Ilva facilities stated to be in view of

a potential claim for damages against AMIH and certain former

directors of ADI; in December 2024 the Milan court rejected the

request and its decision has since become final (without

prejudice to a potential subsequent claim for damages).

ArcelorMittal’s strategic growth, maintenance and

decarbonization projects are subject to financing,

execution and completion risks.

The Company has announced a number of strategic growth and

decarbonization projects, which are capital intensive, and also

regularly invests in significant maintenance capital expenditures.

See “Properties and capital expenditures—Property, plant and

equipment—Investments in joint ventures” and “Properties and

capital expenditures—Capital expenditures”. The cost or time to

complete any of these projects may prove to be greater than

originally anticipated. Timely completion in accordance with

budgeted amounts and successful operation may be affected by

factors beyond the control of ArcelorMittal. These factors include

receiving financing on reasonable terms, obtaining or renewing

required regulatory approvals and licenses, securing and

maintaining adequate property rights to land and mineral

resources, local opposition to land acquisition or project

development, managing relationships with or obtaining consents

from other shareholders, revision of economic viability

projections, demand for the Company’s products, local

environmental or health-related conditions, and general

economic conditions. Any of these factors may cause the

Company to delay, modify or forego some or all aspects of its

development projects. For investment projects that the

Company expects to fund primarily through internal sources,

these sources may prove insufficient depending on the amount

of internally generated cash flows and other uses of cash, and

the Company may need to choose between incurring external

financing or foregoing the investment. The Company cannot

guarantee that it will be able to execute its greenfield, brownfield

or other investment projects, and to the extent that they

proceed, that it will be able to complete them on schedule,

within budget, or achieve the volumes, revenues or anticipated

return on its investment. Conversely, should the Company

decide to postpone or cancel development projects, it could

incur various negative consequences such as litigation or

impairment charges, as well as loss of anticipated strategic

benefits.

ArcelorMittal faces risks associated with its investments in

joint ventures and ass ociates.

ArcelorMittal has investments in numerous joint ventures and

associates for a total carrying amount of $ 11.4 billion at

December 31, 2024. See “Properties and capital expenditures—

Property, plant and equipment—Investments in joint ventures”

and note 2.4 to the consolidated financial statements. In

particular, it has structured significant growth transactions in

recent years, including Calvert, AMNS India and the joint

venture with Casa dos Ventos . Joint ventures and associates

subject ArcelorMittal to several types of risks.

First, risks that are endemic to joint ventures and associates

generally due to their nature as entities over which control is

shared or where ArcelorMittal only exercises significant

influence. These include the risk of dead-lock and/or

coordination issues affecting the implementation of strategy. To

the extent joint ventures and associates are controlled and

managed by partners, they may not fully comply with

ArcelorMittal’s standards, controls and procedures, including

ArcelorMittal’s health, safety, environment and community

standards; this could lead to higher costs, reduced production or

environmental, health and safety incidents or accidents, which

could adversely affect ArcelorMittal’s results and reputation.

Second, joint ventures may be the source of substantial

expenditures and financial exposure. Although ArcelorMittal’s

joint ventures are responsible for their own debt repayment and

the Company does not consolidate their indebtedness but has

guaranteed certain debt or contractual obligations of its joint

ventures (see note 9.4 to ArcelorMittal’s consolidated financial

statements). Particularly if the joint venture experiences financial

difficulties, ArcelorMittal may make substantial cash

contributions to extend loans or address calls on existing

guarantees and is exposed to a risk of loss of its investment .

Financial risks may be particularly high for joint ventures that are

strategic and that are expanding and developing, such as AMNS

India and Calvert (see "Property and Capital expenditures—

Investments in joint ventures” and "Property and Capital

expenditures—Capital expenditures") . AMNS India, in particular,

has large-scale and ambitious projects to expand its operations

and further improve operational profitability, which may either

not come to fruition or require greater than anticipated

investments or expenditures. AMNS India has also made

significant acquisitions in recent years that it has financed with

its own cash and drawings under existing financings (including

ones guaranteed by its shareholders). The Company currently

expects that any future acquisitions would likely be similarly

financed. Moreover, the joint venture has announced $7.7 billion

in projected capital expenditure requirements that it expects to

finance similarly (subject to potential cost overruns). The risks in

Management report

this respect are compounded to an extent by the fact that AMNS

India is owned and operated by a joint venture with attendant

risks around strategic alignment, potential discord and deadlock.

ArcelorMittal’s investments in joint ventures and associates

(whether current investments or future ones) have resulted, and

may in the future result, in impairments (the Company

recognized a $1.4 billion impairment charge with respect to its

investment in ADI in 2023).

V . Risks related to ArcelorMittal’s financial position and

organizational structure

Changes in assumptions underlying the carrying value of

certain assets, including as a result of adverse market

conditions, could result in the impairment of such assets,

including intangible assets such as goodwill .

At each reporting date, in accordance with the Company’s

accounting policy described in note 5.3 to the consolidated

financial statements, ArcelorMittal reviews the carrying amounts

of its tangible and intangible assets (goodwill is reviewed

annually or whenever changes in circumstances indicate that

the carrying amount may not be recoverable) to determine

whether there is any indication that the carrying amount of those

assets may not be recoverable through continuing use. If any

such indication exists, the recoverable amount of the asset (or

cash-generating unit) is reviewed in order to determine the

amount of the impairment, if any.

If certain of management’s estimates change during a given

period, such as the discount rate, capital expenditures, expected

changes to average selling prices, growth rates, shipments and

direct costs, the estimate of the recoverable amount of goodwill

or the asset could fall significantly and result in impairment. The

Company has recorded significant impairment charges over the

years, including recently. While impairment does not affect

reported cash flows, decreases of the estimated recoverable

amount and the related non-cash charge in the consolidated

statements of operations have had and could have a material

adverse effect on ArcelorMittal’s results of operations.

Substantial amounts of goodwill and tangible and intangible

assets remain recorded on the Company’s consolidated

statement of financial position. As of December 31, 2024, the

Company’s balance sheet included $ 3.6 billion of goodwill.

More generally, no assurance can be given as to the absence of

significant further impairment losses in future periods,

particularly if market conditions deteriorate. In particular,

changes in key assumptions used in the Group’s impairment

tests, due to market conditions, regulations (including

environmental and carbon emission regulations) or other

reasons (for example, assumptions regarding decarbonization

costs) may result in additional impairment losses being

recognized in the future. For further information on these risks

and uncertainties in assumptions, see notes 1.3 to the

consolidated financial statements.

ArcelorMittal’s indebtedness could have an adverse impact

on its results of operations and financial position, and the

market’s perception of ArcelorMittal’s leverage or of certain

financial transactions may affect the price of its securities .

As of December 31, 2024, ArcelorMittal had total debt

outstanding of $11.6 billion , $6.5 billion of cash and cash

equivalents and restricted cash, and $5.5 billion available to be

drawn under existing credit facilities. The Company also relies

on its true sale of receivables programs ( $4.4 billion of trade

receivables sold at December 31, 2024), as a way to manage its

working capital cycle. A substantial increase in indebtedness

could contribute to the Company’s vulnerability to adverse

economic and competitive pressures in its industry, limit

flexibility in planning for, or reacting to, changes in its business

and industry; limit its ability to borrow additional funds on terms

that are acceptable to the Company or at all. More generally, a

deterioration of market conditions may impact ArcelorMittal’s

ability to refinance its indebtedness on acceptable conditions or

at all. In addition, credit rating agencies could downgrade

ArcelorMittal’s ratings either due to factors specific to

ArcelorMittal, a prolonged cyclical downturn in the steel industry

and mining industries, macroeconomic trends (such as global or

regional recessions or economic shocks) or trends in credit and

capital markets more generally. The margin under ArcelorMittal’s

principal credit facilities and certain of its outstanding bonds is

subject to adjustment in the event of a change in its long-term

credit ratings, and downgrades that occurred in the past resulted

in increased interest expense.

Restrictive covenants in ArcelorMittal’s debt instruments (current

or future) may limit ArcelorMittal’s operating and financial

flexibility. Failure to comply with any covenant would enable the

lenders to accelerate ArcelorMittal’s repayment obligations . In

addition, the mere market perception of a potential breach of

any financial covenant, to the extent in effect, could have a

negative impact on ArcelorMittal’s ability to refinance its

indebtedness on acceptable conditions.

In addition to the foregoing specific risks relating to

ArcelorMittal’s indebtedness, the prices of its securities may be

affected by the markets’ perception of its leverage or any

potential financial transactions, such as equity offerings, which

may be implemented to increase financial flexibility.

ArcelorMittal’s ability to fully utilize its recognized deferred

tax assets depends on its profitability and future cash

flows.

At December 31, 2024, ArcelorMittal had $ 8.9 billion recorded

as deferred tax assets on its consolidated statement of financial

position, representing a $0.6 billion decrease as compared to

December 31, 2023 . The deferred tax assets can be utilized

only if, and only to the extent that, ArcelorMittal’s operating

Management report

subsidiaries generate adequate levels of taxable income in

future periods to offset the tax loss carry forwards and reverse

the temporary differences prior to expiration. At December 31,

2024, the amount of future income required to recover

ArcelorMittal’s deferred tax assets of $ 8.9 billion was at least

$ 39.3 billion at certain operating subsidiaries.

ArcelorMittal’s ability to generate taxable income is subject to

general economic, financial, competitive, legislative, regulatory

and other factors that are beyond its control. If ArcelorMittal

generates lower taxable income than the amount it has

assumed in determining its deferred tax assets, then the value

of deferred tax assets will be reduced. In addition, assumptions

regarding the future recoverability of deferred tax assets depend

on management’s estimates of future taxable income in

accordance with the tax laws applicable to ArcelorMittal’s

subsidiaries in the countries in which they operate. If in the

course of its assessments management determines that the

carrying amount of any of its deferred tax assets may not be

recoverable pursuant to such prevailing tax laws, the

recoverable amount of such deferred tax assets may be

impaired.

Underfunding of pension and other post-retirement benefit

plans at some of ArcelorMittal’s operating subsidiaries

could require the Company to make substantial cash

contributions to pension plans or to pay for employee

healthcare, which may reduce the cash available for

ArcelorMittal’s business.

ArcelorMittal’s principal operating subsidiaries in Brazil, Canada,

Europe and South Africa provide defined benefit pension and

other post-retirement benefit plans to their employees. Some of

these plans are currently underfunded, see note 8.2 to the

consolidated financial statements for the total value of plan

assets and any deficit.

ArcelorMittal’s funding obligations depend upon future asset

performance, which is tied to equity and debt markets to a

substantial extent, the level of interest rates used to discount

future liabilities, actuarial assumptions and experience, benefit

plan changes and government regulation. Because of the large

number of variables that determine pension funding

requirements, which are difficult to predict, as well as any

legislative action, future cash funding requirements for

ArcelorMittal’s pension plans and other post-employment benefit

plans could be significantly higher than current estimates.

Increases in the general life expectancy assumption have

contributed to increases in the defined benefit obligation. In

these circumstances, funding requirements could have a

material adverse effect on ArcelorMittal’s business, financial

condition, results of operations or prospects.

ArcelorMittal’s results of operations could be affected by

fluctuations in foreign exchange rates, particularly the euro

to U.S. dollar exchange rate, as well as by exchange

controls imposed by governmental authorities in the

countries where it operates.

ArcelorMittal operates and sells products globally and as a

result, its business, financial condition, results of operations or

prospects could be adversely affected by fluctuations in

exchange rates. A substantial portion of ArcelorMittal’s assets,

liabilities, operating costs, sales and earnings are denominated

in currencies other than the U.S. dollar (ArcelorMittal’s reporting

currency). Accordingly, its results of operations are subject to

translation risk (i.e., the U.S. dollar value of revenue and profits

generated in other currencies and its debt denominated in other

currencies), including, as has been recently occurred, due to the

reclassification of cumulative foreign exchange translation

losses upon a disposal of a subsidiary, and transaction risk (i.e.,

a mismatch between the currency of costs and revenue).

Moreover, ArcelorMittal operates in several countries whose

currencies are, or have in the past been, subject to limitations

imposed by those countries’ central banks, or which have

experienced sudden and significant devaluations. In emerging

countries where ArcelorMittal has operations and/or generates

substantial revenue, such as Argentina, Brazil, India, South

Africa, Venezuela and Ukraine, the risk of significant currency

devaluation is high.

Currency devaluations, the imposition of new exchange controls

or other similar restrictions on currency convertibility, or the

tightening of existing controls in the countries in which

ArcelorMittal operates could adversely affect its business,

financial condition, results of operations or prospects .

The Significant Shareholder could exercise significant

influence over the outcome of shareholder votes.

At December 31, 2024, HSBC Trustee (C.I.) Limited, as trustee

of a fully discretionary trust (referred to as the "Significant

Shareholder"), beneficially owned (within the meaning of Rule

13d-3 under the Securities Exchange Act of 1934, as amended)

ordinary shares amounting to 340,072,244 in the aggregate

(when aggregated with ordinary shares of ArcelorMittal held

directly by Mr. Lakshmi N. Mittal and Mrs. Usha Mittal),

representing 44.25% of ArcelorMittal’s then outstanding shares.

As a result, the Significant Shareholder could exercise

significant influence over the decisions adopted at the

ArcelorMittal general meetings of shareholders, including

matters involving mergers or other business combinations, the

acquisition or disposition of assets, issuances of equity and

obtaining funding through debt. The Significant Shareholder

could also exercise significant influence over a change of control

of ArcelorMittal. Mr. Lakshmi N. Mittal and Mrs. Usha Mittal are

discretionary beneficiaries of the trust. For further information on

the Company’s major shareholders, see “Shareholders and

markets—Major shareholders”.

Management report

VI. Legal and regulatory risks

The income tax liability of ArcelorMittal may substantially

increase if the tax laws and regulations in countries in

which it operates change or become subject to adverse

interpretations or inconsistent enforcement.

Taxes payable by companies in many of the countries in which

ArcelorMittal operates are substantial and include value-added

tax, excise duties, profit taxes, payroll-related taxes, property

taxes, mining taxes and other taxes. Tax laws and regulations in

some of these countries may be subject to frequent change,

varying interpretation and inconsistent enforcement. Ineffective

tax collection systems and national or local government budget

requirements may increase the likelihood of the imposition of

arbitrary or onerous taxes and penalties, which could have a

material adverse effect on ArcelorMittal’s financial condition and

results of operations. In addition to the usual tax burden

imposed on taxpayers, these conditions create uncertainty as to

the tax implications of various business decisions. This

uncertainty could expose ArcelorMittal to significant fines and

penalties and to enforcement measures despite its best efforts

at compliance, and could result in a greater than expected tax

burden. See note 10 to the consolidated financial statements.

It is possible that tax authorities in the countries in which

ArcelorMittal operates will introduce additional revenue raising

measures. The introduction of any such provisions or

modification of tax rates, tax laws, treaties in an adverse manner

may affect the overall tax efficiency of ArcelorMittal and may

result in significant additional taxes becoming payable and

adversely effect on the Company’s financial condition, results of

operations, cash flows, liquidity and ability to pay dividends.

ArcelorMittal is subject to economic policy, military,

political, social and legal risks and uncertainties in the

markets (including emerging ones) in which it operates or

proposes to operate, and these uncertainties may have a

material adverse effect on ArcelorMittal’s business,

financial condition, results of operations or prospects.

ArcelorMittal operates globally including in a large number of

emerging markets. Many of these countries have implemented

measures aimed at improving the business environment and

providing a stable platform for economic development.

ArcelorMittal’s business strategy has been developed partly on

the assumption that this modernization, restructuring and

upgrading of the business climate and physical infrastructure will

continue, but this cannot be guaranteed. In particular, certain of

these markets have experienced or are experiencing particularly

difficult operating conditions. Many emerging markets are also

at risk of economic crises (be it external debt, currency,

domestic corporate, household or public debt crises) usually

brought on by an economic or political shock which can

exacerbate existing domestic structural imbalances. For

example, crises in Argentina and Turkey have had negative

impacts on the Company's core markets in Brazil and the EU,

respectively. Any slowdown in the development of these

economies could have a material adverse effect on

ArcelorMittal’s business, financial condition, results of

operations or prospects, as could insufficient investment by

government agencies or the private sector in physical

infrastructure. For example, the failure of a country to develop

reliable electricity and natural gas supplies and networks, and

any resulting shortages or rationing, could lead to disruptions in

ArcelorMittal’s production.

Moreover, some of the countries in which ArcelorMittal operates

have been undergoing substantial political transformations from

centrally controlled command economies to market-oriented

systems or from authoritarian regimes to democratically elected

governments and vice-versa. Political, economic and legal

reforms necessary to complete such transformation may not

progress sufficiently. On occasion, ethnic, religious, historical

and other divisions have given rise to tensions and, in certain

cases, wide-scale civil disturbances and military conflict. The

political systems in these countries are vulnerable to their

populations’ dissatisfaction with their government, reforms or the

lack thereof, social and ethnic unrest and changes in

governmental policies. The prospect of further unrest and

resulting political or economic destabilization cannot be ruled

out. Furthermore, certain of ArcelorMittal’s operations are also

located in areas where acute drug-related violence (including

executions and kidnappings of non-gang civilians) occurs and

the largest drug cartels operate, such as the states of

Michoacán, Sinaloa and Sonora in Mexico.

Furthermore, ArcelorMittal’s operations in certain countries may

be affected by military conflicts, such as in Ukraine. Any of these

developments could have a material adverse effect on

ArcelorMittal’s business, financial condition, results of

operations or prospects and its ability to continue to do business

in these countries.

Moreover, the legal systems in some of the countries in which

ArcelorMittal operates remain less than fully developed,

particularly with respect to the independence of the judiciary,

property rights, the protection of foreign investment and

bankruptcy proceedings, generally resulting in a lower level of

legal certainty or security for foreign investment than in more

developed countries. ArcelorMittal may encounter difficulties in

enforcing court judgments or arbitral awards in some countries

in which it operates because, among other reasons, those

countries may not be parties to treaties that recognize the

mutual enforcement of court judgments. Assets in certain

countries where ArcelorMittal operates could also be at risk of

expropriation or nationalization. In addition, the Venezuelan

government has implemented a number of selective

nationalizations of companies operating in the country to date.

Although ArcelorMittal believes that the long-term growth

Management report

potential in emerging markets is strong, and intends them to be

the focus of the majority of its near-term growth capital

expenditures, legal obstacles could have a material adverse

effect on the implementation of ArcelorMittal’s growth plans and

its operations in such countries.

ArcelorMittal is subject to an extensive, complex and

evolving regulatory framework which may expose it and its

subsidiaries, joint ventures and associates to

investigations by governmental authorities, litigation and

fines, in relation, among other things, to antitrust and

compliance matters. The resolution of such matters could

negatively affect the Company’s strategy, operations,

profitability and cash flows in a particular period or harm its

reputation.

ArcelorMittal’s business encompasses multiple jurisdictions and

complex regulatory frameworks, including in relation to antitrust,

and economic sanctions, anti-corruption and anti-money

laundering matters. Laws and regulations in these areas are

complex and constantly evolving and enforcement of them

continues to increase. ArcelorMittal may as a result become

subject to increasing limitations on its business activities and to

the risk of fines or other sanctions for non-compliance. From

time to time, the Company is subject to review by authorities

that monitor market power in any of the markets in which it

operates. To the extent that ArcelorMittal is deemed by relevant

authorities to exhibit significant market power, it can be subject

to various regulatory obligations and restrictions, such as

disposing of assets or granting access to its operations to third

parties or being prevented from completing acquisitions, which

could thereby adversely affect its results of operations and

profitability. As a result of its position in the steel industry and its

historical growth through acquisitions, ArcelorMittal could be

subject to governmental investigations and lawsuits by private

parties based on antitrust laws. These could require significant

expenditures and result in liabilities or governmental orders that

could have a material adverse effect on ArcelorMittal’s business,

operating results, financial condition and prospects. An adverse

ruling in such type of proceedings could subject ArcelorMittal to

substantial administrative penalties and/or civil damages. No

assurance can be given that the Company will not be identified

as having significant market power in any relevant markets in

the future and that it will not be subject to additional regulatory

requirements.

ArcelorMittal’s governance and compliance processes, which

include the review of internal controls over financial reporting as

well as a Code of Business Conduct and other rules and

protocols for the conduct of business, may not prevent breaches

of laws and regulations or internal policies relating to

compliance matters at ArcelorMittal or its subsidiaries, as well as

to instances of non-compliant behavior by its employees,

contractors or other agents . Any material weakness in internal

control over financial reporting (including as identified by the

Company as of December 31, 2023 see “Additional Information

—Management’s report on internal control over financial

reporting") could reduce confidence in the Company's published

information, impact access to capital markets or the trading

price of its securities . The risk of non-compliance is also present

at ArcelorMittal’s joint ventures and associates where

ArcelorMittal has a non-controlling stake and does not control

governance practices or accounting and reporting procedures.

Furthermore , ArcelorMittal is subject to evolving laws,

regulations, policies, and international accords relating to

matters beyond its core operations, including environmental

sustainability, climate change, human capital, and employment

matters. Some of these have recently come under increasing

scrutiny. For example, in January 2025, President Trump signed

a number of Executive Orders focused on diversity, equity and

inclusion (“DEI”), which indicate continued scrutiny of DEI

initiatives and potential related investigations of certain private

entities with respect to DEI initiatives, including publicly traded

companies. If ArcelorMittal does not successfully manage

expectations across varied stakeholder interests, it could erode

stakeholder trust and impact its reputation. Such scrutiny could

also expose ArcelorMittal to the risk of litigation, investigations

and enforcement actions or challenges, including by U.S.

federal or state authorities, or result in reputational harm.

Unfavorable outcomes in current and potential future litigation

and investigations relating to antitrust and compliance matters

could reduce ArcelorMittal’s liquidity and negatively affect its

profitability, cash flows, results of operations and financial

condition, as well as harm its reputation.

U.S. investors may have difficulty enforcing civil liabilities

against ArcelorMittal and its directors and senior

management.

ArcelorMittal is incorporated under the laws of the Grand Duchy

of Luxembourg with its principal executive offices and corporate

headquarters in Luxembourg. The majority of ArcelorMittal’s

directors and senior management are residents of jurisdictions

outside of the United States. The majority of ArcelorMittal’s

assets and the assets of these persons are located outside the

United States. As a result, U.S. investors may find it difficult to

effect service of process within the United States upon

ArcelorMittal or these persons or to enforce outside the United

States judgments obtained against ArcelorMittal or these

persons in U.S. courts, including actions predicated upon the

civil liability provisions of the U.S. federal securities laws.

Likewise, it may also be difficult for an investor to enforce in

U.S. courts judgments obtained against ArcelorMittal or these

persons in courts in jurisdictions outside the United States,

including actions predicated upon the civil liability provisions of

the U.S. federal securities laws. It may also be difficult for a U.S.

investor to bring an original action in a Luxembourg court

predicated upon the civil liability provisions of the U.S. federal

Management report

securities laws against ArcelorMittal’s directors and senior

management and non-U.S. experts named in this annual report.

Risk management process

Management is responsible for internal control in the Company

and has implemented on an ongoing basis a robust short,

medium and long-term risk – including ESG-related risks –

management and control system, which is designed to ensure

its business is focused on achieving its objectives and that

significant risks are identified and mitigated. The system is also

designed to ensure compliance with relevant laws and

regulations.

The Company’s risk management and internal control system is

designed to determine risks in relation to the achievement of

business objectives and appropriate risk responses. The

establishment and maintenance of a risk identification and

management process is the responsibility of site/segment/

corporate function management. Risks are owned and

monitored by management. Risk officers designated by

management facilitate the conversations and help monitoring

the action plans. Critical risks are escalated through existing

reporting lines. Critical risk decisions are not dissociated from

the other decisions. Risks are analyzed by building models and

developing scenarios to understand potential financial impacts.

Short-term risks (within a 12-month time frame) are identified

through a bottom-up process by respective management teams.

Risks are identified through a defined process by respective

management teams. Business segments and corporate

functions consolidate the identified risks and report the top ones

as part of the periodic reporting to key internal stakeholders.

The Company uses a risk management framework based on a

blend of a COSO (the Committee of Sponsoring Organizations

of the Treadway Commission) 2013, ISO 31000 and an in-house

model. Sites assess risks, including ESG and climate related

risks, by assigning them a probability of occurrence, potential

financial impact and/or non-financial consequences. Global

trends, and the risks and opportunities identified as arising from

them, are used to inform the Company’s strategic outlook and

planning.

Based on management reviews, reviews of the design and

implementation of the Company’s risk management approach

and business and functional risk committees, management

provides an assessment each year, as required by law, of the

effectiveness of the Company’s risk management process.

It should be noted, however, that the above does not imply that

these systems and procedures provide certainty as to the

realization of operational and financial business objectives, nor

can they prevent all misstatements, inaccuracies, errors, fraud

and non-compliance with rules and regulations.

The Audit & Risk Committee assists the Board of Directors with

the oversight of risks to which the ArcelorMittal group is exposed

and in the monitoring and review of the risk-management

framework and process.

The Global Assurance Department facilitates the risk

management process and provides support enabling business

as well as corporate functions to identify these risks and

opportunities to the business based on social, environmental,

regulatory, workforce, stakeholder, resource, technological and

other trends, and specify mitigation actions. A consolidated

report is shared on a half-yearly basis with the key stakeholders.

With respect to climate, the work is coordinated by

ArcelorMittal’s executive officer for corporate business

optimization in consultation with segment CEOs; discussed on a

regular basis by the Group Management Committee; and

overseen by the Executive Office, which provides leadership

and guidance. The Company’s climate strategy financial risks

are brought to the attention of the Group Management

Committee and where financially significant at a group level, are

addressed at the Corporate Finance and Tax Committee .

Central to the Company's approach is its work to advocate for

policy support strategy to ensure that ArcelorMittal can respond

to rising carbon prices with viable investments in

decarbonization technologies. At the same time, all of

ArcelorMittal's business segments are required to prepare

carbon emission reduction plans to reach net zero by 2050 as

part of the annual planning cycle.

With respect to security, the Company has put in place means to

ensure the security of its people, assets and intellectual property

by supporting business units on security governance, security

risk management, operational security, strategy and continuous

improvement. It develops and promotes security policies,

procedures, tools and processes to support security process

owners with identifying and assessing security risks, related to

people, assets and intellectual property. It also identifies gaps,

and implements appropriate leading practice security controls to

promote more secure and resilient business environments.

As regards risks relating to the security of information systems,

ArcelorMittal has developed governance and security rules

which describe the recommended organization, infrastructure

and operating procedures. These provisions are applied across

the Company under the responsibility of the business segments.

The Group Chief Information Security Office defines cyber

security policies available and applicable for all segments/units

globally and develops general directives in cyber security

reflecting mission, goals and values of ArcelorMittal. The cyber

security policy focuses on protecting information systems

against disclosure to unauthorized users (confidentiality),

improper modification (integrity) and non-access when required

(availability). In addition, cyber maturity assessments are

performed annually in many business units and supplemented

by in-depth cyber audits and penetration testing exercises

performed by Global Assurance. For more detailed information

Management report

regarding the Company's cybersecurity risk management and

strategy, see "Cybersecurity" below.

Regarding risks relating to changes in the regulatory

environment and business ethics, the Legal, Compliance &

Company Secretary Department ("LCCSD") reporting to the

Chief Financial Officer establishes the Company's legal policy. It

provides effective advice to assist in identification and

monitoring of legal, regulatory and governance risks. The

LCCSD is supported by regional and segment general counsels

located across the business, who are further supported by unit

or country general counsels. The Compliance structure is

headed by Group Compliance and the Data Protection Officer

who report to the Group General Counsel. The Group

Compliance and Data Protection Officer is supported by a

Corporate Compliance team and a Group-wide compliance

network.

Internal control procedures

ArcelorMittal's internal control framework is based on the COSO

It includes the following five components: control

environment, risk assessment, control activity, information and

communication and monitoring activities.

ArcelorMittal's internal controls aim to provide reasonable

assurance but not absolute assurance because of the inherent

limitations around effectiveness and efficiency of business

operations, reliability of financial information, compliance with

laws and regulations and compliance with policies and

procedures. The organization of ArcelorMittal's internal control is

aligned with group organization following which corporate

functions, business segments and operational entities are

directly accountable for establishing and maintaining effective

and adequate internal controls and procedures that conform to

the regulatory framework. The principles of control fit into the

framework of the rules of corporate governance. In particular,

these rules task the Audit & Risk Committee with monitoring the

effectiveness of the internal control and risk management

systems and of the internal audit, particularly as regards the

procedures for preparing and dealing with accounting, financial

and non-financial reporting.

Control environment

ArcelorMittal's control environment is primarily based on its

Code of Business Conduct and supported by a comprehensive

framework of policies and procedures in areas such as human

rights, anti-corruption and insider dealing . These documents

reflect the principles and concepts of the UN Global Compact,

the OECD Guidelines on Multinational Enterprises and UN

Sustainable Development Goal 16: peace, justice and strong

institutions. The Company’s Code of Business Conduct defines

what acting with integrity means in practice. It applies to all

directors, officers and employees of ArcelorMittal worldwide. To

maintain knowledge about the Code of Business Conduct and

other aspects of compliance, employees take part in training

programs based on a matrix system covering economic

sanctions, prevention of corruption, insider dealing regulation,

fraud awareness and prevention, anti-trust issues, human rights,

data protection and the Code of Business Conduct every three

years.

The Board of Directors, with the support of its Committees,

ensures that internal control functions operate properly. The

Audit & Risk Committee monitors the effectiveness of internal

control and risk management systems implemented by the

Board of Directors and management. As part of its role to foster

open communication, the Audit & Risk Committee meets at least

annually with management, the head of Global Assurance and

the Company’s independent accountants in separate executive

sessions to discuss any matters that the Audit & Risk Committee

or each of these persons believe should be discussed privately.

Management's responsibility is to ensure that the organizational

structure plans, executes, controls and periodically assesses the

Company's activities. It regularly reviews the relevance of the

organizational structures so as to be in a position to adapt them

swiftly to changes in the activities and in the environment in

which they are carried out. The business segments' and

operational entities' management are responsible for the internal

control and risk management system within their scope of

responsibility.

ArcelorMittal has defined responsibilities that cover the three

dimensions of internal control: operational management, which

is responsible for implementing internal control, support

functions such as Finance, Legal, Treasury or Human

Resources, Health & Safety and Sustainability & Environment

which prescribe the internal control systems, verify their

implementation and effectiveness and assist operational

employees, and Global Assurance who, through their audit

reports, provide recommendations to improve the effectiveness

of the systems.

Following a risk-based approach, business processes and/ or

management systems may be the subject of an internal audit

performed by the Global Assurance Department reporting to

both the Audit & Risk Committee Chair and the Group Executive

Chairman in accordance with the international framework of the

internal audit and its Code of Ethics. The audit plan, which is

risk based, is submitted annually to the Audit & Risk Committee.

The Global Assurance department presents its results to the

management of operational entities and business segments and

reports to the Audit & Risk Committee, Executive Office and

Group CFO.

The design and effectiveness of the key operational, financial

and information technology controls related to internal control

over financial reporting, are regularly examined and assessed in

compliance with the Sarbanes-Oxley Act.

Management report

Cybersecurity

Risk management and strategy

The Group Chief Information Security Officer and Head of Cyber

Strategy (“CISO”) follows the Group risk management program

as defined by the Global Assurance team in the management of

risks relating to the security of information systems. For further

information on the Global Assurance team, see “Corporate

governance—Sustainability committee—Global Assurance”. The

Group CISO is an experienced information technology and

operation technology executive . He is a leading international

chief information officer with proven expertise in cyber security,

digital transformation, IT integration and business enablement .

He joined ArcelorMittal in 2024 from a leading transportation /

logistics company where he served as their IT senior vice

president and international CIO from 2017 . He holds an MBA in

international management from the Thunderbird School of

Global Management, Glendale , Arizona, USA, and a Bachelor of

Engineering in electronics and communication from the National

Institute of Technology, Trichy, India.

On a quarterly basis, the Group CISO provides a cybersecurity

risk report to the Group Finance Risk Committee, headed by the

Group CFO, based on risks identified at the segment level,

which in turn reports to and assists the Board of Directors in

fulfilling its oversight responsibilities with respect to legal and

regulatory requirements, including cybersecurity. Risks identified

in the report are considered potential risks that may affect all

functions and departments across the Group. The office of the

CISO has identified the following four key risk areas:

Large-scale cyber-attacks or malware causing

economic damage and/or reputational harm to

ArcelorMittal.

Dependency risks and increased vulnerability to

outages of critical systems (applications or

infrastructure) causing significant disruption to

ArcelorMittal.

Adverse consequences of technological advances

such as Artificial Intelligence (“AI”), cloud-based

programs or systems, Internet of Things (“IoT”) and

Blockchain, which may cause harm to ArcelorMittal.

Wrongful exploitation of personal information causing

regulatory liabilities (e.g., GDPR or similar laws) or of

business data causing contractual or other legal

liabilities (e.g., relating to IP, R&D or customers) that

would have significant negative impacts on

ArcelorMittal.

As part of the risk management process, the Group’s local IT

teams, segment CIOs and segment CISOs also identify local

cyber risks and report to the Group Finance Risk Committee.

The office of the CISO defines policies and procedures related

to cyber and information security as well as to permissible and

secure uses of cloud, operational technology (“OT”) and IoT

within the Company. ArcelorMittal follows the National Institute

of Standards and Technology Cybersecurity Framework ("NIST

CSF"). The Group’s cybersecurity policies focus on protecting

information systems against disclosure to unauthorized users

(confidentiality), improper modification (integrity) and non-

access when required (availability). These polices are

implemented across the Group and tracked and reported on a

quarterly basis. Additionally, the Company has in place a global

incident and crisis process with special procedures for

ransomware and data privacy (e.g., to increase protection and

address breaches). Most Group entities undergo periodic

security penetration testing exercises led by the Group CIO/

CISO team or external third parties throughout the year. Global

Assurance as part of risk based approach also conducts

penetration tests independently.

The Company engages a wide range of third parties as part of

the implementation and operationalization of its cybersecurity

policies, cyber defense strategies and general cyber risk

management, including specialist assessors, security

consultants, IT auditors, forensic analysts, malware analysts

and other third-party specialists. All third-party security providers

that handle Company data or otherwise have access to

ArcelorMittal’s network and systems are required to complete a

rigorous risk assessment program in an online platform, which

includes checks for data and cloud security, access, incident

reporting and physical protection in accordance with the NIST

CSF as well as applicable Company cybersecurity policies.

In addition, Cyber Maturity Assessments are performed annually

by an external consultant across many entities and segments for

both IT and OT. Assessments are evidence-based exercises

focusing on many key cyber processes, such as Vulnerability

and Incident Management, Patching and Change Management,

Malware Protection, Network Monitoring, Business Continuity

and Disaster Recovery, and Software Security. Additionally,

Global Assurance, as part of its risk based approach, performs

cyber audits and penetration tests (as part of the annual plan).

ArcelorMittal has been a long-standing customer of the BitSight

rating service and has defined specific target levels and KPIs for

cybersecurity in the BitSight platform. These risk measures are

monitored daily and reported quarterly to the Data Protection

Committee, led by the Group Data Protection Officer with

representation from Group Compliance, Group HR and the

Group CISO. BitSight also reports ArcelorMittal’s risk profile to

Glass-Lewis for purposes of investor reporting.

The office of the CISO has put in place an extensive online

dashboard that tracks various metrics related to cybersecurity

risks across various operating units. Such measures include:

BitSight External Cyber Ratings and Risk Factors
AntiMalware compliance levels

Management report

Active Directory security posture
Cloud Security cyber score and framework adoption
Ransomware Exploitable Vulnerability remediation

status

Externally Facing Web Application Vulnerability levels
Cyber Awareness Education and Training
OS Level and Patching posture
Mobile security compliance
Security Baselines (IT and OT) quarterly assessments
Expired user account risk
Cyber attack simulation effectiveness

Cybersecurity Related Events in 2024

In 2024, ArcelorMittal did not experience any cyber-attacks,

cybersecurity threats or other information security incidents that

materially affected or were reasonably likely to materially affect

the Company’s business strategy, results of operations or

financial condition. See "Risk factors and control—

ArcelorMittal’s reputation and business could be materially

harmed as a result of data breaches, data theft, unauthorized

access or successful hacking”.

Governance

ArcelorMittal has implemented a distributed organizational

model. At the Group level, the Group CISO defines the global

cybersecurity strategy and roadmap.

The global cybersecurity strategy and roadmap is informed by

the ArcelorMittal Security Incident Classification and Escalation

Procedures as well as the ArcelorMittal Cyber Crisis

Management Procedures (collectively, the “Cybersecurity

Procedures”). The Cybersecurity Procedures define the core

principles of security risk management and the procedures for

security management, including the roles and responsibilities of

key personnel, strategy and measures to cope with information

security breaches and related communication procedures.

Every cybersecurity occurrence or threat that rises to a specific

level defined in the Cybersecurity Procedures is reviewed in the

various security councils set out below and communicated to the

appropriate committees as defined in the Cybersecurity

Procedures. Any such cyber incident is promptly reported by the

Group CISO to (a) the Global Ransomware Crisis Committee

and (b) the Group CFO and Disclosure Committee for decision-

making regarding external communication to regulators or

investors.

I n fulfilling its oversight responsibilities, the Board oversees

cyber risks and incidents via the Audit & Risk Committee and

approves proposals or modifications to the Cybersecurity

Procedures. The Audit & Risk Committee relies on information

provided from Global Assurance , to which the Group CFO

provides information about risks. The Group CFO provides

information to both the Audit & Risk Committee and the Group

CEO.

The following teams are organized under and report to the

Group CISO:

• the Group Chief Information Officer (“CIO”) Council

(headed by the Group CISO and made up of segment

CIOs and other specialists) leads and manages the

different business segments, which are responsible for the

implementation and management of security controls,

processes and technology within their respective business

segments.

• the Group Cybersecurity (“CS”) Leadership team led by

the Group CISO and consisting of security officers from

each segment, is responsible for decision-making relating

to all security topics, defining roadmaps and execution of

strategies and protection within their respective segments.

• the Global Ransomware Crisis Committee made up of

various heads of leadership functions such as Legal, IT,

Treasury, Communication, Investor Relations and Global

Assurance, with the assistance of a third-party service

provider acting as the Company’s ransomware negotiator

and advising partner, is responsible for advancing and

implementing the decision-making processes in the event

of a ransomware outbreak across the Company and any

demands for ransom payments.

• the Data Protection Committee consisting of Group

Compliance, Group HR and Group CISO, and led by the

Group’s Data Privacy Officer, meets quarterly to review

any incidents or risks involving data privacy matters, and

its recommended actions are implemented across the

Group.

• the Cyber Expert Committee (“EC”) led by the CISO and

made up of various subject matter experts and segment

security officers, works as a centralized team to address

common global issues and risks, recommend technologies

and risk solutions across the Group and prepare technical

security proposals to be reviewed by CS Leadership and

approved and adopted by the CIO Council.

• the IT Security Council and OT Security Council operating

across the Group and comprising security leads from each

segment for their respective areas (IT or OT), as well as

from Global Assurance are used for purposes of

information sharing, feedback sessions for the CS

Leadership Group and sounding boards for new proposals

coming from CS or EC.

Management report

BUSINESS OVERVIEW

Business strategy

ArcelorMittal’s success is built on its core values of safety,

sustainability, quality and leadership and the entrepreneurial

boldness that has empowered its emergence as the first truly

global steel and mining company. Acknowledging that a

combination of structural issues and macroeconomic conditions

will continue to challenge returns in its sector, the Company has

adapted its footprint to the new demand realities, intensified its

efforts to control costs and repositioned its operations to

outperform its competitors. The Company also continues to

develop and implement plans aimed at decarbonizing its steel

and mining assets in a competitive manner and achieving

carbon neutrality by 2050.

Against this backdrop, ArcelorMittal's strategy is to leverage four

distinctive attributes in aiming to capture leading positions in the

most attractive areas of the steel industry value chain, from

mining at one end to distribution and first-stage processing at

the other:

• Global scale and scope

• Unmatched technical capabilities

• Diverse portfolio of steel and related businesses,

particularly mining

• Financial capability

Three themes

Steel. ArcelorMittal looks to expand its leadership role in

attractive markets and segments by leveraging the Company’s

technical capabilities and its global scale and scope. These are

critical differentiators for sophisticated customers that value the

distinctive technical and service capabilities the Company offers.

Such customers are typically found in the automotive, energy,

infrastructure and a number of smaller markets where

ArcelorMittal is a market leader. In addition, the Company is

present in, and will further develop, attractive steel businesses

that benefit from favorable market structures or geographies. In

developing attractive steel businesses, ArcelorMittal’s goal is to

be the supplier of choice by anticipating customers’

requirements and exceeding their expectations. It will invest to

develop and grow these businesses and enhance its ability to

serve its customers. Given the volatile nature of the industry,

these investments will be highly disciplined, leveraging

advanced project management capabilities, balancing financial

and sustainable considerations with targeted strategic

opportunities. Commodity steel markets will inevitably remain an

important part of ArcelorMittal’s steel portfolio. Here, a lean cost

structure should limit the downside in weak markets while

allowing the Company to capture the upside in strong markets.

Finally, ArcelorMittal is developing a strategic response to the

challenges and opportunities posed by decarbonization, which it

believes will fundamentally change the market structure of the

steel industry.

Mining. ArcelorMittal is working to continue to create value from

its world-class mining business. Mining forms part of the steel

value chain but typically enjoys a number of structural

advantages, such as a steeper cost curve. The Company's

strategy is to create value from its most significant assets,

through selective expansion and de-bottlenecking, by controlling

cost and capital expenditure, and by supplying products that are

highly valued by steel producers. ArcelorMittal's financial

capability has allowed it to continue to invest in key mining

assets (in particular AMMC as well as ArcelorMittal Liberia and

Serra Azul), while the diversity of its steel and mining portfolio

facilitates the ability of the mining business to optimize the value

of its products in the steelmaking process. The Company's

mining business aspires to be the supplier of choice for a

balanced mix of both internal and external customers, while at

the same time providing a natural hedge against market volatility

for its steel operations. The mining business should also support

the decarbonization of the steel footprint through optimization of

mining product mix by supplying raw materials needed for the

low emissions footprints.

All operations. ArcelorMittal strives to achieve best-in-class

competitiveness. Operational excellence, including health and

safety, the number one priority, is at the core of the Company's

strategy in both steel and mining. The Company steadily

optimizes its asset base to ensure it is achieving high operating

rates with its best assets. Its technical capabilities and the

diversity of its portfolio of businesses underpin a strong

commitment to institutional learning and continuous

improvement through measures such as benchmarking and

best-practice sharing. Innovation in products and processes also

plays an important role while supporting overall

competitiveness. In addition, ArcelorMittal continues to optimize

its decarbonization pathway to ensure that the Company

remains competitive and achieves an appropriate return on the

required investment.

Five key strategic enablers

Critical to implementing this strategy are five key enablers:

A clear license to operate. Many of ArcelorMittal's businesses

are located in regions that are in the early stages of economic

development. Practically all are resource-intensive. The

Company recognizes that it has an obligation to act responsibly

towards all stakeholders. ArcelorMittal's commitment to

sustainability and safety is outlined below. See "Business

overview—Sustainable development" . Sustainability and safety

are core values that underline ArcelorMittal's efforts to be both

the world’s safest steel and mining company and a responsible

environmental steward.

Management report

A strong balance sheet. The Company maintains a strong

balance sheet with credit metrics consistent with investment

grade credit rating . This provides a strong foundation for its

balanced capital allocation: to invest in organic growth,

consistently reward shareholders, and maintain the flexibility, on

a selective basis, to pursue acquisitive growth opportunities.

A decentralized organizational structure. ArcelorMittal's scale

and scope are defining characteristics that give it a competitive

advantage. They also introduce complexity and the risks of

inefficiency, bureaucracy and diffuse accountability. To manage

these risks, the Company favors a structure in which the

responsibility for profit and loss is focused on business units

aligned with markets.

Active portfolio management. Throughout the Company's

history, it has sought to grow and strengthen the business

through acquisitions. That remains the case. The acquisition of

existing assets and businesses is typically seen as a more

attractive growth path than greenfield investment. The Company

is, however, also willing to dispose of businesses that cannot

meet its performance standards or that have more value to

others.

The best talent. ArcelorMittal's success will depend on the

quality of its people, and its ability to engage, motivate and

reward them. As detailed below, the Company is committed to

investing in its people and ensuring a strong leadership pipeline.

See "Management and Employees—Employees—Employee

development". It will continue to improve its processes to attract,

develop and retain the best talent.

Research and development

The Company’s Global Research and Development ("R&D" or

"Global R&D") division provides the technical foundation for the

sustainability and commercial success of the Company by

stimulating innovative thinking and the continuous improvement

of products and processes.

The Company operates 14 research sites in 9 countries around

the world. In 2024, ArcelorMittal’s R&D expense was $285

million (compared to $299 million and $286 million in 2023 and

2022, respectively). In addition, the Company capitalized $29

million of research and development expenses in 2024

(compared to $26 million in 2023).

In 2024, R&D launched 20 new products and solutions to

accelerate sustainable lifestyles, and 26 products and solutions

to support sustainable construction, infrastructure and energy

generation.

Among its R&D initiatives, in 2024, the Company undertook a

total of 145 Life Cycle Assessment ("LCA") studies related to

steel products and the processes used to produce them, all

guided by the relevant standards.

For Automotive segment, ArcelorMittal continuously develops its

S-in motion® steel solution range, which helps in optimizing

passive safety, production costs, and the carbon footprint of the

Company's solutions. AHSS products are among the most

affordable solutions on the market for both passengers and

battery protection. In 2024, new grades of steel were marketed,

particularly under the MartInsite® brand. Due to their anti-

intrusion performance and fatigue resistance, these grades are

particularly well-suited in terms of automotive safety standards

which require high impact resistance.

ArcelorMittal Multi Part Integration® (MPI) concept was

developed to simplify the vehicle manufacturing process. The

Company launched several new projects in 2024 for OEMs,

after the initial success of MPI Door-Ring concepts in the U.S.

and China with both legacy and newcomer OEMs. In 2024, the

Company launched a global advertisement campaign to

promote MPI "The Power of Less".

The Company aims to deliver similar breakthrough advances in

other sectors by creating differentiated products and unique

engineering solutions. ArcelorMittal is fully involved in the

development of solutions dedicated to the Global Energy

Transition. The Company has developed and patented

advanced steels for use in the renewable energy segment.

Notably, Magnelis® long lasting coating combined with Hyper®

high strength steels have become a material of choice for light

weight solar mounting systems. In 2024, new lines started

production in India (AMNS India) and Brazil (ArcelorMittal Vega

Do Sul). Additionally, the Company is working on the

development of solutions suitable for the hydrogen economy,

electricity grids, carbon capture, storage & use and bioenergy.

Hymatch® steel offer was developed to provide steel grades

suitable for H2-linepipes.

The production of a complete range of low-CO 2 steels allows for

a reduction in carbon footprint by up to 65%. More than 50 new

XCarb® Recycled and Renewably Produced ("RRP") products

have been commercialized in 2024 and more than 200 other

new products are under development.

XCarb ® RRP steels (flat, long, tubular, profiles, sandwich

panels) have been incorporated in Steligence ® building

concepts. Steligence ® is the holistic platform for environmentally

friendly and cost-effective steel solutions for circular use (design

for re-use), resilience with respect to exceptional events (floods

and storms), as well as solutions for thermal retrofit or solar

energy harvesting.

In process research, the focus remains on innovations in the

following domains:

By-products and circular economy. In 2024, the Company

characterized the production of new steel routes by-products

under different operational conditions to foresee the qualities

and quantities of the new by-products mix. In 2024, LCA was

Management report

calculated to com pare the use of slag to replace other materials.

As an example, Sidercal® is a slag-based steel by-product used

in roads construction in the sub-base and as pavement.

Other circular economy initiatives include working on the use of

mining tailings as a secondary raw material, either by finding

marketable solutions or generating valuable products to be used

in-house and in construction.

Progress against air pollution . In 2024, information of all studies

and real data monitoring were analyzed, concluding that control

measures implemented in the yards in Tubarão have been

effective in reducing dust emissions.

ArcelorMittal also has research activities focused on innovative

gas cleaning technologies (Nitrogen Oxides (“NOx”) , Sulphur

Oxides ("SOx") ). In 2024, R&D tests proved significant NOx

emissions reduction (up to 50%) at a semi-industrial scale.

Progress in water management. ArcelorMittal is investigating

solutions to reduce water vulnerability in some areas. In 2024,

R&D initiated a smart pilot plant in Tubarão (Brazil) to monitor

basic water quality parameters with a collection of sensors

results during the test phase during the year.

R&D continues supporting ArcelorMittal’s three decarbonization

paths for primary activities: The Company's ongoing Volteron™

project is utilizing low temperature iron electrolysis, a first of its

kind industrial scale pilot (which is running according to

schedule).

In 2024, the Company identified blast furnace decarbonization

technologies including top gas recycling and potential CO 2

storage to reach the expected CO 2 decrease. The testing and

evaluation with actual BF gases of some carbon capture

technologies have been completed at pilot level.

In 2024, advanced models to optimize the energy efficiency of

the reheating furnaces were industrialized, reducing energy

consumption by 5-10% per furnace. Overall, 23 furnaces at 19

different plants are already equipped with this model.

Process research and development for Products differentiation:

In electrical steels, R&D contributed to the strong progress in

reliability and quality at the Company's Saint-Chély (France)

electrical steel plant while supporting the new investment in

Mardyck (France) Calvert (U.S.).

Mining Process Improvement: To assist with the decarbonization

of the Group, the Mining segment and Global R&D are investing

significantly in the decarbonization of pellets production. By

reducing the temperature of pellets curing and changing the

specific binders used for the balling, and therefore modifying the

pelletizing process, CO 2 emissions from the mining business will

be reduced.

In addition, Global R&D is de-risking all ArcelorMittal tailings

facilities worldwide with the development of its own surveillance

platform to monitor in real time the conditions and the impact on

planned activities regarding safety.

In the digital area, ArcelorMittal invested early and significantly

in automation systems, and for decades the Company has been

a pioneer in the introduction and use of artificial neural

networks. ArcelorMittal is currently fully committed to a total

digital transformation and is progressively becoming a data-

driven company.

In 2024, in addition to various internal awards, Global R&D

received an important external recognition in the AI domain from

International Data Corporation – Future Enterprises Award

(Future of Operations) in North America due to an internally

developed AI solution which maximizes throughput at AMNS

Calvert's slab yard. The plant sustainably manages the targeted

increased volumes as slab yard is no longer a bottleneck. This

award comes as a close collaboration with AM Calvert's

operations.

In 2024, the Company has continued with significant advances

aligned with its digital plan and strategy, including the following

highlights:

• ArcelorMittal patented new AI algorithms and their

applications.

• The Company's significantly mature AI-based product

development platform allows speeding up the development

of certain families of products and providing solutions to

develop new products.

• Internally developed AI algorithms show specific results in

predictive maintenance of different types of critical

equipment. Global deployment is progressively being

realized.

• More traditional and globally deployed advanced process

models are being reworked incorporating new AI

algorithms.

• Several of the Company's expansion plans are thoroughly

modelled in advance combining AI and mathematical

optimization techniques to a very high level of sophistication

allowing to have very accurate representation of the new

investment under many different business scenarios.

• AI-based Production Scheduling optimization continues to

remain a primary focus. R&D developed in-house solutions

that have outperformed solutions available in the market.

While the implementation of large-scale digital and industry 4.0

projects is challenging in a company of ArcelorMittal’s size, once

implemented these projects bring major benefits and value

because of the Company’s scale and global footprint.

Management report

Sustainable development

Sustainability governance

The Company’s governance structure relating to sustainability is

based around the following supervisory bodies:

The three Board of Directors Committees : Audit and Risk

Committee; Appointments, Remuneration and Corporate

Governance Committee ("ARCG Committee") and the

Sustainability Committee.

Management Committees and Panels : Management Committee,

Corporate Finance and Tax Committee ("CFTC"), Investment

Allocation Committee ("IAC"), Health and Safety Council ,

Climate Change Panel, Sustainable Development Panel, and

Equality Panel.

The Board of Directors Committees

For a comprehensive description of the structure and

responsibilities of the Audit and Risk Committee, ARCG

Committee and the Sustainability Committee, please refer to

"Management and employees—Corporate governance—Board

of Directors committees".

Management Committees and Panels

Management Committee

The Management Committee comprises senior managers with

responsibility for various business divisions and functions in

ArcelorMittal. For more information see ArcelorMittal's Internet

site at www.arcelormittal.com.

Corporate Finance and Tax Committee ("CFTC")

The CFTC defines the principles for the ArcelorMittal finance

community and presents and supports financial and business

solutions for the ArcelorMittal Group by providing the expertise,

excellence in execution and stability for continuous, sustainable

and competitive development of the Group while developing and

promoting its people. The responsibilities of the CFTC extend

across all finance and tax activities in the Group and are not

limited to corporate level activities only. The CFTC is chaired by

the CFO and Executive Vice President, Mr. Genuino Christino,

and has main responsibilities covering treasury, funding,

taxation, accounting and performance management, SOX and

insurance.

Investment Allocations Committee ("IAC")

The IAC is chaired by Mr. Aditya Mittal, CEO of ArcelorMittal.

The IAC authorizes large capital expenditure projects, including

those designed to deliver safety and environmental

improvements, carbon reductions, and reviews the carbon

footprint impact of all proposals. Committee members include

the CFO and Executive Vice President, Mr. Genuino Christino;

Head of Corporate Business Optimization and Executive Vice

President, Mr. Brad Davey (Vice Chairman of IAC), Chief

Technology Officer ("CTO") and Vice President, Mr. Pinakin

Chaubal; and Head of Corporate Strategy and Vice President,

Mr. David Clarke.

Health and Safety Council

See below under Health and Safety section.

Climate Change Panel ("CCP")

The CCP discusses and coordinates ArcelorMittal’s approach

and response to climate change. The CCP is chaired by Mrs.

Nicola Davidson, Vice President, Head of Communications and

Sustainable Development, and a member of the Group

Management Committee. The panel consists of senior

managers from relevant corporate functions and key operations

across the Group. It guides engagement and advocacy with

external stakeholders on climate change and decarbonization

and supports the business in understanding the risks and

opportunities associated with the transition to a low carbon

economy. The CCP meets on a nominally quarterly basis. Key

issues identified by the CCP are raised with the Executive Office

and recommended topics are brought forward for discussion

and action with the Group Management Committee.

Sustainable Development Panel ("SDP")

The purpose of the SDP is to discuss and coordinate the

Company's approach to environmental and social issues. It

consists of senior managers from relevant corporate functions

and key operations across the Group. It guides engagement on

issues relating to material environmental and social issues,

stakeholder engagement, compliance and performance on

environmental (non-climate), human rights and social

performance issues. The SDP meets on a nominally quarterly

basis. The Panel is chaired by Mr. James Streater, General

Manager, Sustainable Development.

Sustainability outcomes

ArcelorMittal’s 10 Sustainability Development (SD) outcomes

articulate the priorities the Company believes it needs to pursue

if it is to bring optimal long-term value to all its stakeholders and

drive its transformation into the steel company of the future.

They are aligned with the 17 United Nations Sustainable

Development Goals ("SDGs"), widely regarded as the

benchmark in global sustainability policy and action.

	ArcelorMittal's 10 SD Outcomes
1	Safe, healthy, quality working lives for ArcelorMittal’s people
2	Products that accelerate more sustainable lifestyles
3	Products that create sustainable infrastructure
4	Efficient use of resources and high recycling rates
5	Trusted user of air, land and water
6	Responsible energy user that helps create a lower-carbon future
7	Supply chains that ArcelorMittal’s customers trust
8	Active and welcomed member of the community

Management report

9	A pipeline of talented scientists and engineers for tomorrow
10	ArcelorMittal’s contribution to society measured, shared and valued

Materiality

The starting point for the Company’s sustainability reporting and

planning is to assess the issues that are most material in their

impacts for external and internal stakeholders, against the

issues seen by the Company as having the most actual or

potential impact on its business and value. Further, the

Company also assesses material topics from a financial

perspective. This allows the Company to identify priority issues

to address and those that are increasing or decreasing in

importance. It provides the basis for the Company's

sustainability planning and programs including investment

decisions, and serves as a benchmark to assess progress.

The Company's most material topics are:

• Safety

• Climate

• People (including equal opportunities and non-

discrimination)

• Air, water, land, biodiversity and ecosystems

• Communities

• Value chains that the Company's stakeholders trust

• Business conduct

Reporting

The Company is committed to reporting on its governance,

strategy, risks and performance relating to each of its material

issues in its key publications i ncluding Annual reports, Climate

Action Reports and Sustainability Report.

In 2024, the Company has continued to assess the resilience of

the business against different transition and physical climate

scenarios and consider the relevant financial implications to

inform its strategy and manage its risk exposure.

In 2024, alongside making disclosures to the Carbon Disclosure

Project ("CDP") on climate change and water, and conducting

numerous customer surveys and investor engagement , the

Company published several country-specific sustainability

reports as required by its subsidiaries operating in various

jurisdictions.

The Company periodically publishes the results of its

engagements through its climate advocacy and policy alignment

reports on ArcelorMittal’s website.

The Company also released its Report on Payments to

Governments in Respect of Extractive Activities for the year

ended December 31, 2023.

The Company publishes a special disclosure report in

compliance with the US Dodd Frank Act Section 1502 and has

been working to meet the requirements of the EU's conflict

minerals regulation.

Health and Safety

ArcelorMittal’s operations are subject to a broad range of laws

and regulations relating to the protection of human Health and

Safety ("H&S"). As these laws and regulations in the United

States, the EU and other jurisdictions continue to become more

stringent, ArcelorMittal expects to expend substantial amounts

to achieve or maintain compliance. ArcelorMittal has established

H&S guidelines requiring each of its business units and sites to

comply with all applicable laws and regulations. Compliance

with such laws and regulations and monitoring changes to them

are addressed primarily at the business unit level, checks are

made through a 3-line of assurance model. ArcelorMittal has a

clear and strong H&S Management System, that includes

specific policy, standards and life-saving golden rules, aimed at

reducing on a continuing basis the severity and frequency of

accidents; through its Group H&S Council ("GHSC"), the

Company reinforces the penetration of the safety culture in the

Company. The effective policy outlines the commitment

ArcelorMittal has made to the H&S of all employees and

reinforces the accountability of the local management and

encourages the continuous improvement in H&S performance at

unit level, which permits the GHSC to define and track

performance targets and monitor results from every business

unit and site.

Safety governance

ArcelorMittal business units CEOs are accountable for the

segment/unit H&S performance. Business unit CEOs and local

safety departments integrate safety into the business strategy,

manage and implement the Group's best practice procedures

and standards at the local level. Further, ArcelorMittal business

units solicit external expertise and resources in closing any gaps

in improving the safety performance.

The Head of Corporate H&S, who is also a member of the

Group Management Committee, reports to the Executive Vice

President, Head of Corporate Business Optimization, who in

turn reports to the CEO of ArcelorMittal. The corporate H&S

team develops, maintains and promotes the Group H&S

strategy, management system and defines and tracks safety

KPIs, monitoring results from every business unit and site.

ArcelorMittal has an established Group H&S policy and

standards that each of its business units and sites are required

to comply. Key elements of the policy include:

• All fatalities and work-related illness can and must be

prevented; H&S always comes first in all decisions and

actions at all levels of the Group.

Management report

• Enhanced emphasis on management’s role while

recognizing and reinforcing that all employees need to be

actively involved in H&S management. Making it clear that

working safely is a condition of employment for everyone at

ArcelorMittal.

• Explicitly stating that everyone is empowered to act and

stop work if they see a situation which they deem to be

unsafe.

• Stressing the need to report and analyze all incidents, so

that employees and management learn from them across

the Company.

• Highlighting the role effective management systems and

sharing of best practices has in driving continuous

improvements.

Further oversight of safety performance is provided by the

GHSC which is chaired by the Head of Corporate H&S. This

committee provides governance, oversight, alignment of H&S

initiatives and ensures best practice is shared across all

segments.

In June 2022, the executive Short-Term Incentive Plan ("STIP")

was linked to the frequency of proactive Potential Serious Injury

and Fatality events ("PSIFs") rates with a fatality frequency rate

circuit breaker. The proportion of bonuses linked under this

scheme to safety was increased from 10% to 15% in 2021.

Safety performance also represents 10% of the Long-Term

Incentive Plan.

ArcelorMittal dss+ workplace safety audit

In October 2024, the Group published the recommendations of

the comprehensive dss+ safety audit that was commissioned at

the end of 2023.

The audit, which was ongoing for nine months across all

geographies, functions and levels of the organization, had three

main scopes:

• Fatality prevention standards for the three main

occupational risks leading to serious injuries and fatalities

(work at heights, vehicle driving ad energy isolation);

• Process Safety Management ("PSM") focused on the

highest risk assets; and

• In-depth assessment of H&S systems, processes and

capabilities; governance and assurance processes; and

data management

It was a comprehensive audit with dss+ having unprecedented

access across the Group from the Board to the shop floor.

Specifically, 155 sites (including joint ventures), were audited for

the FPS compliance and 14 highest risk assets were audit for

the PSM. For the H&S management systems and governance

and assurance reviews, more than 280 employees including the

Board of Directors, senior and middle management, H&S

personnel, and contract employees were interviewed. Further,

the auditors attended more than 60 management and H&S

meetings; and conducted more than 80 focus group sessions

with shop floor employees (union and non-union), supervisors

and middle management.

dss+ presented its recommendations to the Company’s Board of

Directors, the Executive Office and the Group Management

Committee. Overall, while there are areas of excellence in the

Group, variability in performance exists which must be

addressed by initiatives that fast-track the strengthening of “one

safety culture,” underpinned by enhanced governance and

assurance across all operations.

The recommendations were focused on six main areas:

1 Improving the identification and understanding of

operational risk exposure: Strengthening the identification

and understanding of operational risk exposure by

enhancing the governance framework to better identify and

understand operational risk exposures and building on the

existing fatality prevention standards to upgrade the “Plan

Do Check Act” (PDCA) cycle, supported by additional

governance practices (e.g., additional leading indicators

and enhanced risk-management routines).

2 Strengthening the existing health & safety assurance

model: Strengthening the assurance model with three-lines

of assurance, and operationalizing the model through

regular assurance reviews.

3 Continuing to embed safety values, mindsets and behaviors

to strengthen the “one safety culture”: On-the-ground

coaching and mentorship programs for all leaders (involving

more than 10,000 people) to reinforce the existing safety

training programs.

4 Improving contractor safety management standards:

Standardizing and improving each contractor safety

management element (e.g., contractor selection,

evaluation, onboarding, execution and post-performance

review) across all contractor cohorts (embedded and

projects contractors) to bring any lagging contractor safety

performance up to ArcelorMittal’s standard requirements.

5 Adopting industry best practices for PSM: Developing and

implementing a common PSM framework and

accompanying standards that further incorporates best

practices in all relevant PSM elements while ensuring

alignment with relevant management systems (e.g.,

operations and maintenance) to improve controls

effectiveness and mitigate process safety-related risk.

6 Integrating H&S elements into supporting business

processes: Further integrating supporting business

processes into H&S with a focus on four processes: a)

Management report

further integrate safety elements into all parts of the

employee life cycle encompassing selection, onboarding,

development and promotion; b) consistently rewarding and

recognizing good performance and achievements, and

increase consequences for not following processes and

rules, e.g. consequence management; c) further enhance

the identification of critical safety investments to support

risk reduction efforts; and d) strengthening safety

management practices throughout capital projects life cycle,

from design, engineering, procurement, and contracting, to

construction and start-up, including governance and

assurance framework.

Business specific plans have been developed to implement the

recommendations of the dss+ safety audit and to be

incorporated into the five-year planning cycle. Key highlights of

the progress to date include:

• The new Process Safety Framework has now been

launched with a first wave of 12 assets.

• The H&S assurance model has been strengthened, with

three lines of assurance across all business units, to

provide more comprehensive oversight starting in the first

quarter of 2025. The third line will directly report to the

Board Audit and Risk Committee.

• Progress in the development of ‘One Safety Culture’ across

the Group will be measured in June 2025.

• Consequence management standards are becoming

stronger across the Group as a result of the Company's

‘Just and Fair Expectations’ rolled out in January 2025.

Furthermore, the Company is tracking and auditing the

compliance of local policies mirroring these expectations. It

also continues to strengthen the health and safety focus in

all its human resource processes and practices.

Performance in 2024

In 2024, there were 13 fatalities in 13 events, of which 6 were

ArcelorMittal employees and seven were contractors. The

Company fatality frequency rate ("FFR") was 0.03; and Lost

Time Injury Frequency Rate (" LTIFR ") was 0.70.

The Company has not delivered the progress on safety for

which it had hoped in 2024. The whole Company is working

hard on the dss+ audit recommendations and it is now moving

from the planning phase to full implementation in 2025. This

combined with swift action taken by business unit CEOs where

issues are identified will support the Company in its journey to

zero fatalities.

6 of the 13 fatalities were in the EU region which comprises

Europe Flat Products, Europe Long Products and the European

operations of Sustainable Solutions. Within the EU region, the

Europe Flat Products operations were fatality-free for the first

time in 2024 while the Europe Long Products operations had 4

fatalities after a period of two years with no fatalities.

The fatalities within Europe Long Products have led to

immediate action taken across this part of the business. All site

CEOs stepped back from operational role duties for a period of

four weeks to focus 100% of their time on safety at their site, led

by the ArcelorMittal Europe Long Products CEO, who decided to

take on the additional role of Head of H&S, which continues

today. During this period, all site CEOs were required to put

together and publish a Workplace Safety Assessment roadmap

with clear actions and accountabilities. This four-week period,

culminated in all site CEOs and H&S heads attending a two day

seminar to present their roadmap (which incorporates the dss+

recommendations) and share best practices. The roadmaps are

now in execution mode and are tracked on a bi-weekly basis

with every site by the ArcelorMittal Europe Long Products CEO.

ArcelorMittal continues working harder towards its zero fatality

goal and has already seen some encouraging signs that the

leading indicators are starting to move in the right direction

across the Group. The proactive PSIFs rate is now starting to

stabilize at between 16.5 and 17. This demonstrates the

maturity of this measure and emphasizes the improvement seen

in the safety processes and culture. Furthermore, ArcelorMittal

employees were certified on the Life Saving Golden Rules in

The certification is designed to raise awareness of the

importance of these rules and will be rolled out to regular

contractors during the first half of 2025.

For the year ended December 31	LTIFR 2024	LTIFR 2023*	Fatalities 2024	Fatalities 2023*	PSIFs 2024	PSIFs 2023*
North America	0.27	0.22	1	1	14.88	15.76
Brazil	0.21	0.26	2	0	21.95	22.02
Europe	1.34	1.46	4	2	19.20	14.70
Sustainable Solutions	1.01	0.78	2	0	14.71	14.43
Mining	0.18	0.10	1	0	9.17	13.17
Others	0.81	1.39	3	58	11.31	18.78
TOTAL	0.70	0.92	13	61	16.89	16.64

*Prior period figures have been revised retrospectively in accordance with the new segment structure applicable at January 1, 2024.

Management report

Climate change and decarbonization

Along with safety, climate change is a top material sustainability

issue for ArcelorMittal. Since 2018, total absolute emissions of

the Company’s operations have reduced by 86 million tonnes

CO 2 (approximately 46 %) , primarily due to footprint and asset

optimization of some of ArcelorMittal's most CO 2 intensive

capacity. In 2024, EAFs comprised 25% of the Group’s global

production, as compared with 19% in 2018.

ArcelorMittal’s progress and activities related to decarbonization

have been across four key areas:

• Disciplined, competitive decarbonization capital

expenditures

• Securing the resources for the transition

• Fostering the development of a supportive environment

for decarbonization, and

• Enabling the transition of key sectors.

The Company remains committed to achieving net-zero by

Given the recent announcements made by the Company

regarding its decarbonization plans in Europe, the 2030 intensity

target s are under review and will be set out in the forthcoming

Climate Action Report 3.

Disciplined and competitive decarbonization

ArcelorMittal’s previously announced decarbonization

investments in Europe are progressing at a slower pace than

initially envisioned. The previously announced intention to

replace several blast furnaces with lower carbon emissions

“hydrogen ready” DRI-EAF facilities was premised on a

favorable combination of policy, technology and market

developments that would help offset the significantly higher

capital and operating costs involved. Progress so far has been

insufficient to support the investment case. The Company

expects several important developments in 2025, including the

scheduled review of the CBAM, an anticipated review of the

steel safeguards (necessary to protect the industry from unfair

trade resulting from China’s excess capacity), and the

publication of the Steel and Metals Action Plan amongst others.

The Company continues to optimize its decarbonization plans,

focused on achieving an acceptable return on the capital to be

invested. Whilst the Company awaits more support and policy

progress in Europe, it is continuing with engineering work, as

well as analyzing a phased approach that would first start with

constructing EAFs, which can also be fed with scrap steel to

significantly reduce emissions.

The Company has three announced EAF projects that are

already progressing in Gijón (Spain) (see "Introduction—

Sustainable developments highlights"), Sestao (Spain) and at its

joint venture AMNS Calvert (USA), the latter which is now

commissioning. Overall, ArcelorMittal has invested $1 billion

decarbonization capital expenditures since 2018, mainly in EAF

investments, DRI/EAF engineering studies and CCUS pilots.

Gijón, Spain

ArcelorMittal has started the construction of an EAF for long

products at its Gijón plant, which is expected to produce its first

heat in the first quarter of 2026. This investment of €213 million

will be the first major EAF project to be implemented within the

Company’s decarbonization program in Europe and will

constitute the first step towards low-carbon emissions

steelmaking in Asturias. See "Introduction— Sustainable

developments highlights".

Sestao, Spain

Sestao is in an advantageous position as very few producers in

Europe are capable of producing low-carbon emission flat steel

via the EAF route today. There has been good progress with the

Company's efforts to increase production to 1.6 million tonnes

by 2026 at its flat products plant in Sestao where it has two

EAFs. Once complete, much of this production will be XCarb®

RRP low-carbon emissions steel.

Sestao is also Europe’s first Compact Strip Production ("CSP")

mill line that combines continuous casting, heating and rolling of

slabs, and the plant can produce steel from melting start to

coiling finish in approximately 3 hours. This type of plant

benefits from energy saving compared to conventional

production, due to its simplified and shortened production cycle

minimizing reheating needs.

AMNS Calvert, USA

The joint venture has invested in a new 1.5 million-tonnes EAF,

see "Properties and capital expenditures—Capital

expenditures".

Securing the resources for the transition

ArcelorMittal has been investing in key resources to support the

decarbonization of the Group including renewables and high

quality metallics.

Access to clean electricity

Grid decarbonization in countries where the Company operates

has helped its CO 2 footprint over the past few years, especially

in countries with high renewable penetration (for example Spain,

France and Canada), although the overall impact has been

limited. As countries continue to accelerate clean energy

deployment and build the additional grid infrastructure needed

as part of their climate goals, further progress is expected.

The Company is also investing in secure access to renewable

energy by developing its own renewable energy projects, in

regions where competitive projects can be developed due to the

high quality of natural resources and enabling conditions in

place (grid infrastructure, supporting policies, etc. ). Currently,

the Company has a 2.1GW renewable energy portfolio:

Management report

AM Green Energy

The Company is investing in developing renewable projects that

will help with the decarbonization of AMNS India. A $0.7 billion

investment in the 1 GW renewable energy project launched in

2022 by ArcelorMittal. The project integrates solar and wind

power generation, coupled with energy storage solution through

a co-located pumped hydro storage plant, which helps to

overcome the intermittent nature of wind and solar power

generation. The project is owned and funded by ArcelorMittal.

AMNS India entered into a 25 year off-take agreement with

ArcelorMittal to purchase renewable electricity annually from the

project, resulting in over 20% of the electricity requirement at

AMNS India’s Hazira plant coming from renewable sources,

reducing carbon emissions by approximately 1.5 million tonnes

per year. 100% of the solar modules and 96% of the wind

turbines have already been installed. The project has begun

commissioning in a phased manner and has started supply of

renewable power to AMNS India. The Company is studying

various options to develop subsequent phases to further

increase renewable electricity capacity in India. See "Properties

and capital expenditures—Capital expenditures".

ArcelorMittal Argentina

In Argentina, ArcelorMittal has developed a partnership with

PCR for a 130MW solar and wind capacity project, which is

already operational and supplies over 30% of ArcelorMittal’s

local electricity requirements, and a 180 MW wind project to be

completed by 2027 with a total investment of $255 million.

ArcelorMittal Brazil

In 2024, in addition to the joint venture agreement with Casa

dos Ventos signed in 2023 for the development of a 554MW

capacity wind power project (see "Properties and capital

expenditures— Investments in joint ventures"), ArcelorMittal

Brazil signed contracts for the development of two solar energy

projects with a combined capacity of 465MW, equivalent to 14%

of its current electricity requirements see "Introduction—

Sustainable developments highlights".

Securing metallics input

The main challenge when it comes to raw materials for low

carbon emissions steelmaking (high-quality iron ore for DRI

production or high-quality scrap, both to be used as input in

EAFs) is their availability. The first (high-quality iron ore)

represents only about 4% of global iron ore supply and scrap is

a scarce resource in many regions. Accordingly, the key actions

the Company is taking in this area are focused on securing and

diversifying the supply of hi gh-quality raw materials by

expanding existing operations and acquiring new businesses.

AMMC

In 2021, the Company announced that a CAD$205 million

investment, supported by the Quebec government, would

enable AMMC to convert its entire 10 million tonnes per year

pellet production to DRI pellets. The project is in the

construction phase and is expected to be completed by the

second quarter of 2026. It is expected to become one of the

world’s largest producers of DRI pellets, the raw material

feedstock for iron-making in a DRI furnace. The project includes

the implementation of a flotation system that is expected to

enable a significant reduction of silica in the iron ore pellets,

facilitating the production of very high-quality pellets. It is also

expected to deliver a direct annual carbon emissions reduction

of approximately 200,000 tonnes at AMMC’s Port-Cartier pellet

plant, equivalent to over 20% of the pellet plant’s total annual

carbon emissions.

ArcelorMittal Texas HBI

In 2022, the Company secured high-quality metallic feedstock

and purchased a majority shareholding in a world-class HBI

plant in Texas (USA). The plant has a 2 million tonnes

production capacity . HBI is a high-quality feedstock made

through the direct reduction of iron ore which is used to produce

high-quality steel grades in an EAF, but which can also be used

in blast furnaces, resulting in lower coke consumption. The

facility is state-of-the-art, built with best-in-class technology and

equipment supplied by MIDREX Technologies . Its coastal

location with access to a deep shipping channel allows for cost

effective transportation. It also has the advantage of unused

land that provides options for further development for additional

HBI capacity.

Increasing access to high quality scrap

ArcelorMittal is already one of the biggest recyclers of steel in

the world, recycling around 19 million tonne s of scrap every

year.

As part of the Sustainable Solutions segment, the recycling

business oversees the acquisition and processing of scrap,

supplying recycled steel to ArcelorMittal’s EAFs and offering

closed loop model to customers. In 2022 and 2023, the

Company acquired three recycling business: John Lawrie

Metals, Alba International Recycling, and Riwald Recycling with

a processing capacity of almost 1 million tonnes of scrap steel.

Investing in innovative and breakthrough technologies

The Company is already operating several commercial-scale

projects to test and prove a range of CCUS technologies and is

also partnering with different stakeholders in the value chain to

overcome challenges to deploy these solutions at scale.

CCS Carbon Hub in Ghent, Belgium

ArcelorMittal started a feasibility study for the Ghent Carbon

Hub project in partnership with North Sea Port and energy

infrastructure group Fluxys. The Ghent Carbon Hub will be an

open-access hub to transport and liquefy CO 2 from emitters,

provide buffer storage and load the CO 2 onto ships for onward

permanent storage. The project should have the capacity to

process 6 million tonnes of CO 2 per year – equivalent to around

15% of Belgium’s industrial CO 2 emissions. North Sea Port, a 60

Management report

kilometer-long cross border port in Belgium and the

Netherlands, is home to a cluster of energy intensive industries

with a significant CO 2 footprint. In late 2022, the project was

awarded a €9.6 million grant from the EU Commission’s

Connecting Europe Facility for Energy (CEF-E) funding

program.

MHI carbon capture plant: capturing and storing off-gases from

the steelmaking process

Also in Ghent, the Company has partnered with Mitsubishi

Heavy Industries (MHI), BHP and Mitsubishi Development for a

pilot carbon capture project to test the capture of off-gases from

the blast furnace at a rate of 300kg of CO 2 per day in an initial

phase, using MHI’s proprietary carbon capture technology. The

project, which has been operational since May 2024, will also

involve a second phase that involves testing the separation and

capture of CO 2 in hot strip mill off-gases (and potentially on

DRI).

3D DMX™: capturing and storing blast furnace waste gas for

transporting and storage in Dunkirk, France

In Dunkirk (France), a successful CCS pilot project has been

completed, using low temperature heat to separate CO 2 from

other blast furnace off-gases at a capture rate of 0.5 tonnes of

CO 2 per hour. The project, which started in April 2023,

successfully achieved high capture rates.

Steelanol CCU plant

The Steelanol facility at ArcelorMittal's steel plant in Ghent

(Belgium) reached full operational capacity in November 2023

and is currently converting carbon-rich industrial emissions from

its blast furnace into fuel-grade ethanol by using leading carbon

recycling technology developed by LanzaTech. The produced

ethanol can be sold directly into fuel markets, or further purified

or converted for use in a wide array of consumer products such

as apparel, personal care, and packaging. In December 2024,

LanzaTech took title to the first barge shipment, which is purified

and sold to LanzaTech’s CarbonSmart customers in fragrance

and home care markets.

The Company is also investing in technologies that can become

a leading option for very low carbon emission steel production:

Direct electrolysis

ArcelorMittal is making progress in commercializing direct

electrolysis technology. In June 2023, ArcelorMittal and John

Cockerill announced plans to construct the world's first industrial

scale low temperature iron electrolysis plant. The project is

running according to schedule.

XCarb® innovation fund

The Company has continued its investments in innovative

breakthrough decarbonization technologies that hold strong

potential to decarbonize steelmaking operations. In July 2024,

the Company announced the selection of three start-ups as the

joint winners of its inaugural XCarb® India Accelerator Program

focused on CCUS technologies and biochar production. In

September 2024, the Company announced the investment of $5

million in Utility Global, a company that has developed a

patented reactor which processes variable industrial process

gases, without the use of electricity, into high-purity hydrogen

and a concentrated CO 2 stream that can be captured and

stored.

Fostering the development of a supportive environment

Due to the scale of transformation required in the global

economy to achieve net-zero, policy making has a critical role to

play. The significant capital expenditure needed to transition to

low carbon technologies, and their higher operating costs

especially in the EU, needs to be addressed by governments

through incentivization of markets and funding and economic

support. ArcelorMittal has actively engaged and continues to do

so with governments, policy makers and related organizations

and interest groups, to build the appropriate policies and

economic and social conditions to achieve the changes required

in a commercially viable manner.

ArcelorMittal believes that it is crucial that the newly announced

policy initiativ es of the new European Commission in the

January 29, 2025 Competitiveness Compass Communication –

including but not only the Clean Industrial Deal and the Steel

and Metals Action plan:

• Result in increased trade protection against massive global

excess capacity and unfair competition and more robustly

enforced trade defence instruments

• Ensure a solution for competitiveness of EU exports, e.g.,

through an ETS rebate, ETS exemption or continuation of

free allowances for export volumes

• Considerably strengthen the CBAM to avoid carbon

leakage and circumvention by major redirection of low

carbon steel towards Europe without global emission

reduction (resource shuffling)

• Include access to sufficient affordable energy

• Include technology neutral simplified funding processes for

large scale decarbonization investments

• Support the demand for low-carbon steel through low

carbon steel lead markets.

The global investor community is playing a key role in providing

the support and finance for the net-zero transition. Climate is a

key part of ESG governance that is causing a greater focus on

and scrutiny of key performance data such as carbon emissions

reduction. Investors are increasingly aligning their portfolios with

the goals of the Paris Agreement, often using third-party ratings

and proxies to do so. ArcelorMittal continues to engage with

such initiatives to ensure that the challenges and opportunities

of competitively transitioning multiple steelmaking assets across

multiple regions into a low carbon economy are clearly

Management report

understood and that the approaches adopted are realistic and

pragmatic.

The Company is focused on engaging with numerous other

important strategic initiatives that gather key stakeholders to

identify the main challenges and requirements for the steel

sector’s transition. These include the Energy Transition

Commission (ETC), Industry Transition Accelerator (ITA), World

Business Council for Sustainable Development (WBCSD),

Organization for Economic Cooperation and Development

(OECD), World Trade Organization (WTO), World Steel

Association and ResponsibleSteel TM , amongst others.

Enabling the transition of key sectors.

Delivering low-carbon emissions steel solutions

In March 2021, the Company launched XCarb®, which at the

time was the only low-carbon emissions steel offering on the

market. The two initial products were:

• XCarb® green steel certificates. These agglomerate

savings from interventions in the steelmaking process made

specifically to reduce carbon emissions such as capturing

coke-oven gas and re-injecting it into the blast furnace or

reducing coal use through natural gas injection in the blast

furnace. The savings are then passed on to customers

alongside their physical steel purchases, enabling them to

report an equivalent reduction in their Scope 3 emissions.

• XCarb®RRP. This is a physical low-carbon emissions steel

product made in an EAF powered entirely by renewable

electricity, with high levels of recycled steel as the metallic

input.

The Company continues to lead the market with sales of

XCarb® low-carbon emissions steel, which have a carbon

footprint of as low as 300kg per tonne of steel produced.

XCarb® sales increased from 0.2 million tonnes in 2023 to 0.4

million tonnes in 2024. The Sestao revamp project is expected

to materially increase the Company’s ability to produce low-

carbon emissions flat products.

ArcelorMittal is also actively managing its product portfolio to

ensure that it is well positioned to capture areas of growth,

focusing on strategic higher value-added products. The

Company is increasing its portfolio of climate solutions

(electrical steels, renewables, insulation, sheet piles) to support

customers in key sectors of the low carbon economy. Key

examples include:

• Hydrogen: On August 1, 2024, ArcelorMittal launched the

steel brand HyMatch® for hydrogen transport pipelines and

supporting the implementation of hydrogen infrastructure

globally

• Electric Vehicles: On February 6, 2025, ArcelorMittal

announced a project to construct an advanced

manufacturing facility in Calvert, Alabama see "Introduction

— Sustainable development highlights". This builds upon

the facility under construction in Mardyck (France) which

will produce 170,000 tonnes and the existing site in France

at Saint-Chely d'Apcher (80,000 tonnes)

• Low carbon emissions buildings: On May 31, 2024,

ArcelorMittal announced that it was adding to the existing

portfolio in lightweighting insulation panels through

acquisitions of Italpannelli’s Italian and Spanish businesses.

Combined, the two facilities operate seven production lines

with a capacity of thirteen million m 2 of sandwich panels a

year.

These solutions build on those already available across the

group in low-carbon emissions buildings (e.g. Steligence brand),

renewables (e.g. Magnelis® for solar) and flood protection

(EcoSheetPile™ Plus range).

The role of standards in driving demand for low-carbon

emissions steel

In line with its intention to lead developments in decarbonization,

ArcelorMittal published a concept for a low-carbon emissions

steel standard in June 2022 to help incentivize the

decarbonization of steelmaking globally and support the creation

of market demand for physical steel products which would be

classified as lower, and ultimately near-zero, carbon emissions

steel. The concept involves:

• A dual scoring system which provides customers with a

LCA value alongside a rating system which measures a

company’s progress towards near-zero

• Incentivizing the decarbonization of both primary and

secondary steelmaking

• Providing transparency and consistency across steel

products for customers

• Supporting the development of markets for low-carbon

emissions steel

The Company believes that the creation of clear definitions for

low-carbon emissions physical steel is an important component

of ‘demand pull’ and ‘supply push’ mechanisms that are required

to support the steel industry in its transition to net-zero by 2050.

Clear definitions will also help inform targeted policy to support

the scale-up and commercialization of these near-zero

technologies.

These views concur with those of several credible independent

bodies, including the Centre for Climate Aligned Finance, The

Energy Transitions Commission, The International Energy

Agency, which have all published proposals on this topic, and

ResponsibleSteel™, which has launched a certifiable standard.

The Company also endorsed the World Trade Organization’s

Steel Standards Principles that were launched at COP28.

Management report

Climate governance and risk management

Structures and decision-making

ArcelorMittal’s climate-related activity and progress continues to

be overseen by a robust governance structure that includes an

executive-level Climate Change Panel and Board-level

Sustainability Committee chaired by an independent non-

executive director. T he Board also decided to link executive

remuneration to the achievement of the Company's climate

objectives. Since 2021, decarbonization targets are part of the

performance criteria for vesting of the performance share units

in the long-term incentive plan.

In terms of investment decision-making, each major capital

expenditure project proposal is required to demonstrate its

carbon impact as part of the project review to the IAC. The IAC

makes all necessary considerations to maximize the business’

chances of achieving its targets while ensuring each project is

economically justifiable and earns its cost of capital. It is a

crucial part of the Company’s strategy to manage risk and

deliver long-term growth.

Climate-related risks and opportunities

ArcelorMittal conducted an assessment to identify risks and

opportunities arising from the transition to a low-carbon

economy. The approach included examining key regions of

operation and offering a forward-looking review. It considered

scenarios aligned with external reference scenarios as shown in

the resilience analysis section.

The assessment of transition-related climate risks and

opportunities was conducted at a regional/country level and

categorized into various groups: policy and legal, technology,

reputation, resilience, products, and market. The strategic

relevance for each risk and opportunity identified was

determined through a qualitative assessment, considering the

potential impact to relevant financial indicators, like capital

expenditures, operational expenditures, revenue, and access to

capital. Where relevant, the impact on profitability or investment

value was also considered.

The scenarios used to inform the identification and assessment

of physical and transition risks were the following:

	1.5C scenario	<2C scenario	Business as usual	High Emissions
Temperature by 2100	1.5°C	Below 2°C	>2°C	>4°C
External reference scenarios	IEA NZE	IPCC SSP1-2.6, IEA APS/ SDS	SSP2-4.5 and IEA STEPS	IPCC SSP5-8.5
Description	• Holds warming to approximately 1.5°C, aligned with the Paris Agreement. • Steel demand by 2050 projected at 2 Gtonnes per year	• Assumes a strong global commitment to reducing GHG emissions, leading to low levels of warming • Steel demand by 2050 projected between 2.1 and 2.7 Gtonnes per year	• Assumes moderate efforts to reduce GHG emissions and balanced outcome in terms of socio-economic development and climate change impacts • Steel demand by 2050 projected between 2.2 -2.7 Gtonnes per year	• Assumes GHG emissions continue to rise, leading to high levels of warming and significant climate change impacts
Used for physical risks assessment	No	Yes	Yes	Yes
Used for transition risks/ opportunities assessment	Yes	Yes	Yes	No
Used for target analysis and decarbonization plan	Yes	Yes	Yes	No

These scenarios were used to conduct screenings to qualitatively identify material climate-related risks and opportunities. Main results

are summarized below:

Transition risks and opportunities

For the transition screening assessment, the Company used

three scenarios: 1.5°C, below 2°C and business as usual to

stress-test the exposure to transition climate risks.

Material climate change related transition risks and

opportunities, are summarized below. The results are for 2030

under the 'below 2C' and the ‘1.5C’ scenarios, as these capture

the most significant transition impacts:

• Regulatory and Policy related risks: see "Introduction —

Risk Factors and Control— Laws and regulations restricting

emissions of greenhouse gases could force ArcelorMittal to

incur increased capital and operating costs and could have

a material adverse effect on ArcelorMittal’s results of

operations, financial condition and reputation".

• Opportunities arising from enabling low-carbon transition in

key sectors: Low-carbon transition within the Company's

core customer sectors presents an opportunity to improve

and/or expand the product portfolios to meet customers'

requirements. Some example of this include electrical steel

Management report

for electric motors used to power battery electric vehicles;

plug in hybrid electric vehicles and hybrid vehicles; low-

carbon steel products; HyMatch® for hydrogen transport

pipelines and supporting the implementation of hydrogen

infrastructure. Refer to 'Enabling the transition of key

sectors' covered above.

P hysical risks

ArcelorMittal conducted further analysis of its climate change

related physical risks in 2024 to assess exposure of its assets to

climate hazards. A total of 170 assets, including mining, iron and

steelmaking, downstream processing, recycling, and forest

management sites, were covered. To conduct this assessment,

a third-party climate data analytics tool was used to analyze the

exposure of assets to flood, extreme precipitation, heat, cold,

fire, drought, wind, and hail related risks.

This analysis considered three IPCC scenarios and was based

at the asset-specific geospatial coordinate levels. Climate

hazards were evaluated over three-time horizons: short-term

(2025), medium-term (2030), and long-term (2050). The short-

and medium-term time horizons align with ArcelorMittal’s 5-year

strategic planning, while the long-term horizon covers the

lifespan of most assets.

The three key risks identified included:

• Heat stress, concentrated primarily in the tropical and

subtropical regions where high temperatures are already

common and are likely to worsen (Mexico, Brazil, Liberia

and India). Heatwaves can also have a significant impact in

Europe.

• Flood exposure risk mainly concentrated in the Northern

Europe region, specifically in areas located in close

proximity to rivers or in coastal areas. Sites in Mexico,

Brazil, India and Europe have severe to high exposure to

precipitation, which also presents flooding risk.

• High water stress caused by a combination of high heat and

low precipitation primarily concentrated in the Northern

Europe, North America, Southern Africa and South Asia

regions.

Since this assessment, the Company has conducted segment-

level capacity building training exercise to increase awareness

about the results of this assessment and the key principles to be

considered for site-specific plans to reduce such risks.

Carbon performance (based on 2024 data)

In 2024, the Company’s adjusted group intensity KPI was 1.75

tonnes of CO 2 emissions per tonne of crude steel ("tCO 2 e/tcs").

Significant reductions are only likely to be made with the

successful deployment of steelmaking and energy

transformation projects. In order to view the trend for CO 2 e

intensity of steel only, the Company also reports the data for

2018, adjusted for structural changes to its portfolio to enable a

like for like annual comparison. This shows a reduction of 5.4%

since 2018, from 1.85tCO 2 e/tcs to 1.75t CO 2 e/tcs. The Company

saw a 5.0% improvement in 2024, down to 1.62tCO 2 e/tcs from

the 2018 baseline of 1.71t CO 2 e/tcs for its European adjusted

KPI – CO 2 e intensity of its steel operations (Scopes 1 and 2).

The adjusted absolute emissions that correspond to the

Company’s global target KPI (Scope 1 and 2, steel and mining)

decreased by 25% compared with 2018.

The following indicators are used to measure and monitor

ArcelorMittal's decarbonization progress:

Metric	Unit	Scope + perimeter	2018	2022	2023	2024	2018-2024 Reduction
Adjusted absolute CO 2 e footprint 1	Million tonnes	ArcelorMittal Scope 1+2	136.3	106.2	98.5	101.9	25 %
Adjusted absolute CO 2 e footprint 1	Million tonnes	Europe Scope 1+2	67.6	54.5	48.4	51.5	24 %
Adjusted Group CO 2 e intensity KPI 1 (steel and mining)	tCO 2 e/tonne of steel	ArcelorMittal Scope 1+2	1.85	1.82	1.78	1.75	5.4 %
Adjusted Europe CO 2 e intensity KPI 1 (steel)	tCO 2 e/tonne of steel	Europe Scope 1+2	1.71	1.71	1.68	1.62	5.0 %
CO 2 e intensity steel only 2	tCO 2 e/tonne of steel	Steel Scope 1+2+ limited scope 3	2.09	1.98	1.96	1.87	10.7 %
Adjusted CO 2 e intensity 1,2 steel only	tCO 2 e/tonne of steel	Steel Scope 1+2+ limited scope 3	1.95	1.88	1.86	1.87	4.3 %

These figures have been retrospectively adjusted for structural changes to the ArcelorMittal portfolio in the previous 12 months, and reflect emissions and production for ArcelorMittal's site portfolio as at December 2024 to enable a like for like

annual comparison.

This indicator includes limited upstream Scope 3 emissions from purchased goods that a steelmaker would normally be expected to produce, such as coke, slabs, burnt lime in order to maintain a consistent system boundary and so a like for

like comparison.

Ongoing focus on tailings dam safety

Tailings dam safety and structural integrity is a critical issue for

all mining companies, in order to protect the safety of local

communities and employees, and to protect the environment

from pollution and flooding. The Company has developed a

tailings governance framework based on the Mining Association

of Canada (MAC), the Canadian Dam Association (CDA) and

Management report

the Global Industry Standard for Tailings Management (GISTM).

The aim is to ensure that all Group tailings facilities are

structurally sound and safe, with all efforts directed at

minimizing risk, including independent audits benchmarked

against these international guidelines.

ArcelorMittal manages a total of 27 tailings storage facilities

(“TSF”). These include conventional, paste, dry and in-pit

facilities. There are 1 5 active, 1 dormant, 4 in care and

maintenance, 3 in closure and 4 under construction facilities. To

ensure their ongoing safety, a formal assurance process is in

place that includes internal and external audits. This is

supported by a continuous improvement program that reduces

the Company's risk of existing conventional operations by

promoting reduced moisture disposal methodologies (e.g. high-

density thickened tailings or filtered tailings where appropriate)

and proven new technologies (e.g. high-precision radar, InSAR

satellite monitoring and remote instrumentation) to monitor

facilities globally in real time. The Company is assessing all its

mining operations for transition in line with these principles and

developing customized design solutions for non-conventional

tailings system management.

Tailings thickening steps have been implemented in assets in

Mexico, reduced moisture disposal methodologies in Brazil and

Canada, and further studies are ongoing across a range of

operations.

Products and markets

Product overview

Information regarding segment sales by geographic area and

sales by type of products can be found in note 3 to

ArcelorMittal’s consolidated financial statements.

ArcelorMittal has a high degree of product diversification relative

to other steel companies. Its plants manufacture a broad range

of finished and semi-finished steel products with different

specifications, including many complex and highly technical and

sophisticated products that it sells to demanding customers for

use in high-end applications.

ArcelorMittal’s principal steel products include:

• semi-finished flat products such as slabs;

• finished flat products such as plates, hot- and cold-

rolled coils and sheets, hot-dipped and electro-

galvanized coils and sheets, tinplate and color coated

coils and sheets;

• semi-finished long products such as blooms and billets;

• finished long products such as bars, wire-rods,

structural sections, rails, sheet piles and wire-products;

and

• seamless and welded pipes and tubes.

ArcelorMittal’s main mining products include iron ore lump,

fines, concentrate, pellets and sinter feed.

Steel-making process

Historically, primary steel producers have been divided into

“integrated” and “mini-mill” producers. Over the past few

decades, a third type of steel producer has emerged that

combines the strengths of both the integrated and the mini-mill

processes. These producers are referred to as “integrated mini-

mill producers”.

Integrated steel-making

In integrated steel production, coal is converted to coke in a

coke oven, and then combined in a blast furnace with iron ore

and fluxes to produce hot metal. This is then combined with

scrap in a converter, which is also referred to as basic oxygen

furnace ("BOF"), to produce raw or liquid steel. Once produced,

the liquid steel is metallurgically refined and then transported to

a continuous caster for casting into a slab, bloom or billet or cast

directly as ingots. The cast steel is then further shaped or rolled

into its final form. Various finishing or coating processes may

follow this casting and rolling. Recent modernization efforts by

integrated steel producers have focused on cutting costs

through eliminating unnecessary production steps, reducing

manning levels through automation, and decreasing waste

generation. Integrated mills are substantially dependent upon

iron ore and coking coal which, due to supply and demand

imbalances, shortening of contract durations and the linkage

between contract prices and spot prices, have been

characterized by price volatility in recent years.

Mini-mills

A mini-mill employs an electric arc furnace to directly melt scrap

and/or scrap substitutes such as direct reduced iron, thus

entirely replacing all of the steps up to and including the energy-

intensive blast furnace. A mini-mill incorporates the melt shop,

ladle metallurgical station, casting, and rolling into a unified

continuous flow. The quality of steel produced by mini-mills is

primarily limited by the quality of the metallic raw materials used

in liquid steel-making, which in turn is affected by the limited

availability of high-quality scrap or virgin ore-based metallics for

use in the electric arc furnaces. Mini-mills are substantially

dependent on scrap, which has been characterized by price

volatility in recent years, and the cost of electricity.

Integrated mini-mills

Integrated mini-mills are mini-mills that produce their own

metallic raw materials consisting of high-quality scrap

substitutes, such as DRI. Unlike most mini-mills, integrated mini-

mills are able to produce steel with the quality of an integrated

producer, since scrap substitutes, such as DRI, are derived from

virgin iron ore, which has fewer impurities. The internal

production of scrap substitutes as the primary metallic feedstock

provides integrated mini-mills with a competitive advantage over

Management report

traditional scrap-based mini-mills by insulating the integrated

mini-mills from their dependence on scrap, which continues to

be subject to price volatility. The internal production of metallic

feedstock also enables integrated mini-mills to reduce handling

and transportation costs. The high percentage use of scrap

substitutes such as DRI also allows the integrated mini-mills to

take advantage of periods of low scrap prices by procuring a

wide variety of lower-cost scrap grades, which can be blended

with the higher-purity DRI charge. Integrated mini-mills are

substantially dependent upon iron ore which has been

characterized by price volatility in recent years (as described for

integrated steel production above). In addition, because the

production of direct reduced iron involves the use of significant

amounts of natural gas, integrated mini-mills are more sensitive

to the price of natural gas also than are mini-mills using scrap.

Key steel products

Steel-makers primarily produce two types of steel products: flat

products and long products. Flat products, such as sheet or

plate, are produced from slabs. Long products, such as bars,

rods and structural shapes, are rolled from blooms and/or billets.

Flat products

S lab . A slab is a semi-finished steel product obtained by the

continuous casting of steel or rolling ingots on a rolling mill and

cutting them into various lengths. A slab has a rectangular

cross-section and is used as a starting material in the production

process of other flat products (e.g., hot-rolled sheet, plates).

Slabs are typically between 200 millimeters and 250 millimeters

thick.

Hot-rolled sheet. Hot-rolled sheet is minimally processed steel

that is used in the manufacture of various non-surface critical

applications, such as automobile suspension arms, frames,

wheels, and other unexposed parts in auto and truck bodies,

agricultural equipment, construction products, machinery,

tubing, pipe and guard rails. All flat-rolled steel sheet is initially

hot-rolled, a process that consists of passing a cast slab through

a multi-stand rolling mill to reduce its thickness to typically

between 2 millimeters and 25 millimeters, depending on the final

product. Flat-rolled steel sheet that has been wound is referred

to as “coiled”. Alternatively, hot-rolled sheet can be produced

using the thin slab casting and rolling process, where the hot-

rolled sheet thickness produced can be less than one millimeter.

This process is generally used in a flat products mini-mill, but

some integrated examples exist as well.

Cold-rolled sheet. Cold-rolled sheet is hot-rolled sheet that has

been further processed through a pickle line, which is an acid

bath that removes scaling from steel’s surface, and then

successively passed through a rolling mill without reheating until

the desired gauge, or thickness, and other physical properties

have been achieved. Cold-rolling reduces gauge and hardens

the steel and, when further processed through an annealing

furnace and a temper mill, improves uniformity, ductility and

formability. Cold-rolling can also impart various surface finishes

and textures. Cold-rolled steel is used in applications that

demand higher surface quality or finish, such as exposed

automobile and appliance panels. As a result, the prices of cold-

rolled sheet are higher than the prices of hot-rolled sheet.

Typically, cold-rolled sheet is coated or painted prior to sale to

an end-user.

Coated sheet . Coated sheet is generally cold-rolled steel that

has been coated with zinc, aluminum or a combination thereof

to render it corrosion-resistant and to improve its paintability.

Hot-dipped galvanized, electro-galvanized and aluminized

products are types of coated sheet and in recent times hot

dipped coatings composed of zinc, magnesium and aluminum

have grown in popularity. These are also the highest value-

added sheet products because they require the greatest degree

of processing and tend to have the strictest quality

requirements. Coated sheet is used for many applications, often

where exposed to the elements, such as automobile exteriors,

major household appliances, roofing and siding, heating and air

conditioning equipment, air ducts and switch boxes, external

structural applications as well as in certain packaging

applications, such as food containers.

Plates. Plates are produced by hot-rolling either reheated slabs

or ingots. The principal end uses for plates include various

structural products such as for bridge construction, storage

vessels, tanks, shipbuilding, line pipe, industrial machinery and

equipment.

Tinplate . Tinplate is a light-gauge, cold-rolled, low-carbon steel

usually coated with a micro-thin layer of tin. Tinplate is usually

between 0.14 millimeters and 0.84 millimeters thick and offers

particular advantages for packaging, such as strength,

workability, corrosion resistance, weldability and ease in

decoration. Food and general line steel containers are made

from tinplate.

Electrical steels. There are two principal types of electrical steel:

non-grain oriented fully processed steels and non-grain oriented

semi-processed steels. Non-grain oriented fully processed

steels are iron-silicon alloys with varying silicon contents and

have similar magnetic properties in all directions in the plane of

the sheet. They are principally used for motors, generators,

alternators, ballasts, small transformers and a variety of other

electromagnetic applications. A wide range of products,

including a newly developed thin gauge material for high

frequency applications, are available. Non-grain oriented semi-

processed steels are largely non-silicon alloys sold in the not

finally annealed condition to enhance punchability. Low power

loss and good permeability properties are developed after final

annealing of the laminations.

Management report

Long products

Billets/Blooms. Billets and blooms are semi-finished steel

products. Billets generally have square cross-sections up to 180

millimeters by 180 millimeters, and blooms generally have

square or rectangular cross-sections greater than 180

millimeters by 180 millimeters. These products are either

continuously cast or rolled from ingots and are used for further

processing by rolling to produce finished products like bars, wire

rod and sections.

Bars. Bars are long steel products that are rolled from billets.

Merchant bar and reinforcing bar (rebar) are two common

categories of bars. Merchant bars include rounds, flats, angles,

squares, and channels that are used by fabricators to

manufacture a wide variety of products such as furniture, stair

railings, and farm equipment. Rebar is used to strengthen

concrete in highways, bridges and buildings.

Special bar quality (“SBQ”) steel . SBQ steel is the highest

quality steel long product and is typically used in safety-critical

applications by manufacturers of engineered products. SBQ

steel must meet specific applications’ needs for strength,

toughness, fatigue life and other engineering parameters. SBQ

steel is the only bar product that typically requires customer

qualification and is generally sold under contract to long-term

customers. End-markets are principally the automotive, heavy

truck and agricultural sectors, and products made with SBQ

steel include axles, crankshafts, transmission gears, bearings

and seamless tubes.

Wire rods . Wire rod is ring-shaped coiled steel with diameters

ranging from 5.5 to 42 millimeters. Wire rod is used in the

automotive, construction, welding and engineering sectors.

Wire products . Wire products include a broad range of products

produced by cold reducing wire rod through a series of dies to

improve surface finish, dimensional accuracy and physical

properties. Wire products are used in a variety of applications

such as fasteners, springs, concrete wire, electrical conductors

and structural cables.

Structural sections . Structural sections or shapes are the

general terms for rolled flanged shapes with at least one

dimension of their cross-section of 80 millimeters or greater.

They are produced in a rolling mill from reheated blooms or

billets. Structural sections include wide-flange beams, bearing

piles, channels, angles and tees. They are used mainly in the

construction industry and in many other structural applications.

Rails . Rails are hot-rolled from a reheated bloom. They are used

mainly for railway rails but they also have many industrial

applications, including rails for construction cranes.

Seamless tubes . Seamless tubes have outer dimensions of

approximately 25 millimeters to 508 millimeters. They are

produced by piercing solid steel cylinders in a forging operation

in which the metal is worked from both the inside and outside.

The final product is a tube with uniform properties from the

surface through the wall and from one end to the other.

Steel sheet piles . Steel sheet piles are hot rolled products used

in civil engineering for permanent and temporary retaining

structures. Main applications are the construction of quay walls,

jetties, breakwaters, locks and dams, river reinforcements and

channel embankments, as well as bridge abutments and

underpasses. Temporary structures like river cofferdams are

made with steel sheet piles. A special combination of H beams

and steel sheet piles are sometimes used for the construction of

large container terminals and similar port structures.

Welded pipes and tubes . Welded pipes and tubes are

manufactured from steel sheet that is bent into a cylinder and

welded either longitudinally or helically.

Mining products

ArcelorMittal’s mining products correspond to iron ore which is

also one of the main raw materials for steel operations.

ArcelorMittal’s mining and raw materials supply strategy

consists of:

• Acquiring and expanding production of raw materials, in

particular iron ore but as well some other specific

products crucial to the Company's steel operations such

as refractory and lime (in partnership with companies

who are leaders in these domains), while keeping the

cost under control;

• Exploiting its global purchasing reach, pursuing the

lowest unit price available based on the principles of total

cost of ownership and value-in-use through aggregated

purchasing, supply chain and consumption optimization;

and

• Leveraging local and low cost advantages on a global

scale.

ArcelorMittal’s priority is to optimize output and production from

its existing sources focused mainly on iron ore.

ArcelorMittal believes that its portfolio of mining assets and long-

term supply contracts (see below "—Raw materials and

energy") can play an important role in preventing disruptions in

the production process. (see “Operating and financial review—

Key factors affecting results of operations—Raw materials”).

ArcelorMittal sources significant portions of its iron ore needs

from its own mines in Ukraine, Bosnia, Canada, Mexico, Liberia

and Brazil. Several of ArcelorMittal’s steel plants also have in

place off-take arrangements with suppliers located near its

production facilities.

Management report

For further information on Mining segment iron ore production,

see “Operating and financial review—Operating results”. For

further information on each of ArcelorMittal’s principal iron ore

mining operations including total mining production of iron ore

and coal, see “Properties and capital expenditures—Property,

plant and equipment” and "Properties and capital expenditures

—Property, plant and equipment— Mineral reserves and

resources".

Markets

As shown by the following graph, ArcelorMittal has a diversified

portfolio of steel a nd mining products to meet a wide range of

customer needs across many steel-consuming sectors,

including automotive, appliance, engineering, construction,

energy and machinery and via distributors.

Other steel sales mainly represent metal processing, machinery, electrical

equipment and domestic appliances

**Other sales mainly represent mining, chemicals & water, slag, waste, sale of

energy and shipping

For the construction market, which represented 20% of the

Company's revenue in 2024, ArcelorMittal offers the most

complete range of grades and specifications of structural steel,

façade, ceiling and floor systems, sheet piles solutions for

foundations and underground car park systems, steel plumbing

solutions and a complete portfolio of reinforcement products.

This includes rebar developed specifically for areas with high

seismic activity, and steel fibers for tunnelling and other

infrastructure projects.

Automotive and mobility, which represented 17% of the

Company's revenue in 2024, offers a complete range of flat

steel products as follows:

• Drawing steels: ArcelorMittal’s range of non-alloyed mild

steels is designed for deep and extra-deep drawing

applications. Products formed from these cold-rolled steels

are used extensively in the automotive industry for both visible

and structural parts.

• High-yield high strength steels ("HSS") including high-

strength, low-alloy ("HSLA") steels for cold forming which are

noted for their low alloy content and ease of welding, Bake

hardening ("BH") steels that gain hardness during the paint

curing process, high strength Interstitial-free ("IF") steels for

deep drawing applications and solid solution steels which

combine mechanical strength and drawability and make them

suitable for structural part.

• first generation AHSS: characterized by their high strength,

the first generation of AHSS still has many applications in

today’s mobility solutions such as Dual phase ("DP") steels

which offer a good compromise between strength and

stampability, Transformation Induced Plasticity ("TRIP") steels

suitable for complex structural and reinforcement parts,

complex phase steels for applications which require high

energy absorption capacity and fatigue strength and Hot

rolled ferrite-bainite steels that combine high strength with

formability and stampability.

• third generation AHSS: such steels have been specifically

developed for OEMs who utilize cold stamping and forming

technologies; they include Fortiform® range of ultra high

strength steels ("UHSS") for lightweight structural elements,

DH family of steels for safety parts which require impact

resistance and CH family of steels which are the new

generation of the Complex Phase grade. These grades are

particularly suitable for automotive safety which enhance

crash resistance.

• Martensitic steels which offer good formability, even at

extremely high strengths and makes them particularly useful

in anti-intrusion applications where they contribute to

lightweighting while enhancing safety.

• Press hardenable steels ("PHS") offer ultra high strength and

the ability to be formed into complex shapes. This makes

them ideal for hot stamping processes and enables OEMs to

achieve excellent weight reductions across the vehicle.

ArcelorMittal's PHS offer includes Usibor® for critical parts

where strength is key and Ductibor® for optimized ductility

and strength.

Management report

• Full range of coatings to protect steels for automotive

applications such as Alusi®, Extragal®, Ultragal®,

Galvannealed, Zagnelis® Protect, Zagnelis® Surface, Galfan,

Electrogalvanised , a nd Jetgal®.

• iCARe® which is ArcelorMittal’s range of electrical steels for

e-mobility and helps to increase the driving range of electric

and hybrid vehicles. iCARe® steels also help to lightweight

motors and electrical systems in conventional internal

combustion engine ("ICE") vehicles.

• Laser welded blanks and tailored shaped blanks.

Mobility also includes:

• maritime transport: ArcelorMittal steel products are used to

build all varieties of ships, including general cargo carriers,

container ships, cruise ships and large tankers that carry

liquefied natural gas. The Company also makes sheet piles

– columns of steel driven into the ground to support a

structure – used in the construction of ports and harbors.

• rail transport: ArcelorMittal makes steel products for both

railway tracks and trains.

In the energy market, ArcelorMittal is a leading supplier of

specialist steels to the wind energy industry, supplying heavy

plates and coils for towers, reinforcing bars and ballast for

foundations, and electrical steels for generators. For solar

energy, the Company provides the high-performance steels,

coatings and structural solutions that the latest generation of

solar photovoltaic and solar thermal installations are built from.

Although the renewable energy transition is underway, the world

will still rely on traditional fossil fuels such as oil and gas during

this transitional phase. ArcelorMittal supplies the steels for

onshore and offshore platforms, liquified natural gas ships,

pipelines, refineries, and fuel storage. Steel plates are also a

core component for pressure vessels and many other major

structural applications in power generation and petrochemical

processing.

ArcelorMittal also offers an extensive range of products serving

all parts of the packaging industry. This includes tin or chromium

plated steel with a wide range of mechanical properties, and a

variety of coating options.

In addition, ArcelorMittal produces a range of special grades flat

steel products for appliances such as:

• Estetic®: Organic coated pre-painted steels that offer the

gloss, surface aspects and finishes that appliance makers

need, while reducing energy use and environmental impact

during manufacture

• Electrical grades: Steels to improve the performance of

components such as electric motors and refrigerator

compressors

• Solfer®: Enamelling steels for ovens, cookers and hoods

• Magnelis®: 'Self-healing' steel useful for parts that are

exposed to moisture and movement

• Jetskin®: Homogeneous metallic steel coating applied with

a pioneering technique and offering outstanding corrosion

protection

Raw materials and energy

Iron ore

ArcelorMittal is a party to contracts with other mining companies

that provide long-term, stable sources of raw materials. The

Company extended its multi-year iron ore supply contracts with

Vale in 2024 to cover its requirements for the EU units,

worldwide direct reduction units and for its Tubarão steel mill

(ArcelorMittal Pecém, ArcelorMittal Brasil, being covered by a

specific long-term agreement). ArcelorMittal's principal

international iron ore suppliers include Vale in Brazil,

Luossavaara-Kirunavaara AB in Sweden, Baffinland Iron Mines

Corporation ("BIM") in Canada, IOC (Rio Tinto Ltd.) in Canada,

Samarco in Brazil, Anglo-American (Minas Rio in Brazil), and

Metinvest in Ukraine.

Coal

ArcelorMittal’s principal coal suppliers include the BHP Billiton

Mitsubishi Alliance (“BMA”), Anglo Coal, Peabody, Glencore in

Australia, Contura and Warrior in the United States, Teck Coal in

Canada, and JSW in Poland.

Metallics (scrap)

ArcelorMittal procures the majority of its scrap requirements

locally and regionally, optimizing transport costs. Typically, scrap

purchases are made in the spot market on a monthly/weekly

basis or with short-term contracts.

Alloys

ArcelorMittal purchases its requirements of bulk and noble

alloys from a number of global, regional and local suppliers on

contracts that are linked to generally-accepted indices or

negotiated on a quarterly basis.

Base metals

The majority of the Company’s base metal needs, including

zinc, tin, aluminum and nickel are purchased under annual

volume contracts. Pricing is based on the market-accepted

indices. Material is sourced from both local and global

producers.

Management report

Electricity

ArcelorMittal generally procures its electricity through tariff-

based systems in regulated areas such as parts of the United

States and South Africa, through direct access to markets in

most of its European mills or through bilateral contracts

elsewhere. The duration of these contracts varies significantly

depending on the area and type of arrangement.

For integrated steel mills, plant off-gases from various process

steps are utilized to generate a significant portion of the plant’s

electricity requirements and lower the purchase volumes from

the grid. This is either produced by the plant itself or with a

partner in the form of a co-generation contract.

Natural gas

ArcelorMittal procures much of its natural gas requirements for

its Canadian and Mexican operations from the natural gas spot

market or through short-term contracts entered into with local

suppliers, with prices fixed either by contract or tariff-based spot

market prices. For its European and Ukrainian operations, with a

contractual mix of “all-in” bilateral supply and direct access to

the market, ArcelorMittal sources its natural gas requirements

with European short term/spot-indexed supply contracts. The

remainder of ArcelorMittal’s natural gas consumption is

generally sourced from regulated markets.

Industrial gases

Most of ArcelorMittal’s industrial gas requirements are produced

and supplied under long-term contracts with various suppliers in

different geographical regions.

Coke

ArcelorMittal has its own coke-making facilities at most of its

integrated mill sites, including in Canada, Brazil, Spain, France,

Germany, Belgium, Poland , South Africa, and Ukraine. While

ArcelorMittal meets most of its own coke requirements, certain

of ArcelorMittal’s operating subsidiaries purchase coke mainly

from seaborn market from China, U.S, Japan, Australia,

Colombia, and Indonesia and certain of its subsidiaries

occasionally also sell excess coke at market prices to third

parties.

Shipping

ArcelorMittal Shipping ("AM Shipping") provides ocean

transportation solutions to ArcelorMittal’s manufacturing

subsidiaries and affiliates. AM Shipping determines cost-efficient

and timely approaches for the transport of raw materials, such

as iron ore, coal, coke and scrap, and semi-finished and finished

products. AM Shipping is also responsible for providing shipping

services to the Company’s sales organizations. It provides

complete logistics solutions from plants to customer locations

using various modes of transport.

In 2024, AM Shipping arranged transportation for approximately

54.1 million tonnes of raw materials and about 7.2 million tonnes

of finished products. The key objectives of AM Shipping are to

ensure cost-effective and timely shipping services to all units.

AM Shipping also acts as the coordinator for Global Chartering

Ltd., the Company's joint venture with DryLog Ltd., a Monaco

based shipping company.

Purchasing

ArcelorMittal has implemented a global procurement process for

its major procurement requirements, including raw materials,

capital expenditure items, energy and shipping. ArcelorMittal’s

centralized procurement teams also provide services such as

optimization of contracts and the supply base, logistics and

optimizing different qualities of materials suitable for different

plants and low cost sourcing.

By engaging in these processes, ArcelorMittal seeks to benefit

from economies of scale in a number of ways, including by

establishing long-term relationships with suppliers that

sometimes allow for advantageous input pricing, pooling its

knowledge of the market fundamentals and drivers for inputs

and deploying specialized technical knowledge. This enables

ArcelorMittal to achieve a balanced supply portfolio in terms of

diversification of sourcing risk in conjunction with the ability to

benefit from a number of its own raw materials sources.

ArcelorMittal has institutionalized the “total cost of ownership”

methodology as its way of conducting its procurement activities

across the Group. This methodology focuses on the total cost of

ownership for decision making, with the goal of lowering the

total cost of production through minimization of waste, improved

input material recovery rates and higher rates of recycling.

Sustainability principles are embedded into ArcelorMittal general

procurement conditions, purchasing contracts, in the onboarding

process and supplier performance management in the area of

safety, health, environment, human rights, and employee

relations.

Sales and marketing

In 2024, ArcelorMittal sold 54.3 million tonnes of steel products.

Sales

The majority of steel sales from ArcelorMittal are destined for

domestic markets. For these domestic markets, sales are

usually approached as a decentralized activity that is managed

either at the business unit or at the production unit level. For

certain specific markets, such as automotive, there is a global

approach offering similar products manufactured in different

production units around the world. In instances where

production facilities are in relatively close proximity to one

another, and where the market requirements are similar, the

sales function is aggregated to serve a number of production

units. In the EU and in South America, ArcelorMittal owns a

large number of service and distribution centers. Depending on

Management report

the level of complexity of the product, or the level of service

required by the customer, the service center operations form an

integral part of the supply chain to ArcelorMittal’s customers.

Distribution centers provide access to ArcelorMittal’s products to

smaller customers that cannot or do not want to buy directly

from the operating facility.

The Group prefers to sell exports through its international

network of sales agencies to ensure that all ArcelorMittal

products are presented to the market in a cost-efficient and

coordinated manner.

Sales are executed at the local level, but are conducted in

accordance with the Group’s sales and marketing and code of

conduct policies.

For some global industries with customers in more than one of

the geographical areas that ArcelorMittal serves, the Company

has established customized sales and service functions. This is

particularly the case for the automotive industry. Sales through

this channel are coordinated at the Group level with respect to

contract, price and payment conditions.

Marketing

Marketing follows the sales activity very closely and is by

preference executed at the local level. In practice, this leads to a

focus on regional marketing competencies, particularly where

there are similarities among regional markets in close

geographical proximity. Local marketing provides guidance to

sales on forecasting and pricing. At the global level, the

objective is to share marketing intelligence with a view towards

identifying new opportunities, either in new products or

applications, new product requirements or new geographical

demand. Where a new product application is involved, the in-

house research and development unit of ArcelorMittal is

involved in developing the appropriate products.

An important part of the marketing function at ArcelorMittal is to

develop short-range outlooks that provide future perspectives on

the state of market demand and supply. These outlooks are

shared with the sales team in the process of finalizing the sales

strategy for the immediate future and with senior management

when market conditions call for production adjustments.

Globally, sales and marketing activities are coordinated to

ensure a harmonized approach to the market. The objective is

to provide similar service experiences to all customers of

ArcelorMittal in each market.

Intellectual property

ArcelorMittal owns and maintains a patent portfolio covering

processes and steel products, including uses and applications

that it creates, develops and implements in territories throughout

the world. Such patents and inventions primarily relate to steel

solutions with new or enhanced properties, as well as new

technologies that generate greater cost-efficiencies.

ArcelorMittal also owns trademarks, both registered and

unregistered, relating to the names and logos of its companies

and the brands of its products. ArcelorMittal has policies and

systems in place to monitor and protect the confidentiality of its

know-how and proprietary information. The Company applies a

general policy for patenting selected new inventions, and its

committees organize an annual patent portfolio screening by

individuals from the Company’s R&D and business sectors in

order to optimize the global efficiency of the Company’s patent

portfolio. The Company’s patent portfolio includes more than

14,000 patents and patent applications, mostly recent and

medium-term, for more than 930 patent families, with 110

inventions newly-protected in 2024. Because of this constant

innovation, the Company does not expect the lapse of patents

that protect older technology to materially affect medium term

revenue.

In addition to its patent portfolio, ArcelorMittal is constantly

developing technical know-how and other unpatented

proprietary information related to design, production process,

decarbonization solutions for steel production and use of high

quality steel products, leading to development of new

applications or to improvement of steel solutions proposed to its

customers, such as the ones aiming at weight reduction for

vehicles. ArcelorMittal has also been granted licenses for

technologies developed by third parties in order to allow it to

propose comprehensive steel solutions to customers.

ArcelorMittal is not aware of any pending lawsuits alleging

infringement of others’ intellectual property rights that could

materially harm its business.

Government regulations

ArcelorMittal’s operations are subject to various regulatory

regimes in the regions in which it conducts its operations. The

following is an overview of the principal features of the

Company's regulatory regimes, as of December 31, 2024, that

affect or are likely to significantly affect the Company's

operations.

See also “Introduction—Risk factors and Control ”, "Sustainable

Development — Health and Safety" a nd note 9.3 to

ArcelorMittal’s consolidated financial statements.

Environmental laws and regulations

ArcelorMittal’s operations are subject to a broad range of laws,

directives and regulations relating to air emissions, surface and

groundwater protection, wastewater storage, treatment and

discharges, the use and handling of hazardous or toxic

materials, waste management, recycling, treatment and disposal

practices, the remediation of environmental contamination, the

Management report

protection of soil, biodiversity and ecosystems or rehabilitation

(including in mining).

As environmental laws and regulations in the European Union

(“EU”) stemming from the Green Deal and other jurisdictions

continue to become more stringent, ArcelorMittal expects to

spend substantial resources, including operating and capital

expenditures, to achieve or maintain ongoing compliance.

Further details regarding specific environmental proceedings

involving ArcelorMittal, including provisions to cover

environmental remedial activities and liabilities,

decommissioning and asset retirement obligations are described

in note 9.1 to ArcelorM ittal’s consolidated financial statements .

Globally, the regulatory backdrop to environmental compliance

in industry is developing rapidly and becoming more stringent,

notably through the roll-out of the CSRD reporting and

preparation for Task Force on Nature-related Financial

Disclosure ("TNFD"). Environmental impacts such as that of air

emissions are coming under greater scrutiny as evidenced by

the updated air quality guidelines issued by the World Health

Organization ("WHO") in September 2021. These guidelines

have contributed to the recent adoption of the Air Quality

Directive (Directive (EU) 2024/2881), alongside the updated

Best Available Techniques Reference Document ("BREF") for

the Ferrous Metals Processing Industry, among others. These

changes will result in stricter environmental norms concerning

pollution (emissions to air, water and land), broader impacts on

natural environments, habitats and biodiversity, and energy

efficiency and resource efficiency, as well as promoting more

sustainable industrial production (part of the European

Commission’s Green Deal for a climate-neutral continent) and

increased transparency of information available to public.

European Union

The revised Industrial Emission Directive (Directive 2024/1785

or “IED 2.0”) entered into force in August 2024. The overall aim

of the IED 2.0 is to minimize the impact of pollution on people’s

health and the environment by reducing harmful industrial and

intensive livestock emissions across the EU. The IED 2.0

imposes stricter rules for defining emission limit values and in

respect of permit requirements as well as tighter compliance

and control rules with additional enforcement provisions. The

operators of industrial installations will need to develop

transformation plans to achieve the EU's 2050 zero pollution,

circular economy, and decarbonization goals. The revised

directive focuses on resource use performance levels, as well

as lower chemical pollution through requirements for a reduced

use of toxic chemicals. Furthermore, the new EU Industrial

Emissions Portal Regulation (EU) 2024/1244 which replaces the

European Pollutant Release and Transfer Register Regulation

(E-PRTR) entered into force in May 2024. This revision

enhances public access to information related to industrial

emissions. During the next two years, the European

Commission will work on implementing rules, with the first report

under the revised directive (describing releases and resource

use in 2027) scheduled for publication in 2028.

In the context of supply chain, the German Supply Chain Due

Diligence Act 2022 ("Lieferkettensorgfaltspflichtengesetz"),

which came into force in January 2023, provides a legal

framework for fulfilling human rights due diligence obligations

and requires that German companies undertake due diligence in

their supply chains and motivate their contract partners abroad

to protect internationally recognized human rights and

environmental standards.

Additionally, in July 2024, the Directive on Corporate

Sustainability Due Diligence Directive ("Directive 2024/1760")

(CS3D) entered into force, establishing a corporate due

diligence duty, including to identify and address potential and

actual adverse human rights and environmental impacts in the

company’s own operations, the operations of its subsidiaries

and, where related to their value chain(s), those of its and their

business partners. In addition, Directive 2024/1760 sets out an

obligation for large companies to adopt and put into effect,

through best efforts, a transition plan for climate change

mitigation aligned with the 2050 climate neutrality objective of

the Paris Agreement as well as intermediate targets under the

European Climate Law.

ArcelorMittal has established and updated policies in response

to these requirements. It aims to assess risks by identifying

them with regards to negative impacts on human rights within

the Company's value chain; to deal with negative impacts by

taking preventive measures to minimize and remedy potential

impacts; to follow up on the progress of these measures; to

communicate the results to its stakeholders; and to set up

complaint mechanisms.

In December 2015, 195 countries participating in the United

Nations Framework Convention on Climate Change (“UNFCC”),

at its COP21 held in Paris, adopted a global agreement on the

reduction of climate change (the “Paris Agreement”). The Paris

Agreement sets a goal to limit the increase in the global average

temperature to well below 2 degrees Celsius and pursues efforts

to limit the increase to 1.5 degree Celsius, to be achieved by

getting global GHG emissions to peak as soon as possible. The

Paris Agreement consists of two elements: first, a legally binding

commitment by each participating country to set an emissions

reduction target, referred to as nationally determined

contributions (“NDCs”), with a review of the NDCs that could

lead to updates and enhancements every five years beginning

in 2023 (Article 4), and second, a transparency commitment

requiring participating countries to disclose in full their progress

(Article 13). Most countries have issued their intended NDCs.

Management report

The United Nations Climate Change Conference COP 28

reached a deal for transitioning away from fossil fuels in energy

systems, in a just, orderly, and equitable manner, as well as on

tripling renewable energy capacity globally by 2030, speeding

up efforts to reduce coal use, and accelerating technologies

such as CCUS that can decrease emissions of hard-to-abate

industries. By 2025, countries must present their updated NDCs

aimed at being aligned with the 1.5 degree Celsius limit. At COP

29, a new collective quantified goal on climate finance destined

towards developing countries was reached, and the rules for the

operationalization of Article 6 of the Paris Agreement, which

provides for bilateral and global carbon trading were finalized.

On July 14, 2021, the European Commission adopted the Fit for

55 Package with a view to adapting climate and energy

legislation to the 2030 ambition set by the European Climate

Law. The EU also committed internationally to its 55% reduction

target. Most of the initiatives of the Fit for 55 Package have

been adopted as of December 31, 2024, amending several

pieces of legislation that were already applicable to

ArcelorMittal, such as the EU-ETS, the Renewable Energy

Directive (“RED”) and the Energy Efficiency Directive (“EED”) as

well as introducing the CBAM . CBAM is a tool to put an

equivalent price to that faced by domestic production on the

carbon emitted during the production of certain goods that are

imported into the EU. The CBAM established a transition period

of October 1,2023 to December 31, 2025, during which there

will be no financial obligation besides the possibility of penalties

being imposed for failures to report. There are some

implementation rules stemming from the ETS and CBAM that

are still currently under preparation. In addition, the Energy

Taxation Directive (“ETD”) is expected to be revised in 2025.

ArcelorMittal’s activities in the 27 member states of the EU are

subject to the EU-ETS, which was launched in 2005 pursuant to

European Directive 2003/87/EC, relating to GHG emissions.

The EU-ETS is based on a cap-and-trade principle, setting a

cap on GHG emissions from covered installations that is then

reduced over time. Within this cap, companies receive emission

allowances which they can sell to or buy from one another as

needed. The limit on the total number of allowances available

ensures that they have a value. In order to achieve the EU 2030

55% reduction ambition, the ETS requires sectors under ETS to

reduce their emissions by 62%. As required by the EU Climate

Law, the Commission has begun to define a Europe-wide 2040

target. In February 2024, the Commission presented its

assessment for a 2040 climate target for the EU, recommending

reducing the EU’s net GHG emissions by 90% by 2040 relative

to 1990. The legislative proposal to amend the EU Climate Law

with a 2040 target is expected in the first quarter of 2025. The

review of the ETS will follow to reflect the adopted 2040 target.

The implementation rules for the second trading period of Phase

IV (2026-2030) will further reduce c urrent benchmark values ,

although the adopted approach will prevent a large disruptive

decrease of the hot metal benchmark. Still, the resulting

shortage in free allocation levels would put the European steel

industry at a significant disadvantage versus global competition

(see note 9.1 to the consolidated financial statements). To

prevent such disadvantages, CBAM has been established for a

limited number of sectors, including steel, with a transitional

period that started in October 2023 and runs until the end of

December 2025, with the initiation of CBAM payments in 2026.

In the case of the steel sector, only direct emissions will be

covered, at least through 2025, allowing access to indirect cost

compensation. On the other hand, free allocation to covered

sectors will be progressively phased out as follows: 2026:

97.5%, 2027: 95%, 2028: 90%, 2029: 77.5%, 2030: 51.5%,

2031: 39%, 2032: 26.5%, 2033: 14%, and 0% as from 2034.

The agreement does not include a solution for exports but

requires the European Commission to prepare an assessment

and report by 2025. Several implementing acts to supplement

the CBAM regulation are still to be developed.

Moreover, the revised Renewable Energy Directive (“RED”) was

adopted in November 2023, increasing the current EU-level

target of at least 32% of renewable energy sources in the overall

energy mix to at least 42.5% by 2030. Member States must also

collectively endeavor to increase the share of energy from

renewable sources in the EU’s gross final consumption of

energy in 2030 to 45%. The RED aims to deploy renewables

across all sectors, particularly in sectors where progress in

integrating renewables had been slower.

Additionally, the revised Energy Efficiency Directive (“EED”)

raised the EU energy efficiency target, making it binding for EU

countries to collectively ensure an additional 11.3% reduction in

energy consumption by 2030 compared to the 2020 reference

scenario projections. In addition, the revised Land Use, Land

Use Change and Forestry (“LULUCF”) sets a target for net GHG

removals at 310 million tonnes of CO 2 equivalent as a sum of

the values of the GHG net emissions and removals by Member

States in 2030. The LULUCF sector is connected to all

ecosystems and economic activities that rely on the land and

the services it provides, thus directly impacting ArcelorMittal’s

sites.

Furthermore, the Eco-design for Sustainable Product Regulation

(“ESPR”) is a cornerstone in the European Green Deal for more

environmentally sustainable and circular products. The new

regulation acts as a framework and complements existing

product regulation. The regulation is implemented following a

workplan through secondary legislation by Delegated Acts. As

part of the new Commission work plan, the Joint Research

Centre (“JRC”) is expected to finalize a preparatory study on

Iron and Steel Products by June 2025. The ESPR framework

will make "Digital Product Passports" mandatory and must

Management report

ensure that relevant environmental information is transferred

along the supply chain on a need-to-know basis.

Environmental requirements impacting industrial operations are

also becoming more stringent in various jurisdictions.

Argentina

Argentina's goal is to achieve carbon neutrality by 2050, and it

has outlined its NDCs compromises for 2030, reinforcing them

through participation in COP 28. During 2023, the Argentinian

government established two key strategies: one for the Carbon

Trade Market (Resolution N° 385/2023) and another for

Hydrogen Economy Development. The program was launched

in 2023 with the participation of more than 120 participants, and

the roadmap for the industrialization of hydrogen as a productive

vector in the energy transition was presented.

Additionally, the Renewable Energy Law has set mandatory

national targets for electricity consumption from renewable

energy sources: 8% in 2018; 12% in 2019/20; 16% in 2021/22;

18% in 2023/24; and 20% in 2025. All energy-intensive

industries must contribute to these mandatory national targets,

but no significant impact on the Company is expected. Acindar

has outlined its renewable energy business plan as follows: (i)

for the Villa Constitución Site, targets are being met by

purchasing renewable energy from Cammesa.

Brazil

In Brazil, new federal laws have been established in 2024 to

guide climate change adaptation plans and create a legal

framework for low-carbon hydrogen, including incentives and

programs for its production and development. The states of

Minas Gerais, Ceará and Santa Catarina have also introduced

their own green hydrogen policies. Additionally, federal laws

have launched programs to promote sustainable low-carbon

mobility, including green mobility, sustainable aviation fuel,

green diesel, and biomethane. A national air quality policy has

been established, setting standards and guidelines for air quality

management. Forestry has been excluded from the list of

potentially polluting activities, and environmental licensing for

forestry has been simplified in Minas Gerais. Furthermore,

federal decrees have set guidelines for the national circular

economy strategy and regulated tax incentives for the recycling

production chain. In São Paulo, a state decree has established

a program to manage solid urban waste. S pecific impacts are

yet to be regulated.

The state of Minas Gerais (where the Serra Azul Dam is

located) published State Decree No. 48.848/2024, which

included new types of guarantees, such as mortgages and

fiduciary alienation of real estate. The validity of bank

guarantees has been extended to a minimum of five years, with

financial institutions required to deposit the guaranteed credit

within 15 days if the debtor fails to renew the bond. Additionally,

the insurance policy must be issued by a Susep-authorized

insurance company, with the credit settlement period extended

to 30 days after notification. The deadline for presenting

environmental bonds for dams has been increased from 180 to

270 days. Furthermore, the real estate offered as a guarantee

can be re-evaluated at any time and must be supplemented if its

value is lower than declared. These changes aim to enhance

security and flexibility in managing environmental guarantees.

In 2022, Brazil launched Resolution No. 433/2021 establishing

the National Policy of the Judiciary for the Environment,

establishing the monitoring of climate actions and mandating

that indemnities for environmental damages include the impact

on global climate change, as well as diffuse damage to affected

peoples and communities. In September 2023, the Plenary of

the Brazilian National Council of Justice approved a Normative

Act recommending the adoption of a new protocol for the trial of

environmental damage actions by Brazilian courts. This aims to

enhance the effectiveness of judgments in environmental cases,

providing guidelines on the use of evidence obtained by sensors

and satellites. The focus is on preventing and combating

environmental externalities, particularly concerning climate

change and collective damage.

Brazil has established the Interministerial Committee on Climate

Change (“CIM”) through Decree No. 11.550/2023, published in

June 2023, which monitors the implementation of actions and

public policies within the federal executive branch related to the

National Policy on Climate Change (“PNMC”). The decree

revoked the former National System for the Reduction of

Emissions of Greenhouse Gases (“SINARE”), previously

established by Decree No. 11.075/2022.

Law No. 15.042/2024, which regulates the carbon market in

Brazil creating the Brazilian Greenhouse Gas Emission Trading

System was approved in December 2024. The new law is based

on a minimum emissions threshold rather than specific sectors.

Installations emitting above 10 thousand tonnes of CO 2 per year

per source or installation must report their emissions.

Installations emitting more than 25 thousand tonnes of CO 2 per

year, in addition to mandatory reporting, must carry out periodic

reconciliation of obligations. The regulation applies equally to all

sectors of the economy, except for primary agricultural

production which was expressly excluded.

The state of Ceará has published Law No. 18.458/2023,

instituting the state policy for green, sustainable hydrogen and

its derivatives within the scope of the state of Ceará and

creating the state council for governance and development of

the production of green, sustainable hydrogen and its

derivatives.

Management report

Canada

In Canada, depollution attestations applicable to AMMC facilities

are currently being renewed and may include more restrictive

standards.

In the province of Quebec, the renewal requests for depollution

attestations for AMMC's Mont Wright operations, Fire Lake, and

Port-Cartier pellet plant are currently in the analysis stage by

environmental authorities. They aim to apply the same

standards to all mines. These permits establish targets for

water, air, soil, and waste management, as well as the

monitoring and reporting frequencies and requirements for each

target.

Furthermore, the Contrecoeur West depollution attestation was

scheduled to be renewed in 2023; the renewal application was

filed in June 2023, awaiting further input from the Government.

The Contrecoeur East depollution attestation is scheduled to be

renewed in 2026, the application must be filled in the third

quarter of 2025. Also, starting January 1, 2024, r oyalty rates are

payable for contaminated soils for landfilling (CAD$10/t) or

treating (CAD$5/t).

Quebec’s government expanded the scope of the regulation

related to compensation for adverse effects on wetlands and

bodies of water. It will apply to projects conducted in Port-

Cartier, Mont Wright, and Fire Lake and might extend to

AMLPC’s future projects. Also in Quebec, the regulation

respecting royalties payable for the use of water was amended

to increase, as of January 1, 2024, the royalty rates from

CAD$2.5 per million liters (“CAD$/ML”) of water to CAD$35/ML,

and from CAD$70/ML to CAD$ 150/ML. The applicable rate will

vary according to the use of the resource. These rates are

subject to i ndexation every year by 3% per annum.

The ECCC, the Iron Ore Company of Canada, and AMMC have

entered into an environmental performance agreement effective

from January 5, 2018 until June 1, 2026. The agreement is

designed to facilitate the implementation of BLIERs developed

for the iron ore pellet sector. Specifically, it outlines the

composition, timelines, and objectives of the NOx Working

Group. The agreement aims to ensure compliance with BLIERs

limits for Particulate Matter ("PM") 2.5 and SO2 while also

overseeing the implementation of the approach to studying NOx .

At the national level, the Environment and Climate Change

Canada (“ECCC”), a department of the Government of Canada,

updated the Base-Level Industrial Emissions Requirements

(“BLIERs”) under the federal Air Quality Management System,

resulting in the need for substantial investments to comply with

emission regulations. Provincial regulations in Ontario and

Quebec will also require additional emissions reductions.

In Ontario, the BLIER requires all coke plants in the province to

install coke oven gas desulphurization in order to meet SO2

limits by the end of December 2025. In 2023, ArcelorMittal

Dofasco received an exemption from the ECCC due to its

ongoing decarbonization efforts. Currently, on a plant-wide

basis, ArcelorMittal Dofasco’s facility is meeting its BLIERs

objective. Moreover, the decarbonization project will impact

ArcelorMittal Dofasco’s overall Nitrogen Oxide (“NOx”)

emissions.

In Canada, carbon pricing regulations have become increasingly

stringent. For example, the Order Amending Schedule 3 to the

GHG Pollution Pricing Act: Statutory Orders and Regulation

(“SOR”)/2022-210 introduces amendments to set the royalty

amounts per tonne of GHG emitted for the years 2023 to 2030.

As from January 1, 2022, ArcelorMittal Dofasco and Ontario

industries have been regulated on carbon pricing under the

Ontario Emissions Performance Standards (“EPS”), transitioning

out of the Federal output-based pricing system (“OBPS”). The

Federal government intends to ensure provincial GHG programs

are rigorous enough to meet Federal carbon reduction targets

(40 - 45% lower than in 2005 by 2030).

In March 2023, the Federal government updated the federal

benchmark. Ontario subsequently published changes to the

EPS carbon tax program for 2023 and 2030, which includes (i)

changes to carbon pricing from CAD$50/t CO2e to CAD$65/t in

2023 and increasing CAD$15/t annually up to CAD$170/t CO2e

by 2030, and (ii) changes to the stringency factors: -2.4% in

2023 and -1.5% annually from 2024 to 2030.

As part of the Ontario EPS program, the Ontario provincial

authority signaled a recognition of the significant transformation

in the steel sector for those large steel producers expected to

make the transition to clean steel production in the coming

years. In consideration of the changes at these facilities,

stringency factors would be set equal to one for the transition

period up to 2030; thus, exemptions will be considered for first

movers in the steel sector. Final details have been provided and

the Director's official issuance notice for the amendments were

issued in the second quarter of 2024.

The development of an approach to address facility-specific

emissions targets for the innovative DRI facilities has been

completed, often based on three years of performance following

the start-up of a facility. Detailed discussions concluded in 2023,

and the final Director’s order was issued in the first quarter of

The proposed approach to address ArcelorMittal

Dofasco’s decarbonization program during the transformation

periods has also been developed. Compliance of Director's

order is to be achieved by reducing GHGs as well as additional

first-mover considerations by the regulator.

In Quebec, the 2030 Plan for a Green Economy sets a 37.5%

GHG emission reduction target by 2030 compared with 1990

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levels, with the goal that Quebec reaches carbon neutrality by

Separate consultations by the government of Quebec are

underway with large GHG emitters regarding the cap-and-trade

program regulation for the second and subsequent compliance

periods from 2021 to 2030. Quebec completed the consultations

for the 2021 to 2023 compliance period. For the period 2024 to

2030, negotiations are still in progress to minimize the financial

impact of regulatory changes on ArcelorMittal’s operating

subsidiaries in Canada.

As part of Canada’s climate plan to reduce emissions and

accelerate the use of clean technologies and fuels, in June

2022, the final Clean Fuel Regulations (“CFR”) under the

Canadian Environmental Protection Act 1999 (“CEPA”) were

registered, bringing the 2017 Clean Fuel Standard (“CFS”) into

law. It came into force upon registration, except for two sections

repealing the pre-existing Renewable Fuels Regulations

(“RFRs”), which will come into force on September 30, 2024.

The CFS establishes lifecycle carbon intensity requirements

separately for liquid, gaseous, and solid fuels that are used in

transportation, industry, and buildings. This performance-based

approach, intended to incentivize innovation, development, and

use of a broad range of lower-carbon fuels, alternative energy

sources, and technologies, only requires liquid fuel (e.g.,

gasoline, diesel, home heating oil) suppliers to reduce the

carbon intensity of their fuels. Gaseous and solid fossil fuels

have been eliminated from the scope. The Regulations will

increase production costs for primary suppliers, which would

increase prices for liquid fuel consumers.

Liberia

In Liberia, ArcelorMittal holds a mining concession, inclusive of

250 kilometers of rail and port facilities. The Environment

Protection Agency (“EPA”) in Liberia has heightened its

enforcement of environmental standards, supported by its

dedicated laboratories. The nearby presence of ArcelorMittal

Liberia (“AML”) installations has fueled local communities'

environmental awareness, increasing pressure on AML from

stakeholders.

Guided by the Environmental Protection Agency Act (2002) and

the Environment Protection and Management Law (2002),

comprehensive Environmental Impact Assessments (“EIAs”) are

mandatory for projects affecting the environment. In adherence

to these regulations, ArcelorMittal has developed an

Environmental and Social Standards Manual ("SSM"), approved

by the Liberian EPA, governing all activities within the existing

Liberia mining project. The SSM is regularly updated with

external consultants' input, and the SSM surpasses local

environmental requirements. ArcelorMittal's mining concession

falls within the purview of the National Forestry Reform Law

(2006), the National Forestry Law (2000), and the Act Creating

the Forestry Development Authority (2000). These laws govern

both commercial and community use of forests, and some

territories within the concession are subject to these regulations.

The Community Rights Law regarding Forest Lands (2009) has

notably empowered communities in forest management. The

stringent conditions attached to existing environmental permits

reflect the Company's dedication to sustainable operations; in

connection with the Phase 2 project, ArcelorMittal has

committed to an environmental offset program and mine closure

plan, potentially exceeding $100 million. In 2023, all

environmental permits were renewed, covering Yuelliton mining

activities, TSF construction, a new sewage plant, and the

rehabilitation of rail and port facilities, has elevated requirements

for sediment control, water discharge, and biodiversity

conservation. In tandem, AML has initiated a climate change risk

assessment and is participating in the TNFD studies. On

October 17, 2024, the National Solid Waste Management Policy

was published by the Environmental Protection Agency. The

Policy outlines the vision of the Government of Liberia, which

recognizes that effective and efficient waste management is

essential for the development of sound public health and

improved quality of life.

Mexico

In March 2022, Mexico published a new standard on wastewater

discharges, reducing the maximum permissible limits and

introducing new parameters for quarterly monitoring and

reporting to the National Water Commission (“CONAGUA”).

ArcelorMittal internally defined a preliminary action plan to

enhance wastewater quality discharges in line with the

requirement of the standard through operational controls. In

April 2023, with prior authorization from CONAGUA,

ArcelorMittal submitted an action plan outlining milestones to

bring wastewater discharge in compliance with the new

standard. This program is scheduled to conclude in February

2027, with progress reports required to update on the program’s

milestones.

Additionally , due to the recent reform of the National Mining

Regulation ("NMR"), several significant changes have been

made, mostly related to environmental, water and waste

management. With respect to water, the changes primarily

relate to water access by the population (in preference to

industrial use of water), which may have an impact on the ability

to use water for iron ore transportation. Several constitutional

claims against the NMR were submitted (including claims by

ArcelorMittal Mexico). The final rulings are expected to be

resolved by the Supreme Court in 2025. As part of these

ongoing trends in water management, ArcelorMittal Mexico

joined the initiative of a National Agreement on Water and

signed the agreement on November 14, 2024, voluntarily

assigning 56.5% of its concessioned volume to the National

Water Commission for 2025.

To fulfil its commitments under the Paris Agreement, the federal

government of Mexico has published rules and principles for an

Management report

emissions trading system (ETS) applicable to entities generating

more than 100,000 tons of CO 2 per year. Since 2020, a pilot of

the ETS has been implemented by ArcelorMittal México Long

and Flat Segments and Services areas (“SERSIINSA”), along

with other relevant companies. This pilot stage is still in

progress, with new rules potentially issued by the first quarter of

During the pilot stage, ArcelorMittal México consistently

adhered to the environmental authority's ("SEMARNAT")

emission calculation and reporting criteria for the ETS.

ArcelorMittal's CO 2 emissions reports have consistently showed

zero deficits. Despite the initial plan for the operational stage to

start in 2023, In January 2024, SEMARNAT presented a

proposal of the operating rules of the ETS with new growth

factors and reduction factors for the mechanism to assign free

emission allowances for all participants sectors. The authority

has not officially defined operational stage rules, but an

unofficial final proposal is expected soon.

In addition, since 2023, there has been a very marked trend by

state governments in Mexico to implement green taxes on CO 2

emissions, which caused an additional tax impact on different

sectors that participate in other federal government schemes

(e.g., ETS). Working groups have been formed within several

trade associations and business chambers to promote

initiatives that minimize the economic impacts on the industrial

sector. Taxes range from $2.2 - $44.5 USD per ton of CO 2

emitted.

South Africa

In South Africa, the proposed Phase 2 of the Carbon Tax

discussion paper has been published by the National Treasury

on November 13, 2024. The proposal as is poses a significant

increase in carbon tax liability to ArcelorMittal South Africa with

increase in annual carbon tax rates combined with a drastic

phase down of tax-free allowances and stricter eligibility criteria

to benefit from other tax-free allowances, all measures

projecting a significant impact in financial terms to unaffordable

levels. The proposal presented by National Treasury also

includes a higher carbon tax of R640/tCO 2 e for emissions

exceeding the allocated carbon budget to be applied to

taxpayers as a penalty.

Also in South Africa, on Apri l 26, 2024 the DFFE published the

Draft Sectoral Emission Targets (SETs) Report for public

comments. The report outlines institutional arrangements that

will guide the SETs allocation to support the country’s both

national and international commitments to mitigate climate

change.

Ukraine

In July 2024, Ukraine adopted the Law on "Integrated

Prevention and Control of Industrial Pollution" (IPPC Law),

which will enter into force on August 8, 2025. The document

aims to prevent, reduce and control pollution arising from

economic activities and applies an integrated approach to

pollution regulation and implementation of best available

technologies and management methods. According to the IPPC

Law, all new entities are required to obtain an integrated permit

after the law will enter into force. The existing entities have a

transition period of four years to obtain integrated permits.

ArcelorMittal closely monitors local, national, and international

negotiations, and regulatory and legislative developments, and

endeavors to reduce its emissions where appropriate.

Foreign trade

ArcelorMittal has manufacturing operations in many countries

and sells its products worldwide. In 2024, certain countries and

regions, such as Canada, the EU, Me xico, Turkey and the U.S.,

continued or launched investigations into whether to impose or

continue imposing trade remedies (usually anti-dumping or

safeguard measures) against injury, or the threat thereof,

caused by increasing steel imports originating from various steel

producing countries.

Under both international agreements and the domestic trade

laws of most countries, trade remedies are available to domestic

industries where imports are “dumped” or “subsidized” and such

imports cause injury, or a threat thereof, to a domestic industry.

Although there are differences in how trade remedies are

assessed, such laws have common features established in

accordance with World Trade Organization (“WTO”) standards.

Dumping involves exporting a product at a price lower than that

at which the same or similar product is sold in the home market

of the exporter, or where the export prices are lower than a

value that typically must be at or above the full cost of

production (including sales and marketing costs) plus a

reasonable amount for profit. Subsidies from governments

(including, among others, grants and loans at artificially low

interest rates) are similarly actionable under certain

circumstances. The trade remedies available are typically (i) an

anti-dumping duty order where injurious dumping is found and

(ii) a countervailing duty order or suspension agreement where

injurious subsidization is found. Normally, the duty is equal to

the amount of dumping or subsidization that is generally

imposed on the imported product (other than in the EU where

the lesser duty rule is applied). Accordingly, such orders and

suspension agreements do not prevent the importation of a

product, but rather require that either the product be priced at a

non-dumped level or without the benefit of subsidies, or that the

importer pays the difference between such dumped or

subsidized price and the actual price to the government as a

duty.

Safeguard measures are addressed more generally to a

particular product, irrespective of its country of origin, to protect

domestic production against serious injury caused by

unforeseen, sharp and sudden increase of imports.

Management report

All WTO members are required to review anti-dumping duty and

countervailing duty orders every five years to determine if they

should be maintained, revised or revoked. This requires a

review of whether the dumping or subsidization is likely to

continue or recur if the order/suspension agreement is revoked

and whether a domestic industry in the country is likely to suffer

the continuation or recurrence of the injury within the reasonably

foreseeable future if the orders are revoked. If the government

finds dumping or subsidization and the injury is likely to continue

or recur, then the orders continue. In the case of safeguard

measures imposed for a period exceeding three years, all WTO

members are required to conduct a mid-term review of the

imposed measures. After a review, safeguard measures may be

extended if they continue to be required, but the total period for

the application of safeguard measures may not exceed eight

years.

In a number of markets in which ArcelorMittal has manufacturing

operations, it may be the beneficiary of trade actions intended to

address trade distortions consistent with WTO regulations, such

as the examples mentioned above. In other situations, certain

operations of ArcelorMittal may be a respondent to anti-dumping

and countervailing duty cases and its exported products might

be subject to anti-dumping and countervailing duties or other

trade restrictions.

USA Section 232:

On March 23, 2018, after national security investigation with

respect to steel imports (under Section 232 of the Trade

Expansion Act (“Section 232”)), the Trump Administration

imposed tariffs of 25% on steel products from all but a select list

of countries, with a temporary suspension applied for Canada,

Mexico, Argentina, South Korea, Brazil and the EU until May 1,

Subsequently, Australia obtained a full exemption, and

imports from Argentina, Brazil and South Korea became subject

to annual quotas. Tariffs on imports of steel products from

Canada and Mexico were eliminated on May 17, 2019, which

led to positive impacts in the Company’s North America

business units; imports from Canada and Mexico were

monitored to identify whether imported volumes surged

meaningfully beyond historical levels. Mexico’s Section 232 tariff

exemption was subsequently modified in July 2024 to apply only

to Mexican steel products melted and poured in North America.

On October 31, 2021, the United States and EU announced that

they had reached a two-year agreement to modify the Section

232 measures on U.S. steel imports from the EU, which was

further extended for another two years in December 2023.

Effective January 1, 2022, the U.S. replaced the existing Section

232 tariffs on EU steel with a tariff-rate quota ("TRQ") consistent

with pre-Section 232 trade volumes in return for the EU

dropping the threat of retaliatory tariffs. The total annual import

volume under the TRQ is set at 3.3 million tonnes allocated by

product category and on an EU member state basis . Only steel

“melted and poured” in the EU is eligible for duty-free treatment.

Imports abov e the TRQ volumes will continue to be subject to

the 25% tariff. An additional 1.1 million tonnes of products

previously excluded from Section 232 tariffs are also allowed to

continue duty-free. Subsequently, the U.S. reached similar

agreements with Japan and the UK, also replacing the 25%

S ection 232 tariffs with tariff-rate quotas. Those agreements

took effect on April 1, 2022 (Japan) and June 1, 2022 (UK).

In May 2022, the U.S. suspended Section 232 tariffs on imports

of steel from Ukraine. In May 2023, the suspension was

extended for an additional year and expanded to include steel

products from Ukraine further processed in the EU. In May

2024, the suspension and expansion were extended until June

1, 2025.

In February 2025, the U.S. administration announced that it

would reinstate 25% tariffs on all steel and aluminum imports

under Section 232, revoking previously negotiated country-

specific exemptions and quota arrangements from March 12,

2025 (including those described above).

The 2018 Section 232 tariffs triggered concerns of trade

deflection worldwide and several countries initiated domestic

remediation measures. On February 2, 2019, the EU

Commission imposed definitive safeguard measures based on

global tariff quotas with a 100% quota based on average imports

over the past three years prior to 2018 and covering 26 steel

product categories . Imports that exceeded the above quotas

would face a 25% tariff but certain 'developing' countries were

exempt when their respective import shares were below 3%.

The measures set country-based quotas for larger importers on

all product categories, except for hot rolled (global), and

quarterly quota calculations for residual volumes of all products.

They also included annual quota relaxations, adaptable to

market conditions. Countries subject to quotas have an

incentive to front-load the consumption of their national quota in

order to benefit from the residual quotas in the final quarter of

the period, thus ensuring full quota consumption.

In 2021, the EU Commission carried out a review resulting in a

three-year extension prolonging the measures until June 30,

It was agreed to carry out a review of the quota levels

after one year and a review of the measures in general after two

years. The first of these reviews took place in 2022 and a further

review in 2023 confirmed the measures until June 2024.

Following a further review in the first half of 2024, the measures

were extended until June 30, 2026.

If the Section 232 tariffs are reinstated in full, the European

Union and other countries may implement counter measures in

response.

Management report

Separately, from April 1, 2022, all Russian and Belarusian quota

volumes were redistributed across other country-specific quotas

and the residual quota based on 2021 imports .

In 2024, the Commission extended anti-dumping measures on

corrosion-resistant steel from China for a further five years.

On April 30, 2024 a n expiry review was opened by the

Commission into existing anti-dumping and anti-subsidy

measures on organic coated steel from China.

During 2024, the Commission also opened anti-dumping

investigations into hot-rolled coil from Japan, India, Egypt and

Vietnam, and tin plate from China. These investigations are

ongoing.

In January 2021, Turkey opened an investigation into HRC

coming from the EU and South Korea. The investigation led to a

10.9% duty being applied to imports from ArcelorMittal as from

July 7, 2022. In 2023, Turkey opened a safeguard investigation

into Wire Rod imports, imposing provisional measures while the

investigation is ongoing.

In 2022, the U.S. completed reviews of anti-dumping and

countervailing duty measures in place on corrosion-resistant,

cold-rolled, and hot-rolled steel, and cut-to-length steel plate,

continuing most duties for another five years.

In January 2023, the U.S. initiated an anti-dumping investigation

regarding tin mill products from eight countries, including

Canada. ArcelorMittal Dofasco was named as a respondent in

the case. In February 2024, a final decision confirmed that no

measures will be imposed on any of the targeted eight

countries.

In September 2024, the U.S. industry petitioned a new

Corrosion-Resistant anti-dumping case against ten countries,

and subsidy case against four countries. Canada and Mexico

were included in both allegations. In October 2024, the United

States International Trade Commission ("ITC") made a

preliminary injury determination against all ten countries. The

United States Department of Commerce ("DOC") and ITC final

injury phases are expected to continue to the third quarter of

2025 .

In September 2024, the U.S. modified its tariff action in the

Section 301 investigation of China’s unfair trade practices,

increasing the section 301 tariffs on imports of Chinese steel

from 7.5% to 25%. The section 301 tariff is in addition to

applicable tariffs under Section 232 and existing anti-dumping

and countervailing duties. Duties were also increased on a

number of other products in strategic sectors, including electric

vehicles (duty of 100%).

In Canada, as a result of the opening of a safeguard

investigation on certain flat and long products, provisional

measures were put in place on October 25, 2018 in the form of

quotas and a 25% tariff on steel imports. Final safeguard

measures were subsequently implemented in relation to plate

and stainless wire, but not on rebar, hot rolled, prepaint, wire rod

and energy tubulars. In addition, twelve cold-rolled and

corrosion-resistant anti-dumping and countervailing duty

measures were implemented between 2018-2020 (CRS, COR,

COR2). In 2022, anti-dumping and countervailing duty

measures were initiated for hot-rolled from China, Brazil,

Ukraine and India under a five-year review (HRSS), while

Ukraine was removed from the measures. In September 2024,

six cold-rolled anti-dumping and subsidy measures (CRS) were

continued for another five years, and in November 2024 ,

Canada continued four corrosion-resistant anti-dumping

measures (COR) for another four years. In December 2024, the

Canadian Government self-initiated a new corrosion-resistant

anti-dumping measure (COR3) against Turkey (Borcelik), with

final determination expected in July 2025.

For rebar, nineteen anti-dumping and countervailing duty

measures were implemented between 2015 to 2021 (RB1-RB4),

with ten measures continued in two separate five-year reviews

in 2020 (RB1) and 2022 (RB2). In May 2024, a new rebar anti-

dumping case (RB5) was initiated against three countries and

implemented in January 2025. Finally, a new wire rod anti-

dumping case against three countries (WR) was initiated in

March and implemented in October 2024.

In February 2024, the Canadian government announced

implementation of a “Country of Melted and Poured” steel import

monitoring system, with mandatory reporting effective

November 2024.

In addition, to align with the U.S. 301 duties on Chinese unfair

trade practices, the Canadian government implemented a

Section 53 surtax of 100% on Chinese electric vehicles,

effective October 1, 2024, and a 25% Section 53 surtax on

Chinese steel and aluminum, effective October 22, 2024. These

surtaxes are in addition to any duties or tariffs applicable to

Chinese steel and aluminum.

Key currency regulations and exchange controls

As a holding company, ArcelorMittal is dependent on the

industrial franchise fees from, earnings and cash flows of, and

dividends and distributions from, its operating subsidiaries to

pay expenses, meet its debt service obligations, pay any cash

dividends or distributions on its ordinary shares or conduct

share buy-backs. Significant cash or cash equivalent balances

may be held from time to time at subsidiaries where repatriation

of funds may be affected by tax and foreign exchange policies,

including in Argentina, Brazil, China, South Africa and Ukraine.

Such policies are briefly summarized below; however, none of

Management report

these are currently significant in the context of ArcelorMittal’s

overall liquidity.

Argentina

The Argentinian foreign exchange market is regulated by the

Argentine Central Bank ("BCRA"), which has introduced

measures affecting the foreign exchange market since 2018 in

an effort to improve macroeconomic conditions and bring

stability to the country.

In December 2023, the government devalued the Argentine

peso ("ARS") against the U.S. dollar to establish an official

exchange rate of around 800 pesos per U.S. dollar. The

adjustment of the exchange rate was intended to serve as a

supplementary anchor for inflation expectations. B ased on the

current situation, the exchange rate devaluation path is currently

set at 2% per month by the government. Throughout 2024, the

BCRA actively intervened in both the official and parallel foreign

exchange markets, including by selling U.S. dollars in the

parallel market, in an effort to curb inflation, stabilize the

monetary base, and close the gap between Argentina's official

peso exchange rate and the Blue Chip Swap (BCS) rate (a

parallel exchange rate) . By December 2024, the gap had

narrowed significantly, reaching a historic low of around 1.45%.

Brazil

The Central Bank of Brazil ("BCB") operates, consistent with the

inflation targeting rate, a free floating foreign exchange regime

that aims to reduce excessive volatility, although intervention

has become more regular in recent years. The BCB regulates all

currency inflows and outflows in Brazil, and the country's foreign

exchange regime does not permit free convertibility of the

currency. Nevertheless, the BCB does not directly determine the

exchange rate . The Brazilian Real is fully deliverable onshore

(i.e., physical settlement of the designated currency at maturity),

but is non-deliverable offshore. As a result, foreign currency

transactions must be executed with an institution authorized by

the BCB to carry out such transactions, which is responsible for

ensuring compliance with the local foreign exchange regulation.

With proper documentation, the repatriation of registered

invested capital and remittance of profits do not require prior

approval from the BCB. Profits can be freely remitted as

dividends or as interest on capital to foreign shareholders or

portfolio investors.

China

China’s foreign exchange regime has undergone significant

liberalization in recent years. The People’s Bank of China

("PBOC") maintains the Chinese renminbi in a managed float

with reference to a basket of currencies. The CNY, which refers

to the Chinese renminbi on the onshore market, is partially

convertible and has a non-deliverable offshore market. CNY

foreign currency spot transactions under $50,000 per year do

not require supporting documents. All onshore transactions

involving foreign exchange are strictly controlled by the State

Administration of Foreign Exchange. The foreign currency

exchange fixing rate is announced every morning at 9:15 Beijing

time, and the interbank market is only allowed to trade within 2%

of the fixing rate for onshore CNY versus U.S. dollar. Since

2021, repatriating capital or profits out of China includes

increased layers of inspection and security from the

government. The PBOC has decided to increase the amount of

foreign-currency deposits that financial institutions need to hold

as reserves, as from June 2021, in order to curb sell-offs of

foreign currencies after the renminbi's value climbed to a record

high. The CNH, which is the Chinese renminbi traded offshore,

became deliverable in Hong Kong in July 2010. The CNH can

generally be transferred freely between offshore accounts and

interaction with the onshore market is growing, although

transfers of CNH from Hong Kong to onshore China are subject

to regulations and approval by the PBOC. Moreover, in July

2020, integration of the interbank and exchange bond markets,

as well as wider participation in the treasury bond futures

market, suggest that more progress is likely to be made by the

PBOC to move toward increased internalization of the Chinese

market.

India

The Reserve Bank of India ("RBI") maintains the Indian rupee

(“INR”) in a managed floating regime. The INR is partially

convertible and has a non-deliverable offshore market. Onshore

deliverable forwards are also available out to 10 years. The

most common and liquid tenor in the forwards market is one

year or less. The RBI monitors the value of the INR against the

REER (Real Effective Exchange Rate). The INR exchange rate

is determined in the interbank foreign exchange market. The

INR is convertible for exports and imports of goods and services

as well as unilateral transfers, including repatriating profits from

foreign-funded companies, as well as for daily recurring

transactions in the ordinary course of business. However, the

INR is restricted on capital accounts (purchase and sale

transactions of foreign assets and liabilities) and there are

specific transactions that have to be authorized by the RBI or

other relevant government departments for routine capital

account transactions, e.g. foreign currency borrowings under the

approval route or foreign direct investments that are not

permitted under the automatic route. A daily benchmark fixing is

published by the Financial Benchmark of India Limited for INR

against U.S. dollar, EUR, JPY and GBP. Other permitted capital

account transactions that are allowed, subject to compliance

with local applicable regulations, include foreign direct

investment, foreign currency loans and bonds, securities and

equity investments overseas.

South Africa

The South African Reserve Bank ("SARB") operates a managed

floating exchange rate system. The South African rand (“ZAR”)

Management report

is deliverable and largely convertible, and the SARB is gradually

relaxing exchange rate controls. The currency is deliverable and

traded out to 10 years, although liquidity is highest in tenors of

two years or less. Since January 1, 2014, companies may apply

for approval to establish a holding company to hold their

offshore investments. Subject to certain conditions, listed

companies may place ZAR 5 billion per year with such holding

companies, which can be transferred offshore without exchange

control approval, and unlisted companies may transfer ZAR 3

billion per yea r. All funds transf erred into or out of South Africa

must be declared to the SARB. Active currency hedging with

maturity of more than 12 months requires documentary

evidence of firm and ascertainable commitment. In most cases,

there are no restrictions on capital inflows. However, all

incoming loans are subject to the SARB’s approval and

institutions’ overseas investments are restricted to 25% of retail

assets for retirement funds and long-term insurers.

Ukraine

The National Bank of Ukraine ("NBU") is responsible for the

country’s monetary policy. Due to the ongoing war with Russia

since the end of February 2022, on shore liquidity on Ukrainian

Hryvnya has been significantly reduced, leading to the NBU

implementing strong regulation to control foreign exchange

transactions.

As of 2024, the National Bank of Ukraine (NBU) has introduced

important updates to its foreign exchange regulations. These

updates include easing restrictions on import payments and

dividend repatriation, permitting currency transfers for

international technical assistance, and facilitating VAT payments

for e-commerce within the EU. Additionally, new limits have

been set to reduce unproductive capital outflows, and

restrictions on using foreign currency loans for purchasing

securities have been tightened. These measures aim to

maintain economic stability, support business operations, and

effectively manage foreign currency reserves .

Disclosure pursuant to Section 219 of the Iran Threat Reduction

& Syria Human Rights Act (ITRA) regarding ArcelorMittal’s

business with customers in Iran

Section 219 of the Iran Threat Reduction and Syria Human

Rights Act of 2012 added Section 13(r) to the U.S. Securities

Exchange Act of 1934, as amended (the Exchange Act).

Section 13(r) requires an issuer to disclose in its annual reports

whether it or any of its affiliates knowingly engaged in certain

activities, transactions or dealings relating to Iran. Disclosure is

required even where the activities, transactions or dealings are

conducted outside the United States by non-US persons in

compliance with applicable law, and whether or not the activities

are sanctionable under U.S. law.

In 2024, neither ArcelorMittal nor any of its affiliates engaged in

activities, transactions or dealings relating to Iran requiring

disclosure under Section 13(r).

ArcelorMittal continues to monitor developments in this area, in

particular the status of U.S. sanctions, the Joint Comprehensive

Plan of Action ("JCPOA") and EU sanctions, and the expansion

of the EU Blocking Regulation (Council Regulation (EC)

2271/96). ArcelorMittal carefully monitors political risk and

sanctions exposure and has procedures and systems in place

intended to manage those risks.

However, ArcelorMittal’s business is subject to an extensive,

complex and evolving regulatory framework. It is possible that

ArcelorMittal may face conflicting obligations or risks under U.S.

direct and secondary sanctions and the EU Blocking Regulation,

or other conflicting instruments. Despite its governance,

compliance policies and procedures and continuous efforts to

comply with all applicable sanctions regimes, its systems and

procedures may not always prevent the occurrence of violations

which may lead to regulatory penalties or cause reputational

harm to operating subsidiaries, joint ventures or associates. See

“Introduction—Risk Factors and Control.”

Management report

Organizational structure

ArcelorMittal is a holding company with no business operations of its own. All of ArcelorMittal’s significant operating subsidiaries are indirectly owned by ArcelorMittal through

intermediate holding companies. The following chart represents the operational structure of the Company, in cluding ArcelorMittal’s significant operating subsidiaries or business

divisions and not its legal or ownership structure .

Management report

Please refer to the "Glossary — definitions, terminology and

principal subsidiaries" for a listing of the Company’s principal

subsidiaries, including country of incorporation. Please refer to

note 2.2.1 of the consolidated financial statements for the

ownership percentages of these subsidiaries. Unless otherwise

stated, the subsidiaries as listed have share capital consisting

solely of ordinary shares, which are held directly or indirectly by

the Company and the proportion of ownership interests held

equals to the voting rights held by the Company.

Investments in joint ventures

ArcelorMittal has investments in joint ventures accounted for

under the equity method as detailed in note 2.4 to ArcelorMittal’s

consolidated financial statements. See section “Property, plant

and equipment—Investments in joint ventures” for further

details.

Reportable segments

ArcelorMittal reports its business in the following six r eportable

segments corresponding to continuing activities: North America,

Brazil, Europe, India and joint ventures ("JVs"), Sustainable

Solutions and Mining. The Company's operation s in South Africa

and Ukraine are included in Others.

As from January 1, 2024, ArcelorMittal implemented changes to

its organizational structure. India and JVs are reported as a new

operating segment that includes the joint ventures AMNS India,

VAMA and AMNS Calvert, as well as other associates, joint

ventures and other investments. The segment Sustainable

Solutions is composed of a number of businesses playing an

important role in supporting climate action (including

renewables, special projects and construction business). Such

businesses were previously reported within the Europe segment

and are now reported as a separate operating segment. The

NAFTA segment has been renamed North America. Finally,

following the sale of the Company’s operations in Kazakhstan,

the remaining parts of the former ACIS segment w ere assigned

to Others.

North America produces flat, long and tubular products. Flat

products include slabs, hot rolled coil, cold rolled coil, coated

steel products and plate and are sold primarily to customers in

the following sectors: automotive, energy, construction,

packaging and appliances and via distributors and processors.

Flat product facilities are located at two integrated and mini-mill

sites located in two countries. Long products include wire rod,

sections, rebar, billets, blooms and wire drawing. Long

production facilities are located at two integrated and mini-mill

sites located in two countries. In 2024, shipments from North

America totaled 10.1 million tonnes (10.6 million tonnes in

2023). The raw material supply of the North America operations

includes sourcing from iron ore captive mines in Mexico to

supply the steel facilities.

B razil produces flat, long and tubular products. Flat products

include slabs, hot rolled coil, cold rolled coil and coated steel.

Long products comprise sections, wire rod, bar and rebars,

billets and wire drawing . These products are sold primarily to

customers in the construction, power generation and

agribusiness sectors, as well as in the automotive and

household appliances industries. In 2024, shipments from Brazil

totaled 14.1 million tonnes (13.7 million tonnes in 2023). The

raw material supply of the Brazil operations includes sourcing

from iron ore captive mines in Brazil.

Europe produces flat and long products. Flat products include

hot rolled coil, cold rolled coil, coated products, tinplate, plate

and slab. These products are sold primarily to customers in the

automotive, general industry and packaging sectors. Flat

product facilities are located at 8 integrated and mini-mill sites

located in five countries. Long products include sections, wire

rod, rebar, billets, blooms and wire drawing. Long product

facilities are located at 10 integrated and mini-mill sites in seven

countries. In 2024, shipments from Europe totaled 28.7 million

tonnes ( 27.6 million tonnes in 2023). The raw material supply of

Europe operations includes sourcing from iron ore captive mines

in Bosnia & Herzegovina.

India and JVs includes all of the Company's interests in joint

ventures, associates and other investments. The Company

believes India is a high growth vector, with its JV assets well-

positioned to grow with the domestic market.

Sustainable Solutions is composed of a number of niche capital-

light businesses that play an important role in supporting climate

action (including renewables, special projects and construction

business) and which ArcelorMittal believes have high growth

potential. It is also an in-house trading and distribution arm of

ArcelorMittal w hich provides primarily distribution of long and flat

products as well as value-added and customized steel solutions

through further steel processing to meet specific customer

requirements. It is a growth vector of the Company and

represents more than 300 commercial and production sites

across more than 60 countrie s.

Mining provides the Company's steel operations with high

quality and low-cost iron ore reserves and also sells mineral

products to third parties. Mining segment iron ore mines are

located in North America and Africa. In 2024, iron ore production

in the M ining segment totaled approximately 27.9 million tonnes

(26.0 million tonnes in 2023).

PROPERTIES AND CAPITAL EXPENDITURES

Property, plant and equipment

ArcelorMittal has steel production facilities, as well as iron ore

mining operations, in North and South America, Europe, Asia

and Africa.

Management report

All of ArcelorMittal's operating subsidiaries are substantially

owned by ArcelorMittal through intermediate holding companies,

and are grouped into the five reportable segments and Others

as described above (excluding India and JVs). Unless otherwise

stated, ArcelorMittal owns all of the assets described in this

section. Regarding ArcelorMittal's iron ore mines, see also "—

Mineral reserves and resources" below, where information is

provided in accordance with SEC Regulation S-K, Subpart 1300

(“S-K 1300”).

For further information on environmental issues that may affect

ArcelorMittal’s utilization of its assets, see “Business overview—

Government regulations” and notes 1.2 and 9.1 to

ArcelorMittal’s consolidated financial statements.

Steel production facilities of ArcelorMittal

The following table provides an overview by type of steel facility

of the principal production units of ArcelorMittal’s operations.

While all of the Group’s facilities are shown in the tables, only

the facilities of principal operating subsidiaries are described

textually for each segment. The facilities included in the tables

are listed from upstream to downstream in the steel-making

process.

Facility	Number of Facilities	Capacity (in million tonnes per year) 1	Production in 2024 (in million tonnes) 2
Coke Oven Battery	37	21.1	15.1
Sinter Plant	19	73.6	41.8
Blast Furnace	32	60.9	41.6
Basic Oxygen Furnace (including Tandem Furnace)	43	67.2	44.2
DRI/HBI Plant	11	10.3	6.2
Electric Arc Furnace	28	24.0	14.7
Continuous Caster—Slabs	26	57.4	40.6
Hot Rolling Mill	13	49.2	32.4
Pickling Line	19	21.8	9.9
Tandem Mill	23	26.1	16.5
Annealing Line (continuous / batch)	22	10.0	5.2
Skin Pass Mill	15	9.0	3.9
Plate Mill	5	1.7	0.8
Continuous Caster—Bloom / Billet	30	30.1	16.9
Breakdown Mill (Blooming / Slabbing Mill)	1	6.0	0.4
Billet Rolling Mill	3	2.6	0.9
Section Mill	21	12.1	5.1
Bar Mill	17	7.4	4.7
Wire Rod Mill	16	10.5	5.7
Hot Dip Galvanizing Line	39	15.7	11.8
Electro Galvanizing Line	6	1.5	0.7
Tinplate Mill	9	2.0	1.1
Color Coating Line	15	2.5	1.5
Seamless Pipes	3	0.4	0.1
Welded Pipes	87	3.4	0.9

Reflects design capacity and does not take into account other constraints in the production process (such as, upstream and downstream bottlenecks and product mix

changes). As a result, in some cases, design capacity may be different from the current achievable capacity.

Production facility details include the production numbers for each step in the steel-making process. Output from one step in the process is used as input in the next step

in the process. Therefore, the sum of the production numbers does not equal the quantity of sellable finished steel products.

Crude steel production by process in 2024 (in million tonnes) — Segment	Basic oxygen furnace	Electric arc furnace	Total
North America	2.5	5.0	7.5
Brazil	11.1	3.5	14.6
Europe	25.7	5.5	31.2
Sustainable Solutions and Others	4.2	0.4	4.6
Total	43.5	14.4	57.9

Management report

Blast furnace and electric arc furnace facilities — Segment	Blast furnaces	Electric arc furnaces
North America	3	8
Brazil	7	7
Europe	15	10
Sustainable Solutions	—	3
Others	7	—
Total	32	28

North America — Unit	Country	Locations	Crude Steel — Production in 2024 (in million tonnes per year) 1	Type of plant	Products
ArcelorMittal Dofasco 2	Canada	Hamilton	3.1	Integrated, Mini-mill	Flat
ArcelorMittal Texas HBI	USA	Corpus Christi	n/a	Iron-Making	Hot briquetted iron
ArcelorMittal Mexico	Mexico	Lázaro Cárdenas, Celaya	2.5	Mini-mill, Integrated, and Downstream	Flat, Long/ Bar, Wire Rod
ArcelorMittal Long Products Canada	Canada	Contrecoeur East, West	1.9	Mini-mill	Long/ Wire Rod, Bars, Slabs
ArcelorMittal Tubular Products	Canada	Brampton	n/a	Downstream	Pipes and Tubes
ArcelorMittal Tubular Products	Canada	London	n/a	Downstream	Pipes and Tubes
ArcelorMittal Tubular Products	Canada	Woodstock	n/a	Downstream	Pipes and Tubes
ArcelorMittal Tubular Products	Canada	Hamilton	n/a	Downstream	Pipes and Tubes
ArcelorMittal Tubular Products	USA	Shelby	n/a	Downstream	Pipes and Tubes
ArcelorMittal Tubular Products	USA	Marion	n/a	Downstream	Pipes and Tubes
ArcelorMittal Tubular Products	Mexico	Monterrey	n/a	Downstream	Pipes and Tubes
ArcelorMittal Calvert	USA	Calvert	n/a	Downstream	Flat

Captive mining operations — Unit	Country	Locations	ArcelorMittal Interest (%)	Type of Mine	Product
ArcelorMittal Mexico (excluding Peña Colorada) 3	Mexico	Michoacán	100.0	Iron Ore Mine (open pit)	Concentrate, lump and fines
ArcelorMittal Mexico Peña Colorada	Mexico	Minatitlán (Colima)	50.0	Iron Ore Mine (open pit)	Concentrate and pellets

n/a = not applicable (no crude steel production).
ArcelorMittal Dofasco permanently idled its batch annealing lines #1 and #2 in 2024.
Operations at the San Jose mine were discontinued in the second quarter of 2024.

ArcelorMittal Dofasco

ArcelorMittal Dofasco (“Dofasco”) is a leading North American

steel solution provider and Canada’s largest manufacturer of flat

rolled steels. Dofasco’s steel-making plant in Hamilton, Ontario

is adjacent to water, rail and highway transportation. The plant

uses both integrated and EAF-based steelmaking processes. Its

products include hot rolled coils, cold rolled coils, galvanized

steels and tinplate. Dofasco supplies these products to the

automotive, construction, packaging, manufacturing, pipe and

tube and steel distribution markets.

Dofasco is currently in the process of reviewing its

decarbonization project in a low-carbon emissions steelmaking

facility at its plant in Hamilton. The project is currently

progressing through FEED stage.

Following the completion in 2022 of the hot strip mill

modernization project (to install two new state-of-the-art coilers

and runout tables to replace three end-of-life coilers as well as

to upgrade the strip cooling system) and the #5 CGL conversion

to AluSi® project (addition of up to 160,000 tonnes per year

Aluminum Silicon (AluSi®) coating capability to #5 Hot-Dip

Galvanizing Line for the production of Usibor® steels), the first

commercialized coil was delivered in the second half of 2023

and commercialization was fully completed in the first half of

ArcelorMittal Texas HBI

On June 30, 2022, ArcelorMittal completed the acquisition of an

80% shareholding in voestalpine’s HBI plant located near

Corpus Christi, Texas. The state-of-the-art plant, which was

opened in October 2016, is one of the largest of its kind in the

world and produces Hot Briquetted Iron ("HBI"), a high quality

feedstock made through the direct reduction of iron ore which is

Management report

used to produce high-quality steel grades in an EAF, but it can

also be used in blast furnaces, resulting in lower coke

consumption. The facility includes its own deep-water port, and

unused land on the site which provides options for further

development.

ArcelorMittal Mexico

ArcelorMittal Mexico produces both flat and long steel products

and operates an integrated route and EAF route using DRI. It

produces higher quality slabs for use in specialized steel

applications in the automotive, line pipe manufacturing,

shipbuilding and appliance industries. It is also one of the

largest single rebar and wire rod production facilities in Mexico

and mainly uses the integrated route for steelmaking. The

facility is located in Lázaro Cárdenas in the Michoacán state by

the Pacific coast and is highly accessible by ocean, rail, and

other means. It also operates a rebar mill at Celaya with billets

sourced from the Lazaro facility.

The new hot strip mill produced its first coils in December 2021.

R amp-up is underway and is on track with capacity utilization

having reached approximately 67% in the fourth quarter of 2024 .

A rcelorMittal Calvert

On February 6, 2025, ArcelorMittal announced a project to

construct an advanced manufacturing facility for non-grain

oriented electrical steel (NOES) in Calvert, Alabama, with

estimated n et capital expenditure of $0.9 billion ($1.2 billion

before the impact of currently planned federal, state and local

support) s ee "Introduction—Sustainable development

highlights".

Peña Colorada

Consorcio Minero Benito Juarez Peña Colorada, S.A. de C.V.

("Peña Colorada") is a 50/50 joint operation between

ArcelorMittal and Ternium S.A. ("Ternium") and operates an

open pit iron ore mine in the province of Minatitlán in the

northwestern part of the State of Colima, Mexico. It also

operates a concentrating facility and a two-line pelletizing

facility. The beneficiation plant is located at the mine, whereas

the pelletizing plant is located in Manzanillo. The magnetite

concentrate produced at the mine is shipped from Manzanillo to

ArcelorMittal Mexico, as well as to Ternium’s steel plants by ship

and by rail.

El Volcan & San José

ArcelorMittal's San José and El Volcan iron ore mines in the

state of Sonora, Mexico stopped production in 2019 and 2024,

respectively, due to depletion of reserves and are accordingly no

longer in operation.

Las Truchas

ArcelorMittal operates the Las Truchas iron ore mine located

approximately 27 kilometers north-west of the town of Lázaro

Cárdenas in the State of Michoacán, Mexico. The concentrated

ore is pumped from the mine site through a slurry pipeline to the

steel plant facility in Lázaro Cárdenas.

ArcelorMittal has progressed on its project to increase pellet

feed production at Las Truchas mine to 2.3 million tonnes per

annum with DRI concentrate grade capability. This project will

enable concentrate production for the BF route and DRI route,

with the goal of supplying ArcelorMittal Mexico's steel operations

with high quality feed. Production is expected to start in the first

half of 2026. See "—Capital expenditures".

For further details on ArcelorMittal Mexico mining assets

production and other related information, see "—Mineral

reserves and resources".

AMLPC

AMLPC is the largest mini-mill in Canada and has the flexibility

to use either DRI or scrap, depending on their respective

economics. It produces wire rods, wire products and bars,

primarily sold in Canada and the United States and principally

serves the automotive, appliance, transportation, machinery and

construction industries. It also produces slabs that are used

within ArcelorMittal.

Management report

BRAZIL — Unit	Country	Locations	Crude Steel — Production in 2024 (in million tonnes per year) 1	Type of plant	Products
Sol	Brazil	Vitoria	n/a	Coke-Making	Coke
ArcelorMittal Tubarão	Brazil	Vitoria	6.9	Integrated	Flat
ArcelorMittal Vega 2	Brazil	São Francisco do Sul	n/a	Downstream	Flat
ArcelorMittal Brasil	Brazil	João Monlevade	1.1	Integrated	Long/ Wire Rod
ArcelorMittal Brasil	Brazil	Juiz de Fora, Piracicaba	1.9	Mini-mill	Long/ Bar, Wire Rod
ArcelorMittal Brasil	Brazil	Barra Mansa, Resende	0.9	Mini-mill	Long/Rebar, Wire rod, Bars, Sections, Wires
ArcelorMittal Pecém	Brazil	Pecém	3.0	Integrated	Flat
Acindar 3	Argentina	Villa Constitucion	0.7	Mini-mill	Long/ Wire Rod, Bar
ArcelorMittal Costa Rica	Costa Rica	Costa Rica	n/a	Downstream	Long/ Wire Rod
Industrias Unicon	Venezuela	Barquisimeto, Matanzas, La Victoria	n/a	Downstream	Pipes and Tubes

Captive mining operations — Unit	Country	Locations	ArcelorMittal Interest (%)	Type of Mine	Product
ArcelorMittal Brasil Andrade Mine	Brazil	State of Minas Gerais	100.0	Iron Ore Mine (open pit)	Fines
ArcelorMittal Mineração Serra Azul	Brazil	State of Minas Gerais	100.0	Iron Ore Mine (open pit)	Lump and fines

n/a = not applicable (no crude steel production).
ArcelorMittal Vega commissioned a new hot dip galvanizing and annealing combiline in June 2024 in the framework of the expansion project.
Acindar commissioned a new hot dip galvanizing line in February 2024, which allowed for the dismantling the two old electro-galvanizing lines (LG-2 and LG-5) in

December and May 2024, respectively.

ArcelorMittal Brasil

ArcelorMittal Brasil produces both flat and long steel products.

Flat products are manufactured at ArcelorMittal Tubarão,

ArcelorMittal Pecém and ArcelorMittal Vega. Its products include

slabs, hot rolled coil, cold rolled coil and galvanized steel, and

serve customers in automotive, appliances, construction and

distribution segments. The Tubarão complex uses the integrated

steelmaking route to produce slabs and rolling hot rolled coils

and is strategically located with access to the Praia Mole Marine

Terminal as well as road and railway systems. The Vega facility

has cold rolling and coating facilities and easy access to the port

of São Francisco do Sul. The Vega expansion project was

completed in the second quarter of 2024 and is currently

ramping up . The first cold rolled annealed coil was produced in

the new continuous galvanizing and annealing combiline on

June 19, 2024, followed by first coated coil on July 15, 2024 and

first Magnelis coil on September 10, 2024. See "—Capital

expenditures".

A project is under development to construct a new high added

value finishing line (cold rolling mill) and a continuous coating

line at Tubarão facility. The project is undergoing internal

approvals, and ArcelorMittal Brasil is currently moving forward

with detailed engineering (full feasibility study).

The Pecém facility located in the state of Ceará in northeast

Brazil was commissioned in 2016 and acquired by ArcelorMittal

in 2023. It uses the integrated steelmaking route to produce

slabs and has access via conveyors to the Port of Pecém, a

large-scale, deepwater port located 10 kilometers from the plant.

ArcelorMittal Brasil’s long products include wire rod and wire,

sections, merchant bars, special bars and rebars, for use in civil

construction, industrial manufacturing, agricultural and

distribution sectors. It produces transformed products including,

among others, welded mesh, trusses, annealed wire and nails. It

owns upstream and downstream steel facilities in Monlevade,

Juiz de Fora, Piracicaba, Barra Mansa and Resende and

operates an extensive distribution network across the country

selling to retail customers. It owns interests in two subsidiaries,

Belgo Bekaert Arames Ltda. ("BBA"), which manufactures wire

products for agricultural and industrial end-users, and Belgo-

Mineira Bekaert Artefatos de Arame Ltda., which produces steel

cords used in the tire industry. ArcelorMittal Brasil also owns

forests, and its subsidiary ArcelorMittal Bioflorestas produces

charcoal from eucalyptus forestry operations that is used to fuel

its furnaces in Juiz de Fora and to exchange for pig iron with

local producers.

The investment in a new sections mill at Barra Mansa

commenced in the first quarter of 2022 and is expected to

complete in the second half of 2025. See "—Capital

expenditures".

Management report

The upstream expansion project in Monlevade was cancelled in

the fourth quarter of 2024 due to the economic situation in Brazil

and high steel imports. The Company is currently exploring

lower capital intensive options.

Acindar

Acindar is the largest long steel producer in Argentina. It

manufactures and distributes products to meet the needs of the

construction, industrial, and agricultural sectors. It produces

rebars, square, round, drawn and flat bars, meshes, nails,

preassembled and welded cages, structural sections, piles, wire

rod and barbed wire. It has an in-house distribution network that

serves end-users across Argentina.

ArcelorMittal Brasil - Andrade Mine

ArcelorMittal Brasil operates the Andrade iron ore mine located

approximately 80 kilometers east of Belo Horizonte in the Minas

Gerais State of Brazil. In addition to the open pit mine,

ArcelorMittal operates a crushing, screening and concentration

facility. Fine material produced at the mine is transported to the

Monlevade plant through a private railway line.

ArcelorMittal Brasil - Serra Azul Mine

ArcelorMittal Brasil operates the Serra Azul iron ore mine

located approximately 50 kilometers southwest of the town of

Belo Horizonte in the Minas Gerais State of Brazil. ArcelorMittal

operates an open pit mine and a concentrating facility at the

site. Iron ore product is shipped mainly to the ArcelorMittal Brasil

integrated plants and to the local Brazilian market.

ArcelorMittal Serra Azul mine has a project to construct new

facilities to produce 4.5 million tonnes per annum of DRI quality

pellet feed, which is expected to be completed in the second

half of 2025 ; see "—Capital expenditures".

For further details on Brazil mining assets, production and other

related information, see "—Mineral reserves and resources".

EUROPE — Unit	Country	Locations	Crude Steel — Production in 2024 (in million tonnes per year) 1	Type of plant	Products
ArcelorMittal Bremen	Germany	Bremen, Bottrop	3.1	Integrated	Flat, Coke
ArcelorMittal Eisenhüttenstadt	Germany	Eisenhüttenstadt	1.8	Integrated	Flat
ArcelorMittal Belgium	Belgium	Ghent, Geel, Genk, Liège	5.2	Integrated and Downstream	Flat
ArcelorMittal France	France	Dunkirk, Mardyck, Montataire, Desvres, Florange, Mouzon, Basse-Indre	4.8	Integrated and Downstream	Flat
ArcelorMittal Méditerranée 2,3	France	Fos-sur-Mer, Saint-Chély	1.9	Integrated and Downstream	Flat
ArcelorMittal España	Spain	Avilés, Gijón, Etxebarri, Lesaka, Sagunto	3.6	Integrated and Downstream	Flat, Long/ Rails, Wire Rod, Plates
ArcelorMittal Avellino & Canossa	Italy	Avellino	n/a	Downstream	Flat
ArcelorMittal Poland 4	Poland	Kraków, Swietochlowice, Dabrowa Gornicza, Chorzow, Sosnowiec, Zdzieszowice	3.8	Integrated and Downstream	Flat, Coke, Long/ Sections, Wire Rod, Sheet Piles, Rails
ArcelorMittal Sestao	Spain	Bilbao	0.5	Mini-mill	Flat
ArcelorMittal Belval & Differdange	Luxembourg	Esch-Belval, Differdange, Rodange	1.9	Mini-mill	Long/ Sheet Piles, Rails, Sections & Special Sections
ArcelorMittal Olaberria-Bergara	Spain	Olaberría, Bergara	1.0	Mini-mill	Long/ Sections
ArcelorMittal Gandrange	France	Gandrange	n/a	Downstream	Long/ Wire Rod, Bars
ArcelorMittal Warszawa	Poland	Warsaw	0.5	Mini-mill	Long/ Bars
ArcelorMittal Hamburg	Germany	Hamburg	0.8	Mini-mill	Long/ Wire Rods
ArcelorMittal Duisburg	Germany	Ruhrort, Hochfeld	1.0	Integrated	Long/ Billets, Wire Rod
ArcelorMittal Hunedoara	Romania	Hunedoara	0.1	Mini-mill	Long/ Sections
Sonasid	Morocco	Nador, Jorf Lasfar	0.7	Mini-mill	Long/ Wire Rod, Bars, Rebars in Coil
ArcelorMittal Zenica	Bosnia and Herzegovina	Zenica	0.5	Mini-mill / Integrated	Long/ Wire Rod, Bars

Management report

Captive mining operations — Unit	Country	Locations	ArcelorMittal Interest (%)	Type of Mine	Product
ArcelorMittal Prijedor	Bosnia and Herzegovina	Prijedor	51.0	Iron Ore Mine (open pit)	Concentrate and lump

n/a = Not applicable (no crude steel production).
Blast furnace #1 at Fos-sur-Mer was idled in September 2023 due to low market demand. It remained idle during 2024.
Coke oven battery 3 at Fos-sur -Mer was permanently closed in April 2024. Coke oven battery 2 has been hot idled (with natural gas injection) since the second quarter

of 2024 and will be permanently closed during 2025.

Coke oven battery in Kraków was permanently closed in July 2024, and coke oven battery 6 at Zdzieszowice plant was closed in December 2024.

ArcelorMittal France

ArcelorMittal France has locations in Dunkirk, Mardyck,

Montataire, Desvres, Florange, Mouzon and Basse-Indre. The

sites of ArcelorMittal France produce and market a wide range

of flat steel products, including slabs, hot rolled and pickled

coils, as well as high-value finished products, such as cold

rolled, hot dip galvanized, aluminized and organic coated

material, tinplate, draw wall ironed tinplate ("DWI") and tin free

steel. ArcelorMittal France’s products are sold principally in the

regional market in France and Western Europe. Certain of its

products are designed for the automotive market, such as

Ultragal®, Extragal®, Galfan, Usibor® (hot dip galvanized),

while others are designed for the consumer goods and

appliances market, such as Solfer® (cold rolled) for enameling

applications, as well as packaging market.

The Dunkirk site has primary facilities and produces slabs as

well as hot rolled coils for other ArcelorMittal France sites.

The Mardyck site close to Dunkirk has finishing facilities and

supplies the hot dip coating lines of Montataire. ArcelorMittal is

building a new production unit for electrical steels at its Mardyck

site; s ee "—Capital expenditures".

The Florange site supplies through its hot strip mill and 2 cold

rolling mills: the 2 hot dip coating lines of Florange (GALSA 1

and 2), the continuous annealing line of Florange, the hot dip

coating lines of Mouzon, as well as the tinplate facilities of

Florange and Basse-Indre. Mouzon is specialized in finishing

hot dip coating operations. The site of Basse-Indre specializes

in packaging activities.

ArcelorMittal Belgium

ArcelorMittal Ghent

ArcelorMittal Ghent is a fully integrated steel plant which is

located along the Ghent-Terneuzen canal, approximately 17

kilometers from the Terneuzen sea lock, which links the works

directly with the North Sea. The canal is of the Panamax type

and can accommodate ships of up to 65,000 tonnes.

ArcelorMittal Ghent produces high added-value flat steel

products. A significant part of the production is coated, either by

hot dip galvanizing, electro galvanizing or organic coating.

ArcelorMittal Ghent also includes one organic coating line

located in Geel and one electro galvanizing line located in Genk.

ArcelorMittal Ghent’s products are mainly used in the

automotive industry and in household appliances, tubes,

containers, radiators and construction.

ArcelorMittal has finalized the construction of two industrial

scale plants at its site in Ghent in the framework of the Carbalyst

and Torero projects which are leveraging breakthrough smart

carbon technologies to enable the use of circular carbon.

Technical ramp-up of the facility is in progress. ArcelorMittal has

also started operating a pilot carbon capture unit on the blast

furnace off-gas at ArcelorMittal Gent in Belgium during 2024

with several partners. See “Business overview—Sustainable

development—Climate change and decarbonization".

ArcelorMittal Liège

The finishing facilities of ArcelorMittal Liège are located west of

Liège. ArcelorMittal Liège produces a wide range of innovative

products to meet the demanding needs of companies in the

automotive industry and industrial domestic appliances. The

operating assets in Liège include the continuous annealing line

1, hot dip galvanizing line 7 and line 8 (Eurogal), the

electrogalvanizing line 5 and the two organic coating lines, line 2

and line 7 (combiline with hot dip galvanizing line 7). It also

includes the Jet Vapor Deposition ("JVD") line, a world-class

innovative line coats moving strips of steel in a vacuum chamber

by vaporizing zinc onto the steel at high speed to produce

coated steels for automotive and other industrial applications.

ArcelorMittal Bremen

ArcelorMittal Bremen is situated on the bank of the Weser River

north of Bremen, Germany. ArcelorMittal Bremen produces and

sells a wide range of products including slab, hot rolled, pickled,

cold rolled and hot dip galvanized rolls to the automotive and

primary transformation sectors.

ArcelorMittal Méditerranée

ArcelorMittal Méditerranée operates a flat carbon steel plant in

Fos-sur-Mer. It also operates a finishing facility for electrical

steel located in Saint-Chély d’Apcher , 300 kilometers northwest

of Fos-sur-Mer. The Fos-sur-Mer plant is located 50 kilometers

Management report

west of Marseille on the Mediterranean Sea and includes a

private wharf for inbound and outbound flows.

ArcelorMittal Méditerranée’s products include coils to be made

into wheels, pipes for energy transport and coils for finishing

facilities for exposed and non-exposed parts of car bodies, as

well as for the construction, home appliance, packaging, pipe

and tube, engine and office material industries.

The Saint-Chély d’Apcher plant produces electrical steel (with

up to 3.2% silicon content), mainly for electrical motors.

At the Fos-sur-Mer site, a new ladle furnace was commissioned

in the steel shop i n September 2024 .

ArcelorMittal España

ArcelorMittal España includes the two main facilities of Avilés

and Gijón, which are connected by ArcelorMittal España’s own

railway system. These two facilities operate as a single

integrated steel plant. The product range of ArcelorMittal

España includes rail, wire rod, heavy plates and hot rolled coil,

as well as more highly processed products such as hot dip and

electro galvanized sheet, tinplate and organic coated sheet. The

facilities are also connected by rail to the region’s two main

ports, Avilés and Gijón. Raw materials are received at the port of

Gijón, where they are unloaded at a dedicated dry-bulk terminal,

which is linked to steel-making facilities by conveyor belt. A

variety of products are shipped through the Avilés port facilities

to other units of the Group and to ArcelorMittal España’s

customers.

In May 2024, t he Company commenced construction of a new

1.1 million tonne EAF for long products at the Gijón site and

which will ultimately lead to a reduction of 1 million tonnes of

CO 2 e. See “Business overview—Sustainable development—

Climate change and decarbonization".

ArcelorMittal Poland

ArcelorMittal Poland is the largest steel producer in Poland and

includes six plants located in Silesia, Malopolska and Opolskie

province. ArcelorMittal Poland’s Zdzieszowice coke plant

produces and supplies coke to ArcelorMittal subsidiaries and

third parties.

ArcelorMittal Poland produces a wide range of steel products,

including both long and flat products such as slabs, billets,

blooms, sections, sheet piles, rails up to 120 meters long,

railway accessories, mining supports sections, hot rolled coils,

sheets and strips, cold rolled coils, sheets and strips, hot dip

galvanized coils and sheets, wire rods and organic coated

sheets and coils. Products are mainly sold in the domestic

Polish market, while the remainder is exported, primarily to

customers located in other EU member states. ArcelorMittal

Poland’s principal customers are in the construction,

engineering, transport, mining and automotive industries.

Following the permanent closure in November 2020 of its blast

furnace and steel plant in Kraków, the coke plant continued to

operate, as did its downstream operations (two rolling mills, the

hot dip galvanizing line and the new organic coating line). The

slabs for the rolling mills in Kraków are supplied mainly from the

steel shop in Dabrowa Górnicza where the Company is

investing in debottlenecking projects and to produce special

grades for further processing into grain-oriented steel.

In November 2023, ArcelorMittal Poland announced its decision

to hot idle the coke oven battery in Kraków due to low demand

and coke pricing dynamics. In July 2024, the Company

completed its closure. ArcelorMittal Poland's coke plant in

Zdzieszowice currently operates five coke oven batteries,

following the decommissioning of the battery 6 unit in 2024.

ArcelorMittal Eisenhüttenstadt

ArcelorMittal Eisenhüttenstadt is situated on the Oder river near

the German-Polish border, 110 kilometers southeast of Berlin.

ArcelorMittal Eisenhüttenstadt is a fully integrated and highly-

automated flat steel producing plant. The facility runs with one

medium-sized blast furnace.

ArcelorMittal Eisenhüttenstadt produces and sells a wide range

of flat steel products, including hot rolled, cold rolled, electrical

and hot dip galvanized and organic coated coils to automotive,

distribution, metal processing, construction and appliances

industry customers in Germany, Central and Eastern Europe.

ArcelorMittal Belval & Differdange

ArcelorMittal Belval & Differdange produces a wide range of

sections and sheets piles which are sold to the local European

construction market as well as for export. With its Rodange

facilities, it also produces a wide range of rails, special sections

and heavy angles.

ArcelorMittal is investing €67 million in a new EAF at its Belval

site. This investment is part of a series of projects that were the

subject to a MoU signed in September 2022 between

ArcelorMittal Luxembourg and the Ministry of the Economy. The

new EAF will offer improved energy efficiency and increase

steel production capacity in Luxembourg by almost 15%,

reaching 2.5 million tonnes of steel per year. Preparation for

final erection works on the new EAF is ongoing, with dedicated

plant outage currently scheduled for September 2025, and full

commissioning is expected in the first quarter of 2026.

ArcelorMittal Hamburg

ArcelorMittal Hamburg produces billet and high quality wire rod

and its products are mainly sold in the European market,

primarily to automotive and engineering customers.

The Hamburg site already operates Europe’s only DRI-EAF

plant. Revamping of the DRI plant at the Hamburg site began in

October 2023, and production restarted in September 2024 .

Management report

ArcelorMittal Olaberria-Bergara

The Olaberría-Bergara facilities produce billets and sections.

The Olaberría facility's products are sold to the local

construction market as well as to export markets, while the

Bergara facility’s products are sold primarily to the local

European construction market.

ArcelorMittal Duisburg

ArcelorMittal Duisburg produces blooms, billets, bars and high

quality wire rod and its products are mainly sold in the European

market primarily to automotive, railway and engineering

customers. ArcelorMittal Duisburg successfully commissioned

its second ladle furnace in July 2024.

ArcelorMittal Prijedor

ArcelorMittal Prijedor is an iron ore open pit mining operation

located in Bosnia and Herzegovina, near the town of Prijedor.

The mine is a joint venture in which ArcelorMittal owns 51% and

the other 49% is owned by the local iron ore mine Ljubija. The

ore is excavated at the Omarska mine and processed in the

processing plant. The mine supplies its final product, iron ore

lumps and concentrate, to ArcelorMittal's steel plant,

ArcelorMittal Zenica, located approximately 250 kilometers from

Prijedor in central Bosnia.

For further details on ArcelorMittal Prijedor mining assets,

production and other related information, see "—Mineral

reserves and resources".

Sustainable Solutions — Unit	Main countries of presence	Main locations	Crude Steel — Production in 2024 (in million to nnes per year) 1	Type of plant	Products
Industeel	France, Belgium	Charleroi, Le Creusot, Chateauneuf, Saint-Chamond, Dunkirk	0.4	Mini-mill and Downstream	Flat
ArcelorMittal Construction	France, Germany, Spain, Italy, Slovakia, Poland, India	Contrisson, Haironville, Trier, Reichshof, Zaragosa, Cervera, Abruzzo, Senica, Swietochlowice	n/a	Downstream	Steel building systems
ArcelorMittal Projects	UAE, Netherlands, USA, Brazil, China, Egypt	Hamriyah, Jebel Ali, Heijningen, Hoogeveen, Serra, Changzhou, Badr City	n/a	Downstream	Customized steel solutions for complex projects in civil infrastructure and energy
ArcelorMittal Steel Service Centers and Distribution	France, Germany, Belgium, UK, Spain, Poland, Luxembourg	Reims, Neuwied, Geel, Krakow, Bytom, Differdange	n/a	Downstream	Tailor-made solutions of flat steel processed products. Sales entities serving small customers with wide range of steel products
ArcelorMittal Tubular Products 2, 3, 4	Poland 3 , Romania, Czech Republic, Germany, France, Spain	Kraków 3 , Roman, Iasi, Karvina, Altensteig- Walddorf, Hautmont, Chevillon, Vitry, Lexy, Rettel, Vincey, Legutiano, Zalain- Lesaka, Berrioplano	n/a	Downstream	Pipes and Tubes
Recycling	Germany, Netherlands, United Kingdom	Eppingen, Frankfurt, Sennfeld, Almelo, Beverwijk, Aberdeen	n/a	Downstream	Scrap collection and recycling
AM Green Energy	India	Andhra Pradesh	n/a	Renewable energy	Solar and wind power

n/a = not applicable (no crude steel production)
ArcelorMittal Tubular Products Iasi decommissioned its pipe mill #2 (R220) in July 2024.
Dismantling of both pipe mills #1 and #2 at ArcelorMittal Tubular Products Krak ó w plant commenced in December 2024 and is expected to be completed by the end of

the first quarter of 2025.

ArcelorMIttal Tubular Products Lexy permanently idled its five pipe mills at its Fresnoy site in the first quarter of 2024.

The Sustainable Solutions segment is composed of a number of

niche capital-light businesses and includes the following

activities :

Construction

Production of steel building systems, including insulation,

sandwich panels, profiles and turnkey pre-fabrication solutions.

Approximately 30% of the business relates to panels (e.g.

Management report

insulation) which support buildings to increase their energy

efficiency and a lower carbon footprint.

On May 31, 2024, ArcelorMittal Construction completed the

acquisition of Italpannelli Srl in Italy and Italpannelli Iberica in

Spain (following the purchase of Italpannelli Germany in March

to significantly increase its capabilities in the panel

business. See "Introduction—Key transactions and events in

2024".

Projects

Projects is a global one-stop provider of customized steel

solutions and services for large and complex projects across

energy and civil infrastructure.

Industeel

Industeel provides solutions to meet the design needs of the

most demanding customer specifications with a complete range

of high-quality steel grades. Industeel is also ‘ XCarb® recycled

and renewably produced’ producer since 2023 and has received

Responsible Steel Certification. Industeel, with operations in

Charleroi (Belgium), Le Creusot, Chateauneuf, Saint-Chamond

and Dunkirk (France) is designed to produce special steel plates

including stainless steel products and extra heavy gauge

products of alloyed carbon steel.

Renewables

AM Green Energy's $0.7 billion investment in the 975MW

renewable energy project was launched in 2022 by

ArcelorMittal. The project integrates solar and wind power

generation, coupled with energy storage solution through a co-

located pumped hydro storage plant, which helps to overcome

the intermittent nature of wind and solar power generation. The

project is owned and funded by ArcelorMittal. AMNS India

entered into a 25 year off-take agreement with ArcelorMittal to

purchase renewable power from the project. See “Business

overview—Sustainable development—Climate change and

decarbonization".

Recycling

Recycling plays an increasingly important role in

decarbonization. ArcelorMittal is investing and developing its

scrap recycling and collection capabilities (three scrap recycling

businesses acquired in Europe and the United Kingdom in

2022-2023 with combined collection capacity of approximately 1

million tonnes).

Processing and distribution

Processing and distribution includes European distribution, steel

service centers and tubular processing. The European leading

steel distributor delivers steel solutions and services in safest,

quickest, and ecological way to all customers over Europe.

ArcelorMittal Tubular Products has operations in five countries:

Romania, Czech Republic, France, Spain and Germany (its

Kraków plant in Poland stopped production from the first quarter

of 2024 in response to market volatility and the intention to

reduce its carbon footprint).

Mining

ArcelorMittal’s Mining segment has iron ore production facilities in Canada and Liberia. The following table provides an overview of the

principal mining operations of ArcelorMittal’s Mining segment. For detailed information regarding ArcelorMittal's Mining segment see "—

Mineral reserves and resources".

Unit	Country	Locations	ArcelorMittal Interest (%)	Type of Mine	Product
Iron Ore
AMMC	Canada	Mt Wright, Fire Lake and Port Cartier, Qc	85.0	Iron Ore Mine (open pit), pellet plant, railway and port	Concentrate and pellets
AML	Liberia	Yekepa	85.0	Iron Ore Mine (open pit), railway and port	Fines and Concentrate

Others — Unit	Country	Locations	Crude Steel — Production in 2024 (in million tonnes per year)	Type of plant	Products
AMKR	Ukraine	Kryvyi Rih	1.6	Integrated	Long
ArcelorMittal South Africa 1, 2	South Africa	Vanderbijlpark, Newcastle	2.6	Integrated Mini-mill Downstream	Flat, Long, Pipes and Tubes

Management report

Captive mining operations — Unit	Country	Locations	ArcelorMittal Interest (%)	Type of Mine	Product
AMKR	Ukraine	Kryvyi Rih	95.1	Iron Ore Mine (open pit and underground)	Concentrate, lump and sinter feed

Coke oven batteries 6 and 7 in Vanderbijlpark were permanently closed in September 2024. Coke oven battery 4 in Newcastle was closed in September 2024 upon

r eaching the end of its life .

ArcelorMittal South Africa permanently discontinued operation of the Vereeniging melt shop (EAF and continuous casting machine), which was under care and

maintenance since October 2022, in the fourth quarter of 2024. The Vereeniging s mall section mill was permanently decommissioned in the fourth quarter of 2024.

ArcelorMittal South Africa

ArcelorMittal South Africa is one of the largest steel producers in

Africa and is listed on the JSE Limited in South Africa.

ArcelorMittal South Africa has two main steel production

facilities: Vanderbijlpark and Newcastle, which are located

inland. ArcelorMittal South Africa also has a metallurgical by-

products division (Coke and Chemicals) split into two coke-

making and by-products operations at the steel production

facilities (Vanderbijlpark and Newcastle).

ArcelorMittal South Africa has a diversified range of products

and includes hot rolled plates and sheet in coil form, cold rolled

sheet, coated sheet, wire rod and sections, as well as forgings.

In 2024, 77% of its products were sold in the South African

domestic market, while Africa is its largest export market. It also

sells into Asia and sells minor tonnage into Europe and the

Americas.

On January 6, 2025, ArcelorMittal South Africa announced the

wind-down of its Long products Business. Steel production was

originally announced to cease by late January 2025, and the

wind-down of the remaining production processes to be

completed in the first quarter of 2025 . Currently, the wind-down

is being postponed for one additional month as discussions

continue regarding potential governmental support. See

“Introduction—Key transactions and events in 2024".

Thabazimbi Iron Ore Mine

The Thabazimbi Iron Ore Mine (Pty) Ltd, located at Thabazimbi,

in the Limpopo Province of South Africa, was acquired by

ArcelorMittal South Africa in 2018. Thabazimbi Iron Ore Mine

currently processes existing stockpiles of iron ore from a run of

mine (unbeneficiated) and old plant discard dumps with

recoverable iron, with the aim of supplying product to the

Vanderbijlpark Steel Works. For further details on Thabazimbi

mine, see "—Mineral reserves and resources".

ArcelorMittal Kryvyi Rih

AMKR’s product range includes billets, rebars and wire rods,

light sections (angles) and merchant bars (rounds, squares and

strips). Its products are sold to a range of industries, such as

hardware, construction, re-rolling and fabrication. The markets

for its products include Ukraine, CIS, Europe, North Africa,

Middle East, North and Central America and China.

In addition, AMKR includes an export sales network which

supplies a complete range of steel products not only from Kryvyi

Rih but also from other plants of the Group to customers outside

of their respective home markets.

AMKR also has iron ore captive mines located roughly within the

borders of the city of Kryvyi Rih, Ukraine. AMKR operates a

concentrating facility, along with two open pit sites and one

underground iron ore mine. The iron ore extracted from the

Kryvyi Rih mining operations is processed to concentrate, sinter

feed and lumps and supplied primarily to the AMKR steel plant,

with some concentrate being shipped to other ArcelorMittal

entities in Eastern Europe, as well as to third parties. For further

details on Ukraine mines production, see "—Mineral reserves

and resources".

During 2024, with respect to its steelmaking operations in Kryvyi

Rih, the Company continued to ramp up operations and has

been operating two blast furnaces. As of the end of 2024, AMKR

was operating its open pit mining facilities at 75% of capacity

and its steel facilities at 23 % of capacity.

Management report

Investments in joint ventures — Unit	Country	Locations	Capacity in 2024 (in million tonnes per year)	Type of plant	Products
AMNS India	India	Hazira, Gujarat	8.8 1	Integrated	Flat
AMNS Calvert	United States	Calvert	5.3 2	Steel processing	Steel finishing
VAMA	China	Loudi, Hunan	2.0 3	Steel processing	Automotive steel finishing

Captive mining operations — Unit	Country	Locations	ArcelorMittal Interest (%)	Type of Mine	Product
Thakurani Iron Ore Mine	India	Odisha	60.0	Iron Ore Mine (open pit)	Lump and fines
Ghoraburhani-Sagasahi	India	Odisha	60.0	Iron Ore Mine (open pit)	Lump and fines

Crude steel capacity.
Flat-rolled steel products production capacity.
Cold rolled coils, aluminized coils, hot dip galvanized coils production capacity.

AMNS India

AMNS India is an integrated flat carbon steel manufacturer -

from iron ore to ready-to-market products with achievable crude

steel capacity of 8.8 million tonnes per annum. Its manufacturing

facilities comprise iron making, steelmaking and downstream

facilities spread across India.

In 2019, ArcelorMittal and Nippon Steel Corporation ("NSC"),

Japan’s largest steel producer and the third largest steel

producer in the world, created a joint venture to own and

operate AMNS India with ArcelorMittal holding a 60% interest

and NSC holding 40% . Through the agreement, both

ArcelorMittal and NSC are guaranteed equal board

representation and participation in all significant financial and

operating decisions.

AMNS India’s main steel manufacturing facility is located at

Hazira, Gujarat in western India. It also has:

– two iron ore beneficiation plants close to the mines in

Kirandul and Dabuna, with slurry pipelines that then

transport the beneficiated iron ore slurry to the pellet plants

in the Kirandul-Vizag and Dabuna-Paradeep systems;

– downstream facilities in Pune, Khopoli and Gandhidham;

and

– six service centers in the industrial clusters of Hazira,

Indore, Bahadurgarh, Chennai, Kolkata and Pune. It has a

complete range of flat rolled steel products, including value

added products, and significant iron ore pellet capacity with

two main pellet plant systems in Kirandul-Vizag and

Dabuna-Paradeep, which have the potential for expansion.

Its facilities are located close to ports with deep draft for

movement of raw materials and finished goods.

In terms of iron ore pellet capacity, the Kirandul-Vizag system

has 8 million tonnes of annual pellet capacity; and the Dabuna-

Paradeep system has 12 million tonnes of annual pellet

capacity.

AMNS India completed the acquisition of the portfolio of

strategic infrastructure assets from Essar Group. The remaining

assets which were pending due to regulatory approvals have

been acquired during 2024 and include a 16 million-tonne per

annum all-weather, deep draft terminal at Visakhapatnam,

Andhra Pradesh (along with an integrated conveyor connected

to AMNS India’s iron ore pellet plant in the port city) and a 100-

kilometer Gandhar - Hazira transmission line, connecting AMNS

India’s steelmaking complex with the central electricity grid.

The resolution plan submitted for the acquisition of AMNS India

in 2018 included a capital expenditure plan of approximately

$2.6 billion to be implemented in two stages over 6 years. The

first stage involves investments which increase production of

finished steel goods to 7.6 million tonnes per annum. It includes

capital expenditure projects with respect to third line CSP caster

(completed), Paradeep pellet plant (completed), as well as coke

oven, second sinter plant and Dabuna beneficiation plant (in

progress). The first stage also includes investment in

maintenance to restore current assets, the implementation of an

environmental management plan and the implementation of

ArcelorMittal’s best practices on raw material sourcing, plant

operations, sales and product mix (in particular through greater

sophistication of the quality and markets of the steel produced

with a focus on developing sales to the automotive industry),

people management and health & safety. The second stage

involving capital expenditure projects to increase the production

of finished steel goods from 7.6 million tonnes per annum to 8.6

million tonnes per annum is now included in the expansion

investment plan launched in October 2022 as described below.

Management report

AMNS India intends to further debottleneck existing operations

(steel shop and rolling parts) in the medium term. The first

phase of expansion represents capital expenditures of

approximately $7.7 billion ($0.8 billion for debottlenecking, $0.2

billion for operational readiness, $1.0 billion for downstream

projects and $5.7 billion for upstream projects) and started in

October 2022. It aims to increase production at the Hazira

facility to 15 million tonnes of rolled products by the second half

of 2026 (phase 1) following the construction of two blast

furnaces (blast furnace 2 to start in 2025 and blast furnace 3 in

2026), the capacity increase of the existing blast furnace 1 from

2.2 to 2.8 million tonnes per annum and it includes also a cold

rolling mill 2 complex and galvanizing and annealing line, steel

shop, hot strip mill and ancillary equipment (including coke,

sinter, networks, power, gas, oxygen plant, etc.) and raw

material handling. Continuous galvanizing line No. 4 was

commissioned in December 2023, which will enable AMNS India

to launch the Magnelis product for the growing renewable

energy sector. Plans are under development to expand the

production capacity further. As per phase 2, steelmaking

capacity would grow to 18 million tonnes per annum by 2028

and as per phase 3 production capacity would further increase

to 24 million tonnes. Additionally, greenfield development

options are under consideration to take steelmaking capacity to

40 million tonnes per annum in the long-term. See "—Capital

expenditures".

In terms of mining assets, AMNS India operates the Thakurani

mine in the Keonjhar district of Odisha and the Ghoraburhani-

Sagasahi mine in the Sudargarh district of Odisha. The

Thakurani mine is operating at full 5.5 million tonnes per annum

capacity and concentrated material is transported by pipeline

from the Dabuna plant to the Paradeep pellet plant, located on

the coast at Bay of Bengal. AMNS India commenced the

operations at the Ghoraburhani-Sagasahi iron ore mine in

September 2021. The mine is set up to gradually ramp up

production until 2026 to a rated capacity of 7.2 million tonnes

per annum. The iron ore final product is supplied to the

beneficiation plant in Dabuna from where the feed reaches the

pellet plant at Paradeep and contributes significantly to meeting

AMNS India’s long-term raw material requirements. For further

details on Indian mines production and other information, see "

—Mineral reserves and resources".

AMNS Calvert

AMNS Calvert ("Calvert"), a joint venture between the Company

and NSC, is a steel processing plant in Calvert, Alabama, United

States. Its 2,500 acre property layout allows f or optimal product

flow and room to expand. It has a Hot strip mill "HSM" with 5.3

million tonnes capacity, pickling and cold rolling facilities with 3.6

million tonnes capacity and finishing facilities with a total

capacity of 2.1 million tonnes. S labs for Calvert's operations are

sourced from ArcelorMittal plants in Brazil and Mexico and from

former ArcelorMittal USA, which following the divestment to

Cleveland-Cliffs, entered on December 9, 2020 into a new five -

year agreement with Calvert (with an automatic three -year

extension unless either party provides notice of intent to

terminate) fo r 1.5 million tonnes annually for the initial term and

0.55 million tonnes annually under the extension and which, in

each case, can be reduced with a six -month notice. In

December 2024, Cleveland-Cliffs formally issued a notice to

terminate the agreement at the end of the initial term on

December 9, 2025. ArcelorMittal is principally responsible for

marketing the product on behalf of the joint venture. Calvert

serves the automotive, construction, pipe and tube, service

center and appliance/ HVAC industries.

Calvert is constructing an on-site steelmaking facility through a

1.5 million tonnes capacity EAF (producing slabs for the existing

operations and replacing part of the purchased slabs).

Construction commenced in March 2021 after obtaining all

environmental permits, and the facility is currently under

commissioning . S ee "—Capital expenditures" .

VAMA

Valin ArcelorMittal Automotive Steel (“VAMA”) is a joint venture

between ArcelorMittal and Hunan ValinSteel Co., Ltd which

produces steel (1.5 million tonne capacity) for high-end

applications in the automotive industry. VAMA supplies

international automakers and first-tier suppliers as well as

Chinese car manufacturers and their supplier networks. It is well

positioned to take advantage of the growing electric vehicle

market, and in February 2021 a project was launched to

increase its capacity by 40% to 2 million tonnes with self-funded

expansion involving capital expenditures of $195 million. The

capital expenditures related to new continuous hot galvanizing

line ("CGL") capacity of 450 thousand tonnes per year to reach

1.6 million tonnes per year in CGL/CAL combined capacity and

2.0 million tonnes per year in pickling line and tandem cold mill

("PLTCM"). First commercial coil was produced on January 3,

2023 and commercial production began in April 2023. The

project has been operating at full capacity since July 2023.

Ventos de Santo Antonio

On May 5, 2023, ArcelorMittal Brasil formed the joint venture

Ventos de Santo Antonio Comercializadora de Energia S.A.

("VdSA") with Casa dos Ventos, one of Brazil’s largest

developers and producers of renewable energy projects, to

develop a 554 MW wind power project in the central region of

Bahia, in north-east Brazil. ArcelorMittal Brasil holds a 55%

stake in the joint venture, with Casa dos Ventos holding the

remaining 45%. The $0.8 billion project aims to secure and

decarbonize a considerable proportion of ArcelorMittal Brasil’s

future electricity needs and is estimated to provide 38% of

ArcelorMittal’s Brasil’s total electricity needs in 2030 pursuant to

a 20-year power purchase agreement to be entered into with the

joint venture for the supply of electricity. VdSA is equity

Management report

accounted and ArcelorMittal’s total equity investment will be

$0.15 billion. P roject execution is on track with overall project

progress of approximately 80%. Operational commissioning is

ex pected in 2025.

In addition, ArcelorMittal Brasil signed related contracts on

August 21, 2024 for the development of two solar energy

projects with a combined capacity of 465MW, equivalent to 14%

of its current electricity requirements. See "Introduction—

Sustainable development highlights".

See note 2.4.1 to the consolidated financial statements for

further information on investments in joint ventures.

Capital expenditures

The Company’s capital expenditures were $4.4 billion, $4.6

billion and $3.5 billion for the years ended December 31, 2024,

2023 and 2022, respectively. The following table summarizes

the Company’s principal growth and optimization projects

involving significant capital expenditures that are currently

ongoing. In 2025, capital expenditures are expected to be in the

range of $4.5 to 5.0 billion of which $1.4 to $1.5 billion is

expected as strategic growth capital expenditure and $0.3-$0.4

billion on projects related to decarbonization. ArcelorMittal

expects to fund these capital expenditures primarily through

internal sources. See “Operating and financial review—Liquidity

and capital resources—Sources and uses of cash—Net cash

used in investing activities” and note 3.1 to the consolidated

financial statements for further information, including capital

expenditures by segment.

Completed Projects — Segment	Site / Unit	Capacity / particulars	Key date / Forecast completion	Note #
Brazil	ArcelorMittal Vega Do Sul	Increase hot dipped / cold rolled coil capacity and construction of a new 700 thousand tonnes continuous annealing line (CAL) and continuous galvanizing line (CGL) combiline	Second quarter 2024 (first coil)	a
Sustainable Solutions	Andhra Pradesh (India)	Renewable energy project: 1GW of nominal capacity solar and wind power	Commissioning in progress	b
India and JVs	AMNS Calvert	New 1.5 million tonnes EAF and caster	Commissioning underway	c

Ongoing Projects* — Segment	Site / Unit	Capacity / particulars	Key date / Forecast completion	Note #
Brazil	Serra Azul mine	Facilities to produce 4.5 million tonnes per year DRI quality pellet feed by exploiting compact itabirite iron ore.	Second half 2025	d
Brazil	Barra Mansa	Increase capacity of HAV bars and sections by 0.4 million tonnes per year	Second half 2025	e
Europe	Mardyck (France)	New Electrical Steels. Facilities to produce 170 thousand tonnes NGO Electrical Steels (of which 145 thousand tonnes for auto applications) consisting of annealing and pickling line (APL), reversing mill (REV) and annealing and varnishing (ACL) lines	First half 2025 for ACL Second half 2025 for APL/REV	f
Mining	Liberia mine	Phase 2: Iron ore expansion to 20 million tonnes per annum; blending a portion of the new concentrate with crushed ore product to produce a sinter feed blend (>62% Fe)	(first concentrate produced) full 20 million tonnes capacity is expected by the end of 2025	g
North America	Las Truchas mine (Mexico)	Revamping project with 1 million tonnes per year pellet feed capacity increase (to 2.3 million tonnes per year) with DRI concentrate grade capability	First half 2026	h

Management report

India and JVs	Hazira	Debottlenecking existing assets; AMNS India medium-term Phase 1 plans are to expand and grow in Hazira to approximately 15 million tonnes by end of 2026; ongoing downstream projects; plans for expansion to 24 million tonnes under preparation by 2030; additional greenfield opportunities under development	Second half 2026	i
North America	AM Calvert (USA)	Advanced manufacturing facility for non-grain oriented electrical steel (NOES) with a capacity of up to 150 thousand tonnes per year, essential for EV production and other commercial/industrial applications. The project consists of annealing and pickling line (APL), reversing cold mill (RCM) and annealing and varnishing (ACL).	Second half 2027	j

*Ongoing projects refer to projects for which construction has begun (excluding various projects that are under development).

a. The Vega Do Sul expansion project targets the growing domestic market with an approximately $0.4 billion investment. It includes an option for a 100,000-tonne organic

coating line for construction and appliances. Upon completion, it will strengthen ArcelorMittal’s position in the automotive and industrial markets with AHSS products. The

pickling line and tandem cold mill produced their first coil in June 2023, followed by the first continuous annealed commercial coil in June 2024. Coated production (GI)

began in July 2024, Magnelis trials in September 2024, and the CGLCAL PAC-Provisional Acceptance Certificate was issued on December 16, 2024.

b. See “Business overview—Sustainable development—Climate change and decarbonization".

c. AMNS Calvert is constructing a new 1.5 million tonnes EAF and caster . The facility is currently in the hot commissioning phase. The new EAF project with investment over

$1 billion, integrated with ArcelorMittal’s HBI facility in Texas, will enable Calvert to supply automotive customers with lower CO 2 embodied steel, melted and poured in the

U.S. The new EAF has a strong product mix of advanced steel grades, including Exposed, Dual Phase (DP), Multiphase (MP), Third Generation (Gen-3) steels and Press

Hardened Steels (PHS) namely Usibor®. Option to add a further 1.5 million tonnes EAF at lower capital expenditure intensity is being studied.

d. The Serra Azul project's current investment forecast is approximately $0.5 billion. The DRI quality pellet feed is expected to primarily supply ArcelorMittal Mexico steel

operations. Completion is delayed by 1 year mainly due to delayed delivery of equipment.

e. Approximately $0.3 billion investment in the Barra Mansa (Brazil) sections mill aims to expand domestic market share and profitability with higher added value ("HAV")

products like merchant and special bars. Project completion is now expected in the second half of 2025 as a result of unforeseen challenges during civil works.

f. ArcelorMittal, with French government support, is establishing a new electrical steels production unit at Mardyck, complementing its Saint-Chély d’Apcher plant. The $0.5

billion investment will be completed in two phases: commissioning and ramp-up of the annealing and coating line in the first half of 2025, followed by APL and REV startup

in the second half of 2025. The delay from the initial timeline is due to unforeseen civil construction challenges and resource constraints among main contractors.

g. ArcelorMittal Liberia has been operating at 5 million tonnes per annum of direct shipping ore (DSO) since 2011 (Phase 1) and restarted construction of a concentrator and

associated infrastructure (Phase 2). Project commissioning ongoing with most procurement and civil works completed in 2024 (with minor areas still to be concluded) and

structural, mechanical, piping and platework well progressed. An opportunity to increase port shipment capacity to 20 million tonnes per annum led to a revised project

capital expenditure of $1.8 billion (previously $1.4 billion), r eflecting a multiple product approach (sinter feed and concentrate) following revised mining plan and additional

investment in material handling, port infrastructure, covered stockpile and power supply. The revised scope allows for an additional 5 million tonnes per annum of blended

product, bringing total shipment capacity to 20 million tonnes per annum (previously 15 million tonnes per annum). By blending a portion of the new concentrate with

crushed ore product, a sinter feed blend (>62% Fe) can be produced, increasing Liberia’s marketable production. Of the targeted 20 million tonnes, 75% or 15 million

tonnes of sinter feed is to be made up of a blend of 10 million tonnes concentrate and 5 million tonnes of crushed ore, and remaining 25% or 5 million tonnes is to be

represented by high-grade concentrate. First concentrate was produced during commissioning activities in the fourth quarter of 2024, with commissioning targeted for

mid-2025 and full project completion and capacity ramp-up expected in the fourth quarter of 2025. Approximately 10 million tonnes of shipments are targeted in 2025 (with

the majority of shipments expected in the second half of 2025). In addition, a phased plan to expand capacity up to 30 million tonnes per annum, including DRI-quality

concentrate is under study.

h. Approximately $0.2 billion investment project will enable concentrate production to the blast furnace route (2 million tonnes per year) and DRI route (0.3 million tonnes per

year) for a total of 2.3 million tonnes per year. Primary target is to supply ArcelorMittal Mexico steel operations with high quality feed. Due to delay in equipment delivery

and construction works, amplified by the strike/illegal blockade of the mine in the second and third quarters of 2024 . production is expected to start in the first half of 2026.

i. AMNS India medium-term plans are to expand and grow initially to approximately 15 million tonnes by the second half of 2026 in Hazira (phase 1) including automotive

downstream and enhancements to iron ore operations, with estimated capital expenditure of approximately $7.7 billion ($0.8 billion for debottlenecking, $0.2 billion for

operational readiness, $1.0 billion for downstream projects and $5.7 billion for upstream project). Studies for options to further expand capacity at Hazira from 15 million

tonnes to ultimately reach 24 million tonnes are in progress. Also,the development of two greenfield options on the East Coast (Paradeep and Kendrapara) to take overall

capacity above 40 million tonnes is under study.

j. See "Introduction—Sustainable developments highlights"

In addition, in 2024, the Company approved 17 multi-year

projects with identified environmental benefits and involving

capital expenditures of $219 million and 32 multi-year projects

with identified energy benefits and involving capital expenditure

of $326 million. The latter also includes 11 multi-year projects

specifically targeted to decarbonization involving capital

expenditures of $146 million. Capital expenditures related to

decarbonization initiatives amounted to $0.3 billion for the year

ended December 31, 2024 and are expected to remain stable

between $0.3 to $0.4 billion in 2025, with main spend focusing

on continuation of engineering studies on DRI-EAF facilities in

Europe (flat products), implementation of new EAF project in

Gijón (long products) with total expected investment of $0.2

billion and EAF capacity expansion in Sestao (flat products) with

total expected investment of $0.1 billion, as well as new DR

pellet project in AMMC.

ArcelorMittal's joint ventures have also announced significant

capital expenditure projects. See "Property, plant and equipment

— Investments in joint ventures" and "Property, plant and

equipment — Capital expenditures".

Management report

Mineral reserves and resources

ArcelorMittal has iron ore production facilities in North America

(Canada and Mexico) South America (Brazil), Europe (Bosnia

and Ukraine), Africa (Liberia) and in India through its joint

vent ure AMNS India. ArcelorMittal also operated iron ore and

coal production facilities in Kazakhstan, which were sold on

December 7, 2023. See note 2.3 to the consolidated financial

statements for further information. Following the sale of the

Kazakhstan operations, there was no coal production in 2024,

while coal production for 2023 and 2022 was 2.0 million tonnes

and 2.6 million tonnes, respectively. The Company has two

categories of mining operations, namely captive mines, and

seaborne oriented operations. Captive mines, whose production

is mainly consumed by their respective steel segments, form

part of such segments. The seaborne iron ore mining operations

at AMMC and AML correspond to the Mining segment.

ArcelorMittal considers its iron ore mining operations in

aggregate to be material to its business.

The following table provides an overview of ArcelorMittal’s principal mining operations. The production of Run of Mine ("ROM") iron ore

and coal is that which is attributable to ArcelorMittal, based on ArcelorMittal's ownership interest in the mining operations. All production

figures below are stated as wet tonnages.

Operations/Projects	Segment	% of Ownership Interest	Type of Ownership Interest	In Operation since
Iron Ore
Mexico (Excluding Peña Colorada)	North America	100.0	subsidiary	1976
Peña Colorada - Mexico	North America	50.0	joint operation	1974
Brazil	Brazil	100.0	subsidiary	1944
Bosnia	Europe	51.0	subsidiary	2008
AMKR Open Pit	Others	95.1	subsidiary	1959
AMKR Underground	Others	95.1	subsidiary	1933
AML	Mining	85.0	subsidiary	2011
AMMC	Mining	85.0	subsidiary	1976
Vallourec Pau Branco mine	Not Consolidated	27.9	associate	1980
India	Not Consolidated	60.0	joint venture	1961
Baffinland	Not Consolidated	25.2	associate	2014
2022 aggregate ROM iron ore production, millions of tonnes 1		102.5
2023 aggregate ROM iron ore production, millions of tonnes 1		98.4
2024 aggregate ROM iron ore production, millions of tonnes 2		100.7
Coal
Karaganda - Kazakhstan		100.0	subsidiary	1956
2022 aggregate ROM coal production, millions of tonnes		7.0
2023 aggregate ROM coal production, millions of tonnes 1		5.8

Total ROM iron ore and coal production in 2023 and 2022 includes Kazakhstan iron ore and coal mining operations, which were sold on December 7, 2023. Iron ore and

coal production is included in the table through the transaction closing date.

Total ROM iron ore production in 2024 does not include Vallourec Pau Branco mine.

Management report

Summary of ArcelorMittal’s Mining Operations

ArcelorMittal's iron ore mining operations include the captive mines of the North America, Brazil and Europe segments, Others and

AMMC and AML in the Mining segment. ArcelorMittal has either 100%, equal or majority interest in these mining operations. In addition,

the Company owns a 60% interest in the AMNS India joint venture and a 25.23% interest in the associate Baffinland. On August 6,

2024, the Company acquired a 28.4% interest in the associate Vallourec who owns and operates the Pau Branco mine in Brazil.

ArcelorMittal's mining operations included full ownership of the captive iron ore and coal mines in Kazakhstan forming part of the former

ACIS segment, until the sale of ArcelorMittal Temirtau (i.e., December 2023).

Management report

Iron ore operations

North America

ArcelorMittal Mexico Mining Assets

ArcelorMittal Mexico operates two iron ore mines in Mexico, the Las Truchas mines, and through a joint operation with Ternium, the

Peña Colorada mine. The El Volcan and San José mines stopped production in 2019 and 2024, respectively, due to depletion of

reserves.

	% of Ownership Interest — ROM Millions of Tonnes	Product Millions of Tonnes	2023 — ROM Millions of Tonnes	Product Millions of Tonnes	2022 — ROM Millions of Tonnes	Product Millions of Tonnes
Peña Colorada - Mexico	50.0
At 100%	7.9	2.7	12.8	4.1	13.5	4.1
At ownership interest (50%)	3.9	1.4	6.4	2.1	6.8	2.1
Mexico (Excluding Peña Colorada)	100.0
Las Truchas	4.1	1.0	3.0	1.4	4.2	1.4
San Jose/El Volcan	0.5	0.2	1.4	0.7	2.4	1.0
North America, (100% basis)	12.5	3.9	17.2	6.2	20.1	6.5
North America, (ArcelorMittal ownership basis)	8.5	2.6	10.8	4.2	13.4	4.5

Peña Colorada

Peña Colorada is the operator of a production stage surface iron

ore mine, located 60 kilometers to the north-east of the port city

of Manzanillo, in the province of Minatitlán in the north-western

part of the State of Colima, Mexico. ArcelorMittal holds 50% of

Peña Colorada through a joint operation with Ternium, who

owns the other 50% interest.

Peña Colorada controls a total o f 4,167 h ectares of surface

rights and holds mineral rights over 39,978 hectares (98,791

acres) across 20 concessions. According to n ew regulations ,

government concessions are granted by the Mexican federal

government for an initial period of 30 years. However, the

applicability of this new regulation to Peña Colorada is subject to

pending governmental procedures as of the date of this annual

report. The expiration dates of the current mining concessions

range from 2043 to 2062.

Peña Colorada is a complex polyphase iron ore deposit. The

iron mineralization at Peña Colorada consists of banded to

massive concentrations of magnetite within breccia zones and

results from several magmatic, metamorphic and hydrothermal

mineralization stages with associated skarns, dykes and late

faults sectioning the entire deposit.

Peña Colorada operates an open pit mine as well as a

concentrating facility and a two-line pelletizing facility. The ore is

mined by truck and shovel/loader method. The beneficiation

plant and the pelletizing plant are located at the mine and in

Manzanillo, respectively. Major processing facilities include a

primary crusher, a dry cobbing plant, two autogenous mills,

three horizontal and two vertical ball mills and several stages of

magnetic separation. The concentrate is sent as a pulp through

a pipeline from the mineral processing plant to the pelletizing

facilities. The magnetite concentrate and pellets are transported

from Manzanillo to ArcelorMittal Mexico, as well as to Ternium’s

steel plants, by ship and by rail.

Las Truchas

Las Truchas is a production stage mine located approximately

27 kilometers north-west of the town of Lázaro Cárdenas in the

State of Michoacán, Mexico. ArcelorMittal holds a 100% interest.

ArcelorMittal Mexico holds mineral rights over 53,812 hectares,

of which 4,261 support the Las Truchas operations in Mexico.

Government concessions are granted by the Mexican federal

government for a p eriod of 50 years and are renewable. The

expiration dates of the current mining concessions range from

2044 to 2053 .

The Las Truchas deposits consist of massive concentrations of

magnetite of irregular morphology. The main Las Truchas

deposits occur along a geological trend that is about seven

kilometers long and about two kilometers wide. The Las Truchas

mineral deposits have been classified as hydrothermal deposits,

which may have originated from late-stage plutonic activity

injecting through older sedimentary rocks. The mineralization of

Management report

the Las Truchas iron deposits occurs in disseminated and

irregular massive concentrations of magnetite within

metamorphic rocks and skarns. The mineralization also occurs

as fillings of faults, breccia zones, and fractures.

Mining activities consist of open pit mining, crushing, dry

cobbing to generate pre-concentrate, and a concentration plant.

The concentrator includes two primary crushers, two secondary

crushers and three tertiary crushers, two ball mills, two bar mills

and two wet magnetic separation circuits. The concentrated ore

is pumped from the mine site through a 26 kilometer slurry

pipeline to the steel plant facility in Lázaro Cárdenas.

ArcelorMittal Mexico launched a project to increase pellet feed

production to 2.3 million tonnes per annum and improve

concentrate grade in Las Truchas; see "—Capital expenditures".

San José

The San José mine ceased its operations in 2024 due to the

depletion of resources, as such there have been no mineral

reserves or resources estimated for this property. It is located

approximately 40 kilometers South-East of the town of Culiacán,

the capital of the State of Sinaloa, México. Mining at San José

began in 1946 and was handled by multiple owners until 2019,

when ArcelorMittal secured a lease agreement and commenced

mining and pre-concentration operations. ArcelorMittal’s interest

in the San José mine is 100%.

ArcelorMittal Mexico holds mineral concessions for 30 hectares

which supported its now closed San José operations.

Additionally, ArcelorMittal Mexico holds mineral rights over 1,053

hectares which previously supported its now closed El Volcan

operations, located approximately 68 kilometers northwest of

the city of Obregon.

ArcelorMittal Mexico has a lease agreement secured from Ejido

Las Flechas, for both the land and the San José facilities, which

is in place for a period of ten years and is valid until 2028.

Previous mine operators have secured surface rights to the

project from the Ejido in the past and it is reasonable to assume

that ArcelorMittal Mexico can continue to secure surface rights

beyond 2028.

BRAZIL

ArcelorMittal Brasil operates the Andrade mine and Serra Azul Mineração mines.

	% of Ownership Interest	2024 — ROM Millions of Tonnes	Product Millions of Tonnes	2023 — ROM Millions of Tonnes	Product Millions of Tonnes	2022 — ROM Millions of Tonnes	Product Millions of Tonnes
Andrade	100	2.4	1.8	2.4	2.0	2.3	1.8
Serra Azul	100	5.1	1.1	2.7	1.5	2.6	1.5
Brazil		7.5	2.9	5.1	3.5	4.9	3.3

Andrade Mine

The Andrade Mine is a production stage open pit iron ore mine,

located 5 kilometers away from the town of João Monlevade and

80 kilometers east of Belo Horizonte in the Brazilian state of

Minas Gerais. The Andrade mine is 100% owned and operated

by the Long products division of ArcelorMittal Brasil, with all

production supplying the Monlevade steel plant.

ArcelorMittal’s operations control all of the mineral rights and

surface rights needed to mine and process its estimated iron ore

reserves, dominated by directly shippable hematite ore.

ArcelorMittal Brasil holds mineral rights of over 2,885 hectares

and land lease over 3,347 hectares to support its current

operation. Mining legislation in Brazil does not predetermine the

duration of mineral rights and as such these rights are

considered valid to the point of mine exhaustion.

The Andrade deposit is located in the north-eastern part of the

Iron Quadrangle. The base stratigraphic section consists of

quartzites and sericite-quartzites of the Moeda formation,

followed by schists of the Batatal formation, both forming the

Caraça group. The iron rich mineral bodies are part of the

overlying Cauê formation, which represents the base of the

Itabira Group. The Caraça and Itabira groups compose the base

of the Paleoproterozoic Minas Supergroup. The Cauê formation

rocks are covered by dolomites and marbles, and sometimes

weathered phylites and schists, belonging to the Gandarela

formation.

In addition to the open pit mine, the Andrade mine operates a

crushing and screening facility, as well as a concentration plant

used to improve the quality of the sinter feed to the Monlevade

plant. This concentration plant commenced production in early

2020 and concentrates the itabirite ores, enabling mixing with

the higher-grade hematite ores. The concentrated iron ore

Management report

product is transported to the Monlevade steel plant through a

private railway line.

In 2022, the resource model of Andrade has been updated,

resulting in a new pit optimization and mine schedule, with

updated Life of Mine schedule for the Itabirite and Hematite

ores. The new life of mine extends to 2054, with increased

annual ROM capacity up to 4.5 million tonnes after 2027.

Serra Azul Mine

ArcelorMittal Mineração Serra Azul mine is a production stage

open pit iron ore mine located approximately 70 kilometers

southwest of Belo Horizonte in the Minas Gerais State of Brazil.

The mine is 100% owned and operated by ArcelorMittal Brasil.

ArcelorMittal Brasil controls all of the mineral and surface rights

needed to mine and process its iron ore reserves. ArcelorMittal

Brasil holds mineral rights over the Central and East claims of

the Serra Azul deposit of over 375 hectares and surface rights

over 288 hectares. Mining legislation in Brazil does not

predetermine the duration of mineral rights and as such these

rights are considered valid to the point of mine exhaustion.

The Serra Azul mine is located in the western part of the Iron

Quadrangle, in the iron rich Cauê Formation of the Itabira

Group. The mineralization occurs as friable, semi compact and

compact itabirites and banded hematite-silica rocks, with varying

degrees of weathering and oxidation. Currently, Serra Azul

mines and processes the friable itabirite with the Serra Azul

expansion project (see "—Capital expenditures") contemplating

the mining and processing of semi-compact and compact ores.

The Serra Azul mine also operates a processing plant consisting

of a crushing facility and a three-line concentration facility,

including screening, magnetic separation, spirals separators and

jigging. Iron ore product is transported by truck to two railway

terminals located 35 and 50 kilometers from the mine site for

distribution to local purchasers of sinter feed or for export

through third-party port facilities located in the Rio de Janeiro

State.

In 2021, an updated resource model was generated,

incorporating the results of a 1,508 meter drilling program

completed in late 2020. The drilling program targeted further

definition of the friable itabirite ("IF") ore bodies and the updated

model has been used to reassess the mine life for the current IF

phase of the Serra Azul Mine. This resulted in a revised life of

mine for the IF phase, with mining operations extended until the

end of 2024. After finalizing the IF phase, the mine will pause its

production until the IC and ISC processing plant operations start

in second half of 2025.

Following the integration of the Serra Azul Mine into

ArcelorMittal Brasil in 2020, an expansion project for the Serra

Azul Mine was approved, extending the mine's life until 2058.

The project considers producing 4.5 million tonnes per annum of

DRI quality pellet feed by processing compact itabirite ("IC") and

semi-compact itabirite ("ISC") material. The IC and ISC

processing plant operations are scheduled to start in the second

half of 2025 (see also " —Capital expenditures).

In February 2019, the Company decided to implement the

evacuation plan related to its dormant Serra Azul tailing dam.

The community situated downstream to the dam was evacuated

as a precautionary measure based on an updated stability

report following incidents in the Brazilian mining sector. This was

done to enable further testing and implementation of any

additional mitigating measures. As a result, the Company has

executed an agreement with the Federal and State Public

Prosecutors Offices and affected families to provide temporary

assistance to the families and set technical measures required

to re-establish factor of safety standards. Such agreement was

extended in February 2020 and negotiations regarding

compensation continued in 2021, during which a

Complementary Agreement Term was signed with new

guidelines for compensation parameters for the impacts caused

by preventive evacuation. As of December 31, 2024 , the

Company had entered into 942 indemnification agreements with

the affected families . The agreement contemplates the

construction of a check dam structure by the end of 2025 and

the tailing dam deconstruction by 2032.

Management report

EUROPE

ArcelorMittal Prijedor is the only captive mining operation within the Europe segment.

	% of Ownership Interest — ROM Millions of Tonnes	Product Millions of Tonnes	2023 — ROM Millions of Tonnes	Product Millions of Tonnes	2022 — ROM Millions of Tonnes	Product Millions of Tonnes
ArcelorMittal Prijedor	51.0
At 100% basis	1.4	1.0	1.7	1.2	1.7	1.3
At ownership interest (51%)	0.7	0.5	0.9	0.6	0.8	0.7

ArcelorMittal Prijedor

The Omarska mine is a production stage surface iron ore mine

in Bosnia and Herzegovina, operated by ArcelorMittal Prijedor.

The mine is located 25 kilometers south-east of the town of

Prijedor. ArcelorMittal Prijedor was founded in 2004 as a

partnership between ArcelorMittal (at the time LNM Holdings)

with a 51% controlling interest and local mining company Iron

Ore Mine Ljubija owning the remaining 49% stake. ArcelorMittal

Prijedor is a captive mine of the Europe segment and supplies

all of its iron ore production to the ArcelorMittal Zenica steel

plant.

In 2022, ArcelorMittal Prijedor acquired additional mining and

land rights and started iron ore mining on a trial basis at Ljubija

Mine. Product from Ljubija mine is supplied to ArcelorMittal

Zenica steel plant where it is blended with the product from

Omarska mine.

The Omarska mine’s current concession was signed in 2018 for

a period of 6 years and the renewal process is ongoing as of the

date of this annual report . The property comprises 1,946

hectares of land and mineral rights. The Ljubija mine’s current

concession was signed in 2022 for a period of 6 years, with an

option to renew upon the expiry, in accordance with updated life

of mine . The property comprises 739 hectares of land and

mineral rights. ArcelorMittal Prijedor is the registered holder of

the mining rights at the Omarska mine exploitation field. Land

tenure and mineral rights issued to ArcelorMittal Prijedor are

indefinite and considered to be of sufficient duration to enable all

reported mineral reserves on the properties to be mined in

accordance with current life of mine production schedules.

The Buvac deposit at the Omarska mine is located within

Carboniferous clastic (shale and sandstones) and carbonate

(limestone, dolomite, and ankerite) sequences, with massive

siderite-limonite mineralization forming an integral part of the

formation. Iron ore from the Buvac deposit is predominantly

limonite-goethite with associated quartz, carbonates, and

silicates of the illite type. The limonite-goethite mineralization

was formed during the oxidization of the upper parts of the

primary siderite bodies.

The ore body is asymmetrical, lens-shape and elongated in a

northeast - southwest direction, dipping at about 8° toward the

north-east from the surface to a depth of 210 meters. The

deposit is approximately 1.5 kilometer long and 1.0 kilometer

wide.

The Ljubija deposit is located within Carboniferous and

Permian-Triassic formation rocks which are partly covered by

thin Quaternary rocks. The ore within these formations is

primarily composed of siderite and ankerite with secondary

limonite iron facies.

The ore is excavated from the Omarska and Ljubija deposits by

traditional truck and shovel open pit mining methods. At the

Omarska mine, after a primary stage of crushing within the pit,

the ore is transported to a processing plant via a conveyor. The

processing plant on site performs crushing, screening, gravity

separation, magnetic separation and filtration. At the Ljubia

mine, ore is only crushed and screened.

Management report

Others

Iron ore mining operations forming part of Others include AMKR open pit and underground mines in Ukraine and Thabazimbi mine in

South Africa.

	% of Ownership Interest — ROM Millions of Tonnes 1	Product Millions of Tonnes 1	2023 — ROM Millions of Tonnes	Product Millions of Tonnes	2022 — ROM Millions of Tonnes	Product Millions of Tonnes
AMKR Open Pit	95.1
At 100% basis	19.0	7.8	11.1	4.6	11.3	4.5
At the ownership interest	18.1	7.4	10.6	4.4	10.7	4.3
AMKR Underground	95.1
At 100% basis	0.2	0.2	0.3	0.3	0.4	0.4
At the ownership interest	0.2	0.2	0.3	0.3	0.3	0.4
ArcelorMittal Temirtau Open Pit (Lisakovsk, Kentobe and Atansor) 1	100.0
At 100% basis	—	—	2.2	1.4	2.5	1.4
ArcelorMittal Temirtau Underground (Atasu) 1	100.0
At 100% basis	—	—	1.6	1.0	2.0	1.3
Others at 100% basis	19.2	8.0	15.2	7.3	16.2	7.6
Others at the ownership interest	18.3	7.6	14.7	7.1	15.5	7.4

The total production related to ArcelorMittal Temirtau is included in the table through the closing date of the sale of its operations on December 7, 2023.

ArcelorMittal Kryvyi Rih

AMKR is a production stage iron ore mining complex located

predominantly within the borders of the city of Kryvyi Rih, 150

kilometers southwest of Dnipro, Ukraine. The mine is 95.1%

owned by ArcelorMittal and is integrated into the ArcelorMittal

Kryvyi Rih steel business as a captive mine. ArcelorMittal

acquired the operations in 2005.

AMKR operates two open pits over the Novokryvorizke (Mine 2

on the map) and Valyavkinske (Mine 3 on the map) deposits,

and an underground mine at the high-grade iron ore deposit of

Kirova. Operations began at the Kryvyi Rih open pit mines in

1959 and at the Kryvyi Rih underground mine in 1933.

AMKR's operations control all of the mineral rights and surface

rights needed to mine and process its estimated iron ore

reserves, holding mineral rights over 775 hectares and surface

rights over 4,827 hectares to support its surface operations, and

57.9 hectares of mineral and 160 hectares of surface rights for

the underground mine operation. The subsoil use permits for the

underground mine were renewed in 2021 for the next 20 years,

and for the surface pits, mineral rights are due to expire in 2038,

with the land lease agreements being valid until 2060 and 2061,

respectively.

The iron ore deposits are located within the southern part of the

Krivorozhsky iron-ore basin. The iron mineralization at

Novokryvorizke and Valyavkinske deposits is hosted by early

Proterozoic rocks containing multiple altered ferruginous

quartzite strata with shale layers. The major iron ore bearing

units in the open pit mines have a carbonate-silicate-magnetite

composition. In addition, oxidized, iron-rich quartzite is mined

simultaneously with primary ore and is stored separately for

possible future processing. Only the magnetite mineralization is

included in the 2024 open pit iron ore reserve estimates. The

high-grade iron ore of the Kirova deposit is hosted by a

ferruginous quartzite with martite and jaspilite.

Along with the two open pit sites and an underground mine,

AMKR operates a concentrating facility and a crushing facility to

produce its final product. The iron ore extracted from the open

pits is crushed at the mine site through primary crushing, loaded

on a rail-loading facility and transported to the concentrator. The

concentration facility includes crushing, grinding, classification,

magnetic separation and filtering. The iron ore is extracted from

the underground mine by a modified sub-level caving method

and is crushed and screened at surface into lump and sinter ore,

before being transported by rail to the steel plant. The AMKR

steel plant is the main consumer of the mine’s products.

As a result of the ongoing war in Ukraine, iron ore production

was planned according to the consumption at AMKR steel plant

and logistics availability. In 2024 , open pit iron ore production

was at approximately 75% of its maximum capacity (as

compared to approximately 45% in 2023). Mining at open pit

continued without stoppages in 2024. There have been

temporary stoppages at the underground mine in the first

quarter of 2023, the first quarter of 2024 and the underground

Management report

mine has been idled since September 2024, due to lower

demand for sinter ore. In 2024, i ron ore production at the

underground mine was at approximately 26 % of its maximum

capacity (as compared to 40% in 2023) .

South Africa

The Thabazimbi mine in the Limpopo Province of South Africa is

an exploration stage captive mine of ArcelorMittal South Africa

("AMSA") steel. AMSA took full ownership of the Thabazimbi

operations from Kumba Iron Ore in November 2018.

Open pit operations at Thabazimbi ceased in 2016, and the

mine is currently only engaged in the rehandling of iron ore from

stockpiles of ROM material from historical production.

The Thabazimbi mine holds surface right s over 10,952.8

hectares and mineral rights over 8,662.3 hectares, valid until

Further studies to define mineral reserves and the life of

the mine will be undertaken in 20 25.

The Vanderbijl iron ore deposit at Thabazimbi, for which the

resources are estimated, is located on the northern margin of

the Transvaal sub-basin. The Transvaal Supergroup was

deposited in an open marine sedimentary basin developed on

the Kaapvaal Craton within fluvial, deltaic to marine depositional

environments. The iron ore deposits are developed at or close

to the transitional contact zone of the combined footwall

dolomites and upper transitional shale beds (including the

overlying an approximately 15 meter thick chert-rich shale layer)

of the Malmani Subgroup and the overlying BIFs of the Penge

Formation.

Management report

MINING

Iron ore mining operations forming part of the Mining segment include AMMC in Canada and AML in Liberia.

	% of Ownership Interest — ROM Millions of Tonnes	Product Millions of Tonnes	2023 — ROM Millions of Tonnes	Product Millions of Tonnes	2022 — ROM Millions of Tonnes	Product Millions of Tonnes
AMMC	85.0
At 100% basis	63.8	24.2	65.3	22.4	66.9	24.1
At ownership interest (85%)	54.3	20.5	55.5	19.0	56.9	20.5
AML	85.0
At 100% basis	3.2	3.8	3.9	3.6	4.3	4.4
At ownership interest (85%)	2.7	3.2	3.3	3.0	3.6	3.8
Mining segment at 100% basis	67.0	28.0	69.2	26.0	71.2	28.5
Mining segment at the ownership interest	57.0	23.7	58.8	22.0	60.5	24.3

AMMC

AMMC is structured in two partnerships ArcelorMittal Mining

Canada G.P. and ArcelorMittal Infrastructure Canada G.P.,

which are both held at 85% by ArcelorMittal with a 15% non-

controlling interest held by 9404-5515 Québec Inc., a

consortium constituted, among others, of POSCO, South

Korean Steel Company and China Steel Corporation.

AMMC is a production stage property, including two deposits at

Mont-Wright and Fire Lake, and another deposit at Mont-Reed.

The mines at Mont-Wright and Fire Lake are operated by AMMC

and are both open-pit producing mines, consolidated in one

production schedule and life of mine supporting the AMMC

property's disclosed mineral reserves. The deposit at Mont-

Reed is currently in an exploration stage.

The Mont-Wright and Fire Lake deposits are located in Québec,

Canada. Mont-Wright is located near Fermont, and Fire Lake is

located 85 kilometers south-east of Fermont. The Mont-Reed

deposit is located approximately 130 kilometers southwest of

Mont-Wright. Along with the Mont-Wright and Fire Lake mines,

AMMC operates an ore processing plant located on-site at

Mont-Wright, as well as a pelletizing plant located at the Port-

Cartier port.

Headquarters of the mines are based in Greater Montreal.

Fermont, the town site built to support the mining operations, is

located 16 kilometers east of the Mont-Wright mining complex

and is connected by Highway 389 to Baie-Comeau, which is 570

kilometers away. The Mont-Wright and Fire Lake mines are

located approximately 400 kilometers north of the city of Port-

Cartier and approximately 1,000 kilometers north-east of

Montreal.

AMMC mining property comprises 38,748 hectares of mineral

rights across six mining leases, five patented parcels and 698

map designated claims. Patented parcels have no expiration

dates or lease fees whereas active leases are valid for a period

of ten years. All current leases expire between 2025 and 2033

and can be renewed as needed, with reports on material moved

disclosed to the government on a yearly basis.

The Mont-Wright, Fire Lake and Mont-Reed deposits are all

Lake Superior–type banded iron formations, the metamorphic

equivalent to other iron formations within the Labrador Trough

iron district. While Mont-Wright and Fire Lake are hematite-rich

deposits, Mont-Reed has a greater ratio of magnetite.

Mont-Wright and Fire Lake are surface pit producing mines, with

the mining operations carried out in conventional large-scale

open pits employing industry standard technology and

equipment to mine ore with grades averaging approximately

29% Fe.

All mined ore from Mont-Wright and Fire Lake is processed at

the Mont-Wright processing plant, with material from Fire Lake

brought in by train. Feed ore material is fed through the crusher

and concentrated in the processing plant in Mont-Wright using a

gravity separation method. Concentrate is shipped to Port-

Cartier, Québec, Canada, via private railroad, to the pelletizing

facilities and port operations. The main products sold are

concentrate and a variety of pellets.

AML

AML is an open-pit production stage property and has been

mining direct shipping ore ("DSO") from the Mt. Tokadeh, Mt.

Gangra, and Mt Yuelliton deposits in northern Liberia, since

ArcelorMittal’s ownership of AML is 85%, with the

remaining 15% owned by the Liberia Government. The

construction of the mine commenced in 1960 by a group of

Swedish companies, which ultimately became the Liberian

American-Swedish Minerals Company (“LAMCO”), and

production commenced at the Nimba deposit in 1963. After

Management report

LAMCO ceased production in 1992, AML signed a Mineral

Development Agreement (MDA) in 2005 with the Liberian

Government. On December 28, 2006, AML signed the First

Amendment to the MDA with the Liberian Government. On

January 23, 2013, the parties signed the Second Amendment to

the MDA.

Under the MDA, AML is currently developing three deposits

located approximately 300 kilometers northeast of Monrovia,

Liberia. Three deposits within the MDA are grouped under the

name “Western Range Project”, which includes the Mt. Tokadeh,

Mt. Gangra and Mt Yuelliton deposits. The MDA, which is valid

until 2030, grants a concession area to AML of approximately

51,342 hectares within which AML has the rights to explore or

mine iron ore. Within the concession area, AML has a Class A

mining license for the Mt. Tokadeh, Mt. Gangra and Mt Yuelliton

deposits and a Mineral Exploration License for Mt. Blei and Mt

Detton. In addition to the rights to explore and mine iron ore, the

Liberian Government has granted the right to develop, use,

operate and maintain the Buchanan to Yekepa railroad and the

Buchanan port, along with an area at Buchanan for township

and industrial facilities for material handling and workshops.

The Nimba range consists of itabirites in a 250 to 450-meter-

thick recrystallized iron formation. Although the iron deposits at

Mt. Tokadeh, Mt. Gangra and Mt Yuelliton fit the general

definition of itabirite as laminated metamorphosed oxide-facies

iron formation, they are of lower iron grade than the ore

previously mined at the Nimba deposit. Tropical weathering

effects have caused the decomposition of the rock forming

minerals resulting in enrichment in the iron content that is

sufficient to support a DSO operation and accordingly, currently,

only high-grade ore reserves of oxidized iron ore are mined.

This ore only requires crushing and screening to make it

suitable for export. The materials-handling operation consists of

stockyards at both the mine and port areas, which are linked by

a 250-kilometer single track railway running from Mt. Tokadeh to

the port of Buchanan. The facilities at the port consist of tail

pulley platforms, a conveyor system, a quayside including bays

for iron ore storage, a fuel quayside jetty, an equipment

workshop and the final product storage. The final product is

primarily supplied to ArcelorMittal's steel plants in Europe, and

any product balance is shipped to the external European

market.

In 2013, AML began construction of a Phase 2 project that

targeted 15 million tonnes per annum of concentrate sinter fines.

This project was, however, suspended due to the onset of Ebola

in West Africa and the subsequent force majeure declaration by

the onsite contracting companies. AML completed a revised

feasibility study, which was updated in 2019-2020, to apply best

available technology and replace wet with dry stack tailings

treatment. The Phase 2 expansion includes the construction of a

concentrator plant with the ability to beneficiate oxidized and

transitional ores and that targets 15 million tonnes per annum of

premium iron ore concentrate.

Current plans aim to optimize the product mix and achieve a 20

million tonnes per annum production rate by the end of 2025.

For the first five years, this is done by blending concentrate with

5 million tonnes per annum of crushed blend ore, which

bypasses the concentrator. This crushed blend ore mixed with

concentrate makes it suitable for sinter feed. The plan is to

maintain these higher production rates, so ongoing studies are

exploring options to expand the resource base of crushed blend

ore, optimize mass recovery through the inclusion of regrinding

and flotation circuits for the tailings, and increase concentrator

capacity.

The concentrator phase, will transition AML to a premium

product category (high-grade concentrate) asset while achieving

a low FOB and CIF-China cost position (with the economies of

scale projected to more than offset the cost of concentration).

The expansion project, which encompasses processing, rail and

port facilities, is one of the largest mining projects in West Africa.

It is effectively a brownfield expansion, with 90% of the

procurement already completed (with the equipment on site)

and most civil works completed in 2024 (with minor areas still to

be concluded), with structural, mechanical, piping and platework

well progressed. First concentrate was generated during

commissioning activities in the fourth quarter of 2024, full

completion and continuous production is expected in 2025. The

revised feasibility study also contemplates a future change to

the processing infrastructure to enable the production of high-

quality concentrate from the magnetite dominant fresh ores

(Phase 3). See also "—Capital expenditures".

Management report

JOINT VENTURES AND ASSOCIATES

AMNS India is a joint venture in which ArcelorMittal and NSC hold a 60% and 40% interest, respectively.

	% of Ownership Interest — ROM Millions of Tonnes	Product Millions of Tonnes	2023 — ROM Millions of Tonnes	Product Millions of Tonnes	2022 — ROM Millions of Tonnes	Product Millions of Tonnes
AMNS India	60.0
At 100% basis	11.7	9.8	10.8	10.7	9.1	8.9
At ownership interest (60%)	7.0	5.9	6.5	6.4	5.4	5.3

Thakurani mine

AMNS India's Thakurani iron ore mine is a production stage

open pit mine in the Odisha state of India. AMNS India holds

surface and mineral rights over 228 hectares to support its

Thakurani operations, located 320 kilometers to the north of the

Odisha's capital Bhubaneswar and 4 kilometers east of the town

of Barbil.

The operation and mining rights to the Thakurani operations

were obtained by AMNS India in February 2020 through the

Indian Government Mining Block auction scheme. The

Thakurani open pit mine has been operated since 1961 and has

both mature mining pits and undeveloped resource areas.

AMNS India commenced mining operations in mid-2020,

following the demobilization of the previous claim holder,

Kaypee Enterprises.

AMNS India has a permit in place for 5.5 million tonnes per

annum of ore production. The ramp-up to a capacity of 5 million

tonnes per annum was completed in 2021. The mining lease

deed was granted in 2020 for a period of 50 years. Until June

2021, all production from the mine had to be consumed by

specified AMNS India end use plants, after which up to 25% of

production may be sold to a third party. The permitted

production rate was increased to 7.99 million tonnes per year

from 2023 after a submission approved by the Indian Bureau of

Mines in late 2020.

The Thakurani operations lie in the south-eastern part of the

Singhbhum-Keonjhar-Bonai iron ore belt, a narrow NNE-SSW

directional trending folded syncline that runs through northern

Odisha, India and southern Jharkhand, India. The Precambrian

horseshoe shaped belt is a well-known iron ore province hosting

many iron ore deposits. The enriched sequence is a traditional

Banded Iron Formation that has been subject to significant

weathering that has enriched the iron ore deposits. Ore is

generally of the friable hematite type, however more competent

hematite ores and friable goethite ores are also present.

The current mining operation at Thakurani is being carried out

by conventional mining methods using excavators and trucks for

ore transportation to a mobile crushing facility. Ore from the

Thakurani operation is crushed and screened on site before

being transported by road to the Dabuna beneficiation plant

located approximately 40 kilometers to the south. Beneficiated

material is then transported by slurry pipeline to the pelletizing

plant at Paradip, located on the coast of Bay of Bengal.

Ghoraburhani – Sagasahi mine

The Ghoraburhani – Sagasahi mine is a production stage open

pit iron ore mine, located in the Sundargarh district of Odisha,

state of India. The operation and mining rights to the

Ghoraburhani – Sagasahi operations were obtained through the

AMNS India takeover of Essar Steel India Limited (ESIL) in

December 2019. The mining lease deed was granted in 2021,

for a period of 50 years and permits production of up to 7.16

million tonnes per annum of ore primarily for captive usage.

AMNS India holds surface and mineral rights over 139 hectares

at the Ghoraburhani – Sagasahi mine.

The Ghoraburhani – Sagasahi operations lie in the south-

western part of the Singhbhum-Keonjhar-Bonai iron ore belt.

The enriched sequence is a traditional Banded Iron Formation

that has been subject to significant weathering and deformation

that has enriched the iron ore deposits. Ore is generally of

lateritic iron ore/hard laminated ore on the top followed by soft

laminated ore and friable hematite with intercalations of friable

shaly ore and limonitic ore are also present.

Ore mining commenced at the Ghoraburhani – Sagasahi mine

in 2021 by conventional mining methods, using excavators and

trucks for ore transportation to a mobile screening & crushing

facility, where ore is crushed and screened on site before being

transported by road to the Dabuna beneficiation plant located

approximately 28 kilometers to the south-east. Beneficiated

material is then transported by 253 kilometers slurry pipeline to

the pelletizing plant at Paradip.

Management report

Baffinland

ArcelorMittal has a non-controlling interest at the associate Baffinland iron ore mine.

	% of Ownership Interest — ROM Millions of Tonnes	Product Millions of Tonnes	2023 — ROM Millions of Tonnes	Product Millions of Tonnes	2022 — ROM Millions of Tonnes	Product Millions of Tonnes
Baffinland	25.23
At 100% basis	6.6	5.8	6.2	5.6	7.2	5.9
At ownership interest (25.23%)	1.7	1.5	1.6	1.4	1.8	1.5

The Mary River mine is a production stage open pit high-grade

iron ore mine. The mine is operated by Baffinland Iron Mines

Corporation, a privately owned Canadian mining company.

The Mary River property is located within the Arctic Circle on

north Baffin Island, in the Qikiqtani Region of Nunavut, Canada,

approximately 1,000 kilometers (620 miles) northwest of Iqaluit,

the capital of Nunavut. It comprises five high grade deposits and

six prospects, which represent high grade examples of Algoma-

type iron formation consisting of magnetite, hematite and

specular hematite mineralization. The project began commercial

production on Deposit No. 1 in 2014.

In March 2011, ArcelorMittal acquired 70% of the Mary River

mine project, with Nunavut Iron Ore Inc. (“NIO”), an affiliate of

The Energy and Minerals Group (“EMG”), owning the remaining

30%. In February 2013, ArcelorMittal and NIO entered into a

joint arrangement and equalized their shareholdings at 50/50.

Subsequently, following equity funding commitments and

conversion of preferred shares into equity, both exercised by

NIO only, ArcelorMittal’s share over time decreased to 25.70%

as of December 31, 2019 and 25.23% as of December 31,

In September 2020, the corporate structure was

reorganized whereby NIO became the sole parent company of

Baffinland, while ArcelorMittal together with EMG became

shareholders of NIO. Following this reorganization, ArcelorMittal

retained its participation in the project and as of December 31,

2024, holds a 25.23% interest in NIO.

Baffinland’s total mineral tenures (including mining leases,

mineral claims and mineral exploration agreements) cover an

area of approximately 269,187 hectares (665,176 acres) . Of

this, approximately 14% is subject to mining leases (being

leased claims under the Nunavut Mining Regulations), 79% is

covered by mineral claims (being recorded claims under the

Nunavut Mining Regulations) and the rest by mineral exploration

agreements.

Baffinland has two main operating locations – the mine site at

Mary River and Milne Port, located approximately 86 kilometers

north-west of the mine site. The Mary River mine is self-

sustaining and is equipped with an airstrip and aerodrome. It is

a conventional open pit truck and shovel operation. Ore is

delivered to crushers before the crushed product is transported

via the 100 kilometer Tote road to Milne Port. Milne Port has

been fully developed to accommodate a 5 million-tonne ore

stockpile, an ore dock, maintenance facility, and associated

infrastructure for the operation of the port facilities. Baffinland

can only ship during the open water season (typically July to

October), but may conduct haulage of ore to the port throughout

the year.

In 2023, Baffinland operated within an approved Early Revenue

Phase, which permitted up to 6.0 million tonnes per annum to be

hauled to and shipped from Milne Port. The current permitting

limit on trucking and shipping is 4.2 million tonnes per annum. In

September 2023, Baffinland obtained continued approval for an

increase to 6 million tonnes per annum for 2024.

Baffinland had approved a project involving the construction of a

railway to replace the existing truck-haul operation for the

transport of iron ore from Mary River to Milne Inlet, as well as

the expansion of mining, crushing and screening operations and

port ship loading capacity (the "Northern Rail Expansion").

On May 13, 2022, the Nunavut Impact Review Board (“NIRB”)

formally recommended that Baffinland’s proposed Northern Rail

Expansion not move forward at this time, citing potential

environmental impact concerns on the local wildlife and culture,

among other things. On November 16, 2022, the Minister of

Northern Affairs accepted the NIRB's recommendation, and

rejected Northern Rail Expansion.

Beginning in 2023, Baffinland’s expansion activities and related

capital expenditures have been primarily directed toward

expanding the mining and processing operations at the Mary

River mine site and connecting the mine site south to the

Steensby port (for which it has already obtained the major

permits) (the “Steensby Expansion”). Baffinland continues to

advance the financing plans for the Steensby Expansion and

expects the overall financing process to conclude in the second

half of 2025.

Vallourec Mineração Pau Branco Mine

In August 2024, ArcelorMittal completed the acquisition of a

28.4% equity stake (27.9% as at December 31, 2024) in the

associate Vallourec.

Management report

In Brazil, Vallourec extracts iron ore at its Vallourec Tubos do

Brasil SA (VBR) Pau Branco open pit mine and these operations

and structures are duly licensed. VBR's Mining Unit (formerly

Vallourec Mineração Ltda.) has been extracting iron ore at its

Pau Branco open pit mine since the early 1980s. The mine is

located in the city of Brumadinho in the State of Minas Gerais,

30 kilometers south of Belo Horizonte. Mining at Pau Branco

consists of hematite rich itabirite ore that is part of the iron

formations within the Minas Supergroup, Quadrilátero Ferifero

(Iron Quadrangle), Brazil. The Pau Branco mine produced 5 .4,

7.1 and 4.1 million tonnes of iron ore in 2024, 2023 and 2022,

respectively.

The mining operations were temporarily suspended in January

2022 due to flooding and damage to the Cachoeirinha waste

pile. However, operations were partially restarted in May 2022.

Vallourec requested the state mining and environmental

authorities to release the pile fully in the fourth quarter of 2022.

In May 2023, the Pau Branco iron ore mine resumed production

levels after receiving permits to operate the Cachoeirinha waste

pile.

Vallourec launched two projects aimed at improving the

profitability and durability of the Pau Branco mine. Phase 1 was

expected to be completed at the end of 2024 with a total

investment of approximately €20 million. Phase 2 was

scheduled for completion in 2027 and expected to cost between

€100 million and €125 million. Vallourec indicated that its

management was engaging with the state and national

authorities to obtain the required production and environmental

permits for this phase of work.

The Pau Branco mine concentrates and enriches the mined

hematite ore via jigs, spirals and magnetic separators to a +60%

Fe hematite product that it supplies to blast furnaces and the

pellet plant of Vallourec's affiliates located at Jeceaba in Minas

Gerais. The Jeceaba steel mill site is located 120 kilometers

south of Belo Horizonte and consists of a premium rolling mill; a

steel mill (with a blast furnace and electrical furnace), which

supplies steel bars for production at the Jeceaba and Barreiro

plants; a pellet unit that produces pellets used by the Jeceaba

blast furnaces and the local Brazilian market; and finishing lines.

The Barreiro site is an integrated unit that combines production

and hot rolling equipment for the tube finishing lines. Beyond

supplying Vallourec's own steel-making operation, the mine's

iron ore production is also sold to external customers.

The Pau Branco mine is classified as an “exploration stage

property”, as that term is defined under S-K 1300, because no

proven or probable mineral reserves have been determined in

accordance with S-K 1300. As a result, and even though the

Pau Branco mine has produced iron ore historically and is

expected to continue such production, the mine will remain

classified as an “exploration stage property”, as that term is

defined under S-K 1300, until such time as proven or probable

mineral reserves have been determined and disclosed in

accordance with S-K 1300. ArcelorMittal cannot guarantee that

proven or probable mineral reserves will be determined and

disclosed in accordance with S-K 1300 for the Pau Branco mine.

Estimates of Iron Ore Mineral Reserves and Mineral Resources

For the meanings of certain technical terms used in this annual

report, see “Glossary - definitions, terminology and principal

subsidiaries”.

The estimates of mineral resources and mineral reserves at the

Company’s mines and projects and the estimates of the mine

life included in this report have been prepared by qualified

persons, in accordance with the guidelines for mining property

disclosure requirements in accordance with S-K 1300. Qualified

persons are either employees of ArcelorMittal, or they are third

parties or employees of a third party who are not affiliates of

ArcelorMittal and neither such third parties or their employers

has an ownership, royalty or other interest in the property for

which they have estimated mineral reserves or mineral

resources. No qualified persons have been employed on a

contingent basis. For additional information about the qualified

persons identified below, please see the exhibits to this annual

report.

Only measured and indicated mineral resources, where the level

of geological certainty associated was sufficient to allow a

qualified person to apply modifying factors in sufficient detail to

support mine planning and evaluation of the economic viability

of the deposit, were converted to proven or probable mineral

reserves for each of the mineral properties under the summary

disclosure.

The 2024 mineral resource and mineral reserve estimates at the

AMMC mining property have been prepared by qualified

persons who are employees of ArcelorMittal.

The 2024 mineral resource and reserve estimates for the Las

Truchas mine (consolidated as Mexico, excluding Peña

Colorada in the tables below) were prepared by qualified

persons of SLR Consulting (Canada) Ltd. Peña Colorada also

contracted SLR Consulting (Canada) Ltd. to provide the 2024

mineral resource and reserve estimates for the Peña Colorada

mine, with the support of the Peña Colorada team.

The 2024 mineral resource and reserve estimates for the

Andrade and Serra Azul mines (consolidated as Brazil in the

tables below) were prepared by qualified persons of the GE21

Consultoria Mineral, with the support of the ArcelorMittal Brazil

local team.

The mineral resource and reserve estimates for the AMKR

(Ukraine) open pit and underground operations as of December

31, 2024 were prepared by LLC "KAI" with the support of the

AMKR team.

Management report

For 2024, mineral resource and reserve estimates for the

Thakurani and Ghoraburhani – Sagasahi mines (India in the

tables below) were prepared by a qualified person of BMRC

Geomining Solutions PVT LTD .

AML's 2024 mineral resources and mineral reserves were

estimated by qualified persons who are employees of

ArcelorMittal.

In 2024, a qualified person of VBKOM (Pty) Ltd updated the

mineral resources estimate for the Vanderbijl pit at Thabazimbi

(South Africa in tables below). Estimates of mineral reserves are

not reported in 2024 for ArcelorMittal South Africa iron ore

operation Thabazimbi.

Mineral resources and mineral reserves as of December 31,

2024 for ArcelorMittal Prijedor (Bosnia in the tables below) were

prepared by an independent qualified person.

The mineral resources and reserves for the Mary River Mine

(Baffinland in the tables below) as of December 31, 2024 were

calculated by annual depletion method by a qualified person

from Baffinland Iron Mines based on the original estimates of a

qualified person of SLR Consulting (Canada) Ltd.

The point of reference of reporting all of ArcelorMittal's mineral

resources and reserves in the tables below is in situ for

resources and the point of delivery of the ROM material to the

processing plant for reserves. All material is reported on a wet

basis and grades on a dry basis. The effective date for reporting

of all mineral resources and reserves is December 31, 2024.

For each of the mining operations under the summary

disclosure, economic viability of the declared mineral reserves

has been determined by the qualified persons using a

discounted cash flow analysis, demonstrating that extraction of

the mineral reserve is economically viable under reasonable

investment and market assumptions. The estimated mine life

reported in this table corresponds to the duration of the

production schedule of each operation based on the 2024 year-

end iron ore reserve estimates only. The production varies for

each operation during the mine life and as a result the mine life

is not the total reserve tonnage divided by the 2024 production.

Mine life of each operation is derived from the life of mine plans

and corresponds to the duration of the mine production

scheduled from mineral reserve estimates only. The

demonstration of economic viability is established through the

application of a life of mine plan for each operation or project

providing a positive net present value on a cash-forward looking

basis, considering the entire value chain. Economic viability is

demonstrated using forecasts of operating and capital costs

based on historical performance, with forward adjustments

based on planned process improvements, changes in

production volumes and in fixed and variable proportions of

costs, and forecasted fluctuations in costs of raw material,

supplies, energy and wages. Mineral reserve estimates are

updated annually in order to reflect new geological information

and current mine plan and business strategies. The Company’s

reserve estimates are of in-place material after adjustments for

mining depletion and mining losses and recoveries, with no

adjustments made for metal losses due to processing. For a

description of risks relating to reserves and reserve estimates,

see “Introduction—Risk factors—Risks related to ArcelorMittal’s

mining activities".

The reported iron ore reserves contained in this report do not

exceed the quantities that the Company estimates could be

extracted economically if future prices were at similar levels to

the average contracted price for the three years ended

December 31, 2024. The Company establishes optimum design

and future operating cut-off grade based on its forecast of

commodity prices, adjusted for local market conditions, freight,

inland logistics costs, and final product value in use premiums/

penalties, and operating and sustaining capital costs. The cut-off

grade varies from operation to operation and during the life of

each operation in order to optimize cash flow, return on

investments and the sustainability of the mining operations.

Such sustainability in turn depends on expected future operating

and capital costs. Estimates of reserves and resources can vary

from year to year due to the revision of mine plans in response

to market and operational conditions, in particular market price.

See “Introduction—Risk factors—Risks related to ArcelorMittal’s

mining activities—ArcelorMittal’s reserve and resource

estimates may materially differ from mineral quantities that it

may be able to actually recover; ArcelorMittal’s estimates of

mine life may prove inaccurate; and market price fluctuations

and changes in operating and capital costs may render certain

ore reserves uneconomical to mine.”

To ensure that mineral resource estimates for all mines satisfy

the requirements for reasonable prospects for economic

extraction ("RPEE") requirement, reasonable technical and

economic factors were considered by qualified persons in the

process of derivation of the ultimate mineral resource pit shells

or underground constraining wireframes and other spatial

controls used to constrain the mineralization. Factors used are

current, considered to be reasonably developed, and are based

on generally accepted industry practice and experience.

Tonnage and grade estimates are reported as ‘Run of Mine’.

Tonnage is reported on a wet metric basis. Metallurgical

recoveries are accounted for in the concentrate tonnes

calculation based on historical processing data and are variable

as a function of head grade.

ArcelorMittal owns less than 100% of certain mining operations;

mineral reserve and mineral resource estimates have been

adjusted to reflect ownership interests and therefore reflect the

portion of total estimated mineral reserves and resources of

each mine attributable to ArcelorMittal as per the Company’s

ownership interest in each mine at December 31, 2024.

Management report

The classification of the iron ore reserve estimates as proven or

probable reflects the variability in the mineralization at the

selected cut-off grade, the mining selectivity and the production

rate and ability of the operation to blend the different ore types

that may occur within each deposit.

The following table summarizes ArcelorMittal’s mineral reserves

as of the end of the fiscal year ended December 31, 2024 in the

aggregate, and by commodity and country and for certain

individual properties (each property containing 10% or more of

ArcelorMittal’s combined mineral reserves and certain properties

containing less) . Mineral reserve quantities are rounded to

million tonnes. Unless indicated otherwise below, for the

purpose of determining iron ore mineral reserves, ArcelorMittal

has used a long-term iron ore reference price of $70 per tonne

for 62% Fe fines, based on supply/demand fundamentals and

industry cost curve adjusted upwards or downwards for mine

specific factors and further adjusted for grade, logistics, and

other adjustments.

Iron Ore	% of Ownership Interest 12	Proven Mineral Reserves		Probable Mineral Reserves		Total Mineral Reserves
		Millions of Tonnes	% Fe 1	Millions of Tonnes	% Fe 1	Millions of Tonnes	% Fe 1
Canada		1,669	31.0	231	40.4	1,900	32.1
AMMC 2	85.0	1,580	29.1	155	28.8	1,735	29.1
Baffinland 3	25.2	89	64.3	76	63.8	165	64.1
Mexico		95	23.8	111	22.5	206	23.2
Mexico (Excluding Peña Colorada) 4	100.0	40	28.7	44	27.7	84	28.2
Peña Colorada - Mexico 5	50.0	55	20.2	67	19.2	122	19.7
Brazil 6	100.0	173	46.4	251	37.2	424	40.9
Bosnia 7	51.0	3	46.8	—	40.2	3	46.1
Ukraine		62	35.1	430	34.1	492	34.2
Ukraine Open Pit 8	95.1	58	33.9	420	33.5	478	33.6
Ukraine Underground 9	95.1	4	52.6	10	55.0	14	54.3
South Africa	100.0	—	—	—	—	—	—
Liberia 10	85.0	75	49.1	652	42.2	727	42.9
India 11	60.0	6	63.3	73	62.6	79	57.6
Total Iron Ore		2,083	32.8	1,748	38.8	3,831	35.4

Unless stated otherwise, % Fe represents total Fe content for all sites except Peña Colorada where it represents magnetic Fe content only.
Mineral reserves for AMMC are estimated at a cut-off grade of 15% and a mass recovery of 33.1%, for a life of mine of 27 years.
Mineral reserves for Baffinland are estimated based on a long-term iron ore price of $102.8 per tonne for 62% Fe fines CFR North China, at a cut-off grade of 55% and a

mass recovery of 100%, for a life of mine of 23 years.

Mineral reserves for Las Truchas are estimated at a cut-off grade of 10.96% Fe magnetic. The Fe recovery of Fe magnetic is 90%, for a life of mine of 13 years.
Mineral reserves for Peña Colorada are estimated at the cut-off grade of 10% Fe magnetic. The average Fe recovery for the mineral reserves is 71% based on Fet

met allurgical recovery, for the life of mine of 16 years.

Mineral reserves for Serra Azul are estimated at 40% Fe cut-off grade and a mass recovery of 52.8% for friable material, and 29% Fe cut-off grade and a mass recovery

varying from 33% to 45% for compact material, for a life of mine of 34 years. Mineral reserves for Andrade are reported at a cut-off grade of 20% Fe and 81.3% mass

recovery at average, for a life of mine of 33 years.

Mineral reserve for ArcelorMittal Prijedor is estimated based on a price of $39.9 per tonne of product calculated based on assumptions of a non-marketable material

supplied to its integrated steel plant, at 32% Fe cut-off grade and mass recovery of 73%, for the life of mine of 5 years.

Mineral reserve for Ukraine Open Pit is estimated at an average mass recovery of 40.4%. Cut-off grade applied at Novokryvorizke deposit is 12% Fe, and at Valyavkinske

deposit 16% Fe. Life of mine considered for the two pits combined is 21 years.

Mineral reserve for Ukraine Underground mine is estimated based on a price of $50.3 per tonne of product calculated based on assumptions of a non-marketable material

supplied to its integrated steel plant, at cut-off grade of 51.6% Fe and a mass recovery of 100%, for a life of mine of 21 years.

Mineral reserves for Liberia are estimated at a cut-off grade of 40% Fe, with an average mass recovery of 57.2% for the oxide and transitional material, and at a 30% Fe

cut-off grade and a mass recovery of 43.2% for all fresh material, for a life of mine of 30 years.

Mineral reserves for Thakurani and Ghoraburhani – Sagasahi are estimated using a long-term iron ore price of $42 per tonne based on IBM (Indian Bureau of Mines) ten

years forecasted price, Mineral reserves for Thakuranii are estimated at 55% Fe cut-off grade and a mass recovery of 95%, for the life of mine of 14 years. Mineral

reserves for Ghoraburhani – Sagasahi are estimated at 55% Fe cut-off grade and a mass recovery of 88.49%, for the life of mine of 12 years.

As per S-K 1300, reported mineral reserves as of December 31, 2024 reflect ArcelorMittal's ownership interest at each individual business unit.

The following table summarizes ArcelorMittal’s mineral

resources as of the end of the fiscal year ended December 31,

2024 in the aggregate, and by commodity and country and for

certain individual properties (each property containing 10% or

more of ArcelorMittal’s combined measured and indicated

mineral resources and certain properties containing less) .

Mineral resource quantities are rounded to million tonnes. The

reported mineral resources reflect ArcelorMittal's ownership

Management report

interest at each individual business unit and are reported,

exclusive of mineral reserves, on a wet basis. Mineral resource

quantities are rounded to million tonnes. Iron ore mineral

resources are estimated based on the same long-term price

forecast used for reserves, adjusted based on the applicable

revenue factor and adjusted upwards or downwards for mine

specific factors and further adjusted for grade, logistics and

other modifying factors.

Iron Ore	% of Ownership Interest 13	Measured Mineral Resources		Indicated Mineral Resources		Measured & Indicated Mineral Resources		Inferred Mineral Resources
		Millions of Tonnes	% Fe 1	Millions of Tonnes	% Fe 1	Millions of Tonnes	% Fe 1	Millions of Tonnes	% Fe 1
Canada		1,582	27.1	1,601	29.0	3,183	28.1	1,725	29.4
AMMC 2	85.0	1,582	27.1	1,598	28.9	3,180	28.0	1,642	27.7
Baffinland 3	25.2	—	62.1	3	63.0	3	62.9	83	64.3
Mexico		32	26.3	89	29.1	121	28.4	12	30.2
Mexico (Excluding Peña Colorada) 4	100	15	28.7	64	32.4	79	31.7	11	30.4
Peña Colorada - Mexico 5	50.0	17	24.2	25	20.8	42	22.2	1	28.4
Brazil 6	100	89	51.0	187	48.1	276	49.1	105	40.4
Bosnia 7	51.0	—	29.7	4	29.2	4	29.2	2	32.0
Ukraine		79	33.1	401	34.6	480	34.3	38	52.6
Ukraine Open Pit 8	95.1	77	32.5	387	33.8	464	33.6	6	36.7
Ukraine Underground 9	95.1	2	56.6	14	56.6	16	56.6	32	55.9
South Africa 10	100	—	—	38	54.4	38	54.4	43	54.9
Liberia 11	85.0	—	46.9	1,111	38.1	1,111	38.1	747	37.8
India 12	60.0	1	54.9	54	59.2	55	57.7	50	62.5
Total Iron Ore		1,783	28.6	3,485	34.3	5,268	32.4	2,722	33.5

Unless stated otherwise, % Fe represents total Fe content for all sites except Peña Colorada where it represents magnetic Fe content only.
Mineral resources for AMMC are estimated at a cut-off grade applied for all deposits is 15% Fe with a mass recovery of 32.2.%
Mineral resources for Baffinland are estimated at the cut-off grade of 55% and a mass recovery of 100%.
Mineral resources for Las Truchas are estimated at a cutoff grade of 10% Fe magnetic and Fe recovery of 90%.
Mineral resources for Peña Colorada are estimated at the cut-off grade of 10% Fe magnetic. The average Fe recovery for the mineral resource is 77% based on Fe

metallurgical recovery.

Mineral resources for Serra Azul are estimated at 40% Fe cut-off grade and a mass recovery of 52.8% for friable material, and 29% Fe cut-off grade and a mass recovery

varying from 33% to 45% for compact material. Mineral resources for Andrade are reported at a cutoff grade of 20% Fe and variable a mass recovery of 70.6% at

average.

Mineral resources for ArcelorMittal Prijedor are estimated based on assumptions of a non-marketable material supplied to its integrated steel plant, at 30% Fe cut-off

grade and mass recovery of 73%.

Mineral resources for Ukraine Open Pit are estimated at a cut-off grade applied at Novokryvorizke deposit is 12% Fe, and at Valyavkinske deposit 16% Fe, at an average

mass recovery of 40.4%.

Mineral resources for Ukraine Underground mine are estimated based on assumptions of a non-marketable material supplied to its integrated steel plant, at a cut-off

grade of 51.6% Fe and a mass recovery of 100%.

Mineral resources for Thabazimbi are estimated at a 40% Fe cut-off grade and metallurgical recovery of 60%.
Mineral resources for Liberia are estimated at a cut-off grade of 40% Fe, with an average mass recovery of 57.2% for the oxide and transitional material, and at a 30% Fe

cut-off grade and mass recovery of 43.2% for all fresh material.

Mineral resources for Thakurani are estimated at a 45% Fe cut-off grade and a mass recovery of 95%, and for Ghoraburhani – Sagasahi mine are estimated at a 45% Fe

cut-off grade and a mass recovery of 88.49%.

As per S-K 1300, reported mineral resources as of December 31, 2024 reflect ArcelorMittal's ownership interest at each individual business unit.

Cautionary note concerning mineral reserve and mineral

resource estimates: With regards to ArcelorMittal’s reported

resources, investors are cautioned not to assume that any or all

of ArcelorMittal’s mineral deposits that constitute either

‘measured mineral resources’, ‘indicated mineral resources’ or

‘inferred mineral resources’ (estimated in accordance with S-K

will ever be converted into mineral reserves. There is a

reasonable level of uncertainty as to the existence of ‘inferred

mineral resources’ and their economic and legal feasibility, and it

should not be assumed that any or all of an ‘inferred mineral

resource’ will be upgraded to a higher category.

Internal Controls

ArcelorMittal mining and exploration properties employ robust

quality control and quality assurance processes and procedures

to ensure the validity and integrity of data utilized in the

estimation of mineral resources and mineral reserves.

Management report

ArcelorMittal has developed an Orebody Knowledge and

Management Framework, comprising a comprehensive set of

internal guidelines and management standards that govern the

resource and mining activities conducted at its properties. The

framework and its associated documents describe the systems

and processes to be developed and implemented at

ArcelorMittal properties to effectively manage activities and data

for the estimation and mining of its mineral resources and

reserves. This framework and its associated documents are

compiled and managed by a centralized corporate team of

experienced and qualified technical experts and are reviewed

and updated on a regular basis.

To increase rigor over internal controls and ensure integrity of its

reported mineral resource and mineral reserve disclosures

ArcelorMittal implements K2fly’s Mineral Resource Governance

and Model Manager platforms globally. This has enabled

enhanced control over the consolidation of the Company’s

mineral resource and reserves disclosures. The K2fly solutions

were deployed in 2024 after a successful implementation and

configuration into the ArcelorMittal global mining portfolio and

are being used in conjunction with SK-1300 Reports.

Databases are compiled and managed by experienced

personnel engaged directly by the operating entities and

business units, following documented procedures. Sample data

derived from activities such as, but not limited to, exploration

drilling and field sampling, is subject to thorough sample security

and integrity protocols, field and laboratory quality assurance

and quality control processes, and data validation procedures.

Field quality control processes and procedures will vary based

on the specific nature of the drilling or sampling program, but will

nominally include the use of duplicate samples, blank control

samples and certified reference materials. Samples processed

and analyzed at internal and external laboratories are subject to

additional laboratory quality control processes including, but not

limited to, duplicate samples and certified reference materials.

Data verification workflows are employed for each program to

ensure the quality and integrity of all data incorporated into the

databases.

Historical data is subject to rigorous verification processes prior

to inclusion in resource estimation databases. These

procedures can include, but are not limited to, external database

validation by independent parties, internal database audits, and

spatial and statistical analyses. Where historical data cannot be

verified to the satisfaction of the relevant qualified person, it is

excluded from the databases used in the estimation processes.

Where applicable, all mineral resource and mineral reserve

estimates are reconciled against mine production data and

operational results. Geological interpretations and estimation

parameters are updated, and modifying factors, cost and price

assumptions validated and adjusted.

There are inherent risks associated with all mineral resource

and mineral reserve estimations see "Introduction—Risk Factors

—Risks associated with ArcelorMittal's Mining Activities".

OPERATING AND FINANCIAL REVIEW

Key factors affecting results of operations

Overview

The steel industry, and the iron ore and coal mining industries,

which provide its principal raw materials, have historically been

highly cyclical. They are significantly affected by general

economic conditions, consumption trends as well as by

worldwide production capacity and fluctuations in international

steel trade and tariffs. This is due to the cyclical nature of the

automotive, construction, machinery and equipment and

transportation industries that are the principal consumers of

steel.

In 2022, the global economy was adversely affected by supply

chain issues, high inflation, consequential tightening of

monetary policy and Russia’s invasion of Ukraine (itself

aggravating inflationary pressures, particularly in the energy

sector). All these shocks weighed on growth in ArcelorMittal’s

core developed markets (EU, U.S.), with a negative impact on

steel demand and pricing. During 2023 and 2024, real steel

demand broadly stabilized at low levels in the core developed

markets with apparent demand supported somewhat by an end

to the destocking seen in 2022 . The lagged impact of monetary

tightening and weak real steel demand weighed on prices in the

core developed markets during the second half of 2023 and

through 2024, negatively impacting ArcelorMittal’s profitability.

While the economy and underlying real demand was stronger in

the U.S. relative to Europe during 2024, supported by continued

growth in consumer expenditure, the lagged impact of tighter

credit conditions and elevated interest rates negatively impacted

output of interest rate sensitive sectors (e.g., machinery and

residential construction), causing real steel demand to remain

subdued. The European market heavily impacts the Company's

prospects and economic growth has stagnated over the past 18

months Although, the European Central Bank has cut the

deposit interest rate, as inflation has fallen th e lagged impact of

prior elevated interest rates has negatively affected the

manufacturing and construction sectors that drive steel demand,

with new orders and backlogs weakening and real steel demand

declining during the second half of 2023 and through 2024. In

addition, the recently announced imposition of tariffs on all steel

imports into the U.S. could result in retaliatory protectionist

measures by other countries and have a significant negative

impact on global trade and economic growth. In Europe, this

could potentially offset the positive impact of monetary policy

easing in the region and increase the risk of an economic

downturn. The automotive industry, which is a significant

consumer of steel, is likely to be negatively impacted by the

Management report

tariffs and resulting higher steel prices. More generally, tariffs

may result in renewed inflationary pressures in the U.S . Tariffs

on EU exports to the U.S. is also expected to negatively impact

steel demand in EU as steel intensive manufactured goods

account for a significant proportion of the EU’s goods trade

surplus with the U. S . U.S. tariffs are also expected to have an

effect on supply and prices in the U.S. and the Company's other

markets (such as Canada and Mexico). See “Introduction—Risk

Factors and Control—Unfair trade practices, import tariffs and/or

barriers to free trade could negatively affect steel prices and

ArcelorMittal’s results of operations in various markets".

While steel demand in both the U.S. and EU continues to be

well below pre-pandemic levels, steel consumption has been

expected to be supported over the next few years by the

American Jobs Plan (“AJP”) and the Inflation Reduction Act

(“IRA”) in the U.S. and by the Next Generation EU (“NGEU”)

stimulus plans in the EU. However, beyond the impact of tariffs

mentioned above, the new U.S. administration's policies present

a significant downside risk to the additional steel demand from

the IRA, with some potential offset from hot rolled substrate for

additional pipe and tube demand from the oil sector.

Demand in some markets, such as Brazil rebounded during

2024, to well above pre-pandemic levels. Inflation has

accelerated in such markets, however, driven by resilient

domestic demand and by looser fiscal policy. With inflation

above target, interest rates have been raised and further

monetary tightening is expected, negatively impacting

household consumption in 2025, which is expected to lead to

broadly stable steel demand in Brazil. While many emerging

markets are better placed to deal with crises than in the past,

economic risks remained high through 2024 for many countries,

including external foreign currency debt risk in Turkey and

Argentina . This has led the Turkish lira to depreciate significantly

against the U.S. dollar, causing inflationary pressure to re-

accelerate and forcing the central bank to increase interest rates

to over 40%, causing a downturn in the economy and stagnating

steel demand in 2024.

Historically, demand dynamics in China have also substantially

affected the global steel business, mainly due to significant

changes in net steel exports. Continued weakness of Chinese

steel demand, coupled with ample domestic supply has seen

net Chinese finished flat steel exports increase from 3.4 million

tonnes per month during 2022, to 5.2 million per month during

2023, 6.1 million tonnes per month during the first half of 2024

and reaching record highs of 6.6 million tonnes per month

during the second half of 2024. In 2024, weak steel demand

was seen in the continued decline in housing sales in China,

reflecting low household confidence and with new housing starts

continuing to fall during 2024. The short-term outlook for China

remains largely dependent upon the timing and scale of the

cyclical rebound in the real estate market, the negative impact of

increased U.S. tariffs and the amount of government stimulus.

While the expectation is that further government stimulus will

support GDP growth in 2025, Chinese overcapacity and a need

to export is expected to remain across most industries.

Moreover, the Company continues to expect Chinese steel

demand to decline in the medium-term, as infrastructure

spending has been front-loaded and real estate demand is

expected to weaken structurally due to lower levels of rural-

urban migration. If the expected decline in demand does not

coincide with renewed capacity closures, this could lead to steel

exports from China remaining at or above current peak levels

and have a negative impact on global steel prices and spreads.

Unlike many commodities, steel is not completely fungible due

to wide differences in its shape, chemical composition, quality,

specifications and application, all of which affect sales prices.

Accordingly, there is still limited exchange trading and uniform

pricing of steel, whereas there is increased trading of steel raw

materials, particularly iron ore. Commodity spot prices can vary,

which causes sales prices from exports to fluctuate as a function

of the worldwide balance of supply and demand at the time

sales are made.

ArcelorMittal’s sales are made based on shorter-term purchase

orders as well as some longer-term contracts to certain

industrial customers, particularly in the automotive industry.

Steel price surcharges are often implemented on steel sold

pursuant to long-term contracts to recover increases in input

costs. However, l onger term contracts with low steel prices will

not reflect increases in spot steel prices that occur after contract

negotiation; similarly low contract prices (if contract pricing is

renegotiated when steel prices are low, for example, steel

contracts that reset annually) will continue to affect results even

as spot steel prices increase . Spot market steel, iron ore and

coal prices and short-term contracts are more driven by market

conditions.

One of the principal factors affecting the Company’s operating

profitability is the relationship between raw material prices and

steel selling prices. Profitability depends in part on the extent to

which steel selling prices exceed raw material prices, and

specifically the extent to which changes in raw material prices

are passed through to customers in steel selling prices.

Complicating factors include the extent of the time lag between

(a) the raw material price change and the steel selling price

change and (b) the date of the raw material purchase and of the

actual sale of the steel product in which the raw material was

used (average cost basis). In recent periods, steel selling prices

have not always been correlated with changes in raw material

prices, although steel selling prices may also be impacted

quickly due in part to the tendency of distributors to increase

purchases of steel products early in a rising cycle of raw

material prices and to hold back from purchasing as raw

material prices decline. With respect to (b), as average cost

Management report

basis is used to determine the cost of the raw materials

incorporated, inventories must first be worked through before a

decrease in raw material prices translates into decreased

operating costs. In some of ArcelorMittal’s segments, in

particular Europe and North America, there are several months

between raw material purchases and sales of steel products

incorporating those materials. Although this lag has been

reduced in recent years by changes to the timing of pricing

adjustments in iron ore contracts, it cannot be eliminated and

exposes these segments’ margins to changes in steel selling

prices in the interim (known as a “price-cost squeeze”). This lag

can result in inventory write-down s, as occurred in 2022 due to

sharp declines in steel prices. In addition, decreases in steel

prices may outstrip decreases in raw material costs in absolute

terms, as has occurred numerous times in the past . Steel

spreads, especially in Europe, were compressed by elevated

energy prices, particularly gas, and destocking at stockers and

end-users through the second half of 2022, adversely impacting

the Company's deliveries and profitability. Steel prices declined

faster than raw material prices in both the third and fourth

quarters of 2022, with significant compression of spreads.

However, the fourth quarter of 2022 was the peak of the

destocking cycle and inventory levels across ArcelorMittal’s

main markets fell to low levels. As destocking began to end

during the first quarter of 2023, apparent demand improved from

the lows of the fourth quarter of 2022 and led to a recovery in

steel prices and spreads. However, with economic growth

weakening across the Company's core developed markets, due

to the lagged impact of interest rate rises, elevated steel prices

and spreads unwound during the second and third quarters of

2023, thus negatively impacting the results of the third and

fourth quarters of 2023, due to the significant lag between

transactions and deliveries, especially for flat products. Prices

and spreads in the Company's core markets remained relatively

weak through 2024, as apparent steel demand stabilized at

historically low levels in both Europe and the U.S.

Volatility on steel margins aside, the results of the Company’s

Mining segment (which sells externally as well as internally) are

directly impacted by iron ore prices. See " —Raw materials—Iron

ore" . T he Company believes current prices are unsustainable

over the medium term, if as expected, Chinese steel demand

weakens further, which would lead to further falls in iron ore

prices and negatively impact ArcelorMittal’s revenues and

profitability. See also “Introduction—Risk factors and control—

Risks related to the global economy and the mining and steel

industry—Prolonged low steel and (to a lesser extent) iron ore

prices, low steel demand and/or steel/iron ore oversupply would

have an adverse effect on ArcelorMittal’s results of operations.”

Economic environment

The global economy has undergone several years of negative

shocks, starting from COVID-19’s disruption in 2020-21,

followed by subsequent high inflation, exacerbated by the

Russian invasion of Ukraine in 2022, and to curb inflation, a

sharp rise in interest rates occurred through 2023, particularly in

developed economies. As a result, global GDP growth slowed to

2.8% in 2023 , from 3.3% in 2022 and 6.5% in 2021. During

2024, global growth remained stable, yet subdued. Inflation

continued to wane globally, making progress toward central

bank targets, even though price pressures persisted in some

developed countries during the first half of 2024, mainly due to

elevated services inflation. Global disinflation was also

supported by easing in labor market tightness during post-

pandemic recovery, which contained pressure from wage

inflation. The return of inflation to near central bank targets

could pave the way for easing monetary policy as a result. Since

June 2024, major central banks in advanced economies have

started to cut their policy rates, moving their policy stance

toward neutral. Overall, despite a sharp and synchronized

tightening of monetary policy around the world, the global

economy has remained resilient to elevated interest rates

throughout the disinflationary process, avoiding a global

recession in 2024. While specific pockets of weakness remain,

such as the industrial recession in developed economies and

real estate downturn in China, other offsetting factors, including

the relative strength of services and additional fiscal stimulus

from the Chinese government, have helped keep economic

growth relatively steady. As a result, global GDP growth only

slowed marginally to 2.7% in 2024.

After slowing to 2.5% in 2022 following the post COVID-19

rebound in 2021, U.S. GDP growth picked up to 2.9% in 2023,

despite higher interest rates and inflation. Overall, cautiously

loosening fiscal policy coupled with resilient consumption and

investment contributed to GDP growth remaining steady at

approximately 2.8% in 2024. With the new U.S. administration,

downside risk to growth in 2025 centers around policy

uncertainty, in particular rising trade tensions with trading

partners, as higher tariffs potentially add to domestic inflationary

pressure, becoming a drag on GDP growth.

After EU27 GDP growth slowed to 3.5% in 2022 due to a sharp

spike in energy prices, especially gas, following the Russian

invasion of Ukraine, GDP growth slowed to only 0.5% year-on-

year in 2023, as the economy weakened in early 2023 , and

inflation rose far above target levels (resulting in increased

interest rates) . In 2024, economic activity, though no longer

weakening, stagnated at low levels due to the lagged impact of

high interest rates. The weakness of the industrial sector led to

EU27 GDP growth only increasing to an estimated 0.9% year-

on-year in 2024. Weaker growth led to inflation moderating and

allowed the ECB to start cutting interest rates in June 2024.

China’s economy has remained resilient despite the ongoing

property sector downturn since 2022. GDP growth of 5.2% in

2023 (as compared to 3% in 2022), was supported by fiscal

stimulus for infrastructure spe nding, resil ient private

Management report

consumption and higher manufacturing exports. These trends in

2023 largely continued during 2024. With GDP growth slowing

to 5% in 2024 (driven by real estate sector downturn). Despite

government monetary and fiscal stimulus in the real estate

sector, there is downside risk to 2025 growth from rising trade

tensions with the U.S.

In Brazil, GDP growth of 3.3% in 2024 (compared to 2.9% in

2023 and 3% in 2022) was driven by strong domestic demand

supported by wages growing above inflation, unemployment

falling and by looser fiscal policy. Rising debt sustainability

concerns toward the year-end and continued monetary policy

tightening in response to inflation, will likely weigh on growth in

In India, following strong growth of 7.7% in 2023, GDP growth in

2024 grew at an estimated 6.4% year-on-year, driven by

investment and supported by strong public investment,

particularly in infrastructure, and resilient consumption growth.

The level of public debt means public spending is unlikely to be

as strong going forward, but expected robust investment growth

and strong private consumption growth are expected to, support

solid economic growth.

After global apparent steel consumption (“ASC”) increased by

over 3% in 2021, as the global economy rebounded post-

pandemic, ASC declined by over 2% in 2022 due to weaker

demand from China caused by COVID-19 restrictions and a

destocking cycle in ex-China. In 2023, global ASC increased

slightly by approximately 0.2% year-on-year, with world ex-

China ASC growing by 2.1% year-on-year, offsetting an almost

2% decline in China, as persistent weakness in domestic real

estate sector negatively impacted steel demand. However,

weakness in the real estate sector in China worsened in 2024,

causing China ASC to decline further by more than 3% year-on-

year. Meanwhile, despite weak real demand in ex-China,

supportive real demand in emerging markets and restocking,

and strong exports from China helped ex-China ASC to grow

almost 2% year-on-year. Indeed, ASC in developing markets

grew an estimated 4% year-on-year, supported by strong growth

in India (10% year-on-year), followed by approximately 8% year-

on-year growth in Brazil offsetting weaker growth elsewhere. On

the other hand, ASC in developed markets is estimated to have

decreased slightly by 1% in 2024, largely driven by a decline of

3% year-on-year in ASC in "Developed Asia" (i ncluding in

particular Japan, South Korea and Taiwan) . EU27 steel demand

was broadly stable as inventory build was enough to offset

weaker real demand as the industrial recession continued. ASC

in the U.S. was also slightly down by approximately 0.5% year-

on-year, mainly driven by long products and pipe and tube. As a

result, ex-China ASC rose by almost 2% year-on-year. However,

ex-China growth was not enough to offset the decline in China,

leading to global ASC estimated to have decreased by

approximately 1% in 2024.

Source: GDP and industrial production data and estimates sourced from Oxford

Economics Jan 10, 2025. ASC data for U.S. from AISI to Nov 2024, estimates for

Dec 2024. ASC data for Brazil from Brazilian Steel Institute to Nov 2024, estimates

for Dec 2024. ASC data for EU27 from Eurofer to Oct 2024, estimates for Nov and

Dec 2024. All estimates are internal ArcelorMittal estimates. ASC data for India

from JPC to December 2024. All estimates are internal ArcelorMittal estimates.

Steel production

Global production declined to 1.88 billion tonnes in 2022 as

compared to 2021 , driven by lower production in world ex-China

resulting from high energy costs and the Russian invasion of

Ukraine. In China, lower production in 2022 reflected lower steel

demand, which was negatively impacted by COVID-19’s

exacerbation of the downturn in the real estate market.

This trend in the developed market continued in 2023, but

stronger production in developing ex-China notably resulted in

world ex-China production being broadly stable relative to 2022.

Steel production in China rose by almost 1% year-on-year in

2023, leading to a surge in Chinese net steel exports (given the

slight decline in domestic demand).

Overall, global steel production in 2024 decreased marginally,

down almost 1% year-on-year. Steel production in world ex-

China was stable, as production in developed markets fell

slightly from weak levels, offset by stronger production in

developing markets. Production in the Company’s major

markets of Canada, the EU and the U.S. was stable, albeit at

weak levels, offset by declining production in developed Asia. In

2024, the situation in China was similar to 2023, with

government stimulus supporting infrastructure but only partially

offsetting an even sharper decline in the real estate sector. Steel

production declined less than the decline in domestic demand

resulting in increased Chinese net exports relative to 2023.

Source: Steel production data are compiled using World Steel data for 61 countries

for which monthly data is available (which together account for 97% of World

production). 61 countries Include: Austria, Belgium, Finland, France, Germany,

Greece, Italy, Luxembourg, Netherlands, Spain, Sweden, United Kingdom, Turkey,

Norway, Canada, Mexico, United States, Argentina, Brazil, Chile, Colombia,

Ecuador, Peru, Venezuela, Egypt, South Africa, Libya, Kazakhstan, Russia,

Ukraine, Iran, Saudi Arabia, United Arab Emirates, Japan, South Korea, Taiwan,

China, India, Pakistan, Thailand, Vietnam, Australia and New Zealand. Production

data is available for through December 2024, with some World Steel estimates for

missing data.

Trade and import competition

Europe

There has been a trend of imports growing more strongly than

domestic demand in the EU since 2012. In 2022, the Russian

invasion of Ukraine in February triggered an energy crisis in

Europe, causing both ASC and imports to decline sharply during

the second half of 2022. As a result, import penetration only

rose marginally to 20% in 2022.

In 2023, while subdued demand in Europe meant both ASC and

imports declined year-on-year, the decrease in imports was

slightly greater than the fall in ASC, which led to import

penetration declining slightly to 19%. In 2024, imports once

again increased, estimated at approximately 9% year-on-year.

Management report

Strong import growth coupled with relatively stable demand has

pushed import penetration up to approximately 20% in 2024.

Source: Eurostat imports and Eurofer ASC data to October 2024, internal

Company estimates for November and December 2024 . All historical data now

refers to EU27 after UK left the European Union.

United States

Steel imports continued to increase strongly during 2022, with

the increase in imports (10% year-on-year) coupled with a

decline in steel demand leading to import penetration increasing

to over 23%. The weakening trend in imports since late 2022

continued through 2023, with imports falling by approximately

14% year-on-year while ASC only declined by approximately

3.5% year-on-year. The much sharper decline in imports pushed

import penetration down to approximately 21% in 2023. In 2024,

imports stopped falling and rose by an estimated 1.6% year-on-

year, while ASC (mainly long products, pipe and tube) continued

to decline by approximately 3%, leading import penetration to

rise slightly to 22%.

Source: American Iron and Steel Association total/regional imports data and ASC

data to November 2024, internal Company estimate for December 2024.

China

In 2022, Chinese finished steel exports were broadly stable, up

only 0.8% year-on-year to 67.4 million tonnes as compared to

66.9 million tonnes in 2021. With weak demand in China and a

large price gap to ex-China, Chinese finished steel exports

increased strongly in 2023, to 91.2 million tonnes, an increase of

approximately 25 million tonnes from 2022 levels. This trend

continued in 2024, with finished steel exports rising by 22%

year-on-year to 111 million tonnes for 2024. While most Chinese

exports are delivered to regions which are not core to the

Company’s business due to the protection of trade measures,

Chinese exports still negatively impact the Company both

directly and indirectly. See “Business overview—Government

regulations—Foreign trade” and “Introduction—Risk Factors and

Control—Risks related to the global economy and the mining

and steel industry—Unfair trade practices, import tariffs and/or

barriers to free trade could negatively affect steel prices and

ArcelorMittal’s results of operations in various markets.”

Source: General Administration of Customs of the People's Republic of China.

Steel prices

In relation to flat products, European hot rolled coil ("HRC")

prices (both Northern and Southern), U.S. domestic Midwest

HRC prices and Chinese HRC prices, VAT excluded, over the

2022-2024 period generally reflect a downward trend. Likewise,

in relation to long products, European medium and rebar prices

and Turkish rebar prices experienced a similar trend over this

period. Movements in these prices over this period have been

driven by a number of factors affecting demand and supply in

such markets, including the effects of the war in Ukraine (started

at the end of February 2022), inflation, recessionary concerns,

supply chain constraints and labor shortages that weakened

manufacturing and demand in certain industries (including as a

result of COVID-19 restrictions), import levels and domestic mill

outages (e.g., for maintenance or otherwise).

Flat products — Source: S&P Global Commodity Insights (Platts)	Northern Europe	Southern Europe	United States	China
	Spot HRC average price per tonne	Spot HRC average price per tonne	Spot HRC average price per tonne	Spot HRC average price per tonne, VAT excluded
Q1 2022	€1,070	€1,005	$1,373	$701
Q2 2022	€1,115	€1,050	$1,434	$650
Q3 2022	€789	€757	$913	$512
Q4 2022	€653	€651	$767	$488
Q1 2023	€ 786	€ 767	$1,021	$551
Q2 2023	€ 764	€ 737	$1,161	$499
Q3 2023	€ 649	€ 636	$867	$482
Q4 2023	€ 650	€ 639	$1,010	$485
Q1 2024	€ 719	€ 706	$1,041	$492
Q2 2024	€ 633	€ 625	$858	$475
Q3 2024	€ 598	€ 597	$751	$416
Q4 2024	€ 556	€ 551	$774	$434

Long products — Source: S&P Global Commodity Insights (Platts)	Europe medium sections	Europe rebar	Turkish rebar
	Spot average price per tonne	Spot average price per tonne	Spot FOB average price per tonne
Q1 2022	€1,172	€928	$795
Q2 2022	€1,426	€1,220	$808
Q3 2022	€1,210	€981	$665
Q4 2022	€1,072	€814	$660
Q1 2023	€ 964	€ 722	$708
Q2 2023	€ 889	€ 649	$637
Q3 2023	€ 805	€ 577	$569
Q4 2023	€ 766	€ 606	$574
Q1 2024	€ 772	€ 633	$602
Q2 2024	€ 753	€ 610	$582
Q3 2024	€ 768	€ 615	$576
Q4 2024	€ 770	€ 595	$580

Raw materials

The primary raw material inputs for a steelmaker are iron ore,

coking coal, solid fuels, metallics (e.g., scrap), alloys, electricity,

natural gas and base metals. ArcelorMittal is exposed to price

volatility in each of these raw materials with respect to its

purchases in the spot market and under its long-term supply

contracts. In the longer term, demand for raw materials is

expected to continue to correlate closely with the steel market,

with prices fluctuating according to supply and demand

dynamics. Since most of the minerals used in the steelmaking

process are finite resources, their prices may also rise in

Management report

response to any perceived scarcity of remaining accessible

supplies, combined with the evolution of the pipeline of new

exploration projects to replace depleted resources.

As for pricing mechanisms, quarterly and monthly pricing

systems are the main type of contract pricing mechanisms , but

spot purchases have gained a greater share, in particular since

2020, as steelmakers have developed strategies to benefit from

increasing spot market liquidity and volatility. Pricing is

generally linked to market price indexes and uses a variety of

mechanisms, including current spot prices and average prices

over specified periods. Therefore, there may not be a direct

correlation between market reference prices and actual selling

prices in various regions at a given time.

Iron ore

In 2022, iron ore market reference prices decreased to an

average of $120.03/t, down by 24.9% compared to an average

of $159.89/t in 2021, mainly due to collapsing market confidence

as China implemented strict lockdowns across the country

starting in mid-March, boycotts from homebuyers in China

resulting from failures to meet construction schedules which

weighed further on the crisis-stricken real estate sector, harsh

weather conditions in the summer and the US Federal

Reserve’s tightening of its monetary policy.

In 2023, iron ore market reference prices averaged $119.54/t,

relatively stable compared to an average of $120.03/t in 2022.

The first quarter of 2023 began with an increase in reference

prices mainly driven by prevailing bolstered sentiment on scrap

of COVID control in China, which was later counteracted by the

disappointing actual economy recovery, largely dragged by its

real estate woes and sliding exports. By the end of 2023, iron

ore market reference prices increased to $141.92/t on

December 27, a record high for the period dating back to June

9, 2022, driven by lower port inventory, stimulus anticipation and

strong demand outlook for Chinese economy in the first quarter

of 2024, following the deposits rate cut by Chinese commercial

banks on December 22, 2023.

In 2024, iron ore market reference prices dropped to an average

of $109.46/t, down by $10.08/t compared to an average of

$ 119.54/t in 2023. P rices fell for the first three quarters of 2024

due to persistently sluggish demand amid economic weakness

generally and a real estate slowdown specifically, but recovered

slightly in the fourth quarter of 2024 on boosted sentiment from

stimulus policies .

Coking coal

Coking coal prices in 2022 averaged $364.22/t as compared to

$227.29/t in 2021, driven by faster-than-expected demand

recovery, tight global supply and geopolitical tensions. Australia

confronted both heavy rainfall, which affected production and

logistics in Queensland, and a severe rise in COVID-19

pandemic cases. Russia’s invasion of Ukraine sent prices to

new records in March 2022. Prices increased in December 2022

as China neared lifting its ban on Australian coal imports.

Coking coal prices in 2023 averaged $295.97/t as compared to

$364.22/t in 2022. Although coking coal price s decreased

slightly in 2023, they still remained at a historic high at year end.

Supply disruption in Australia, caused by the wet season, port

maintenance, higher vessel queues, and lower production from

BHP, South 32, and Anglo due to longwall issues, coupled with

strong demand from India and China, kept the prices at an

elevated level. In the Chinese market, continuous mine

accidents and safety checks resulted in increased domestic

coking coal prices.

In 2024, coking coal prices averaged $241.32/t as compared to

$295.97/t in 2023, driven by weak global steel demand amid

increased supply due to eased weather-related disruptions

starting in the third quarter of 2024, despite the fire accident in

Anglo’s Grosvenor mine at the end of June 2024. China reduced

its coal imports from seaborne Australian supply as Australian

prices lost competitiveness compared to falling Chinese

domestic coking coal prices and Indian demand was muted due

to weakening margins of steel mills. China and India account for

almost 40% of global demand for seaborne supply, and these

two countries are main participants in the global spot market.

ArcelorMittal has continued to leverage its iron ore and coking

coal supply chain and diversified supply portfolio as well as the

flexibility provided by contractual terms to mitigate regional

supply disruptions and also mitigate part of the market price

volatility.

	Iron ore	Coking coal
Source: Metal Bulletin	Reference average price per tonne (Delivered to China, Metal Bulletin index, 62% Fe)	Reference average price per tonne (premium hard coking coal FOB Australia index)
Q1 2022	141.61	487.09
Q2 2022	137.57	445.95
Q3 2022	103.47	250.96
Q4 2022	98.65	279.23
Q1 2023	125.28	342.52
Q2 2023	110.43	240.93
Q3 2023	114.00	264.37
Q4 2023	128.25	335.07
Q1 2024	123.58	308.76
Q2 2024	111.80	243.83
Q3 2024	99.75	211.44
Q4 2024	103.40	203.96

Scrap

The Company refers to the German suppliers’ index Delivered

at Place as its market reference.

Management report

The average index price for 2024 was €359/t as compared to

€365/t in 2023, a €6/t or 2% decrease compared to 2023. The

average price in 2022 was €409/t.

Turkey remains the main scrap buying country in the

international market.

Scrap Index HMS 1&2 CFR Turkey, North Europe origin, started

January 2024 at $414/t and reached the yearly low of $341/t in

December 2024. Scrap Index HMS 1&2 CFR Turkey, North

Europe origin, started January 2023 at $407/t and ended at

$415/t in December 2023 (after reaching $357/t in October

2023).

In 2024, the average prices for European domestic scrap price

of grade 3 were $389/t. In 2023, average European domestic

scrap prices of grade 3 were at $395/t.

In the domestic U.S. market, HMS 1 delivered Midwest index

decreased from an average of $349/t in 2023 to $330/t in 2024

and decreased from an average of $387/t in 2022 to $349/t in

On the export market, HMS export FOB New York

average prices for 2024 were at $347/t, a decrease of $17/t

compared to 2023.

Ferro alloys and base metals

Ferro alloys

The underlying price driver for manganese alloys is ordinarily

the price of manganese ore, which was at the level of $5.53 per

dry metric tonne unit (“dmtu”) (for 44% lump ore) on Cost,

Insurance and Freight (“CIF”) China for 2024, representing a

5.93% increase from $5.22/dmtu in 2023 ($5.97/dmtu in 2022).

High carbon ferro manganese prices increased by 4% from

$1,244/t in 2023 to $1,292/t in 2024 ($2,042/t in 2022), silicon

manganese increased by 6% from $1,266/t in 2023 to $1336/t in

2024 ($2,123/t in 2022) and medium carbon ferro manganese

prices decreased by 2% from $1,832/t in 2023 to $1,790/t in

2024 ($3,332/t in 2022).

Base metals

Base metals used by ArcelorMittal are zinc, tin and aluminum for

coating, aluminum for deoxidization of liquid steel and nickel for

producing stainless or special steels. ArcelorMittal partially

hedges its exposure to its base metal inputs in accordance with

its risk management policies.

The average price of zinc for 2024 was $2,777/t, representing a

4.8% increase as compared to the 2023 average price of

$2,649/t (the 2022 average was $3,485/t).

The average price of tin for 2024 was $30,191/t, 16.6% higher

than the 2023 average of $25,895/t. In 2022 average was

$31,102/t).

The average price of aluminum for 2024 was $2,419/t,

representing a 7.4% increase compared to the 2023 average of

$2,252/t (the 2022 average was $2,707/t).

The average price of nickel for 2024 was $16,812/t,

representing a 21.7% decrease compared to the 2023 average

of $21,474/t (the 2022 average was $25,604/t).

Energy market and CO 2

Solid fuels, electricity and natural gas are some of the primary

energ y inputs for a steelmaker. ArcelorMittal is exposed to price

volatility in each of these energy types with respect to its

purchases in the spot market and under its long-term supply

contracts.

Oil

Brent crude oil price averaged $79.86/bbl in 2024, a decrease of

$2.29/bbl as compared to 2023 which averaged at $82.15/bbl.

Brent crude oil prices in 2023 reflected a decrease of $16.9/bbl

compared to 2022, which averaged $99.05/bbl.

Brent crude oil price volatility over the 2022-2024 period has

been exacerbated by a number of geopolitical and

macroeconomic factors, including the war in Ukraine, conflicts in

the Middle East, production decisions by Organization of

Petroleum Exporting Countries ("OPEC") and other countries,

embargoes on Russian oil, monetary policy (including by the

U.S. Federal Reserve), economic growth or weakness and

general perception over the economic outlook.

CO 2

The average price for one tonne of CO 2 emitted in 2024

decreased by 21.9% compared to 2023 and reached €66.5 per

ton of carbon dioxide equivalent ("/tCO 2 e”). The average price

for one tonne of CO 2 emitted in 2023 increased by 4.9%

compared to the previous year.

Variations in the price per ton of carbon dioxide equivalent is

driven by a number of factors, including compliance buying,

temperatures and natural gas prices and storage levels

(impacting level of power generation from coal power plants ).

Because the integrated steel process leads to substantial CO 2

emissions, costs related to EUAs and the fluctuations in EUA

prices can significantly affect the Company’s costs of

production. The Company recognized a CO 2 emission obligation

provision of $420 million at December 31, 2024 with respect to

its shortfall. See note 9.1 to the consolidated financial

statements. The Company also uses derivative financial

instruments to manage its exposure to fluctuations in prices of

emission rights allowances from time to time. See note 6.3 to

the consolidated financial statements for further information.

Management report

The following table shows quarterly average prices of oil and

CO 2 for the past three years:

Commodities — Source: Thomson Reuters	Brent crude oil spot average price $ per barrel	European Union allowance average price € per ton of CO 2 e
Q1 2022	97.90	83.21
Q2 2022	111.98	83.85
Q3 2022	97.70	80.04
Q4 2022	88.63	77.95
Q1 2023	82.10	89.92
Q2 2023	77.73	88.57
Q3 2023	85.92	85.69
Q4 2023	82.85	76.85
Q1 2024	81.76	61.67
Q2 2024	85.03	69.65
Q3 2024	78.71	68.36
Q4 2024	74.01	66.38

Natural gas

In Europe, the overall spot price (or TTF) average for natural

gas in 2024 was €34.9/MWh, a 15% decrease in comparison to

previous year. In 2023, natural gas prices averaged at €40.9/

MWh, a 66% decrease in comparison to 2022. TTF prices over

the 2022-2024 have been impacted by a number of factors,

including the invasion of Ukraine (and the German government’s

decision not to proceed with the Russian-backed Nord Stream 2

project) and other geopolitical tensions and conflicts (e.g., in the

Middle East), imports of liquefied natural gas ("LNG") (e.g., from

the U.S.), temperatures, maintenance of pipelines, inventory

levels, coal prices. Russian transit gas into Europe ceased at

the end of 2024, which is expected to have an impact on 2025.

In the U.S., Henry Hub (“HH”, the main gas hub in Louisiana)

prices in 2024 dropped to an average of $2.4/MMBtu, a 10%

year-on-year decrease as compared to $2.7/MMBtu in 2023. In

2023, HH average natural gas prices fell to $2.7/MMBtu, a 59%

decrease compared to 2022. HH prices over the 2022-2024

have been impacted by a number of factors, including

disruptions in gas production (e.g., from severe weather events

or fires), increased LNG production capacity, demand for LNG

exports (including from Europe), inventory levels and

temperatures.

In 2024, the Japan Korea Marker ("JKM", the LNG benchmark

price assessment for spot physical cargoes delivered ex-ship

into Japan, South Korea, China and Taiwan) average price

dropped to $11.9/MMBtu, a 17% decrease compared to 2023.

The JKM average price of $14.4/MMBtu in 2023 represented a

58% decrease compared to 2022. JKM prices over the

2022-2024 have been impacted by a number of factors,

including the invasion of Ukraine and other geopolitical tensions

(e.g., Middle East), temperatures, ability to switch to oil and

domestic gas consumption, Chinese demand (suppressed by

COVID-19 outbreaks), inventory levels, demand from outside of

Asia (e.g., Europe), LNG supply from outside of Asia (e.g.,

U.S.), adverse weather events (e.g., cyclones) and outages at

production facilities.

The following table shows quarterly average spot prices of

natural gas for the past three years:

Natural gas	EEX PEGAS	Reuters	Reuters
Period	TTF Spot average price € per MWh	Henry Hub Spot average price $ per MMBtu	JKM Spot average price $ per MMBtu
Q1 2022	95.10	4.59	30.83
Q2 2022	98.55	7.50	27.18
Q3 2022	198.19	7.95	46.84
Q4 2022	94.27	6.09	31.23
Q1 2023	53.31	2.74	18.07
Q2 2023	35.29	2.33	11.08
Q3 2023	33.49	2.66	12.59
Q4 2023	41.01	2.92	15.82
Q1 2024	27.50	2.10	9.42
Q2 2024	31.82	2.32	11.10
Q3 2024	35.65	2.23	13.00
Q4 2024	43.30	2.98	13.91

Electricity - Europe

Due to the regional nature of electricity markets, prices follow

mainly local drivers (i.e., energy mix of the respective country,

power generation from renewables such as nuclear, country

specific energy policies, etc.), as well as temperatures and

natural gas prices (positively correlated).

In 2022, electricity prices reached new highs amid high natural

gas prices.

In 2023 power prices mainly followed the same trend as natural

gas prices.

In 2024, European power demand remained at the lower end of

the 7-year range due to mild weather and availability of power

generation from renewables.

The following table shows quarterly average spot prices of

electricity in Germany, France and Belgium for the past three

years:

Management report

Electricity — Source: EEX	Germany Baseload spot average price € per MWh	France Baseload spot average price € per MWh	Belgium Baseload spot average price € per MWh
Q1 2022	184.62	232.19	208.02
Q2 2022	186.98	225.99	193.92
Q3 2022	375.75	429.73	372.27
Q4 2022	192.84	214.15	202.62
Q1 2023	115.80	130.33	127.40
Q2 2023	92.29	91.58	92.81
Q3 2023	90.78	85.71	87.14
Q4 2023	82.27	81.22	82.36
Q1 2024	67.67	62.94	67.20
Q2 2024	71.76	29.83	54.09
Q3 2024	75.99	51.14	62.20
Q4 2024	102.65	86.77	97.23

Ocean freight

Transportation costs, particularly shipping, constitute a principal

input cost. Shipping freight rates vary depending on several

factors, such as demand (including from China), positional

tonnage deficits relative to demand in both the Atlantic and

Pacific basins, weather conditions, water levels in the Panama

Canal and fleet growth. Moreover, the relatively new ETS

regulations that entered into force at the start of 2024 continue

to have an impact on the market as average vessel speeds

dropped to comply with the stricter environmental requirements

and to limit costs.

The Baltic Dry Index (“BDI”) (an index of average prices paid for

transport of dry bulk materials) average was at 1,378 points in

2023 compared to 1,934 points in 2022. The Capesize sub-

index (cargoes of about 150,000 tonnes) increased by 1.31%

year-on-year to an average of $16,389/day in 2023 compared to

$16,177/day in 2022. The Panamax sub-index (cargoes of about

60-70,000 tonnes) decreased by 38.01% to an average of

$12,854/day as compared to $20,736/day in 2022. In 2023, the

Supramax sub-index (cargoes of about 48-60,000 tonnes) fell to

an average of $11,240/day as compared to $22,152/day in

2022, a 49.26% decline.

The BDI average was at 1,755 points in 2024 compared to

1,378 points in 2023. The Capesize index increased by 37.8%

year-on-year to an average of $22,592/day in 2024 compared to

$16,389/day in 2023. The Panamax index increased by 9.7% to

an average of $14,099/day as compared to $12,854/day in

In 2024, the Supramax index increased to an average of

$13,600/day as compared to $11,240 /day in 2023, a 21%

increase.

Sources: Baltic Index, Clarksons Platou

Impact of exchange rate movements

Because a substantial portion of ArcelorMittal’s assets, liabilities,

sales and earnings are denominated in currencies other than

the U.S. dollar (its reporting currency), ArcelorMittal has

exposure to fluctuations in the values of these currencies

relative to the U.S. dollar. These currency fluctuations,

especially the fluctuation of the U.S. dollar relative to the euro,

as well as fluctuations in the currencies of the other countries in

which ArcelorMittal has significant operations and sales, can

have a material impact on its results of operations. For example,

ArcelorMittal’s subsidiaries may purchase raw materials,

including iron ore and coking coal, in U.S. dollars, but may sell

finished steel products in other currencies. Consequently, an

appreciation of the U.S. dollar will increase the cost of raw

materials; thereby having a negative impact on the Company’s

operating margins, unless the Company is able to pass along

the higher cost in the form of higher selling prices. In order to

minimize its currency exposure, ArcelorMittal enters into

hedging transactions to lock-in a set exchange rate, as per its

risk management policies.

Since April 1, 2018, the Company has designated a portfolio of

euro denominated debt ( €4.1 billion as of December 31, 2024)

as a hedge of certain euro denominated investments ( €8.2

billion as of December 31, 2024) in order to mitigate the foreign

currency risk arising from certain euro denominated subsidiaries

net assets. The risk arises from the fluctuation in spot exchange

rates between the euro and U.S. dollar, which causes the

amount of the net investments to vary. See also note 6.3 to the

consolidated financial statements. As a result of the hedge

designation, foreign exchange gains and losses related to the

portfolio of euro denominated debt are recognized in other

comprehensive income.

As of December 31, 2024, the Company is mainly subject to

foreign exchange exposure relating to the euro, Brazilian real,

Canadian dollar, Indian rupee, South African rand, Mexican

peso, Polish zloty, Argentinian peso and Ukrainian hryvnia

against the U.S. dollar resulting from its payables, receivables or

foreign operations denominated in such currencies.

Critical accounting policies and use of judgments and estimates

Management’s discussion and analysis of ArcelorMittal’s

operational results and financial condition is based on

ArcelorMittal’s consolidated financial statements, which have

been prepared in accordance with IFRS. The preparation of

financial statements in conformity with IFRS recognition and

measurement principles and, in particular, making the critical

accounting judgments highlighted below require the use of

estimates and assumptions that affect the reported amounts of

assets, liabilities, revenues and expenses. Management reviews

its estimates on an ongoing basis using currently available

information. Changes in facts and circumstances or obtaining

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Management report

new information or more experience may result in revised

estimates, and actual results could differ from those estimates.

An overview of ArcelorMittal's critical accounting policies under

which significant judgments, estimates and assumptions are

made may be found in note 1.3 to the consolidated financial

statements.

Legal proceedings

ArcelorMittal is currently and may in the future be involved in

litigation, arbitration or other legal proceedings. Provisions

related to legal and arbitration proceedings are recorded in

accordance with the accounting policies described in note 9.1 to

ArcelorMittal’s consolidated financial statements. Please refer to

note 9.3 for a description of contingencies, including legal

proceedings.

Operating results

The following discussion and analysis should be read in

conjunction with ArcelorMittal’s consolidated financial

statements included in this annual report.

As from January 1, 2024, ArcelorMittal implemented changes to

its organizational structure. India and joint ventures are

presented as a new operating segment including the joint

ventures AMNS India, VAMA and AMNS Calvert as well as all

other associates, joint ventures ("JVs") and other investments;

the results of these entities are included in the line “Investments

in associates, joint ventures and other investments" and

discussed in such section. The segment Sustainable Solutions

is composed of a number of niche, capital light businesses

playing an important role in supporting climate action (including

renewables, special projects and construction business), which

were previously reported within the Europe segment and are

now reported as a separate operating segment. The NAFTA

segment has been renamed North America. Finally, following

the sale of the Company’s operations in Kazakhstan, the

remaining operations of the former ACIS segment, i.e.

ArcelorMittal Kryvyi Rih and ArcelorMittal South Africa, were

assigned to Others. Segment disclosures have been recast to

reflect this new segmentation in conformity with IFRS.

ArcelorMittal reports its operations in six reportable segments:

North America, Brazil, Europe, India and JVs, Sustainable

Solutions and Mining, with the remainder of its operations in

“Others”. The key performance indicators that ArcelorMittal’s

management uses to analyze operations are sales, average

steel selling prices, crude steel production, steel shipments, iron

ore production and operating income. Management’s analysis of

liquidity and capital resources is driven by net cash flow from

operations and capital expenditures.

Years ended December 31, 2024, 2023 and 2022

Sales, operating income, crude steel production, steel shipments, average steel selling prices and mining production

The following tables provide a summary of ArcelorMittal’s performance by reportable segment for the years ended December 31, 2024,

2023 and 2022:

	Sales for the year ended December 31, 1 — 2024	2023	2022	Operating income (loss) for the year ended December 31 — 2024	2023	2022
Segment	(in $ millions)	(in $ millions)	(in $ millions)	(in $ millions)	(in $ millions)	(in $ millions)
North America	11,896	12,978	13,774	1,310	1,917	2,818
Brazil	12,401	13,163	13,732	1,399	1,461	2,775
Europe	29,952	31,695	39,639	386	879	3,521
India and JVs	—	—	—	—	—	—
Sustainable Solutions	10,722	11,467	13,658	57	225	778
Mining	2,663	3,077	3,396	770	1,144	1,483
Others and eliminations	(5,193)	(4,105)	(4,355)	(612)	(3,286)	(1,103)
Total	62,441	68,275	79,844	3,310	2,340	10,272

Amounts are prior to inter-segment eliminations (except for total) and sales include non-steel sales.

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Management report

Others and eliminations	Year ended December 31, — 2024	2023	2022
	(in $ millions)	(in $ millions)	(in $ millions)
Corporate and shared services 1	(271)	(296)	(235)
Financial activities	(22)	(22)	(19)
Other 2	(125)	(236)	465
Shipping and logistics	6	5	12
Intragroup stock margin eliminations	30	91	105
Depreciation	(193)	(321)	(405)
Impairment of property, plant and equipment	(37)	(844)	(1,026)
Loss on disposal of Kazakhstan operations	—	(1,663)	—
Others and eliminations	(612)	(3,286)	(1,103)

Includes primarily staff and other holding costs and results from shared service activities.
Including operating income (loss) before depreciation and impairment of property, plant and equipment of the Company's operations in Ukraine and South Africa (and in

Kazakhstan in 2022 and 2023 until disposal on December 7, 2023).

Shipments and average steel selling price

ArcelorMittal steel shipments decreased by 2.4% to 54.3 million

tonnes for the year ended December 31, 2024 as compared to

steel shipments of 55.6 million tonnes for the year ended

December 31, 2023.

On a comparable basis, excluding the shipments from

ArcelorMittal Pecém (consolidated from March 9, 2023) and

A rcelorMittal's Kazakhstan operations (sold on December 7,

2023), steel shipments in 2024 were 1.7% higher as compared

to 2023.

ArcelorMittal steel shipments remained relatively stable at 55.6

million tonnes for the year ended December 31, 2023 as

compared to steel shipments of 55.9 million tonnes for the year

ended December 31, 2022.

On a comparable basis, excluding the shipments from

ArcelorMittal Pecém (consolidated from March 9, 2023) and

ArcelorMittal's Kazakhstan operations (sold on December 7,

2023), steel shipments in 2023 were impacted by production

cuts and outages during the year in Europe, offset in part by

improved North America volumes, and declined by 4.5% as

compared to 2022.

Steel shipments decreased 4.6% to 27.3 million tonnes for the

first half of 2024, as compared to 28.7 million tonnes for the first

half of 2023. On a scope adjusted basis (i.e. excluding

ArcelorMittal's Kazakhstan operations and ArcelorMittal Pecém),

steel shipments in the first half of 2024 decreased by 1.1% as

compared to the first half of 2023. Steel shipments remained

stable at 26.9 million tonnes in the second half of 2024

compared to 27.0 million tonnes in the second half of 2023, and

increased 4.6% on a scope adjusted basis excluding

Kazakhstan operations.

Steel shipments decreased 3.6% to 28.7 million tonnes in the

first half of 2023 as compared to 29.7 million tonnes for the first

half of 2022. Excluding the shipments of ArcelorMittal Pecém

(consolidated from March 9, 2023), steel shipments in the first

half of 2023 declined by 6.8% as compared to the first half of

2022 (impacted by outages in Europe and lower demand in

Brazil, including exports). Steel shipments increased 2.9% to

27.0 million tonnes in the second half of 2023 compared to 26.2

million tonnes in the second half of 2022, mainly due to the

shipments of ArcelorMittal Pecém and improved shipments from

North America segment. Excluding the shipments from

ArcelorMittal Pecém, steel shipments in the second half of 2023

declined by 2.9% as compared to the second half of 2022

(mainly impacted by the lower demand in Europe).

Average steel selling prices decreased by 7.6% for the year

ended December 31, 2024 as compared to the year ended

December 31, 2023 in line with international steel selling prices.

Average steel selling prices decreased by 7.5% for both first half

of 2024 and second half of 2024, compared to first half and

second half of 2023, in line with international prices.

Average steel selling prices decreased by 13.5% for the year

ended December 31, 2023 as compared to the year ended

December 31, 2022 in line with international steel selling prices.

Average steel selling prices decreased by 14.7% in the first half

of 2023, as compared to the first half of 2022, when prices

benefited from restocking demand following the outbreak of war

in Ukraine. Average steel selling prices decreased by 11.8% in

the second half of 2023, as compared to the second half of

2022, in line with international prices.

ArcelorMittal's total iron ore production increased by 1.1% to

42.4 million tonnes (including 27.9 million tonnes in the Mining

segment) for the year ended December 31 , 2024 as compared

to 42.0 million tonnes (including 26.0 million tonnes in the

Mining segment) for the year ended December 31, 2023.

ArcelorMittal's total iron ore production decreased by 7.9% to

42.0 million tonnes (including 26.0 million tonnes in the Mining

segment) for the year ended December 31 , 2023 as compared

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Management report

to 45.3 million tonnes (including 28.6 million tonnes in the

Mining segment) for the year ended December 31, 2022.

Sales

ArcelorMittal had sales of $ 62.4 billion for the year ended

December 31, 2024, representing an 8.5% decrease from sales

of $68.3 billion for the year ended December 31, 2023, primarily

due to 7.6% lower average steel selling prices and a 2.4%

decline in steel shipments. In the first half of 2024, sales

decreased by 12.3% to $ 32.5 billion from $ 37.1 billion for the

first half of 2023, primarily due to 4.6% lower steel shipments

and 7.5% lower average steel selling prices. In the second half

of 2024, sales decreased by 4.0% to $ 29.9 billion from $ 31.2

billion for the second half of 2023, primarily due to 7.5% lower

average steel selling prices.

ArcelorMittal had sales of $68.3 billion for the year ended

December 31, 2023, representing a 14.5% decrease from sales

of $79.8 billion for the year ended December 31, 2022, primarily

due to 13.5% lower average steel selling prices. In the first half

of 2023, sales were $37.1 billion, decreasing from $44.0 billion

in the first half of 2022, primarily due to lower steel shipments

and 15% lower average steel selling prices. In the second half of

2023, sales of $31.2 billion represented a 13.1% decrease as

compared to sales of $35.9 billion in the second half of 2022,

primarily driven by an 11.8% decrease in average steel selling

prices, a negative currency translation impact offset in part by

2.9% higher steel shipments.

Export sales

Because Group's customers and operations are mainly based

outside its home country of Luxembourg, all of its sales are

considered to be export sales. Annual sales to a single

individual customer did not exceed 5% of sales in any of the

periods presented.

Cost of sales

Cost of sales consists primarily of purchases of raw materials

necessary for steel-making (iron ore, coke and coking coal,

scrap and alloys), energy, repair and maintenance costs, as well

as direct labor costs, depreciation and impairment. Cost of sales

for the year ended December 31, 2024 was $ 56.7 billion as

compared to $63.5 billion for the year ended December 31,

2023, mainly driven by lower iron ore, coal and energy costs

(see below for more details). Cost of sales for the year ended

December 31, 2024 included $116 million impairment charges of

property, plant and equipment, of which $37 million related to

the announced wind down of the Longs Business in

ArcelorMittal South Africa, $ 43 million relating to write off of

certain civil works following the termination of the Monlevade

expansion project in Brazil and $ 36 million in connection with

the closure of the Kraków coke plant in Poland. Cost of sales for

the year ended December 31, 2024 also included $216 million

of restructuring charges, including $74 million relating to the

Europe segment, $79 million relating to Sustainable Solutions

and $63 million related to the announced wind down of the

Longs Business in ArcelorMittal South Africa. Cost of sales for

the year ended December 31, 2023 included $1.5 billion foreign

exchange translation losses and impairment charges of $0.9

billion in connection with the sale of ArcelorMittal's Kazakhstan

operations, t he Company's steel and mining operations in

Kazakhstan, of which $0.7 billion impairment of property, plant

and equipment and $0.2 billion impairment of former ACIS

goodwill. Cost of sales for the year ended December 31, 2023

also included $0.1 billion impairment of property, plant and

equipment of the Long operations of ArcelorMittal South Africa .

Cost of sales for the year ended December 31, 2022 included a

$1.0 billion impairment charge relating to ArcelorMittal Kryviy

Rih’s property, plant and equipment due to the significant

uncertainty about the evolution of the geopolitical context in

Ukraine and the timing and ability for the Company to resume

operations to a normal level. Cost of sales for the year ended

December 31, 2022 also included $0.5 billion of inventory

related charges to reflect the net realizable value of inventory

with declining market prices in Europe, partially offset by a $0.1

billion bargain purchase gain on the acquisition of ArcelorMittal

Texas HBI and a $0.1 billion gain following the settlement of a

claim by ArcelorMittal for a breach of a supply contract.

For the years ended December 31, 2024, 2023, and 2022, cost

of sales included the following energy costs :

in millions of USD	2024	2023	2022
Electricity for production	2,736	3,129	4,360
Natural and other gases	1,498	1,887	3,326
Other energy and utilities	1,624	1,799	1,902
Total	5,858	6,815	9,588

Energy costs represented 10%, 11% and 14% of cost of sales

for the years ended December 31, 2024, 2023, and 2022,

respectively. ArcelorMittal has taken cost mitigating actions

including hedging a part of its future energy consumption (in

accordance with the Group's commodity price hedging policy)

as well as operational savings. In the case of natural gas, the

Company has taken several actions to minimize the

consumption of natural gas throughout its production process,

including optimization of the reuse of blast furnace gases and

coke oven battery gases, and enhancement of oxygen

enrichment combustion for reheating furnaces .

Depreciation for the year ended December 31, 2024 was $ 2.6

billion, slightly lower as compared to $2.7 billion for the year

ended December 31, 2023.

Depreciation for the year ended December 31, 2023 was $2.7

billion, slightly higher as compared to $2.6 billion for the year

ended December 31, 2022 primarily due to the acquisition of

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Management report

ArcelorMittal Texas HBI on June 30, 2022 and ArcelorMittal

Pecém on March 9, 2023.

Selling, general and administrative expenses

Selling, general and administrative expenses ("SG&A") were

$ 2.5 billion for the year ended December 31, 2024 as compared

to $2.4 billion for the year ended December 31, 2023 and $2.3

billion for the year ended December 31, 2022. S G&A as a

percentage of sales increased for the year ended December 31,

2024 ( 4.0% ) as compared to 2023 (3.5%) and 2022 (2.8%) .

Operating income

ArcelorMittal’s operating income for the year ended December

31, 2024 was $ 3.3 billion as compared to $2.3 billion for the

year ended December 31, 2023 . Operating income for the year

ended December 31, 2024 was impacted by negative price-cost

effects across the steel segments, impact of illegal blockade of

Mexico operations and weaker performance of Mining primarily

driven by 8.3% lower iron ore reference prices. Operating

income was also impacted by the impairment and restructuring

charges described above.

ArcelorMittal’s operating income for the year ended December

31, 2023 was $2.3 billion as compared to $10.3 billion for the

year ended December 31, 2022, primarily driven by negative

price-cost effect (predominantly on account of lower average

steel selling prices (13.5%) driving a decline in steel spreads

with the pace of the decline in steel prices being greater than

the reduction in the raw material basket and energy costs.

Operating income for the year ended December 31, 2023

included a $2.4 billion charge relating to the disposal of

ArcelorMittal Kazakhstan operations including $0.9 billion of

impairment of property, plant and equipment and goodwill and

$1.5 billion cumulative foreign exchange translation losses

(previously recognized in equity) recycled through the

consolidated statements of operations .

North America
	Performance for the year ended December 31,
(in millions of USD unless otherwise shown)	2024	2023	2022
Sales	11,896	12,978	13,774
Depreciation	(509)	(535)	(427)
Operating income	1,310	1,917	2,818
Crude steel production (thousand tonnes)	7,538	8,727	8,271
Flat product shipments	8,022	8,220	7,121
Long product shipments	2,486	2,734	2,739
Others and eliminations	(445)	(390)	(274)
Total steel shipments (thousand tonnes) *	10,063	10,564	9,586
Average steel selling price (USD/tonne)	985	1,024	1,215

North America steel shipments include slabs sourced by North America from

Group subsidiaries (primarily from Brazil) and sold to the Calvert joint venture

which are then eliminated on consolidation. These shipments, which vary

between periods due to slab sourcing mix and timing of vessels in a period,

amounted to 1, 8 67 ,000 tonnes , 1,660,000 tonnes and 1,173,000 tonnes in 2024,

2023 and 2022, respectively.

Crude steel production, steel shipments and average steel

selling price

Crude steel production for the North America segment

decreased by 13.6% to 7.5 million tonnes for the year ended

December 31, 2024 as compared to 8.7 million tonnes for the

year ended December 31, 2023. Crude steel production in the

North America segment decreased 9.4% to 4.0 million tonnes in

the first half of 2024 as compared to 4.4 million tonnes for the

first half of 2023 and decreased 17.9% to 3.5 million tonnes in

the second half of 2024 as compared to 4.3 million tonnes in the

second half of 2023. This resulted mainly from the illegal

blockade of Mexico's steel plant in Lazaro Cardenas and mine

located in the Tenencia La Mira in the state of Michoacán by a

group of workers due to their dissatisfaction with the distribution

of profit sharing by the Company during the second and third

quarters of 2024. In order to maintain safety within and outside

the plant, the Company halted the steel and mining operations,

and undertook mitigation actions to continue to serve

customers . The estimated impact was approximately 800,000

tonnes of foregone steel production and lost operating income of

$0.2 billion (including increased costs due to the actions

mentioned above). On July 19, 2024, the Company announced

that it approved a new settlement with unions with an agreement

to end the strike and blockade leading to a gradual restart of

crude steel production, which continued to normalize during the

fourth quarter of 2024 and is expected to fully recover in the first

quarter of 2025.

Crude steel production for the North America segment increased

5.5% to 8.7 million tonnes for the year ended December 31,

2023 as compared to 8.3 million tonnes for the year ended

December 31, 2022. Crude steel production increased 7.3% to

4.4 million tonnes in the first half of 2023 as compared to 4.1

million tonnes the first half of 2022, which was impacted by labor

actions in Mexico and in Long Products Canada and

maintenance in Canada. Crude steel production increased 3.8%

to 4.3 million tonnes in the second half of 2023 as compared to

4.1 million tonnes in the second half of 2022, which was

impacted by planned maintenance.

Steel shipments in the North America segment decreased by

4.7% for the year ended December 31, 2024 to 10.1 million

tonnes as compared to the 10.6 million tonnes for the year

ended December 31, 2023 primarily driven by the illegal

blockade at the Company's Mexican operations, which impacted

both the first and second halves of 2024. Steel shipments

decreased 3.4% to 5.3 million tonnes for the first half of 2024,

from 5.4 million tonnes for the first half of 2023. Steel shipments

decreased by 6.2% to 4.8 million tonnes in the second half of

2024, as compared to the 5.1 million tonnes in the second half

of 2023.

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Management report

Steel shipments in the North America segment increased by

10.2% for the year ended December 31, 2023 to 10.6 million

tonnes as compared to the 9.6 million tonnes for the year ended

December 31, 2022. Steel shipments increased 10.9% to 5.4

million tonnes for the first half of 2023, from 4.9 million tonnes

for the first half of 2022 primarily due to higher slab shipments

sourced from the Brazil segment for Calvert and higher steel

shipments in Mexico. Steel shipments increased by 9.4% to 5.1

million tonnes in the second half of 2023, as compared to the

4.7 million tonnes in the second half of 2022, primarily due to

the higher slab shipments sourced from Brazil and sold to the

Calvert joint venture, and higher steel shipments in Mexico.

Average steel selling prices in North America segment

decreased 3.9% for the year ended December 31, 2024 as

compared to the year ended December 31, 2023. In the first half

of 2024, average steel selling prices decreased marginally by

1.0% , compared to the first half of 2023, and 7.1% lower in the

second half of 2024, as compared to the second half of 2023, in

line with the trend in market prices.

Average steel selling prices in North America segment

decreased 15.7% for the year ended December 31, 2023 as

compared to the year ended December 31, 2022. In the first half

of 2023, average steel selling prices were 20.2% lower than in

the first half of 2022, in line with the trend in market prices.

Average steel selling prices in the second half of 2023 were

10.0% lower as compared to the second half of 2022, in line

with the trend in market prices.

Sales

Sales in the North America segment were $ 11.9 billion for the

year ended December 31, 2024, representing a 8.3% decrease

as compared to the year ended December 31, 2023. Sales in

the North America segment decreased 4.9% to $ 6.5 billion for

the first half of 2024 as compared to $ 6.8 billion for the first half

of 2023, mainly due to 3.4% lower steel shipments and 1.0%

lower steel average steel selling prices. Sales in the North

America segment decreased by 12.1% in the second half of

2024 as compared to the second half of 2023, mainly due to

6.2% lower steel shipments and 7.1% lower average steel

selling prices. Shipments in both first and second half of the

year ended December 31, 2024 were impacted by the illegal

blockade as discussed above.

Sales in the North America segment were $ 13.0 billion for the

year ended December 31, 2023, representing a 5.8% decrease

as compared to the year ended December 31, 2022. Sales in

the North America segment decreased 7.6% to $6.8 billion for

the first half of 2023 as compared to $ 7.4 billion for the first half

of 2022, mainly due to 20.2% lower average steel selling prices,

offset in part by 10.9% higher steel shipment volumes and the

impact of consolidation of ArcelorMittal Texas HBI. Sales in the

North America segment in the second half of 2023 decreased by

3.6% as compared to the second half of 2022, mainly due to

10.0% lower average steel selling prices, partially offset by the

9.4% increase in steel shipments.

Operating income

Operating income for the North America segment decreased by

31.7% to $ 1.3 billion for the year ended December 31, 2024,

compared to $1.9 billion for the year ended December 31, 2023,

mainly due to 4.7% lower steel shipments and a negative price-

cost effect, including higher costs related to the above

mentioned illegal blockade action in Mexico. In the first half of

2024, o perating income was $ 923 million, as compared to

$ 1,117 million in the first half of 2023. Operating income

decreased by 51.6% in the second half of 2024 as compared to

the second half of 2023.

Operating income decreased by 32.0% to $ 1.9 billion for the

year ended December 31, 2023, compared to $ 2.8 billion for the

year ended December 31, 2022, mainly due to negative price-

cost effect driven by lower average steel selling prices offset in

part by higher steel shipments. In the first half of 2023, o perating

income for the North America segment was $ 1,117 million, as

compared to $ 1,871 million in the first half of 2022, mainly

driven by a significant negative price-cost effect offset in part by

higher steel shipments and the contribution from ArcelorMittal

Texas HBI . Operating income for the North America segment in

the second half of 2023 decreased by 15.5% , as compared to

the second half of 2022, mainly due to negative price-cost effect

partially offset by an increase in steel shipments. The second

half of 2022 includes a $0.1 billion bargain purchase gain on the

acquisition of ArcelorMittal Texas HBI and a $0.1 billion gain

following the settlement of a claim by ArcelorMittal for a breach

of a supply contract.

Brazil
	Performance for the year ended December 31,
(in millions of USD unless otherwise shown)	2024	2023	2022
Sales	12,401	13,163	13,732
Depreciation	(361)	(341)	(246)
Operating income	1,399	1,461	2,775
Crude steel production (thousand tonnes)	14,540	13,986	11,877
Flat product shipments	9,409	8,833	6,423
Long product shipments	4,732	4,905	5,179
Others and eliminations	(59)	(57)	(86)
Total steel shipments (thousand tonnes)	14,082	13,681	11,516
Average steel selling price (USD/tonne)	816	939	1,114

Crude steel production, steel shipments and average steel

selling price

Crude steel production for the Brazil segment increased 4.0% to

14.5 million tonnes for the year ended December 31, 2024 as

compared to 14.0 million tonnes for the year ended December

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Management report

31, 2023 primarily due to the consolidation of ArcelorMittal

Pecém from March 9, 2023. On a scope adjusted basis

excluding the impact of ArcelorMittal Pecém, crude steel

production remained stable at 11.5 million tonnes in 2024 as

compared to 2023. Crude steel production in the Brazil segment

increased 5.7% to 7.2 million tonnes in the first half of 2024 as

compared to 6.8 million tonnes for the first half of 2023,

including the impact of the consolidation of ArcelorMittal Pecém

from March 9, 2023. Crude steel production in the Brazil

segment increased 2.3% to 7.4 million tonnes for the second

half of 2024 as compared to 7.2 million tonnes for the second

half of 2023.

Crude steel production for the Brazil segment increased 17.8%

to 14.0 million tonnes for the year ended December 31, 2023 as

compared to 11.9 million tonnes for the year ended December

31, 2022 primarily due to the consolidation of ArcelorMittal

Pecém from March 9, 2023. On a scope adjusted basis

excluding the impact of ArcelorMittal Pecém, crude steel

production was 3.6% lower in 2023 compared to 2022, primarily

due to lower demand. Crude steel production in the Brazil

segment increased 10.8% to 6.8 million tonnes in the first half of

2023 as compared to 6.1 million tonnes for the first half of 2022,

primarily due to the consolidation of ArcelorMittal Pecém from

March 9, 2023. On a scope adjusted basis excluding the impact

of ArcelorMittal Pecém, crude steel production for the first half of

2023 was 5.3% lower as compared to the first half of 2022, due

to lower demand including exports (in particular in the first

quarter of 2023). Crude steel production in the Brazil segment

increased 25.2% to 7.2 million tonnes for the second half of

2023 as compared to 5.8 million tonnes for the second half of

2022, primarily due to the consolidation of ArcelorMittal Pecém

(as discussed above) . On a scope adjusted basis excluding the

impact of ArcelorMittal Pecém, crude steel production for the

second half of 2023 was 1.7% lower as compared to the second

half of 2022, primarily due to lower demand in Argentina.

Steel shipments increased 2.9% to 14.1 million tonnes for the

year ended December 31, 2024 as compared to 13.7 million

tonnes for the year ended December 31, 2023. On a scope

adjusted basis excluding the impact of ArcelorMittal Pecém,

steel shipments remained stable at 11.2 million tonnes in 2024

as compared to 2023. Steel shipments increased 4.6% to 6.8

million tonnes in the first half of 2024 as compared to 6.5 million

tonnes for the first half of 2023, primarily due to the impact of

ArcelorMittal Pecém. S teel shipments in the second half of 2024

increased 1.5% as compared to the second half of 2023.

Steel shipments increased 18.8% to 13.7 million tonnes for the

year ended December 31, 2023 as compared to 11.5 million

tonnes for the year ended December 31, 2022. On a scope

adjusted basis excluding the impact of ArcelorMittal Pecém,

steel shipments decreased 2.8% in 2023 as compared to 2022.

Steel shipments increased 8.0% to 6.5 million tonnes in the first

half of 2023 as compared to 6.0 million tonnes for the first half of

2022, primarily due to the impact of ArcelorMittal Pecém. On a

scope adjusted basis excluding the impact of ArcelorMittal

Pecém, steel shipments for the first half of 2023 were 7.9%

lower as compared to the first half of 2022 due to lower demand

including exports. Steel shipments in the second half of 2023

increased 30.8% as compared to the second half of 2022,

primarily due to due to the impact of ArcelorMittal Pecém. On a

scope adjusted basis excluding the impact of ArcelorMittal

Pecém, steel shipments for the second half of 2023 were 2.9%

higher as compared to the second half of 2022.

Average steel selling prices decreased 13.1% for the year

ended December 31, 2024 as compared to the year ended

December 31, 2023, in line with the trend in market prices.

Average steel selling prices decreased 13.8% in the first half of

2024 compared to the first half of 2023 and 12.6% in second

half of 2024 as compared to the second half of 2023, in line with

the trend in market prices.

Average steel selling prices decreased 15.7% for the year

ended December 31, 2023 as compared to the year ended

December 31, 2022, in line with the trend in market prices.

Average steel selling prices decreased 12.8% in the first half of

2023 compared to the first half of 2022 in line with the trend in

market prices. Average steel selling prices decreased 18.1% in

second half of 2023 as compared to the second half of 2022, in

line with the trend in market prices.

Sales

In the Brazil segment, sales decreased 5.8% to $ 12.4 billion for

the year ended December 31, 2024 as compared to $13.2 billion

for the year ended December 31, 2023, primarily due to 13.1%

lower average steel selling prices offset in part by 2.9% higher

steel shipments. In the first half of 2024, sales decreased 8.7%

to $ 6.3 billion as compared to $ 6.9 billion for the first half of

2023 primarily due to 13.8% lower average steel selling prices

offset in part by 4.6% higher steel shipments. Sales in the Brazil

segment in the first half of 2024 was also impacted by the

devaluation of the Argentinian peso. In the second half of 2024,

sales decreased 2.6% to $ 6.1 billion as compared to $ 6.3 billion

for the second half of 2023, driven by lower average steel selling

prices offset in part by the 1.5% increase in shipments.

Sales decreased 4.1% to $ 13.2 billion for the year ended

December 31, 2023 as compared to $13.7 billion for the year

ended December 31, 2022, primarily due to 15.7% lower

average steel selling prices offset in part by 18.8% higher steel

shipments, mainly due to the impact of ArcelorMittal Pecém. In

the first half of 2023, sales decreased 6.2% to $ 6.9 billion as

compared to $ 7.4 billion for the first half of 2022 primarily due to

12.8% lower average steel selling prices offset in part by 8.0%

higher steel shipments (including ArcelorMittal Pecém). In the

second half of 2023, sales decreased 1.8% to $ 6.3 billion as

compared to $ 6.4 billion for the second half of 2022, driven by

106

Management report

an 18.1% decrease in average steel selling prices and the

devaluation of the Argentinian peso, offset by a 30.8% increase

in shipments.

Operating income

Operating income for the Brazil segment was $ 1.4 billion for the

year ended December 31, 2024, representing a 4.2% decrease

as compared to $1.5 billion for the year ended December 31,

2023, Operating income included a $43 million impairment

charge relating to write off of civil works following the termination

of the Monlevade expansion project in Brazil. Operating income

was $ 627 million in the first half of 2024 as compared to $ 876

million in the first half of 2023. Operating income decreased

28.4% in the first half of 2024 compared to the first half of 2023

mainly due to a negative price-cost effect (i.e., the decline in

selling prices exceeded the decline in costs) offset in part by

higher shipment volumes. Operating income increased 32.0% to

$ 772 million in the second half of 2024 from $ 585 million in the

second half of 2023 driven by higher shipment volume and a

positive price-cost effect with the decline in selling prices more

than offset by the decline in costs.

Operating income for the Brazil segment was $ 1.5 billion for the

year ended December 31, 2023, representing a 47.3% decrease

as compared to the year ended December 31, 2022, primarily

due to a negative price-cost effect and the impact of the

devaluation of the Argentinian peso offset in part by the

contribution from ArcelorMittal Pecém. Operating income for the

year ended December 31, 2022 also included $0.2 billion

related to PIS/COFINS tax credits with respect to scrap

purchases for prior periods. Operating income in the first half of

2023 was $ 876 million as compared to $1,875 million in the first

half of 2022. Operating income decreased 53.3% in the first half

of 2024 compared to the first half of 2023 primarily driven by

negative price-cost effect, partly offset by higher steel shipments

(including the contribution from ArcelorMittal Pecém). Operating

income decreased 35.0% to $ 585 million in the second half of

2023 from $ 901 million in the second half of 2022, mainly due to

a negative price-cost effect, and the impact of the devaluation of

the Argentinian peso, partially offset by the contribution from

ArcelorMittal Pecém.

Europe
	Performance for the year ended December 31,
(in millions of USD unless otherwise shown)	2024	2023	2022
Sales	29,952	31,695	39,639
Depreciation	(1,128)	(1,098)	(1,160)
Operating income	386	879	3,521
Crude steel production (thousand tonnes)	31,211	28,445	31,483
Flat product shipments	20,489	19,570	21,387
Long product shipments	8,183	8,001	8,321
Others and eliminations	(13)	(12)	(9)
Total steel shipments (thousand tonnes)	28,659	27,559	29,699
Average steel selling price (USD/tonne)	910	995	1,157

Crude steel production, steel shipments and average steel

selling price

Crude steel production for the Europe segment increased 9.7%

to 31.2 million tonnes for the year ended December 31, 2024 as

compared to 28.4 million tonnes for the year ended December

31, 2023, which was negatively impacted by lower demand and

outages of blast furnaces (see below). Crude steel production

increased 7.8% to 15.6 million tonnes in the first half of 2024

from 14.5 million tonnes in the first half of 2023. 2023 was

negatively impacted by outages of blast furnaces ("BF") in Gijón,

Spain (BF A) and Dunkirk, France (BF 4) in late March 2023

prior to restart in mid-July 2023. Crude steel production

increased 11.7% to 15.6 million tonnes in the second half of

2024 from 13.9 million tonnes in the second half of 2023, which

was negatively impacted, in particular in the fourth quarter, by a

reline of blast furnace A at Ghent (Belgium), planned

maintenance of blast furnace #2 at Bremen (Germany), both of

which restarted in early December 2023, and production cuts at

blast furnace #1 in Fos-sur-Mer (France).

Crude steel production for the Europe segment decreased 9.6%

to 28.4 million tonnes for the year ended December 31, 2023 as

compared to 31.5 million tonnes for the year ended December

31, 2022, mainly due to lower demand and outages of blast

furnaces. In the first quarter of 2023, the Company gradually

restarted previously curtailed crude steel capacity to meet

demand as apparent demand conditions improved following the

aggressive destock in the second half of 2022 but in late March

2023, the Company was impacted by incidents that temporarily

disabled blast furnaces at Gijón, Spain (blast furnace A) and at

Dunkirk, France (blast furnace #4). These blast furnaces were

restarted in mid-July 2023 but crude steel production was still

negatively impacted by slow ramp up in third quarter of 2023.

Crude steel production in the fourth quarter of 2023 was

negatively impacted by a reline of blast furnace A at Ghent

(Belgium) and planned maintenance of blast furnace #2 at

Bremen (Germany), both of which restarted in early December

107

Management report

2023, and production cuts at blast furnace #1 in Fos-sur-Mer

(France). Crude steel production decreased 13.2% to 14.5

million tonnes in the first half of 2023 from 16.7 million tonnes in

the first half of 2022 and 5.7% to 13.9 million tonnes in the

second half of 2023 from 14.8 million tonnes in the second half

of 2022 for the above-mentioned reasons.

Steel shipments were 28.7 million tonnes for the year ended

December 31, 2024, representing a 4.0% increase from steel

shipments of 27.6 million tonnes for the year ended December

31, 2023, primarily due to higher production as discussed

above. Steel shipments slightly decreased to 14.6 million tonnes

in the first half of 2024, as compared to 14.7 million tonnes in

the first half of 2023. Steel shipments increased 9.2% in the

second half of 2024 compared to the second half of 2023, which

had been negatively impacted by curtailed production in light of

continued weak apparent demand driven by destocking and

construction-related demand.

Steel shipments were 27.6 million tonnes for the year ended

December 31, 2023, representing a 7.2% decrease from steel

shipments of 29.7 million tonnes for the year ended December

31, 2022, primarily due to lower production as discussed above

and weaker demand (including weaker construction-related

demand). Steel shipments decreased 8.4% to 14.7 million

tonnes in the first half of 2023, from 16.1 million tonnes in the

first half of 2022 mainly due to lower production as discussed

above and weaker demand. Steel shipments decreased 5.8% in

the second half of 2023 compared to the second half of 2022,

primarily due to curtailed production in light of continued weak

apparent demand driven by destocking and construction-related

demand.

Average steel selling prices decreased 8.5% for the year ended

December 31, 2024 as compared to the year ended December

31, 2023. Average steel selling prices decreased 8.7% in the

first half of 2024 as compared to the first half of 2023 and by

11.4% during the second half of 2024 as compared to the

second half of 2023, in line with the trend in market prices.

Average steel selling prices decreased 14.0% for the year

ended December 31, 2023 as compared to the year ended

December 31, 2022. Average steel selling prices decreased

15.9% in the first half of 2023 as compared to the first half of

2022 in line with the trend in market prices. Average steel selling

prices decreased by 11.2% during the second half of 2023 as

compared to the second half of 2022, in line with the trend in

market prices.

Sales

Sales in the Europe segment were $ 30.0 billion for the year

ended December 31, 2024, representing a 5.5% decrease as

compared to sales of $31.7 billion for the year ended December

31, 2023, primarily due to a 8.5% decrease in average steel

selling prices offset in part by 4.0% higher steel shipments. In

the first half of 2024, sales decreased 11.8% to $ 15.7 billion as

compared to $ 17.8 billion in the first half of 2023, primarily due

to a 8.7% decrease in average steel selling prices. In the

second half of 2024, sales increased by 2.5% to $ 14.3 billion as

compared to $13.9 billion in the second half of 2023, primarily

due to 9.2% higher steel shipments offset in part by t he 11.4%

decline in average steel selling prices .

Sales in the Europe segment were $31.7 billion for the year

ended December 31, 2023, representing a 20.0% decrease as

compared to sales of $ 39.6 billion for the year ended December

31, 2022, primarily due to a 14.0% decrease in average steel

selling prices and 7.2% lower steel shipments. In the first half of

2023, sales decreased by 20.6% to $ 17.8 billion as compared to

$ 22.4 billion in the first half of 2022, primarily due to a 15.9%

decrease in average steel selling prices and 8.4% lower steel

shipments . In the second half of 2023, sales decreased by

19.4% to $ 13.9 billion as compared to $ 17.3 billion in the

second half of 2022, primarily due to a 11.2% decrease in

average steel selling prices and 5.8% lower steel shipments .

Operating income

Operating income for the Europe segment for the year ended

December 31, 2024 was $ 386 million as compared to operating

income of $879 million for the year ended December 31, 2023.

Operating income was negatively impacted by $ 36 million

impairment charges of property, plant and equipment and $74

million restructuring charges in connection with the closure of

the Kraków coke plant in Poland. Operating income was lower in

2024 primarily due to a negative price-cost effect driven by a

decline in selling prices offset in part by lower costs, and higher

shipment volumes. Operating income in the first half of 2024,

was $ 263 million, as compared to $ 744 million for the first half of

2023, primarily due to a negative price-cost effect (as the

decline in selling prices exceeded the decline in costs) .

O perating income was lower at $ 123 million for the second half

of 2024 as compared to $135 million for the second half of 2023

impacted by the impairment and restructuring charges described

above.

Operating income for the Europe segment for the year ended

December 31, 2023 was $ 879 million as compared to operating

income of $ 3,521 million for the year ended December 31, 2022.

Operating income was lower in 2023 primarily due to a negative

price-cost effect and lower shipments offset in part by lower

energy costs. Operating income was $ 744 million for the first

half of 2023 as compared to $ 3,448 million for the first half of

2022, primarily due to a negative price-cost effect and lower

108

Management report

shipments offset in part by lower energy costs. O perating

income was higher at $ 135 million for the second half of 2023 as

compared to $ 73 million for the second half of 2022, which had

been impacted by $0.5 billion inventory-related charges .

India and JVs
	Performance for the year ended December 31,
(in millions of USD unless otherwise shown)	2024	2023	2022
Income from investments in associates, joint ventures and other investments	779	1,184	1,317
Impairment of investments in associates, joint ventures and other investments	—	(1,405)	—

I ncome from investments in associates, joint ventures and other

investments was lower at $ 779 million for the year ended

December 31, 2024, as compared to $1,184 million for the year

ended December 31, 2023. Income from investments in

associates, joint ventures and other investments was impacted

by the lower contributions from AMNS India and Chinese

investees in 2024 partly offset by the positive contribution of

Vallourec in the fourth quarter of 2024 .

Income from investments in associates, joint ventures and other

investments was lower at $ 423 million for the first half of 2024,

as compared to $711 million for the first half of 2023, mainly

driven by lower contributions from AMNS India. Income from

investments in associates, joint ventures and other investments

was lower at $ 356 million for the second half of 2024, as

compared to $473 million for the second half of 2023, primarily

d ue to lower contributions from AMNS India offset in part by

higher contribution from AMNS Calvert and Vallourec.

Income from investments in associates, joint ventures and other

investments amounted to $ 1,184 million for the year ended

December 31, 2023, as compared to $ 1,317 million for the year

ended December 31, 2022. Income from investments in

associates, joint ventures and other investments benefited from

higher contributions from AMNS India and Chinese investees in

Income from investments in associates, joint ventures and

other investments included the annual dividend from Erdemir of

$117 million in 2022, with no such dividend received in 2023.

Income from investments in associates, joint ventures and other

investments was lower at $ 711 million for the first half of 2023,

as compared to $ 1,137 million for the first half of 2022, primarily

due to lower contributions from AMNS Calvert and European

investees, which experienced similar dynamics to those

affecting the Company, partially offset by the higher contribution

from AMNS India. Income from investments in associates, joint

ventures and other investments was higher at $ 473 million for

the second half of 2023, as compared to $ 180 million for the

second half of 2022, primarily due to higher contributions from

AMNS India and Chinese investees, partially offset by the lower

contribution from European investees.

Impairment of investments in associates, joint ventures and

other investments amounted to nil, $1,405 million and nil for the

years ended December 31, 2024, 2023 and 2022. The

impairment charge recognized in 2023 related to ADI due to a

downward revision of expected future cash flows and the then-

uncertainty regarding its future.

Sustainable Solutions
	Performance for the year ended December 31,
(in millions of USD unless otherwise shown)	2024	2023	2022
Sales	10,722	11,467	13,658
Depreciation	(178)	(143)	(108)
Operating income	57	225	778

Sales

Sales in the Sustainable Solutions segment were $ 10.7 billion

for the year ended December 31, 2024, representing a 6.5%

decrease as compared to $11.5 billion the year ended

December 31, 2023, primarily due to weaker market conditions

including lower activity levels and prices. In the first half of 2024,

sales decreased 8.7% to $ 5.8 billion as compared to $ 6.3 billio n

in the first half of 2023, and in the second half of 2024 sales

decreased by 3.8% to $ 4.9 billion as compared to $5.1 billion in

the second half of 2023.

Sales in the Sustainable Solutions segment were $ 11.5 billion

for the year ended December 31, 2023, representing a 16.0%

decrease as compared to $ 13.7 billion the year ended

December 31, 2022, primarily due to lower volumes and pricing

in the steel downstream and construction business. In the first

half of 2023, sales decreased 17.7% to $ 6.3 billion as compared

to $ 7.7 billion in the first half of 2022, and in the second half of

2023 sales decreased by 13.9% to $ 5.1 billion as compared to

$ 6.0 billion in the second half of 2022 primarily due to the same

reason as for the full year.

Operating Income for the Sustainable Solutions segment was

$ 57 million for the year ended December 31, 2024 as compared

to $ 225 million for the year ended December 31, 2023, primarily

due to lower activity and margins in the steel downstream and

construction business and a lower margin order mix in the

projects business. Operating income for the year ended

December 31, 2024 was also negatively impacted by $79 million

primarily related to restructuring of the distribution network,

resulting in a concentration of sites to improve efficiencies.

Operating income for the first half of 2024 was $ 81 million, as

compared to operating income of $ 189 million in the first half of

2023, primarily due to lower margins impacted by weaker

market conditions. In the second half of 2024, operating loss of

the Sustainable Solutions segment amounted to $ 24 million as

compared to operating income of $ 36 million for the second half

109

Management report

of 2023 impacted by the restructuring c harges, lower activity,

margins, and mix as mentioned above.

Operating i ncome for the Sustainable Solutions segment was

$ 0.2 billion for the year ended December 31, 2023 as compared

to $ 0.8 billion for the year ended December 31, 2022, primarily

due to lower margins in the steel downstream and construction

business. Operating income for the first half of 2023 decreased

to $ 0.2 billion as compared to $ 0.7 billion for the first half of

2022, primarily due to lower margins in the steel downstream

and construction business that benefited from exceptional

pricing environment in the first half of 2022. In the second half of

2023, operating income of the Sustainable Solutions segment

amounted to $ 36 million as compared to $ 78 million for the

second half of 2022 primarily due to a lower margin order mix in

the projects business.

Mining
	Performance for the year ended December 31,
(in millions of USD unless otherwise shown)	2024	2023	2022
Sales	2,663	3,077	3,396
Depreciation	(263)	(238)	(234)
Operating income	770	1,144	1,483
Iron ore production (million tonnes)	27.9	26.0	28.6
Iron ore shipments (million tonnes)	26.4	26.4	28.0

Iron ore production (million metric tonnes)	Type	Product	For the year ended December 31, — 2024	2023	2022
AMMC	Open pit	Concentrate, lump, fines and pellets	24.2	22.4	24.2
AML	Open pit / Underground	Fines	3.7	3.6	4.4
Total iron ore production			27.9	26.0	28.6

Total of all finished production of fines, concentrate, pellets and lumps.

Production

The Mining segment had iron ore production of 27.9 million

tonnes for the year ended December 31, 2024, a 7.7% increase

compared to the year ended December 31, 2023. Iron ore

production for the Mining segment decreased 5.3% to 12.4

million tonnes for the first half of 2024 compared to 13.1 million

tonnes in the first half of 2023. Iron ore production was impacted

by rail disruption at AMMC following wildfires in the Port Cartier

region during the last few weeks of June 2024 and unplanned

maintenance. Production at ArcelorMittal Liberia was impacted

by rail accidents in the fourth quarter of 2023 and in the first

quarter of 2024. Iron ore production increased 20.8% in the

second half of 2024 compared to the second half of 2023

primarily due to improved performance at AMMC, and Liberia

where rail operations had been severely impacted in the second

half of 2023 due to damages to a rail bridge.

The Mining segment had iron ore production of 26.0 million

tonnes for the year ended December 31, 2023, a 9.1% decrease

compared to the year ended December 31, 2022. Iron ore

production of 13.1 million tonnes decreased 7.9% for the first

half of 2023 compared to 14.2 million tonnes in the first half of

2022 reflecting primarily lower iron ore production in AMMC due

to unplanned maintenance. Iron ore production decreased

10.6% in the second half of 2023 compared to the second half

of 2022 primarily due to lower production in Liberia where the

rail operations were severely impacted by damages to a rail

bridge in early November 2023.

Sales

Sales in the Mining segment were $ 2.7 billion for the year ended

December 31, 2024, representing a 13.5% decrease as

compared to $3.1 billion for the year ended December 31, 2023,

driven by 8.3% lower iron ore reference prices. Sales in the first

half of 2024 decreased 13.5% to $ 1.4 billion compared to $ 1.6

billion for the same period in 2023 primarily due to 10.9% lower

iron ore shipments and slightly lower iron ore prices. Sales in

the second half of 2024 decreased 13.4% to $ 1.3 billion as

compared to $ 1.5 billion for the same period in 2023 primarily

due to lower 16.1% iron ore reference prices offset in part

12.6% higher shipments.

Sales in the Mining segment were $ 3.1 billion for the year ended

December 31, 2023, representing a 9.4% decrease as

compared to $3.4 billion for the year ended December 31, 2022

as a result of 5.8% decrease in shipments following above-

mentioned lower production. Sales in the first half of 2023

decreased 18.3% to $ 1.6 billion compared to $ 1.9 billion for the

same period in 2022 primarily due to 15.6% lower iron ore

reference prices and 1.9% lower iron ore shipments. Sales in

the second half of 2023 and 2022 remain stable at $ 1.5 billion

as the increase in iron ore reference prices was largely offset by

lower shipments .

Sales to external customers were $ 982 million for the year

ended December 31, 2024, representing a decrease of 16% as

compared to the year ended December 31, 2023 due to lower

shipments and lower prices.

Sales to external customers were $1.2 billion for the year ended

December 31, 2023, representing a decrease of 10.3% as

compared to the year ended December 31, 2022 due to lower

selling prices.

Iron ore shipments to external customers were 9.3 million

tonnes for the year ended December 31, 2024, representing a

7.1% decrease as compared to 10.0 million tonnes for the year

ended December 31, 2023.

110

Management report

Iron ore shipments to external customers were 10.0 million

tonnes for the year ended December 31, 2023, representing an

8.4% decrease as compared to 10.9 million tonnes for the year

ended December 31, 2022, primarily due to lower production in

AMMC and Liberia.

The average reference iron ore price was $ 109.6 per tonne in

2024, $119.5 per tonne in 2023 and $120.3 per tonne in 2022

(delivered to China, normalized to Qingdao and 62% Fe US $

per tonne, Metal Bulletin). However, there may not be a direct

correlation between reference prices and actual selling prices in

various regions at a given time. See also quarterly reference

prices in "Raw materials" above.

Operating income

Operating income for the Mining segment was 32.7% lower at

$ 770 million for the year ended December 31, 2024 as

compared to $1,144 million for the year ended December 31,

2023, primarily driven by 8.3% lower iron ore reference prices

and higher freight costs. Operating income decreased to $ 396

million in the first half of 2024 compared to $ 599 million in the

first half of 2023, primarily due to lower iron ore prices and lower

shipments. Operating income decreased by 31.4% to $ 374

million in the second half of 2024 as compared to $545 million in

the second half of 2023 primarily due to lower iron ore prices in

the second half of 2024 compared to the second half of 2023,

offset in part by higher shipments .

Operating income for the Mining segment was 22.9% lower at

$ 1,144 million for the year ended December 31, 2023 as

compared to $1,483 million for the year ended December 31,

2022, primarily driven by lower quality premia, lower shipments

and higher costs partly offset by lower freight. Operating income

decreased to $ 599 million in the first half of 2023 compared to

$ 974 million in the first half of 2022, primarily due to lower

seaborne iron ore reference prices, lower shipments as

discussed above and lower quality premia partially offset by

lower freight costs. Operating income increased by 7.1% to

$ 545 million in the second half of 2023 as compared to $ 509

million in the second half of 2022 primarily due to 19.9 % higher

seaborne iron ore prices in the second half of 2023 compared to

the second half of 2022, offset in part by lower shipments and

lower quality premia.

Income from and impairments of investments in associates, joint

ventures and other investments

ArcelorMittal has investments in various joint ventures and

associates. The Company considers AMNS Calvert and AMNS

India joint ventures to be of particular strategic importance,

warranting more detailed disclosures to improve the

understanding of their operational performance and value to the

Company.

AMNS India
	Performance for the year ended December 31,
(in millions of USD unless otherwise shown)	2024	2023	2022
Crude steel production (100% basis) (thousand tonnes)	7,544	7,463	6,685
Steel shipments (100% basis) (thousand tonnes)	7,933	7,251	6,470
Sales (100% basis)	6,515	6,710	7,287

AMNS India

AMNS India production increased marginally by 1.1% in 2024 to

7.5 million tonnes and shipments increased by 9.4% from 7.3

million tonnes in 2023 to 7.9 million tonnes in 2024. Crude steel

production of AMNS India increased by 8.3% from 3.6 million

tonnes in the first half of 2023 to 3.9 million tonnes in the first

half of 2024. Steel shipments of AMNS India increased by

11.4% from 3.5 million tonnes in the first half of 2023 to 3.9

million tonnes in the first half of 2024. Crude steel production of

AMNS India decreased by 5.5% from 3.9 million tonnes in the

second half of 2023 to 3.7 million tonnes in the second half of

Steel shipments of AMNS India increased by 7.6% from

3.7 million tonnes in the second half of 2023 to 4.0 million

tonnes in the second half of 2024. Sales decreased 2.9% from

$6.7 billion in 2023 to $6.5 billion in 2024. Sales increased 2.3%

from $3.3 billion in the first half of 2023 to $3.4 billion in the first

half of 2024. Sales decreased 8.0% from $3.4 billion in the

second half of 2023 to $3.1 billion in the second half of 2024.

AMNS India experienced a negative price-cost effect in 2024

compared to 2023 including a lower benefit from natural gas

hedges .

AMNS India production increased by 11.5% from 6.7 million

tonnes in 2022 to 7.5 million tonnes in 2023, and shipments

increased by 12.1% from 6.5 million tonnes in 2022 to 7.3

million tonnes in 2023. Crude steel production and steel

shipments of AMNS India increased by 4.7% and 8.2% ,

respectively, from 3.4 million tonnes in the first half of 2022 to

3.6 million tonnes in the first half of 2023 and from 3.2 million

tonnes in the first half of 2022 to 3.5 million tonnes in the first

half of 2023, respectively. Crude steel production and steel

shipments of AMNS India increased by 18.8% and 15.7% ,

respectively, from 3.3 million tonnes in the second half of 2022

to 3.9 million tonnes in the second half of 2023 and from 3.2

million tonnes in the second half of 2022 to 3.7 million tonnes in

the second half of 2023, respectively. Sales decreased by 7.9%

from $7.3 billion in 2022 to $6.7 billion in 2023. Sales decreased

by 17.9% from $4.0 billion in the first half of 2022 to $3.3 billion

in the first half of 2023. Sales increased 4.4% from $ 3.2 billion in

the second half of 2022 to $ 3.4 billion in the second half of

2023 . AMNS India’s results in the second half of 2023 also

reflected the unwinding of a natural gas hedges .

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Management report

AMNS Calvert
	Performance for the year ended December 31,
(in millions of USD unless otherwise shown)	2024	2023	2022
HSM production (100% basis) (thousand tonnes)	4,496	4,654	4,320
Steel shipments (100% basis) (thousand tonnes)	4,232	4,469	4,229
Sales (100% basis)	4,544	4,860	4,969

AMNS Calvert

Hot strip mill production 1 for AMNS Calvert decreased by 3.4%

from 4.7 million tonnes in 2023 to 4.5 million tonnes in 2024 and

shipments 2 decreased by 5.3% from 4.5 million tonnes in 2023

to 4.2 million tonnes in 2024. AMNS Calvert's production 1

remained stable at 2.4 million tonnes in the first half of 2024 and

2023 while steel shipments 2 decreased by 2.2% from 2.33

million tonnes in the first half of 2023 to 2.28 million tonnes in

the first half of 2024. AMNS Calvert's production 1 decreased by

6.8% from 2.2 million tonnes in the second half of 2023 to 2.1

million tonnes in the second half of 2024 while steel shipments 2

decreased by 8.7% from 2.1 million tonnes in the second half of

2023 to 2.0 million tonnes in the second half of 2024. Sales

decreased 6.5 % in 2024 to $4.5 billion from $4.9 billion in 2023.

Sales were 2.8% lower at $2.48 billion in the first half of 2024 as

compared to $2.55 billion in the first half of 2023. Sales were

10.6% lower at $ 2.06 billion in the second half of 2024 as

compared to $ 2.31 billion in the second half of 2023. AMNS

Calvert benefited from a positive price-cost effect driven

primarily by lower purchased slab cost.

Hot strip mill production 1 for AMNS Calvert increased by 7.7%

from 4.3 million tonnes in 2022 to 4.7 million tonnes in 2023 and

shipments 2 increased by 5.7% from 4.2 million tonnes in 2022 to

4.5 million tonnes in 2023. AMNS Calvert's production 1

increased by 7.7% from 2.3 million tonnes in the first half of

2022 to 2.4 million tonnes in the first half of 2023 while steel

shipments 2 remained stable at 2.3 million tonnes in the first half

of 2022 and 2023. AMNS Calvert's production 1 increased by

7.8% from 2.1 million tonnes in the second half of 2022 to 2.2

million tonnes in the second half of 2023 while steel shipments 2

increased by 10.7% from 1.9 million tonnes in the second half of

2022 to 2.1 million tonnes in the second half of 2023. Increased

production and shipments were due to improved demand

conditions. Sales decreased by 2.2% in 2023 to $4.9 billion from

$5.0 billion in 2022. Sales decreased by 8.3% from $2.8 billion

in the first half of 2022 to $2.6 billion in the first half of 2023 and

increased by 5.5% from $2.2 billion in the second half of 2022 to

$2.3 billion in the second half of 2023. AMNS Calvert’s results

were negatively impacted in the second half of 2023 by negative

price cost effect, weaker product mix and higher maintenance

costs.

Production: all production of the hot strip mill including processing of slabs on a hire work

basis for ArcelorMittal group entities and third parties, including stainless steel slabs.

Shipments: all shipments including shipments of finished products processed on a hire work

basis for ArcelorMittal group entities and third parties, including stainless steel products.

Impairments of investments in joint ventures, associates and

other investments were $1.4 billion in the year ended December

31, 2023 with respect to Acciaierie d'Italia due to a downward

revision of expected future cash flows together with the

uncertainty regarding its future , see also note 2.3 to

consolidated financial statements. No such impairments were

recorded in 2024 or 2022.

Financing costs-net

Financing costs-net include net interest expense, revaluation of

financial instruments, net foreign exchange income/expense

(i.e., the net effects of transactions in a foreign currency other

than the functional currency of a subsidiary) and other net

financing costs (which mainly include bank fees, accretion of

defined benefit obligations and other long-term liabilities).

Net financing costs were higher at $ 1.2 billion for the year ended

December 31, 2024 as compared to $0.9 billion for the year

ended December 31, 2023 . Net interest expense (interest

expense less interest income) was slightly lower at $ 110 million

for the year ended December 31, 2024 as compared to $145

million for the year ended December 31, 2023 and included $0.3

billion of capitalized borrowing costs . Net financing costs for the

year ended December 31, 2024 included $ 83 million expense

relating to the fair value at acquisition date of the forward in

connection with the Vallourec acquisition.

Foreign exchange losses were $ 565 million as compared to

$48 million for the years ended December 31, 2024 and 2023,

respectively. In 2024, foreign exchange losses were higher

mainly due to the appreciation of the U.S. dollar against most

currencies.

Other net financing costs (including expenses related to true

sale of receivables ("TSR"), bank fees, interest on pensions and

derivative instruments) were $0.5 billion for the year ended

December 31, 2024 compared to $0.7 billion for the year ended

December 31, 2023.

Net financing costs were higher at $0.9 billion for the year ended

December 31, 2023 as compared to $0.3 billion for the year

ended December 31, 2022. Net interest expense (interest

expense less interest income) was lower at $145 million for the

year ended December 31, 2023 as compared to $213 million for

the year ended December 31, 2022, due to higher interest

income in Argentina from investments in currency-protected

funds.

Foreign exchange losses were $48 million as compared to

foreign exchange gains of $191 million for the years ended

December 31, 2023 and 2022, respectively.

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Management report

Other net financing costs (including expenses related to true

sale of receivables ("TSR"), bank fees, interest on pensions and

fair value adjustments of the call option of the mandatorily

convertible bond and derivative instruments) were $0.7 billion

for the year ended December 31, 2023 compared to $0.3 billion

for the year ended December 31, 2022. 2022 included mark-to-

market losses related to the mandatory convertible bond call

option totaling $16 million .

Income tax expense (benefit)

ArcelorMittal recorded an income tax expense of $1.5 billion for

the year ended December 31, 2024 as compared to $0.2 billion

for the year ended December 31, 2023. T he increase included a

$0.4 billion decrease in deferred tax asset and resulting deferred

tax expense related to the decrease of the statutory tax rate in

Luxembourg effective January 1, 2025 from 24.94% to 23.87%.

Income tax expense included a lso in 2024 a $0.2 billion

provision relating to expected resolution of the tax disputes in

the North America segment. See note 10.1 to the consolidated

financial statements .

ArcelorMittal recorded an income tax expense of $0.2 billion for

the year ended December 31, 2023 as compared to $1.7 billion

for the year ended December 31, 2022 reflecting overall lower

taxable income.

ArcelorMittal’s consolidated income tax expense (benefit) is

affected by the income tax laws and regulations in effect in the

various countries in which it operates and the pre-tax results of

its subsidiaries in each of these countries, which can change

from year to year. ArcelorMittal operates in jurisdictions, mainly

in Eastern Europe and Asia, which have a structurally lower

corporate income tax rate than the statutory tax rate as enacted

in Luxembourg (23.87%), as well as in jurisdictions, mainly in

Brazil and Mexico, which have a structurally higher corporate

income tax rate.

The statutory income tax expense (benefit) and the statutory income tax rates of the countries that most significantly resulted in the tax

expense (benefit) at statutory rate for each of the years ended December 31, 2024 , 2023 and 2022 are as set forth below:

	2024 — Statutory income tax	Statutory income tax rate*	2023 — Statutory income tax	Statutory income tax rate	2022 — Statutory income tax	Statutory income tax rate
Argentina	(39)	35.00 %	80	35.00 %	100	35.00 %
Belgium	(27)	25.00 %	(12)	25.00 %	238	25.00 %
Brazil	173	34.00 %	153	34.00 %	698	34.00 %
Canada	488	25.90 %	470	25.90 %	747	25.90 %
France	(197)	25.82 %	(116)	25.82 %	158	25.82 %
Germany	(197)	30.30 %	(154)	30.30 %	82	30.30 %
Italy	(18)	24.00 %	3	24.00 %	(14)	24.00 %
Kazakhstan	—	20.00 %	(69)	20.00 %	26	20.00 %
Liberia	(42)	25.00 %	(18)	25.00 %	—	25.00 %
Luxembourg	556	23.87 %	806	24.94 %	633	24.94 %
Mexico	49	30.00 %	49	30.00 %	148	30.00 %
The Netherlands	(19)	25.80 %	(627)	25.80 %	(9)	25.80 %
Poland	(71)	19.00 %	(71)	19.00 %	49	19.00 %
South Africa	(86)	27.00 %	(58)	27.00 %	47	27.00 %
Spain	(8)	25.00 %	(1)	25.00 %	26	25.00 %
Ukraine	(39)	18.00 %	(56)	18.00 %	(267)	18.00 %
United States	68	21.00 %	83	21.00 %	103	21.00 %
Others	(9)		(8)		53
Total	582		454		2,818

*The statutory tax rates are the (future) rates enacted or substantively enacted by the end of the respective period.

Non-controlling interests

Net income attributable to non-controlling interests was $41

million, $103 million and $236 million for the years ended

December 31, 2024, 2023 and 2022, respectively. Net income

attributable to non-controlling interests decreased in 2024

compared to 2023 and 2022 primarily as a result of lower

operating performance.

Net income attributable to equity holders of the parent

ArcelorMittal’s net income attributable to equity holders of the

parent was $1.3 billion , $0.9 billion and $9.3 billion for the years

ended December 31, 2024, 2023 and 2022, respectively.

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Management report

Liquidity and capital resources

ArcelorMittal’s principal sources of liquidity are cash generated

from its operations and its credi t facilities at the corporate level.

Because ArcelorMittal is a holding company, it is dependent

upon the earnings and cash flows of, as well as dividends and

distributions from, its operating subsidiaries to pay expenses

and meet its debt service obligations. Cash and cash

equivalents are primarily centralized at the parent level and are

managed by ArcelorMittal Treasury SNC, although from time to

time cash or cash equivalent balances may be held at the

Company’s international subsidiaries or its holding companies.

Some of these operating subsidiaries have debt outstanding or

are subject to acquisition agreements that impose restrictions on

such operating subsidiaries’ ability to pay dividends, but such

restrictions are not significant in the context of ArcelorMittal’s

overall liquidity. Repatriation of funds from operating

subsidiaries may also be affected by tax and foreign exchange

policies in place from time to time in the various countries where

the Company operates, though none of these policies is

currently significant in the context of ArcelorMittal’s overall

liquidity.

In management’s opinion, ArcelorMittal’s credit facilities and

working capital are adequate for its present requirements.

As of December 31, 2024, ArcelorMittal’s cash and cash

equivalents and restricted cash amounted to $6.5 billion

(including restricted cash of $ 84 million, of which $68 million

relating to various environmental obligations, true sales of

receivables programs and letter of credits issued in ArcelorMittal

South Africa) as compared to $7.8 billion (including restricted

cash of $97 million, of which $54 million relating to various

environmental obligations and true sales of receivables

programs in ArcelorMittal South Africa) as of December 31,

In addition, ArcelorMittal had available borrowing capacity

of $5.5 billion under its $5.5 billion revolving credit facility as of

December 31, 2024 compared to $5.4 billion as of December

31, 2023. For information on the currencies of cash and cash

equivalents and restricted cash, see note 6.1.4 to the

consolidated financial statements.

As of December 31, 2024, ArcelorMittal’s total debt, which

includes long-term debt and short-term debt was $11.6 billion ,

compared to $10.7 billion as of December 31, 2023.

Net debt (defined as long-term debt ( $8.8 billion ) plus short-term

debt ( $2.7 billion ), less cash and cash equivalents, restricted

cash and other restricted funds ( $6.5 billion )) was $5.1 billion as

of December 31, 2024, up from $2.9 billion at December 31,

2023 (long-term debt of $8.4 billion plus short-term debt of $2.3

billion, less cash and cash equivalents and restricted cash of

$7.8 billion). Most of the external debt is borrowed by the parent

company on an unsecured basis and bears interest at varying

levels based on a combination of fixed and variable interest

rates. Gearing (defined as net debt divided by total equity) at

December 31, 2024 and 2023 was 10% and 5%, respectively.

See note 6.3 to the consolidated financial statements.

The margin applicable to ArcelorMittal’s principal credit facilities

($5.5 billion revolving credit facility and certain other credit

facilities) and the coupons on certain of its outstanding bonds

are subject to adjustment in the event of a change in its long-

term credit ratings. On June 16, 2023, Standard & Poor's

upgraded its outlook on ArcelorMittal to positive on expected

strengthening of the business and affirmed the 'BBB-'

investment grade rating. On February 19, 2024, Moody’s

revised its outlook on ArcelorMittal to 'Positive' from 'Stable' on

expected strengthening of its business profile and structurally

improving its profitability, and affirmed the ‘Baa3’ investment

grade rating. See "Introduction—Risk Factors and Controls—

Risks related to ArcelorMittal's financial position and

organizational structure—ArcelorMittal's indebtedness could

have an adverse impact on its results of operations and financial

position, and the market's perception of ArcelorMittal's leverage

may affect its share price."

ArcelorMittal's $5.5 billion revolving credit facility (see "—

Financings—Principal credit facilities" below) contains restrictive

covenants, which among other things, limit encumbrances on

the assets of ArcelorMittal and its subsidiaries, the ability of

ArcelorMittal’s subsidiaries to incur debt and the ability of

ArcelorMittal and its subsidiaries to dispose of assets in certain

circumstances.

Non-compliance with the covenants in the Company’s borrowing

agreements entitles the lenders under such facilities to

accelerate the Company’s repayment obligations. The Company

was in compliance with the financial covenants in the

agreements related to all of its borrowings as of December 31,

As of December 31, 2024, ArcelorMittal had guaranteed $375

million of debt of its operating subsidiaries compared to $234

million as of December 31, 2023. See also note 9.4 to the

consolidated financial statements for a description of guarantees

by ArcelorMittal for joint ventures indebtedness of $ 6.3 billion as

of December 31, 2024 including $4.0 billion issued on behalf of

AMNS India, $1.2 billion issued on behalf of Calvert, $303

million in relation to outstanding lease liabilities for vessels

operated by Global Chartering, $183 million on behalf of Ventos

de Santos Antonio and $186 million on behalf of Al Jubail.

ArcelorMittal’s debt facilities have provisions whereby the

acceleration of the debt of another borrower within the

ArcelorMittal group could, under certain circumstances, lead to

acceleration under such facilities.

In particular, with respect to joint ventures, on March 16, 2020,

the parent company of AMNS India entered into a $5.1 billion

ten-year term loan agreement with Japan Bank for International

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Management report

Cooperation ("JBIC"), MUFG Bank LTD., Sumitomo Mitsui

Banking Corporation, Mizuho Bank Europe N.V., and Sumitomo

Mitsui Trust Bank, Limited (London Branch) in connection with

the acquisition of AMNS India. The obligations under the term

loan agreements are both guaranteed by ArcelorMittal and NSC

in proportion to their interests in the joint venture, 60% and 40%.

On April 28, 2021, the syndicate of Japanese banks amended

the agreement and agreed that the Leverage Ratio financial

covenant would fall away in the event that the Company obtains

an investment grade long-term credit rating (with a stable

outlook) from two rating agencies (which occurred in 2021).

On March 30, 2023, AMNS Luxembourg entered into an

additional $5 billion loan agreement ("JBIC co-financing loan")

with the same syndicate of Japanese banks. As for the above-

mentioned loan, the obligations of AMNS Luxembourg under the

term loan agreement are guaranteed by ArcelorMittal and NSC

in proportion to their interests in the joint venture, 60% and 40%,

respectively. The proceeds obtained through the JBIC co-

financing loan are being used to finance the expansion of AMNS

India’s steelmaking capacity at its Hazira plant from 8.6 millio n

tonnes to 15 million tonnes. In addition to the primary

steelmaking capacity expansion, the project includes the

development of downstream rolling and finishing facilities that

will enhance AMNS India’s ability to produce value-added steels

for sectors including defense, automotive and infrastructure.

The following table summarizes the repayment schedule of

ArcelorMittal’s outstanding indebtedness, which includes short-

term and long-term debt, as of December 31, 2024.

Type of indebtedness as of December 31, 2024	2025	2026	2027	2028	2029 and beyond	Total
Bonds	1.0	1.0	1.2	0.5	4.2	7.9
Commercial paper	0.7	—	—	—	—	0.7
Lease liabilities and other loans	1.0	0.3	0.7	0.2	0.8	3.0
Total gross debt	2.7	1.3	1.9	0.7	5.0	11.6

The average debt maturity of the Company was 6.7 years as of

December 31, 2024, as compared to 5.7 years as of December

31, 2023.

Further information regarding ArcelorMittal’s outstanding short-

term and long-term indebtedness as of December 31, 2024,

including the breakdown between fixed rate and variable rate

debt, is set forth in note 6 to the consolidated financial

statements. Further information regarding ArcelorMittal’s use of

financial instruments for hedging purposes is set forth in note 6

to the consolidated financial statements.

Financings

ArcelorMittal’s principal credit facilities are described below, for

further information on its existing credit facilities and several

debt financing and repayment transactions completed during

2024, please refer to note 6 to the consolidated financial

statements.

Principal credit facilities

On May 29, 2024, ArcelorMittal signed a new $5.5 billion

revolving credit facility (the "Facility") which replaced the $5.5

billion revolving credit facility dated December 19, 2018

(amended on April 27, 2021) to incorporate a single tranche of

$5.5 billion maturing on May 29, 2029, with two one-year

extension options at the lenders’ discretion (i.e., the options to

extend are to be exercised before the dates that are respectively

one and two years after the signing date of the agreement). The

Facility may be used for general corporate purposes and was

fully available as of December 31, 2024.

On September 30, 2010, ArcelorMittal entered into a $500

million revolving multi-currency letter of credit facility (the “Letter

of Credit Facility”). The Letter of Credit Facility is used by the

Company and its subsidiaries for the issuance of letters of credit

and other instruments. The terms of the letters of credit and

other instruments contain certain restrictions as to duration. The

Letter of Credit Facility, whose amount and maturity have been

revised from time to time, amounted to $395 million . On July 31,

2024, the Company refinanced its Letter of Credit Facility by

entering into a $445 million revolving multi-currency letter of

credit facility, which extended the maturity from July 31, 2024 to

July 31, 2027, with two one-year extension options.

Mandatory convertible bond

On March 14, 2023, the Co mpany through its wholly-owned

subsidiary Hera Ermac made an early repayment of 226,666 of

the 666,666 outstanding unsecured and unsubordinated bonds

mandatorily convertible into preferred shares of such subsidiary

for a total cash consideration of $340 million. See notes 11.2

and 11.2 to the consolidated financial statements. On December

21, 2023, the Company extended the conversion date of its

bonds mandatorily convertible into preferred shares to January

30, 2026.

Working capital management

The Company makes drawdowns from and repayments on the

Facility in the framework of its cash management. In addition,

the Company has established a number of programs for sales

without recourse of trade accounts receivable to various

115

Management report

financial institutions (referred to as true sale of receivables

(“TSR”)). As of December 31, 2024, the total amount of trade

accounts receivables sold amounted to $4.4 billion . Through the

TSR programs, certain operating subsidiaries of ArcelorMittal

surrender the control, risks and benefits associated with the

accounts receivable sold; therefore, the amount of receivables

sold is recorded as a sale of financial assets and the balances

are removed from the consolidated statements of financial

position at the moment of sale.

As part of the Company’s ongoing efforts to improve its working

capital position, it continually engages with its customers and

suppliers with the aim of improving overall terms, including

pricing, quality, just in time delivery, discounts and payment

terms. Trade accounts payable have maturities from 15 to 180

days depending on the type of material, the geographic area in

which the purchase transaction occurs and the various

contractual agreements. The Company’s average outstanding

number of trade payable days amoun ted to 83 over the last 5

years. The ability of suppliers to provide payment terms may be

dependent on their ability to obtain funding for their own working

capital needs and or their ability to early discount their

r eceivables at their own discretion (the Company estimates that

about $2.8 billion of trade payables were subject to early

discount by its suppliers in 2024 as compared to $2.9 billion in

2023). Given the n ature and large diversification of its supplier

base the Company does not expect any material impact to its

own liquidity position as a result of suppliers not having access

to liquidity. As of December 31, 2024, a 5-day reduction in trade

payable days would result in a trade payables decrease by $632

million.

ArcelorMittal's material cash requirements in the near and

medium term

The Company's cash requirements in the near and medium

term are primarily driven by the current commitments,

obligations and other arrangements in place as of December 31,

ArcelorMittal has various purchase commitments for

materials, supplies and capital expenditure incidental to the

ordinary course of business. As of December 31, 2024,

ArcelorMittal had various outstanding obligations mostly related

to:

• Guarantees, pledges and other collateral related to financial

debt and credit lines given on behalf of third parties and

joint ventures,

• Capital expenditure commitments mainly related to

commitments associated with investments in expansion and

improvement projects by various subsidiaries,

• Other commitments comprising mainly commitments

incurred for gas supply to electricity suppliers.

These commitments, obligations and other arrangements will

become due in 2025 and beyond. These various purchase

commitments and long-term obligations will have an effect on

ArcelorMittal’s future liquidity and capital resources. For further

details on commitments and obligations, please refer to note 9.4

to the consolidated financial statements. ArcelorMittal also has

various environmental commitments and asset retirement

obligations as of December 31, 2024 . For further details on

environmental commitments and asset retirement obligations,

please refer to note 9.1 to the consolidated financial statements.

The Company expects to service its cash requirements in the

near and medium-term with net cash provided by operating

activities. In the future, the Company may enter into additional

financing facilities if required.

Earnings distribution

ArcelorMittal held 84.3 million shares in treasury as of

December 31, 2024, as compared to 33.5 million shares as of

December 31, 2023. As of December 31, 2024, the number of

shares held by the Company in treasury represented 9.88% of

the Company’s total issued share capital. On January 14, 2022,

ArcelorMittal cancelled 45 million treasury shares to keep the

number of treasury shares within appropriate levels. Following

this cancellation, the aggregate number of shares issued and

fully paid up decreased from 982,809,772 to 937,809,772 . On

May 18, 2022, ArcelorMittal cancelled 60 million treasury shares

to keep the number of treasury shares within appropriate levels.

Following this cancellation, the aggregate number of shares

issued and fully paid up decreased from 937,809,772 to

877,809,772 . On April 28, 2023, ArcelorMittal cancelled 25

million treasury shares to keep the number of treasury shares

within appropriate levels. Following this cancellation, the

aggregate number of shares issued and fully paid up decreased

from 877,809,772 to 852,809,772 .

According to the capital return policy, in February 2022, the

Board of Directors recommended an increase of the base

annual dividend to $0.38/share, from $0.30/share, subject to the

approval of shareholders, which was given at the annual general

meeting of shareholders on May 4, 2022. The dividend

amounted to $332 million and was paid on June 10, 2022. In

addition, d uring 2022, ArcelorMittal completed two consecutive

share buyback programs for a total amount of €1.9 billion ($2.0

billion) pursuant to an authorization by the annual general

meeting of shareholders on June 8, 2021 and May 4, 2022. See

"Introduction—History and development of the Company—

Capital return policy".

In February 2023, the Board proposed to increase the annual

base dividend to shareholders to $0.44/share. On May 2, 2023

at the annual general meeting of shareholders, the shareholders

approved the Board’s proposed dividend of $0.44 per share.

The dividend amounted to $369 million. In addition, on March

31, 2023, ArcelorMittal completed a share buyback program for

a total amount of €1.4 billion ($1.5 billion) pursuant to an

authorization given by the annual general meeting of

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Management report

shareholders on May 4, 2022. On May 5, 2023, the Company

announced a new share buy back program of up to 85 million

shares to be completed by May 2025 (subject to market

conditions) under the authorization given by the annual general

meeting of shareholders of May 2, 2023.

In February 2024, the Board of Directors recommended an

increase of the base annual dividend to $0.50/share which was

approved o n April 30, 2024 at the annual general meeting of

shareholders. The dividend amounted to $393 million. In

addition, at December 31, 2024, ArcelorMittal had repurchased

78 million shares representing 92% of the current share

buyback program for a total value of $2.0 billion. For further

information on buybacks, see "Purchases of equity securities by

the issuer and affiliated purchasers".

On February 6, 2025, ArcelorMittal announced that the Board

has proposed to increase the annual base dividend to

shareholders to $0.55/share in 2025 and subject to the

shareholders' approval at the 2025 annual general meeting of

shareholders.

Additional buybacks under the outstanding buyback program

announced in May 2023 will be allocated to the 2025 capital

return (with a minimum of 50% of post-dividend free cash flow

as per the policy). Share buybacks will continue as per the

Company's defined policy to return a minimum of 50% of post-

dividend free cash flow to shareholders.

Pension/OPEB liabilities

The defined benefit liabilities for employee benefits decreased

by $ 0.4 billion to $ 2.3 billion as of December 31, 2024, as

compared to $2.7 billion as of December 31, 2023, mainly due

to an increase in discount rates on pensions (mainly in Brazil).

For additional information with respect to the Company’s

pension plan and OPEB liabilities, including a breakdown by

region and by type of plan, see note 8.2 to the consolidated

financial statements.

Sources and uses of cash

Years ended December 31, 2024, 2023 and 2022

The following table presents a summary of cash flow of

ArcelorMittal:

Summary of cash flow — (in $ millions)	For the year ended December 31, — 2024	2023	2022
Net cash provided by operating activities	4,852	7,645	10,203
Net cash used in investing activities	(4,987)	(5,848)	(4,483)
Net cash used in financing activities	(680)	(3,666)	(477)

Net cash provided by operating activities

For the year ended December 31, 2024 , net cash provided by

operating activities decreased to $4.9 billion as compared with

$7.6 billion for the year ended December 31, 2023 . Net cash

provided by operating activities included a marginal operating

working capital release of $0.1 billion (as compared to an

operating working capital release of $1.6 billion in 2023),

including a $0.2 billion and $0.1 billion inflow from inventories

and trade accounts payable, respectively, partially offset by a

$0.2 billion outflow for trade accounts receivable . Activity levels

were higher in the fourth quarter of 2024 as compared to the

fourth quarter of 2023 with higher inventory and sales volumes,

which was offset by lower inventory costs and selling prices.

For the year ended December 31, 2023, net cash provided by

operating activities decreased to $ 7.6 billion as compared with

$ 10.2 billion for the year ended December 31, 2022. Net cash

provided by operating activities included an operating working

capital release of $1.6 billion as compared to an operating

working capital investment of $1.3 billion in 2022, including an

inflow from inventories and trade accounts receivable of $1.6

billion and $0.3 billion , respectively, partially offset by an outflow

for trade accounts payable of $0.3 billion . The operating working

capital release was driven primarily by lower accounts

receivable (due to lower prices and lower volumes, including the

impact of normal seasonality at year end), and lower inventories

(primarily due to reduced inventory volumes) in the fourth

quarter of 2023.

For the year ended December 31, 2022, net cash provided by

operating activities increased to $ 10.2 billion as compared with

$ 9.9 billion for the year ended December 31, 2021. The

increase in net cash provided by operating activities included an

operating working capital investment of $1.3 billion, comprised

of an outflow for inventories and trade accounts payable of $2.1

billion and $0.3 billion, respectively, partially offset by an inflow

for trade accounts receivable of $1.1 billion. The investment in

operating working capital was mainly driven by elevated raw

material and energy prices although in the fourth quarter of

2022; net cash provided by operating activities included a $2.4

billion operating working capital release, including an inflow for

inventories and trade accounts receivable of $1.7 billion and

$1.1 billion, respectively, partially offset by an outflow of trade

accounts payable of $0.4 billion. The release of operating

working capital was mainly driven by lower investment in

accounts receivable (price and volume) and lower inventories

due to the impact of lower production costs and reduced

inventory volumes.

Net cash used in investing activities

Net cash used in investing activities was $5.0 billion for the year

ended December 31, 2024 as compared to $5.8 billion for the

year ended December 31, 2023 . Capital expenditures were $4.4

billion for the year ended December 31, 2024 as compared to

$4.6 billion for the year ended December 31, 2023 . Capital

expenditures for the year ended December 31, 2024 were at the

lower end of the initial guidance (range between $4.5 billion to

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Management report

$5.0 billion). Similar to 2024, the Company expects 2025 capital

expenditures to be in the range of $4.5 to $5.0 billion with

decarbonization capital expenditures expected to remain stable

between $0.3 to $0.4 billion (as compared to $0.3 billion in

and capital expenditures outside of strategic capital

expenditures and decarbonization projects (which include cost

reduction plans and environment projects as well as general

maintenance capital expenditures) expected to be similar to

2024 ($2.8 billion) in the range of $2.8 billion to $3.1 billion. The

Company expects strategic projects capital expenditures to be

in the range of $1.4 to $1.5 billion in 2025 as compared to $1.3

billion in 2024. See “Properties and capital expenditures—

Capital expenditures” and "—Outlook" below.

In 2024, ArcelorMittal’s major capital expenditures relating to

strategic projects included Liberia expansion project, renewable

energy project in India and Mardyck electrical steels (France) for

41%, 14% and 14% of the total amount, respectively . They also

included ArcelorMittal Vega Do Sul expansion, Serra Azul mine

direct reduction pellet feed plant and Barra Mansa section mill

(Brazil) and Las Truchas mines (Mexico) revamping and

capacity increase. See also “Properties and capital expenditures

—Capital expenditures—Completed and Ongoing projects”.

Net cash used in other investing activities for the year ended

December 31, 2024 included $ 1,048 million cash outflow for the

acquisition of a 28.4% interest in the associate Vallourec, $201

million for the acquisition of Italpannelli Spain and Italy in the

Sustainable Solutions segment and $120 million initial equity

contribution into a new joint venture (see note 2.4.1 to the

consolidated financial statements). Net cash used in investing

activities for the year ended December 31, 2024 also included

$227 million net proceeds from the sale of the Company's

remaining 4% stake in Ereĝli Demir ve Çelik Fabrikalari T.A.S.

(“Erdemir”) and $111 million inflow in relation to the first

installment of an i ntra-group loan in connection with the sale of

ArcelorMittal Temirtau .

Net cash used in investing activities was $5.8 billion for the year

ended December 31, 2023 as compared to $4.5 billion for the

year ended December 31, 2022 . Capital expenditures were $4.6

billion for the year ended December 31, 2023 as compared to

$3.5 billion for the year ended December 31, 2022 . Capital

expenditures for the year ended December 31, 2023 included

$0.2 billion decarbonization capital expenditures, $1.4 billion

strategic projects capital expenditures and $3.0 billion capital

expenditures for cost reduction plans and environment projects

as well as general maintenance capital expenditures.

ArcelorMittal’s major capital expenditures in 2023 included the

following projects: ArcelorMittal Vega Do Sul expansion, Serra

Azul mine direct reduction pellet feed plant, ArcelorMittal Liberia

mine phase 2 premium product expansion, Andra Pradesh

(India) renewable energy project, Barra Mansa section mill,

Mardyck (France) new electrical steels production facilities, Las

Truchas mines (Mexico) revamping and capacity increase,

Monlevade sinter plant, blast furnace and melt shop (now

cancelled).

Net cash used in other investing activities for the year ended

December 31, 2023 included a cash outflow of $2,193 million in

connection with the acquisition of Companhia Siderúrgica do

Pecém, a cash outflow of $152 million (net of $4 million of cash

acquired) for two acquisitions relating to Sustainable Solutions

operating segment, outflows of $ 36 million and $25 million for

investments in Boston Metal and TerraPower, respectively,

through the Company's XCarb® Innovation Fund and a $73

million equity contribution into the joint venture with Casa dos

Ventos , partly offset by cash inflows of $ 626 million following the

sale of 265 million shares in Ereĝli Demir ve Çelik Fabrikalari

T.A.S. (“Erdemir”) and $254 million (net of $24 million cash

disposed) related to the sale of ArcelorMittal Temirtau.

Net cash used in investing activities was $4.5 billion for the year

ended December 31, 2022. Capital expenditures were $3.5

billion for the year ended December 31, 2022. Capital

expenditures for the year ended December 31, 2022 included

$0.2 billion decarbonization capital expenditures, $0.7 billion

strategic projects capital expenditures and $2.6 billion capital

expenditures for cost reduction plans and environment projects

as well as general maintenance capital expenditures.

ArcelorMittal’s major capital expenditures in 2022 included the

following projects: ArcelorMittal Vega Do Sul expansion, Serra

Azul mine direct reduction pellet feed plant, ArcelorMittal Liberia

mine phase 2 premium product expansion, ArcelorMittal Mexico

new hot strip mill, Steelanol project in Ghent, as well as the hot

strip mill modernization and #5 CGL conversion to AluSi® in

ArcelorMittal Dofasco (completed in the second and third

quarter of 2022 respectively).

Net cash provided by other investing activities for the year

ended December 31, 2022 included $1.0 billion cash outflow in

connection with several acquisitions, including mainly an 80%

interest in voestalpine’s world-class Hot Briquetted Iron ("HBI")

plant located in Corpus Christi, Texas ($ 805 million net of cash

acquired of $ 12 million), the UK based scrap recycling business

John Lawrie Metals Limited ($ 43 million net of cash acquired of

$ 5 million), Architectural Steel Limited, a UK based

manufacturer of bespoke metal fabrications and flashings for

building envelopes ($ 39 million net of cash acquired of $ 6

million) and three companies (ALBA Metall Süd Rhein-Main

GmbH, ALBA Electronics Recycling GmbH and ALBA Metall Süd

Franken GmbH) active in ferrous and non-ferrous metal

recycling in Germany ($ 45 million net of cash acquired of $ 9

million). Net cash used in other investing activities for the year

ended December 31, 2022 included also $25 million investment

in nuclear innovation company TerraPower and $17.5 million in

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Management report

Form Energy Inc. through the Company's XCarb® Innovation

Fund.

Net cash used in financing activities

Net cash used in financing activities was $0.7 billion for the year

ended December 31, 2024 , as compared to $3.7 billion for the

year ended December 31, 2023 . In 2024, n et cash used in

financing activities included primarily $ 1,038 million net inflow

(from the issuance of €500 million Fixed Rate Notes due 2028

and €500 million Fixed Rate Notes due 2031) and $987 million

net inflow from the issuance of $500 million Fixed Rate Notes

due 2034 and $500 million Fixed Rate Notes due 2054. It

included also the repayment at maturity of the Company's € 1.0

billion Fixed Rate Notes due 2024 for the outstanding amount of

$579 million (€529 million). In addition, n et cash used in

financing activities for the year ended December 31, 2024

included $1,300 million outflow relating to share buybacks, $580

million in dividend payments (see below) and $ 203 million for

lease payments, partly offset by $172 million cash inflow from

capital increase in Finocas subscribed by the Flemish

government. For further details related to capital markets,

liability management transactions and debt repayments in 2024,

see note 6.1.2 to the consolidated financial statements.

Net cash used in financing activities was $3.7 billion for the year

ended December 31, 2023 , as compared to $0.5 billion for the

year ended December 31, 2022 . In 2023, n et cash used in

financing activities included primarily a € 1,117 million

( $1,207 million) outflow related to repayment of euro

denominated notes at maturity, a $1,208 million outflow relating

to share buybacks, and a $340 million outflow related to the

partial redemption of mandatory convertible bonds. Net cash

used in financing activities for the year ended December 31,

2023 also included $531 million in dividend payments (see

below) and $253 million for lease payments and other financing

activities.

Net cash used in financing activities was $0.5 billion for the year

ended December 31, 2022 and mainly included a $2.9 billion

outflow with respect to the Company's two completed (and the

third one ongoing) share buyback programs and an outflow of

€486 million ($551 million) for the repayment of outstanding

bonds at maturity. Such outflows were partly offset by an inflow

from issuance of bonds for a total amount of $2.8 billion

including $2.2 billion USD notes with two tranches (five-year

$1.2 billion tranche at 6.55% and a ten-year $1.0 billion tranche

at 6.80%) and €600 million ($580 million) four-year notes at

4.875%, an inflow from o ffering of five Schuldschein loans for a

total amount of €725 million ($755 million) with maturities of 3

and 5 years, an inflow pursuant to drawdown on European

Investment Bank facility of €280 million ($291 million) and a net

inflow of $335 million from commercial paper. Net cash used in

financing activities for the year ended December 31, 2022 also

included $663 million in dividend payments (see below) and

$160 million for lease payments and other financing activities.

Dividend payments during the year ended December 31, 2024

of $580 million included $393 million paid to ArcelorMittal

shareholders and $187 million paid to non-controlling

shareholders in subsidiaries. Dividend payments during the year

ended December 31, 2023 of $531 million included $369 million

paid to ArcelorMittal shareholders and $162 million paid to non-

controlling shareholders in subsidiaries. Dividend payments

during the year ended December 31, 2022 of $663 million

included $332 million paid to ArcelorMittal shareholders and

$331 million paid to non-controlling shareholders in subsidiaries.

Equity

Equity attributable to the equity holders of the parent decreased

to $49.2 billion as of December 31, 2024 from $ 54.0 billion as of

December 31, 2023 primarily due to $3.9 billion foreign

exchange losses resulting from the appreciation of U.S. dollar

against other currencies, $1.3 billion decrease due to share

buyback programs and $0.4 billion dividend payments partly

offset by net income attributable to the equity holders of the

parent of $1.3 billion . See note 11 to ArcelorMittal’s consolidated

financial statements for the year ended December 31, 2024 .

Equity attributable to the equity holders of the parent increased

to $54.0 billion as of December 31, 2023 from $ 53.2 billion as of

December 31, 2022 primarily due to net income attributable to

the equity holders of the parent of $0.9 billion and $2.4 billion

foreign exchange gains, partly offset by $0.1 billion actuarial

loses, $1.2 billion decrease due to share buyback programs,

and $0.4 billion dividend payments.

Disclosures about market risk

ArcelorMittal is exposed to a number of different market risks

arising from its normal business activities. Market risk is the

possibility that changes in raw materials prices, foreign currency

exchange rates, interest rates, base metal prices (zinc, nickel,

aluminum and tin) and energy prices (oil, natural gas and

power) will adversely affect the value of ArcelorMittal’s financial

assets, liabilities or expected future cash flows.

The fair value information presented below is based on the

information available to management as of the date of the

consolidated statements of financial position. Although

ArcelorMittal is not aware of any factors that would significantly

affect the estimated fair value amounts, such amounts have not

been comprehensively revalued for purposes of this annual

report since that date, and therefore, the current estimates of

fair value may differ significantly from the amounts presented.

The estimated fair values of certain financial instruments have

been determined using available market information or other

valuation methodologies that require considerable judgment in

interpreting market data and developing estimates.

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Management report

See note 6 to ArcelorMittal’s consolidated financial statements

for quantitative information about risks relating to financial

instruments, including financial instruments entered into

pursuant to the Company’s risk management policies.

Risk management

ArcelorMittal has implemented strict policies and procedures to

manage and monitor financial market risks. Organizationally,

supervisory functions are separated from operational functions,

with proper segregation of duties. Financial market activities are

overseen by the CEO and CFO, the Corporate Finance and Tax

Committee and the Executive Office.

All financial market risks are managed in accordance with the

Treasury and Financial Risk Management Policy. These risks

are managed centrally through Group Treasury by a group

specializing in foreign exchange, interest rate, commodity,

internal and external funding and cash and liquidity

management.

All financial market hedges are governed by ArcelorMittal’s

Treasury and Financial Risk Management Policy, which includes

a delegated authority and approval framework, sets the

boundaries for all hedge activities and dictates the required

approvals for all Treasury activities. Hedging activity and limits

are monitored on an ongoing basis. ArcelorMittal enters into

transactions with numerous counterparties, mainly banks and

financial institutions, as well as brokers, major energy producers

and consumers.

As part of its financial risk management activities, ArcelorMittal

uses derivative instruments to manage its exposure to changes

in interest rates, foreign exchange rates and commodities

prices. These instruments are principally interest rate, currency

and commodity swaps, spots and forwards. ArcelorMittal may

also use futures and options contracts.

Counterparty risk

ArcelorMittal has established detailed counterparty limits to

mitigate the risk of default by its counterparties. The limits

restrict the exposure ArcelorMittal may have to any single

counterparty. Counterparty limits are calculated taking into

account a range of factors that govern the approval of all

counterparties. The factors include an assessment of the

counterparty’s financial soundness and its ratings by the major

rating agencies, which must be of a high quality. Counterparty

limits are monitored on a periodic basis.

All counterparties and their respective limits require the prior

approval of the Corporate Finance and Tax Committee.

Standard agreements, such as those published by the

International Swaps and Derivatives Association, Inc. (ISDA) are

negotiated with all ArcelorMittal trading counterparties.

Currency exposure

ArcelorMittal seeks to manage each of its entities’ exposure to

its operating currency. For currency exposure generated by

activities, the conversion and hedging of revenues and costs in

foreign currencies is typically performed using currency

transactions on the spot market and forward market. For some

of its business segments, ArcelorMittal hedges future cash

flows.

Because a substantial portion of ArcelorMittal’s assets, liabilities,

sales and earnings are denominated in currencies other than

the U.S. dollar (its reporting currency), ArcelorMittal has

exposure to fluctuations in the values of these currencies

relative to the U.S. dollar. These currency fluctuations,

especially the fluctuation of the value of the U.S. dollar relative

to the euro, the Canadian dollar, Brazilian real, South African

rand, Argentine peso, Indian rupee, Polish zloty and Ukrainian

hryvnia, as well as fluctuations in the currencies of the other

countries in which ArcelorMittal has significant operations and/or

sales, could have a material impact on its results of operations.

ArcelorMittal faces transaction risk, where its businesses

generate sales in one currency but incur costs relating to that

revenue in a different currency. For example, ArcelorMittal’s

subsidiaries may purchase raw materials, including iron ore and

coking coal, in U.S. dollar, but may sell finished steel products in

other currencies. Consequently, an appreciation of the U.S.

dollar will increase the cost of raw materials, thereby negatively

impacting the Company’s operating margins, unless the

Company is able to pass along the higher cost in the form of

higher selling prices.

ArcelorMittal faces foreign currency translation risk, which arises

when ArcelorMittal translates the financial statements of its

subsidiaries, denominated in currencies other than the U.S.

dollar for inclusion in ArcelorMittal’s consolidated financial

statements.

The tables below illustrate the impact of a 10% increase or

decrease between the relevant foreign currencies and the U.S.

dollar as of December 31, 2024 and December 31, 2023. A

positive sign means an increase in the net debt.

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Management report

Currency	Impact on net debt translation of a 10% appreciation of the U.S. dollar against the currency	Impact on net debt translation of a 10% depreciation of the U.S. dollar against the currency
In 2024	in $ equivalent (in millions)	in $ equivalent (in millions)
Argentine peso	49	(49)
Brazilian real	13	(13)
Euro	(111)	111
Indian rupee	(10)	10
Moroccan dirham	7	(7)
Polish zloty	2	(2)
Other	(3)	3

Currency	Impact on net debt translation of a 10% appreciation of the U.S. dollar against the currency	Impact on net debt translation of a 10% depreciation of the U.S. dollar against the currency
In 2023	in $ equivalent (in millions)	in $ equivalent (in millions)
Argentine peso	46	(46)
Brazilian real	5	(5)
Euro	93	(93)
Indian rupee	(1)	1
Moroccan dirham	8	(8)
Polish zloty	(22)	22
Other	4	(4)

Derivative instruments

ArcelorMittal uses derivative instruments to manage its

exposure to movements in interest rates, foreign exchange rates

and commodity prices. Changes in the fair value of derivative

instruments are recognized in the consolidated statements of

operations or in equity according to nature and effectiveness of

the hedge.

Derivatives used are non-exchange-traded derivatives such as

over-the-counter swaps, options and forward contracts.

For the Company’s tabular presentation of information related to

its market risk sensitive instruments, please see note 6 to the

consolidated financial statements.

Interest rate sensitivity

Cash balances, which are primarily composed of euros and U.S.

dollar, are managed according to the short-term (up to one year)

guidelines established by senior management on the basis of a

daily interest rate benchmark, primarily through short-term

currency swaps, without modifying the currency exposure.

Interest rate risk on debt

ArcelorMittal’s policy consists of incurring debt at fixed and

floating interest rates, primarily in U.S. dollar and euros

according to general corporate needs. Interest rate and currency

swaps are utilized to manage the currency and/or interest rate

exposure of the debt.

For the Company’s tabular presentation of the fair values of its

short and long term debt, please see note 6 to the consolidated

financial statements.

Commodity price risk

ArcelorMittal utilizes a number of exchange-traded commodities

in the steel-making process. In certain instances, ArcelorMittal is

the leading consumer worldwide of certain commodities. In

some businesses and in certain situations, ArcelorMittal is able

to pass this exposure on to its customers. The residual

exposures are managed as appropriate.

Financial instruments related to commodities (base metals,

energy, freight and emission rights) are utilized to manage

ArcelorMittal’s exposure to price fluctuations.

Hedges in the form of swaps and options are utilized to manage

the exposure to commodity price fluctuations.

In case of natural gas, ArcelorMittal has a portfolio of

steelmaking assets with approximately 75% of steel being

produced through the BF-BOF route which means resulting by-

product gases are recycled and utilized as a substitute for

natural gas covering a large part of the Company's needs.

Overall, the Company has a policy of hedging a portion of its

natural gas requirements with other strategic long term hedges

in place.

With respect to emission rights, in 2024, the Company has

fulfilled its shortfall requirements through the utilization of some

of its hedges and through some spot purchases by strategically

buying certificates in a planned manner.

For the Company’s tabular presentation of information related to

its market risk sensitive instruments, please see note 6 to the

consolidated financial statements.

In respect of non-exchange traded commodities, ArcelorMittal is

exposed to volatility in the prices of raw materials such as iron

ore (which is generally correlated with steel prices with a time

lag) and coking coal. This exposure is almost entirely managed

through long-term contracts, however some hedging of iron ore

exposures is made through derivative contracts. For a more

detailed discussion of ArcelorMittal’s iron ore and coking coal

purchases, see “Operating and financial review —Key factors

affecting results of operations—Raw materials”.

Outlook

T he Company expects higher apparent demand in 2025 as

compared to 2024. Outside China, ASC is expected to grow by

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Management report

2.5% to 3.5% in 2025 as compared to 2024, which is expected

to support steel shipment growth in 2025.

ArcelorMittal expects the following demand dynamics by key

region in 2025:

• In the U.S., ASC for flat products is expected to grow within

the range of 1.0% to 3.0%;

• In Europe, ASC for flat products is expected to grow within

a range of 0% to 2.0%;

• In Brazil, the Company expects ASC to be stable in 2025

following strong growth in 2024 by 8.0%;

• In India, the Company expects ASC growth within the range

of 6.0% to 7.0%;

• In China, ASC is expected to remain stable.

While near term demand is expected to remain subdued, given

the low inventory environment, especially in Europe, the

Company is optimistic that restocking activity will supplement

real demand improvement in time.

Capital expenditure is expected to remain within the range of

$4.5 billion to $5.0 billion (of which $1.4 billion to $1.5 billion is

related to strategic growth capital expenditure and $0.3 b illion to

$0.4 billion on projects related to decarbonization).

Cash flows from operating activities in 2025 is expected to be

supported by working capital optimization. The completion of the

Company’s strategic growth projects is expected to support

structurally higher operating income in the coming periods.

All information that is not historical in nature and disclosed

under “Operating and financial review”, and in particular in this

Outlook section, is deemed to be a forward-looking statement. A

detailed discussion of principal risks and uncertainties which

may cause actual results and events to differ materially from

such forward-looking statements is included in the section “Risk

factors”.

MANAGEMENT AND EMPLOYEES

Directors and senior management

Board of Directors

ArcelorMittal places a strong emphasis on corporate

governance. The Board of Directors is composed of nine

directors, of which six are independent directors. Mrs. Karyn

Ovelmen is the Lead Independent Director. The Board of

Directors has three committees: The Audit & Risk Committee,

the Appointment, Remuneration and Corporate Governance

Committee ("ARCG Committee") and the Sustainability

Committee. The ARCG Committee and the Audit & Risk

Committee are comprised exclusively of independent directors.

There are two independent directors on the Sustainability

Committee.

The annual general meeting of shareholders on April 30, 2024

acknowledged the expiration of the terms of office of Mr. Tye

Burt, Mrs. Karyn Ovelmen and Mrs. Clarissa Lins. At the same

meeting, the shareholders re-elected Mrs. Karyn Ovelmen and

Mrs. Clarissa Lins for a new term of three years each. The

retirement of Tye Burt has left a vacancy on the Board, which

the Company continues to work to fill.

In the most recent assessment of the Company’s leadership

structure, the ARCG Committee reviewed the key duties and

responsibilities of the Company’s Executive Chairman and its

Lead Independent Director as follows:

Executive Chairman	Lead Independent Director
* Chairs the Board of Directors' and shareholders' meetings	* Provides independent leadership to the Board of Directors
* Works with the Lead Independent Director to set agenda for the Board of Directors and reviews the schedule of the meetings	* Presides at executive sessions of independent directors
* Serves as a public face of the Board of Directors and of the Company	* Advises the Executive Chairman of any decisions reached and suggestions made at the executive sessions, as appropriate
* Serves as a resource for the Board of Directors	* Coordinates the activities of the other independent directors
* Guides discussions at the Board of Directors meetings and encourages directors to express their positions	* Oversees Board of Directors' governance processes, including succession planning and other governance-related matters
* Communicates significant business developments and time-sensitive matters to the Board of Directors	* Liaison between the Executive Chairman and the other independent directors
* Is responsible for managing day-to-day business and affairs of the Company	* Calls meetings of the independent directors when necessary and appropriate
* Interacts with the CEO within the Executive Office of the Company and frequently meets stakeholders and provides feedback to the Board of Directors	* Leads the Board of Directors’ self-evaluation process and such other duties as are assigned from time to time by the Board of Directors

The members of the Board of Directors are set out below. Henk Scheffer is the Company Secretary and, accordingly, acts as secretary

of the Board of Directors.

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Management report

Name	Age 5	Date of joining the Board 6	End of Term	Position within ArcelorMittal 5
Lakshmi N. Mittal	74	May 1997	May 2026	Executive Chairman of the Board of Directors
Aditya Mittal 8	48	June 2020	May 2026	Director and Chief Executive Officer
Vanisha Mittal Bhatia 7	44	December 2004	May 2025	Director
Michel Wurth 3	70	May 2014	May 2026	Director
Karyn Ovelmen 1, 2, 4	61	May 2015	May 2027	Lead Independent Director
Karel de Gucht 1, 4	70	May 2016	May 2025	Director
Etienne Schneider 1, 2, 3, 4	53	June 2020	May 2026	Director
Clarissa Lins 2, 3, 4	57	June 2021	May 2027	Director
Patricia Barbizet 1, 4	69	May 2023	May 2026	Director

Member of the Audit & Risk Committee.
Member of the ARCG Committee.
Member of the Sustainability Committee.
Non-executive and independent director.
Age and position as of December 31, 2024.
Date of joining the Board of ArcelorMittal or, if prior to 2006, its predecessor Mittal Steel Company NV.
Ms. Vanisha Mittal Bhatia is the daughter of Mr. Lakshmi N. Mittal and sister of Mr. Aditya Mittal.
Mr. Aditya Mittal is the son of Mr. Lakshmi N. Mittal and brother of Ms. Vanisha Mittal Bhatia.

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Management report

Lakshmi N. Mittal Executive Chairman

74 years old Nationality: Indian Date of first election: May 1997 Term start date: May 2023 Term end date: May 2026 Expertise and experience Lakshmi N. Mittal is the Executive Chairman of ArcelorMittal since February 2021. He was previously the Chairman and Chief Executive Officer of ArcelorMittal. He is a renowned global businessman who serves on the boards of various companies and advisory councils. He is an active philanthropist engaged in the fields of education and child health. Mr. Mittal was born in Sadulpur in Rajasthan in 1950. He graduated from St Xavier’s College in Kolkata, where he received a Bachelor of Commerce degree. He has received numerous awards for his contribution to the steel industry over the years and in April 2018, Mr. Mittal was awarded by the American Iron and Steel Institute with the Gary medal award recognizing his great contribution to the steel industry. He is widely recognized for successfully integrating many company acquisitions in North America, South America, Europe, South Africa and the CIS. Mr. Mittal is Chairman of the board of Aperam, a member of the board of Goldman Sachs and a member of the board of Cleveland Clinic. He previously sat on the board of Airbus N.V. He is a member of the National Investment Council of Ukraine, the World Economic Forum’s International Business Council, the World Steel Association’s Executive Committee and the Indian School of Business. Mr. Mittal is the father of Aditya Mittal (who is Chief Executive Officer and a non-independent Director of ArcelorMittal and Aperam) and Vanisha Mittal Bhatia (who is a non-independent Director of ArcelorMittal). Mr. Mittal is married to Mrs. Usha Mittal. Mr. Mittal is a citizen of India.

Aditya Mittal Chief Executive Officer ("CEO")

48 years old Nationality: Indian Date of first election: June 2020 Term start date: May 2023 Term end date: May 2026 Expertise and experience Aditya Mittal is the Chief Executive Officer since February 2021 and has been a Director since 2020. Aditya led the formation of ArcelorMittal in 2006, and has held various senior leadership roles, including managerial oversight of the Group’s flat carbon steel businesses in the Americas and Europe, in addition to his role as CFO of ArcelorMittal until February 2021. He sees climate change as ArcelorMittal’s top strategic issue and wants the Company to lead the decarbonization of the steel industry. He is an active philanthropist with a particular interest in child health. Together with his wife Megha, he is a significant supporter of the Great Ormond Street Children’s Hospital in London, having funded the Mittal Children’s Medical Centre, and in India, the couple work closely with UNICEF, having funded the first ever country-wide survey into child nutrition, the results of which are being used by the Government of India to inform relevant policy. Aditya serves on the boards of ArcelorMittal, Aperam, Iconiq Capital, and is Chairman of AMNS India. He is also an alumnus of the World Economic Forum Young Global Leader’s program and a member of Harvard University’s Global Advisory Council. He holds a bachelor’s degree in economics with concentrations in Strategic Management and Corporate Finance from the Wharton School in Pennsylvania, United States. He is the son of Mr. Lakshmi N. Mittal and brother of Ms. Vanisha Mittal Bhatia. Mr. Aditya Mittal is a citizen of India.

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Vanisha Mittal Bhatia Non-independent Director

44 years old Nationality: Indian Date of first election: December 2004 Term start date: May 2022 Term end date: May 2025 Expertise and experience Vanisha Mittal Bhatia is a non-independent Director of ArcelorMittal. She was appointed as a member of the Board of Directors of LNM Holdings in June 2004. Ms. Vanisha Mittal Bhatia was appointed to Mittal Steel’s Board of Directors in December 2004, where she worked in the Procurement department leading various initiatives including "total cost of ownership program". She joined Aperam in April 2011 and since has held the position of Chief Strategy Officer. She has a Bachelor of Sciences from the European Business School. Ms. Vanisha Mittal Bhatia is the daughter of Mr. Lakshmi N. Mittal and the sister of Mr. Aditya Mittal. Ms. Vanisha Mittal Bhatia is a citizen of India.

Michel Wurth Non-independent Director

70 years old Nationality: Luxembourgish Date of first election: May 2014 Term start date: May 2023 Term end date: May 2026 Expertise and experience Michel Wurth is a non-independent Director of ArcelorMittal and a member of the Sustainability Committee. He joined Arbed in 1979 and held a variety of functions before joining the Arbed Group Management Board and becoming its chief financial officer in 1996. The merger of Aceralia, Arbed and Usinor, leading to the creation of Arcelor in 2002, led to Mr. Wurth’s appointment as Senior Executive Vice President and Chief Financial Officer of Arcelor. He became a member of ArcelorMittal’s Group Management Board in 2006, responsible for Flat Carbon Europe, Global R&D, Distribution Solutions and Long Carbon Worldwide respectively. Michel Wurth retired from the GMB in April 2014 and was elected to ArcelorMittal’s board of directors in May 2014. He holds a Law degree from the University of Grenoble, France, and a degree in Political Science from the Institut d’Études Politiques de Grenoble as well as a Master’s of Economics from the London School of Economics, UK. Mr. Wurth is also doctor of laws honoris causa of the Sacred Heart University, Luxembourg. Mr. Wurth is Chairman of ArcelorMittal Luxembourg S.A. (a wholly owned subsidiary of ArcelorMittal) as well as Vice Chairman of the supervisory board of Dillinger Hütte AG and Dillinger Hütte Saarstahl AG (associates of ArcelorMittal). Mr. Wurth is a Board member of Orion Engineered Carbon S.A. a global company active in the black carbon industry, listed on the NASDAQ. Mr. Wurth served as Chairman of the Luxembourg Chamber of Commerce between May 2004 and May 2019 and is a member of the Council of the Central Bank of Luxembourg. He is also non-executive Chairman of Paul Wurth Real Estate S.A. as well as non-executive Chairman of BIP Investment Partners S.A. and BIP Capital Partners S.A., and non-executive Board member of Brasserie Nationale. BIP Investment Partners and BIP Capital Partners S.A. are Luxembourg based companies organized as investment funds investing in small and mid-cap private equity and Brasserie Nationale is a privately owned brewery based in Luxembourg. Mr. Wurth is vice-chairman of the Luxembourg Red Cross. Mr. Wurth is a citizen of Luxembourg.

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Karyn Ovelmen Non-executive and independent Director

61 years old Nationality: USA Date of first election: May 2015 Term start date: June 2021 Term end date: May 2027 Expertise and experience Karyn Ovelmen is Lead Independent Director of ArcelorMittal as well as the Chairwoman of the ARCG Committee and a member of the Audit & Risk Committee. From January 2019 to December 31, 2019, Mrs. Ovelmen was the Gas Power Transformation Leader for the General Electric Company. Prior to that, she served as Executive Vice President and Chief Financial Officer of Flowserve, a position that she held from June 2015 to February 2017. Previously, she also served as Chief Financial Officer and Executive Vice President of LyondellBasell Industries NV from 2011 to May 2015, as Executive Vice President and Chief Financial Officer of Petroplus Holdings AG from May 2006 to September 2010 and as Executive Vice President and Chief Financial Officer of Argus Services Corporation from 2005 to 2006. Prior to that, she was Vice President of External Reporting and Investor Relations for Premcor Refining Group Inc. She also spent 12 years with PricewaterhouseCoopers, primarily serving energy industry accounts. Mrs. Ovelmen is a member of the Hess Corporation Board of Directors and a member of the Audit Committee as of November 4, 2020. She is also CFO of Newmont, a company listed on the New York Stock Exchange, since May 2023. Mrs. Ovelmen was a member of the Gates Industrial Corporation plc. Board of Directors as a non-executive director and was a member of their Audit Committee from December 2017 to March 2019. Mrs. Ovelmen holds a Bachelor of Arts degree from the University of Connecticut, USA, and is a Certified Public Accountant ("CPA"). Mrs. Ovelmen is a citizen of the United States of America.

Karel de Gucht Non-executive and independent Director

70 years old Nationality: Belgian Date of first election: May 2016 Term start date: May 2022 Term end date: May 2025 Expertise and experience Karel de Gucht is a non-executive and independent Director and a member of the Audit & Risk Committee. Mr. De Gucht is a Belgian Minister of State. He was the European Commissioner for Trade in the 2nd Barroso Commission from 2010 to 2014 and for Development and Humanitarian Aid in the first Barroso Commission from 2009 to 2010. Previously, Mr. De Gucht served as Belgium's Minister of Foreign Affairs from 2004 to 2009 and Vice Prime Minister of Belgium from 2008 to 2009. In addition, in 2006, he was the Chairman in Office of the Organization for Security and Cooperation in Europe (OSCE) and Member of the Security Council of the United Nations from 2007 to 2008. Since 1991, Mr. De Gucht has been a Professor of Law at the VUB (the Dutch-speaking Free University Brussels). He is currently a member of the European Advisory Board of CVC Capital Partners, a member of the board of directors of the listed company Proximus NV and the president of the Brussels School of Governance at the VUB (Free University Brussel), a leading learning and research institute. Karel De Gucht is a member of the Board of Directors of nv EnergyVision, a non-listed company active in renewables. In the course of 2021, Mr. De Gucht was nominated Chairman of the Board of YOUSTON NV, a non-listed Belgian company specialized in archiving, digitalization and processing. Mr. De Gucht holds a Master of Law degree from the VUB and is a Belgian citizen.

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Etienne Schneider Non-executive and independent Director

53 years old Nationality: Luxembourgish Date of first election: June 2020 Term start date: May 2023 Term end date: May 2026 Expertise and experience Etienne Schneider is a non-executive and independent Director and a member of the Audit & Risk Committee, the ARCG Committee and the Sustainability Committee . Mr. Schneider joined the government of Luxembourg in 2012 as Minister of the Economy and Foreign Trade before being appointed Deputy Prime Minister, Minister of the Economy, Minister of Internal Security and Minister of Defense in 2013. In 2018, Mr. Schneider became Deputy Prime Minister, Minister of the Economy and Minister of Health and in February 2020 retired from politics. He previously filled several positions as a senior civil servant, such as a research assistant at the European Parliament in Brussels, economist for the LSAP parliamentary group in the Chamber of Deputies and project leader with NATO in Brussels. He also served as a government advisor responsible for various Directorates. Mr. Schneider became a member of the executive board of several companies, such as the Société électrique de l’Our (SEO), Enovos International SA, Enovos Deutschland AG and the National Credit and Investment Company (SNCI). Upon being appointed minister in 2012, he resigned from all of these positions. Since 2020, Mr. Schneider is a member of the board of Sofidra which is the Luxembourg holding of the international dredging company Jan de Nul. In 2021, Mr. Schneider became president of the board of LuxTP, a Luxembourgish affiliate of the Belgian construction company Besix Group in which he has held a position as an independent board member since 2020. Mr. Schneider was a member of the board of a non-listed Luxemburgish company Mikro Kapital until October 2024. Mr. Schneider holds a degree from the Institut Catholique des Hautes Etudes Commerciales (ICHEC) in Brussels and from Greenwich University in London in commercial and financial sciences. Mr. Schneider is a citizen of Luxembourg.

Clarissa Lins Non-executive and independent Director

57 years old Nationality: Brazilian Date of first election: June 2021 Term start date: June 2021 Term end date: May 2027 Expertise and experience Clarissa Lins is a non-executive and independent Director of ArcelorMittal as well as the Chairwoman of the Sustainability Committee. Mrs. Lins is a senior executive with consolidated experience in strategy, sustainability, and corporate governance. With a distinguished education background in economics, she worked on relevant projects in the public sector at the beginning of her career - she was part of Brazil’s Ministry of Finance team that produced the economic stabilization program known as the Real Plan in 1994, under President Cardoso. She also served as an Advisor to the President of Brazil’s BNDES Development Bank, participating in the structuring of the country’s large-scale privatization projects from 1995 to 1999. She was head of Corporate Strategy at Petrobras from 1999 to 2002, when the state-owned oil and gas company shifted its strategy and improved its corporate governance practices while doing an IPO at the NYSE. Mrs. Lins moved her focus more specifically towards Sustainability in 2004, when she joined the FBDS Fundação Brasileira para o Desenvolvimento Sustentável (Brazilian Foundation for Sustainable Development). In 2013, she founded the consultancy Catavento, advising corporations in the areas of strategy and sustainability. Mrs. Lins was the President of the Brazilian Institute of Petroleum and Gas (IBP) from November 2019 until March 2021, after serving as Executive Director for more than 3 years. She serves on boards and committees of leading companies operating in Brazil - including Suzano's Sustainability Committee (the world’s largest producer of market pulp) and the board of directors of Votorantim Cimentos. Other companies in which she has held relevant board committee positions include Shell, Vale, Petrobras and Vibra Energia. Mrs. Lins is a citizen of Brazil.

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Patricia Barbizet Non-executive and independent Director

69 years old Nationality: French Date of first election: May 2023 Term start date: May 2023 Term end date: May 2026 Expertise and experience Mrs. Patricia Barbizet is a non-executive and independent Director and Chairwoman of the Audit & Risk Committee. Mrs. Barbizet is Chief Executive Officer of Temaris & Associés, lead independent director of Pernod Ricard (listed company). In addition, she is chairwoman of AFEP (Association française des entreprises privées) and a member of the Board of Directors of CMA CGM. She started her career as International Treasurer in Renault Véhicules Industriels, and then as Chief Financial Officer of Renault Crédit International. In 1989, Mrs. Barbizet joined the Groupe Pinault as Chief Financial Officer. She was Chief Executive Officer of Artémis, the investment company of the Pinault family, from 1992 to 2018. Mrs. Barbizet was Chief Executive Officer and chairwoman of Christie’s International from 2014 to 2016, served as a qualified independent member on the boards of PSA Peugeot-Citroen, Air France-KLM, Groupe Bouygues, FNAC-DARTY, AXA, Total, as well as chairwoman of the Investment Committee of the “Fond Stratégique d’Investissement” from 2008 until 2013, and chairwoman of the "Comité de surveillance des investissements d'avenir" of the Secrétariat Général pour l'Investissement (SGPI) until 2023. Mrs. Barbizet graduated from the École Supérieure de Commerce de Paris (ESCP Business School). Mrs. Barbizet is a citizen of France.

Senior management

As of December 31, 2024, ArcelorMittal’s senior management

was comprised of the Executive Office supported by nine other

Executive Officers. ArcelorMittal’s Executive Office was

comprised of the Executive Chairman, Mr. Lakshmi N. Mittal and

the CEO, Mr. Aditya Mittal. Together, the Executive Officers are

responsible for the implementation of the Company strategy,

overall management of the business and all operational

decisions.

Name	Age	Position
Lakshmi N. Mittal 1	74	Executive Chairman of ArcelorMittal
Aditya Mittal 1	48	Chief Executive Officer of ArcelorMittal
Genuino Christino 1	53	Chief Financial Officer of ArcelorMittal
Kleber Silva 1	61	Executive Vice President, CEO ArcelorMittal Mining
Jefferson de Paula 1	66	Executive Vice President, CEO ArcelorMittal South America Long
Geert Van Poelvoorde 1	59	Executive Vice President, CEO ArcelorMittal Europe
John Brett 1	59	Executive Vice President, CEO ArcelorMittal North America
Bradley Davey 1	60	Executive Vice President and Head of Corporate Business Optimization
Vijay Goyal 1	53	Executive Vice President
Dilip Oommen 1	66	Executive Vice President, CEO AMNS India
Stephanie Werner-Dietz 1	52	Executive Vice President, Head of Human Resources

Age and position as of December 31, 2024.

Lakshmi N. Mittal (See “—Board of Directors”).

Aditya Mittal (See "—Board of Directors").

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Management report

Genuino M. Christino Member of the Group management committee, Chief Financial Officer.

53 years old Nationality: Brazilian Expertise and experience Genuino M. Christino is the Group Chief Financial Officer and Executive Vice President of ArcelorMittal since February 2021. He is a member of the Group management committee since 2016. Prior to Mr. Christino’s appointment as Chief Financial Officer, he was the Group Head of Finance since 2016. As Chief Financial Officer, Mr. Christino is responsible for all of the Company’s financial functions, including treasury, corporate finance, accounting, performance management, insurance and investor relations. In addition, Mr. Christino oversees the Group's Merger & Acquisitions, Legal and IT activities and is a member of the Company’s Investment Allocation Committee. Mr. Christino also heads the Company’s Corporate Finance and Tax Committee where all key financial transactions of the Group are reviewed and approved. Since August 2024, Mr. Christino is a member of the Board of Directors of Vallourec, in which ArcelorMittal has acquired a 28% equity stake. Prior to joining ArcelorMittal in 2003, Mr. Christino had spent ten years at KPMG in Brazil and in the United Kingdom, as an auditor and a consultant. Mr. Christino holds a bachelor’s degree in accounting and business administration from the Universidade Paulista in São Paolo, Brazil and has also completed an Executive MBA Program from the Dom Cabral Foundation in Belo Horizonte, Brazil. Mr. Christino is a citizen of Brazil.

Kleber Silva Member of the Group management committee, CEO of ArcelorMittal Mining.

61 years old Nationality: Brazilian and British Expertise and experience Kleber Silva is a member of the Group management committee, Executive Vice President and the Chief Executive Officer of ArcelorMittal Mining. He rejoined ArcelorMittal in April 2024. Before rejoining ArcelorMittal, Kleber served as the Deputy Chief Executive Officer and Chief Operating Officer of Eramet since 2017, where he oversaw global mining and metallurgical operations across various commodities, including manganese, nickel, zircon, titanium, mineral sands, manganese alloys and lithium. With over 37 years in the mining and metals industry, Mr. SIlva began his career in 1988 at MBR and Vale, where he took on various senior operational responsibilities in Brazil. He also gained international experience at Québec Cartier Mining Company in Canada (later known as ArcelorMittal Mines Canada). After joining ArcelorMittal in 2006 as Vice President overseeing mining operations, he advanced to Head of Iron Ore Operations and Chief Technology Officer for Iron Ore Mines in 2008. In May 2012, he was promoted to Executive Vice President and Head of Iron Ore of ArcelorMittal. He brings a proven track record of accomplishments in safety, value creation, growth, turnaround strategies, and operational excellence. Mr. Silva holds a Master’s degree from École Nationale Supérieure des Mines de Paris, France, and is a qualified mining engineer from Escola de Minas da Universidade Federal de Ouro Preto (UFOP), Brazil. Mr. SIlva is a citizen of both Brazil and the United Kingdom.

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Jefferson de Paula Member of the Group management committee, President of ArcelorMittal Brasil, CEO of ArcelorMittal Long LATAM and Mining Brazil.

66 years old Nationality: Brazilian Expertise and experience Jefferson de Paula is a member of the Group management committee, President of ArcelorMittal Brazil, CEO of ArcelorMittal Long LATAM and Mining Brazil. Counting over 40 years of work in the steel industry, Mr. De Paula has been with the Group since 1991, occupying several executive positions in Brazil, Argentina, Americas and Europe. He was the first Brazilian Vice- President and CEO of ArcelorMittal to lead in Europe, being responsible for plants in different countries such as Spain, Luxembourg, Germany, Poland and Morocco. He is Chairman of the Board of Directors of Belgo Bekaert Arames, Member of the Board of Directors of ArcelorMittal Argentina, Member of the Board of Brazil Steel Association (Aço Brasil), Member of the Board of the Latin American Steel Association (ALACERO) and Vice President of the Board and Member of the Strategic Board of Minas Gerais State Industry Association (FIEMG). Mr. De Paula holds a degree in metallurgical engineering from Universidade Federal Fluminense (Brazil) and has completed executive trainings at business schools such as Fundação Dom Cabral (Brazil), Universidad Austral - IAE School of Business (Argentina), Insead (France) and Kellogg School of Management, Northwestern University (USA). Mr. De Paula is a citizen of Brazil.

Geert Van Poelvoorde Member of the Group management committee. CEO ArcelorMittal Europe

59 years old Nationality: Belgian Expertise and experience Geert Van Poelvoorde is a member of the Group management committee. He started his career in 1989 as a project engineer at the Sidmar Ghent hot strip mill, where he held several senior positions in the automation and process computer department. He moved to Stahlwerke Bremen in 1995 as senior project manager. Between 1998 and 2002, he headed a number of departments, and in 2003 he was appointed director of Stahlwerke Bremen, responsible for operations and engineering. In 2005, Mr. Van Poelvoorde returned to ArcelorMittal Ghent to take up the position of Chief Operating Officer. In 2008, he became CEO of ArcelorMittal Ghent with direct responsibility for primary operations. He was appointed CEO of the Business Division North within Flat Carbon Europe in 2009. In January 2014, he was appointed CEO of Flat Carbon Europe and Purchasing and in February 2021, he became CEO of ArcelorMittal Europe. Since November 2015, he is a member of the executive committee of Eurofer (as president between 2015 and the end of 2022), the European steel federation and is serving on several boards. He graduated from the University of Ghent with a degree in civil engineering and electronics. Mr. Van Poelvoorde is a citizen of Belgium.

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John Brett Member of the Group management committee, Chief Executive Officer of ArcelorMittal North America.

59 years old Nationality: USA Expertise and experience John Brett, is a member of the Group management committee, an Executive Vice-President and the Chief Executive Officer of ArcelorMittal North America. He joined the group at former Inland Steel in 1988 as an associate accountant, and progressed to become a manager specializing in financial analysis and systems in 1997. In 1998, Mr. Brett took on the role of controller for Ispat Inland Steel and in 2005, he was promoted to vice president, finance and planning and controller for Mittal Steel USA. In 2012, Mr. Brett was appointed executive vice president finance, planning and procurement for ArcelorMittal USA. Prior to becoming CEO of ArcelorMittal North America in January 2021, Mr. Brett was CEO of ArcelorMittal USA. Mr. Brett holds an MBA from the University of Chicago and is a graduate in economics from DePauw University. Mr. Brett is a citizen of the United States of America.

Bradley Davey Member of the Group management committee, Head of Corporate Business Optimization.

60 years old Nationality: Canadian Expertise and experience Bradley Davey is a member of the Group management committee, Executive Vice President and Head of Corporate Business Optimization. He joined Dofasco in 1986 as a project engineer in the central maintenance department, joined assigned maintenance in 1989, and then the hot strip mill ("HSM") in 1990. He held various positions in the HSM before becoming a Business Unit Manager in 1996. He gained international manufacturing experience through this role by leading two separate multi-year technical exchanges and through leading Dofasco’s HSM modernization project. In 2002, he changed careers to marketing as a Manager of Strategic Marketing, led Dofasco’s marketing process redesign project before becoming General Manager of Marketing in 2005, then Director of Industry Sales in 2007, and then Vice President Commercial in 2008. In 2014, he became Chief Marketing Officer ("CMO") North America Automotive, then became CMO North America Flat Rolled later in 2014. In 2016, he became CMO of Global Automotive along with CMO North America. In 2018, Mr. Davey became CEO of ArcelorMittal North America and held this position until his nomination to Head of Corporate Business Optimization in early April 2021. Currently based in Canada, Mr. Davey has responsibility for Global Automotive, R&D, CTO, Corporate Health and Safety, Commercial Coordination, Corporate Capital Goods Procurement, Corporate Communications and Corporate Responsibility, Automotive, JV’s in China and India, Tailored Blanks Americas, and is Vice Chairman of the Investment Allocation Committee. Mr. Davey holds a mechanical engineering degree from McMaster University, Canada. Mr. Davey is a citizen of Canada.

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Vijay Goyal Member of the Group management committee, Executive Vice President

53 years old Nationality: Indian Expertise and experience Vijay Goyal is a member of the Group management committee and Chief Executive Officer of the business segment comprising ArcelorMittal Kryvyi Rih, Ukraine and the joint venture ArcelorMittal Tubular Products Jubail (AMTPJ). He has been a member of the Group management committee since October 2016 and was nominated executive officer in February 2022. Mr. Goyal joined Mittal Steel in 1999, working in various positions in the finance function. In 2007, he became chief financial officer and head of strategy for Long Carbon Europe, followed by his appointment as chief financial officer and head of central supply chain for Flat Carbon Europe in mid-2008. From 2014 to 2016, Mr. Goyal was chief financial officer of ArcelorMittal Europe and additionally in charge of legal, IT and Shared Service Centre Europe, before being appointed chief executive officer ArcelorMittal Downstream Solutions. In his prior role, Mr. Goyal led on several strategic projects, including the acquisition of Essar Steel India with joint venture partner Nippon Steel, to create ArcelorMittal Nippon Steel (AM/NS) India. Mr. Goyal graduated from St Xavier’s College, Calcutta. He is a chartered accountant and cost and works accountant from respective institutes in India. In 2021, he was recognized with the “Global Achiever” award by The Institute of Chartered Accountants of India. He has also completed executive education programs at the Wharton and Stanford Business Schools. Mr. Goyal is a citizen of India.

Dilip Oommen Member of the Group management committee, Chief Executive Officer of AMNS India.

66 years old Nationality: Indian Expertise and experience Dilip Oommen is a member of the Group management committee. He was appointed CEO of AMNS India in December 2019 after the acquisition of Essar Steel India (ESIL). He has more than 40 years of experience in the steel industry. Mr. Oommen joined ESIL in 2003 as chief operating officer, before moving to senior leadership positions within the company. He was appointed Managing director and Chief Executive Officer of ESIL in 2019. Prior to joining ESIL, Mr. Oommen had worked in various leadership roles in Hadeed (SABIC), both in Long and Flat Product divisions. In 2020, Mr. Oommen was elected President of the Indian Steel Association, the industry body that represents major public and private sector steel companies in India. He has also served in the past as Co-Chair of the Federation of Indian Chambers of Commerce & Industry’s ("FICCI") Steel Committee, one of several industry leadership roles he has taken on during his career. He is also a member of the Advisory Committee of the Steel Ministry of India. Mr. Oommen is a metallurgical engineer from the Indian Institute of Technology, Kharagpur. He has attended several management and technical programs across the globe. Mr. Oommen is a citizen of India.

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Stephanie Werner-Dietz Member of the Group management committee. Head of Human Resources

52 years old Nationality: German Expertise and experience Stephanie Werner-Dietz is a member of the Group management committee. She was appointed head of human resources on September 1, 2022. She joined ArcelorMittal with a long ranging HR experience of almost 25 years at Nokia, which she joined in 1998. Throughout her career, Mrs. Werner-Dietz has held different HR leadership positions in various countries. She held multiple HR business partner and expert roles across the company, and she was chief people officer of Nokia, based in Finland from January 2020 until her arrival at ArcelorMittal. Mrs. Werner-Dietz is a graduate in applied business languages (Chinese) and international business studies from the University of Applied Sciences of Bremen, Germany. Mrs. Werner-Dietz is a citizen of Germany.

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Compensation

Content
Annual statement from the Chairman of ARCG Committee
Board of Directors
Remuneration at a glance - senior management	Overview of the Company's remuneration policy and rationale of each performance metric
Remuneration at a glance - 2024 pay outcomes	Comparison of pay outcomes 2024 vs. 2023 vs. 2022 vs. 2021 vs. 2020 Explanation of results for 2023 short-term incentives paid in 2024
Remuneration
Remuneration strategy	Explanation of what informs the ARCG's decision on pay
Remuneration policy	Explanation of policies applied to senior management
Remuneration mix	Overview of the remuneration mix for senior management
2024 Total remuneration	Overview of 2024 outcomes
Short-term incentives	Description of short-term incentives plan ("STI")
ArcelorMittal Equity Incentive Plan	Description of long-term incentive plan ("LTIP" or "LTI"s)
Other benefits	Description of other benefits
Clawback	Explanation of Company’s clawback policy (Exhibit 97.1)
Abbreviations
EBITDA	Operating income plus depreciation, impairment expenses, special items and income (loss) from associates, joint ventures and other investments (excluding impairments)
FCF	Free cash flow
STI	Short-term incentives
LTI/LTIP	Long-term incentives (plans)
EPS	Earnings per share
ESG	Environment, social and governance
PSU	Performance share units
RSU	Restricted share units
ROCE	Return on capital employed
TSR	Total shareholder return

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Annual statement from the Chairwoman of ARCG Committee

Dear Shareholders,

In my capacity as Appointments, Remuneration & Corporate

Governance Committee (“ARCG”) chair I would like to provide

you with a summary of the Committee’s major focus and an

overview of the main actions taken in 2024 and to be taken in

Safety

Safety continues to be a priority for all levels of the Company.

This includes the ARCG Committee working closely with the

Sustainability Committee.

The safety audit was completed this year against the backdrop

of a necessity to strengthen Group safety performance. We

were satisfied with the rigor and extensive analysis that dss+

performed during the nine-month audit of the Group and the

Board had a number of meetings to discuss safety and the

audit throughout the year. The audit included 155 site audits

(including joint ventures) on the three main occupational risks;

process safety management audits on the 14 highest risk

assets; and a thorough examination of health and safety

management practices across the Group. Overall, dss+

confirmed that ArcelorMittal has the right policies and

standards but the biggest challenge is to make sure that

implementation is uniform across the Group. The ARCG

Committee reviewed, strengthened and approved appropriate

targets for long and short-term incentives related to health &

safety performance improvements and this was an important

focus area in 2024.

The Company has committed to implementing the

recommendations provided by dss+. Business specific plans

have already been developed with clear actions for

implementation. The health and safety assurance model has

also been strengthened to provide a more comprehensive

oversight and the third line will report now directly to the Board.

To support these actions, the ARCG Committee also had

requested benchmarking of ArcelorMittal health & safety

related incentives with other steel and mining companies. The

analysis shows the Company is well aligned with industry best

practice.

Business and results

Market conditions were particularly challenging in 2024, with

unsustainably low steel prices in the Company’s core markets,

and aggressive exports from China.

Despite these challenges, ArcelorMittal delivered a resilient

financial performance in 2024, which reflects the structural

business improvements and the benefits of regional/product

diversification. The Company has grown the business,

rewarded shareholders all whilst maintaining a strong balance

sheet.

ArcelorMittal remains committed to its long-term strategy and

has continued to invest in growth and sustainability initiatives.

Several recently completed projects such as the Vega CMC in

Brazil and a 975MW renewables project in India are performing

well. This first completed renewables project started supplying

power to AMNS India in September 2024. The Vega CMC

project is also fully up and running and produced its first

Magnelis® coil.

People strategy, remuneration, nomination, and governance

In April 2024, Mrs. Patricia Barbizet was appointed as

chairwoman of the Audit & Risk Committee.

The ARCG Committee members engaged with shareholders in

the context of proposals to the Annual General Meeting in May

2024 and specific governance and remuneration related

questions of concern to shareholders. Feedback was

constructive.

During January 2025, the Lead Independent Director and

ARCG Chair conducted the Annual Self-Assessment of the

Board of Directors relating to 2024, which has shown that the

Company continues to place a ubiquitous focus on the Health

and Safety improvement (including fatality reduction),

decarbonization and other ESG measures, but also on

deployment of capital in the long term and for the interests of

investors. The analysis reveals a well-functioning board with

strong fundamentals in governance, communication, and

strategic oversight, while highlighting specific areas for future

focus.

The Committee reviewed the long-term incentive plans for

Executive Officers and the ArcelorMittal equity plan for 2025.

During the second half of 2024, the Committee conducted the

review of the succession plan for the Company’s Executive

Office and Executive Vice Presidents. The Committee also

worked on the search for a non-executive Director. This

process is ongoing.

The ARCG Committee also reviewed and supported the

outcome of the Company’s Speak Up+ survey- related

improvement initiatives, targets and performance.

Climate and Sustainability

ArcelorMittal’s existing capabilities in low-carbon metallics and

EAF steelmaking puts it in a strategically advantaged position

to provide access to low-carbon intensity steel products to

customers. ArcelorMittal’s XCarb® low-carbon emissions steel,

which has a carbon footprint of as low as 300kg per tonne of

steel produced, has seen sales grow to approximately 0.4

million tonnes in 2024.

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Energy infrastructure, policy and the market environment in

Europe have not moved in a favorable direction for

decarbonization. Before taking final investment decisions on

the Company’s decarbonization projects, ArcelorMittal need to

have greater clarity on the policy to ensure higher cost

steelmaking can be competitive in Europe without a global

carbon price.

However, the Company continues to move forward with

decarbonization projects which are economic. In 2024,

ArcelorMittal started the construction of a 1.1 million-tonne EAF

in Gijόn, Spain and is progressing on the EAF expansion at

Sestao, Spain to 1.6 million tonnes. Outside of Europe, in the

United States, AM/NS Calvert is commissioning a new 1.5

million tonne per annum EAF enhancing its ability to meet

automotive demand.

At the same time, the Company continues to secure the

resources for decarbonization. In 2024, the Company

increased its renewable energy portfolio to 2.1 GW with

975MW commissioned in India and equity investments in Brazil

and Argentina.

Going forward

Safety remains the number one focus for 2025, and

ArcelorMittal will be monitoring alongside shareholders the

progress in implementing the recommendations of the safety

audit.

There are certainly several challenges to navigate, but the

long-term outlook for steel is positive. ArcelorMittal aims to

leverage its geographic presence and strong R&D capabilities

to meet stakeholder needs and produce smarter steels – for

people and planet.

We are committed to delivering sustainable value to

shareholders and thank you for your investment and trust in

ArcelorMittal.

Yours Sincerely,

Karyn Ovelmen

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Board of Directors

Directors’ fees

The ARCG Committee of the Board of Directors prepares

proposals on the remuneration to be paid annually to the

members of the Board of Directors.

At the April 30, 2024 annual general meeting of shareholders,

the shareholders approved the annual remuneration for non-

executive directors for the 2023 financial year, based on the

following annual fees (euro denominated amounts are

translated into U.S. dollar as of December 31, 2023):

• Basic director’s remuneration: €158,095 ($174,695);

• Lead Independent Director’s remuneration: €222,985

($246,398);

• Additional remuneration for the Chair of the Audit &

Risk Committee: €30,675 ($33,896);

• Additional remuneration for the other Audit & Risk

Committee members: €18,877 ($20,859);

• Additional remuneration for the Chairs of the other

committees: €17,697 ($19,555); and

• Additional remuneration for the members of the other

committees: €11,798 ($13,037).

The total annual remuneration (euro denominated amounts are translated into U.S. dollar as the prevailing closing rate) of the members

of the Board of Directors for their service for the last five financial years was as follows:

(Amounts in $ thousands except Long-term incentives information)	Year ended December 31, — 2024	2023	2022	2021	2020
Base salary 1	3,371	3,214	3,199	3,483	2,635
Director fees	1,442	1,658	1,676	1,784	1,706
Short-term performance-related bonus 1	—	—	6,388	5,134	935
Long-term incentives 1, 2	241,856	141,973	141,564	109,143	148,422

1 Includes Executive Chairman and CEO in 2024, 2023, 2022 and 2021 and Chairman and CEO and President and CFO in 2020. Slight differences between the years are

possible, due to foreign currency effects. The Executive Chairman and the CEO voluntarily renounced their 2023 Performance Bonus ($2.8 million and $3.1 million,

respectively) (which would otherwise have been paid in 2024) due to the high number of fatalities.

2 See “Management and employees—Compensation—Remuneration—ArcelorMittal Equity Incentive Plan .”

The annual remuneration (euro denominated amounts are translated into U.S. dollar at the prevailing closing rate) for the last five

financial years to the current and former members of the Board of Directors for services in all capacities in the years in which they were

Directors was as follows:

(Amounts in $ thousands)	Year ended December 31, — 2024 1	2023 1	2022 1	2021 1	2020 1
Lakshmi N. Mittal	1,580	1,536	1,529	1,700	1,374
Aditya Mittal	1,791	1,678	1,670	1,783	1,261
Vanisha Mittal Bhatia	164	175	169	176	186
Suzanne P. Nimocks	—	—	76	189	200
Bruno Lafont	—	96	277	302	306
Tye Burt	63	201	194	194	200
Karyn Ovelmen	274	269	201	221	223
Jeannot Krecké	—	—	—	—	78
Michel Wurth	177	188	181	181	186
Karel de Gucht	184	196	189	208	209
Etienne Schneider	200	196	189	197	118
Clarissa Lins	195	207	200	116	—
Patricia Barbizet	185	130	—	—	—
Total	4,813	4,872	4,875	5,267	4,341

Remuneration for non-executive Directors with respect to 2024 will be paid in 2025 subject to Board of Directors proposal and to the shareholder approval at the annual

general meeting to be held on May 6, 2025. Remuneration for non-executive Directors with respect to 2023, 2022, 2021 and 2020 was paid in 2024, 2023, 2022 and

2021, respectively, following the shareholder approval at the annual general meetings held on April 30, 2024, May 2, 2023, May 4, 2022 and June 8, 2021, respectively.

Slight differences between the years are possible, due to foreign currency effects.

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Management report

Except for the Executive Chairman and the CEO, members of the Board of Directors have not received any remuneration from any

subsidiary of the Group in 2024.

The annual base salary for the last five financial years on a full-time equivalent basis of employees of ArcelorMittal S.A. was as follows:

(Amounts in $ thousands)	2024	2023	2022 1	2021 1	2020 1
Average Remuneration	550	502	446	446	412

The annual remuneration is calculated for approximately 14 employees with a labor contract with ArcelorMittal S.A (not including any employees employed by other

entities within the Group).

ArcelorMittal has performed a benchmarking on remuneration

with its selected peers and fixed the remuneration of the

employees and Directors based on the outcome of that

exercise.

The policy of the Company is not to grant any share-based

remuneration to members of the Board of Directors who are

not executives of the Company. As of December 31, 2024,

ArcelorMittal did not have any loans or advances outstanding

to members of its Board of Directors and ArcelorMittal had not

given any guarantees in favor of any member of its Board of

Directors. None of the members of the Board of Directors,

other than the CEO, benefit from an ArcelorMittal pension plan.

Short-term incentives paid to executive directors were as

follows for the last five financial years:

	2024	2023	2022	Short-term Incentives — 2021	2020
Lakshmi N. Mittal	—	—	3,053	2,908	—
Aditya Mittal	—	—	3,335	2,226	935

The following tables provide a summary of the PSUs granted

(long-term incentives) to the executive directors on the Board

of Directors, as of December 31, 2024. There were no

outstanding stock options as of December 31, 2024.

	PSUs granted in 2024	PSUs granted in 2023	PSUs granted in 2022	PSUs granted in 2021	PSUs granted in 2020
Lakshmi N. Mittal	112,635	67,857	67,662	52,166	77,372
Aditya Mittal	129,221	74,116	73,902	56,977	71,050
Term (in years)	3	3	3	3	3
Vesting date 1	January 1, 2028	January 1, 2027	January 1, 2026	January 1, 2025	January 1, 2024

See “Management and employees—Compensation—Remuneration—ArcelorMittal Equity Incentive Plan", for vesting conditions.

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Management report

Remuneration at a glance - senior management

The following table provides a brief overview of the Company’s remuneration policy for senior management. Additional information is

provided below.

ArcelorMittal's Remuneration Policy — Remuneration	Period	Strategy		Characteristic
Salary	2024	Recruitment and retention	l	Reviewed annually by the ARCG Committee considering market data
			l	Increases based on the Company performance and individual performance
STI	2024	Delivery of strategic priorities and financial success	l	Maximum STI award of 360% of base salary for the Executive Chairman, and the CEO and in general 240% of base salary for other Executive Officers (depending on the region)
			l	100% STI paid in cash
			l	ArcelorMittal's first priority Health and Safety is part of the STI
			l	Over performance towards competition
LTIP	2024-2026	Encourages long term shareholder return	l	PSUs granted with a face value of 180% of base salary for the Executive Chairman and CEO PSUs / RSUs granted with a face value of 110%-180% of base salary as a guideline for other Executive Officers depending on the region
			l	Shares vest after a three-year performance period for PSUs and after a three-year period for RSUs
			l	Performance related vesting and/or employment related vesting

Key Performance Metrics from 2024 — Metrics	Scheme		Rationale
EBITDA	STI	l	Demonstrates growth and operational performance of the underlying businesses
FCF	STI
Gap to competition	STI	l	Outperform peers
Health & Safety	STI / LTIP	l	Employee health and safety is a core value for the Company
ESG	LTIP	l	Improve health & safety outcome, achieve decarbonization and diversity & inclusion targets
EPS	LTIP	l	Links reward to delivery of underlying equity returns to shareholders
ROCE	LTIP	l	Critical factor for long-term success and sustainability of the Company
TSR	LTIP	l	Creates a direct link between executive pay and shareholder value
		l	Comparison with a peer group of companies

Remuneration at a glance - 2024 Pay outcomes

The following graphics present in thousands of U.S. dollar the compensation paid to the Executive Chairman (CEO until February 11,

in 2024, 2023, 2022, 2021 and 2020 and to the CEO (President and CFO until February 11, 2021) in 2024, 2023, 2022 and 2021.

Amounts presented for the CFO and other Executive Officers relate to the former President and CFO (Aditya Mittal) and other

Executive Officers until Februar y 11, 20 21 and to the CFO and other Executive Officers thereafter. Information with respect to total

remuneration paid is provided under “—Remuneration—2024 Total remuneration” below.

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2023 short-term incentives paid in 2024

Business Units	Executive	Realization as % of business target
Executive Office	Lakshmi N. Mittal Aditya Mittal	Executive office renounced their short-term incentive
Mining	Stefan Buys	85%
North America	John Brett	128%
Corporate*	Genuino Christino	128%
Corporate*	Bradley Davey	128%
Corporate*	Stephanie Werner-Dietz	128%
CIS**	Vijay Goyal	64% → 0%
AMNS India	Dilip Oommen	140%
Europe	Geert van Poelvoorde	105%
Long Carbon South America	Jefferson de Paula	150%

Note: Individual performance not included in the percent of realization.

*Health & Safety part of the bonus was nil due to the number of fatalities.

**Due to the tragic accident in Kazakhstan in October 2023, the performance bonus was not paid out to the CEO CIS.

Long-term incentives vesting in 2024

Executive office

In 2024, the following long-term incentives vested:

Vehicle	Date of vesting	Date of grant	Number of PSUs granted to Executive office	Number of shares acquired by Executive office
PSUs	January 1, 2024	December 14, 2020	148,422	111,317

CFO and Other Executive Officers

In 2024, the following long-term incentives vested:

Vehicle	Date of vesting	Date of grant	Number of PSUs and RSUs granted to CFO and other Executive officers	Number of shares acquired by CFO and other Executive officers
PSUs	January 1, 2024	December 14, 2020	79,100	61,544
RSU	December 16, 2024	December 16, 2021	32,100	32,100

Remuneration

Remuneration strategy

The ARCG Committee assists the Board of Directors to

maintain a formal and transparent procedure for setting policy

on senior management's remuneration and to determine an

appropriate remuneration package for senior management.

The ARCG Committee should ensure that remuneration

arrangements support the strategic aims of the business and

enable the recruitment, motivation and retention of senior

executives while complying with applicable rules and

regulations.

Board oversight

To this end, the Board of Directors has established the ARCG

Committee to assist it in making decisions affecting employee

remuneration. All members of the ARCG Committee are

required to be independent under the Company’s corporate

governance guidelines, the New York Stock Exchange

("NYSE") standards and the 10 Principles of Corporate

Governance of the Luxembourg Stock Exchange.

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Management report

The members are appointed by the Board of Directors each

year after the annual general meeting of shareholders. The

members have relevant expertise or experience relating to the

purposes of the ARCG Committee. The ARCG Committee

makes decisions by a simple majority with no member having a

casting vote and is chaired by Ms. Karyn Ovelmen , Lead

Independent Director.

Appointments, remuneration and corporate governance

committee

One of the tasks of the ARCG Committee is to assist the Board

of Directors by providing recommendations specifically related

to remuneration and compensation. This includes:

• reviewing and approving corporate and personal

goals and objectives relevant to the compensation of

the members of the Executive Office, Executive

Officers and senior management as deemed

appropriate by the committee, and evaluating their

performance in light of these goals and objectives.

• making recommendations to the Board of Directors

regarding trends in Board remuneration and incentive

compensation plans.

• Recommending the Company’s framework of

remuneration for the members of the Executive Office,

Executive Officers and other senior executives as

determined by the committee. In making these

recommendations, the committee may consider

factors that it deems necessary, including a member’s

total cost of employment (factoring in equity/long term

incentives, any perquisites and benefits in kind and

pension contributions).

• Approving a report on executive remuneration to be

included in the company's annual report.

• Reviewing the analysis of proxy advisory firms in the

context of corporate governance compensation.

Individual remuneration is discussed by the ARCG Committee

without the person concerned being present. The ARCG

Committee Chair presents her decisions and findings to the

Board of Directors after each ARCG Committee meeting.

See also "Corporate governance—Board of Directors

committees"' for further details and additional responsibilities of

the ARCG Committee.

Remuneration policy

The ARCG Committee has set policies applied to senior

management on base salary, short-term incentives and long-

term incentives. According to the Shareholders Right Directive

II, which was transposed into Luxembourg law in August 1,

2019, the remuneration policies must be approved at the

Annual General Meeting of shareholders at least every 4 years

and whenever there is a material change. The Company

submits the remuneration report for the prior year for

shareholder approval at each AGM.

Scope

ArcelorMittal’s remuneration philosophy and framework apply

to the following groups of senior management:

• the Executive Chairman and the CEO; and

• the CFO and other Executive Officers.

The remuneration philosophy and governing principles also

apply, with certain limitations, to a wider group of employees

including Executive Vice Presidents, Vice Presidents, General

Managers and Managers.

Remuneration philosophy

ArcelorMittal’s remuneration philosophy for its senior

management is based on the following principles:

• provide total remuneration competitive with executive

remuneration levels of peers of similar size, scope

and industry:

– Korn Ferry (KF) and WillisTowersWatson (WTW)

provide benchmarking services to ArcelorMittal for

all Management Committee members, an average

between KF and WTW data is performed;

– For the Steel division: Large industry - industrial

segment including metals, chemicals, mining,

transport, energy & utilities, upper revenues range;

– For the Mining division: Large companies with a

significant mining divisions or companies similar to

ArcelorMittal Mining division;

– Data are linked to each local market.

• encourage and reward performance that will lead to

long-term enhancement of shareholder value; and

• promote internal pay equity by providing base pay and

total remuneration levels that reflect the role, job size

and responsibility as well as the performance and

effectiveness of the individual.

Remuneration framework

The ARCG Committee develops proposals for senior

management remuneration annually for the Board of Directors'

consideration. Such proposals include the following

components:

• fixed annual salary;

• short-term incentives (i.e., performance-based

bonus); and

• long-term incentives (i.e., RSUs and/or PSUs).

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Management report

The Company does not have any deferred compensation plans

for senior management, including the Executive Chairman and

CEO.

The following table provides an overview of the remuneration policy applied by the ARCG:

Remuneration component and link to strategy	Operational and performance framework	Opportunity
Fixed annual salary Competitive base salary to attract and retain high- quality and experienced senior executives	* Base salary levels are reviewed annually with effect from April 1 (except promotion) compared to the market to ensure that ArcelorMittal remains competitive with market median base pay levels * Reviews are based on market information obtained but not led by benchmarking to comparable roles, changes in responsibility and general economic conditions	The ARCG does not set a maximum salary, instead when determining any salary increases it takes into account a number of reference points including salary increases across the Company
Benefits Competitive level to ensure coverage of the executives	* May include costs of health insurance, death and disability insurances, company car, tax return preparation, etc. * Relocation benefits may be provided where a change of location is made at Company’s request	The cost to the Company of providing benefits can change from year to year. The level of benefit provided is intended to remain competitive
Pension Competitive level of post- employment benefit to attract and retain executives	* Local benchmark of pension contributions for comparable roles
Short term incentives (STI) Motivate the senior executives to achieve stretch performance on strategic priorities	* Scorecard is set at the commencement of each financial year * Measures and relative weights are chosen by the ARCG Committee to drive overall performance for the coming year * STI calculations for each executive reflect the performance of ArcelorMittal and /or the performance of the relevant business units, the achievement of specific objectives of the department and the individual executive’s overall performance * No STI is paid for a business performance below threshold 80% for each criteria; 100% STI payout for business performance achieved at 100% for each criteria; 150% STI payout for business performance achieved at 120% ; 200% STI payout for business performance achieve at 140% or above for each criteria	Range for Executive Chairman and CEO: 0 to 360% with a target at 120% of base salary Range for CFO and Executive Officers: 0 to 240% with a target at 80% of base salary in general (will depend on the region)
LTIP Sustain shareholder wealth creation in excess of performance of a peer group and incentivize executives to achieve strategy	Executive Office LTIP * The vesting is subject to a relative TSR (Total Shareholder Return) and to a relative EPS compared to a peer group and to ESG targets over a three year- period The peer group is determined by the ARCG Committee No vesting will occur below the weighted average of the peer group or the target for ESG * Performance is determined by the ARCG Committee CFO and Executive Officers LTIP The vesting is subject to two or three measures depending on the business units or group, Gap to competition, TSR vs. weighted average of the peer group and ESG Vesting will occur if the performance is reached *Performance is determined by the ARCG Committee	Maximum value at grant: 180% of base salary for Executive Chairman and CEO Guideline: 110%-180% of base salary for CFO and Executive Officers depending on region

Remuneration mix

The total remuneration target of the Executive Chairman, CEO

and CFO is structured to attract and retain executives; the

amount of the remuneration received is dependent on the

achievement of superior business and individual performance

and on generating sustained shareholder value from relative

performance.

The following remuneration charts, which illustrate the various

elements of the Executive Chairman, CEO, CFO and the other

Executive Officers' compensation, show the amounts for 2024

as a percentage of base salary. For each of the charts below,

the columns on the left, middle and on the right, respectively,

reflect the breakdown of compensation if targets are not met,

met and exceeded.

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Management report

Note: no pension contribution

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Management report

Note: Other benefits, as shown above, do not include international mobility incentives that may be provided.

2024 Total remuneration

The total remuneration paid in 2024 to members of

ArcelorMittal’s senior management listed in “Management and

employees—Directors and senior management” (including Mr.

Lakshmi N. Mittal in his capacity as Executive Chairman and

Mr. Aditya Mittal as CEO) was $11.6 million in base salary and

other benefits paid in cash (such as health, other insurances,

lunch allowances, financial services, gasoline and car

allowance) and $13 million in short-term performance-related

variable remuneration consisting of a short-term incentive

linked to the Company’s 2023 results and retention bonus.

During 2024, approximately $1. 4 million was accrued by

ArcelorMittal to provide pension benefits to senior management

(other than Mr. Lakshmi N. Mittal).

No loans or advances to ArcelorMittal’s senior management

were made during 2024, and no such loans or advances were

outstanding as of December 31, 2024.

The following table shows the remuneration received by the

Executive Chairman, CEO, CFO and the other Executive

Officers as determined by the ARCG Committee in relation to

the five most recent financial years including all remuneration

components:

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Management report

(Amounts in $ thousands except for Long-term incentives)		Executive Chairman 7 — 2024	2023	2022	2021	2020	CEO 6 — 2024	2023	2022	2021	Chief Financial Officer and Executive Officers 5,6,7 — 2024	2023	2022	2021	2020
Base salary 1		1,580	1,536	1,529	1,700	1,374	1,791	1,678	1,670	1,783	7,211	6,395	5,790	5,056	2,970
Pension benefits		—	—	—	—	—	179	168	167	178	1,235	1,041	1,066	1,348	555
Other benefits 2		90	80	72	66	45	43	44	39	38	865	674	599	237	144
Short-term incentives 3		—	—	3,053	2,908	—	—	—	3,335	2,226	12,975	8,773	9,370	7,158	2,169
Long-term incentives	- fair value in $ thousands 4	2,518	1,391	1,520	1,419	1,407	2,888	1,519	1,661	1,550	9,001	6,544	3,838	4,396	1,834
	- number of share units	112,635	67,857	67,662	52,166	77,372	129,221	74,116	73,902	56,977	372,500	287,900	155,400	146,600	90,069

After the salary decrease applied in 2020, the base salaries of the CEO and President and Chief Financial Officer were set back to the original amounts in 2021. In 2024, a

salary increase of 4.4% including the promotions..

Other benefits comprise benefits paid in cash such as lunch allowances, financial services, gasoline and car allowances. Health insurance and other insurances are also

included.

Short-term incentives are either performance-based or retention bonus and are fully paid in cash. The short-term incentive for a given year relates to the Company’s results

in the previous year.

Fair value determined at the grant date is recorded as an expense using the straight line method over the vesting period and adjusted for the effect of non-market based

vesting conditions.

Amounts presented for 2021 and 2020 reflect the compensation as President and Chief Financial Officer until February 11, 2021 and as CEO thereafter.
Amounts presented reflect the compensation as CEO until February 11, 2021 and as Executive Chairman thereafter.
Brian Aranha was included until March 31, 2021. Simon Wandke was included until September 30, 2021. New executive officers were included as of their respective

nomination date.

Short-term incentives

Targets associated with ArcelorMittal’s 2024 Annual

Performance Bonus Plan were aligned with the Companies’

strategic objectives of improving health and safety performance

and overall business performance and competitiveness.

For the Executive Chairman and the CEO, the 2024 annual

performance bonus formula is based on the achievement of the

following performance targets:

• EBITDA targets at Group level: 40% (acts as circuit

breaker for financial measures EBITDA and FCF);

• FCF targets at Group level: 25%;

• Gap to competition targets at Group level: 20%; and

• Health and safety performance targets at Group level:

15%. In order to help focus attention, energy and

resources on detecting and eliminating the causes of

serious injury or fatality precursors, the Company has

moved to a target of potential severe injury or fatality.

To emphasize this priority, the fatality frequency rate

acts as a circuit breaker for the Health & Safety

component. The circuit breaker is set at a fatality

frequency rate of nil.

For the Executive Chairman and CEO, 100% achievement of

the agreed performance targets results in an annual

performance bonus which equals 120% of base salary.

For the CFO and other Executive Officers, the 2024 annual

perform ance bonus formula was tailored for their respective

positions and is generally based on the following performance

targets:

• EBITDA targets at Group, segment or Business unit

level (acts as circuit breaker for financial measures

EBITDA and FCF);

• FCF targets at Group, segment or Business unit level;

• Gap to competition targets at Group level, segment or

Business unit level;

• Health and safety performance targets at Group,

Segment or Business unit level (fatalities act as circuit

breaker for this component).The circuit breaker is set

at a facility frequency rate of 0.012 for 2024, 0.006 for

2025 and nil for 2026 .

For the CFO and other Executive Officers, 100% achievement

of the agreed performance targets results in an annual

performance bonus which equals 80% of base salary in

general (depends on the region).

For the calculation of the annual performance bonus, the

achievement level of every performance target is calculated

separately, and these are added up.

Individual performance and assessment ratings define the

individual annual performance bonus multiplier that will be

applied to the annual performance bonus calculated based on

actual performance against the performance measures. Those

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Management report

individuals who consistently perform at expected levels will

have an individual multiplier of 1. For outstanding performers,

an individual multiplier of up to 1.5 may cause the annual

performance bonus pay-out to be higher than 200% of the

target annual performance bonus, up to 360% of the target

annual performance bonus being the absolute maximum for

the Executive Chairman and the CEO. Similarly, a reduction

factor will be applied for those at the lower end.

In exceptional circumstances, the ARCG Committee can

exercise discretion in the final determination of the annual

performance bonus.

The achievement level of performance for the annual

performance bonus for the Executive Chairman, the CEO, the

CFO and the other Executive Officers is summarized as

follows:

Functional level	Target achievement threshold @ 80%	Target achievement @ 100%	Target achievement @ 120%	Target achievement ≥ ceiling @ 140%
Executive Chairman and CEO	60% of base pay	120% of base pay	180% of base pay	240% of base pay
CFO and Executive Officers	40% of base pay	80% of base pay	120% of base pay	160% of base pay

ArcelorMittal Equity Incentive Plan

ArcelorMittal operates a long-term incentive plan ("the

ArcelorMittal Equity Incentive Plan") to incentivize shareholder

wealth creation in excess of performance of a peer group and

incentivize executives to achieve strategy. The ArcelorMittal

Equity Incentive Plan is intended to align the interests of the

Company’s shareholders and eligible employees by allowing

them to participate in the success of the Company. The

ArcelorMittal Equity Incentive Plan provides for the grant of

RSUs and PSUs to eligible employees of the Company

(including the Executive Officers) and is designed to incentivize

employees, improve the Company’s long-term performance

and retain key employees.

The maximum number of PSUs and RSUs available for grant

during any given year is subject to the prior approval of the

Company’s shareholders at the annual general meeting. The

2020, 2021, 2022, 2023 and 2024 Caps for the number of

PSUs/RSUs that may be allocated to the Executive Office and

other retention and performance based grants below the

Executive Office level, were approved at the annual general

meetings on June 8, 2021, May 4, 2022 ,on May 2, 2023 and

on April 30, 2024, respectively, at a maximum of 3,500,000

shares, 3,500,000 shares, 3,500,000 shares and 5,500,000

shares, respectively .

RSUs granted under the ArcelorMittal Equity Incentive Plan are

designed to provide a retention incentive to beneficiaries.

RSUs are subject to “cliff vesting” after 3 years with 100% of

t he grant vesting on the third anniversary of the grant

contingent upon the continued active employment of the

beneficiary within the Company.

Awards in connection with PSUs are subject to the fulfillment of

performance criteria such as ROCE, TSR, EPS and gap to

competition (until 2022). Since 2021, the performance criteria

for the PSUs for the Executive Office and Executive Officers

include an ESG criteria comprised of a health & safety, a

climate action and a diversity & inclusion ("D&I") targe t. For

health & safety, the target is to halve the fatality frequency rate

versus a defined baseline (the baseline is the adjusted average

frequency rate over 5 years before the grant). For D&I, the

target up to this point has been to reduce the gap between the

Company's 2030 target of having 25% women in management

and 2020 baseline. Good progress has been made in

strengthening the number of women in leadership, and given

the critical importance of rapidly improving safety results

across the Company, ArcelorMittal will give consideration to

increasing the safety component. For climate, the CO 2

emission target has been set to be reached by the end of the

vesting period.

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On December 5, 2024, the Company issued the 2024 grant whose conditions were as follows:

l	Executive Office — PSUs with a three year performance period			l	Executive Officers — PSUs with a three year performance period
l	Value at grant 180% of base salary for the Executive Chairman and the CEO
l	Vesting conditions:			l	Vesting conditions:
		Target	Stretch	Ceiling		Threshold	Target	Stretch	Ceiling
	TSR vs. peer group (50%) / EPS vs. peer group (20%)	100% vs. weighted average	120% vs. weighted average	≥140% vs. weighted average	TSR vs. peer group (40%)	80% rolling average	100% rolling average	120% rolling average	≥140% rolling average
	Vesting percentage	100%	150%	200%	Vesting percentage	50%	100%	150%	200%
					ROCE (40%)	2/3 of target	100% of target	4/3 of target	155% of target
	ESG (30%): H&S 10%, Climate action 10% and D&I: 10%	100% of target	120% of target	≥140% of target	Vesting percentage	50%	100%	150%	200%
	Vesting percentage	100%	150%	200%	ESG (20%): H&S 10%, Climate action 5% and D&I 5%	80% weighted average	100% of target	120% of target	140% of target
					Vesting percentage	50%	100%	150%	200%
				l	RSUs with a three year vesting period

See note 8.3 to the consolidated financial statements for a

summary of outstanding plans as of December 31, 2024 in

addition to the 2024 grant and for further details.

Other benefits

In addition to the remuneration described above, other benefits

may be provided to senior management and, in certain cases,

other employees. These other benefits can include insurance,

housing (in cases of international transfers), car allowances

and tax assistance.

SOX 304 and clawback policy

Under Section 304 of the Sarbanes-Oxley Act, the SEC may

seek to recover remuneration from the CEO and CFO of the

Company in the event that it is required to restate accounting

information due to any material misstatement thereof or as a

result of misconduct in respect of a financial reporting

requirement under the U.S. securities laws (the “SOX

Clawback”).

Under the SOX Clawback, the CEO and the CFO may have to

reimburse ArcelorMittal for any short-term incentive or other

incentive-based or equity-based remuneration received during

the 12-month period following the first public issuance or filing

with the SEC (whichever occurs first) of the relevant filing, and

any profits realized from the sale of ArcelorMittal securities

during that 12-month period.

In October 2022, the SEC adopted final rules implementing the

Dodd-Frank requirement for issuers to recover incentive-based

compensation erroneously paid to current and former executive

officers due to an accounting restatement. These clawback

rules required listing exchanges, such as the NYSE, to adopt

clawback standards as from the fourth quarter of 2023, with

issuers required to implement and disclose “no fault” clawback

policies that meet strict recovery standards for restatements,

within 60 days thereafter.

The Board of Directors, through its ARCG Committee, adopted

its own clawback policy in 2012, which was updated in 2023

(the "Clawback Policy"), to reflect the Company’s structural

changes and comply with the new rules.

The Clawback Policy applies to all Executive Officers and

covers cash short-term incentives and any other incentive-

based or equity-based remuneration, as well as profits from the

sale of the Company’s securities ("Covered Compensation")

received during the three completed fiscal years of the

Company immediately preceding a the Restatement Date (as

defined in the policy) and any transition period (that results

from a change in the Company’s fiscal year) of less than nine

months within or immediately following those three completed

fiscal years. Compensation is deemed to be received in the

Company’s fiscal period during which the Financial Reporting

Measure specified in the Incentive-based Compensation award

is attained (capitalized terms as defined in the policy).

Under the Clawback Policy, ArcelorMittal will recover

reasonably promptly erroneously paid Covered Compensation

in the event it is required to prepare an accounting restatement

due to the material noncompliance of ArcelorMittal with any

financial reporting requirement under the U.S. securities laws,

including any required accounting restatement to correct an

error in a previously issued financial statement that is material

to the previously issued financial statement, or that would

result in a material misstatement if the error were corrected in

the current period or left uncorrected in the current period.

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Employees

As of December 31, 2024, ArcelorMittal employed approximately

125,416 full time equivalents ("FTE") employees directly, as well

as a large number of contractors. The Company recruits, hires,

promotes and retains employees based on merit and

demonstrated skills.

The table below sets forth the number of FTE employees

respectively by segment as of the end of each of the past three

years.

Segment	2024	As of December 31, — 2023	2022
North America	13,861	14,418	14,270
Brazil	22,624	22,042	19,644
Europe	48,544	49,959	49,318
Sustainable Solutions	12,843	12,194	11,988
Mining	4,758	4,473	4,626
Others 1	22,786	23,670	54,506
Total	125,416	126,756	154,352

ArcelorMittal Temirtau is included until December 31, 2022

The people strategy

To meet the evolving needs of its people and address the

challenges of a shifting skills economy, technological

advancements, and generational transitions, ArcelorMittal

remains committed to delivering its people strategy, launched in

The strategy is built around ArcelorMittal's fundamental

purpose to create smarter steels for people and the planet. This

strategy seeks to boost talent and continuously foster a safety-

first, people-driven culture that ensures sustainable performance

and enables the Company to deliver on its purpose.

Employee development

Attracting, developing and retaining the right people continues to

be a strategic priority for ArcelorMittal in sustaining a high-

performing organization.

With strong competition for the best talent, ArcelorMittal is

committed to ensuring the Company is an aspirational

workplace—one where employees feel safe, respected and

valued. This also means building a culture that constantly keeps

employees engaged, motivated, and eager to learn and excel.

Employee development, which includes succession planning

and the development of early career talents plays a crucial role

in building a high-performing organization. The Company strives

to provide employees a clear career pathway, supported by

continuous training and ongoing initiatives to develop both

technical and behavioral skills. A dedicated process helps

identify high potential employees ("HiPos") and manage the

succession of key roles.

In 2024, the Company intensified its efforts to develop

employees' skills and accelerate the readiness of its HiPos to

take on increased responsibilities. A strong focus was placed on

having the right people in the right roles at the right time,

strengthening key succession plans, and preparing future

leaders. Efforts also included anticipating and filling vacancies;

building a robust and qualified leadership pipeline; encouraging

individual and sustained performance; and fostering talent

retention through recognition, empowerment, and meaningful

work.

To further support career growth, ArcelorMittal enhanced its

communications initiatives to increase the visibility of global

career opportunities, ensuring employees are aware of potential

paths for advancement within the organization.

The Company also took steps to enhance the quality of its

succession planning, ensuring stronger alignment between

potential successors and their career aspirations.

In 2024, the Company experienced a significant increase in

virtual learning engagement at ArcelorMittal University ("AMU"),

further expanding its global community. Employees a cross the

Group invested an average of 5.1 hours each to online learning

with more than 149,000 active learners (a 48% increase year-

on-year) logging over 760,000 hours (a 27% increase year-on-

year).

The Company continued offering world-class leadership

programs through AMU. Delivered in a blended format—

combining face-to-face (where possible) with digital sessions—

these programs support the development of talent and future

leaders. In 2024, 16 leadership programs were launched

engaging 462 employees.

A new development program called 'Thrive' was introduced in

North America, Brazil, and Europe to help employees accelerate

their career growth. The program matches individuals with

suitable roles and career opportunities based on their

preferences, skills and qualifications.

ArcelorMittal's Group Mentoring Program also remained a vital

resource, offering employees an opportunity to engage in a

structured mentoring relationship with an experienced leader. In

2024, more than 1 ,900 mentorship hours were invested as part

of the program with 426 active mentor-mentee pairs a s of

December 31, 2024 .

In addition, the Company continued refining its employee

systems landscape, improving processes in recruitment,

performance, career development, learning, and compensation.

These enhancements provide a stronger infrastructure for

analyzing data and identifying areas for continuous

improvement, reinforcing ArcelorMittal's commitment to

employee growth and engagement.

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Management report

Speak Up +, the global employee survey

For the past few years, ArcelorMittal's Speak Up + survey

has been the Group’s flagship employee engagement tool. It

gathers insights from professionals and leadership on their

experience working at ArcelorMittal, what the Company does

well and areas for improvement.

In 2024, ArcelorMittal continued to listen to employees'

voices through these surveys, which serve as the ongoing

vehicle to help the Company’s leaders stay attuned to the

organization in a rapidly changing environment. The goal is

to track engagement levels across the Group, understand

employees' aspirations, and empower leaders to address

potential issues proactively.

The survey is conducted twice a year. The outcomes from

each Speak Up + survey are compared to internal

benchmarks over time and external industry peers. This

enables leaders to identify strengths, detect risks—such as

attrition— and take actions to enhance employee

engagement.

Based on survey outcomes, concrete actions are

continuously developed and implemented to address

employee concerns and drive engagement.

Equal opportunity and non-discrimination

ArcelorMittal values bringing together fresh perspectives and

experiences to the business as part of its ambition to be an

employer of choice. The Company is present in over 60

countries and aims to have employees which represent all

differences. In 2022, the Company defined a clear roadmap

to ensure equal opportunity and non-discrimination.

Subsequently, a strategic framework was launched in 2024,

which includes best practices as a reference guide for all

segments and plants to achieve equality for all employees.

The Company continuously reviews and benchmarks its policies

and HR practices to build an inclusive and merit based culture

that empowers all talents. This is designed to ensure that all

qualified candidates have equal opportunities ultimately based

on individual merit.

In 2024, women held 19% of management positions across

the Group based on merit, compared to 17.3% in 2023.

As of December 31, 2024, women held four of the nine

positions on the Board of Directors.

Collective Labor Agreements ("CLAs")

In multiple regions globally, ArcelorMittal employees are

represented by trade unions and the Company actively

engages in collective bargaining agreements with employee

organizations at specific locations. The description below

provides an overview of the current status of specific

agreement and relationships.

The Company is committed to open, respectful and transparent

social dialogue at all of its operations, to maintain strong

employee relations, and to provide a safe, healthy and quality

working lives for all its workers.

In the current inflationary environment, the Company

understands that salary increases for workers is a question of

high sensitivity. ArcelorMittal is respecting its commitment to

social dialogue and all entities have regular discussions and

negotiations on salary policy with their respective unions.

The Joint Global Health and Safety Agreement between the

Company and IndustriALL global trade union, signed in 2008,

remained in effect in 2024. This agreement recognizes the vital

role played by trade unions in improving health and safety. It

sets out minimum standards for every site where the Company

operates with the objective of achieving world-class

performance. As a result of this agreement, the Joint Global

H&S Committee, composed of 16 representatives in 2024 (12 in

of management and the unions was created to identify

areas for improvement and harmonize safety performance

across the Group. The Joint Global H&S Committee only deals

with issues related to H&S and does not act as a negotiation

committee on behalf of unions or management. One of its

primary priorities is centered around overseeing deployment and

monitoring the compliance of local joint H&S panels. This

involves developing guidelines to progress and training

programs, conducting site visits to assess implementation and

offering suggestions for improvement. Additionally, the Joint

Global H&S Committee provides recommendations on

transversal and global topics to enhance overall safety

measures.

In 2024, one physical meeting was organized at the Group level

to discuss transversal specific topics with regard to H&S. One of

the main topics of this meeting was the collective review and the

update of the committee charter. In addition, other safety

training and coaching programs, such as "Take Care" Trainings

as well as a dss+ lead “Area of Transformation” program

continued to be rolled out in 2024 in order to support the

“Journey to Zero” program aimed at reducing the amount of

injuries and fatalities in the Company to zero. See “Business

overview—Sustainable development—Health and Safety".

In 2024, several entities and countries engaged in entering or

renewal of CLAs.

In North America, employees at various sites continue to work

under collective agreements that remain valid. In May 2024, the

Company's steel plant in Lazaro Cardenas, Mexico and mine

located in Tenecia La Mira in the Mexican state of Michoacán

was impacted by an illegal blockade by a group of workers due

to their dissatisfaction with the distribution of profit sharing by

the Company. Ultimately, the Company approved a new

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Management report

settlement with unions with an agreement to end the strike in

July 2024.

In South America, inflation trends varied across different

countries. Brazil experienced a deceleration in inflation, with

collective bargaining agreements generally granting adjustments

equivalent to the inflation rate. Argentina has been experiencing

a high inflation rate since several years. The situation remained

the same in 2024 and the negotiations for salary increase are

still in progress.

In Europe, four meetings were conducted in 2024 to inform the

European Works Council ("EWC") representatives about the

H&S and business performance and outlook regarding the

Company's European operations. Throughout the year, three

meetings with the Select Committee were held, alongside a

Plenary Assembly in December 2024. Negotiations aiming to

revise the EWC agreement are expected to finalize by the end

of the first quarter of 2025.

In France, a one-year salary agreement for 2024 was signed in

December 2023, covering most legal entities. Negotiations for

2025 were conducted at most of the French sites at the end of

2024 and resulted in the payment of a premium. ArcelorMittal

Méditerranée announced in July 2024 that it would continue to

operate with only one of the two blast furnaces in the

foreseeable future due to weak market conditions. Discussions

with employee representatives in order to manage workforce

adaptation started in 2024 and are still ongoing . All employees

are covered by collective labor agreements.

In Luxembourg, social elections were held on March 12, 2024

which led to the election of new staff representatives and

deputies, with a new staff delegation replacing the previous one.

In 2024, Germany continued to experience high energy prices,

impacting costs and market conditions negatively, despite low

inflation. A one-off payment was made to all employees under

previous collective bargaining agreements.

In 2024, at ArcelorMittal Poland, a successful negotiation of the

CLA was achieved with trade unions. The management also

invited trade union representatives to the Supervisory Board,

promoting transparency and inclusive decision-making. About

99% of employees are covered by the CLA, with only top

executives excluded.

In Spain, a temporary layoff plan was agreed upon in late 2023

due to market conditions and extended through 2024. A

framework agreement for labor relations was signed with most

unions in May 2023, and all local CLAs were finalized by

mid-2024, covering about 80% of the workforce. Additionally, a

layoff plan for employees born in 1962 was agreed in May 2024,

to address the labor implications of decarbonization initiatives as

per the Memorandum of Understanding between the Spanish

government and ArcelorMittal.

In 2024, the situation in Ukraine continued to be difficult in terms

of personnel due to the war with Russia. The martial law

imposed by the country's government since February 2022,

which, among other things, limits the labor rights of employees

and trade unions (such as the right to strike; the right to

vacation, etc.) remains in force. In 2024, more than 3,000 of

AMKR’s employees were mobilized and more than 220 died in

the war or went missing in action. The facility continued to

experience a significant outflow of personnel, mainly men, due

to mobilization. As a consequence, it launched recruitment

campaigns to attract women and young people. Despite

operating at 30-50% of production capacity, AMKR maintained

work positions and wages for its 18,000 workers avoiding

layoffs.

In South Africa, out of the 5,997 employees at AMSA, 4,182

employees (70% of the workforce) are covered by a CLA/

Bargaining council agreement concluded between management

and the recognized trade unions i.e. NUMSA and Solidarity

trade unions. The CLA will expire in March 2026. From April

2023 to March 2024, the agreement comprised a range of

provisions encompassing a 6.5% remuneration adjustment for

all employees within the bargaining unit. It further incorporated

an ex-gratia premium, enhancements to the medical aid subsidy

and a 6.5% increase in all allowances excluding retention and

protected allowances. The company’s contribution to medical

aid will progressively rise, reaching 70% by 2026 while the

employee’s contribution will decrease to 30%. In 2024, the

company gave a 5% salary increase to permanent bargaining

and package category employees.

Throughout 2024, ArcelorMittal Mining maintained a productive

engagement with its trade unions and communities where it

operates. 76% of the workforce is unionized in ArcelorMittal's

operations in Canada and 82% in ArcelorMittal's operations in

Liberia.

Corporate governance

This section describes the corporate governance practices of

ArcelorMittal for the year ended December 31, 2024.

Board of Directors and senior management

ArcelorMittal is governed by a Board of Directors and managed

by the senior management. As described in "Directors and

senior management" above, ArcelorMittal’s senior management

is comprised of the Executive Office - comprising the Executive

Chairman, Mr. Lakshmi N. Mittal and the CEO, Mr. Aditya Mittal.

The Executive Office is supported by a team of nine other

Executive Officers, who together encompass the key regions

and corporate functions. As of December 31, 2024, the average

age and serving period of board members is 61 years and 10

years, respectively.

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A number of corporate governance provisions in the Articles of

Association of ArcelorMittal reflect provisions of the

Memorandum of Understanding signed on June 25, 2006 (prior

to Mittal Steel Company N.V.’s merger with Arcelor), amended in

April 2008 and which mostly expired on August 1, 2009. For

more information about the Memorandum of Understanding, see

“Additional information—Material contracts—Memorandum of

Understanding”.

ArcelorMittal fully complies with the 10 Principles of Corporate

Governance of the Luxembourg Stock Exchange. This is

explained in more detail in “—Other corporate governance

practices” below. ArcelorMittal also complies with the New York

Stock Exchange Listed Company Manual as applicable to

foreign private issuers. There are no significant differences

between the corporate governance practices of ArcelorMittal

and those required of a U.S. domestic issuer under the Listed

Company Manual of the New York Stock Exchange.

Board of Directors

The Board of Directors is in charge of the overall governance

and direction of ArcelorMittal. It is responsible for the

performance of all acts of administration necessary or useful in

furtherance of the corporate purpose of ArcelorMittal, except for

matters reserved by Luxembourg law or the Articles of

Association to the general meeting of shareholders. The Articles

of Association provide that the Board of Directors is composed

of a minimum of 3 and a maximum of 18 members.

The Articles of Association provide that directors are elected and

removed by the general meeting of shareholders by a simple

majority of votes cast. Other than as set out in the Company’s

Articles of Association, no shareholder has any specific right to

nominate, elect or remove directors. Directors are elected by the

general meeting of shareholders for three-year terms. In the

event that a vacancy arises on the Board of Directors for any

reason, the remaining members of the Board of Directors may

by a simple majority elect a new director to temporarily fulfill the

duties attaching to the vacant post until the next general

meeting of the shareholders.

For further information on the composition of the Board of

Directors, including the expiration of each Director’s term and

the per iod during which each Director has served, see section

"—Directors and senior management " above.

Mr. Lakshmi N. Mittal was elected Chairman of the Board of

Directors on May 13, 2008. Mr. Lakshmi N. Mittal was also

ArcelorMittal’s CEO until February 11, 2021. Mr. Lakshmi N.

Mittal was re-elected to the Board of Directors for a three-year

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Management report

term at the annual general meeting of shareholders on May 2,

A director is considered “independent” if:

(a) he or she is independent within the meaning of the

New York Stock Exchange Listed Company Manual, as

applicable to foreign private issuers,

(b) he or she is unaffiliated with any shareholder owning or

controlling more than two percent of the total issued

share capital of ArcelorMittal, and

determination to this effect.

For these purposes, a person is deemed affiliated to a

shareholder if he or she is an executive officer, a director who

also is an employee, a general partner, a managing member or

a controlling shareholder of such shareholder. The 10 Principles

of Governance of the Luxembourg Stock Exchange, which

constitute ArcelorMittal's domestic corporate governance code,

require ArcelorMittal to define the independence criteria that

apply to its directors, which are described in article 8.1 of its

Articles of Association.

Specific characteristics of the director role

Required share ownership Lead Independent Director - minimum of 6,000 ordinary shares Non-executive directors - minimum of 4,000 ordinary shares Maximum 12 year service (independent directors) May not serve on the boards of directors of more than four publicly listed companies (non- executive directors) Required to sign the Company’s Code of Business Conduct and confirm their adherence annually

The Company’s Articles of Association do not require directors

to be shareholders of the Company. The Board of Directors

nevertheless adopted a share ownership policy on October 30,

2012, that was amended on November 7, 2017, considering that

it is in the best interests of all shareholders for all non-executive

directors to acquire and hold a minimum number of ArcelorMittal

ordinary shares in order to better align their long-term interests

with those of ArcelorMittal’s shareholders. The Board of

Directors believes that this share ownership policy will result in a

meaningful holding of ArcelorMittal shares by each non-

executive director, while at the same time taking into account

the fact that the share ownership requirement should not be

excessive in order not to unnecessarily limit the pool of available

candidates for appointment to the Board of Directors. Directors

must hold their shares directly or indirectly, and as sole or joint

beneficiary owner (e.g., with a spouse or minor children), at the

latest within three years of his or her election to the Board of

Directors. Each director will hold the shares acquired on the

basis of this policy for so long as he or she serves on the Board

of Directors. Directors purchasing shares in compliance with this

policy must comply with the ArcelorMittal Insider Dealing

Regulations and, in particular, refrain from trading during any

restricted period, including any such period that may apply

immediately after the Director’s departure from the Board of

Directors for any reason.

On October 30, 2012, the Board of Directors also adopted a

policy that places limitations on the terms of independent

directors as well as the number of directorships that directors

may hold in order to align the Company’s corporate governance

practices with best practices in this area (as highlighted in the

table above). Nevertheless, the Board of Directors may, by way

of exception to this rule, make an affirmative determination, on a

case-by-case basis, that a Director may continue to serve

beyond the 12-year rule if the Board of Directors considers it to

be in the best interest of the Company based on the contribution

of the Director involved taking into consideration the balance

between the knowledge, skills, experience of the director and

the need for renewal of the Board.

As membership of the Board of Directors represents a

significant time commitment, the policy requires both executive

and non-executive directors to devote sufficient time to the

discharge of their duties as a Director of ArcelorMittal. Directors

are therefore required to consult with the Chairman and the

Lead Independent Director before accepting any additional

commitment that could conflict with or impact the time they can

devote to their role as a Director of ArcelorMittal. A non-

executive Director’s service on the board of directors of any

subsidiary or affiliate of ArcelorMittal or of any non-publicly listed

company is not taken into account for purposes of complying

with the service limitation.

Although non-executive directors of ArcelorMittal who change

their principal occupation or business association are not

necessarily required to leave the Board of Directors, the policy

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Management report

requires each non-executive director, in such circumstances, to

promptly inform the Board of Directors of the action he or she is

contemplating. Should the Board of Directors determine that the

contemplated action would generate a conflict of interest, such

non-executive director would be asked to tender his or her

resignation to the Chairman of the Board of Directors, who

would decide to accept the resignation or not.

None of the members of the Board of Directors, including the

executive directors, have entered into service contracts with

ArcelorMittal or any of its subsidiaries that provide for any form

of remuneration or for benefits upon the termination of their

term. All non-executive Directors of the Company signed the

Company’s Appointment Letter, which confirms the conditions of

their appointment by the General Meeting of the Shareholders

including compliance with certain non-compete provisions, the

10 Principles of Corporate Governance of the Luxembourg

Stock Exchange and the Company’s Code of Business Conduct.

The remuneration of the members of the Board of Directors is

determined on a yearly basis by the annual general meeting of

shareholders.

Share transactions by management

In compliance with laws prohibiting insider dealing, the Board of

Directors of ArcelorMittal has adopted insider dealing

regulations, which apply throughout the ArcelorMittal group.

These regulations are designed to ensure that insider

information is treated appropriately within the Company and

avoid insider dealing and market manipulation. Any breach of

the rules set out in this procedure may lead to criminal or civil

charges against the individuals involved, as well as disciplinary

action by the Company.

Operation

General

The Board of Directors and the Board committees may engage

the services of external experts or advisers as well as take all

actions necessary or useful to implement the Company’s

corporate purpose. The Board of Directors (including its three

committees) has its own budget, which covers functioning costs

such as external consultants, continuing education activities for

directors and travel expenses.

Meetings

The Board of Directors meets when convened by the Chairman

of the Board or any two members of the Board of Directors. The

Board of Directors holds physical meetings at least on a

quarterly basis as five regular meetings are scheduled per year.

The Board of Directors holds additional meetings if and when

circumstances require, in person or by teleconference and can

take decisions by written circulation, provided that all members

of the Board of Directors agree.

In 2024, the Board of Directors held 7 meetings with 100% of

the average attendance rate.

7 meetings (2024) 100% Average attendance rate

In order for a meeting of the Board of Directors to be validly

held, a majority of the directors must be present or represented,

including at least a majority of the independent directors. In the

absence of the Chairman, the Board of Directors will appoint a

chairman by majority vote for the meeting in question. The

Chairman may decide not to participate in a Board of Directors’

meeting, provided he has given a proxy to one of the directors

who will be present at the meeting. For any meeting of the

Board of Directors, a director may designate another director to

represent him or her and vote in his or her name, provided that

the director so designated may not represent more than one of

his or her colleagues at any time.

Each director has one vote and none of the directors, including

the Chairman, has a casting vote. Decisions of the Board of

Directors are made by a majority of the directors present and

represented at a validly constituted meeting, except for the

decisions of the Board of Directors relating to the issue of any

financial instruments carrying or potentially carrying a right to

equity pursuant to the authorization conferred by article 5.5 of

the Articles of Association, which shall be taken by a majority of

two-thirds of the directors present or represented at a validly

constituted meeting.

Lead Independent Director

Mrs. Karyn Ovelmen was elected by the Board of Directors as

ArcelorMittal's Lead Independent Director at the board meeting

held on May 2, 2023.

The agenda of each meeting of the Board of Directors is

decided jointly by the Chairman of the Board of Directors and

the Lead Independent Director.

Separate meetings of independent directors

The independent members of the Board of Directors may

schedule meetings outside the presence of non-independent

directors. Systematic executive sessions take place at the end

of each committee and of each board meeting. Nineteen

meetings of the independent directors outside the presence of

management were held in 2024.

Annual self-evaluation

The Board of Directors decided in 2008 to start conducting an

annual self-evaluation of its functioning in order to identify

potential areas for improvement. The first self-evaluation

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Management report

process was carried out in early 2009. The self-evaluation

process includes structured interviews between the Lead

Independent Director and each director and covers the overall

performance of the Board of Directors, its relations with senior

management, the performance of individual directors, and the

performance of the committees. The process is supported by

the Company Secretary under the supervision of the Chairman

and the Lead Independent Director. The findings of the self-

evaluation process are examined by the ARCG Committee and

presented with recommendations from the ARCG Committee to

the Board of Directors for adoption and implementation.

Suggestions for improvement of the Board of Directors’ process

based on the prior year’s performance and functioning are

implemented during the following year.

The 2024 Board of Directors’ self-evaluation was completed by

the Board on February 5 , 2025 . The Board of Directors was of

the opinion that it and the management had cooperated

successfully during 2024. Strong focus has continued to be

given on health and safety, on environmental matters, on Board

succession planning as well as on the operations in India and

Europe. The Board of Directors reviewed the practical

implementation of the governance structure and considered it

was working well. The Board set new priorities for discussion

and review and identified a number of priority topics for 2025.

The Board of Directors believes that its members have the

appropriate range of skills, knowledge and experience, as well

as the degree of perspectives, experiences and background

necessary to enable it to effectively govern the business. The

Board of Directors composition is reviewed on a regular basis

and additional skills and experience are actively searched for in

line with the expected development of ArcelorMittal’s business

as and when appropriate.

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Required skills, experience and other personal characteristics

ArcelorMittal Board Skills Matrix — Director Qualifications	Competencies and relevance to ArcelorMittal	Lakshmi N. Mittal	Aditya Mittal	Vanisha Mittal Bhatia	Karyn Ovelmen	Michel Wurth	Clarissa Lins	Karel de Gucht	Etienne Schneider	Patricia Barbizet	TOTAL
Individuals who have achieved prominence in their fields	Current CEO/Former CEO Experience serving as a CEO or other prominent leader provides unique perspectives to help the Board independently oversee ArcelorMittal's CEO and management and increases understanding and appreciation of the many facets of modern international organizations, including strategic planning, financial reporting and compliance, and risk oversight.	x	x							x	3
Experience and demonstrated expertise in managing large relatively complex organizations, such as CEOs of a significant company or organization with global responsibilities	Large or complex Organizations/Global Business/Industrial Operations Experience Experience leading a large organization or global business provides practical insights on the challenges and opportunities complex businesses encounter in diverse business environments, economic conditions and cultures; having experience with industrial operations assists in understanding the issues that may face ArcelorMittal in its worldwide activities, including maintenance needs, labor relations and regulatory requirements.	x	x	x	x	x	x	x	x	x	9
	Government/Regulatory/Public Policy Experience Experience in government and regulatory affairs is helpful as the steel industry is heavily regulated in countries around the world and changes in public policy could affect ArcelorMittal's business.	x				x	x	x	x		5
Financial or other risk management expertise	Financial Experience An understanding of the reporting responsibilities of public companies and the issues commonly faced by public companies is important in navigating governance issues as they apply to ArcelorMittal.	x	x		x	x				x	5
	Risk Management Experience Experience in effectively identifying, prioritizing and managing a broad spectrum of risks can help the Board in assessing, anticipating and overseeing the Company's management of the risks faced by its various businesses.	x	x		x	x	x			x	6
Experience in managing ESG risks and opportunities including emerging ESG regulations, reporting standards and human rights policies and procedures	Safety, Human Rights & Environment	x	x			x	x	x	x		6
	Climate Change and Decarbonization		x				x	x	x	x	5
Mergers and Acquisitions	Mergers, acquisitions, disposals, joint ventures, private equity and investment experience	x	x	x	x	x		x			6
Experience on one or more boards of significant public organizations	Public Company Board An understanding of the reporting responsibilities of public companies and the issues commonly faced by public companies is important in navigating	x	x	x	x	x	x	x	x	x	9
Industry experience	Industry/Commodity/Cyclical Business experience Understanding the unique challenges of a cyclical or commodity business provides useful insights in assessing business strategies, challenges and opportunities.	x	x	x	x	x	x	x		x	8
Relevant country/regional expertise	Knowledge of the countries in the regions of strategic importance to the Group	x	x	x	x	x	x	x	x	x	9

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Management report

Diverse skills, perspectives, knowledge, backgrounds and

experience are required in order to effectively govern a global

business the size of the Company’s operations. The Board of

Directors and its committees are therefore required to ensure

that the Board has the right balance of skills, experience,

independence and knowledge necessary to perform its role in

accordance with the highest standards of governance.

The Company’s directors must demonstrate unquestioned

honesty and integrity, preparedness to question, challenge and

critique constructively, and a willingness to understand and

commit to the highest standards of governance. They must be

committed to the collective decision-making process of the

Board of Directors and must be able to debate issues openly

and constructively, and question or challenge the opinions of

others. Directors must also commit themselves to remain

actively involved in Board decisions and apply strategic thought

to matters at issue. They must be clear communicators and

good listeners who actively contribute to the Board in a collegial

manner. Each director must also ensure that no decision or

action is taken that places his or her interests before the

interests of the business. Each director has an obligation to

protect and advance the interests of the Company and must

refrain from any conduct that would harm it.

In order to govern effectively, non-executive directors must have

a clear understanding of the Company’s strategy, and a

thorough knowledge of the ArcelorMittal group and the

industries in which it operates. Non-executive directors must be

sufficiently familiar with the Company’s core business to

effectively contribute to the development of strategy and monitor

performance.

With specific regard to the non-executive directors of the

Company, the composition of the group of non-executive

directors should be such that the combination of experience,

knowledge and independence of its members allows the Board

to fulfill its obligations towards the Company and other

stakeholders in the best possible manner.

The ARCG Committee ensures that the Board of Directors is

comprised of high-caliber individuals whose background, skills,

experience and personal characteristics enhance the overall

profile of the Board and meets its needs by nominating high

quality candidates for election to the Board by the general

meeting of shareholders.

Board profile

The key skills and experience of the directors, and the extent to

which they are represented on the Board of Directors and its

committees, are set out below. In summary, the non-executive

directors contribute:

Renewal

The Board of Directors plans for its own succession, with the

assistance of the ARCG Committee. In doing this, the Board of

Directors:

• considers the skills, backgrounds, knowledge, and

experience necessary to allow it to meet the corporate

purpose;

• assesses the skills, backgrounds, knowledge and

experiences currently represented;

• identifies any inadequate representation of those

attributes and agrees the process necessary to ensure

a candidate is selected who brings them to the Board

of Directors; and

• reviews how Board performance might be enhanced,

both at an individual director level and for the Board as

a whole.

The Board believes that orderly succession and renewal is

achieved through careful planning and by continuously

reviewing the composition of the Board.

When considering new appointments to the Board, the ARCG

Committee oversees the preparation of a position specification

that is provided to an independent recruitment firm retained to

conduct a global search, taking into account, among other

factors, geographic location, nationality and gender. In addition

to the specific skills, knowledge and experience required of the

candidate, the specification contains the criteria set out in the

ArcelorMittal Board profile.

Director induction, training and development

The Board considers that the development of the directors’

knowledge of the Company, the steel-making and mining

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Management report

industries, and the markets in which the Company operates is

an ongoing process. To further bolster the skills and knowledge

of directors, the Company set up a continuous development

program in 2009.

Upon his or her election, each new non-executive director

undertakes an induction program specifically tailored to his or

her needs and includes ArcelorMittal’s long-term vision centered

on the concept of “Safe Sustainable Steel”.

The Board’s development activities include the provision of

regular updates to directors on each of the Company’s products

and markets. Non-executive directors may also participate in

training programs designed to maximize the effectiveness of the

directors throughout their tenure and link in with their individual

performance evaluations. The training and development

program may cover not only matters of a business nature, but

also matters falling into the environmental, social and

governance area.

Structured opportunities are provided to build knowledge

through initiatives such as visits to plants and mine sites and

business briefings provided at Board meetings. Non-executive

directors also build their Company and industry knowledge

through the involvement of the Executive Office and other senior

employees in Board meetings. Business briefings, site visits and

development sessions underpin and support the Board’s work in

monitoring and overseeing progress towards the corporate

purpose of creating long-term shareholder value through the

development of the ArcelorMittal business in steel and mining.

The Company therefore continuously builds directors’

knowledge to ensure that the Board remains up-to-date with

developments within the Company’s segments, as well as

developments in the markets in which the Company operates.

During the year, non-executive directors participated in the

following activities:

• comprehensive business briefings intended to provide

the directors with a deeper understanding of the

Company’s activities, environment, key issues and

strategy of the Company’s segments. These briefings

are provided to the Board of Directors by senior

executives, including Executive Office members. The

briefings provided during the course of 2024 covered

many areas. In particular, a strong emphasis has been

given to health and safety processes, fatality

prevention, environment and climate change. Specific

major acquisitions were reviewed. In addition, cyber

security, risk management, corporate responsibility,

carbon reduction strategy in steelmaking, capital

allocation process and strategy were covered.

Business briefings took place at Board and committee

meetings;

• briefing meetings with the Company executives in

charge of specific business segments or markets;

• site visits of directors to plants and R&D centers; and

• development sessions on specific topics of relevance,

such as health and safety, commodity markets, HR,

investor relations, accounting, the world economy,

changes in corporate governance standards, directors’

duties and shareholder feedback.

The ARCG Committee oversees director training and

development. This approach allows induction and learning

opportunities to be tailored to the directors’ committee

memberships, as well as the Board of Directors' specific areas

of focus. In addition, this approach ensures a coordinated

process in relation to succession planning, Board renewal,

training, development and committee composition, all of which

are relevant to the ARCG Committee’s role in securing the

supply of talent to the Board.

Board of Directors committees

The Board of Directors has three committees:

• the Audit & Risk Committee,

• the ARCG Committee, and

• the Sustainability Committee.

Audit & Risk Committee

4 members (100% independent) 6 meetings (2024)

In 2024, 6 meetings of the Audit & Risk Committee were held

with an attendance rate of 100%.

The primary function of the Audit & Risk Committee is to assist

the Board in fulfilling its oversight responsibilities by reviewing:

• the integrity of the financial reports and other financial

information provided by the Company to any

governmental body or the public;

• the Company’s compliance with legal and regulatory

requirements;

• the registered public accounting firm’s (Independent

Auditor) qualifications and independence;

• the Company’s system of internal control regarding

finance, accounting, legal compliance, ethics and risk

management that management and the Board have

established;

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Management report

• the Company’s auditing, accounting and financial

reporting processes generally;

• the identification and management of risks to which the

ArcelorMittal group is exposed; and

• conducting investigations into any matters, including

whistleblower complaints, within its scope of

responsibility and obtaining advice from outside legal,

accounting, or other advisers, as necessary, to perform

its duties and responsibilities.

The Audit & Risk Committee must be composed solely of

independent members of the Board of Directors. The members

are appointed by the Board of Directors each year after the

annual general meeting of shareholders. The Audit & Risk

Committee is comprised of four members, all of whom must be

independent under the Company’s corporate governance

guidelines, the NYSE standards as applicable to foreign private

issuers and the 10 Principles of Corporate Governance of the

Luxembourg Stock Exchange. The Audit & Risk Committee

makes decisions by a simple majority with no member having a

casting vote.

At least one member must qualify as an "audit committee

financial expert” as defined by the SEC and determined by the

Board.

At least one member must qualify as an Audit & Risk Committee

“risk management expert” having experience in identifying,

assessing, and managing risk exposures of large, complex

companies.

The Audit & Risk Committee currently consists of 4 members:

Mrs. Karyn Ovelmen, Mrs. Patricia Barbizet, Mr. Karel de Gucht

and Mr. Etienne Schneider, each of whom is an independent

Director according to the NYSE standards and the 10 Principles

of Corporate Governance of the Luxembourg Stock Exchange.

The Chairwoman of the Audit & Risk Committee is Mrs. Patricia

Barbizet who is an “audit committee financial expert” as defined

by the SEC. Please see “—–Directors and senior management

—–Board of Directors” above for Mrs. Barbizet's experience.

According to its charter, the Audit & Risk Committee is required

to meet at least four times a year. The Audit & Risk Committee

performs an annual self-evaluation and completed its 2024 self-

evaluation on February 5 , 2025 . The charter of the Audit & Risk

Committee is available from ArcelorMittal upon request.

Appointments, Remuneration and Corporate Governance

Committee

3 members (100% independent) 7 meetings (2024)

In 2024, 7 meetings of the ARCG Committee were held, with an

attendance rate of 100%.

The ARCG Committee is comprised of three directors, each of

whom is independent under the New York Stock Exchange

standards as applicable to foreign private issuers and the 10

Principles of Corporate Governance of the Luxembourg Stock

Exchange.

The members are appointed by the Board of Directors each

year after the annual general meeting of shareholders. The

ARCG Committee makes decisions by a simple majority with no

member having a casting vote.

The primary function of the ARCG Committee is to assist the

Board of Directors of ArcelorMittal by:

• reviewing and approving corporate and personal goals

and objectives relevant to the compensation of members

of the Executive Office, executive officers and senior

management and evaluating their performance

considering these goals and objectives;

• making recommendations to the Board of Directors on

the Company`s framework of remuneration for the

members of the Executive Office and executive officers

and such other senior executives as the ARCG

Committee may determine;

• approving any contract of employment or related contract

with members of the Executive Office and executive

officers;

• determining the terms of any compensation package in

the event of early termination of the employment contract

of any members of the Executive Office and of the

executive officers;

• making recommendations to the Board of Directors

regarding the content of the Company`s annual report to

shareholders or any regulatory filings that relates to

compensation matters (including ArcelorMittal`s policy on

the compensation of members of the Executive Office

and executive officers, individual remuneration details

and other terms and conditions);

• carrying out an annual performance self-evaluation and a

review of the charter of the ARCG Committee including

additions to the function of the Committee, as may be

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Management report

necessary due to changed circumstances or laws or

regulations;

• evaluating and proposing improvements for the induction

program for newly appointed members of the Board of

Directors;

• reviewing and, where necessary, proposing changes to

the chairmanship or membership of any Board

committee;

• making recommendations to the Board of Directors with

respect to trends in Board of Directors ' remuneration,

incentive compensation plans and equity-based incentive

plans;

• producing a report on executive compensation to be

included in ArcelorMittal`s annual report;

• identifying candidates qualified to serve as member of the

Board of Directors as per the selection criteria and as

members of the Executive Office, executive officers and

senior managers;

• recommending candidates to the Board of Directors for

appointment by the general meeting of shareholders or,

to the extent permitted by law, for appointment by the

Board of Directors to fulfill interim Board vacancies;

• developing, monitoring and reviewing corporate

governance principles applicable to ArcelorMittal;

• facilitating the evaluation that the Board of Directors will

make on the topics covered by ARCG Committee;

• assessing the independence of the members of the

Board of Directors on an annual basis;

• reviewing the succession planning and the executive

development program for the Executive Office and

executive officers;

• reviewing relevant Policies and Procedures relating to

Compliance and Corporate Governance, as needed;

• reviewing employee surveys, as available; and

• reviewing the analysis of proxy advisory firms in the

context of corporate governance compensation.

The ARCG Committee’s principal criteria in determining the

compensation of executives is to encourage and reward

performance that will lead to long-term enhancement of

shareholder value. The ARCG Committee may seek the advice

of outside experts.

The three members of the ARCG Committee are Mrs. Karyn

Ovelmen, Mrs. Clarissa Lins and Mr. Etienne Schneider, each of

whom is independent in accordance with the NYSE standards

applicable to foreign private issuers and the 10 Principles of

Corporate Governance of the Luxembourg Stock Exchange.

The Chairwoman of the ARCG Committee is Mrs. Karyn

Ovelmen.

The ARCG Committee is required to meet at least three times a

year. The ARCG Committee performs an annual self-evaluation

and completed its 2024 self-evaluation on February 5 , 2025 .

The charter of the ARCG Committee is available from

ArcelorMittal upon request.

Succession management

Succession management at ArcelorMittal is a systematic,

structured process for identifying and preparing employees with

potential to fill key organizational positions, should the position

become vacant. This process applies to all ArcelorMittal key

positions up to and including the Executive Office. Succession

management aims to ensure the continued effective

performance of the organization by providing for the availability

of experienced and capable employees who are prepared to

assume these roles as they become available. For each

position, candidates are identified based on performance,

potential and an assessment of leadership capabilities and their

“years to readiness”. Development needs linked to the

succession plans are discussed, after which “Personal

Development Plans” are put in place, to accelerate development

and prepare candidates. Regular reviews of succession plans

are conducted at different levels of the organization to ensure

that they are accurate and up to date, leading to at least once a

year formal review by the Executive Office, of all key positions.

Succession management is a necessary process to reduce risk

of vacant positions or skill gap transitions, create a pipeline of

future leaders, ensure smooth business continuity and improve

employee motivation and engagement. This process has been

in place for several years and reinforced, widened and made

more systematic in all regions of the organization. The

responsibility to review and approve succession plans and

contingency plans at the highest level rests with the Board’s

ARCG Committee.

Sustainability Committee

3 members (67% independent) 7 meetings (2024)

In 2024, 7 meetings of Sustainability Committee were held, with

an attendance rate o f 86%.

The Sustainability Committee ("SC") is comprised of three

members, of whom two are independent. The SC makes

decisions by simple majority with no member having a casting

vote.

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Management report

The primary function of the SC is to assist the Board of Directors

on the following areas:

• review Group level frameworks, policies, standards and

guidelines in sustainability matters;

• review and approve the identification of material

sustainability impacts, risks and opportunities and the

corresponding controls and governance processes to

manage those;

• review the Company's sustainable development plan and

targets and associated management systems and ensure

the Group is well positioned to meet the evolving

expectations of stakeholders, including investors,

customers, regulators, employees, and communities;

• review the effectiveness of the process for assessing and

managing catastrophic risks;

• coordinate the SC’s impact, risk and opportunity

management work with the Audit and Risk Committee, in

relation to reporting to the Board of Directors ;

• review the findings of important climate action reports

and the management response;

• support and provide guidance to management in

developing and updating policies and procedures relating

to employee health & safety, environment, climate

change, social and supply chain and other material

sustainability topics;

• review and approve processes to establish effectiveness

of policies, actions, metrics and targets related to

sustainability material risks, impacts and opportunities;

• monitor any current, pending or threatened legal actions

with respect to health and safety, climate change,

environment, social and supply chain and other relevant

sustainability issues;

• review and approve a report on sustainable development

plan to be included in ArcelorMittal’s Annual Report;

• review and recommend to the Board of Directors on the

adequacy of the reporting on sustainability opportunities,

risks, impacts and issues in the annual report,

Sustainability Report, and other relevant public

documents;

• make recommendations to the Board of Directors with

respect to trends in results and programs in all covered

areas;

• make recommendations on material sustainability

impacts, risks and opportunities when overseeing

strategy and decisions on major transactions;

• ensure that the SC Chair (or in her absence, an

alternative member) attends the Company’s annual

general meeting to answer questions concerning

sustainability matters and their development and/or

implementation; and

• oversee any investigation and/or undertake any thorough

analysis which is within its scope.

The three members of the SC are Mrs. Clarissa Lins, Mr.

Etienne Schneider and Mr. Michel Wurth. Mrs. Lins and Mr.

Schneider are independent in accordance with the Company’s

corporate governance guidelines, the NYSE standards and the

10 Principles of Corporate Governance of the Luxembourg

Stock Exchange. The Chairwoman of the SC is Mrs. Lins.

The members have relevant expertise or experience relating to

the objective of the SC. The responsible senior managers

pertaining to their respective areas of responsibility - health and

safety, environment, climate change, for community relations -

are permanent invitees to the meetings of the SC. The

Chairman of the SC makes a verbal report of the SC’s decisions

and findings to the Board of Directors after each SC meeting.

Other corporate governance practices

ArcelorMittal is committed to adhering to best practices in terms

of corporate governance in its dealings with shareholders and

aims to ensure good corporate governance by applying rules on

transparency, quality of reporting and the balance of powers.

ArcelorMittal continually monitors U.S., EU and Luxembourg

legal requirements and best practices in order to make

adjustments to its corporate governance controls and

procedures when necessary, as evidenced by the policies

adopted by the Board of Directors in 2012.

ArcelorMittal complies with the 10 Principles of Corporate

Governance of the Luxembourg Stock Exchange in all respects.

Ethics and conflicts of interest

Ethics and conflicts of interest are governed by ArcelorMittal’s

Code of Business Conduct, which establishes the standards for

ethical behavior that are to be followed by all employees and

directors of ArcelorMittal in the exercise of their duties, including

the Company's CEO and CFO. Each employee of ArcelorMittal

is required to sign and acknowledge the Code of Conduct upon

joining the Company. This also applies to the members of the

Board of Directors of ArcelorMittal, who signed the Company’s

Appointment Letter in which they acknowledged their duties and

obligations. Any new member of the Board of Directors must

sign and acknowledge the Code of Conduct upon appointment.

Employees must always act in the best interests of ArcelorMittal

and must avoid any situation in which their personal interests

conflict, or could conflict, with their obligations to ArcelorMittal.

Employees are prohibited from acquiring any financial or other

interest in any business or participating in any activity that could

deprive ArcelorMittal of the time or the attention needed to

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Management report

devote to the performance of their duties. Any behavior that

deviates from the Code of Business Conduct is to be reported to

the employee’s supervisor, a member of the management, the

head of the legal department or the head of the Global

Assurance department.

Code of Business Conduct

Conduct training is offered throughout ArcelorMittal on a regular

basis in the form of face-to-face trainings, webinars and online

trainings. Employees are periodically trained about the Code of

Business Conduct in each location where ArcelorMittal has

operations. The Code of Business Conduct is available in the

“Corporate Governance-Compliance and Policies-Code of

Business Conduct” section of ArcelorMittal’s website at

www.arcelormittal.com and has been disseminated through

Company-wide communications.

In addition to the Code of Business Conduct, ArcelorMittal has

developed a Human Rights Policy (available in the “Corporate

Governance-Compliance and Policies-Human Rights Policy”

section of ArcelorMittal’s website at www.arcelormittal.com) and

a number of other compliance policies in more specific areas,

such as antitrust, anti-corruption, economic sanctions, insider

dealing and data protection. In all these areas, specifically

targeted groups of employees are required to undergo

specialized compliance training. Furthermore, ArcelorMittal’s

compliance program also includes a quarterly compliance

certification process covering all business segments and

entailing reporting to the Audit & Risk Committee.

ArcelorMittal intends to disclose any amendment to or waiver

from the Code of Business Conduct applicable to any of

ArcelorMittal’s directors, its CEO, CFO or any other person who

is an Executive Officer of ArcelorMittal on ArcelorMittal’s website

at www.arcelormittal.com.

Process for Handling Complaints on Accounting Matters

As part of the procedures of the Board of Directors for handling

complaints or concerns about accounting, internal controls and

auditing issues, ArcelorMittal’s Anti-Fraud Policy and Code of

Business Conduct encourage all employees to bring such

issues to the Audit & Risk Committee’s attention on a

confidential basis. In accordance with ArcelorMittal’s Anti-Fraud

and Whistleblower Policy, concerns with regard to possible fraud

or irregularities in accounting, auditing or banking matters or

bribery within ArcelorMittal or any of its subsidiaries or other

controlled entities may also be communicated through the “—

Corporate Governance—Whistleblower” section of the

ArcelorMittal website at www.arcelormittal.com, where

ArcelorMittal’s Anti-Fraud Policy and Code of Business Conduct

are also available in each of the main working languages used

within the Group. In recent years, ArcelorMittal has implemented

local whistleblowing facilities, as needed.

Global Assurance

ArcelorMittal has a Global Assurance function that, through its

Head of Global Assurance, reports to the Audit & Risk

Committee. The function is staffed by full-time professional staff

located within each of the principal operating subsidiaries and at

the corporate level. Recommendations and matters relating to

internal control and processes are made by the Global

Assurance function and their implementation is regularly

reviewed by the Audit & Risk Committee.

Independent auditors

The appointment and determination of fees of the independent

auditors is the direct responsibility of the Audit & Risk

Committee. The Audit & Risk Committee is further responsible

for obtaining, at least once each year, a written statement from

the independent auditors that their independence has not been

impaired. The Audit & Risk Committee has also obtained a

confirmation from ArcelorMittal’s principal independent auditors

to the effect that none of its former employees are in a position

within ArcelorMittal that may impair the principal auditors’

independence.

I nsider Dealing Regulations

ArcelorMittal has adopted insider trading policies and

procedures (“Insider Dealing Regulations” or "IDR") governing

the purchase, sale, and other dispositions of its securities by

directors, senior management, and employees that are

reasonably designed to promote compliance with insider trading

laws, rules and regulations and listing standards applicable to

the Company. IDR are updated when necessary (most recently

in January 2023) and training is conducted throughout the

Group in relation to them. The IDR’s most recent version was

updated in light of the new Market Abuse Regulation. IDR are

available on ArcelorMittal’s website, www.arcelormittal.com and

are attached as Exhibit 11.1 to this annual report.

The IDR apply to the worldwide operations of ArcelorMittal. The

compliance and data protection officer of ArcelorMittal is also

the IDR compliance officer and answers questions that

members of senior management, the Board of Directors, or

employees may have about the IDR’s interpretation. The IDR

compliance officer maintains a list of insiders as required by

Regulation No 596/2014 of the European Parliament and the

Council dated April 16, 2014 on market abuse or “MAR” and the

Commission Implementing Regulation 2016/347 of 10 March

2016 laying down technical standards with regard to the precise

format of insider lists and for updating insider lists in accordance

with MAR. The IDR compliance officer may assist senior

executives and directors with the filing of notices required by

Luxembourg law to be filed with the Luxembourg financial

regulator, the CSSF (Commission de Surveillance du Secteur

Financier). Furthermore, the IDR compliance officer has the

power to conduct investigations in connection with the

application and enforcement of the IDR, in which any employee

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Management report

or member of senior management or of the Board of Directors is

required to cooperate.

Selected new employees of ArcelorMittal are required to

participate in a training course about the IDR upon joining

ArcelorMittal and every three years thereafter. The individuals

who must participate in the IDR training include the members of

senior management, employees who work in finance, legal,

sales, mergers and acquisitions and other areas that the

Company may determine from time to time. In addition,

ArcelorMittal’s Code of Business Conduct contains a section on

“Trading in the Securities of the Company” that emphasizes the

prohibition to trade on the basis of inside information. An online

interactive training tool based on the IDR is currently deployed

across the group through ArcelorMittal’s intranet, with the aim to

enhance the staff’s awareness of the risks of sanctions

applicable to insider dealing. The importance of the IDR is again

reiterated in the Group's internal Group Policies and Procedures

Manual.

SHAREHOLDERS AND MARKETS

Major shareholders

The following table sets out information as of December 31,

2024 with respect to the beneficial ownership of ArcelorMittal

ordinary shares by each person who is known to be the

beneficial owner of more than 5% of the shares and all directors

and senior management as a group.

	ArcelorMittal Ordinary Shares — Number	%
Significant Shareholder 1	340,072,244	39.88 %
Treasury Shares 2	84,263,150	9.88 %
Other Public Shareholders	428,474,378	50.24 %
Total	852,809,772	100.00 %
Of which: Directors and Senior Management 3	523,326	0.06 %
Significant Shareholder voting rights (outstanding shares)		44.25 %

1 For purposes of this table, ordinary shares owned directly by Mr. Lakshmi N.

Mittal and his wife, Mrs. Usha Mittal, are aggregated with those ordinary

shares beneficially owned by the Significant Shareholder. At December 31,

2024, Mr. Lakshmi Mittal and his wife, Mrs. Usha Mittal, had direct ownership

of ArcelorMittal ordinary shares and beneficial ownership (within the meaning

set forth in Rule 13d-3 of the Exchange Act), through the Significant

Shareholder, of the outstanding equity of two holding companies that own

ArcelorMittal ordinary shares—Nuavam Investments S.à. r.l. (“Nuavam”) and

Lumen Investments S.à r.l. (“Lumen”). Nuavam, a limited liability company

organized under the laws of Luxembourg, was the owner of 63,658,348

ArcelorMittal ordinary shares. Lumen, a limited liability company organized

under the laws of Luxembourg, was the owner of 275,840,595 ArcelorMittal

ordinary shares. Mr. Lakshmi N. Mittal was the direct owner of 547,801

ArcelorMittal ordinary shares . Mrs. Mittal was the direct owner of 25,500

ArcelorMittal ordinary shares. Mr. Lakshmi N. Mittal, Mrs. Mittal and the

Significant Shareholder shared beneficial ownership of 100% of the

outstanding equity of each of Nuavam and Lumen (within the meaning set

forth in Rule 13d-3 of the Exchange Act). Accordingly, Mr. Lakshmi N. Mittal

was the beneficial owner of 340,046,744 ArcelorMittal ordinary shares, Mrs.

Mittal was the beneficial owner of 339,524,443 ordinary shares, and the

Significant Shareholder (when aggregated with ordinary shares of

ArcelorMittal held directly by Mr. and Mrs. Mittal) was the beneficial owner of

340,072,244 ordinary shares. As of December 31, 2024, 2023 and 2022 , the

Significant Shareholder (together with Mr. Lakshmi N. Mittal and Mrs. Mittal)

held 39.88%, 39.87% and 37.65% of the Company’s ordinary shares

respectively.

2 Represents ArcelorMittal ordinary shares repurchased pursuant to share

repurchase programs, fractional shares returned in various transactions, and

the use of treasury shares in various transactions.

3 Includes shares beneficially owned by directors and members of senior

management listed in section "Management and employees—Directors and

senior managers" of this annual report; excludes shares beneficially owned

by Mr. Lakshmi N. Mittal. Note that ordinary shares included in this item are

included in “Other Public Shareholders” above.

Aditya Mittal is the direct owner of 352,069 ArcelorMittal ordinary

shares, representing less than 0.1% of the ArcelorMittal ordinary

shares outstanding and holds PSUs see "Management and

employees—Compensation". As the vesting of PSUs is

dependent on the Company's performance criteria not fully

within the control of the PSU holder, Aditya Mittal does not

beneficially own ArcelorMittal ordinary shares by virtue of his

ownership of the PSUs. Aditya Mittal is the son of Mr. Lakshmi

N. Mittal and Mrs. Mittal and is CEO and non-independent

director of ArcelorMittal. Vanisha Mittal Bhatia is the direct owner

of 8,500 ArcelorMittal ordinary shares, representing less than

0.1% of the ArcelorMittal ordinary shares outstanding. Vanisha

Mittal Bhatia is the daughter of Mr. Lakshmi N. Mittal and Mrs.

Mittal and a member of the Company’s Board of Directors.

The ArcelorMittal ordinary shares may be held in registered form

on the Company’s register only. Registered shares are fully

fungible and may consist of:

a. ArcelorMittal Registry Shares, which are registered directly

on ArcelorMittal’s Luxembourg shareholder register,

b. shares traded on Euronext Amsterdam, Euronext Paris,

the regulated market of the Luxembourg Stock Exchange

and the Spanish Stock Exchanges, which are held in

Euroclear, or

c. shares traded on the NYSE, the ("New York Registry

Shares"), which are registered (including in the name of

the nominee of DTC) in a New York Share Register kept

on behalf of ArcelorMittal by Citibank N.A., its New York

transfer agent.

On January 19, 2022, BlackRock, Inc. provided a notification to

the Company stating that it beneficially owned 49,166,064

shares or 5.24% of ArcelorMittal’s issued shares as of January

18, 2022.

On February 4, 2022, BlackRock, Inc. filed a Schedule 13G/A

with the U.S. Securities and Exchange Commission stating that

it beneficially owned 52,460,418 shares or 5.3% of

ArcelorMittal’s issued shares as of December 31, 2021.

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Management report

On March 18, 2022, BlackRock, Inc. provided a notification to

the Company stating that it beneficially owned less than 5% of

ArcelorMittal’s issued shares as of March 15, 2022.

On May 24, 2022, BlackRock, Inc. provided a notification to the

Company stating that it beneficially owned 5.27% of

ArcelorMittal’s issued shares as of May 18, 2022.

On July 1, 2022, BlackRock, Inc. provided a notification to the

Company stating that it beneficially owned less than 5% of

ArcelorMittal’s issued shares as of June 30, 2022.

On August 9, 2022, BlackRock, Inc. filed a Schedule 13G/A with

the U.S. Securities and Exchange Commission stating that it

beneficially owned 43,446,535 shares or 4.9% of ArcelorMittal’s

issued shares as of July 31, 2022.

On April 25, 2023, BlackRock, Inc. provided a notification to the

Company stating that it beneficially owned 5% of ArcelorMittal’s

issued shares as of April 21, 2023.

On August 25, 2023, BlackRock, Inc. provided a notification to

the Company stating that it beneficially owned 5.68% of

ArcelorMittal’s issued shares as of August 23, 2023.

On September 18, 2023, BlackRock, Inc. provided notifications

to the Company stating that it beneficially owned 5.82% of

ArcelorMittal’s issued shares as of September 18, 2023.

On September 19, 2023, BlackRock, Inc. provided notifications

to the Company stating that it beneficially owned 5.83% of

ArcelorMittal’s issued shares as of September 19, 2023.

On October 31, 2023, BlackRock, Inc. provided notifications to

the Company stating that it beneficially owned 5.72% of

ArcelorMittal’s issued shares as of October 30, 2023.

On February 1, 2024, BlackRock, Inc. filed a Schedule 13G/A

with the U.S. Securities and Exchange Commission stating that

it beneficially owned 47,017,241 shares or 5.5% of

ArcelorMittal’s issued shares as of December 31, 2023.

On June 12, 2024, BlackRock, Inc. provided notifications to the

Company stating that it beneficially owned 4.99% of

ArcelorMittal’s issued shares as of June 10, 2024.

On July 8, 2024, BlackRock, Inc. filed a Schedule 13G/A with

the U.S. Securities and Exchange Commission stating that it

beneficially owned 41,376,250 shares or 4.9% of ArcelorMittal’s

issued shares.

On January 26, 2022, there was a notification from Société

Générale SA stating that it beneficially owned 44,777,728

shares or 4.88% of ArcelorMittal’s issued shares as of January

21, 2022.

These notifications (other than the Schedule 13G filings) are

available in the Luxembourg Stock Exchange’s OAM electronic

database on www.bourse.lu and on the Company’s website

corporate.arcelormittal.com under “Investors - Corporate

Governance - Shareholding structure”. The notifications were

published in reference to the Luxembourg law and the Grand

Ducal regulation of January 11, 2008, on transparency

requirements for issuers of securities ("Transparency Law") in

view of a shareholding notification going above or below the 5%

voting rights threshold. The Schedule 13G filings are available

on the website of the U.S. Securities and Exchange

Commission (www.sec.gov).

Under Luxembourg law, the ownership of registered shares is

evidenced by the inscription of the name of the shareholder, the

number of shares held by such shareholder and the amount

paid up on each share in the shareholder register of

ArcelorMittal.

At December 31, 2 024, 2,421 shareholders other than the

Significant Shareholder, holding an aggregate of 13,437,354

ArcelorMittal ordinary shares, were registered in ArcelorMittal’s

shareholder register, representing approximately 1.58% of the

ordinary shares issued (including treasury shares).

At December 31, 2024, there were 141 registered shareholders

holding an aggregate of 58,562,475 New York Registry Shares,

representing approximately 6.87% of the ordinary shares issued

(including treasury shares). ArcelorMittal’s knowledge of the

number of New York Registry Shares held by U.S. holders is

based solely on the records of its New York transfer agent

regarding registered ArcelorMittal ordinary shares.

At December 31, 2024, 451,950,076 ArcelorMittal ordinary

shares were held through the Euroclear/Iberclear clearing

system in The Netherlands, France, Luxembourg and Spain,

representing approximately 53% of the ordinary shares issued

(including treasury shares ).

Voting rights

Each share entitles the holder to one vote at the general

meeting of shareholders, and no shareholder benefits from

special voting rights. For more information relating to

ArcelorMittal shares, see “Additional information—Memorandum

and Articles of Association—Voting and information rights”.

Management share ownership

As of December 31, 2024, the aggregate beneficial share

ownership of ArcelorMittal directors and senior management (18

individuals) totaled 523,326 ArcelorMittal shares (excluding

shares beneficially owned by the Significant Shareholder and

Mr. Lakshmi N. Mittal) representing 0.06% of the total issued

share capital of ArcelorMittal. Other than Mr. Lakshmi N. Mittal,

each director and member of senior management beneficially

owns less than 1% of ArcelorMittal’s shares. See "—Major

shareholders” for the beneficial share ownership of the

Significant Shareholder, Mr. Lakshmi Mittal, Mr. Aditya Mittal and

Ms. Vanisha Mittal Bhatia.

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Management report

In accordance with the Luxembourg Stock Exchange’s 10

Principles of Corporate Governance, independent non-executive

members of ArcelorMittal's Board of Directors do not receive

share options, RSUs or PSUs, and the policy of the Company is

not to grant any share-based remuneration to members of the

Board of Directors who are not executives of the Company.

See “Management and employees—Compensation” for a

description of options, RSUs and PSUs held by members of

ArcelorMittal’s senior management, including the Executive

Chairman and CEO.

The following tables summarize outstanding PSUs and RSUs granted to the members of the Executive Office and Executive Officers of

ArcelorMittal for the last five years as of December 31, 2024.

	PSUs granted in 2024	PSUs granted in 2023	PSUs granted in 2022	PSUs granted in 2021
Executive Office	241,856	141,973	141,564	109,143
Term (in years)	3	3	3	3
Vesting date 1	January 1, 2028	January 1, 2027	January 1, 2026	January 1, 2025

1 See “Management and employees—Compensation—Remuneration—Long-term incentives plans”, for vesting conditions.

	RSUs granted in December 2024	PSUs granted in December 2024	RSUs granted in December 2023	PSUs granted in December 2023	RSUs granted in December 2022	PSUs granted in December 2022	PSUs granted in December 2021
CFO and Other Executive Officers	70,400	302,100	54,800	233,100	41,500	113,900	89,200
Term (in years)	3	3	3	3	3	3	3
Vesting date 1	December 5, 2027	January 1, 2028	December 8, 2026	January 1, 2027	December 13, 2025	January 1, 2026	January 1, 2025

1 See note 8.3 to the consolidated financial statements, for vesting conditions.

See note 8.3 of the consolidated financial statements for a

description of ArcelorMittal’s equity-settled share-based

payments to certain employees, including RSUs and PSUs.

Related party transactions

ArcelorMittal engages in certain commercial and financial

transactions with related parties, including associates and joint

ventures of ArcelorMittal. Please refer to note 12 to the

consolidated financial statements. Further information related to

required disclosure of related party transactions under the

Shareholders’ Rights Law of August 1, 2019 implementing the

European Union's Shareholders' Rights Directive in Luxembourg

(the "Shareholders' Rights Law") is included in “Memorandum

and Articles of Association—Voting and information rights”.

Shareholder’s Agreement

Mr. Lakshmi Mittal and ArcelorMittal are parties to a shareholder

and registration rights agreement (the “Shareholder’s

Agreement”) dated August 13, 1997. Pursuant to the

Shareholder’s Agreement and subject to the terms and

conditions thereof, ArcelorMittal shall, upon the request of

certain holders of restricted ArcelorMittal shares, use its

reasonable efforts to register under the Securities Act of 1933,

as amended, the sale of ArcelorMittal shares intended to be sold

by those holders. By its terms, the Shareholder’s Agreement

may not be amended, other than for manifest error, except by

approval of a majority of ArcelorMittal’s shareholders (other than

the Significant Shareholder and certain permitted transferees) at

a general shareholders’ meeting.

Memorandum of Understanding

The Memorandum of Understanding entered into in connection

with the Mittal Steel acquisition of Arcelor, certain provisions of

which expired in August 2009 and August 2011, is described

under “Additional information—Material contracts—

Memorandum of Understanding”.

Agreements with Aperam SA post-Stainless Steel Spin-Off

In connection with the spin-off of its stainless steel division into a

separately focused company, Aperam SA (“Aperam”), which was

completed on January 25, 2011, ArcelorMittal entered into

several agreements with Aperam and/ or certain Aperam

subsidiaries which are still in force: a purchasing services

agreement for negotiation services from ArcelorMittal

Purchasing (the “Purchasing Services Agreement”) as well as

certain commitments regarding cost-sharing in Brazil and certain

other ancillary arrangements governing the relationship between

Aperam and ArcelorMittal following the spin-off, as well as

certain agreements relating to financing.

The parties agreed to renew a limited number of services where

expertise and bargaining power created value for each

165

Management report

party. ArcelorMittal will continue to provide in 2025 (similar to

certain services relating to areas including environmental

and technical support.

In the area of research and development at the time of the spin-

off, Aperam entered into a framework agreement with

ArcelorMittal in 2011, and as amended in 2015 to establish a

structure for future cooperation in relation to certain ongoing or

new research and development programs. Currently, few but

valuable research and development supports are implemented

through this agreement. New exchanges about breakthrough

technologies or possible technical developments interesting

both companies were launched between 2021 and 2024 and are

still ongoing.

I n Europe, Aperam purchased most of its electricity and natural

gas through energy supply contracts put in place for the period

2014-2020 through ArcelorMittal Energy SCA. Electricity and

natural gas contracts were renewed in 2022 and for 2023 under

similar terms and conditions. Electricity and natural gas supplies

continued in 2024 under the new conditions described in several

new contracts reflecting the supply practices throughout 2024;

contracts were signed in December 2024 effective from January

1, 2024 till January 1, 2026, extendable by mutual agreement

between the parties.

Regarding procurement, Aperam still relies on ArcelorMittal

Europe S.A. for supplies and services in relation to the

negotiation of certain contracts with global or large regional

suppliers. The Purchasing Services Agreement entered into on

January 25, 2011 has been renewed and remains in force in

relation to the following key categories: operating materials (only

hot strip mill), refractory materials, spare parts, sea freight,

logistics, industrial products and support services (excluding

industrial services). The Purchasing Services Agreement also

permits Aperam to avail itself of the services and expertise of

ArcelorMittal for certain capital expenditures.

Another commercial agreement in place between Aperam and

ArcelorMittal Sourcing is effective since January 2020 for the

sale of electrodes. Two specific IT service agreements are also

in place with Aperam, for the use in Europe and Brazil of Asset

Reliability Maintenance Program ("ARMP") and for the use of

the global wide area network (WAN).

Purchasing activities will continue to be provided to Aperam

pursuant to existing contracts with ArcelorMittal entities that it

has specifically elected to assume. In addition, since 2011, a

services agreement has been concluded between ArcelorMittal

Shared Service Center Europe Sp z.o.o. Sp.k. and Aperam for

accounting services.

In connection with the spin-off, management also renegotiated

an existing Brazilian cost-sharing agreement between

ArcelorMittal Brasil and Aperam Inox América do Sul S.A.,

Aperam Inox Serviços Brasil Ltda., Aperam Inox Tubos Brasil

Ltda. and Aperam Bioenergia Ltda. pursuant to which,

ArcelorMittal Brasil continued to perform purchasing for the

benefit of these Aperam’s Brazilian subsidiaries, with costs

being shared on the basis of cost allocation parameters agreed

between the parties on a yearly basis.

Share Repurchase Agreement

The Significant Shareholder has entered into a share

repurchase agreement with ArcelorMittal on February 12, 2021

(as amended from time to time), (the "Share Repurchase

Agreement"), to sell each trading day on which ArcelorMittal has

purchased shares under its 2021 share buyback programs (the

"Programs") an equivalent number of shares, at the proportion

of the then Significant Shareholder's stake in ArcelorMittal of

issued and outstanding shares of ArcelorMittal, at the same

price as the shares repurchased on the market. The effect of the

Share Repurchase Agreement was to maintain the Significant

Shareholder's voting rights in ArcelorMittal's issued share capital

(net of treasury shares) at the then-current level, pursuant to the

Programs.

ArcelorMittal announced the completion of five consecutive

Programs during 2021 under the authorization given by the

annual general meetings of shareholders held on June 13, 2020

and June 8, 2021. To maintain Significant Shareholder's current

level of voting rights as per the Share Repurchase Agreement,

in the context of five consecutive Programs, in totality the

Company repurchased, 62.2 million shares from the Significant

Shareholder for $1,878 million.

On February 11, 2022, ArcelorMittal announced a new $1 billion

share buyback program. To maintain Significant Shareholder's

current level of voting rights as per the Share Repurchase

Agreement, the Company repurchased 525,177 shares from the

Significant Shareholder for $16.2 million. On February 25, 2022,

the Company announced the decision of the Significant

Shareholder not to further participate to such program.

Accordingly, the Share Repurchase Agreement was terminated

with respect to this program.

Markets

ArcelorMittal shares are listed and traded (through a single

order book) on the Euronext European markets (Paris and

Amsterdam) (symbol “MT”), are admitted to trading on the

Luxembourg Stock Exchange’s regulated market and listed on

the Official List of the Luxembourg Stock Exchange (symbol

“MT”) and are listed and traded on the Spanish Stock

Exchanges (symbol “MTS”). In the United States, ArcelorMittal

shares are listed and traded on the NYSE (symbol “MT”).

166

Management report

Paying agents

The paying agent for shareholders who hold shares listed on the

NYSE is Citibank and the paying agent for shareholders who

hold shares listed on Euronext Amsterdam, Euronext Paris, and

Luxembourg Stock Exchange is ABN AMRO.

New York Registry Shares

The Company does not hav e any American Depositary

Receipts. As described under “Additional information—

Memorandum and Articles of Association—Form and transfer of

shares”, the Company maintains a New York share register with

Citibank, N.A. for its shares that trade on the NYSE. As of

December 31, 2024, 58,562,475 shares (or approximately

6.87% of ArcelorMittal’s total issued shares) were ArcelorMittal

New York Registry Shares. Holders of ArcelorMittal New York

Registry Shares do not pay fees to Citibank as a general matter,

but do incur costs of up to $5 per 100 shares for transactions

that require canceling or issuing New York Registry Shares,

such as cross-border trades where New York Registry Shares

are cancelled in exchange for shares held in ArcelorMittal’s

European register, or vice-versa. Subject to certain conditions,

Citibank reimburses the Company on an annual basis for

expenses incurred by the Company in relation to the ongoing

maintenance of the New York share facility (e.g., investor

relations expenses, NYSE listing fees, etc.). In 2024, Citibank

paid the Company $293,881 in respect of reimbursements of

expenses incurred by the Company in 2024.

Dividend distributions

Based on Luxembourg law and its Articles of Association,

ArcelorMittal allocates at least five percent of its net profits to

the creation of a reserve. This allocation ceases to be

compulsory when the reserve reaches ten percent (10%) of its

issued share capital, and becomes compulsory once again

when the reserve falls below that percentage. Under

Luxembourg law, the amount of any dividends paid to

shareholders may not exceed the amount of the profits at the

end of the last financial year plus any profits carried forward and

any amounts drawn from reserves that are available for that

purpose, less any losses carried forward and sums to be placed

in reserve in accordance with Luxembourg law or the Articles of

Association. A company may not pay dividends to shareholders

when, on the closing date of the last financial year, the net

assets are, or following the payment of such dividend would

become, lower than the amount of the subscribed capital plus

the reserves that may not be distributed by law or by virtue of

the articles of association. ArcelorMittal’s Articles of Association

provide that the portion of annual net profit that remains

unreserved is allocated as follows by the general meeting of

shareholders upon the proposal of the Board of Directors:

• a global amount is allocated to the Board of Directors by

way of directors’ fees (“tantièmes”). This amount may not

be less than €1,000,000. In the event that the profits are

insufficient, the amount of €1,000,000 shall be imputed in

whole or in part to charges. The distribution of this amount

among the members of the Board of Directors shall be

effected in accordance with the Board of Directors’ rules of

procedure; and

• the balance is distributed as dividends to the shareholders

or placed in the reserves or carried forward.

Interim dividends may be distributed under the conditions set

forth in Luxembourg law by decision of the Board of Directors.

No interest is paid on dividends declared but not paid which are

held by the Company on behalf of shareholders.

Following the achievement of the Group's net debt target, in

February 2021, the Board approved a new capital return policy.

See under “History and development of the Company—Other

information—Capital return policy”.

In February 2022, the Board of Directors recommended an

increase of the base annual dividend to $0.38/share, from

$0.30/share which was approved on May 4, 2022 at the annual

general meeting of shareholders. The dividend amounted to

$332 million and was paid on June 10, 2022.

In February 2023, the Board of Directors recommended an

increase of the base annual dividend from $0.38/share to $0.44/

share, which was approved on May 2, 2023 at the annual

general meeting of shareholders. The dividend amounted to

$369 million.

In February 2024, the Board of Directors recommended an

increase of the base annual dividend to $0.50/share (from

$0.44/share paid in 2023), which was approved on April 30,

2024 at the annual general meeting of shareholders. The

dividend amounted to $393 million.

In February 2025, the Board of Directors recommended an

increase of the base annual dividend to $0.55/share (from

$0.50/share paid in 2024), subject to the approval of

shareholders at the annual general meeting of shareholders in

May 2025.

Purchases of equity securities by the issuer and affiliated

purchasers

On May 5, 2023, the Company announced a share buyback

program of up to 85 million shares to be completed by May 2025

(subject to market conditions) pursuant to the authorization of

the AGM held on May 2, 2023 ("2023 buyback program"), which

remains outstanding as of the date of this annual report. At

December 31, 2024, ArcelorMittal had repurchased

approximately 78.2 million shares representing approximately

92% of the current share buyback program for a total value of

$2.0 billion.

See “Introduction—History and development of the Company—

Additional information”.

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Management report

As described in “Memorandum and Articles of Association”, the

maximum number of shares that may be acquired does not in

any event exceed 10% of the Company’s issued share capital.

The maximum number of own shares that the Company may

hold at any time directly or indirectly may not have the effect of

reducing its net assets (“actif net”) below the amount mentioned

in paragraphs 1 and 2 of Article 461-272-1 of the Law .

Program 1	2024	Total Number of Shares Purchased	Average Price Paid Per Share	Total Number of Shares Purchased as Part of Publicly Announced Plan or Program	Maximum Number of Shares that may yet be purchased under the Plans or Programs (see above explanations)
2023 buyback program	January 1 - January 31	6,187,597	$ 27.07	6,187,597	52,561,349
2023 buyback program	February 1 - February 29	6,215,530	$ 26.80	6,215,530	46,345,819
2023 buyback program	March 1 - March 31	10,121,676	$ 26.27	10,121,676	36,224,143
2023 buyback program	April 1 - April 30	—	—	—	36,224,143
2023 buyback program	May 1 - May 31	4,300,000	$ 25.93	4,300,000	31,924,143
2023 buyback program	June 1 - June 30	7,863,499	$ 23.97	7,863,499	24,060,644
2023 buyback program	July 1 - July 31	4,343,776	$ 23.02	4,343,776	19,716,868
2023 buyback program	August 1 - August 31	5,866,654	$ 22.00	5,866,654	13,850,214
2023 buyback program	September 1 - September 30	1,715,641	$ 22.02	1,715,641	12,134,573
2023 buyback program	October 1 - October 31	—	—	—	12,134,573
2023 buyback program	November 1 - November 30	3,124,103	$ 24.77	3,124,103	9,010,470
2023 buyback program	December 1 - December 31	2,218,911	$ 25.06	2,218,911	6,791,559

Commencement of 2023 buyback program was announced on May 5, 2023 for up to 85 million shares. The Company repurchased 26.2 million shares in 2023 for an

aggregate amount of $652 million. See “Introduction—History and development of the Company—Additional information”. As of December 31, 2024, the 2023 buyback

program was not yet completed.

168

Management report

Share capital

As of December 31, 2024, the Company’s issued share capital

amounted to $303 million, represented by 852,80 9,77 2 ordinary

shares without nominal value. The Company's issued share

capital changed as described below in 2022 and 2023.

Out of the total of 852,809,772 shares in issue, 84,263,150

shares were held in treasury by ArcelorMittal at December 31,

2024, representing 9.88% of its issued share capital.

The Company’s authorized share capital, including the issued

share capital, was $395 million, represented by 1,111,418,599

ordinary shares without nominal value as of December 31,

The Company's authorized share capital changed as

described below in 2022 an d 2023.

On May 19, 2023, upon mandatory conversion of the remaining

24,290,025 outstanding mandatorily convertible subordinated

notes issued on May 18, 2020 and due May 18, 2023,

ArcelorMittal delivered a total of 57,057,991 treasury shares (of

which 9,396,120 to the Significant Shareholder). See note 11.2

to the consolidated financial statements.

In line with the authorization granted by the EGM of ArcelorMittal

shareholders held on May 4, 2022 and May 2, 2023, the Board

of Directors decided to keep the number of treasury shares

within appropriate levels by cancelling:

(i) on January 14, 2022, 45 million treasury shares. As a result

of this cancellation, ArcelorMittal had 937,809,772 shares in

issue (compared to 982,809,772 before cancellation);

(ii) on May 18, 2022, 60 million treasury shares. As a result of

this cancellation, ArcelorMittal had 877,809,772 shares in issue

(compared to 937,809,772 before cancellation); and

(iii) on April 28, 2023, 25 million treasury shares. As a result of

such cancellation, ArcelorMittal has 852,809,772 shares in issue

(compared to 877,809,772 before the cancellation ).

The cancellations took into account the $1 billion share buyback

announced on November 17, 2021, which was completed on

December 28, 2021, the $1 billion share buyback announced on

May 5, 2022, which was completed on June 8, 2022 and the

60,431,380 share buyback announced on July 29, 2022 which

was completed on March 31, 2023.

Over the years, ArcelorMittal has issued equity-settled share-

based payments to certain employees, including stock options,

restricted share units and performance share units. See note 8.3

to the consolidated financial statements.

ADDITIONAL INFORMATION

Memorandum and Articles of Association

Below is a summary of ArcelorMittal’s Articles of Association and

certain legal provisions and internal policies applicable to

ArcelorMittal. The full text of the Company’s Articles of

Association is also available on www.arcelormittal.com under

“Investors-Corporate Governance-Current-Articles of

Association” and as filed under Exhibit 1.1 to this annual report

on Form 20-F.

Corporate purpose

Article 3 of the Articles of Association provides that the corporate

purpose of ArcelorMittal is the manufacture, processing and

marketing of steel, steel products and all other metallurgical

products, as well as all products and materials used in their

manufacture, their processing and their marketing, and all

industrial and commercial activities connected directly or

indirectly with those objects, including mining and research

activities and the creation, acquisition, holding, exploitation and

sale of patents, licenses, know-how and, more generally,

intellectual and industrial property rights.

The Company may realize its corporate purpose either directly

or through the creation of companies, the acquisition, holding or

acquisition of interests in any companies or partnerships,

membership in any associations, consortia and joint ventures.

In general, the Company’s corporate purpose comprises the

participation, in any form whatsoever, in companies and

partnerships and the acquisition by purchase, subscription or in

any other manner as well as the transfer by sale, exchange or in

any other manner of shares, bonds, debt securities, warrants

and other securities and instruments of any kind.

It may grant assistance to any affiliated company and take any

measure for the control and supervision of such companies.

It may carry out any commercial, financial or industrial operation

or transaction that it considers to be directly or indirectly

necessary or useful in order to achieve or further its corporate

purpose.

Form and transfer of shares

The shares of ArcelorMittal are issued in registered form only

and are freely transferable. There are no restrictions on the

rights of Luxembourg or non-Luxembourg residents to own

ArcelorMittal shares.

ABN AMRO assists the Company with certain administrative

tasks relating to the day-to-day administrative management of

the shareholders' register. The Company maintains a New York

shareholders' register with Citibank, N.A. (located at 388

Greenwich Street, New York, New York 10013) for its New York

Registry Shares that trade on the NYSE with underlying

positions held in Euroclear. As of December 31, 2024,

58,562,475 shares (or approximately 6.87% of ArcelorMittal's

total issued shares) were New York Registry Shares.

For more details, see “Description of the Registrant’s Securities

Registered Pursuant to Section 12 of the Securities Exchange

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Act of 1934” as filed under Exhibit 2.2 to this annual report on

Form 20-F.

Issuance and Repurchase of shares

The issuance of shares by ArcelorMittal requires either an

amendment of the Articles of Association approved by an EGM

or a decision of the Board of Directors that is within the limits of

the authorized share capital set out in the Articles of Association.

While Luxembourg law prohibits ArcelorMittal from subscribing

for its own shares, subject to certain conditions, it can

repurchase its own shares or have another person repurchase

shares on its behalf. For more details, see “Description of the

Registrant’s Securities Registered Pursuant to Section 12 of the

Securities Exchange Act of 1934” as filed under Exhibit 2.2 to

this annual report on Form 20-F.

Preemptive rights

Unless limited or canceled by the Board of Directors as

described in the Articles of Association or by an EGM, holders of

ArcelorMittal shares have a pro rata preemptive right to

subscribe for newly issued shares, except for shares issued for

consideration other than cash (i.e., in kind). For more details,

see “Description of the Registrant’s Securities Registered

Pursuant to Section 12 of the Securities Exchange Act of 1934”

as filed under Exhibit 2.2 to this annual report on Form 20-F.

Capital reduction

The Articles of Association provide that the issued share capital

of ArcelorMittal may be reduced subject to the approval of at

least two-thirds of the votes cast at an extraordinary general

meeting of shareholders where, at first call, at least 50% of the

issued share capital is required to be represented, with no

quorum being required at a reconvened meeting.

Please refer to the section on “Shareholder and markets - Share

capital” for the details on the latest share capital reductions.

General meeting of shareholders

The shareholders’ rights law of May 24, 2011, which transposes

into Luxembourg law Directive 2007/36/EC of the European

Parliament and of the Council of July 11, 2007 (on the exercise

of certain rights of shareholders in listed companies) as

amended (the “Shareholders' Rights Law”) includes provisions

relating to general meetings of shareholders, as discussed

below.

General meetings of shareholders are convened by the

publication of a notice at least 30 days before the meeting date

in a Luxembourg newspaper, via the online platform called

Recueil électronique des sociétés et associations (“RESA”), and

by way of press release sent to the major news agencies.

Ordinary general meetings are not subject to any minimum

shareholder participation level. Extraordinary general meetings,

however, are subject to a minimum quorum of 50% of the share

capital. In the event the 50% quorum is not met upon the first

call, the meeting may be reconvened by way of convening

notice published in the same manner as the first notice, at least

17 days before the meeting date. No quorum is required upon

the second call.

Shareholders whose share ownership is directly registered in

the shareholders’ register of the Company must receive the

convening notice by regular mail, unless they have accepted to

receive it through other means (i.e., electronically). In addition,

all materials relating to a general meeting of shareholders must

be made available on the website of ArcelorMittal from the first

date of publication of the convening notice.

The Shareholders’ Rights Law abolished the blocking period

and introduced the record date system into Luxembourg law. As

set out in the Articles of Association, the record date applicable

to ArcelorMittal is the 14th day at midnight before the general

meeting date. Only the votes of shareholders who are

shareholders of the Company on the record date will be taken

into account, regardless of whether they remain shareholders on

the general meeting date. Shareholders who intend to

participate in the general meeting must notify the Company at

the latest on the date indicated in the convening notice of their

intention to participate (by proxy or in person).

Ordinary general meetings of shareholders .

At an ordinary general meeting of shareholders there is no

quorum requirement and resolutions are adopted by a simple

majority, irrespective of the number of shares represented.

Ordinary general meetings deliberate on any matter that does

not require the convening of an extraordinary general meeting.

The Articles of Association provide that the annual general

meeting of shareholders is held each year within six months

from the end of the previous financial year at the Company’s

registered office or at any other place in the Grand Duchy of

Luxembourg as determined by the Board of Directors and

indicated in the convening notice.

Extraordinary general meetings of shareholders.

An extraordinary general meeting must be convened to

deliberate on the following types of matters:

• an increase or decrease of the authorized or issued

share capital,

• a limitation or exclusion of existing shareholders’

preemptive rights,

• the acquisition by any person of 25% or more of the

issued share capital of ArcelorMittal,

• approving a merger or similar transaction such as a

spin-off, and

• any transaction or matter requiring an amendment of

the Articles of Association.

The extraordinary general meeting must reach a quorum of

shares present or represented at the meeting of 50% of the

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share capital in order to validly deliberate. If this quorum is not

reached, the meeting may be reconvened and the second

meeting will not be subject to any quorum requirement. In order

to be adopted by the extraordinary general meeting (on the first

or the second call), any resolution submitted must be approved

by at least two-thirds of the votes cast except for certain limited

matters where the Articles of Association require a higher

majority (see “—Amendment of the Articles of Association”).

Votes cast do not include votes attaching to shares with respect

to which the shareholder has not taken part in the vote, has

abstained or has returned a blank or invalid vote.

In addition, Luxembourg law requires the Board of Directors to

convene a general meeting of shareholders if shareholders

representing in the aggregate 10% of the issued share capital

so require in writing with an indication of the requested agenda.

In this case, the general meeting of shareholders must be held

within one month of the request. If the requested general

meeting of shareholders is not so convened, the relevant

shareholder or group of shareholders may petition the

competent court in Luxembourg to have a court appointee

convene the general meeting.

Shareholder participation at general meetings

The Board of Directors may decide to arrange for shareholders

to be able to participate in the general meeting by electronic

means by way, among others, of (i) real-time transmission to

the public of the general meeting, (ii) two-way communication

enabling shareholders to address the general meeting from a

remote location, or (iii) a mechanism allowing duly identified

shareholders to cast their votes before or during the general

meeting without the need for them to appoint a proxyholder who

would be physically present at the meeting.

A shareholder may act at any general meeting of shareholders

by appointing another person (who need not be a shareholder)

as his or her attorney by means of a written proxy using the form

made available on the website of the Company. The completed

and signed proxy must be sent to the Company in accordance

with the instructions set out in the convening notice.

The Board of Directors may also decide to allow shareholders to

vote by correspondence by means of a form providing for a

positive or negative vote or an abstention on each agenda item.

The conditions for voting by correspondence are set out in the

Articles of Association and in the convening notice.

Shareholders representing in the aggregate 5% of the issued

share capital may also request that additional items be added to

the agenda of a general meeting and may draft alternative

resolutions to be submitted to the general meeting regarding

existing agenda items. The request must be made in writing and

sent either to the electronic address or to the Company’s postal

address set out in the convening notice.

The Shareholders’ Rights Law provides that a company’s

articles of association may allow shareholders to ask questions

prior to the general meeting which will be answered by

management during the general meeting’s questions and

answers session prior to the vote on the agenda items. Although

the Articles of Association do not specifically address this point,

shareholders may ask questions in writing ahead of a general

meeting, which are taken into account in preparing the general

meeting’s questions and answers session. With regard to the

April 30, 2024 general meetings, shareholders could also send

questions to the Company in advance by writing to a dedicated

e-mail address indicated in the convening notice. The Company

on a best efforts basis provided responses to the questions

during the general meeting Q&A session.

Identification of shareholders

Pursuant to the Shareholders’ Rights Law, listed companies now

have the ability to identify their shareholders and ultimately

improve communication between them and their shareholders.

Intermediaries, including those in third countries, are required to

provide the Company with information to enable the

identification of shareholders. Intermediaries in-scope of the

Shareholders' Rights Law are investment firms, credit

institutions and central securities depositories which provide

share safekeeping or administration of securities accounts or

maintenance services to shareholders or other persons. Third

country in-scope intermediaries are those which provide these

services to shareholders or other intermediaries with respect to

shares in the Company and are located outside of the European

Union.

Voting and information rights

Each share entitles the shareholder to attend a general meeting

of shareholders in person or by proxy and to vote. There are no

restrictions on the rights of Luxembourg or non-Luxembourg

residents to vote. For more details, see “Description of the

Registrant’s Securities Registered Pursuant to Section 12 of the

Securities Exchange Act of 1934” as filed under Exhibit 2.2 to

this annual report on Form 20-F.

Election and removal of directors

Members of the Board of Directors are elected by simple

majority of the represented shareholders at an ordinary general

meeting of shareholders. Directors are elected for a period

ending on a date determined at the time of their appointment.

The directors of ArcelorMittal are elected for three-year terms in

staggered intervals. Any director may be removed with or

without cause by a simple majority vote at any general meeting

of shareholders.

(a) a director’s power to vote on a proposal, arrangement or

contract in which the director is materially interested;

If a Director has directly or indirectly a financial interest in a

transaction that is submitted to the Board of Directors for

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approval and this interest conflicts with that of ArcelorMittal

(other than transactions which are ordinary business operations

and are entered into under normal conditions), the Director must

advise the Board of Directors of the existence and nature of the

conflict and cause a record of his/her statement to be included

in the minutes of the meeting. In addition, the Director may not

take part in the discussions on and may not vote on the relevant

transaction and he or she shall not be counted for the purposes

of whether the quorum is present, in which case the Board of

Directors may validly deliberate if at least the majority of the

non-conflicted directors are present or represented. At the next

following general meeting of shareholders of ArcelorMittal,

before any other resolution is put to a vote, a special report will

be made by the Board of Directors to the shareholders’ meeting

on any such transaction.

If a material transaction with a related party involves a Director,

that Director may not participate in the approval of such

transaction.

(b) the directors’ power, in the absence of an independent

quorum, to vote compensation to themselves or any members of

their body;

The remuneration of the Directors is determined each year by

the annual general meeting of shareholders subject to Article 17

of the Articles of Association. The annual shareholders meeting

of the Company decides on the directors’ remuneration. The

Executive Chairman is not remunerated for his membership on

the Board of Directors. The remuneration of the Executive

Chairman is determined by the Board’s ARCG Committee,

which consists solely of independent directors. For more

information, see “Management and employees—

Compensation”.

Pursuant to the Shareholders’ Rights Law, the shareholders

must be informed in detail of the remuneration of the members

of the Company's Board of Directors and its CEO and the

company's remuneration policy. Companies must prepare a

management remuneration policy describing all components,

criteria, methods and modalities applied to determine the fixed

and variable remuneration of such persons. Such remuneration

policy must contribute to the Company's business strategy and

long-term interests. It must be resubmitted to an advisory vote at

the general meeting of shareholders for approval each time

there is a significant change thereto and at least every four

years. In addition, companies must prepare a remuneration

report for the annual general meeting on the remuneration and

benefits granted to directors, and such remuneration report is

required to be submitted for an advisory vote at the general

meeting of shareholders each year.

borrowing powers can be varied;

Any transaction between ArcelorMittal or a subsidiary of

ArcelorMittal and a Director (or an affiliate of a Director) must be

conducted on arm’s length terms and, if material, must obtain

the approval of the Independent Directors.

(d) retirement or non-retirement of directors under an age limit

requirement

There is no retirement or non-retirement of directors under an

age limit requirement. However , on October 30, 2012, the Board

of Directors adopted a policy that places limitations on the terms

of independent directors as well as the number of directorships

Directors may hold in order to align the Company’s corporate

governance practices with best practices in this area. The policy

provides that an independent director may not serve on the

Board of Directors for more than 12 consecutive years, although

the Board of Directors may, by way of exception to this rule,

make an affirmative determination, on a case-by-case basis,

that he or she may continue to serve beyond the 12 years rule if

the Board of Directors considers it to be in the best interest of

the Company based on the contribution of the Director involved

and the balance between the knowledge, skills, experience and

need for renewal of the Board.

(e) number of shares, if any, required for director’s qualification.

Article 8.2 of the Articles of Association states that the members

of the Board of Directors do not have to be shareholders in the

Company. However, the Board of Directors introduced on

October 30, 2012 (as amended on November 7, 2017) a policy

that requires members of the Board of Directors to hold 4,000

shares in the Company (6,000 for the Lead Independent

Director). For more information, see “Management and

employees—Corporate governance—Specific characteristics of

the director role”.

ArcelorMittal’s Articles of Association provide that the Significant

Shareholder is entitled to nominate a number of candidates for

election by the shareholders to the Board of Directors in

proportion to its shareholding. The Significant Shareholder has

not exercised this right to date.

Amendment of the Articles of Association

Any amendments to the Articles of Association must be

approved by an extraordinary general meeting of shareholders

held in the presence of a Luxembourg notary, followed by the

publications required by Luxembourg law.

In order to be adopted, amendments of the Articles of

Association relating to the size and the requisite minimum

number of independent and non-executive directors of the

Board of Directors, the composition of the Audit & Risk

Committee, and the nomination rights to the Board of Directors

of the Significant Shareholder require a majority of votes

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representing two-thirds of the voting rights attached to the

shares in ArcelorMittal. The same majority rule would apply to

amendments of the provisions of the Articles of Association that

set out the foregoing rule.

Annual accounts

Each year before submission to the annual ordinary general

meeting of shareholders, the Board of Directors approves the

stand-alone audited financial statements for ArcelorMittal, the

parent company of the ArcelorMittal group as well as the

consolidated financial statements of the ArcelorMittal group,

each of which are prepared in accordance with IFRS. The Board

of Directors also approves the management reports on each of

the stand-alone audited financial statements and the

consolidated financial statements, and in respect of each of

these sets of accounts a report must be issued by the

independent auditors.

The stand-alone audited financial statements, the consolidated

financial statements, the management reports and the auditor’s

reports will be available on request from the Company and on

the Company’s website from the date of publication of the

convening notice for the annual ordinary general meeting of

shareholders.

The stand-alone audited financial statements and the

consolidated financial statements, after their approval by the

annual ordinary general meeting of shareholders, are filed with

the Luxembourg Register of Commerce and Companies.

Dividends

Except for shares held in treasury by the Company, each

ArcelorMittal share is entitled to participate equally in dividends

if and when declared out of funds legally available for such

purposes. For more details, see “Description of the Registrant’s

Securities Registered Pursuant to Section 12 of the Securities

Exchange Act of 1934” as filed under Exhibit 2.2 to this annual

report on Form 20-F.

Merger and division

A merger whereby the Luxembourg company being acquired

transfers to an existing or newly incorporated Luxembourg

company all of its assets and liabilities in exchange for the

issuance to the shareholders of the company being acquired of

shares in the acquiring company, and a division whereby a

company (the company being divided) transfers all its assets

and liabilities to two or more existing or newly incorporated

companies in exchange for the issuance of shares in the

beneficiary companies to the shareholders of the company

being divided or to such company, and certain similar

restructurings must be approved by an extraordinary general

meeting of shareholders of the relevant companies held in the

presence of a notary. These transactions require the approval of

at least two-thirds of the votes cast at a general meeting of

shareholders of each of the companies where at least 50% of

the share capital is represented upon first call, with no such

quorum being required at a reconvened meeting.

For more details, see “Description of the Registrant’s Securities

Registered Pursuant to Section 12 of the Securities Exchange

Act of 1934” as filed under Exhibit 2.2 to this annual report on

Form 20-F.

Liquidation, Mandatory bid—squeeze-out right—sell-out right

See “Description of the Registrant’s Securities Registered

Pursuant to Section 12 of the Securities Exchange Act of 1934”

as filed under Exhibit 2.2 to this annual report on Form 20-F.

Disclosure of significant ownership in ArcelorMittal shares

Holders of ArcelorMittal shares and derivatives or other financial

instruments linked to ArcelorMittal shares may be subject to the

notification obligations of the Luxembourg law of January 11,

2008, as amended, on transparency requirements regarding

information about issuers whose securities are admitted to

trading on a regulated market. For more details, see

“Description of the Registrant’s Securities Registered Pursuant

to Section 12 of the Securities Exchange Act of 1934” as filed

under Exhibit 2.2 to this annual report on Form 20-F.

Disclosure of insider dealing transactions

Members of the Board of Directors and the members of the

Executive Office, Executive Officers and other executives

fulfilling senior management responsibilities within ArcelorMittal

and falling with the definition of “Persons Discharging Senior

Managerial Responsibilities” set out below and persons closely

associated with them must disclose to the CSSF and to

ArcelorMittal all transactions relating to shares or debt

instruments of ArcelorMittal or derivatives or other financial

instruments linked to any shares or debt instruments of

ArcelorMittal (together the “Financial Instruments”) conducted by

them or for their account. Such notifications shall be made

promptly and not later than three business days after the date of

the transaction.

“Persons Discharging Senior Managerial Responsibilities” within

ArcelorMittal are the members of the Board of Directors, and the

Executive Office, the Executive Officers, and other executives

occupying a high level management position with regular access

to non-public material information relating, directly or indirectly,

to ArcelorMittal and have the authority to make management

decisions about the future development of the Company and its

business strategy (see “Management and employees—

Directors and senior management" for a description of senior

management). Persons closely associated with them include

their respective family members.

Both information on trading in Financial Instruments by “Persons

Discharging Senior Managerial Responsibilities” and

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ArcelorMittal’s Insider Dealing Regulations are available on

www.arcelormittal.com under “Investors—Corporate

Governance—Share Transactions by Management”. For more

information, see “Management and employees—Directors and

senior management”. In 2024, eight notifications were received

by ArcelorMittal from such persons and filed with the CSSF.

Related Party Transactions

The Shareholders’ Rights Law provides that a company is now

required to publicly disclose material transactions (excluding

"transactions taking place as part of the company's ordinary

activity and concluded under normal market conditions") with

related parties no later than at the time of conclusion of the

transaction. The same requirement applies to material

transactions concluded between related parties of a company

and subsidiaries of such company. The Board of Directors

must approve material transactions of the Company with related

parties. A transaction with a related party is material if (i) its

publication and divulgation may have a significant impact on the

economic decisions of shareholders and (ii) it may create a risk

for the company and its shareholders which are not related

parties, including minority shareholders. In the determination of

whether a transaction is material both the nature of the

transaction and the position of the related party must be taken

into account.

Publication of regulated information

Since January 2009, disclosure to the public of “regulated

information” (within the meaning of the Luxembourg

Transparency Law) concerning ArcelorMittal has been made by

publishing the information through the centralized regulated

information filing and storage system managed by the

Luxembourg Stock Exchange and accessible in English and

French on www.luxse.com, in addition to the publication by

ArcelorMittal of the information by way of press release. All

news and press releases issued by the Company are available

on www.arcelormittal.com in the “News and Media” section.

Limitation of directors’ liability/indemnification of Directors and

the members of the Executive Office

The Articles of Association provide that ArcelorMittal will, to the

broadest extent permitted by Luxembourg law, indemnify every

director and member of the Executive Office as well as every

former director or member of the Executive Office for fees, costs

and expenses reasonably incurred in the defense or resolution

(including a settlement) of all legal actions or proceedings,

whether civil, criminal or administrative, he or she has been

involved in his or her role as former or current director or

member of the Executive Office.

The right to indemnification does not exist in the case of gross

negligence, fraud, fraudulent inducement, dishonesty or for a

criminal offense, or if it is ultimately determined that the director

or members of the Executive Office has not acted honestly, in

good faith and with the reasonable belief that he or she was

acting in the best interests of ArcelorMittal.

The Company also maintains liability insurance for its directors

and officers, including insurance against liabilities arising under

the U.S. Securities Act of 1933, as amended, and the U.S.

Securities Exchange Act of 1934, as amended.

Material contracts

The following are material contracts, not entered into in the

ordinary course of business, to which ArcelorMittal has been a

party during the past two years.

ArcelorMittal Equity Incentive Plan, Performance Share Unit

Plan and Special Grant

For a description of such plans, please refer to “Management

and employees—Compensation.”

Memorandum of Understanding

Mr. Lakshmi Mittal, Mrs. Usha Mittal, Lumen Investments S.à r.l.,

Nuavam Investments S.à r.l. (together, the “MoU Group”) and

the Company are parties to a Memorandum of Understanding

(“MoU”), dated June 25, 2006, to combine Mittal Steel and

Arcelor in order to create the world’s leading steel company.

(Lumen Investments S.à r.l. and Nuavam Investments S.à r.l.

became parties following the assumption of the obligations of

original parties to the MoU that have since ceased to hold

Company shares). In April 2008, the Board of Directors

approved resolutions amending certain provisions of the MoU in

order to adapt it to the Company’s needs in the post-merger and

post-integration phase, as described under “Management and

employees—Corporate governance—Operation—Lead

Independent Director”.

On the basis of the MoU, Arcelor’s Board of Directors

recommended Mittal Steel’s offer for Arcelor, and the parties to

the MoU agreed to certain corporate governance and other

matters relating to the combined ArcelorMittal group. Certain

provisions of the MoU relating to corporate governance were

incorporated into the Articles of Association of ArcelorMittal at

the extraordinary general meeting of the shareholders on

November 5, 2007.

Certain additional provisions of the MoU expired effective

August 1, 2009 and on August 1, 2011. ArcelorMittal’s corporate

governance rules will continue to reflect, subject to those

provisions of the MoU that have been incorporated into the

Articles of Association, the best standards of corporate

governance for comparable companies and to conform with the

corporate governance aspects of the NYSE listing standards

applicable to non-U.S. companies and Ten Principles of

Corporate Governance of the Luxembourg Stock Exchange.

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The following summarizes the main provisions of the MoU that

remain in effect or were in effect in 2024.

Standstill

The MoU Group agreed not to acquire, directly or indirectly,

ownership or control of an amount of shares in the capital stock

of the Company exceeding the percentage of shares in the

Company that it will own or control following completion of the

Offer (as defined in the MoU) for Arcelor and any subsequent

offer or compulsory buy-out, except with the prior written

consent of a majority of the independent directors on the

Company’s Board of Directors. Any shares acquired in violation

of this restriction will be deprived of voting rights and shall be

promptly sold by the MoU Group. Notwithstanding the above, if

(and whenever) the MoU Group holds, directly and indirectly,

less than 45% of the then-issued Company shares, the MoU

Group may purchase (in the open market or otherwise)

Company shares up to such 45% limit. In addition, the MoU

Group is also permitted to own and vote shares in excess of the

threshold mentioned in the immediately preceding paragraph or

the 45% limit mentioned above, if such ownership results from

(1) subscription for shares or rights in proportion to its existing

shareholding in the Company where other shareholders have

not exercised the entirety of their rights or (2) any passive

crossing of this threshold resulting from a reduction of the

number of Company shares (e.g., through self-tender offers or

share buy-backs) if, in respect of (2) only, the decisions to

implement such measures were taken at a shareholders’

meeting in which the MoU Group did not vote or by the

Company’s Board of Directors with a majority of independent

directors voting in favor.

Once the MoU Group exceeds the threshold mentioned in the

first paragraph of this “Standstill” subsection or the 45% limit, as

the case may be, as a consequence of any corporate event set

forth in (1) or (2) above, it shall not be permitted to increase the

percentage of shares it owns or controls in any way except as a

result of subsequent occurrences of the corporate events

described in (1) or (2) above, or with the prior written consent of

a majority of the independent directors on the Company’s Board

of Directors.

If subsequently the MoU Group sells down below the threshold

mentioned in the first paragraph of this “Standstill” subsection or

the 45% limit, as the case may be, it shall not be permitted to

exceed the threshold mentioned in the first paragraph of this

“Standstill” subsection or the 45% limit, as the case may be,

other than as a result of any corporate event set out in (1) or

(2) above or with the prior written consent of a majority of the

independent directors.

Finally, the MoU Group is permitted to own and vote shares in

excess of the threshold mentioned in the first paragraph of this

“Standstill” subsection or the 45% limit mentioned above if it

acquires the excess shares in the context of a takeover bid by a

third party and (1) a majority of the independent directors of the

Company’s Board of Directors consents in writing to such

acquisition by the MoU Group or (2) the MoU Group acquires

such shares in an offer for all of the shares of the Company.

Non-compete

For so long as the MoU Group holds and controls at least 15%

of the outstanding shares of the Company or has

representatives on the Company’s Board of Directors or

Executive Office, the MoU Group and its affiliates will not be

permitted to invest in, or carry on, any business competing with

the Company, except for PT ISPAT Indo.

Exchange controls and other limitations affecting security

holders

There are no legislative or other legal provisions currently in

force in Luxembourg or arising under ArcelorMittal’s Articles of

Association that restrict the payment of dividends to holders of

ArcelorMittal shares not resident in Luxembourg, except for

regulations restricting the remittance of dividends and other

payments in compliance with United Nations and EU sanctions.

There are no limitations, either under the laws of Luxembourg or

in the Articles of Association, on the right of non-Luxembourg

nationals to hold or vote ArcelorMittal shares.

Luxembourg takeover law disclosure

The following disclosure is provided based on article 11 of the

Luxembourg law of May 19, 2006 transposing Directive

2004/25/EC of the European Parliament and the Council of April

21, 2004 on takeover bids (the “Takeover Law”). The Articles of

Association are available on www.arcelormittal.com, under

Investors, Corporate Governance, Current Articles of

Association.

With regard to articles 11(1)(a) and (c) of the Takeover Law, the

Company has issued a single category of shares (ordinary

shares), and the Company’s shareholding structure showing

each shareholder owning 5% or more of the Company’s share

capital is available elsewhere in this report and on

www.arcelormittal.com under Investors, Corporate Governance,

Shareholding Structure, where the shareholding structure chart

is updated monthly.

With regard to article 11(1)(b) of the Takeover Law, the ordinary

shares issued by the Company are listed on various stock

exchanges including NYSE and are freely transferable.

With regard to article 11(1)(d) of the Takeover Law, each

ordinary share of the Company gives right to one vote, as set

out in article 13.6 of the Articles of Association, and there are no

special control rights attaching to the shares. Article 8 of the

Articles of Association provides that the Mittal Shareholder (Mr

Lakshmi N. Mittal, Mrs Usha Mittal or any of their heirs or

successors acting directly or indirectly and/or the trust or trusts

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Management report

of which Mr. Lakshmi N. Mittal, Mrs. Usha Mittal and/or their

heirs or successors are the beneficiaries, hold or control

ArcelorMittal shares or any other entity controlled, directly or

indirectly, by either of them) may, at its discretion, exercise the

right of proportional representation and nominate candidates for

appointment to the Board of Directors (defined as “Mittal

Shareholder Nominees”). The Mittal Shareholder has not, to

date, exercised that right.

Articles 11(1)(e) and (f) of the Takeover Law are not applicable

to the Company. However, the sanction of suspension of voting

rights automatically applies, subject to limited exceptions set out

in the Transparency Law (as defined above), to any shareholder

(or group of shareholders) who has (or have) crossed the

thresholds set out in article 7 of the Articles of Association and

articles 8 to 15 of the Transparency Law but have not notified

the Company accordingly. The sanction of suspension of voting

rights will apply until such time as the notification has been

properly made by the relevant shareholder(s).

Article 11(1)(g) of the Takeover Law is not applicable to the

Company.

With regard to article 11(1)(h) of the Takeover Law, the Articles

of Association provide that the directors are elected at the

annual general meeting of shareholders for a term that may not

exceed three years, and may be re-elected. The rules governing

amendments to the Articles of Association are described

elsewhere in this report and are set out in article 19 of the

Articles of Association.

With regard to article 11(1)(i) of the Takeover Law, the 2024

AGM granted the Board of Directors a new share buy-back

authorization whereby the Board of Directors may authorize the

acquisition or sale of Company shares including, but not limited

to, entering into off-market and over-the-counter transactions

and the acquisition of shares through derivative financial

instruments, as well as to enter into cash-settled derivative

financial instruments to mitigate the volatility in the share price

paid to acquire shares in the Company. Any acquisitions,

disposals, exchanges, contributions or transfers of shares by the

Company or other companies in the ArcelorMittal group must be

in accordance with the Luxembourg law of December 23, 2016

on market abuse, Regulation (EU) No. 596/2014 of the

European Parliament and of the Council of April 16, 2014 on

market abuse and Commission Delegated Regulation (EU) No.

2016/1052 of March 8, 2016 with regard to regulatory technical

standards for the conditions applicable to buy-back programs

and stabilization measures and may be carried out by all

means, on or off-market, including by a public offer to buy-back

shares, or by the use of derivatives or option strategies. The

fraction of the capital acquired or transferred in the form of a

block of shares may amount to the entire program. Such

transactions may be carried out at any time, including during a

tender offer period, in accordance with applicable laws and

regulations, including Section 10(b) and Section 9(a)(2) of the

Securities Exchange Act of 1934, as amended (the “Exchange

Act”), and Rule 10b-5 promulgated under the Exchange Act. The

authorization is valid until the 2027 AGM, or until the date of its

renewal by a resolution of the general meeting of shareholders if

such renewal date is prior to the 2027 AGM. Details relating to

the repurchase of shares, as approved by the 2024 AGM can be

found under "—Memorandum and Articles of Association -

Issuance and Repurchase of shares".

Articles 11(1)(j) and (k) of the Takeover Law are not applicable

to the Company.

Taxation

United States taxation

The following discussion is a summary of the material U.S.

federal income tax consequences that are likely to be relevant to

U.S. Holders (as defined below) in respect of the ownership and

disposition of ArcelorMittal common shares (hereinafter the

“ArcelorMittal shares”) that are held as capital assets (such as

for investment purposes). This summary does not purport to

address all material tax consequences that may be relevant to a

particular U.S. Holder. This summary also does not take into

account the specific circumstances of particular investors, some

of which (such as tax-exempt entities, banks, insurance

companies, broker-dealers, traders in securities that elect to use

a mark-to-market method of accounting for their securities

holdings, regulated investment companies, real estate

investment trusts, partnerships and other pass-through entities,

investors liable for any U.S. alternative minimum tax, investors

that own or are treated as owning 10% or more of the total

combined voting power or value of ArcelorMittal’s shares,

investors that hold ArcelorMittal shares as part of a straddle,

hedge, conversion, constructive sale or other integrated

transaction, and U.S. Holders whose functional currency is not

the U.S. dollar) may be subject to special tax rules. This

summary is based on the U.S. Internal Revenue Code of 1986,

as amended (the “Code”), the Treasury regulations issued

thereunder, judicial decisions, and published rulings and

administrative pronouncements of the U.S. Internal Revenue

Service (“IRS”), all as in effect on the date hereof, and the

income tax treaty between the United States and Luxembourg

dated April 3, 1996 (as amended by any subsequent protocols)

(the “Treaty”). Those authorities are subject to change (possibly

with retroactive effect) or to differing interpretations.

This summary does not address any aspects of U.S. federal tax

law other than income taxation, or any state, local, or non-U.S.

tax considerations that may be applicable to investors, or the

Medicare contribution tax applicable to net investment income of

certain non-corporate U.S. Holders. Investors are urged to

consult their tax advisors regarding the U.S. federal, state, local

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and other tax consequences of acquiring, owning and disposing

of ArcelorMittal shares.

For purposes of this discussion, a “U.S. Holder” is a beneficial

owner of ArcelorMittal shares that is, for U.S. federal income tax

purposes:

• an individual citizen or resident of the United States;

• a corporation (or other entity taxable as a corporation

for U.S. federal income tax purposes) organized in or

under the laws of the United States, any state thereof,

or the District of Columbia; or

• any other person that is subject to U.S. federal income

tax on a net income basis in respect of the ArcelorMittal

shares.

The U.S. federal income tax consequences of a partner in a

partnership holding ArcelorMittal shares generally will depend

on the status of the partner and the activities of the partnership.

The Company recommends that partners in such a partnership

consult their own tax advisors.

Except where specifically described below, this discussion

assumes that ArcelorMittal is not a passive foreign investment

company (“PFIC”) for U.S. federal income tax purposes. See “—

Passive foreign investment company ("PFIC") status”.

( a) Taxation of distributions

Cash distributions made by ArcelorMittal in respect of

ArcelorMittal shares will constitute a taxable dividend when such

distribution is actually or constructively received, to the extent

such distribution is paid out of the current or accumulated

earnings and profits of ArcelorMittal (as determined under U.S.

federal income tax principles). The amount of any distribution

will include the amount of any applicable Luxembourg

withholding tax. To the extent the amount of any distribution

received by a U.S. Holder in respect of ArcelorMittal shares

exceeds the current or accumulated earnings and profits of

ArcelorMittal, the distribution (1) will be treated as a non-taxable

return of the U.S. Holder’s adjusted tax basis in those

ArcelorMittal shares and (2) thereafter will be treated as U.S.-

source capital gain. Because ArcelorMittal does not maintain

calculations of earnings and profits under U.S. federal income

tax principles, it is expected that distributions generally will be

reported to U.S. Holders as dividends. Distributions of additional

ArcelorMittal shares that are made to U.S. Holders with respect

to their ArcelorMittal shares, and that are part of a pro rata

distribution to all ArcelorMittal shareholders, generally will not be

subject to U.S. federal income tax unless the U.S. Holder has

the right to receive cash or property instead, in which case the

U.S. Holder will be treated as if it received cash equal to the fair

market value of the distribution.

The U.S. dollar amount of a taxable dividend generally will be

included in the gross income of a U.S. Holder as ordinary

income derived from sources outside the United States for U.S.

foreign tax credit purposes and generally will be passive

category income for purposes of the foreign tax credit limitation.

Dividends paid in euro will be included in a U.S. Holder’s income

in a U.S. dollar amount calculated by reference to the exchange

rate in effect on the date the dividend is received; a recipient of

such dividends that converts such euro to dollars upon receipt

generally should not be required to recognize foreign currency

gain or loss in respect of the dividend income. Dividends paid by

ArcelorMittal will not be eligible for the dividends-received

deduction generally allowed to U.S. corporations in respect of

dividends received from U.S. corporations.

Taxable dividends received by certain non-corporate U.S.

Holders (including individuals) with respect to the ArcelorMittal

shares will be subject to U.S. federal income taxation at rates

that are lower than the rates applicable to ordinary income if the

dividends represent “qualified dividend income”. Subject to

certain exceptions for short-term or hedged positions, dividends

paid on the ArcelorMittal shares will be treated as qualified

dividend income if (i) the ArcelorMittal shares are readily

tradable on an established securities market in the United

States (such as the New York Stock Exchange) and (ii)

ArcelorMittal is not a Passive foreign investment company

("PFIC") in the year in which the dividend was paid or in the year

prior thereto. As discussed further below, ArcelorMittal believes

that it was not a PFIC for U.S. federal income tax purposes with

respect to its 2023 and 2024 taxable years, and ArcelorMittal

does not expect to be a PFIC for its 2025 taxable year. See “—

Passive foreign investment company ("PFIC") status”.

U.S. Holders of ArcelorMittal shares should consult their own tax

advisors regarding the availability of the reduced rate of U.S.

federal income tax on dividends in light of their own particular

circumstances.

Subject to generally applicable limitations and conditions,

Luxembourg dividend withholding tax paid at the appropriate

rate applicable to the U.S. Holder may be eligible for a credit

against such U.S. Holder’s U.S. federal income tax liability.

These generally applicable limitations and conditions include

requirements adopted by the IRS in regulations promulgated in

December 2021, and any Luxembourg tax will need to satisfy

these requirements in order to be eligible to be a creditable tax

for a U.S. Holder. In the case of a U.S. Holder that either (i) is

eligible for, and properly elects, the benefits of the Treaty, or (ii)

consistently elects to apply a modified version of these rules

under recently issued temporary guidance and complies with

specific requirements set forth in such guidance, the

Luxembourg tax on dividends will be treated as meeting the new

requirements and therefore as a creditable tax. In the case of all

other U.S. Holders, the application of these requirements to the

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Management report

Luxembourg tax on dividends is uncertain, and we have not

determined whether these requirements have been met. If the

Luxembourg dividend tax is not a creditable tax for a U.S.

Holder or the U.S. Holder does not elect to claim a foreign tax

credit for any foreign income taxes paid or accrued in the same

taxable year, the U.S. Holder may be able to deduct the

Luxembourg tax in computing such U.S. Holder’s taxable

income for U.S. federal income tax purposes. The temporary

guidance discussed above also indicates that the Treasury and

the IRS are considering proposing amendments to the

December 2021 regulations and that the temporary guidance

can be relied upon until additional guidance is issued that

withdraws or modifies the temporary guidance. The rules with

respect to foreign tax credits are complex and involve the

application of rules that depend on a U.S. Holder’s particular

circumstances. Accordingly, U.S. Holders are urged to consult

their tax advisors regarding the availability of the foreign tax

credit under their particular circumstances.

(b) Taxation of sales, exchanges, or other dispositions of

ArcelorMittal shares

Sales or other taxable dispositions by U.S. Holders of

ArcelorMittal shares generally will give rise to gain or loss equal

to the difference between the amount realized on the disposition

and the U.S. Holder’s tax basis in such ArcelorMittal shares, as

determined in U.S. dollars. A U.S. Holder generally will have an

initial tax basis in each ArcelorMittal share equal to its U.S.

dollar cost to the U.S. Holder.

In general, gain or loss recognized on the sale or exchange of

ArcelorMittal shares will be capital gain or loss and, if the U.S.

Holder’s holding period for such ArcelorMittal shares exceeds

one year, will be long-term capital gain or loss. Certain U.S.

Holders, including individuals, are eligible for preferential rates

of U.S. federal income tax in respect of long-term capital gains.

The deduction of capital losses against ordinary income is

subject to limitations under the Code.

Passive foreign investment company (“PFIC”) status

Special U.S. federal income tax rules apply to investors owning

stock of a PFIC. ArcelorMittal believes that it was not a PFIC for

U.S. federal income tax purposes with respect to its 2023 and

2024 taxable years, and ArcelorMittal does not expect to be a

PFIC for its 2025 taxable year. This conclusion is based upon an

annual analysis of its financial position and an interpretation of

the PFIC provisions that ArcelorMittal believes is correct. No

assurances can be made, however, that the applicable tax law

or relevant factual circumstances will not change in a manner

that affects the determination of ArcelorMittal’s PFIC status. If,

contrary to the foregoing, ArcelorMittal were classified as a

PFIC, a U.S. Holder would be subject to a special tax at ordinary

income tax rates on “excess distributions” (generally, any

distributions that you receive in a taxable year that are greater

than 125 percent of the average annual distributions that the

U.S. Holder has received in the preceding three taxable years,

or the U.S. Holder’s holding period, if shorter), and gain that that

the U.S. Holder recognizes on the sale of the holder’s shares.

Under these rules (a) the “excess distribution or gain will be

allocated”, ratably over the U.S. Holder’s holding period, (b) the

amount allocated to the current taxable year and any taxable

year prior to the first taxable year in which we are a PFIC will be

taxed as ordinary income, and (c) the amount allocated to each

of the other taxable years will be subject to tax at the highest

rate of tax in effect for the applicable class of taxpayer for that

year, and an interest charge for the deemed deferral benefit will

be imposed with respect to the resulting tax attributable to each

such other taxable year. If ArcelorMittal were a PFIC and its

shares constitute “marketable stock”, a U.S. Holder may elect to

instead be taxed annually on a mark-to-market basis with

respect to its ArcelorMittal shares and generally would not be

subject to the PFIC rules described above. U.S. Holders should

consult their tax advisors regarding the application of the PFIC

rules to ArcelorMittal including the availability and consequences

of a mark-to-market election with respect to their shares of

ArcelorMittal.

Foreign Financial Asset Reporting

Certain U.S. Holders that own “specified foreign financial

assets” with an aggregate value in excess of U.S.$50,000 on

the last day of the taxable year or U.S.$75,000 at any time

during the taxable year are generally required to file an

information statement along with their tax returns, currently on

Form 8938, with respect to such assets. “Specified foreign

financial assets” include any financial accounts held at a non-

U.S. financial institution, as well as securities issued by a non-

U.S. issuer that are not held in accounts maintained by financial

institutions. The understatement of income attributable to

“specified foreign financial assets” in excess of U.S.$5,000

extends the statute of limitations with respect to the tax return to

six years after the return was filed. U.S. Holders who fail to

report the required information could be subject to substantial

penalties. U.S. Holders are encouraged to consult with their own

tax advisers regarding the possible application of these rules,

including the application of the rules to their particular

circumstances.

Backup withholding and information reporting

The payment of proceeds received upon the sale, exchange or

redemption of ArcelorMittal shares by U.S. Holders within the

United States (or through certain U.S.-related financial

intermediaries), and dividends on ArcelorMittal shares paid to

U.S. Holders in the United States (or through certain U.S.-

related financial intermediaries), will be subject to information

reporting and may be subject to backup withholding unless the

U.S. Holder (1) is an exempt recipient, and establishes that

exemption if required or (2) in the case of backup withholding,

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Management report

provides an IRS Form W-9 (or an acceptable substitute form)

that contains the U.S. Holder’s taxpayer identification number

and that certifies that no loss of exemption from backup

withholding has occurred.

Backup withholding is not an additional tax. The amount of

backup withholding imposed on a payment to a U.S. Holder will

be allowed as a credit against the holder’s U.S. federal income

tax liability, if any, or as a refund, so long as the required

information is properly furnished to the IRS. Holders that are not

"U.S. persons" (as defined in the Code) may need to comply

with certification procedures to establish their non-U.S. status in

order to establish an exemption from information reporting and

backup withholding.

THE SUMMARY OF U.S. FEDERAL INCOME TAX

CONSEQUENCES SET OUT ABOVE IS INTENDED FOR

GENERAL INFORMATION PURPOSES ONLY. EACH

INVESTOR IN ARCELORMITTAL ORDINARY SHARES IS

URGED TO CONSULT ITS OWN TAX ADVISOR WITH

RESPECT TO THE PARTICULAR TAX CONSEQUENCES OF

THE ACQUISITION, OWNERSHIP AND DISPOSITION OF

ARCELORMITTAL SHARES BASED ON THE INVESTOR’S

PARTICULAR CIRCUMSTANCES.

Luxembourg taxation

The following is a summary addressing certain material

Luxembourg tax consequences that are likely to be relevant to

holders of shares in respect of the ownership and disposition of

shares in ArcelorMittal.

This summary does not purport to address all material tax

considerations that may be relevant to a holder or prospective

holder of ArcelorMittal shares. This summary also does not take

into account the specific circumstances of particular investors

some of which may be subject to special tax rules, including

dealers in securities, financial institutions, insurance companies,

investment funds.

This summary is based on the laws, regulations and applicable

tax treaties as in effect on the date hereof in Luxembourg, all of

which are subject to change, possibly with retroactive effect.

Holders of ArcelorMittal shares should consult their own tax

advisers as to the particular tax consequences, under the tax

laws of the country of which they are residents for tax purposes

of the ownership or disposition of ArcelorMittal shares.

This summary does not address the terms of employee stock

options or other incentive plans implemented by ArcelorMittal

and its subsidiaries and does not purport to provide the holders

of stock subscription options or other comparable instruments

(including shares acquired under employee share ownership

programs) with a description of the possible tax and social

security implications for them, nor to determine under which

conditions these options or other instruments are or may

become exercisable. These holders are therefore urged to

consult their own tax advisers as to the potential tax and social

security implications of an exercise of their options or other

instruments.

As used herein, a “Luxembourg individual” means an individual

resident in Luxembourg who is subject to personal income tax

( impôt sur le revenu ) on his or her worldwide income from

Luxembourg or foreign sources, and a “Luxembourg company”

means a company or another entity resident in Luxembourg

subject to corporate income tax ( impôt sur le revenu des

collectivités ) on its worldwide income from Luxembourg or

foreign sources. For the purposes of this summary, Luxembourg

individuals and Luxembourg companies are collectively referred

to as “Luxembourg Holders”. A “non-Luxembourg Holder” means

any investor in ArcelorMittal shares other than a Luxembourg

Holder.

(a) Luxembourg withholding tax on dividends paid on

ArcelorMittal shares

Dividends distributed by ArcelorMittal will in principle be subject

to Luxembourg withholding tax at the rate of 15%.

Luxembourg resident corporate holders

Dividend withholding tax exemption applies on dividends paid by

ArcelorMittal to a Luxembourg company (that is, a fully taxable

entity within the meaning of Article 159 of the Luxembourg

Income Tax Law) holding shares (or a Luxembourg permanent

establishment/representative of a qualifying foreign entity to

which the shares are attributable), which meets the qualifying

participation test (that is, a shareholding in ArcelorMittal of at

least 10% or having an acquisition cost of at least EUR

1.2 million held or committed to be held for a minimum one year

holding period) under the conditions of Article 147 of the

Luxembourg Income Tax Law). If such exemption from dividend

withholding tax does not apply, a Luxembourg company may be

entitled to a tax credit.

Luxembourg resident individual holders

Luxembourg withholding tax on dividends paid by ArcelorMittal

to a Luxembourg resident individual holder may entitle such

Luxembourg Holder to a tax credit for the tax withheld.

Non-Luxembourg Holders

Non-Luxembourg Holders of ArcelorMittal shares who have held

a shareholding in ArcelorMittal representing at least 10% of

ArcelorMittal’s share capital (or shares with an acquisition cost

of at least EUR 1.2 million) for an uninterrupted period of at least

12 months (or where held for a shorter period, where the holder

takes the commitment to hold the qualifying shareholding for

such period) may benefit from an exemption from the dividend

withholding tax if they are: (i) entities which fall within the scope

of Article 2 of the European Council Directive 2011/96/EU, as

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Management report

amended (the “EU Parent-Subsidiary Directive”) and which are

not excluded to benefit from the EU Parent-Subsidiary Directive

under its mandatory general anti-avoidance rule (“GAAR”) in

each case as implemented in Luxembourg, or (ii) corporates

subject to a tax comparable to Luxembourg corporate income

tax and which are resident of a country having concluded a

double tax avoidance treaty with Luxembourg, or (iii) corporates

subject to a tax comparable to Luxembourg corporate income

tax and which are resident in a State being part of the European

Economic Area (EEA) other than a Member State of the

European Union, or (iv) corporates resident in Switzerland

subject to corporate income tax in Switzerland without benefiting

from an exemption.

Non-Luxembourg Holders of ArcelorMittal shares who are tax

resident in a country having a double tax avoidance treaty with

Luxembourg may claim for a reduced withholding tax rate or a

withholding tax relief under the conditions and subject to the

limitations set forth in the relevant treaty.

(b) Luxembourg income tax on dividends paid on

ArcelorMittal shares and capital gains

Luxembourg resident individual holders

For Luxembourg individuals, income in the form of dividends or

capital gains derived from ArcelorMittal shares will normally be

subject to individual income tax at the applicable progressive

rate with a current top effective marginal rate of 45.78%

including the unemployment fund contribution at the maximum

rate of 9%. Such dividends may benefit from the 50% exemption

set forth in Article 115(15a) of the Luxembourg Income Tax Law,

subject to fulfillment of the conditions set out therein. Capital

gains will only be taxable if they are realized on a sale of

ArcelorMittal shares, which takes place within the first six

months following their acquisition, or if the relevant holder (alone

or together with his/her spouse or registered partner and his/her

underage children), directly or indirectly, holds or has held more

than 10% of the ArcelorMittal shares at any time during the past

five years.

Luxembourg resident corporate holders

For Luxembourg companies, which do not benefit from a special

tax regime, income in the form of dividends or capital gains

derived from ArcelorMittal shares will be subject to corporate

income tax and municipal business tax. The combined rate for

these two taxes (including an unemployment fund contribution of

7%) for Luxembourg companies with registered office in

Luxembourg City is 24.94 % in 2024 (23.87% in 2025). Such

dividends may benefit either from the 50% exemption set forth in

Article 115(15a) of the Luxembourg Income Tax Law or from the

full exemption set forth in Article 166 of the Luxembourg Income

Tax Law, subject in each case to fulfillment of the respective

conditions set out therein. Capital gains realized on the sale of

ArcelorMittal shares may benefit from the full exemption

provided for by the Grand Ducal Decree of December 21, 2001,

as amended, subject to fulfillment of the conditions set out

therein.

Non-Luxembourg Holders

An individual or corporate non-Luxembourg Holder of

ArcelorMittal shares who/which realizes a gain on disposal

thereof (and who/which does not have a permanent

establishment in Luxembourg to which the ArcelorMittal shares

would be attributable) will only be subject to Luxembourg

taxation on capital gains arising upon disposal of such shares if

such holder has (if an individual, alone or together with his or

her spouse or registered partner and underage children) directly

or indirectly held more than 10% of the capital of ArcelorMittal,

at any time during the past five years, and either (1) such holder

has been a resident of Luxembourg for tax purposes for at least

15 years and has become a non-resident within the last five

years preceding the realization of the gain, subject to any

applicable tax treaty, or (2) the disposal of ArcelorMittal shares

occurs within six months from their acquisition, subject to any

applicable tax treaty.

A corporate non-Luxembourg Holder, which has a permanent

establishment or a permanent representative in Luxembourg to

which ArcelorMittal shares would be attributable, will bear

corporate income tax and municipal business tax on dividends

received and/or a gain realized on a disposal of such shares

under the same conditions as are applicable to a Luxembourg

resident corporate holder, as described above.

Net wealth tax

Luxembourg net wealth tax will not be levied on a Luxembourg

Holder unless:

• the Luxembourg Holder is a legal entity subject to net

wealth tax in Luxembourg; or

• ArcelorMittal shares are attributable to an enterprise or

part thereof which is carried on through a permanent

establishment or a permanent representative in

Luxembourg of a non-resident entity.

Net wealth tax is levied annually at a digressive rate depending

on the amount of the net wealth of the above holders, as

determined for net wealth tax purposes (i.e. 0.5% on an amount

up to EUR 500 million and 0.05% on the amount of taxable net

wealth exceeding EUR 500 million).

ArcelorMittal shares may be exempt from net wealth tax subject

to the conditions set forth by Article 60 of the Law of October 16,

1934 on the valuation of assets (Bewertungsgesetz), as

amended.

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Management report

Estate and gift tax

Luxembourg inheritance tax may be levied on the transfer of

ArcelorMittal shares upon the death of a Luxembourg individual.

No Luxembourg inheritance tax is, however, levied on the

transfer of the ArcelorMittal shares upon the death of a holder in

cases where the deceased was not a resident of Luxembourg

for inheritance tax purposes.

Luxembourg gift tax will be levied in the event that a gift of

ArcelorMittal shares is made pursuant to a notarial deed signed

before a Luxembourg notary.

Other Luxembourg tax considerations

No registration tax will be payable by a holder of shares upon

the issue, subscription or acquisition of shares in ArcelorMittal or

upon the disposal of shares by sale or exchange.

Evaluation of disclosure controls and procedures

Disclosure controls and procedures

Management maintains disclosure controls and procedures that

are designed to ensure that information required to be disclosed

in the Company’s reports under the Securities Exchange Act of

1934, as amended (the “Exchange Act”) is recorded, processed,

summarized and reported within time periods specified in the

SEC’s rules and forms, and that such information is

accumulated and communicated to management, including the

Chief Executive Officer and Chief Financial Officer, as

appropriate, to allow timely decisions regarding required

disclosure. ArcelorMittal’s disclosure controls and procedures

are designed to provide reasonable assurance of achieving their

objectives.

There are inherent limitations to the effectiveness of any system

of disclosure controls and procedures, including the possibility of

human error and the circumvention or overriding of the controls

and procedures. Accordingly, even effective disclosure controls

and procedures can only provide reasonable assurance of

achieving their control objectives.

Management, under the supervision and with the participation of

its Chief Executive Officer and Chief Financial Officer, carried

out an evaluation of the effectiveness of the design and

operation of the Company’s disclosure controls and procedures

(as defined in Exchange Act Rule 13a-15(e)) as of December

31, 2024. Based upon that evaluation, the Company’s Chief

Executive Officer and Chief Financial Officer concluded that, as

of December 31, 2024, the Company’s disclosure controls and

procedures were effective.

Management’s report on internal control over financial reporting

Management is responsible for establishing and maintaining

adequate internal control over financial reporting as defined in

Rule 13a-15(f) of the Exchange Act. Internal control over

financial reporting is a process designed to provide reasonable

assurance regarding the reliability of financial reporting and the

preparation of financial statements for external purposes in

accordance with generally accepted accounting principles.

Because of its inherent limitations, internal control over financial

reporting may not prevent or detect misstatements. Also,

projections of any evaluation of effectiveness to future periods

are subject to the risk that controls may become inadequate

because of changes in conditions, or that the degree of

compliance with the policies and procedures may deteriorate .

Management assessed the effectiveness of internal control over

financial reporting as of December 31, 2024 based upon the

framework in Internal Control—Integrated Framework (2013)

issued by the Committee of Sponsoring Organizations of the

Treadway Commission (“COSO”).

Based on this assessment, management concluded that

ArcelorMittal’s internal control over financial reporting was

effective as of December 31, 2024.

The effectiveness of management’s internal control over

financial reporting as of December 31, 2024 has been audited

by the Company’s independent registered public accounting

firm, Ernst & Young S.A., and their report as of March 10, 2025

below expresses an unqualified opinion on the Company’s

internal control over financial reporting.

Remediation of Previously Disclosed Material Weakness

A material weakness is a deficiency, or a combination of

deficiencies, in internal control over financial reporting, such that

there is a reasonable possibility that a material misstatement of

the Company's financial statements will not be prevented or

detected on a timely basis.

As described in ArcelorMittal’s annual report on Form 20-F for

the year ended December 31, 2023, ArcelorMittal’s

management, with the oversight of the Audit & Risk Committee,

concluded that its internal control over financial reporting was

not effective as of December 31, 2023 due to a material

weakness that was identified as a result of control deficiencies

at one of the Company’s Canadian subsidiaries, with respect to

information technology general controls (“ITGCs”) in the areas

of user access and program change management over certain

information technology (“IT”) systems that support the

recognition of sales and cost of sales, ineffective business

process controls (automated and manual IT-dependent) due to

the dependency on such ITGCs, and other ineffective business

process controls supporting the recognition of sales and cost of

sales. This material weakness did not result in any material

misstatements in the consolidated financial statements.

During the year ended December 31, 2024, ArcelorMittal

implemented a remediation plan to address this material

weakness and to enhance the Company’s control environment.

The remediation plan included the following key actions to

enhance ITGCs and other business process controls supporting

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Management report

the recognition of sales and cost of sales: (i) enhanced

identification of IT applications relevant to internal control over

financial reporting, (ii) appropriate implementation and operation

of ITGCs with a focus on the areas of user access and program

change management of certain IT systems that support the

recognition of sales and cost of sales which had a cascading

effect on business process controls (automated and manual IT-

depende nt), (ii i) additional training of Company personnel and

(iv) clear communication of control responsibilities through

identification and education of the control owners as well as

documentation of the procedure to be followed and the expected

outcome.

As a result of these efforts and the control tests performed,

ArcelorMittal’s management concluded that the material

weaknesses had been remediated as of December 31, 2024.

Changes in Internal Control over Financial Reporting

Except as noted in the preceding paragraphs, there have been

no changes in the Company’s internal control over financial

reporting that occurred during the year ended December 31,

2024 that have materially affected or are reasonably likely to

materially affect the Company’s internal control over financial

reporting.

182

Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Directors of ArcelorMittal

Opinion on Internal Control Over Financial Reporting

We have audited ArcelorMittal and subsidiaries’ internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control

—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria). In our opinion,

ArcelorMittal and subsidiaries (the Company) maintained, in all material respects, effective internal control over financial reporting as of December 31, 2024, based

on the COSO criteria.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated

statements of financial position as of December 31, 2024 and 2023, the related consolidated statements of operations, other comprehensive income, changes in

equity and cash flows for each of the three years in the period ended December 31, 2024, and the related notes and expressed an unqualified opinion thereon.

Basis for Opinion

The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal

control over financial reporting included in the accompanying Management’s report on internal control over financial reporting. Our responsibility is to express an

opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required

to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and

Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable

assurance about whether effective internal control over financial reporting was maintained in all material respects.

Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating

the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the

circumstances. We believe that our audit provides a reasonable basis for our opinion.

Definition and Limitations of Internal Control Over Financial Reporting

A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the

preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial

reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the

transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of

financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in

accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of

unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of

effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance

with the policies or procedures may deteriorate.

/s/ Ernst & Young

Société anonyme

Cabinet de révision agréé

Luxembourg, Grand Duchy of Luxembourg

March 10, 2025

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Management report

Principal accountant fees and services

Ernst & Young S.A. acted as the principal independent

registered public accounting firm for ArcelorMittal for the fiscal

years ended December 31, 2024 and for the fiscal year ended

December 31, 2023. Set forth below is a breakdown of fees for

services rendered by the auditor in 2024 and 2023.

Audit Fees. Audit fees for the audits of financial statements in

2024 and 2023 were $ 26.0 million and $ 24.2 million,

respectively, and for regulatory filings $ 0.1 million and $ 0.1

million i n 2024 and 2023, respectively.

Audit-Related Fees. Audit-related fees in 2024 and 2023 were

$ 0.7 million and $ 2.5 million, respectively. Audit-related fees

include fees for agreed upon procedures for various

transactions or reports.

Tax Fees. Fees relating to tax planning, advice and compliance

in 2024 and 2023 were $ 0.6 million and $ 1.2 million ,

respectively.

All Other Fees. Fees in 2024 and 2023 for all other services

were $ 0.1 million and $ 0.1 million , respectively. All other fees

relate to services not included in the first three categories.

The Audit & Risk Committee has reviewed and approved all of

the audit, audit-related, tax and other services provided by the

principal independent registered public accounting firm in 2024

and 2023 within its scope, prior to commencement of the

engagements. None of the services provided in 2024 or 2023

were approved under the de minimis exception allowed under

the Exchange Act.

The Audit & Risk Committee pre-approves all permissible non-

audit service engagements rendered by the principal

independent registered public accounting firm. The Audit & Risk

Committee has delegated pre-approval powers on a case-by-

case basis to the Audit & Risk Committee Chairwoman, for

instances where the Committee is not in session and the

preapproved services are reviewed in the subsequent

Committee meeting .

184

Management report

Glossary - definitions, terminology and principal subsidiaries

Definitions and terminology

Unless indicated otherwise, or the context otherwise requires, references herein to “ ArcelorMittal ”, “we”, “us”, “our”, “ArcelorMittal

Group”, “Group” and the “Company” or similar terms are to ArcelorMittal S.A. consolidated with its subsidiaries. References to

“ArcelorMittal S.A.”, “ArcelorMittal parent” or “parent of ArcelorMittal” are to ArcelorMittal S.A ., formerly known as Mittal Steel Company

N.V. (“Mittal Steel”), having its registered office at 24-26, Boulevard d’Avranches, L-1160 Luxembourg, Grand Duchy of Luxembourg .

ArcelorMittal’s principal operating subsidiaries, categorized by reporting segment and location, are listed below.

For the purposes of this annual report, the names of the following ArcelorMittal subsidiaries as abbreviated below are used where

applicable.

Name of Subsidiary	Abbreviation	Country
North America
ArcelorMittal Dofasco G.P.	ArcelorMittal Dofasco	Canada
ArcelorMittal México S.A. de C.V.	ArcelorMittal Mexico	Mexico
ArcelorMittal Long Products Canada G.P.	ArcelorMittal Long Products Canada	Canada
ArcelorMittal Texas HBI LLC	ArcelorMittal Texas HBI	United States of America
Brazil and neighboring countries ("Brazil")
ArcelorMittal Brasil S.A.	ArcelorMittal Brasil	Brazil
Acindar Industria Argentina de Aceros S.A.	Acindar	Argentina
ArcelorMittal Pecém S.A.	ArcelorMittal Pecém	Brazil
Europe
ArcelorMittal France S.A.S.	ArcelorMittal France	France
ArcelorMittal Belgium N.V.	ArcelorMittal Belgium	Belgium
ArcelorMittal España S.A.	ArcelorMittal España	Spain
ArcelorMittal Flat Carbon Europe S.A.	AMFCE	Luxembourg
ArcelorMittal Poland S.A.	ArcelorMittal Poland	Poland
ArcelorMittal Eisenhüttenstadt GmbH	ArcelorMittal Eisenhüttenstadt	Germany
ArcelorMittal Bremen GmbH	ArcelorMittal Bremen	Germany
ArcelorMittal Méditerranée S.A.S.	ArcelorMittal Méditerranée	France
ArcelorMittal Belval & Differdange S.A.	ArcelorMittal Belval & Differdange	Luxembourg
ArcelorMittal Hamburg GmbH	ArcelorMittal Hamburg	Germany
ArcelorMittal Duisburg GmbH	ArcelorMittal Duisburg	Germany
Sustainable solutions
ArcelorMittal International Luxembourg S.A.	ArcelorMittal International Luxembourg	Luxembourg
Mining
ArcelorMittal Mining Canada G.P. and ArcelorMittal Infrastructure Canada G.P.	ArcelorMittal Mines and Infrastructure Canada ("AMMC")	Canada
ArcelorMittal Liberia Ltd.	ArcelorMittal Liberia	Liberia
Others
PJSC ArcelorMittal Kryvyi Rih	ArcelorMittal Kryvyi Rih	Ukraine
ArcelorMittal South Africa Ltd.	ArcelorMittal South Africa	South Africa

185

Management report

In addition, unless indicated otherwise, or the context otherwise requires, references in this annual report to abbreviations or terms

shown below have the following definitions:

ARS	Argentine Peso, the official currency of Argentina	INR	Indian rupee, the official currency of India
Articles of Association	the amended and r estated articles of association of ArcelorMittal, dated April 28, 2023 filed as Exhibit 1.1 hereto.	Iron pellets	agglomerated ultra-fine iron ore particles of a size and quality suitable for use in steel-making processes
AUD$ or AUD	Australian dollars, the official currency of Australia	Kilometers	measures of distance are stated in kilometers, each of which equals approximately 0.62 miles, or 1000 in meters, each of which equals approximately 3.28 feet
Brownfield project	the expansion of an existing operation	KZT	the Kazakhstani tenge, the official currency of Kazakhstan
C$ or CAD	Canadian dollars, the official currency of Canada	Metallurgical coal	a broader term than coking coal that includes all coals used in steelmaking, such as coal used for the pulverized coal injection (“PCI”) process
Executive Office	the Executive Chairman, Mr. Lakshmi N. Mittal and Chief Executive Officer, Mr. Aditya Mittal	PLN	Polish złoty, the official currency of Poland
CIS	the countries of the Commonwealth of Independent States	Production capacity	the annual production capacity of plant and equipment based on existing technical parameters as estimated by management
CNY	Chinese yuan, the official currency of China	Ps or MXN	the Mexican peso, the official currency of the United Mexican States
Coking coal	coal that, by virtue of its coking properties, is used in the manufacture of coke, which is used in the steelmaking process	Real, reais or R$	Brazilian reais, the official currency of Brazil
Crude steel	the first solid steel product upon solidification of liquid steel, including ingots from conventional mills and semis (e.g., slab, billet and blooms) from continuous casters	ROM	run of mine - mined iron ore or coal to be fed to a preparation and/or concentration process
Downstream	finishing operations: flat products - the process after the production of hot-rolled coil/plates, and long products - the process after the production of blooms/billets (including production of bars, wire rods, SBQ, etc.)	Sales	include shipping and handling fees and costs billed to a customer in a sales transaction
DMTU or dmtu	dry metric tonne unit	SBQ	special bar quality steel, a high-quality long product
DRI	direct reduced iron, a metallic iron formed by removing oxygen from iron ore without the formation of, or passage through, a smelting phase. DRI can be used as feedstock for steel production	Significant Shareholder	HSBC Trustee (C.I.) Limited as trustee of a fully discretionary trust of which Mr. Lakshmi N. Mittal and Mrs. Usha Mittal are beneficiaries
Energy coal	coal used as a fuel source in electrical power generation, cement manufacture and various industrial applications. Energy coal may also be referred to as steam or thermal coal	UAH	Ukrainian hryvnia, the official currency of Ukraine
Euro, euros, EUR or €	the official currency of the European Union (“EU”) member states participating in the European Monetary Union	US$, $, dollars, USD or U.S. dollar	United States dollar, the official currency of the United States
Sinter	a metallic input used in the blast furnace steel- making process, which aggregates fines, binder and other materials into a coherent mass by heating without melting	Upstream	operations that precede downstream steel-making, coking coal, coke, sinter, DRI, blast furnace, basic oxygen furnace (“BOF”), electric arc furnace (“EAF”), casters & hot rolling/plate mill
Spanish Stock Exchanges	the stock exchanges of Madrid, Barcelona, Bilbao and Valencia	Wet recoverable	a quantity of iron ore or coal recovered after the material from the mine has gone through a preparation and/or concentration process excluding drying
Steel products	finished and semi-finished steel products, and exclude raw materials (including those described under “upstream” below), direct reduced iron (“DRI”), hot metal, coke, etc.	ZAR	South African rand, the official currency of the Republic of South Africa
Tons, net tons or ST	short tons are used in measurements involving steel products as well as crude steel, iron ore, iron ore pellets, DRI, hot metal, coke, coal, pig iron and scrap (a short ton is equal to 907.2 kilograms or 2,000 pounds)	Metric Tonnes or MT	metric tonnes and are used in measurements involving steel products, as well as crude steel, iron ore, iron ore pellets, DRI, hot metal, coke, coal, pig iron and scrap (a metric tonne is equal to 1,000 kilograms or 2,204.62 pounds)

186

Management report

Executive Officers	those executives of the Company who are supporting the Executive Office and jointly with the Executive Office represent the senior management of the Company	Probable mineral reserve	is the economically mineable part of an indicated and, in some cases, a measured mineral resource.
EAF	Electric arc furnaces are used to produce steel from scrap melted using electricity, in contrast to the cast iron sector (blast furnace – converter) where it is produced from iron ore.	Mineral resource	is a concentration or occurrence of material of economic interest in or on the Earth's crust in such form, grade or quality, and quantity that there are reasonable prospects for economic extraction. A mineral resource is a reasonable estimate of mineralization, taking into account relevant factors such as cut-off grade, likely mining dimensions, location or continuity, that, with the assumed and justifiable technical and economic conditions, is likely to, in whole or in part, become economically extractable. It is not merely an inventory of all mineralization drilled or sampled.
GMB	the Group Management Board, the former senior management body which was replaced by the CEO Office subsequently renamed Executive Office. The Executive Office, supported by nine Executive Officers, makes up the Company’s senior management	Measured mineral resource	is that part of a mineral resource for which quantity and grade or quality are estimated on the basis of conclusive geological evidence and sampling. The level of geological certainty associated with a measured mineral resource is sufficient to allow a qualified person to apply modifying factors, in sufficient detail to support detailed mine planning and final evaluation of the economic viability of the deposit. Because a measured mineral resource has a higher level of confidence than the level of confidence of either an indicated mineral resource or an inferred mineral resource, a measured mineral resource may be converted to a proven mineral reserve or to a probable mineral reserve.
Greenfield project	the development of a new project	Indicated mineral resource	is that part of a mineral resource for which quantity and grade or quality are estimated on the basis of adequate geological evidence and sampling. The level of geological certainty associated with an indicated mineral resource is sufficient to allow a qualified person to apply modifying factors in sufficient detail to support mine planning and evaluation of the economic viability of the deposit. Because an indicated mineral resource has a lower level of confidence than the level of confidence of a measured mineral resource, an indicated mineral resource may only be converted to a probable mineral reserve.
Green steel	steel products subject to auditor verified certification of the CO 2 savings achieved	Inferred mineral resource	is that part of a mineral resource for which quantity and grade or quality are estimated on the basis of limited geological evidence and sampling. The level of geological uncertainty associated with an inferred mineral resource is too high to apply relevant technical and economic factors likely to influence the prospects of economic extraction in a manner useful for evaluation of economic viability. Because an inferred mineral resource has the lowest level of geological confidence of all mineral resources, which prevents the application of the modifying factors in a manner useful for evaluation of economic viability, an inferred mineral resource may not be considered when assessing the economic viability of a mining project, and may not be converted to a mineral reserve.
Mineral reserve	is an estimate of tonnage and grade or quality of indicated and measured mineral resources that, in the opinion of the qualified person, can be the basis of an economically viable project. More specifically, it is the economically mineable part of a measured or indicated mineral resource, which includes diluting materials and allowances for losses that may occur when the material is mined or extracted.	LTIFR	Lost Time Injury Frequency Rate ("LTIFR") defined as Lost Time Injuries ("LTI") per 1,000,000 worked hours (own personnel and contractors); a LTI is an incident that causes an injury that prevents the person from returning to his/her next scheduled shift or work period
Proven mineral reserve	is the economically mineable part of a measured mineral resource and can only result from conversion of a measured mineral resource.

187

Exhibits

EXHIBIT INDEX

Exhibit	Description
Number
1.1*	Amended and Restated Articles of Association of ArcelorMittal dated April 28, 2023 (filed as Exhibit 1.1 to the annual report on Form 20-F filed on February 28, 2024) and available at https://www.sec.gov/Archives/edgar/data/1243429/000124342924000005/ a2023exhibit11.htm
2.1	The total amount of long-term debt securities authorized under any instrument does not exceed 10% of the total assets of ArcelorMittal and its subsidiaries on a consolidated basis. ArcelorMittal hereby agrees to furnish to the SEC, upon its request, a copy of any instrument defining the rights of holders of long-term debt of ArcelorMittal or of its subsidiaries for which consolidated or unconsolidated financial statements are required to be filed.
2.2	Description of ArcelorMittal securities registered pursuant to Section 12 of the Securities Exchange Act of 1934 (filed as Exhibit 2.2 )
4.1*	Shareholder’s agreement dated as of August 13, 1997 among Ispat International N.V., LNM Holdings S.L. (renamed Ispat International Investments S.L.) and Mr. Lakshmi N. Mittal (filed as Exhibit 4.3 to Mittal Steel Company N.V.’s annual report on Form 20-F for the year ended December 31, 2004 (File No. 001-14666), and incorporated by reference herein) and available at: https:// www.sec.gov/Archives/edgar/data/1041989/000095012305003893/y07225exv4w3.txt .
4.2*	Memorandum of Understanding dated June 25, 2006 among Arcelor, Mittal Steel Company N.V. and Mr. and Mrs. Lakshmi N. Mittal (filed as Exhibit 99.1 to Mittal Steel Company N.V.’s report on Form 6-K (File No. 001-14666) filed with the Commission on June 29, 2006, and incorporated by reference herein) and available at: https://www.sec.gov/Archives/edgar/ data/1041989/000090342306000774/mittal6k-ex991_0629.htm.
4.3*	Supplemental Terms for 2018-2019 to the GMB PSU Plan effective May 9, 2018 (filed as Exhibit 4.13 to the annual report on Form 20-F filed on February 25, 2019) and available at https://www.sec.gov/Archives/edgar/data/1243429/000124342919000005/ a2018exhibit413.htm .
4.4*	Supplemental Terms for 2018-2019 to the ArcelorMittal Equity Incentive Plan effective May 9, 2018 (filed as Exhibit 4.14 to the annual report on Form 20-F filed on February 25, 2019) and available at https://www.sec.gov/Archives/edgar/ data/1243429/000124342919000005/a2018exhibit414.htm .
4.5*	Supplemental Terms for 2019-2020 Group Management Board Performance Share Units Plan effective December 12, 2019 (filed as Exhibit 4.14 to the annual report on Form 20-F filed on March 3, 2020) and available at https://www.sec.gov/Archives/edgar/ data/1243429/000124342920000004/a2019exhibit414.htm .
4.6*	Supplemental Terms for 2019-2020 Performance Share Units effective December 12, 2019 (filed as Exhibit 4.15 to the annual report on Form 20-F filed on March 3, 2020) and available at https://www.sec.gov/Archives/edgar/ data/1243429/000124342920000004/a2019exhibit415.htm.
4.7*	Supplemental Terms for 2020-2021 Group Management Board Performance Share Units Plan effective December 12, 2020 (filed as Exhibit 4.13 to the annual report on Form 20-F filed on March 8, 2021) and available at https://www.sec.gov/Archives/edgar/ data/1243429/000124342921000004/a2020exhibit413.htm .
4.8*	Supplemental Terms for 2020-2021 Restricted Share Units and Performance Share Units effective December 12, 2020 (filed as Exhibit 4.14 to the annual report on Form 20-F filed on March 8, 2021) and available at https://www.sec.gov/Archives/edgar/ data/1243429/000124342921000004/a2020exhibit414.htm .
4.9*	Supplemental Terms for 2021-2022 Group Management Board Performance Share Units Plan effective June 8, 2021 (filed as Exhibit 4.13 to the annual report on Form 20-F filed on March 11, 2022) and available at https://www.sec.gov/Archives/edgar/ data/1243429/000124342922000009/a2021exhibit413.htm .
4.10*	Supplemental Terms for 2021-2022 Restricted Share Units and Performance Share Units effective June 8, 2021 (filed as Exhibit 4.14 to the annual report on Form 20-F filed on March 11, 2022) and available at https://www.sec.gov/Archives/edgar/ data/1243429/000124342922000009/a2021exhibit414.htm .
4.11*	ArcelorMittal Equity Incentive Plan effective June 8, 2021 (filed as Exhibit 4.15 to the annual report on Form 20-F filed on March 11, 2022) and available at https://www.sec.gov/Archives/edgar/data/1243429/000124342922000009/a2021exhibit415.htm .
4.12*	Supplemental Terms for 2022-2023 Group Management Board Performance Share Unit Plan effective May 04, 2022 (filed as Exhibit 4.13 to the annual report on Form 20-F filed on March 8, 2023) and available at https://www.sec.gov/Archives/edgar/ data/1243429/000124342923000005/a2022exhibit413final.htm .
4.13*	Supplemental Terms for 2022-2023 Restricted Share Units and Performance Share Units effective May 04, 2022 (filed as Exhibit 4.14 to the annual report on Form 20-F filed on March 8, 2023) and available at https://www.sec.gov/Archives/edgar/ data/1243429/000124342923000005/a2022exhibit414.htm .
4.14*	Supplemental Terms for 2023-2024 Restricted Share Units and Performance Share Units effective May 02, 2023 (filed as Exhibit 4.15 to the annual report on Form 20-F filed on February 28, 2024) and available at https://www.sec.gov/Archives/edgar/ data/1243429/000124342924000005/a2023exhibit415.htm .
4.15	Supplemental Terms for 2024-2025 Restricted Share Units and Performance Share Units effective April 30, 2024 and filed as Exhibit 4.15 .
4.16	Supplemental Terms for 2024-2025 Executive Office Performance Share Units Plan effective April 30, 2024 and filed as Exhibit 4.16 .
8.1	List of Principal Subsidiaries available at Exhibit 8.1.
11.1	Insider Dealing Regulations available at Exhibit 11.1 .

188

12.1	Certifications of ArcelorMittal’s Chief Executive Officer and Chief Financial Officer pursuant to Rule 13a-14(a) under the Exchange Act and available at Exhibit 12.1.
13.1	Certifications of ArcelorMittal’s Chief Executive Officer and Chief Financial Officer pursuant to Rule 13a-14(b) under the Exchange Act and Section 1350 of Chapter 63 of Title 18 of the United States Code and available at Exhibit 13.1.
15.1	Consent of Ernst & Young S.A. available and at Exhibit 15.1.
15.2	Mining consents for ArcelorMittal Mining Canada G.P. and available at Exhibit 15.2
15.3	Mining consents for Baffinland and available at Exhibit 15.3
15.4	Mining consent for Bosnia and available at Exhibit 15.4
15.5	Mining consents for Brazil and available at Exhibit 15.5
15.6	Mining consents for India and available at Exhibit 15.6
15.7	Mining consents for Liberia and available at Exhibit 15.7
15.8	Mining consent for Mexico (excluding Peña Colorada) and available at Exhibit 15.8
15.9	Mining consent for Peña Colorada and available at Exhibit 15.9
15.10	Mining consent for South Africa and available at Exhibit 15.10
15.11	Mining consents for Ukraine iron ore operations and available at Exhibit 15.11
97.1*	Compensation recovery policy (filed as Exhibit 97.1 to the annual report on Form 20-F filed on February 28, 2024) and available at https://www.sec.gov/Archives/edgar/data/1243429/000124342924000005/a2023exhibit971.htm
101.INS	XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH	XBRL Taxonomy Extension Schema Document
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document
104	Cover Page Interactive Data File (embedded within the Inline XBRL document and contained in Exhibit 101)

Previously filed

189

SIGNATURES

The registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized the

undersigned to sign this annual report on its behalf.

ARCELORMITTAL
/s/ Henk Scheffer
Henk Scheffer
Company Secretary

Date: March 10, 2025

191

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and the Board of Directors of ArcelorMittal

Opinion on the Financial Statements

We have audited the accompanying consolidated statements of financial position of ArcelorMittal and subsidiaries (the Company) as of

December 31, 2024 and 2023, the related consolidated statements of operations, other comprehensive income, changes in equity and

cash flows for each of the three years in the period ended December 31, 2024, and the related notes (collectively referred to as the

"consolidated financial statements"). In our opinion, the consolidated financial statements present fairly, in all material respects, the

financial position of the Company at December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the

three years in the period ended December 31, 2024, in conformity with International Financial Reporting Standards as issued by the

International Accounting Standards Board.

We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB),

the Company’s internal control over financial reporting as of December 31, 2024, based on criteria established in Internal Control —

Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (“2013 framework”) and our

report dated March 10, 2025 expressed an unqualified opinion thereon.

Basis for Opinion

These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an

opinion on the Company’s consolidated financial statements based on our audits. We are a public accounting firm registered with the

PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the

applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit

to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to

error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial

statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining,

on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included

evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall

presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.

Critical Audit Matters

The critical audit matters communicated below are matters arising from the current period audit of the consolidated financial statements

that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are

material to the consolidated financial statements and (2) involved our especially challenging, subjective or complex judgments. The

communication of critical audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole,

and we are not, by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the

accounts or disclosures to which they relate.

192

Impairment of Goodwill, Intangible Assets and Property, Plant and Equipment

Description of the Matter The goodwill, property, plant and equipment (“PP&E”) and intangible assets balances of the Company as of December 31, 2024, were $3,605 million, $33,311 million and $848 million, respectively. As explained in Note 5.3 to the consolidated financial statements, the Company reported no impairment of goodwill, while an impairment of $116 million was recognized for PP&E during 2024. As explained in Note 5.3 to the consolidated financial statements, the Company’s evaluation of goodwill for impairment at the group of cash-generating units (“GCGU”) level, and PP&E as part of the relevant CGU, involves a comparison of the recoverable amount of each GCGU or CGU to the carrying amount. Key assumptions that had a significant impact on the Company’s estimate of the recoverable amounts of GCGUs and CGUs, (“the Relevant GCGUs and CGUs”), included future volumes of shipments, future selling prices, variable costs and discount rate. Changes in these assumptions could have a significant impact on the recoverable amount of a GCGU or CGU. There are significant judgments made by management to estimate these assumptions, including as it relates to the impact of the war in Ukraine, both specifically on the Company’s Ukrainian operations, and more broadly, the impact of the war on the level of uncertainty associated with these assumptions. Furthermore, there are significant judgments made by management to assess the existence of impairment reversal indicator. When such indicator is identified, management also performs an estimate of the recoverable amount of the impaired assets. The estimate of the recoverable amount also considers the Company’s exposure to certain climate related risks, which affect the estimates of the future cash flows. Where there is a legal obligation in terms of carbon neutrality, the estimates of the future cash flows include the decarbonization capital expenditure expected to be necessary to maintain the level of economic benefits expected to be generated by the respective assets in the current condition. For the jurisdictions where there is no legal obligation for carbon neutrality, the decarbonization related uncertainty was reflected in the risk premiums in the discount rates applied to determine the present value of the estimated future cash flows. Auditing the recoverable amounts of the Relevant GCGUs and CGUs was complex and required a high degree of auditor judgement and an increased extent of effort, including the involvement of valuation specialists, due to the significant estimation uncertainty and subjective nature of the assumptions used in the estimates, as described above.

193

How We Addressed the Matter in Our Audit We obtained an understanding, evaluated the design and tested the operating effectiveness of controls over management’s valuation methodology and assumptions used for the estimates of future cash flows. For example, we evaluated controls over the Company’s forecasting process used to develop the estimated future cash flows and controls over management’s data included in the estimated future cash flows. We evaluated management’s ability to reasonably estimate future cash flows by comparing actual results to management’s historical forecasts. As it relates to future volume of shipments, future selling prices and variable costs, we compared management’s estimates to available external third-party data regarding demand, selling prices and raw material prices. Specifically, as it relates to the estimate of the recoverable amount of ArcelorMittal Kryvyi Rih CGU (representing the Company’s operations in Ukraine), we evaluated the reasonableness of management’s assumption as it relates to the timing for the end of war and the length of the post-war recovery period, by independently developing a reasonable range of point estimates and comparing to management’s estimate. With the assistance of our valuation specialists, we evaluated the effects of climate-related matters, including their impact on risk premiums and discount rates by considering, among other factors, current legislation and regulations related to carbon emissions, as well as the Company’s ongoing initiatives to transition to lower-carbon operations. Also, as part of our procedures, we compared expected decarbonization capital expenditures against approved budgets and where applicable, costs incurred to date. With the assistance of our valuation specialists, we evaluated the discounted cash flows methodology and assessed the discount rates used in the value in use estimates, by comparing to underlying source information, testing the mathematical accuracy of the calculation, developing an independent range of estimates and comparing the discount rate selected by management to our range. We also evaluated the adequacy of the disclosures in Note 5.3 of the consolidated financial statements.

Recoverability of Deferred Tax Assets (“DTAs”)

Description of the Matter The DTA balance as of December 31, 2024, was $8,942 million, which is primarily related to the ArcelorMittal S.A. (parent company) tax integration. As explained in Note 10.4 to the consolidated financial statements, ArcelorMittal S.A. has DTAs primarily related to tax losses and other tax benefits carried forward. Under current tax law in Luxembourg, tax losses accumulated before January 1, 2017, do not expire and are recoverable against future taxable income. The assessment of the likelihood of future taxable profits being available, and specifically the length of the forecast periods utilized, requires significant management judgment. Auditing the recognition of ArcelorMittal S.A.’s DTA balances is subjective because the estimation requires significant judgment, including the availability of future taxable income against which tax deductions represented by the DTA can be offset. In addition, auditing the recognition of DTA balances that are supported by the expectation of future taxable income arising beyond ArcelorMittal S.A.’s 5-year planning horizon required significant auditor judgment and an increased effort.

194

How We Addressed the Matter in Our Audit We obtained an understanding, evaluated the design and tested the operating effectiveness of controls over the Company’s assessment of the recoverability of deferred tax assets. For example, we tested controls over management’s review of the significant assumptions used in estimating the projections of future taxable income, including management’s analysis of the sensitivity of the length of the forecast periods to change, based on other reasonably likely outcomes that would have a material effect on the recoverability of DTAs. To test the recoverability of DTAs, among other procedures, we compared the projections of future taxable income with the actual results of prior periods and, separately, against other forecasted financial information prepared by the Company, such as that used in estimating the recoverable amounts of the Relevant GCGUs and CGUs as described in the ‘Impairment of Goodwill, Intangible Assets and Property, Plant and Equipment’ critical audit matter above. We assessed the Company’s evaluation of the length of the forecast periods to utilize the DTA by independently developing a reasonable range of point estimates and comparing to management’s estimate. Additionally, we tested the completeness and accuracy of the existing intragroup loan and external debt agreements used by management to forecast financial income, the primary input to future taxable income, and we performed sensitivity analyses over this forecast. Where relevant and with the assistance of our tax professionals, we also evaluated management’s proposed tax planning strategies. We also evaluated the adequacy of the disclosures in Note 10.4 of the consolidated financial statements in respect of ArcelorMittal S.A.’s DTAs.

/s/ Ernst & Young

Société anonyme

Cabinet de révision agré é

We have served as the Company’s auditor since 2022.

Luxembourg, Grand Duchy of Luxembourg

March 10 , 2025

195

Consolidated financial statements
ArcelorMittal and Subsidiaries
Consolidated Statements of Operations
(millions of U.S. dollar, except share and per share data)

	Notes	Year ended December 31, — 2024	2023	2022
Sales	4.1 and 12.1	62,441	68,275	79,844
(including 7,765 , 8,825 and 9,744 of sales to related parties for 2024, 2023 and 2022, respectively)
Cost of sales	4.2 and 12.2	56,653	63,538	67,309
(including 1,998 , 2,049 and 2,300 of purchases from related parties for 2024, 2023 and 2022, respectively)
Gross margin		5,788	4,737	12,535
Selling, general and administrative expenses		2,478	2,397	2,263
Operating income		3,310	2,340	10,272
Income from investments in associates, joint ventures and other investments	2.6	779	1,184	1,317
Impairment of investments in associates, joint ventures and other investments	2.4.4 and 2.6	—	( 1,405 )	—
Financing costs - net	6.2	( 1,174 )	( 859 )	( 334 )
Income before taxes		2,915	1,260	11,255
Income tax expense	10.1	1,535	238	1,717
Net income (including non-controlling interests)		1,380	1,022	9,538
Net income attributable to equity holders of the parent		1,339	919	9,302
Net income attributable to non-controlling interests		41	103	236
Net income (including non-controlling interests)		1,380	1,022	9,538

	2024	2023	2022
Earnings per common share (in U.S. dollar)
Basic	1.70	1.09	10.21
Diluted	1.69	1.09	10.18
Weighted average common shares outstanding (in millions)	11.3
Basic	788	842	911
Diluted	791	845	914

The accompanying notes are an integral part of these consolidated financial statements.

196

Consolidated financial statements
ArcelorMittal and Subsidiaries
Consolidated Statements of Other Comprehensive Income
(millions of U.S. dollar, except share and per share data)

	Year ended December 31, — 2024	2023	2022
Net income (including non-controlling interests)	1,380	1,022	9,538
Items that can be recycled to the consolidated statements of operations
Derivative financial instruments:
(Loss) gain arising during the period	( 297 )	( 461 )	1,664
Reclassification adjustments for loss (gain) included in the consolidated statements of operations and financial position (basis adjustments)	( 415 )	15	( 1,899 )
	( 712 )	( 446 )	( 235 )
Exchange differences arising on translation of foreign operations:
(Loss) gain arising during the period	( 3,325 )	1,013	( 1,630 )
Reclassification adjustments for loss included in the consolidated statements of operations	—	1,469	—
	( 3,325 )	2,482	( 1,630 )
Share of other comprehensive income related to associates and joint ventures
(Loss) gain arising during the period	( 557 )	( 111 )	46
Reclassification adjustments for gain included in the consolidated statements of operations and financial position (basis adjustments)	( 111 )	( 479 )	( 506 )
	( 668 )	( 590 )	( 460 )
Income tax benefit (expense) related to components of other comprehensive income that can be recycled to the consolidated statements of operations	103	16	( 112 )
Items that cannot be recycled to the consolidated statements of operations
Investments in equity instruments at FVOCI:
Gain (Loss) arising during the period	10	( 113 )	( 27 )
Share of other comprehensive gain (loss) related to associates and joint ventures	19	5	( 25 )
	29	( 108 )	( 52 )
Employee benefits - Recognized actuarial gain (loss)	117	( 103 )	815
Share of other comprehensive (expense) income related to associates and joint ventures	( 7 )	5	32
	110	( 98 )	847
Income tax (expense) benefit related to components of other comprehensive income (loss) that cannot be recycled to the consolidated statements of operations	( 17 )	18	( 193 )
Total other comprehensive (loss) income	( 4,480 )	1,274	( 1,835 )
Total other comprehensive (loss) income attributable to:
Equity holders of the parent	( 4,390 )	1,258	( 1,785 )
Non-controlling interests	( 90 )	16	( 50 )
Total other comprehensive (loss) income	( 4,480 )	1,274	( 1,835 )
Total comprehensive (loss) income	( 3,100 )	2,296	7,703
Total comprehensive income attributable to:
Equity holders of the parent	( 3,051 )	2,177	7,517
Non-controlling interests	( 49 )	119	186
Total comprehensive (loss) income	( 3,100 )	2,296	7,703

The accompanying notes are an integral part of these consolidated financial statements.

197

Consolidated financial statements
ArcelorMittal and Subsidiaries
Consolidated Statements of Financial Position
(millions of U.S. dollar, except share and per share data)

	Notes	December 31, — 2024	2023
ASSETS
Current assets:
Cash and cash equivalents	6.1.3	6,400	7,686
Restricted cash	6.1.3	84	97
Trade accounts receivable and other (including 322 and 372 from related parties at December 31, 2024 and 2023, respectively)	4.3 and 12.1	3,375	3,661
Inventories	4.4	16,501	18,759
Prepaid expenses and other current assets	4.5	3,022	3,037
Total current assets		29,382	33,240
Non-current assets:
Goodwill and intangible assets	5.1 and 5.3	4,453	5,102
Property, plant and equipment and biological assets	5.2, 5.3 and 7	33,311	33,656
Investments in associates and joint ventures	2.4	11,420	10,078
Other investments	2.5	299	513
Deferred tax assets	10.4	8,942	9,469
Other assets	4.6	1,578	1,859
Total non-current assets		60,003	60,677
Total assets		89,385	93,917
LIABILITIES AND EQUITY
Current liabilities:
Short-term debt and current portion of long-term debt	6.1.2.1 and 7	2,748	2,312
Trade accounts payable and other (including 291 and 360 to related parties at December 31, 2024 and 2023, respectively)	4.7 and 12.2	12,921	13,605
Short-term provisions	9.1	938	588
Accrued expenses and other liabilities	4.8	4,738	4,967
Income tax liabilities		480	297
Total current liabilities		21,825	21,769
Non-current liabilities:
Long-term debt, net of current portion	6.1.2.2 and 7	8,815	8,369
Deferred tax liabilities	10.4	2,338	2,432
Deferred employee benefits	8.2	2,338	2,741
Long-term provisions	9.1	1,361	1,477
Other long-term obligations	9.2	1,422	1,061
Total non-current liabilities		16,274	16,080
Total liabilities		38,099	37,849
Contingencies and commitments	9.3 and 9.4
Equity:	11
Common shares (no par value, 1,111,418,599 and 1,111,418,599 shares authorized, 852,809,772 and 852,809,772 shares issued, and 768,546,622 and 819,271,756 shares outstanding at December 31, 2024 and 2023, respectively)		303	303
Treasury shares ( 84,263,150 and 33,538,016 common shares at December 31, 2024 and 2023, respectively, at cost)		( 2,117 )	( 849 )
Additional paid-in capital		27,190	27,185
Retained earnings		47,254	46,264
Reserves		( 23,407 )	( 18,942 )
Equity attributable to the equity holders of the parent		49,223	53,961
Non-controlling interests		2,063	2,107
Total equity		51,286	56,068
Total liabilities and equity		89,385	93,917

The accompanying notes are an integral part of these consolidated financial statements.

198

Consolidated financial statements
ArcelorMittal and Subsidiaries
Consolidated Statements of Changes in Equity
(millions of U.S. dollar, except share and per share data)

							Reserves
							Items that can be recycled to the Consolidated Statements of Operations		Items that cannot be recycled to the Consolidated Statements of Operations
	Shares 1	Share Capital	Treasury Shares	Mandatorily Convertible Notes	Additional Paid-in Capital	Retained Earnings	Foreign Currency Translation Adjustments	Unrealized Gains (Losses) on Derivative Financial Instruments relating to CFH	Unrealized Gains (Losses) on Investments in Equity Instruments at FVOCI	Recognized actuarial (losses) gains	Equity attributable to the equity holders of the parent	Non- controlling interests	Total Equity
Balance at December 31, 2021	911	350	( 2,186 )	509	31,803	36,702	( 18,244 )	2,690	499	( 3,017 )	49,106	2,238	51,344
Net income (including non-controlling interests)	—	—	—	—	—	9,302	—	—	—	—	9,302	236	9,538
Other comprehensive income (loss)	—	—	—	—	—	—	( 2,575 )	215	( 52 )	627	( 1,785 )	( 50 )	( 1,835 )
Total comprehensive income (loss)	—	—	—	—	—	9,302	( 2,575 )	215	( 52 )	627	7,517	186	7,703
Cancellation of shares	—	( 38 )	3,201	—	( 3,163 )	—	—	—	—	—	—	—	—
Recognition of share-based payments	1	—	27	—	11	—	—	—	—	—	38	—	38
Share buyback	( 107 )	—	( 2,937 )	—	—	—	—	—	—	—	( 2,937 )	—	( 2,937 )
Dividend	—	—	—	—	—	( 332 )	—	—	—	—	( 332 )	( 304 )	( 636 )
Put option ArcelorMittal Texas HBI	—	—	—	—	—	( 177 )	—	—	—	—	( 177 )	—	( 177 )
Non-controlling interests relating to acquisitions	—	—	—	—	—	—	—	—	—	—	—	233	233
Capital increase ArcelorMittal Liberia	—	—	—	—	—	( 45 )	—	—	—	—	( 45 )	45	—
Other movements	—	—	—	—	—	( 8 )	—	—	( 10 )	—	( 18 )	40	22
Balance at December 31, 2022	805	312	( 1,895 )	509	28,651	45,442	( 20,819 )	2,905	437	( 2,390 )	53,152	2,438	55,590
Net income (including non-controlling interests)	—	—	—	—	—	919	—	—	—	—	919	103	1,022
Other comprehensive income (loss)	—	—	—	—	—	—	2,378	( 927 )	( 108 )	( 85 )	1,258	16	1,274
Total comprehensive income (loss)	—	—	—	—	—	919	2,378	( 927 )	( 108 )	( 85 )	2,177	119	2,296
Cancellation of shares (note 11.1)	—	( 9 )	664	—	( 655 )	—	—	—	—	—	—	—	—
Conversion of mandatorily convertible notes (note 11.2)	57	—	1,534	( 509 )	( 794 )	—	—	—	—	—	231	—	231
Recognition of share-based payments (note 8.3)	2	—	56	—	( 17 )	—	—	—	—	—	39	—	39
Share buyback (note 11.1)	( 45 )	—	( 1,208 )	—	—	—	—	—	—	—	( 1,208 )	—	( 1,208 )
Dividend (notes 11.4 and 11.5)	—	—	—	—	—	( 369 )	—	—	—	—	( 369 )	( 151 )	( 520 )
Disposal of Erdemir shares (note 2.5)	—	—	—	—	—	333	—	—	( 333 )	—	—	—	—
Early redemption of mandatory convertible bonds (note 11.2)	—	—	—	—	—	( 24 )	—	—	—	—	( 24 )	( 291 )	( 315 )
Mandatorily convertible bond extension (note 11.2)	—	—	—	—	—	—	—	—	—	—	—	( 32 )	( 32 )
Capital increase ArcelorMittal Liberia (note 11.5.1)	—	—	—	—	—	( 15 )	—	—	—	—	( 15 )	15	—
Other movements	—	—	—	—	—	( 22 )	—	—	—	—	( 22 )	9	( 13 )
Balance at December 31, 2023	819	303	( 849 )	—	27,185	46,264	( 18,441 )	1,978	( 4 )	( 2,475 )	53,961	2,107	56,068
Net income (including non-controlling interests)	—	—	—	—	—	1,339	—	—	—	—	1,339	41	1,380
Other comprehensive (loss) income	—	—	—	—	—	—	( 3,855 )	( 657 )	29	93	( 4,390 )	( 90 )	( 4,480 )
Total comprehensive (loss) income	—	—	—	—	—	1,339	( 3,855 )	( 657 )	29	93	( 3,051 )	( 49 )	( 3,100 )
Recognition of share-based payments (note 8.3)	2	—	32	—	5	—	—	—	—	—	37	—	37
Share buyback (note 11.1)	( 52 )	—	( 1,300 )	—	—	—	—	—	—	—	( 1,300 )	—	( 1,300 )
Dividend (notes 11.4 and 11.5)	—	—	—	—	—	( 393 )	—	—	—	—	( 393 )	( 192 )	( 585 )
Disposal of Erdemir shares (note 2.5)	—	—	—	—	—	75	—	—	( 75 )	—	—	—	—
Increase in non-controlling interests in Finocas NV ( (note 11.5.2)	—	—	—	—	—	—	—	—	—	—	—	172	172
Capital increase ArcelorMittal Liberia (note 11.5.1)	—	—	—	—	—	( 30 )	—	—	—	—	( 30 )	30	—
Other movements	—	—	—	—	—	( 1 )	—	—	—	—	( 1 )	( 5 )	( 6 )
Balance at December 31, 2024	769	303	( 2,117 )	—	27,190	47,254	( 22,296 )	1,321	( 50 )	( 2,382 )	49,223	2,063	51,286

Amounts are in millions of shares (treasury shares are excluded).

The accompanying notes are an integral part of these consolidated financial statements.

199

Consolidated financial statements
ArcelorMittal and Subsidiaries
Consolidated Statements of Cash Flows
(millions of U.S. dollar, except share and per share data)

	Notes	Year ended December 31, — 2024	2023	2022
Operating activities:
Net income (including non-controlling interests)		1,380	1,022	9,538
Adjustments to reconcile net income to net cash provided by operations:
Depreciation and amortization	5.1 and 5.2	2,632	2,675	2,580
Impairment charges	5.3	116	1,038	1,026
Bargain purchase gain	2.2.4	—	—	( 100 )
Interest expense	6.2	510	715	401
Interest income	6.2	( 400 )	( 570 )	( 188 )
Income tax expense	10.1	1,535	238	1,717
Net loss on disposal of subsidiaries	2.3	—	1,469	—
Income from investments in associates, joint ventures and other investments	2.6	( 779 )	( 1,184 )	( 1,317 )
Impairment on investments in associates, joint ventures and other investments	2.6	—	1,405	—
Provision on pensions and other post-employment benefits	8.2	166	249	176
Unrealized foreign exchange effects		639	409	( 82 )
Write-downs of inventories to net realizable value, provisions and other non-cash operating expenses net	4.4	592	( 400 )	414
Changes in assets and liabilities that provided (required) cash, net of acquisitions and disposals:
Trade accounts receivable and other	4.1	( 192 )	307	1,133
Inventories	4.4	238	1,568	( 2,062 )
Trade accounts payable and other	4.7	56	( 271 )	( 294 )
VAT and other amounts (paid) received to/from public authorities		( 204 )	9	( 410 )
Other working capital and provisions movements		( 287 )	110	608
Interest paid		( 799 )	( 788 )	( 440 )
Interest received		358	553	178
Income taxes paid		( 763 )	( 977 )	( 2,940 )
Dividends received from associates, joint ventures and other investments		295	316	493
Cash contributions to plan assets and benefits paid for pensions and other post-employment benefits	8.2	( 241 )	( 248 )	( 228 )
Net cash provided by operating activities		4,852	7,645	10,203
Investing activities:
Purchase of property, plant and equipment and intangibles		( 4,405 )	( 4,613 )	( 3,468 )
Disposals of net assets of subsidiaries, net of cash disposed of nil , 24 and nil in 2024, 2023 and 2022, respectively	2.3	—	254	—
Acquisitions of net assets of subsidiaries, net of cash acquired of 249 , 4 and 39 in 2024, 2023 and 2022, respectively	2.2.4	( 184 )	( 2,524 )	( 939 )
Disposals of property, plant and equipment and intangibles	5.1 and 5.2	568	718	95
Acquisition of associates and joint ventures	2.4	( 1,168 )	( 73 )	—
Proceeds from repayment of a loan in connection with the sale of ArcelorMittal Temirtau	2.3.1	111	—	—
(Acquisitions) disposals of financial assets	2.5	216	560	( 32 )
Other investing activities net		( 125 )	( 170 )	( 139 )
Net cash used in investing activities		( 4,987 )	( 5,848 )	( 4,483 )
Financing activities:
Payments from mandatorily convertible subordinated notes/ mandatorily convertible bonds	11.2	—	( 340 )	—
Transactions with non-controlling interests	11.5.2	172	—	—
Proceeds from short-term debt	6.1.3	257	218	434
Proceeds from long-term debt	6.1.3	2,227	134	3,893
Payments of short-term debt	6.1.3	( 1,192 )	( 1,670 )	( 1,044 )
Payments of long-term debt	6.1.3	( 61 )	( 16 )	—
Share buyback	11.1	( 1,300 )	( 1,208 )	( 2,937 )
Dividends paid (includes 187 , 162 and 331 of dividends paid to non-controlling shareholders in 2024, 2023 and 2022, respectively)		( 580 )	( 531 )	( 663 )
Payment of principal portion of lease liabilities and other financing activities	6.1.3	( 203 )	( 253 )	( 160 )
Net cash used in financing activities		( 680 )	( 3,666 )	( 477 )
Net (decrease) increase in cash and cash equivalents		( 815 )	( 1,869 )	5,243
Effect of exchange rate changes on cash		( 471 )	255	( 158 )
Cash and cash equivalents:
At the beginning of the year		7,686	9,300	4,215
At the end of the year		6,400	7,686	9,300

The accompanying notes are an integral part of these consolidated financial statements.

200

Consolidated financial statements
(millions of U.S. dollar, except share and per share data)

SUMMARY OF NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1: ACCOUNTING PRINCIPLES
1.1	Basis of presentation
1.2	Climate change disclosures
1.3	Use of judgment and estimates
1.4	Accounting standards applied
NOTE 2: SCOPE OF CONSOLIDATION
2.1	Basis of consolidation
2.2	Investments in subsidiaries
2.3	Divestments and assets held for sale
2.4	Investments in associates and joint arrangements
2.5	Other investments
2.6	Income (loss) from investments in associates, joint ventures and other investments
NOTE 3: SEGMENT REPORTING
3.1	Reportable segments
3.2	Geographical information
3.3	Sales by type of products
3.4	Disaggregated revenue
NOTE 4: OPERATING DATA
4.1	Revenue
4.2	Cost of sales
4.3	Trade accounts receivable and other
4.4	Inventories
4.5	Prepaid expenses and other current assets
4.6	Other assets
4.7	Trade accounts payable and other
4.8	Accrued expenses and other liabilities
NOTE 5: GOODWILL, INTANGIBLE AND TANGIBLE ASSETS
5.1	Goodwill and intangible assets
5.2	Property, plant and equipment and biological assets
5.3	Impairment of intangible assets, including goodwill, and tangible assets
NOTE 6: FINANCING AND FINANCIAL INSTRUMENTS
6.1	Financial assets and liabilities
6.2	Financing costs - net
6.3	Risk management policy
NOTE 7: LEASES
NOTE 8: PERSONNEL EXPENSES AND DEFERRED EMPLOYEE BENEFITS
8.1	Employees and key management personnel
8.2	Deferred employee benefits
8.3	Share-based payments
NOTE 9: PROVISIONS, CONTINGENCIES AND COMMITMENTS
9.1	Provisions
9.2	Other long-term obligations
9.3	Contingent liabilities
9.4	Commitments

201

Consolidated financial statements
(millions of U.S. dollar, except share and per share data)

NOTE 10: INCOME TAXES
10.1	Income tax expense
10.2	Income tax recorded directly in equity and/or other comprehensive income
10.3	Uncertain tax positions
10.4	Deferred tax assets and liabilities
10.5	Tax losses, tax credits and other tax benefits carried forward
NOTE 11: EQUITY
11.1	Share details
11.2	Equity instruments and hybrid instruments
11.3	Earnings per common share
11.4	Dividends
11.5	Non-controlling interests
NOTE 12: RELATED PARTIES
12.1	Sales and trade receivables
12.2	Purchases and trade payables
12.3	Other transactions with related parties
NOTE 13: SUBSEQUENT EVENTS

202

Consolidated financial statements
(millions of U.S. dollar, except share and per share data)

NOTE 1: ACCOUNTING PRINCIPLES

ArcelorMittal (“ArcelorMittal” or the “Company”), together with its

subsidiaries, owns and operates steel manufacturing and mining

facilities in Europe, North and South America, Asia and Africa .

Collectively, these subsidiaries and facilities are referred to in

the consolidated financial statements as the “operating

subsidiaries”. These consolidated financial statements were

authorized for issuance on March 10 , 2025 by the Company’s

Board of Directors.

1.1 Basis of presentation

The consolidated financial statements have been prepared on a

historical cost basis, except for equity instruments and certain

trade receivables at fair value through other comprehensive

income ("FVOCI"), financial assets at fair value through profit or

loss ("FVTPL"), derivative financial instruments and biological

assets, which are measured at fair value less cost to sell,

inventories, which are measured at the lower of net realizable

value or cost, and the financial statements of the Company’s

Venezuelan tubular production facilities Industrias Unicon CA

(“Unicon”) and the Company's Argentinian operation Acindar

Industria Argentina de Aceros S.A. ("Acindar"), for which

hyperinflationary accounting is applied (see note 2.2.2). The

consolidated financial statements have been prepared in

accordance with International Financial Reporting Standards

(“ IFRS ”) as issued by the International Accounting Standards

Board (“IASB”) and are presented in U.S. dollar with all amounts

rounded to the nearest million, except for share and per share

data.

1.2 Climate change disclosures

The Company continues to develop its assessment of the

potential impacts of climate change and the transition to a low

carbon economy and has considered such impacts when

preparing its consolidated financial statements. ArcelorMittal's

decarbonization strategy aims to achieve carbon neutrality by

2050 in line with the United Nations' Paris agreement. The

Company had previously announced the intention to invest in

lower carbon emissions “hydrogen ready” DRI-EAF facilities to

replace several blast furnaces across its European business, as

a key strategic first step towards reducing emissions. In all

cases, the host countries offered funding support for these

projects, with the approval of the European Commission. These

projects were premised on a favorable combination of policy,

technology and market developments that would facilitate

decarbonization investment by helping offset the significantly

higher capital and operating costs that this transition strategy

would involve. This included being able to use natural gas until

green hydrogen became competitive. However European policy,

energy and market environments have not moved in a favorable

direction. Green hydrogen is evolving very slowly towards being

a viable fuel source and natural gas based DRI production in

Europe is not yet competitive as an interim solution.

Furthermore, there are significant weaknesses in the carbon

border adjustment mechanism ("CBAM"), trade protection

measures need strengthening in response to increasing imports

due to China overcapacity, and there is limited willingness

among customers to pay premiums for low-carbon emissions

steel. Before taking final investment decisions, ArcelorMittal

considers that it is necessary to have full visibility on the policy

environment that will ensure higher cost steelmaking can be

competitive in Europe without a global carbon price. It expects

several important developments in 2025, including the

scheduled review of the CBAM, an anticipated review of the

steel safeguards, and the publication of the Steel and Metals

Action Plan. When complete, these initiatives will provide the

parameters needed to shape the business case for

decarbonization investments in Europe. In the meantime,

ArcelorMittal is continuing with engineering work, as well as

analyzing a phased approach that would first start with

constructing EAFs, which can also be fed with scrap steel to

significantly reduce emissions.

In May 2024, ArcelorMittal started the construction of an EAF for

long products at its Gijón plant, which is expected to produce its

first heat in the first quarter of 2026. This investment of € 213 will

be the first major EAF project to be implemented within the

Company’s decarbonization program in Europe and will

constitute the first step towards low-carbon emissions

steelmaking in Asturias. The new facility will have an annual

production capacity of 1.1 million tonnes of semi-finished steel

products, which will be supplied to the rail and wire-rod mills at

the plant. Initially, steel production through the new EAF will lead

to a reduction in CO 2 emissions of over 35 % ; the reduction in

emissions could reach 1 million tonnes of CO 2 equivalent a year

once the transition phase has been completed.

The longer timeline required for final investment decisions will

not impact the Company’s ability to meet customer demand for

low-carbon emissions steel. There has been good progress with

the Company's efforts to increase production to 1.6 million

tonnes by 2026 at its flat products plant in Sestao where it has

two EAFs and where much of this production will be low-carbon

emissions steel. Longer term, the Company remains committed

to all technologies that offer the potential to take steelmaking to

near-zero. This includes carbon capture utilization and storage

("CCUS"), although like green hydrogen, this technology is likely

to only make a meaningful difference after 2030. It already has

one industrial scale CCU facility operational at its plant in Ghent,

Belgium, and a further two pilot projects underway in Ghent (see

below).

203

Consolidated financial statements
(millions of U.S. dollar, except share and per share data)

The Company's decarbonization roadmap also includes the

following sets of actions and initiatives that acts as stepping-

stones toward the goal of achieving net-zero carbon emissions

by 2050:

• Increasing the proportion of scrap used in the steelmaking

process: the Company can increase the use of low-quality

scrap in the BF-BOF steelmaking process by improving

steel scrap sorting and classification, installing scrap pre-

melting technology, and adjusting the steelmaking process

to accommodate scrap. Since 2022, the Company has

completed the acquisition of three specialist scrap metal

recyclers as the Company continually seeks to enhance its

ability to source scrap steel (see note 2.2.4).

• Transforming the energy used in the steelmaking process:

this is expected to involve shifting to one or a combination

of three alternatives: clean electricity (which could be in the

form of green hydrogen), CCU coupled with CCS to ensure

no carbon is emitted, and use of circular carbon either

through natural or synthetic carbon cycles. In November

2023, industrial production of ethanol commenced at

ArcelorMittal’s commercial flagship CCU facility in Ghent,

Belgium. The € 200 million Steelanol facility is a first of its

kind for the European steel industry, deploying technology

developed by leading carbon utilization company

LanzaTech. This facility captures carbon-rich waste gases

from steelmaking and biologically convert them into

advanced ethanol through LanzaTech’s biobased process.

• Investing in clean electricity used in the steelmaking

process: The Company plans to look for more and varied

opportunities in the renewables sector to provide sufficient

access to clean energy at affordable prices, purchase

renewable energy certificates and make more use of direct

power purchase agreements with suppliers from

renewables projects. In June 2024, the ‘round the clock’

renewable energy project between ArcelorMittal and

Greenko Group, India's leading energy transition company,

began commissioning with power supply commenced in

September 2024. The 975 MW nominal capacity facility

represents a 0.7 billion investment and combines solar and

wind power. It is supported by Greenko’s hydro pumped

storage project, which helps to overcome the intermittent

nature of wind and solar power generation. The project

provides for uninterrupted renewable power to be supplied

annually to AMNS India (ArcelorMittal’s joint venture

company in India) resulting in over 20 % of the electricity

requirement at AMNS India’s Hazira plant coming from

renewable sources, reducing carbon emissions by

approximately 1.5 million tonnes per year. In May 2023,

ArcelorMittal formed a joint venture with Casa dos Ventos,

one of Brazil’s largest developers and producers of

renewable energy projects, to develop a 554 MW wind

power project aiming to secure and decarbonize a

considerable proportion of the Company's wholly-owned

subsidiary ArcelorMittal Brasil’s future electricity needs and

which is set to be commissioned in 2025 . In August 2024,

ArcelorMittal Brasil also signed contracts with Casa dos

Ventos and Atlas Renewable Energy for the development of

two joint ventures for solar energy projects with a combined

capacity of 465 MW, equivalent to 14 % of its current

electricity requirements in Brazil. Project commissioning is

expected before the end of 2025 .

Considering the risks related to climate change and the

Company's commitment established under the Paris agreement,

ArcelorMittal provides explicit information in the notes to these

consolidated financial statements regarding how climate change

affects the Company's financial information. The Company

presents below the references to the various notes where issues

associated with climate change are addressed:

204

Consolidated financial statements
(millions of U.S. dollar, except share and per share data)

Topic	Note	Content
Estimate and judgment	Note 1.3 Use of judgment and estimates	Judgments and estimates made in assessing the impact of climate change and the transition to a low carbon economy: useful lives of property, plant and equipment, estimates of future cash flow projections for impairment of non-financial assets, decommissioning costs, renewable power purchase agreements
Sustainable investment	• Note 2.2.4 Acquisitions • Note 2.4.1 Joint ventures • Note 2.5 Other investments • Note 5.2 Property, plant and equipment and biological • Note 9.4 Commitments	Investments in renewable energy projects, scrap metal recycling businesses and breakthrough technologies through ArcelorMittal XCarb® Innovation Fund, renewable power purchase agreements
Measurement of non- financial assets	Note 5.1 Goodwill and intangible assets	Recognition and measurement of emission rights
	Note 5.2 Property, plant and equipment and biological assets	Residual useful lives of certain assets, capital expenditures with respect to decarbonization strategy
	Note 5.3 Impairment of intangible assets, including goodwill, and tangible assets	Inclusion of climate-related risks in the assumptions for impairment testing
Provisions	Note 9.1 Provisions	Recognition of emission obligations
Share-based payments	Note 8.3 Share-based payments	Description of equity incentive plans requiring achievement of specific climate- related targets

1.3 Use of judgment and estimates

The preparation of consolidated financial statements in

conformity with IFRS recognition and measurement principles

and, in particular, making the critical accounting judgments

requires the use of estimates and assumptions that affect the

reported amounts of assets, liabilities, revenues and expenses.

Management reviews its estimates on an ongoing basis using

currently available information. Changes in facts and

circumstances or obtaining new information or more experience

may result in revised estimates, and actual results could differ

from those estimates.

The following summary provides further information about the

Company’s critical accounting policies under which significant

judgments, estimates and assumptions are made. It should be

read in conjunction with the notes mentioned in the summary:

Deferred tax assets (note 10.4) : The Company assesses the

recoverability of deferred tax assets based on future taxable

income projections, which are inherently uncertain and may be

subject to changes over time. Judgment is required to assess

the impact of such changes on the measurement of these

assets and the time frame for their utilization. In addition, the

Company applies judgment to recognize income tax liabilities

when they are probable and can be reasonably estimated

depending on the interpretation, which may be uncertain, of

applicable tax laws and regulations. ArcelorMittal periodically

reviews its estimates to reflect changes in facts and

circumstances.

Provisions for pensions and other post-employment benefits

(note 8.2) : Benefit obligations and plan assets can be subject to

significant volatility, in particular due to changes in market

conditions and actuarial assumptions. Such assumptions differ

by plan, take local conditions into account and include discount

rates, expected rates of compensation increases, health care

cost trend rates, mortality and retirement rates. They are

determined following a formal process involving the Company's

expertise and independent actuaries. Assumptions are reviewed

annually and adjusted following actuarial and experience

changes.

Provisions (note 9) : Provisions, which result from legal or

constructive obligations arising as a result of past events, are

recognized based on the Company's, and in certain instances,

third-party's best estimate of costs when the obligation arises.

They are reviewed periodically to take into consideration

changes in laws and regulations and underlying facts and

circumstances.

Impairment of tangible and intangible assets, including goodwill

and impairment reversal (note 5.3) : I n order to assess the

recoverable amount of tangible assets, intangible assets and

goodwill, the Company mainly determines their value in use on

the basis of the present value of cash flow projections. The

estimates, judgments and assumptions applied for the value in

use calculations relate primarily to growth rates, expected

changes to average selling prices, shipments and direct costs.

Assumptions for average selling prices and shipments are

based on historical experience and expectations of future

changes in the market. When determining value in use,

management also applies judgement when assessing whether

cash flows expected to arise to achieve sustainability and

decarbonization targets are deemed to maintain the same level

of economic benefits or whether they improve or enhance the

205

Consolidated financial statements
(millions of U.S. dollar, except share and per share data)

asset's performance (see also below judgments and estimates

made in assessing the impact of climate change and the

transition to a low carbon economy) . Discount rates are

reviewed annually.

Impairment of associates and joint ventures (note 2.4.4.) :

Whenever there is an indication of impairment related to

investments accounted for under the equity method, the

Company performs an impairment test based, amongst others,

on an estimate of its share in the present value of the projected

future cash flows expected to be generated by operations of

associates and joint ventures and, similarly to impairment

testing of tangible and intangible assets, including goodwill, t he

estimates, judgments and assumptions applied for the value in

use calculations relate primarily to growth rates, expected

changes to average selling prices, shipments and direct costs.

Assumptions for average selling prices and shipments are

based on historical experience and expectations of future

changes in the market.

Business combinations (note 2.2.3) : Assets acquired and

liabilities assumed as part of a business combination are

recorded at their acquisition-date fair values. Similarly,

consideration including consideration receivable and contingent

consideration is measured at fair value. In connection with each

of its acquisitions, the Company undertakes a process to identify

all assets and liabilities acquired, including intangible assets.

Determining the fair value of identifiable assets and liabilities

requires the use of valuation techniques which may include

judgment and estimates and which may affect the allocation of

the amount of consideration paid to the assets and liabilities

acquired and goodwill or gain from a bargain purchase recorded

as part of the business combination. Estimated fair values are

based on information available at acquisition date and on

expectations and assumptions that have been deemed

reasonable by management. There are several methods that

can be used to determine the fair value of assets acquired and

liabilities assumed. The "income approach" is based on the

forecast of the expected future cash flows adjusted to present

value by applying an appropriate discount rate that reflects the

risk factors associated with the cash flow streams. Some of the

more significant estimates and assumptions inherent in the

income method or other methods include the amount and timing

of projected future cash flows; the discount rate selected to

measure the risks inherent in the future cash flows (weighted

average cost of capital); the assessment of the asset's life cycle

and the competitive trends impacting the asset, including

consideration of any technical, legal, regulatory or economic

barriers to entry. The "cost approach" estimates the value of an

asset based on the current cost to reproduce of replace the

asset. Replacement cost is determined based on market data

subsequently adjusted for physical, functional and economic

obsolescence. The most common purchase accounting

adjustments relate to the following assets and liabilities:

• The fair value of identifiable intangible assets (generally

patents, customer relationships, technology, brand or

favorable contracts) is estimated based on the above-

mentioned income approach;

• Property, plant and equipment is recorded at market value,

or, if not available, depreciated replacement cost;

• The fair value of pension and other post-employment

benefits is determined separately for each plan using

actuarial assumptions valid as of the acquisition date

relating to the population of employees involved and the fair

value of plan assets.

• Inventories are estimated based on expected selling prices

at the date of acquisition reduced by an estimate of selling

expenses and a normal profit margin.

• Adjustments to deferred tax assets and liabilities of the

acquiree are recorded to reflect the deferred tax effects of

the fair value adjustments relating to identifiable assets and

liabilities other than goodwill.

Determining the estimated residual useful lives of tangible and

intangible assets acquired requires judgement and certain

intangible assets may be considered to have indefinite useful

lives.

Financial instruments (note 6.1.5) and financial amounts

receivable (note 4.5 and 4.6) : Certain of the Company's financial

instruments are classified as Level 3 as they include

unobservable inputs.

Mineral reserve and resource estimates (note 5.2) : Proven iron

ore reserves are those quantities whose recoverability can be

determined with reasonable certainty from a given date forward

and under existing government regulations, economic and

operating conditions; probable reserves have a lower degree of

assurance but high enough to assume continuity between points

of observation. Mineral resource estimates constitute the part of

a mineral deposit that have the potential to be economically and

legally extracted or produced at the time of the resource

determination. The potential for economic viability is established

through qualitative evaluation of relevant technical and

economic factors likely to influence the prospect of economic

extraction. A measured mineral resource is that part of a mineral

resource for which quantity, grade or quality, densities, shape,

and physical characteristics are so well established that they

can be estimated with confidence sufficient to allow the

appropriate application of technical and economic parameters,

to support production planning and evaluation of the economic

viability of the deposit. The estimate is based on detailed and

206

Consolidated financial statements
(millions of U.S. dollar, except share and per share data)

reliable exploration, sampling and testing information gathered

through appropriate techniques from locations such as outcrops,

trenches, pits, workings and drill holes that are spaced closely

enough to confirm both geological and grade continuity. An

indicated mineral resource is that part of a mineral resource for

which quantity, grade or quality, densities, shape and physical

characteristics, can be estimated with a level of confidence

sufficient to allow the appropriate application of technical and

economic parameters, to support mine planning and evaluation

of the economic viability of the deposit. The estimate is based

on detailed and reliable exploration sampling and testing

information gathered through appropriate techniques from

locations such as outcrops, trenches, pits, workings and drill

holes that are spaced closely enough for geological and grade

continuity to be reasonably assumed. An inferred mineral

resource is that part of a mineral resource for which quantity and

grade or quality can be estimated on the basis of geological

evidence and limited sampling, and reasonably assumed but not

verified geological and grade continuity. The estimate is based

on limited information and sampling gathered through

appropriate techniques from locations such as outcrops,

trenches, pits, workings and drill holes. Estimates of mineral

reserves and resources and the estimates of mine life have

been prepared by ArcelorMittal experienced engineers and

geologists and detailed independent verifications of the methods

and procedures are conducted on a regular basis by external

consultants. Reserves and resources are updated annually and

calculated using a reference price duly adjusted for quality, ore

content, logistics and other considerations. In order to estimate

reserves and resources, estimates are required for a range of

geological, technical and economic factors, including quantities,

grades, production techniques, recovery rates, production costs,

transport costs, commodity demand, commodity prices and

exchange rates. Estimating the quantity and/or grade of

reserves and resources requires the size, shape and depth of

ore bodies to be determined by analyzing geological data such

as drilling samples. This process may require complex and

difficult geological judgments to interpret the data. Because the

economic assumptions used to estimate reserves and resources

change from period to period, and because additional geological

data is generated during the course of operations, estimates of

reserves and resources may change from period to period.

Judgments and estimates made in assessing the impact of

climate change and the transition to a low carbon economy

Assumptions in respect of climate change and the transition to a

low carbon economy may impact the Company’s significant

judgements and key estimates and result in material changes to

financial results and the carrying values of certain assets and

liabilities in future reporting periods. The main judgements and

estimates made by ArcelorMittal when preparing the 2024

consolidated financial statements with respect to the expected

effects of climate change and the transition to a low carbon

economy are described below.

• Property, plant and equipment : Considering the expected

date of retirement of some assets in particular certain blast

furnaces, basic oxygen furnaces, sinter plants and coke

plants following investments in low-carbon steelmaking

technologies, the Company decreased estimates of residual

useful lives of such items of property, plant and equipment

for its flat steel operations in the EU and in Canada.

• Impairment of tangible and intangible assets, including

goodwill: Value in use calculations relating to flat steel

operations in the EU and in Canada, which apply the BF-

BOF route, include the impact of decarbonization at the

level of cash flow projections as decarbonization is

necessary to maintain the level of economic benefits

expected to arise from the assets in their current condition

considering the legal obligation of carbon neutrality for

these operations ; accordingly the Company developed

assumptions in determining related capital expenditures

which reflect announced commitments and initiatives in

place, costs associated with operating the new technologies

which are expected to be deployed in the short to medium

term, commodity prices and carbon emission costs on the

basis of historical experience and expectations of future

changes. This requires to assess the future development in

supply, technology change, production changes and other

important factors. For other operations, discount rates are

increased to include a risk premium relative to the future

estimated decarbonization cost. Due to economic

developments, uncertainties over the pace of transition to

low-emission technologies, political and environmental

actions that will be taken to meet the carbon reduction

goals, regulatory changes and emissions activity arising

from climate-related matters, the Company’s assumptions

used in the recoverable amount calculations, such as

capital expenditure, carbon emission costs, level of public

funding and other assumptions are inherently uncertain,

which could result in significant changes to value in use

calculations in future periods and affect impairment

assessments.

• Decommissioning costs : Over the next ten years, the

retirement of certain above-mentioned assets in the context

of the transition to low-carbon steelmaking infrastructures

may lead to certain decommissioning costs. The Company

considered such costs in its value in use calculations but it

has not recognized decommissioning provisions related to

decarbonization as the obligating event has not occurred

yet. Decommissioning cost estimates are based on the

known regulatory and external environment. These cost

estimates may change in the future including as a result of

the transition to a lower carbon economy.

207

Consolidated financial statements
(millions of U.S. dollar, except share and per share data)

• Renewable power purchase agreements : The Company

enters into power purchase agreements ("PPAs"), which

provide for the physical delivery of renewable energy and

enable ArcelorMittal to reduce its indirect emissions (Scope

related to energy purchases. The Company analyzes the

accounting treatment for such contracts based on their

relevant terms. When they do not comply either with the

requirements of IFRS 10 for the existence of control or

IFRS 11 for joint control over a company or regarding the

existence of joint operation over an asset, IFRS 16 for the

recognition of a lease, or with the definition of a derivative

under IFRS 9, they are accounted for as an executory

contract on the basis of the own use exemption when the

relevant conditions are met (see note 9.4). Virtual PPAs

including a cash settlement based on the difference

between the contract price and the market price are

recognized as financial instruments in accordance with

IFRS 9 .

Situation in Ukraine and collateral consequences

The Company's operations in Ukraine consist of a steel plant,

which produced 1.6 million tonnes of steel (mainly billets,

rebars, wire rods, light sections and merchant bars) in 2024 ( 1.0

million tonnes in 2023), and (captive) mines that produced 7.8

million tonnes of iron ore in 2024 ( 4.6 million tonnes in 2023);

the related carrying amount of property, plant and equipment

remained unchanged at 0.7 billion on the Company’s statement

of financial position at December 31, 2024 as compared to

December 31, 2023. In 2024, the Company’s Ukrainian

operations (and in particular its Kryvyi Rih steel plant) recorded

1.5 million of steel shipments ( 0.9 million tonnes in 2023),

generating 1.6 billion of sales ( 1.2 billion in 2023) including 0.5

billion of sales ( 0.5 billion in 2023) to customers located in

Uk raine.

Following the war outbreak on February 24, 2022, the Company

idled its Ukrainian operations on March 3, 2022 but restarted

blast furnace No.6 ( one of the three blast furnaces representing

approximately 20 % of ArcelorMittal's Kryvyi Rih ("AMKR") pig

iron capacity) on April 11, 2022 to resume low levels of pig iron

production. Iron ore production was approximately at 55 % of

capacity during the first half of 2022. During the third quarter,

iron ore production was temporarily suspended due to weaker

demand and logistic constraints but restarted in early October

2022 at approximately 25 % level. During the first half of 2023,

the Company continued to ramp up operations and operated

two of three blast furnaces until end of May 2023 following the

restart of blast furnace No.8 on April 14, 2023. On June 6, 2023,

following the destruction of the Nova Kakhovka reservoir's dam,

AMKR temporarily suspended steelmaking and production of

rolled products to reduce water consumption. As a result, the

Company shut down blast furnace No.6 slightly earlier than

planned for a major planned repair but continued to operate

blast furnace No.8. In July 2023, AMKR announced that it had

completed the construction of a new pumping station and 5

kilometers pipeline to supply water to the city and to ensure full

coverage of its production needs. In November 2024, AMKR

stopped blast furnace No. 6 following its restart in April 2024

after completion of repair. AMKR is currently operating its open

pit mining and steel facilities at 75 % and 23 % , respectively.

ArcelorMittal continued to exercise control over its Ukrainian

operations and key production assets have not been seriously

damaged at the date of this report . In addition, despite the lower

level of activity, none of the assets are held for sale or were

discontinued.

In the context of the annual impairment test of intangible

assets, including goodwill, and tangible assets, the Company

revised its future cash flow projections and considering that

there is significant uncertainty about the evolution of the

geopolitical context in Ukraine and the timing and ability for the

Company to resume production to a normal level, which resulted

in a substantial increase in the discount rate, ArcelorMittal

recognized in 2022 a 1,026 impairment loss of property, plant

and equipment and intangibles (see note 5.3). In 2024, the

Company applied in its value in use calculation separate

discount rates over the discrete projections period, including a

higher country risk premium for the cash flow projections until

the end of 2025 and a return to a pre-war country risk premium

after 2025 and for the terminal value calculation (see note 5.3)

as value in use is sensitive to a difference in country risk for

different periods. It concluded that the recoverable amount

remains in excess of the carrying amount. Conversely, if the

ongoing conflict between Russia and Ukraine persists, it could

continue to have a material effect on the overall macroeconomic

environment potentially affecting steel and iron ore demand and

prices as well as energy costs. It could also result in further

reduced production, sales and income with respect to the

Company's Ukrainian operations thus increasing the risk that

the Company may need to record an additional impairment

charge with respect to such operations in the future.

The increased geopolitical risks induced by the war in Ukraine

have adversely impacted global macroeconomic conditions

leading to inflationary pressure, rising interest rates and energy

costs since early 2022. In 2023, while energy prices declined

and inflationary pressure started to dissipate, high interest rates

continued to constrain activity. As of October 1, 2024, when

goodwill was tested for impairment, discount rates applied for

value in use calculations included lower country risk premiums,

in particular in Ukraine, while the higher risk-free rate remained

relatively stable as compared to October 1, 2023. While the

Company expects near-term demand to remain subdued, given

the low inventory environment, especially in Europe, it expects

restocking activity to supplement real demand improvement in

time.

208

Consolidated financial statements
(millions of U.S. dollar, except share and per share data)

1.4 Accounting standards applied

1.4.1 Adoption of new IFRS standards, amendments and

interpretations applicable from January 1, 2024

On January 1, 2024, the Company adopted the narrow-scope

amendments to IAS 1 which clarify how to classify debt and

other liabilities as current or non-current. The amendments aim

to promote consistency in applying the requirements by helping

companies to determine whether, in the statement of financial

position, debt and other liabilities with an uncertain settlement

date should be classified as current (due or potentially due to be

settled within one year) or non-current. The amendments

include clarifications about the classification requirements for

debt a company might settle by converting it into equity.

In addition, on January 1, 2024, the Company adopted the

following amendments:

• 'Non-current Liabilities with Covenants (Amendments to IAS

1)' to clarify how conditions with which an entity must

comply within twelve months after the reporting period

affect the classification of a liability.

• Amendments to IFRS 16 ' Leases ' with respect to the lease

liability in a sale and leaseback transaction. The

amendments require a seller-lessee to subsequently

measure lease liabilities arising from a leaseback in a way

that it does not recognize any amount of the gain or loss

that relates to the right of use it retains. The new

requirements do not prevent a seller-lessee from

recognizing in profit or loss any gain or loss relating to the

partial or full termination of a lease.

• 'Supplier Finance Arrangements (Amendments to IAS 7 and

IFRS 7)' to add disclosure requirements, and ‘signposts’

within existing disclosure requirements, which require

entities to provide qualitative and quantitative information

about supplier finance arrangements. In particular, entities

will have to disclose in the notes information that enables

users of financial statements to (i) assess how supplier

finance arrangements affect an entity’s liabilities and cash

flows and to (ii) understand the effect of supplier finance

arrangements on an entity’s exposure to liquidity risk and

how the entity might be affected if the arrangements were

no longer available to it.

The adoption of these amendments did not have a material

impact to the Company's consolidated financial statements .

The Company has adopted ' International Tax Reform – Pillar

Two Model Rules (Amendments to IAS 12) ' upon release on

May 23, 2023. The amendments provided a temporary

mandatory exception from deferred tax accounting for the top-up

tax, which was effective immediately, and required new

disclosures about the Pillar Two exposure as of December 31,

The Company has applied a temporary mandatory relief

from deferred tax accounting for the impacts of the top-up tax

and accounts for it as a current tax when incurred.

1.4.2 New IFRS standards, amendments and interpretations

applicable from 2025 onward

On August 15, 2023, the IASB published 'Lack of

Exchangeability (Amendments to IAS 21)' that contains

guidance to specify when a currency is exchangeable and how

to determine the exchange rate when it is not and how an entity

determines the exchange rate to apply when a currency is not

exchangeable. The amendments also require the disclosure of

additional information when a currency is not exchangeable.

The amendments are effective for annual periods beginning on

or after January 1, 2025 with early adoption permitted. The

amendments do not apply retrospectively. An entity recognizes

any effect of initially applying the amendments as an adjustment

to the opening balance of retained earnings when the entity

reports foreign currency transactions. When an entity uses a

presentation currency other than its functional currency, it

recognizes the cumulative amount of translation differences in

equity.

On April 9, 2024, the IASB published IFRS 18 'Presentation and

Disclosure in Financial Statements' which includes requirements

for all entities applying IFRS for the presentation and disclosure

of information in financial statements. The objective of IFRS 18

is to set out requirements for the presentation and disclosure of

information in general purpose financial statements (financial

statements) to help ensure they provide relevant information

that faithfully represents an entity’s assets, liabilities, equity,

income and expenses. Retrospective application of the standard

is mandatory for annual reporting periods starting from January

1, 2027 onwards but earlier application is permitted.

On May 9, 2024, the IASB published IFRS 19 'Subsidiaries

without Public Accountability: Disclosures' which specifies

reduced disclosure requirements that an eligible entity is

permitted to apply instead of the disclosure requirements in

other IFRS Accounting Standards. IFRS 19 is effective for

reporting periods beginning on or after January 1, 2027. Earlier

application is permitted.

On May 30, 2024, t he IASB issued 'Amendments to the

Classification and Measurement of Financial Instruments

(Amendments to IFRS 9 and IFRS 7)' to address matters

identified during the post-implementation review of the

classification and measurement requirements of IFRS 9

'Financial Instruments'. The amendments relate to derecognition

of a financial liability settled through electronic transfer,

classification of financial assets and disclosures. The

amendments are effective for reporting periods beginning on or

after January 1, 2026. Earlier application of either all the

209

Consolidated financial statements
(millions of U.S. dollar, except share and per share data)

amendments at the same time or only the amendments to the

classification of financial assets is permitted.

On July 18, 2024, the IASB issued ' Annual Improvements—

Volume 11 ' including minor amendments of IFRS 1 'First-time

Adoption of International Financial Reporting Standards', IFRS 7

'Financial Instruments: Disclosures', IFRS 9 'Financial

Instruments', IFRS 10 'Consolidated Financial Statements' and

IAS 7 'Statement of Cash Flows'.

On December 18, 2024, the IASB issued 'Contracts Referencing

Nature-dependent Electricity – Amendments to IFRS 9 and

IFRS 7', which amend the own-use requirements in IFRS 9 to

include the factors an entity is required to consider for contracts

to buy and take delivery of renewable electricity for which the

source of production of the electricity is nature-dependent. The

hedge accounting requirements in IFRS 9 are also amended to

permit an entity using a contract for nature-dependent

renewable electricity with specified characteristics as a hedging

instrument to designate a variable volume of forecast electricity

transactions as the hedged item if specified criteria are met and

to measure the hedged item using the same volume

assumptions as those used for the hedging instrument. The

amendments are effective for annual reporting periods

beginning on or after January 1, 2026. Early application is

permitted.

Except for the adoption of IFRS 18, for which the Company is

still assessing the potential impact to its consolidated financial

statements, ArcelorMittal does not expect that the adoption of

the above-mentioned standards and amendments will have a

material impact to its consolidated financial statements. The

Company does not plan to early adopt any standards or

amendments.

NOTE 2: SCOPE OF CONSOLIDATION

2.1 Basis of consolidation

The consolidated financial statements include the accounts of

the Company, its subsidiaries and its interests in associated

companies and joint arrangements. Subsidiaries are

consolidated from the date the Company obtains control

(ordinarily the date of acquisition) until the date control ceases.

The Company controls an entity when the Company is exposed

to or has rights to variable returns from its involvement with the

entity and has the ability to affect those returns through its

power over the entity.

Associates are those companies over which the Company has

the ability to exercise significant influence on the financial and

operating policy decisions, which it does not control. Generally,

significant influence is presumed to exist when the Company

holds more than 20% of the voting rights. Joint arrangements,

which include joint ventures and joint operations, are those over

whose activities the Company has joint control, typically under a

contractual arrangement. In joint ventures, ArcelorMittal

exercises joint control and has rights to the net assets of the

arrangement. The investment is accounted for under the equity

method and therefore recognized at cost at the date of

acquisition and subsequently adjusted for ArcelorMittal’s share

in undistributed earnings or losses since acquisition, less any

impairment incurred. Any excess of the cost of the acquisition

over the Company’s share of the net fair value of the identifiable

assets, liabilities, and contingent liabilities of the associate or

joint venture recognized at the date of acquisition is considered

as goodwill. The goodwill, if any, is included in the carrying

amount of the investment and is evaluated for impairment as

part of the investment. The consolidated statements of

operations include the Company’s share of the profit or loss of

associates and joint ventures from the date that significant

influence or joint control commences until the date significant

influence or joint control ceases and any impairment losses.

Adjustments to the carrying amount may also be necessary for

changes in the Company’s proportionate interest in the investee

arising from changes in the investee’s equity that have not been

recognized in the investee’s profit or loss. The Company’s share

of those changes is recognized directly in the relevant reserve

within equity.

The Company assesses the recoverability of its investments

accounted for under the equity method whenever there is an

indication of impairment. In determining the value in use of its

investments, the Company estimates its share in the present

value of the projected future cash flows expected to be

generated by operations of associates and joint ventures (see

also note 2.4.4).

For investments in joint operations, in which ArcelorMittal

exercises joint control and has rights to the assets and

obligations for the liabilities relating to the arrangement, the

Company recognizes its assets, liabilities and transactions,

including its share of those incurred jointly.

Investments in other entities, over which the Company and/or its

operating subsidiaries do not have the ability to exercise

significant influence, are accounted for as investments in equity

instruments at FVOCI with any resulting gain or loss, net of

related tax effect, recognized in the consolidated statements of

other comprehensive income. Realized gains and losses from

the sale of investments in equity instruments at FVOCI are

reclassified from other comprehensive income to retained

earnings within equity upon disposal.

While there are certain limitations on the Company’s operating

and financial flexibility arising from the restrictive and financial

covenants of one of the Company’s credit facilities described in

note 6.1.2, there are no significant restrictions resulting from

borrowing agreements or regulatory requirements on the ability

210

Consolidated financial statements
(millions of U.S. dollar, except share and per share data)

of consolidated subsidiaries, associates and jointly controlled

entities to transfer funds to the parent in the form of cash

dividends to pay commitments as they come due.

Intercompany balances and transactions, including income,

expenses and dividends, are eliminated in the consolidated

financial statements. Gains and losses resulting from

intercompany transactions are also eliminated.

Non-controlling interests represent the portion of profit or loss

and net assets not held by the Company and are presented

separately in the consolidated statements of operations, in the

consolidated statements of other comprehensive income and

within equity in the consolidated statements of financial position.

211

Consolidated financial statements
(millions of U.S. dollar, except share and per share data)

2.2 Investments in subsidiaries

2.2.1 List of subsidiaries

The table below provides a list of the Company’s principal operating subsidiaries at December 31, 2024 . Unless otherwise stated, the

subsidiaries listed below have share capital consisting solely of ordinary shares or voting interests in the case of partnerships, which are

held directly or indirectly by the Company and the proportion of ownership interests held equals to the voting rights held by the

Company. The country of incorporation corresponds to their principal place of operations.

Name of Subsidiary	Country	% of Ownership
North America
ArcelorMittal Dofasco G.P.	Canada	100.00 %
ArcelorMittal México S.A. de C.V.	Mexico	100.00 %
ArcelorMittal Long Products Canada G.P.	Canada	100.00 %
ArcelorMittal Texas HBI LLC	USA	80.00 %
Brazil and neighboring countries ("Brazil")
ArcelorMittal Brasil S.A.	Brazil	97.08 %
Acindar Industria Argentina de Aceros S.A. ("Acindar")	Argentina	100.00 %
ArcelorMittal Pecém	Brazil	100.00 %
Europe
ArcelorMittal France S.A.S.	France	100.00 %
ArcelorMittal Belgium N.V.	Belgium	100.00 %
ArcelorMittal España S.A.	Spain	99.85 %
ArcelorMittal Flat Carbon Europe S.A.	Luxembourg	100.00 %
ArcelorMittal Poland S.A.	Poland	100.00 %
ArcelorMittal Eisenhüttenstadt GmbH	Germany	100.00 %
ArcelorMittal Bremen GmbH	Germany	100.00 %
ArcelorMittal Méditerranée S.A.S.	France	100.00 %
ArcelorMittal Belval & Differdange S.A.	Luxembourg	100.00 %
ArcelorMittal Hamburg GmbH	Germany	100.00 %
ArcelorMittal Duisburg GmbH	Germany	100.00 %
Sustainable Solutions
ArcelorMittal International Luxembourg S.A.	Luxembourg	100.00 %
AM Green Energy Private Limited 1	India	74.00 %
Mining
ArcelorMittal Mining Canada G.P. and ArcelorMittal Infrastructure Canada G.P. ("AMMC")	Canada	85.00 %
ArcelorMittal Liberia Ltd 2 ("AML")	Liberia	85.00 %
Others
ArcelorMittal South Africa Ltd. 3 ("AMSA")	South Africa	69.22 %
PJSC ArcelorMittal Kryvyi Rih ("AMKR")	Ukraine	95.13 %

Rights to variable returns are 100 % .
ArcelorMittal Liberia Ltd is incorporated in Cyprus.
Voting rights are 53.05 % .

2.2.2 Translation of financial statements denominated in foreign

currency

The functional currency of ArcelorMittal S.A. is the U.S. dollar.

The functional currency of each of the principal operating

subsidiaries is the local currency, except for ArcelorMittal

México, AMMC , AML, ArcelorMittal International Luxembourg,

whose functional currency is the U.S. dollar and ArcelorMittal

Poland, whose functional currency is the euro.

Transactions in currencies other than the functional currency of

a subsidiary are recorded at the rates of exchange prevailing at

the date of the transaction. Monetary assets and liabilities in

currencies other than the functional currency are remeasured at

the rates of exchange prevailing on the date of the consolidated

statements of financial position and the related translation gains

and losses are reported within financing costs in the

consolidated statements of operations. Non-monetary items that

are carried at cost are translated using the rate of exchange

prevailing at the date of the transaction. Non-monetary items

that are carried at fair value are translated using the exchange

212

Consolidated financial statements
(millions of U.S. dollar, except share and per share data)

rate prevailing when the fair value was determined and the

related translation gains and losses are reported in the

consolidated statements of comprehensive income.

Upon consolidation, the results of operations of ArcelorMittal’s

subsidiaries, associates and joint arrangements whose

functional currency is other than the U.S. dollar are translated

into U.S. dollar at the monthly average exchange rates and

assets and liabilities are translated at the year-end exchange

rates. Translation adjustments are recognized directly in other

comprehensive income and are included in net income

(including non-controlling interests) only upon sale or liquidation

of the underlying foreign subsidiary, associate or joint

arrangement.

Since July 1, 2018, Argentina has been considered a highly

inflationary country and therefore the financial statements of the

Company's long production facilities Acindar Industria Argentina

de Aceros S.A. ("Acindar") in Argentina, using a historical cost

approach, are adjusted prospectively to reflect the changes in

the general purchasing power of the local currency before being

translated into U.S. dollar at the year-end exchange rate. The

Company used an estimated general price index (Consumer

Price Index "IPC") which changed by 117.8 % , 211.4 % and

94.8 % for the year ended December 31, 2024, 2023 and 2022,

respectively, for this purpose. As a result of the inflation-related

adjustments on non-monetary items, losses of 291 , 105 and 4

were recognized in net financing costs for the year ended

December 31, 2024, 2023 and 2022, respectively.

2.2.3 Business combinations

Business combinations are accounted for using the acquisition

method as of the acquisition date, which is the date on which

control is transferred to ArcelorMittal. The Company controls an

entity when it is exposed to or has rights to variable returns from

its involvement with the entity and has the ability to affect those

returns through its power over the entity.

The Company measures goodwill at the acquisition date as the

total of the fair value of consideration transferred, plus the

proportionate amount of any non-controlling interest, plus the

fair value of any previously held equity interest in the acquiree, if

any, less the net recognized amount (generally at fair value) of

the identifiable assets acquired and liabilities assumed.

In a business combination in which the fair value of the

identifiable net assets acquired exceeds the cost of the acquired

business, the Company reassesses the fair value of the assets

acquired and liabilities assumed. If, after reassessment,

ArcelorMittal’s interest in the net fair value of the acquiree’s

identifiable assets, liabilities and contingent liabilities exceeds

the cost of the business combination, the excess (bargain

purchase) is recognized immediately as a reduction of cost of

sales in the consolidated statements of operations.

Any contingent consideration payable is recognized at fair value

at the acquisition date and any costs directly attributable to the

business combination are expensed as incurred.

2 .2.4 Acquisitions

On May 31, 2024, ArcelorMittal completed the acquisition of

Italpannelli SRL in Italy and Italpannelli Iberica in Spain

("Italpannelli"). Italpannelli is a manufacturer of lightweight

insulation panels for roofs and façades. It operates two

production plants across Europe, in Zaragoza (Spain) and

Abruzzo (Italy). The acquisition adds considerable strategic

value to ArcelorMittal Construction’s business within the

Sustainable Solutions reportable segment in terms of growth,

enhanced geographic market offering, product capabilities and

synergies as a result of which, following the completion of

measurement of the acquisition-date fair value of the identifiable

assets and liabilities, the Company recognized 85 goodwill .

Goodwill is not deductible for income tax purposes. The total

cash consideration paid was € 268 million ( 201 net of cash

acquired of 88 ). Revenue and net income since acquisition date

were 83 and 7 , respectively .

Revenue and net income attributable to the equity holders of the

parent of the Company for twelve months ended December 31,

2024 were 62,576 and 1,354 , respectively, as though

ArcelorMittal had completed the Italpannelli acquisition as of

January 1, 2024.

On June 20, 2024, the Company acquired from Euler Hermes

Reinsurance AG the reinsurance company Euler Hermes Re for

€ 134 million ( 144 ). Net cash inflow was 17 considering 161 cash

acquired. The Company concluded that the acquisition of Euler

Hermes RE was not a business combination as the transaction

did not include the acquisition of any strategic, operational and

resource management processes.

In January 2023, ArcelorMittal Brasil settled the undisputed

amount it accepts as the value of the Votorantim put option for

179 (see note 11.5.2).

213

Consolidated financial statements
(millions of U.S. dollar, except share and per share data)

On March 9, 2023, following receipt of customary regulatory

approvals, ArcelorMittal completed the acquisition of Companhia

Siderúrgica do Pecém subsequently renamed ArcelorMittal

Pecém for total cash consideration of 2,193 . The Company

recognized acquisition-related costs of 4 in selling, general and

administrative expenses. ArcelorMittal Pecém is a world-class

operation, producing high-quality slab at a globally competitive

cost. ArcelorMittal Pecém’s state-of-the-art steel facility in the

state of Ceará in northeast Brazil was commissioned in 2016

and produced its first slabs in June of that year. It operates a

three -million tonne capacity blast furnace and has access via

conveyors to the Port of Pecém, a large scale, deep water port

located 10 kilometers from the plant. ArcelorMittal Pecém

operates within Brazil’s first Export Processing Zone, and

benefits from various tax incentives including a low corporate

income tax rate. The Company completed its measurement of

the acquisition-date fair value of the identifiable assets and

liabilities of ArcelorMittal Pecém. Acquired current assets and

other liabilities include 2,605 and 2,605 of restricted cash held in

escrow and debt, respectively, which were settled after

acquisition date. The Company presented these settlements as

non-cash transactions in the consolidated statements of cash

flows. It recognized also 3,123 (including trade receivables of

60 ), 1,824 and 100 of current assets, property, plant and

equipment and intangible assets, respectively. ArcelorMittal

recognized 164 goodwill resulting from operational and financial

synergies. Revenue and net income since acquisition date till

December 31, 2023 were 1,497 and 340 , respectively.

ArcelorMittal Pecém is part of the Brazil reportable segment.

During the first half of 2023, the Company also completed two

acquisitions relating to the Sustainable Solutions reportable

segment ("Sustainable Solutions acquisitions"). On January 3,

2023, ArcelorMittal completed the acquisition of Riwald

Recycling, a state-of-the-art ferrous scrap metal recycling

business based in the Netherlands. The acquisition is part of

ArcelorMittal's strategy of increasing the use of scrap steel to

lower CO 2 emissions from steelmaking in both the EAF and BF-

BOF routes. On March 10, 2023, the Company also completed

the acquisition of the German insulation panel manufacturer

Italpannelli Germany (subsequently renamed Trier Insulated

Panels), which will complement the existing geographic

presence and strengthen the product portfolio of ArcelorMittal

Sustainable Solutions' construction business. The total cash

consideration paid for the Sustainable Solutions acquisitions

was € 144 million ( 152 net of cash acquired of 4 ) including debt

assumed of 15 . The Company completed the measurement of

the acquisition-date fair value of the identifiable assets and

liabilities of the Sustainable Solutions acquisitions and

recognized goodwill of 57 , which is primarily attributable to the

expected synergies and other benefits from combining the

activities of the Sustainable Solutions acquisitions with those of

the Company. Goodwill is not deductible for income tax

purposes. Revenue and net loss since acquisition date till

December 31, 2023 were 87 and 4 , respectively.

Revenue and net income attributable to the equity holders of the

parent of the Company for the twelve months ended December

31, 2023 were 68,579 and 910 , respectively, as though

ArcelorMittal had completed the ArcelorMittal Pecém and

Sustainable Solutions acquisitions as of January 1, 2023.

During 2022, among others, the Company completed the

acquisition of three specialist scrap metal recyclers as the

Company continually seeks to enhance its ability to source

scrap steel, a key raw material which supports the

ArcelorMittal’s ability to reduce its carbon emissions from

steelmaking in both the EAF and BF-BOF routes.

On February 28, 2022, ArcelorMittal acquired John Lawrie

Metals Limited ("JLM"), a UK based leading consolidator of

ferrous scrap metal, for total consideration of £ 35 million ( 43 net

of cash acquired of 5 ). The Company completed its

measurement of the acquisition-date fair value of the identifiable

asset and liabilities of JLM. Revenue and net income since

acquisition date till December 31, 2022 were 49 and 3 ,

respectively. JLM is part of the Sustainable Solutions reportable

segment.

On May 2, 2022, ArcelorMittal completed the acquisition of

Architectural Steel Limited ("ASL"), a UK based manufacturer of

bespoke metal fabrications and flashings for building envelopes

to strengthen the construction business within the Sustainable

Solutions reportable segment. Total consideration was

£ 36 million ( 39 net of cash acquired of 6 ). The Company

completed its measurement of the acquisition-date fair value of

the identifiable asset and liabilities of ASL. Revenue and net

income since acquisition date till December 31, 2022 were 14

and 3 , respectively.

On May 9, 2022, in order to strengthen the Company's plate

operations in the Sustainable Solutions reportable segment in

selected downstream and distribution activities, ArcelorMittal

increased its interest in the former associate Centro Servizi

Metalli S.p.A. ("CSM"), a stainless plate processing business

with operations mainly in Italy and Poland, from 49.29 % to

91.68 % through the acquisition of a 42.39 % controlling stake for

€ 13.5 million ( 7 net of cash acquired of 7 ). The Company

completed its measurement of the acquisition-date fair value of

the identifiable asset and liabilities of CSM and recognized a 3

bargain purchase gain in cost of sales. Revenue and net income

since acquisition date till December 31, 2022 were 76 and 8 ,

respectively.

On June 30, 2022, ArcelorMittal completed the acquisition of an

80 % interest in voestalpine’s world-class Hot Briquetted Iron

("HBI") plant located in Corpus Christi, Texas and subsequently

214

Consolidated financial statements
(millions of U.S. dollar, except share and per share data)

renamed ArcelorMittal Texas HBI LLC ("ArcelorMittal Texas

HBI") for total consideration of 817 ( 805 net of cash acquired of

12 ) including certain post-closing adjustments. The Company

recognized acquisition-related costs of 7 in selling, general and

administrative expenses. The facility has an annual capacity of

two million tonnes of HBI, a high-quality feedstock made through

the direct reduction of iron ore which is used to produce high-

quality steel grades in an EAF, but which can also be used in

blast furnaces, resulting in lower coke consumption. HBI is a

premium, compacted form of DRI developed to overcome issues

associated with shipping and handling DRI. voestalpine has

retained a 20 % interest in the plant with a corresponding offtake

agreement with an initial ten -year term renewable as long as

voestalpine retains any interest in ArcelorMittal Texas HBI.

ArcelorMittal would own 100 % of any future development of

operations. The remaining balance of production will be

delivered to third parties under existing supply contracts, and to

ArcelorMittal facilities, including to AM/NS Calvert in Alabama,

upon the commissioning of its 1.5 million tonne EAF. Pursuant to

the purchase agreement, voestalpine's 20 % interest is subject

to a call option exercisable by ArcelorMittal upon termination of

the offtake agreement or failure by voestalpine to purchase the

offtake volume and a put option exercisable by voestalpine at

the end of the fifth, tenth and fifteenth year subsequently to the

acquisition date. The Company did not ascribe any value to the

call option but recognized a 177 financial liability at amortized

cost measured at the present value of the redemption amount of

the written put option based on the lower of equity value

increased by an annual contractual return and fair value. The

Company completed its measurement of the acquisition-date

fair value of the identifiable assets and liabilities of ArcelorMittal

Texas HBI. It recognized 283 (including trade receivables of

124 ), 949 and 11 of current assets, property, plant and

equipment and intangible assets, respectively. ArcelorMittal

recognized a 97 bargain purchase gain in cost of sales as a

result of i) ArcelorMittal's agreement for voestalpine to retain a

20 % non-controlling interest ii) the above-mentioned offtake

agreement and iii) the fair value of property, plant and

equipment exceeding its carrying amount. Revenue and net

loss since acquisition date till December 31, 2022 were 445 and

35 , respectively. ArcelorMittal HBI is part of the North America

reportable segment.

On July 1, 2022, the Company completed the combined

acquisition of three subsidiaries from environmental services

and recycling company ALBA International Recycling (ALBA

Metall Süd Rhein-Main GmbH, ALBA Electronics Recycling

GmbH and ALBA Metall Süd Franken GmbH in aggregate

"ALBA") active in ferrous and non-ferrous metal recycling in

Germany for total consideration of 65 of which € 51 million ( 45

net of cash acquired of 9 ) in cash and deferred consideration of

11 . Following the completion of the acquisition-date fair value of

the identifiable assets and liabilities of the three companies, the

Company recognized goodwill of 22 . Revenue and net income

since acquisition date till December 31, 2022 were 87 and 1 ,

respectively. ALBA is part of the Sustainable Solutions

reportable segment .

On February 28, 2025, ArcelorMittal signed a share purchase

and shareholders' agreement with the management of the joint

venture ArcelorMittal Tailored Blanks Americas following which

the Company shall increase its ownership from 80 % to 90 % and

acquire control. In addition, on February 28, 2025, the Company

also signed a share purchase agreement to acquire a 60 %

controlling stake in Tuper, a joint venture in which it already held

a 40 % interest. Transaction closing is subject to certain

corporate and regulatory approvals including CADE (Brazilian

anti-trust) approval. Both acquisitions are expected to close

during the first half of 2025.

215

Consolidated financial statements
(millions of U.S. dollar, except share and per share data)

The table below summarizes the final acquisition-date fair value of the assets acquired and liabilities assumed in 2024, 2023 and 2022:

	2024 — Italpannelli	2023 — ArcelorMittal Pecém	Sustainable Solutions acquisitions	2022 — JLM	ASL	CSM	ArcelorMittal Texas HBI	ALBA
Current assets	75	3,123	25	10	11	68	283	34
Property, plant and equipment	54	1,824	75	10	14	16	949	53
Intangible assets	58	100	32	24	16	—	11	30
Other non-current assets	—	138	8	—	1	1	—	—
Total assets	187	5,185	140	44	42	85	1,243	117
Deferred tax liabilities	( 19 )	—	( 14 )	( 8 )	( 6 )	—	( 30 )	( 13 )
Other liabilities	( 52 )	( 3,156 )	( 46 )	( 13 )	( 10 )	( 51 )	( 82 )	( 70 )
Total liabilities	( 71 )	( 3,156 )	( 60 )	( 21 )	( 16 )	( 51 )	( 112 )	( 83 )
Net assets acquired	116	2,029	80	23	26	34	1,131	34
Consideration paid net of cash acquired	201	2,193	152	43	39	7	805	45
Deferred consideration	—	—	—	—	—	—	—	11
Non-controlling interests	—	—	—	—	—	4	229	—
Debt assumed	—	—	( 15 )	—	—	—	—	—
Fair value of previously held interests at acquisition date	—	—	—	—	—	20	—	—
Goodwill/(bargain purchase gain)	85	164	57	20	13	( 3 )	( 97 )	22

2.3 Divestments and assets held for sale

Non-current assets and disposal groups that are classified as

held for sale are measured at the lower of carrying amount and

fair value less costs to sell. Assets and disposal groups are

classified as held for sale if their carrying amount will be

recovered through a sale transaction rather than through

continuing use. The non-current asset, or disposal group, is

classified as held for sale only when the sale is highly probable

and is available for immediate sale in its present condition and is

marketed for sale at a price that is reasonable in relation to its

current fair value. Assets held for sale are presented separately

in the consolidated statements of financial position and are not

depreciated. Gains (losses) on disposal of subsidiaries are

recognized in cost of sales, whereas gains (losses) on disposal

of investments accounted for under the equity method are

recognized in income (loss) from investments in associates, joint

ventures and other investments.

An operation is classified as discontinued when it represents a

separate major line of business or geographical area of

operations that either has been disposed of or is classified as

held for sale. Discontinued operations are reported on a single

line in the Company's consolidated statements of operations. It

reflects the after-tax net income from discontinued operations

until the date of disposal and the gains or losses net of taxes

realized on the disposals of these operations. In addition, cash

flows generated by the discontinued operations are reported on

a separate line in the consolidated statement of cash flows for

the relevant periods.

Divestments in 2023

On December 7, 2023, ArcelorMittal completed the sale of

ArcelorMittal Temirtau, its steel and mining operations in

Kazakhstan, to Qazaqstan Investment Corporation ("QIC"), a

state-controlled direct investment fund. Under the terms of the

transaction, on closing ArcelorMittal received consideration of

286 ( 254 net of cash disposed of 24 and 8 transaction costs) for

net assets and a further 250 as repayment of outstanding intra-

group receivables. ArcelorMittal will also receive an additional

sovereign-fund guaranteed payment of 450 , paid in four equal

annual installments, as repayment of an intra-group loan. All

ArcelorMittal Temirtau assets were transferred on an ‘as is’

operational basis, meaning QIC assumed control and

accountability for ArcelorMittal Temirtau’s operations. As a result

of loss of control, the Company derecognized assets and

liabilities of 1,650 and 1,372 , respectively. ArcelorMittal

recognized in cost of sales a 732 impairment loss of property,

plant and equipment upon measuring the recoverable amount

based on sales proceeds (see note 5.3). The Company also

recognized in cost of sales a 194 impairment loss of goodwill

following the allocation to the disposal group of a portion of the

former ACIS segment goodwill in proportion of the consideration

received to the total recoverable amount of the former ACIS

operations (see notes 3.1, 5.1 and 5.3). In addition, it

reclassified 1,469 of foreign exchange translation losses from

216

Consolidated financial statements
(millions of U.S. dollar, except share and per share data)

other comprehensive income to cost of sales in the consolidated

statements of operations.

The table below summarizes the significant divestments

completed in 2023 (there were no divestments in 2024 and

2022):

	2023
	ArcelorMittal Temirtau
Cash and cash equivalents	24
Other current assets	645
Intangible assets	—
Property, plant and equipment	972
Other assets	9
Total assets	1,650
Current liabilities	882
Other long-term liabilities	490
Total liabilities	1,372
Total net assets	278
% of net assets sold	100 %
Total net assets disposed of	278
ArcelorMittal retained interest 62 %	—
Goodwill allocation	( 194 )
Consideration	278
Reclassification of foreign exchange and other	( 1,469 )
Gain (loss) on disposal/derecognition	( 1,663 )

2.4 Investments in associates and joint arrangements

The carrying amounts of the Company’s investments accounted

for under the equity method were as follows:

Category	December 31, — 2024	2023
Joint ventures	6,184	5,611
Associates	3,895	3,109
Individually immaterial joint ventures and associates 1	1,341	1,358
Total	11,420	10,078

Individually immaterial joint ventures and associates represent in aggregate

less than 20 % of the total carrying amount of investments in joint ventures and

associates at December 31, 2024 and 2023, and none of them have a

carrying value exceeding 150 at December 31, 2024 and 2023.

217

Consolidated financial statements
(millions of U.S. dollar, except share and per share data)

2.4.1 Joint ventures

The following tables summarize the latest available financial information and reconcile it to the carrying value of each of the Company’s

material joint ventures, as well as the income statement of the Company’s material joint ventures:

Joint Ventures	December 31, 2024 — AMNS India	Calvert	NEMM	VAMA	Tameh	Borçelik	Al Jubail	VdSA	Total
Financial statements reporting date	December 31, 2024	December 31, 2024	December 31, 2024	December 31, 2024	December 31, 2024	December 31, 2024	December 31, 2024	December 31, 2024
Place of incorporation and operation 1	India	United States	China	China	Poland	Turkey	Saudi Arabia	Brazil
Principal Activity	Integrated flat steel producer 4,5	Automotive steel finishing 6	Production and sale of electrical steel 7	Automotive steel finishing	Energy production and supply	Manufacturing and sale of steel 2,3	Production and sale of seamless line pipes and tubes	Renewable energy production and supply
Ownership and voting rights at December 31, 2024	60.00 %	50.00 %	50.00 %	50.00 %	50.00 %	50.00 %	33.34 %	55.00 %
Current assets	3,758	2,364	688	962	143	534	905	80	9,434
of which cash, cash equivalents and restricted cash	1,279	603	240	152	27	36	145	13	2,495
Non-current assets	12,004	2,634	444	778	277	297	1,079	460	17,973
Current liabilities	2,219	1,171	—	650	193	358	528	—	5,119
of which trade and other payables and provisions	1,674	196	—	476	161	316	264	—	3,087
Non-current liabilities	8,065	1,885	—	29	19	50	514	326	10,888
of which trade and other payables, provisions and deferred tax liability	904	—	—	1	12	50	83	—	1,050
Non-controlling interest	26	—	—	—	—	—	—	—	26
Net assets attributable to equity holders of the parent	5,452	1,942	1,132	1,061	208	423	942	214	11,374
Company's share of net assets	3,271	971	566	531	104	212	314	117	6,086
Adjustments for differences in accounting policies and other	135	( 40 )	—	—	32	( 36 )	7	—	98
Carrying amount in the statements of financial position	3,406	931	566	531	136	176	321	117	6,184
Revenue	6,515	4,544	—	1,730	583	1,425	757	—	15,554
Depreciation and amortization	( 452 )	( 76 )	—	( 38 )	( 30 )	( 24 )	( 61 )	—	( 681 )
Interest income	69	—	—	4	3	1	5	—	82
Interest expense	( 172 )	( 58 )	—	( 4 )	( 6 )	( 35 )	( 50 )	—	( 325 )
Income tax benefit (expense)	97	—	—	( 67 )	( 7 )	( 7 )	( 8 )	—	8
Income (loss) from continuing operations	323	191	—	288	( 72 )	17	86	( 1 )	832
Other comprehensive income (loss)	( 351 )	( 4 )	—	—	( 1 )	1	—	—	( 355 )
Total comprehensive income (loss)	( 28 )	187	—	288	( 73 )	18	86	( 1 )	477
Cash dividends received by the Company	—	24	—	115	—	8	—	—	147

The country of incorporation corresponds to the country of operation.

218

Consolidated financial statements
(millions of U.S. dollar, except share and per share data)

Ownership interest in Borçelik was 45.33 % and 50.00 % based on issued shares and outstanding shares, respectively, at December 31, 2024; voting interest was 48.01 %

at December 31, 2024 .

Adjustment in Borçelik relates primarily to differences in accounting policies regarding revaluation of fixed assets.
Adjustments in AMNS India correspond primarily to transaction costs incurred to set up the joint venture and the fair value of the guarantee of the joint venture's debt (see

note 9.4).

Includes AMNS Luxembourg, AMNS India (including infrastructure assets) and intermediate holding entities.
Adjustments in Calvert primarily relate to differences in accounting policies regarding inventory valuation.
The joint venture was incorporated and had no operations in 2024. The initial carrying amount of 566 corresponds to a paid cash contribution of 120 and 446 liability

(including a non-current portion of 222 see note 9.2) corresponding to the net present value of future equity increases for which the Company has a present obligation.

Joint Ventures	December 31, 2023 — AMNS India	Calvert	VAMA	Tameh	Borçelik	Al Jubail	VdSA	Total
Place of incorporation and operation 1	India	United States	China	Poland	Turkey	Saudi Arabia	Brazil
Principal Activity	Integrated flat steel producer 4,5	Automotive steel finishing 6	Automotive steel finishing	Energy production and supply	Manufacturing and sale of steel 2,3	Production and sale of seamless line pipes and tubes	Renewable energy production and supply
Ownership and voting rights at December 31, 2023	60.00 %	50.00 %	50.00 %	50.00 %	50.00 %	33.34 %	55.00 %
Current assets	3,653	1,798	853	389	559	935	93	8,280
of which cash, cash equivalents and restricted cash	926	83	201	46	12	297	3	1,568
Non-current assets	10,208	2,125	788	454	238	1,149	190	15,152
Current liabilities	1,617	1,017	557	462	329	542	7	4,531
of which trade and other payables and provisions	1,310	169	449	368	323	404	7	3,030
Non-current liabilities	6,763	1,103	51	37	39	633	—	8,626
of which trade and other payables and provisions	997	—	1	28	39	61	—	1,126
Non-controlling interest	27	—	—	—	—	—	—	27
Net assets attributable to equity holders of the parent	5,454	1,803	1,033	344	429	909	276	10,248
Company's share of net assets	3,272	902	517	172	215	303	151	5,532
Adjustments for differences in accounting policies and other	139	( 6 )	—	( 20 )	( 40 )	6	—	79
Carrying amount in the statements of financial position	3,411	896	517	152	175	309	151	5,611
Revenue	6,710	4,860	1,787	945	1,549	1,205	—	17,056
Depreciation and amortization	( 446 )	( 70 )	( 36 )	( 37 )	( 25 )	( 69 )	—	( 683 )
Interest income	54	—	2	2	1	—	—	59
Interest expense	( 207 )	( 51 )	( 5 )	( 14 )	( 35 )	( 49 )	—	( 361 )
Income tax benefit (expense)	( 279 )	—	( 53 )	( 7 )	( 33 )	21	—	( 351 )
Income (loss) from continuing operations	1,070	99	352	7	29	274	—	1,831
Other comprehensive income (loss)	( 998 )	( 20 )	—	( 14 )	( 6 )	—	—	( 1,038 )
Total comprehensive income (loss)	72	79	352	( 7 )	23	274	—	793
Cash dividends received by the Company	—	58	—	—	21	—	—	79

The country of incorporation corresponds to the country of operation except for Tameh whose country of operation is also the Czech Republic.
Ownership interest in Borçelik was 45.33 % and 50.00 % based on issued shares and outstanding shares, respectively, at December 31, 2023; voting interest was 48.01 %

at December 31, 2023.

Adjustment in Borçelik relates primarily to differences in accounting policies regarding revaluation of fixed assets.
Adjustments in AMNS India correspond primarily to transaction costs incurred to set up the joint venture and the fair value of the guarantee of the joint venture's debt (see

note 9.4).

219

Consolidated financial statements
(millions of U.S. dollar, except share and per share data)

Includes AMNS Luxembourg, AMNS India and intermediate holding entities.
Adjustments in Calvert primarily relate to differences in accounting policies regarding inventory valuation.

Joint Ventures	December 31, 2022 — AMNS India	Acciaierie d'Italia	Calvert	VAMA	Tameh	Borçelik	Al Jubail	Total
Place of incorporation and operation 1	India	Italy	United States	China	Poland	Turkey	Saudi Arabia
Principal Activity	Integrated flat steel producer 4,5	Integrated flat steel producer 6	Automotive steel finishing 7	Automotive steel finishing	Energy production and supply	Manufacturin g and sale of steel 2,3	Production and sale of seamless line pipes and tubes
Ownership and voting rights at December 31, 2022	60.00 %	62.00 %	50.00 %	50.00 %	50.00 %	50.00 %	33.34 %
Current assets	3,494	2,558	2,019	534	448	624	662	10,339
of which cash, cash equivalents and restricted cash	800	179	216	159	26	70	101	1,551
Non-current assets	9,680	2,765	1,764	761	436	254	1,137	16,797
Current liabilities	1,809	2,754	968	533	434	390	429	7,317
of which trade and other payables and provisions	1,567	1,844	203	388	390	333	265	4,990
Non-current liabilities	5,928	908	975	61	120	34	738	8,764
of which trade and other payables and provisions	602	153	—	—	27	34	29	845
Non-controlling interest	3	—	—	—	—	—	—	3
Net assets attributable to equity holders of the parent	5,434	1,661	1,840	701	330	454	632	11,052
Company's share of net assets	3,260	1,030	920	351	165	227	211	6,164
Adjustments for differences in accounting policies and other	144	146	( 36 )	—	—	( 42 )	( 4 )	208
Carrying amount in the statements of financial position	3,404	1,176	884	351	165	185	207	6,372
Revenue	7,287	4,525	4,969	1,495	1,080	1,868	918	22,142
Depreciation and amortization	( 350 )	( 157 )	( 67 )	( 32 )	( 45 )	( 25 )	( 71 )	( 747 )
Interest income	70	—	—	2	3	2	—	77
Interest expense	( 162 )	( 34 )	( 36 )	( 5 )	( 16 )	( 22 )	( 43 )	( 318 )
Income tax benefit (expense)	( 273 )	25	—	( 37 )	( 13 )	( 55 )	( 8 )	( 361 )
Income (loss) from continuing operations	323	106	102	249	57	90	29	956
Other comprehensive income (loss)	( 139 )	—	71	—	6	22	( 1 )	( 41 )
Total comprehensive income (loss)	184	106	173	249	63	112	28	915
Cash dividends received by the Company	—	—	65	—	13	52	—	130

The country of incorporation corresponds to the country of operation except for Tameh whose country of operation is also the Czech Republic.
Ownership interest in Borçelik was 45.33 % and 50.00 % based on issued shares and outstanding shares, respectively, at December 31, 2022; voting interest was 48.01 %

at December 31, 2022.

Adjustment in Borçelik relates primarily to differences in accounting policies regarding revaluation of fixed assets.
Adjustments in AMNS India correspond primarily to transaction costs incurred to set up the joint venture and the fair value of the guarantee of the joint venture's debt (see

note 9.4).

Includes AMNS Luxembourg, AMNS India and intermediate holding entities.
Includes Acciaierie d'Italia summarized statement of financial position as of December 31, 2022 adjusted for the fair value adjustments at divestment date.
Adjustments in Calvert primarily relate to differences in accounting policies regarding inventory valuation.

220

Consolidated financial statements
(millions of U.S. dollar, except share and per share data)

AMNS India

AMNS India is an integrated flat carbon steel manufacturer -

from iron ore to ready-to-market products with an achievable

crude steel capacity of 8.8 million tonnes per annum. Its

manufacturing facilities comprise iron making, steelmaking and

downstream facilities spread across India.

In 2019, ArcelorMittal and Nippon Steel Corporation ("NSC"),

Japan’s largest steel producer and the third largest steel

producer in the world, created a joint venture to own and

operate AMNS India with ArcelorMittal holding a 60 % interest

and NSC holding 40 % . Through the agreement, both

ArcelorMittal and NSC are guaranteed equal board

representation and participation in all significant financial and

operating decisions. The Company has therefore determined

that it does not control the entity, even though it holds 60 % of

the voting rights. AMNS Luxembourg Holding S.A. ("AMNS

Luxembourg") is the parent company of the joint venture.

ArcelorMittal's 60 % interest is accounted for under the equity

method.

AMNS India’s main steel manufacturing facility is located at

Hazira, Gujarat in western India. It also has:

– two iron ore beneficiation plants close to the mines in

Kirandul and Dabuna, with slurry pipelines that then

transport the beneficiated iron ore slurry to the pellet

plants in the Kirandul-Vizag and Dabuna-Paradeep

systems;

– downstream facilities in Pune, Khopoli and

Gandhidham; and

– six service centers in the industrial clusters of Hazira,

Indore, Bahadurgarh, Chennai, Kolkata and Pune. It

has a complete range of flat rolled steel products,

including value added products, and significant iron ore

pellet capacity with two main pellet plant systems in

Kirandul-Vizag and Dabuna-Paradeep, which have the

potential for expansion. Its facilities are located close

to ports with deep draft for movement of raw materials

and finished goods.

In terms of iron ore pellet capacity, the Kirandul-Vizag system

has 8 million tonnes of annual pellet capacity; and the Dabuna-

Paradeep system has 12 million tonnes of annual pellet

capacity.

AMNS India completed the acquisition of the portfolio of

strategic infrastructure assets from Essar Group. The remaining

assets which were pending due to regulatory approvals have

been acquired during 2024 and include a 16 million-tonne per

annum all-weather, deep draft terminal at Visakhapatnam,

Andhra Pradesh (along with an integrated conveyor connected

to AMNS India’s iron ore pellet plant in the port city) and a 100 -

kilometer Gandhar - Hazira transmission line, connecting AMNS

India’s steelmaking complex with the central electricity grid.

AMNS India intends to further debottleneck existing operations

(steel shop and rolling parts) in the medium term. The first

phase of expansion represents capital expenditures of

approximately 7.7 billion ( 0.8 billion for debottlenecking, 1.0

billion for downstream projects, 5.7 billion for upstream projects

and 0.2 billion for operational readiness) and started in October

2022 . It aims to increase production at the Hazira facility to 15

million tonnes of rolled products by the second half of 2026

(Phase 1A). Plans are under development to further expand

production. Phase 2A would see steelmaking capacity grow to

18 million tonnes per annum by 2028 with phase 2B taking

capacity at the Hazira facility to 24 million tonnes by 2030.

Further greenfield development options are under consideration

to take steelmaking capacity to 40 million tonnes per annum in

the long-term.

On March 16, 2020, AMNS Luxembourg entered into a 5.1

billion ten -year term loan agreement with various Japanese

banks which is guaranteed by ArcelorMittal and NSC in

proportion to their interests in the joint venture. On March 30,

2023, AMNS Luxembourg entered into an additional 5 billion

ten -year term loan agreement at floating rate with various

Japanese banks. The proceeds of the loan, which is guaranteed

by ArcelorMittal and NSC in proportion to their respective

interests in the joint venture, is used for the purposes of

financing the expenditures necessary for the implementation of

phase 1A of expansion to increase production at the Hazira

facility to 15 million tonnes. The loan consists of Tranche A,

Tranche B and Tranche C of 2 billion, 1 billion and 2 billion,

respectively, and is arranged to be disbursed by April 30, 2026

at the request of AMNS Luxembourg.

In terms of iron ore mining assets, AMNS India operates the

Thakurani mine in the Keonjhar district of Odisha and the

Ghoraburhani-Sagasahi mine in the Sudargarh district of

Odisha .

Acciaierie d'Italia

Acciaierie d'Italia is the leading steel producer in Italy and

produces high-quality and sustainable steel to be used in a

range of vital industry sectors across the domestic steel market

such as construction, energy, automotive, home appliances,

packaging and transport and for international export. Acciaierie

d'Italia has operations across various structurally linked

operating sites including Europe’s biggest single-site integrated

steel facility in Taranto and rolling mills in Genova and Novi

Ligure. Genova is also an important hub in terms of intermodal

logistics.

On April 14, 2021, pursuant to the investment agreement signed

on December 10, 2020 forming a public-private partnership

221

Consolidated financial statements
(millions of U.S. dollar, except share and per share data)

betwee n Invitalia and ArcelorMittal and providing Invitalia joint

control rights, ArcelorMittal accounted for its investment in

Acciaierie d'Italia under the equity method.

On F ebruary 20, 2024, the Italian Government issued a decree

placing Acciaierie d’Italia in extraordinary administration

subsequent to the request of Invitalia, thereby passing control of

the company from its current shareholders, ArcelorMittal and

Invitalia , to government appointed commissioners. As a result of

loss of control, the Company reclassified 60 of foreign exchange

translation gains from other comprehensive income to i ncome

from investments in associates, joint ventures and other

investments in the consolidated statements of operations.

VAMA

Valin ArcelorMittal Automotive Steel (“VAMA”) is a joint venture

between ArcelorMittal and Hunan Valin which produces steel for

high-end applications in the automobile industry. VAMA supplies

international automakers and first-tier suppliers as well as

Chinese car manufacturers and their supplier networks. In April

2023 VAMA announced the start of production for its second

continuous galvanization line with an annual capacity of 450,000

tonnes, bringing its total capacity to 2 millions tonnes per year .

Calvert

AM/NS Calvert ("Calvert"), a joint venture between the

Company and NSC, is a steel processing plant in Calvert,

Alabama, United States. The slabs for Calvert's operations are

sourced from ArcelorMittal plants in Brazil and Mexico and from

Cleveland-C liffs, which following its acquisition of ArcelorMittal

USA entered on December 9, 2020 into a new five -year

agreement with Calvert (with an automatic three -year extension

unless either party provides notice of intent to terminate) for 1.5

million tonnes annually for the initial term and 0.55 million

tonnes annually under the extension and which can be reduced

with a six -month notice. In December 2024, Cleveland-Cliffs

formally issued a notice to terminate the agreement at the end

of the initial term on December 9, 2025. ArcelorMittal is

principally responsible for marketing the product on behalf of the

joint venture. Calvert serves the automotive, construction, pipe

and tube, service center and appliance/ HVAC industries.

Calvert completed the investment in an on-site steelmaking

facility through a 1.5 million tonnes capacity EAF (producing

slabs for the existing operations and replacing part of the

purchased slabs). Construction commenced in March 2021 after

obtaining all environmental permits, and commissioning is

underway.

On October 11, 2024, ArcelorMittal entered into an agreement

with NSC pursuant to which ArcelorMittal would purchase NSC’s

50 % equity interest in Calvert. The transaction has been entered

into at the request of NSC to address regulatory concerns

pursuant to its agreed acquisition of US Steel. On January 3,

2025, the U.S. President issued an order prohibiting NSC from

acquiring US Steel but the parties were granted an extension to

June 18, 2025 to permanently abandon the transaction.

Accordingly, the agreement with NSC remains in place until

such date.

NEMM

On October 16, 2024, ArcelorMittal and China Oriental formed

two joint ventures with equal ownership to be engaged

principally in the production and sale of electrical steel grade

hot-rolled coil substrates and cold-rolled non-oriented or

oriented electrical steel for the Chinese automotive market. The

project envisages the construction of two plants with production

commencing in 2027.

VdSA

On May 5, 2023, following approval by the Brazilian antitrust

authority CADE on April 13, 2023, ArcelorMittal formed the joint

venture Ventos de Santo Antônio Comercializadora de Energia

S.A. ("VdSA") with Casa dos Ventos, one of Brazil’s largest

developers and producers of renewable energy projects, to

develop a 554 MW wind power project, with ArcelorMittal

holding a 55 % stake and Casa dos Ventos holding the

remaining 45 % . The project Ventos de Santo Antonio aims to

secure and decarbonize a considerable proportion of the

Company's wholly-owned subsidiary ArcelorMittal Brazil’s future

electricity needs through a 20 -year power purchasing power

agreement starting on January 1, 2026. Through the agreement,

both ArcelorMittal and Casa dos Ventos are guaranteed equal

board representation and participation in all significant financial

and operating decisions. The Company has therefore

determined that VdSA is a joint venture subject to joint control

as it does not control the entity, even though it holds a 55 %

interest. The Company accounted for its investment in VdSA

under the equity method.

Tameh

Tameh is a joint venture between ArcelorMittal and Tauron

Polska Energia S. A. ("Tauron") including three energy

production facilities located in Poland. Tameh’s objective is to

ensure energy supply to the Company’s steel plants in Poland

as well as the utilization of steel plant gases for energy

production processes.

Following the occurrence of a deadlock situation, both Tauron

and ArcelorMittal had the ability to exercise a put option right,

allowing each partner to sell its shares to the other one. As per

the shareholders' agreement, the declaration of acceptance of

an offer that is submitted first shall prevail. ArcelorMittal

successfully served its declaration on Tauron on January 2,

Tauron challenged this assertion and in October 2024,

ArcelorMittal was served with a request for arbitration filed by

Tauron (see note 9.3).

222

Consolidated financial statements
(millions of U.S. dollar, except share and per share data)

Borçelik

Borçelik Çelik Sanayii Ticaret Anonim Şirketi ("Borçelik"),

incorporated and located in Turkey, is a joint venture between

ArcelorMittal and Borusan Holding involved in the manufacturing

and sale of cold-rolled and galvanized flat steel products.

Al Jubail

ArcelorMittal Tubular Products Al Jubail ("Al Jubail") is a state of

the art seamless tube mill in Saudi Arabia designed and built to

serve the fast growing energy producing markets of Saudi

Arabia, the Middle East, North Africa and beyond.

Al Jubail is a joint venture in which the Company owns a

33.34 % interest .

2.4.2 Associates

The following table summarizes the financial information and reconciles it to the carrying amount of each of the Company’s material

associates, as well as the income statement of the Company’s material associates:

Associates	December 31, 2024 — Vallourec	China Oriental	DHS Group	Gonvarri Steel Industries	Baffinland 6	Total
Financial statements reporting date	September 30, 2024	June 30, 2024	September 30, 2024	September 30, 2024	December 31, 2024
Place of incorporation and operation 1	France	Bermuda	Germany	Spain	Canada
Principal Activity	Tubular solutions 2	Iron and steel manufacturing	Steel manufacturing 3	Steel manufacturing 4	Extraction of iron ore 5
Ownership and voting rights at December 31, 2024	27.89 %	37.00 %	33.43 %	35.00 %	25.23 %
Current assets	3,035	4,317	2,228	3,043	757	13,380
Non-current assets	2,358	2,836	2,255	2,196	10,452	20,097
Current liabilities	1,694	3,183	639	1,641	993	8,150
Non-current liabilities	1,225	555	926	970	3,261	6,937
Non-controlling interests	81	375	126	458	—	1,040
Net assets attributable to equity holders of the parent	2,393	3,040	2,792	2,170	6,955	17,350
Company's share of net assets	667	1,125	934	760	1,755	5,241
Adjustments for differences in accounting policies and other	—	—	89	( 23 )	( 1,481 )	( 1,415 )
Other adjustments	247	1	( 179 )	—	—	69
Carrying amount in the statements of financial position	914	1,126	844	737	274	3,895
Revenue	3,228	3,128	2,519	5,629	569	15,073
Income / (loss) from continuing operations	328	17	156	256	( 126 )	631
Other comprehensive income	( 196 )	—	( 1 )	( 21 )	—	( 218 )
Total comprehensive income (loss)	132	17	155	235	( 126 )	413
Cash dividends received by the Company	—	9	22	30	—	61

The country of incorporation corresponds to the country of operation except for China Oriental, whose country of operation is China, and Vallourec, whose operations are

global.

Adjustments in Vallourec relate to provisional fair value adjustments of property, plant and equipment and goodwill.
The amount for DHS Group includes an adjustment to align the German GAAP financial information with the Company’s accounting policies and is mainly linked to

property, plant and equipment, inventory and pension. Other adjustment include the Company's impairment loss with respect to its investment in DHS Group.

Adjustments in Gonvarri Steel Industries primarily relate to differences in accounting policies regarding revaluation of fixed assets.
Adjustments in Baffinland primarily relate to differences in accounting policies regardin g recognized goodwill. In September 2020, following a legal reorganization that was

not a business combination for the Company, its share of fair value remeasurement of 1.5 billio n was not recognized in the carrying amount of Baffinland.

Following a legal reorganization in September 2020, the Company holds an indirect interest in Baffinland through Nunavut Iron Ore Inc.

223

Consolidated financial statements
(millions of U.S. dollar, except share and per share data)

Associates	December 31, 2023 — China Oriental	DHS Group	Gonvarri Steel Industries	Baffinland 6	Total
Financial statements reporting date	June 30, 2023	September 30, 2023	September 30, 2023	December 31, 2023
Place of incorporation and operation 1	Bermuda	Germany	Spain	Canada
Principal Activity	Iron and steel manufacturing	Steel manufacturing 3	Steel manufacturing 4	Extraction of iron ore 5
Ownership and voting rights at December 31, 2023	37.00 %	33.43 %	35.00 %	25.23 %
Current assets	3,681	1,919	3,351	720	9,671
Non-current assets	3,124	2,430	2,086	10,572	18,212
Current liabilities	2,909	505	1,857	905	6,176
Non-current liabilities	395	994	940	3,335	5,664
Non-controlling interests	369	125	448	—	942
Net assets attributable to equity holders of the parent	3,132	2,725	2,192	7,052	15,101
Company's share of net assets	1,159	911	767	1,779	4,616
Adjustments for differences in accounting policies and other	—	134	( 40 )	( 1,479 )	( 1,385 )
Other adjustments 2	48	( 190 )	20	—	( 122 )
Carrying amount in the statements of financial position	1,207	855	747	300	3,109
Revenue	3,183	2,800	5,874	536	12,393
Income / (loss) from continuing operations	40	184	222	( 227 )	219
Other comprehensive income	1	( 1 )	( 25 )	—	( 25 )
Total comprehensive income (loss)	41	183	197	( 227 )	194
Cash dividends received by the Company	5	43	35	—	83

The country of incorporation corresponds to the country of operation except for China Oriental whose country of operation is China.
Other adjustments correspond to the difference between the carrying amount at December 31, 2023 and the net assets situation corresponding to the latest financial

statements ArcelorMittal is permitted to disclose translated with closing rates as of the reporting dates described in the table above.

The amount for DHS Group includes an adjustment to align the German GAAP financial information with the Company’s accounting policies and is mainly linked to

property, plant and equipment, inventory and pension.

Adjustments in Gonvarri Steel Industries primarily relate to differences in accounting policies regarding revaluation of fixed assets.
Adjustments in Baffinland primarily relate to differences in accounting policies regarding recognized goodwill. In September 2020, following a legal reorganization that was

not a business combination for the Company, its share of fair value remeasurement of 1.5 billion was not recognized in the carrying amount of Baffinland.

Following a legal reorganization in September 2020, the Company holds an indirect interest in Baffinland through Nunavut Iron Ore Inc.

224

Consolidated financial statements
(millions of U.S. dollar, except share and per share data)

Associates	December 31, 2022 — China Oriental	DHS Group	Gonvarri Steel Industries	Baffinland 6	Total
Financial statements reporting date	June 30, 2022	September 30, 2022	September 30, 2022	December 31, 2022
Place of incorporation and operation 1	Bermuda	Germany	Spain	Canada
Principal Activity	Iron and steel manufacturing	Steel manufacturing 3	Steel manufacturing 4	Extraction of iron ore 5
Ownership and voting rights at December 31, 2022	37.00 %	33.43 %	35.00 %	25.23 %
Current assets	5,081	1,827	3,400	758	11,066
Non-current assets	3,218	2,257	1,802	10,700	17,977
Current liabilities	4,134	640	2,067	770	7,611
Non-current liabilities	314	863	815	3,379	5,371
Non-controlling interests	348	115	416	—	879
Net assets attributable to equity holders of the parent	3,503	2,466	1,904	7,309	15,182
Company's share of net assets	1,296	824	666	1,844	4,630
Adjustments for differences in accounting policies and other	—	150	( 43 )	( 1,488 )	( 1,381 )
Other adjustments 2	( 56 )	( 183 )	50	—	( 189 )
Carrying amount in the statements of financial position	1,240	791	673	356	3,060
Revenue	3,857	2,715	5,628	482	12,682
Income / (loss) from continuing operations	190	428	236	( 136 )	718
Other comprehensive income (loss)	4	18	62	—	84
Total comprehensive income (loss)	193	446	298	( 136 )	801
Cash dividends received by the Company	28	10	26	—	64

The country of incorporation corresponds to the country of operation except for China Oriental whose country of operation is China.
Other adjustments correspond to the difference between the carrying amount at December 31, 2022 and the net assets situation corresponding to the latest financial

statements ArcelorMittal is permitted to disclose as of the reporting dates described in the table above.

The amount for DHS Group includes an adjustment to align the German GAAP financial information with the Company’s accounting policies and is mainly linked to

property, plant and equipment, inventory and pension.

Adjustments in Gonvarri Steel Industries primarily relate to differences in accounting policies regarding revaluation of fixed assets.
Adjustments in Baffinland primarily relate to differences in accounting policies regarding revaluation of fixed assets and locally recognized goodwill. In September 2020,

following a legal reorganization that was not a business combination for the Company, its share of provisional fair value remeasurement of 1.5 billion was not recognized

in the carrying amount of Baffinland.

Following a legal reorganization in September 2020, the Company holds an indirect interest in Baffinland through Nunavut Iron Ore Inc.

Vallourec

On August 6, 2024, ArcelorMittal completed the acquisition of

65,243,206 shares, representing 28.4 % ( 27.89 % at December

31, 2024) voting rights in Vallourec , for € 14.64 per share from

funds managed by Apollo Global Management, Inc. for total

€ 960 million ( 1,048 ) cash consideration. Vallourec's Board of

Directors includes eleven members, out of which two are

appointed by ArcelorMittal, whose Chief Executive Officer also

acts as an observer of the Board. ArcelorMittal concluded that it

exercises significant influence in Vallourec and accordingly it

accounts for its investment under the equity method. In addition,

as the share purchase agreement includes a forward

component qualifying as a financial instrument as a result of the

purchase price being fixed ahead of the closing date,

ArcelorMitta l recognized a 83 decrease in acquisition cost to

reflect the fair value of the forward at acquisition date (see note

6.2). Having carried out a successful restructuring in recent

years, Vallourec presents a compelling opportunity to increase

ArcelorMittal’s exposure to the attractive, downstream, value-

added tubular market. It is a global leader in premium tubular

solutions for energy markets and demanding industrial

applications, offering innovative, safe and competitive products

for sectors including energy, automotive and construction. 85 %

of Vallourec’s 2.2 million tonnes of annual rolling capacity is

focused around low-carbon, integrated productions hubs in US

and Brazil, both of which are important strategic markets for

ArcelorMittal . The fair value of ArcelorMittal's investment was

1,113 at December 31, 2024 based on Vallourec's quoted share

price.

225

Consolidated financial statements
(millions of U.S. dollar, except share and per share data)

China Oriental

China Oriental Group Company Limited (“China Oriental”) is a

Chinese integrated iron and steel company listed on the Hong

Kong Stock Exchange (“HKEx”). The China Oriental Group has

manufacturing plants in Hebei Province and Guangdong

Province of the People’s Republic of China (the “PRC”) and

sells mainly to customers located in the PRC. The China

Oriental Group also carries out property development business

which is mainly in the PRC.

DHS Group

DHS - Dillinger Hütte Saarstahl AG (“DHS Group”), incorporated

and located in Germany, is a leading producer of heavy steel

plates, cast slag pots and semi-finished products, such as

pressings, pressure vessel heads and shell sections in Europe.

The DHS Group also includes a further rolling mill operated by

Dillinger France in Dunkirk (France).

Gonvarri Steel Industries

Holding Gonvarri SL (“Gonvarri Steel Industries”) is dedicated to

the processing of steel. The entity is a European leader in steel

service centers and renewable energy components, with strong

presence in Europe and Latin America.

Baffinland

Baffinland Iron Mines Corporation ("Baffinland") owns the Mary

River project, which has direct shipping, high grade iron ore on

Baffin Island in Nunavut (Canada).

2.4.3 Other associates and joint ventures that are not

individually material

The Company has interests in a number of other joint ventures

and associates, none of which are regarded as individually

material. The following table summarizes the financial

information of all individually immaterial joint ventures and

associates that are accounted for using the equity method:

	December 31, 2024 — Associates	Joint Ventures	Total	December 31, 2023 — Associates	Joint Ventures	Total
Carrying amount of interests in associates and joint ventures	457	884	1,341	481	877	1,358
Share of:
Income from continuing operations	16	140	156	56	81	137
Other comprehensive income (loss)	3	12	15	4	( 2 )	2
Total comprehensive income (loss)	19	152	171	60	79	139

2.4.4 Impairment of associates and joint ventures

In the fourth quarter of 2023, Acciaierie d'Italia's financial

condition has deteriorated due in particular to the continued high

cost of energy and the repeal of relief measures for energy-

intensive companies. It has been experiencing liquidity issues,

which have resulted in conflicts with suppliers. ArcelorMittal, the

Italian Government and Invitalia discussed the terms and

conditions of a possible support to Acciaierie d'Italia to address

its short-term cash needs and the funding requirements to

enable it to complete the acquisition of Ilva’s business units but

the parties were not able to reach agreement on how to address

Acciaierie d'Italia’s funding needs. As of December 31, 2023 t he

Company assessed the above facts as indicators of impairment

with respect to its investment, further confirmed by the

extraordinary administration of Acciaierie d'Italia effective

February 20, 2024 (see note 2.4.1), and performed accordingly

a value in use calculation resulting in a 1,405 impairment loss .

The Company is not aware of any material contingent liabilities

related to associates and joint ventures for which it is severally

liable for all or part of the liabilities of the associates, nor are

there any contingent liabilities incurred jointly with other

investors. See note 9.4 for disclosure of commitments related to

associates and joint ventures.

2.4.5 Investments in joint operations

The Company had investments in the following joint operations

as of December 31, 2024 and 2023:

Peña Colorada

Peña Colorada is an iron ore mine located in Mexico in which

ArcelorMittal holds a 50.00 % interest. Peña Colorada operates

an open pit mine as well as concentrating facility and two-line

pelletizing facility. Peña Colorada is part of the North America

segment.

2.5 Other investments

Other investments include those investments in equity

instruments for which the Company does not have significant

influence. The Company irrevocably elected to present the

changes in fair value of such equity instruments, which are not

held for trading, in other comprehensive income, because these

investments are held as long-term strategic investments that are

226

Consolidated financial statements
(millions of U.S. dollar, except share and per share data)

not expected to be sold in the short to medium-term. Other

investments include the following:

	December 31, — 2024	2023
Erdemir	—	205
ArcelorMittal XCarb®	152	152
Stalprodukt S.A.	58	65
Others	89	91
Investments in equity instruments at FVOCI	299	513

The Company’s significant investments in equity instruments at

FVOCI at December 31, 2024 and 2023 were the following:

Ereĝli Demir ve Çelik Fabrikalari T.A.S. (“Erdemir”)

Erdemir is the leading steel producer in Turkey and produces

plates, hot and cold rolled, tin chromium and zinc coated flat

steel and supplies basic inputs to automotive, white goods,

pipes and tubes, rolling, manufacturing, electrics-electronics,

mechanical engineering, energy, heating equipment,

shipbuilding, defense and packaging industries.

In 2023, the Company's investment in Erdemir decreased from

12 % to 4 % and in 2024, the Company sold its remaining 4 %

interest. Sales were completed at the Istanbul stock exchange

for net proceeds of 227 and 626 for the year ended December

31, 2024 and 2023, respectively. Accumulated revaluation gains

of 75 and 333 for the year ended December 31, 2024 and 2023,

respectively, were transferred from other comprehensive income

to retained earnings.

Unrealized gains (losses) recognized in other comprehensive

income wer e 26 and ( 105 ) for the year ended December 31,

2024 and 2023, respectively.

ArcelorMittal’s XCarb® innovation fund

ArcelorMittal has launched an innovation fund which invests up

to 100 annually in groundbreaking companies developing

pioneering or breakthrough technologies which will accelerate

the steel industry's transition to carbon neutral steelmaking.

Since the launch of the XCarb® innovation fund in March 2021,

ArcelorMittal has invested 200 , including 11 and 66 in 2024 and

2023, respectively, in equity instruments at FVOCI.

In 2022, ArcelorMittal delivered an additional 17.5 equity

injection in Form Energy, a company working to accelerate the

development of breakthrough low-cost energy storage

technology to enable a reliable, secure, and fully-renewable

electric grid year-round. In addition, in 2022, ArcelorMittal

invested 25 in nuclear innovation company TerraPower.

On January 26, 2023, ArcelorMittal invested 36 in Boston Metal,

which is developing and commercializing a patented Molten

Oxide Electrolysis (MOE) platform for decarbonizing primary

steelmaking and is targeting commercialization of this

technology by 2026. On June 30, 2023, ArcelorMittal completed

also a second 25 investment in TerraPower.

Unrealized (losses) recognized in other comprehensive income

were ( 13 ) and ( 18 ) for the year ended December 31, 2024 and

2023, respectively.

Stalprodukt S.A.

Stalprodukt S.A. is a leading manufacturer and exporter of

highly processed st eel products based in Poland. Unrealized

(losses) gains recognized in other comprehensive income were

( 3 ) and 8 for the year ended December 31, 2024 and 2023,

respectivel y.

2.6 Income (loss) from investments in associates, joint

ventures and other investments

Income (loss) from investments in associates, joint ventures and

other investments consisted of the following:

	Year ended December 31, — 2024	2023	2022
Share in net earnings of equity-accounted companies	770	1,181	1,193
Impairment charges	—	( 1,405 )	—
Dividend income 1	9	3	124
Total	779	( 221 )	1,317

Mainly 117 dividend income from Erdemir in 2022.

NOTE 3: SEGMENT REPORTING

3.1 Reportable segments

As from January 1, 2024, ArcelorMittal implemented changes to

its organizational structure and to components of the Group

whose operating results are regularly reviewed by the chief

operating decision maker ("CODM"). India and joint ventures are

reported as a new operating segment including the joint

ventures AMNS India, VAMA and AMNS Calvert as well as other

associates, joint ventures ("JVs") and other investments. The

segment Sustainable Solutions is composed of a number of

niche, capital light businesses playing an important role in

supporting climate action. They were previously reported within

the Europe segment and are now reported as a separate

operating segment. The NAFTA segment is renamed North

America. Finally, following the sale of the Company’s operations

in Kazakhstan, the remaining parts of the former ACIS segment

is assigned to Others. Segment disclosures have been recast to

reflect this new segmentation in conformity with IFRS. The

Company is organized in six operating and reportable

segments, which are components engaged in business activities

227

Consolidated financial statements
(millions of U.S. dollar, except share and per share data)

from which they may earn revenues and incur expenses

(including revenues and expenses relating to transactions with

other components of the Company), for which discrete financial

information is available and whose operating results are

evaluated regularly by the CODM to make decisions about

resources to be allocated to the segment and assess its

performance. Segment performance is measured based on

income from investments in associates, joint ventures and other

investments for India and JVs and operating income for the

other operating segments. The Company CODM is the

Executive Office comprising the Executive Chairman, Mr.

Lakshmi N. Mittal and the CEO, Mr. Aditya Mittal.

ArcelorMittal's operating segments include the attributable

goodwill, intangible assets, property, plant and equipment, and

certain equity method investments. They do not include cash

and short-term deposits, short-term investments, tax assets and

other current financial assets. Attributable liabilities are also

those resulting from the normal activities of the segment,

excluding tax liabilities and indebtedness but including post

retirement obligations where directly attributable to the segment.

The treasury function is managed centrally for the Company and

is not directly attributable to individual operating segments or

geographical areas.

ArcelorMittal’s segments are structured as follows:

• North America represents the flat, long and tubular facilities

of the Company located in Canada, Mexico and the United

States. North America produces hot briquetted iron and flat

products such as slabs, hot-rolled coil, cold-rolled coil,

coated steel and plate. These products are sold primarily to

customers in the following sectors: automotive, energy,

construction, packaging and appliances and via distributors

or processors. North America also produces long products

such as wire rod, sections, rebar, billets, blooms and wire

drawing, and tubular products. The raw material supply of

the North America operations includes sourcing from iron

ore captive mines in Mexico to supply the steel facilities.

• Brazil includes the flat operations of Brazil, the long and

tubular operations of Brazil and neighboring countries

including Argentina, Costa Rica and Venezuela. Flat

products include slabs, hot-rolled coil, cold-rolled coil and

coated steel. These products are sold primarily to

customers in the construction, power generation and

agribusiness sectors, as well as in the automotive and

household appliances industries. Long products consist of

wire rod, sections, bar and rebar, billets, blooms and wire

drawing. The raw material supply of the Brazil operations

includes sourcing from iron ore captive mines in Brazil.

• Europe is the largest flat steel producer in Europe, with

operations that range from Spain in the west to Romania in

the east, and covering the flat carbon steel product portfolio

in all major countries and markets. Europe produces hot-

rolled coil, cold-rolled coil, coated products, tinplate, plate

and slab. These products are sold primarily to customers in

the automotive, general and packaging sectors. Europe

also produces long products consisting of sections, wire

rod, rebar, billets, blooms and wire drawing, and tubular

products. The raw material supply of Europe operations

includes sourcing from iron ore captive mines in Bosnia &

Herzegovina.

• India and JVs includes all of the Company's interests in

joint ventures, associates and other investments. India is a

high growth vector of the Company, with its assets well-

positioned to grow with the domestic market.

• Sustainable Solutions is focused on growing niche

businesses providing vital added-value support to growing

sustainable related applications from a low-carbon, capital

light asset base. These businesses include: a) Construction

solutions: product offerings include sandwich panels (e.g.

insulation), profiles and turnkey pre-fabrication solutions to

assist building in smarter ways and reduce the carbon

footprint of buildings; b) Projects: product range includes

plates, pipes & tubes, wire ropes, reinforced steels,

providing high-quality & sustainable steel solutions for

energy projects and supporting offshore wind, energy

transition and onshore construction; c) Industeel: EAF

based capacity for high quality steel grades designed to

meet demanding customer specifications (e.g. XCarb® for

wind turbines) and supplying a wide range of industries

(energy, chemicals, mechanical engineering, machinery,

infrastructure, defense & security); d) Renewables:

investments in renewable energy projects; e) Metallics:

investment and development of the Company’s scrap

recycling and collection capabilities; f) Distribution & service

centers: European services processor including slitting, cut-

to-length, multi blanking, and press blanking and operating

through an extensive network.

• Mining segment comprises the mines owned by

ArcelorMittal in Canada and Liberia. It provides the

Company's steel operations with high quality and low-cost

iron ore reserves and also sells mineral products to third

parties.

228

Consolidated financial statements
(millions of U.S. dollar, except share and per share data)

The following table summarizes certain financial data for ArcelorMittal’s operations by reportable segments.

	North America	Brazil	Europe	India and JVs	Sustainable solutions	Mining	Others 1	Elimination	Total
Year ended December 31, 2024
Sales to external customers	11,793	10,522	26,547	—	9,088	982	3,509	—	62,441
Intersegment sales 2	103	1,879	3,405	—	1,634	1,681	464	( 9,166 )	—
Operating income (loss)	1,310	1,399	386	—	57	770	( 642 )	30	3,310
Depreciation and amortization	( 509 )	( 361 )	( 1,128 )	—	( 178 )	( 263 )	( 193 )	—	( 2,632 )
Income from investments in associates, joint ventures and other investments	—	—	—	779	—	—	—	—	779
Impairment	—	( 43 )	( 36 )	—	—	—	( 37 )	—	( 116 )
Capital expenditures	410	879	1,359	—	457	1,022	299	( 21 )	4,405
Year ended December 31, 2023
Sales to external customers	12,856	11,185	28,026	—	9,893	1,171	5,144	—	68,275
Intersegment sales 2	122	1,978	3,669	—	1,574	1,906	311	( 9,560 )	—
Operating income (loss)	1,917	1,461	879	—	225	1,144	( 3,377 )	91	2,340
Depreciation and amortization	( 535 )	( 341 )	( 1,098 )	—	( 143 )	( 238 )	( 320 )	—	( 2,675 )
Income from investments in associates, joint ventures and other investments	—	—	—	1,184	—	—	—	—	1,184
Impairment	—	—	—	—	—	—	( 1,038 )	—	( 1,038 )
Capital expenditures	426	917	1,398	—	611	784	488	( 11 )	4,613
Year ended December 31, 2022
Sales to external customers	13,716	11,929	34,816	—	12,199	1,305	5,879	—	79,844
Intersegment sales 2	58	1,803	4,823	—	1,459	2,091	518	( 10,752 )	—
Operating income (loss)	2,818	2,775	3,521	—	778	1,483	( 1,208 )	105	10,272
Depreciation and amortization	( 427 )	( 246 )	( 1,160 )	—	( 108 )	( 234 )	( 405 )	—	( 2,580 )
Income from investments in associates, joint ventures and other investments	—	—	—	1,317	—	—	—	—	1,317
Impairment	—	—	—	—	—	—	( 1,026 )	—	( 1,026 )
Capital expenditures	500	708	1,028	—	223	488	528	( 7 )	3,468

Others mainly include holdings and services companies and the Company's operations in Ukraine and South Africa (and in Kazakhstan for the year ended December 31,

2023 and 2022) . Others also include all other operational and non-operational items which are not segmented, such as corporate and shared services, financial activities,

and shipping and logistics.

Transactions between segments are reported on the same basis of accounting as transactions with third parties.

229

Consolidated financial statements
(millions of U.S. dollar, except share and per share data)

The reconciliation from operating income to net income

(including non-controlling interests) is as follows:

	Year ended December 31, — 2024	2023	2022
Operating income	3,310	2,340	10,272
Income from investments in associates and joint ventures	779	1,184	1,317
Impairments of equity method investments	—	( 1,405 )	—
Financing costs - net	( 1,174 )	( 859 )	( 334 )
Income before taxes	2,915	1,260	11,255
Income tax expense	1,535	238	1,717
Net income (including non- controlling interests)	1,380	1,022	9,538

The Company does not regularly provide a measure of total

assets and liabilities for each reportable segment to the CODM.

3.2 Geographical information

Geographical information, by country or region, is separately

disclosed and represents ArcelorMittal’s most significant

regional markets. Attributed assets are operational assets

employed in each region and include items such as pension

balances that are specific to a country. Unless otherwise stated

in the table heading as a segment disclosure, these disclosures

are specific to the country or region stated. They do not include

goodwill, deferred tax assets, other investments or receivables

and other non-current financial assets. Attributed liabilities are

those arising within each region, excluding indebtedness.

Sales (by destination)

	Year ended December 31, — 2024	2023	2022
Americas
United States	8,440	8,886	8,835
Brazil	7,560	8,243	8,715
Canada	3,414	3,485	4,188
Mexico	2,787	3,288	2,876
Argentina	1,099	1,233	1,908
Others	1,005	1,110	1,538
Total Americas	24,305	26,245	28,060
Europe
Germany	5,761	6,550	7,761
Poland	4,443	4,466	5,930
France	4,194	4,611	5,703
Spain	3,751	3,981	4,737
Italy	2,809	2,608	4,017
Czech Republic	1,191	1,183	1,432
Turkey	929	1,119	1,231
United Kingdom	1,457	1,341	1,593
Belgium	1,675	2,061	2,110
Netherlands	1,273	1,445	1,774
Russia	—	901	996
Romania	403	386	461
Ukraine	557	508	464
Others	4,330	4,620	6,310
Total Europe	32,773	35,780	44,519
Asia & Africa
South Africa	1,751	1,862	2,259
Morocco	808	745	806
Rest of Africa	572	524	499
China	762	764	765
Kazakhstan 1	—	503	625
South Korea	337	410	383
India	128	102	131
Rest of Asia	1,005	1,340	1,797
Total Asia & Africa	5,363	6,250	7,265
Total	62,441	68,275	79,844

On December 7, 2023, the Company completed the divestment of

ArcelorMittal Temirtau. Sales of ArcelorMittal Temirtau were consolidated

until that date see note 2.3.

Revenues from external customers attributed to the country of

domicile (Luxembourg) were 108 , 128 and 206 for the years

ended December 31, 2024 , 2023 and 2022 , respectively.

230

Consolidated financial statements
(millions of U.S. dollar, except share and per share data)

Non-current assets 1 per significant country:

	December 31, — 2024	2023
Americas
Canada	5,049	5,141
Brazil 2	6,121	7,103
Mexico	1,799	1,767
United States	935	963
Argentina	540	289
Others	47	53
Total Americas	14,491	15,316
Europe
France	4,141	4,190
Belgium	2,735	2,800
Germany	2,466	2,629
Poland	2,434	2,545
Spain	2,026	2,058
Luxembourg	1,626	1,898
Ukraine	673	695
Bosnia and Herzegovina	134	159
Italy	99	30
Others	382	400
Total Europe	16,716	17,404
Asia & Africa
Liberia	1,514	915
India	795	587
South Africa	385	424
Morocco	108	103
Others	150	101
Total Asia & Africa	2,952	2,130
Unallocated assets	25,844	25,827
Total	60,003	60,677

Non-current assets do not include goodwill, deferred tax assets, investments

in associates and joint ventures, other investments and other non-current

financial assets (as they are not allocated to the individual countries). Such

assets are presented under the caption “Unallocated assets”.

3.3 Sales by type of products

The table below presents sales to external customers by

product type. In addition to steel produced by the Company,

amounts include material purchased for additional

transformation and sold through distribution services. Mining

products relate to the Company's own production. Others mainly

include non-steel and by-products sales, manufactured and

specialty steel products sales, shipping and other services.

	Year ended December 31, — 2024	2023	2022
Flat products	35,376	38,647	44,776
Long products	13,386	14,124	17,486
Tubular products	1,748	2,160	2,683
Mining products	1,191	1,269	1,391
Others	10,740	12,075	13,508
Total	62,441	68,275	79,844

3.4 Disaggregated revenue

Disaggregated revenue

The tables below summarize the disaggregated revenue recognized from contracts with customers:

Year ended December 31, 2024	North America	Brazil	Europe	Sustainable solutions	Mining	Others	Total
Steel sales	10,961	9,769	23,210	8,335	—	2,658	54,933
Non-steel sales 1	401	127	1,021	514	945	469	3,477
By-product sales 2	79	166	1,033	47	—	145	1,470
Other sales 3	352	460	1,283	192	37	237	2,561
Total	11,793	10,522	26,547	9,088	982	3,509	62,441

231

Consolidated financial statements
(millions of U.S. dollar, except share and per share data)

Year ended December 31, 2023	North America	Brazil	Europe	Sustainable solutions	Mining	Others	Total
Steel sales	11,830	10,393	24,345	9,224	—	4,234	60,026
Non-steel sales 1	541	160	1,130	455	1,140	424	3,850
By-product sales 2	94	174	1,259	46	—	168	1,741
Other sales 3	391	458	1,292	168	31	318	2,658
Total	12,856	11,185	28,026	9,893	1,171	5,144	68,275

Year ended December 31, 2022	North America	Brazil	Europe	Sustainable solutions	Mining	Others	Total
Steel sales	12,796	11,133	30,182	11,622	—	5,061	70,794
Non-steel sales 1	491	189	2,003	209	1,274	373	4,539
By-product sales 2	97	125	1,256	141	—	173	1,792
Other sales 3	332	482	1,375	227	31	272	2,719
Total	13,716	11,929	34,816	12,199	1,305	5,879	79,844

Non-steel sales mainly relate to iron ore, coal, scrap and electricity.
By-product sales mainly relate to slag, waste and coke by-products.
Other sales are mainly comprised of shipping and other services.

NOTE 4: OPERATING DATA

4.1 Revenue

The Company’s revenue is derived from the single performance

obligation to transfer primarily steel and mining products under

arrangements in which the transfer of control of the products

and the fulfillment of the Company’s performance obligation

occur at the same time. Revenue from the sale of goods is

recognized when the Company has transferred control of the

goods to the buyer and the buyer obtains the benefits from the

goods, the potential cash flows and the amount of revenue (the

transaction price) can be measured reliably, and it is probable

that the Company will collect the consideration to which it is

entitled to in exchange for the goods.

Whether the customer has obtained control over the asset

depends on when the goods are made available to the carrier or

the buyer takes possession of the goods, depending on the

delivery terms. For the Company’s steel producing operations,

generally the criteria to recognize revenue has been met when

its products are delivered to its customers or to a carrier who will

transport the goods to its customers, this is the point in time

when the Company has completed its performance obligations.

Revenue is measured at the transaction price of the

consideration received or receivable, the amount the Company

expects to be entitled to.

Additionally, the Company identifies when goods have left its

premises, not when the customer receives the goods.

Therefore, the Company estimates, based on its historical

experience, the amount of goods in-transit when the transfer of

control occurs at the destination and defers the revenue

recognition.

The Company’s products must meet customer specifications. A

certain portion of the Company’s products are returned or have

claims filed against the sale because the products contained

quality defects or other problems. Claims may be either of the

following:

– Product Rejection - Product shipped and billed to an

end customer that did not meet previously agreed

customer specifications. Claims typically result from

physical defects in the goods, goods shipped to the

wrong location, goods produced with incorrect

specifications and goods shipped outside acceptable

time parameters.

– Consequential Damages - Damages reported by the

customer not directly related to the value of the

rejected goods (for example: customer processing cost

or mill down time, sampling, storage, sorting,

administrative cost, replacement cost, etc.).

The Company estimates the variable consideration for such

claims using the expected value method and reduces the

amount of revenue recognized.

Warranties:

The warranties and claims arise when the product fails on the

criteria mentioned above. Sales-related warranties associated

with the goods cannot be purchased separately and they serve

as an assurance that the products sold comply with agreed

specifications. Accordingly, the Company accounts for

warranties in accordance with IAS 37 "Provisions, Contingent

Liabilities and Contingent Assets" (see note 9).

Periodically, the Company enters into volume or other rebate

programs where once a certain volume or other conditions are

met, it refunds the customer some portion of the amounts

232

Consolidated financial statements
(millions of U.S. dollar, except share and per share data)

previously billed or paid. For such arrangements, the Company

only recognizes revenue for the amounts it ultimately expects to

realize from the customer. The Company estimates the variable

consideration for these programs using the most likely amount

method or the expected value method, whichever approach best

predicts the amount of the consideration based on the terms of

the contract and available information and updates its estimates

each reporting period.

The Company’s payment terms range from 30 to 90 days from

date of delivery, depending on the market and product sold. The

Company received 505 and 351 as of December 31, 2024, and

2023, respectively, as advances from its customers which are

classified as unsatisfied performance obligations and

recognized as liabilities in line with IFRS 15. The Company

expects 100 % of these unsatisfied performance obligations as

of December 31, 2024 to be recognized as revenue during 2025

as the Company’s contracts have an original expected duration

of one year or less.

The tables below summarize the movements relating to the

Company's trade receivable and other for the years ended

December 31, 2024, 2023 and 2022.

	Year ended December 31, — 2024	2023	2022
Trade accounts receivable and other - opening balance	3,661	3,839	5,143
Performance obligations satisfied	62,441	68,275	79,844
Payments received	( 62,249 )	( 68,590 )	( 80,977 )
Impairment of receivables (net of write backs and utilization)	( 18 )	( 165 )	—
Recognition (derecognition) of receivables related to business combination and divestments 1	31	189	190
Foreign exchange and others	( 491 )	113	( 361 )
Trade accounts receivable and other - closing balance	3,375	3,661	3,839

2024 consists receivables acquired as part of acquisition of Italpannelli SRL.

2023 mainly included receivables acquired as part of 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 (see note 2.3). 2022 included mainly

receivables acquired as part of acquisition of ArcelorMittal Texas HBI (see

note 2.2.4).

4.2 Cost of sales

Cost of sales includes the following components:

	Year ended December 31, — 2024	2023	2022
Materials	41,932	46,422	51,353
Labor costs	6,781	7,038	6,721
Logistic expenses	3,789	4,028	4,096
Depreciation and amortization	2,632	2,675	2,580
Impairment charges (note 5.3)	116	1,038	1,026
Foreign exchange translation losses upon disposal of Kazakhstan operations (note 2.3)	—	1,469	—
Other	1,403	868	1,533
Total	56,653	63,538	67,309

4.3 Trade accounts receivable and other

Trade accounts receivable are initially recorded at their

transaction price and do not carry any interest. ArcelorMittal

maintains an allowance for lifetime expected credit loss at an

amount that it considers to be a reliable estimate of expected

credit losses resulting from the inability of its customers to make

required payments. In judging the adequacy of the allowance for

expected credit losses, ArcelorMittal considers multiple factors

including historical bad debt experience, the current and forward

looking economic environment and the aging of the receivables.

Recoveries of trade receivables previously reserved in the

allowance for expected credit losses are recognized as gains in

selling, general and administrative expenses.

ArcelorMittal’s policy is to record an allowance for expected

lifetime credit losses and a charge in selling, general and

administrative expense when a specific account is deemed

uncollectible. The Company concluded that a trade receivable is

in default when it is overdue by more than 180 days . Based on

historical experience and analysis, the Company concluded that

there is a risk of default as such receivables are generally not

recoverable and therefore provided for, unless the collectability

can be clearly demonstrated. Uninsured trade receivables and

the associated allowance are written off when ArcelorMittal has

exhausted its recovery efforts and enforcement options.

ArcelorMittal continuously considered the impacts on the current

economic environment in its risk of default assessment for

receivables outstanding less than 180 days . Receivables aged

31 days or older and uninsured trade receivables remain

consistent with historical levels and the Company did not identify

any expected increased risk of default.

233

Consolidated financial statements
(millions of U.S. dollar, except share and per share data)

Trade accounts receivable and allowance for lifetime expected

credit losses

	December 31, — 2024	2023
Gross amount	3,685	4,025
Allowance for lifetime expected credit losses	( 310 )	( 364 )
Total	3,375	3,661

The carrying amount of the trade accounts receivable and other

approximates their fair value. Before granting credit to any new

customer, ArcelorMittal uses an internally developed credit

scoring system to assess the potential customer’s credit quality

and to define credit limits by customer. For all significant

customers, the credit terms must be approved by the credit

committees of each reportable segment. Limits and scoring

attributed to customers are reviewed periodically. There are no

customers who represent more than 5% of the total balance of

trade accounts receivable.

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, — 2024	2023
North America	313	337
Brazil	1,051	1,400
Europe	1,220	988
Sustainable Solutions	538	599
Mining	62	73
Others	191	264
Total	3,375	3,661

Aging of trade accounts receivable

	December 31,			December 31,
	2024			2023
	Gross	Allowance	Total	Gross	Allowance	Total
Not past due	2,930	( 41 )	2,889	3,070	( 19 )	3,051
Overdue 1-30 days	293	( 5 )	288	303	( 1 )	302
Overdue 31-60 days	80	( 1 )	79	83	( 2 )	81
Overdue 61-90 days	25	( 1 )	24	44	( 1 )	43
Overdue 91-180 days	43	( 2 )	41	143	( 12 )	131
More than 180 days	314	( 260 )	54	382	( 329 )	53
Total	3,685	( 310 )	3,375	4,025	( 364 )	3,661

The movements in the allowance are calculated based on

lifetime expected credit loss model for 2024, 2023 and 2022.

The allowances in respect of trade accounts receivable during

the periods presented are as follows:

	Year ended December 31, — 2024	2023	2022
Allowance - opening balance	364	190	206
Additions	30	178	19
Write backs / utilization	( 12 )	( 13 )	( 19 )
Foreign exchange and others	( 72 )	9	( 16 )
Allowance - closing balance	310	364	190

The Company has established a number of programs for sales

without recourse of trade accounts receivable to various

financial institutions (referred to as true sale of receivables

(“TSR”). Through the TSR programs, certain operating

subsidiaries of ArcelorMittal surrender the control, risks and

benefits associated with the accounts receivable sold; therefore,

the amount of receivables sold is recorded as a sale of financial

assets and the balances are derecognized from the

consolidated statements of financial position at the moment of

sale. The Company classifies trade receivables subject to TSR

as financial assets that are held to collect or to sell and

recognizes them at FVOCI (see note 6). The fair value

measurement is determined based on the invoice amount net of

TSR expense payable, a Level 3 unobservable input. The TSR

expense is insignificant due to the rate applicable and the short

timeframe between the time of sale and the invoice due date.

Any loss allowance for these trade receivables is recognized in

OCI. As of December 31, 2024 and 2023, the total amount of

trade accounts receivables sold amounted to 4.4 billion and 4.5

billion , respectively.

4.4 Inventories

Inventories are carried at the lower of cost or net realizable

value. Cost is determined using the average cost method. Costs

of production in process and finished goods include the

234

Consolidated financial statements
(millions of U.S. dollar, except share and per share data)

purchase costs of raw materials and conversion costs such as

direct labor and an allocation of fixed and variable production

overheads. Raw materials and spare parts are valued at cost,

inclusive of freight, shipping, handling as well as any other costs

incurred in bringing the inventories to their present location and

condition. Interest charges, if any, on purchases have been

recorded as financing costs. Costs incurred when production

levels are abnormally low are capitalized as inventories based

on normal capacity with the remaining costs incurred recorded

as a component of cost of sales in the consolidated statements

of operations.

Net realizable value represents the estimated selling price at

which the inventories can be realized in the normal course of

business after allowing for the cost of conversion from their

existing state to a finished condition and for the cost of

marketing, selling, and distribution. Net realizable value is

estimated based on the most reliable evidence available at the

time the estimates were made of being the amount that the

inventory is expected to realize, taking into account the purpose

for which the inventory is held.

Previous write-downs are reversed in case the circumstances

that previously caused inventories to be written down below cost

no longer exist.

Inventories, net of allowance for slow-moving inventory, excess

of cost over net realizable value and obsolescence of 1,370 and

1,434 as of December 31, 2024 and 2023 , respectively, are

comprised of the following:

	December 31, — 2024	2023
Finished products	4,853	5,372
Production in process	4,177	4,741
Raw materials	5,245	6,334
Manufacturing supplies, spare parts and other 1	2,226	2,312
Total	16,501	18,759

Including spare parts of 1.7 billion and 1.7 billion , and manufacturing and other

supplies of 0.5 billion and 0.6 billion as of December 31, 2024 and 2023 ,

respectively.

Movements in the inventory write-downs are as follows:

	Year ended December 31, — 2024	2023	2022
Inventory write-downs - opening balance	1,434	1,629	1,023
Additions 1	567	516	759
Deductions / Releases 2	( 550 )	( 681 )	( 136 )
Foreign exchange and others	( 81 )	( 30 )	( 17 )
Inventory write-downs - closing balance	1,370	1,434	1,629

Additions refer to write-downs of inventories excluding those utilized or written

back during the same financial year.

Deductions/releases correspond to write-backs and utilization related to the

prior periods.

4.5 Prepaid expenses and other current assets

	December 31, — 2024	2023
VAT receivables	836	792
Prepaid expenses and non-trade receivables	610	658
Financial amounts receivable 2	389	247
Income tax receivable	148	209
Receivables from public authorities	207	206
Receivables from sale of intangible, tangible and financial assets	91	81
Derivative financial instruments (notes 6.1 and 6.3)	305	643
CO 2 emission rights	180	3
Other 1	256	198
Total	3,022	3,037

Other included mainly advances to employees, accrued interest and other

miscellaneous receivables.

Includes 98 and 114 of outstanding receivables in connection with the sale of

ArcelorMittal Temirtau, at December 31, 2024 and 2023, respectively (see

note 2.3).

4.6 Other assets

Other assets consisted of the following:

	December 31, — 2024	2023
Derivative financial instruments (notes 6.1 and 6.3)	133	163
Financial amounts receivable 2	594	785
Long-term VAT receivables	239	215
Cash guarantees and deposits	153	178
Receivables from public authorities	71	115
Accrued interest	25	27
Receivables from sale of intangible, tangible and financial assets	68	100
Income tax receivable	49	91
Other 1	246	185
Total	1,578	1,859

Other mainly include s assets in pension funds and other amounts receivable .
Includes 197 and 342 of outstanding receiv ables in connection with the sale

of ArcelorMittal Temirtau, at December 31, 2024 and 2023, respectively (see

note 2.3).

4.7 Trade accounts payable and other

Trade accounts payable are obligations to pay for goods that

have been acquired in the ordinary course of business from

suppliers. Trade accounts payable have maturities from 15 to

235

Consolidated financial statements
(millions of U.S. dollar, except share and per share data)

180 days depending on the type of material, the geographic

area in which the purchase transaction occurs and the various

contractual agreements. The carrying value of trade accounts

payable approximates fair value. The Company’s average

outstanding number of trade payable days amounted to 83 over

the last 5 years.

Certain contractual arrangements with the longest maturities

enable suppliers, at their own discretion, to early discount their

receivables due from the Company to obtain funding for their

own working capital needs. The Company has determined that

such arrangements did neither lead to the extinguishment of the

liability against the supplier nor resulted in significant

modifications of amounts payable and applicable terms and

conditions. Accordingly, in the consolidated statement of

financial position the corresponding payables remain classified

as trade accounts payables until they are settled at their agreed

due dates, and the corresponding cash outflows are classified

as part of the operating activities in the consolidated statement

of cash flows.

As of December 31, 2024, the Company estimates that about

2.8 billion of outstanding trade payables were subject to the

above-mentioned contractual arrangements as compared to 2.9

billion in 2023 and the Company estimates that similar amounts

of trade payables were early discounted by its suppliers in 2024

and 2023.

4.8 Accrued expenses and other liabilities

Accrued expenses and other liabilities were comprised of the

following:

	December 31, — 2024	2023
Accrued payroll and employee related expenses	1,335	1,403
Accrued interest and other payables	873	1,134
Payable from acquisition of intangible, tangible & financial assets	1,471	1,270
Other amounts due to public authorities	644	691
Derivative financial instruments (notes 6.1 and 6.3)	327	360
Unearned revenue and accrued payables	88	109
Total	4,738	4,967

NOTE 5: GOODWILL, INTANGIBLE AND TANGIBLE ASSETS

5.1 Goodwill and intangible assets

The carrying amounts of goodwill and intangible assets are

summarized as follows:

	December 31, — 2024	2023
Goodwill on acquisitions	3,605	3,908
Concessions, patents and licenses	285	266
Customer relationships and trade marks	204	155
Emission rights	246	642
Other	113	131
Total	4,453	5,102

Goodwill

Goodwill arising on an acquisition is recognized as previously

described within the business combinations section in note

2.2.3. Goodwill is allocated to those GCGUs that are expected

to benefit from the business combination in which the goodwill

arose and in all cases is at the operating segment level, which

represents the lowest level at which goodwill is monitored for

internal management purposes except for goodwill allocated to

AMKR CGU in Ukraine and AMSA GCGU in South Africa (see

below).

As described in note 3.1, effective January 1, 2024, the

Company has revised it s operating segments following changes

to its organizational structure and to components of the Group

whose operating results are regularly reviewed by the CODM.

Accordingly, there are six operating and reportable segments:

North America, Brazil, Europe, India and JVs, Sustainable

Solutions and Mining. The discussion within this note reflects

the impairment test results as of October 1 for the years ended

December 31, 2024 and 2023 . Following the decision to revise

its segments, the Company reallocated 242 and 174 goodwill

from the former ACIS GCGU to the AMKR CGU in Ukraine and

to AMSA GCGU in South Africa, respectively. In addition, with

respect to the Europe operating segment, 98 goodwill was

reallocated to the Sustainable Solutions operating segment

based on the relative enterprise values of the underlying

businesses.

Goodwill acquired in business combination s for each of the

Company’s operating segments and certain other CGUs and

GCGUs retrospectively adjusted for the change in segmentation

is as follows:

	December 31, 2023	Acquisitions 1	Foreign exchange differences and other movements	December 31, 2024
North America	1,563	—	( 62 )	1,501
Brazil	1,316	—	( 254 )	1,062
Europe	515	—	( 27 )	488
Sustainable Solutions	98	85	( 5 )	178
Others 3	416	—	( 40 )	376
Total	3,908	85	( 388 )	3,605

236

Consolidated financial statements
(millions of U.S. dollar, except share and per share data)

	December 31, 2022	Acquisitions 1	Foreign exchange differences and other movements	Divestments 2	December 31, 2023
North America	1,540	—	23	—	1,563
Brazil	1,070	164	82	—	1,316
Europe	503	—	12	—	515
Sustainable Solutions	20	57	21	—	98
Others 3	634	—	( 24 )	( 194 )	416
Total	3,767	221	114	( 194 )	3,908

See note 2.2.4
See note 2.3
Includes the CGU AMKR and the GCGU AMSA

Prior to January 1, 2024, the Company's goodwill impairment

testing was performed on the basis of five operating and

reportable segments. These segments are set forth below

(excluding Mining, which does not carry goodwill). Goodwill

acquired in business combinations for each of the Company’s

former operating segments as of December 31, 2023 is as

follows:

	December 31, 2022	Acquisitions 1	Foreign exchange differences and other movements	Divestments 2	December 31, 2023
NAFTA	1,540	—	23	—	1,563
Brazil	1,070	164	82	—	1,316
Europe	523	57	33	—	613
ACIS	634	—	( 24 )	( 194 )	416
Total	3,767	221	114	( 194 )	3,908

See note 2.2.4
See note 2.3

Intangible assets are recognized only when it is probable that

the expected future economic benefits attributable to the assets

will accrue to the Company and the cost can be reliably

measured. Intangible assets acquired separately by

ArcelorMittal are initially recorded at cost and those acquired in

a business combination are initially recorded at fair value at the

date of the business combination. These primarily i nclude

customer relationships and trade marks as well as emission

rights, and the cost of technology and licenses purchased from

third parties and operating authorizations granted by

governments or other public bodies (concessions). Intangible

assets are amortized on a straight-line basis over their

estimated economic useful lives, which typically do not exceed

five years . Amortization is included in the consolidated

statements of operations as part of cost of sales.

ArcelorMittal’s industrial sites which are regulated by the

European Directive 2003/87/EC of October 13, 2003 on carbon

dioxide (“CO 2 ”) emission rights, effective as of January 1, 2005,

are located primarily in Belgium, France, Germany,

Luxembourg, Poland and Spain. In Ontario, Canada,

ArcelorMittal's operations have been subject to output based

pricing system regulations since January 1, 2019 but effective

January 1, 2022, they are regulated on carbon pricing under the

Ontario Emissions Performance System (“OEPS”) . In South

Africa, a CO 2 tax system was introduced in 2019.

Emission rights allocated to the Company on a no-charge basis

pursuant to the annual national allocation plan are recorded at

nil value and purchased emission rights are recorded at cost.

237

Consolidated financial statements
(millions of U.S. dollar, except share and per share data)

Other intangible assets are summarized as follows:

	Concessions, patents and licenses	Customer relationships and trade marks	Other 1	Total
Cost
At December 31, 2022	446	1,091	990	2,527
Acquisitions	75	—	102	177
Acquisitions through business combinations (note 2.2.4)	8	24	100	132
Disposals	—	—	( 222 )	( 222 )
Divestment (note 2.3.1)	( 18 )	—	—	( 18 )
Foreign exchange differences	32	49	36	117
Transfers and other movements	13	4	18	35
At December 31, 2023	556	1,168	1,024	2,748
Acquisitions	85	—	42	127
Acquisitions through business combination (note 2.2.4)	—	58	—	58
Disposal	—	—	( 182 )	( 182 )
Foreign exchange differences	( 82 )	( 92 )	( 62 )	( 236 )
Transfers and other movements	27	14	( 193 )	( 152 )
Fully amortized intangible assets	( 35 )	( 322 )	( 3 )	( 360 )
At December 31, 2024	551	826	626	2,003
Accumulated amortization and impairment losses
At December 31, 2022	238	958	195	1,391
Divestment (note 2.3.1)	( 18 )	—	—	( 18 )
Amortization charge	59	12	52	123
Foreign exchange differences	23	43	8	74
Transfers and other movements	( 12 )	—	( 4 )	( 16 )
At December 31, 2023	290	1,013	251	1,554
Amortization charge	67	15	25	107
Foreign exchange differences	( 57 )	( 84 )	( 23 )	( 164 )
Transfers and other movements	—	—	17	17
Fully amortized intangible assets	( 34 )	( 322 )	( 3 )	( 359 )
At December 31, 2024	266	622	267	1,155
Carrying amount
At December 31, 2023	266	155	773	1,194
At December 31, 2024	285	204	359	848

1 Including emission rights of 246 and 642 at December 31, 2024 and 2023, respectively.

Disposal of other intangible assets resulted in a 190 gain in

2024 and 414 gain in 2023.

Research and development costs not meeting the criteria for

capitalization are expensed as incurred. These costs amounted

to 285 , 299 and 286 for the years ended December 31, 2024 ,

2023 and 2022 , respectively and were recognized in selling,

general and administrative expenses.

5.2 Property, plant and equipment and biological assets

Property, plant and equipment is recorded at cost less

accumulated depreciation and impairment. Cost includes all

related costs directly attributable to the acquisition or

construction of the asset. Except for land and assets used in

mining activities, property, plant and equipment is depreciated

using the straight-line method over the useful lives of the related

assets as presented in the table below.

Asset Category	Useful Life Range
Land	Not depreciated
Buildings	10 to 50 years
Property plant & equipment	15 to 64 years
Auxiliary facilities	15 to 60 years
Other facilities	5 to 20 years

The Company’s annual review of useful lives l everages on the

experience gained from an in-depth review performed every five

years, any significant change in the expected pattern of

238

Consolidated financial statements
(millions of U.S. dollar, except share and per share data)

consumption embodied in the asset, and the specialized

knowledge of ArcelorMittal’s network of chief technical officers.

The chief technical officer network includes engineers with

facility-specific expertise related to plant and equipment used in

the principal production units of the Company’s operations. The

most recent in-depth review took place in 2024 , during which the

Company performed a review, which was finalized early 2025, of

the useful lives of its fixed assets and determined there were no

material changes to the useful lives of property, plant and

equipment. In performing this review, the Company gathered

and evaluated data, including commissioning dates, designed

capacities, maintenance records and programs, and asset

performance history, among other attributes. In accordance with

IAS 16, Property, Plant and Equipment, the Company

considered this information at the level of components

significant in relation to the total cost of the item of plant and

equipment. Other factors the Company considered in its

determination of useful lives included the expected use of the

assets, technical or commercial obsolescence, and operational

factors. In addition, the Company considered the accumulated

technical experience and knowledge sharing programs that

allowed for the exchange of best practices within the chief

technical officer network and the deployment of these practices

across the Company’s principal production units.

Major improvements, which add to productive capacity or extend

the life of an asset, are capitalized, while repairs and

maintenance are expensed as incurred. Where a tangible fixed

asset comprises major components having different useful lives,

these components are accounted for as separate items.

Property, plant and equipment under construction is recorded as

construction in progress until it is ready for its intended use;

thereafter it is transferred to the related class of property, plant

and equipment and depreciated over its estimated useful life.

Interest incurred during construction is capitalized if the

borrowing cost is directly attributable to the construction. Gains

and losses on retirement or disposal of assets are recognized in

cost of sales.

The residual values and useful lives of property, plant and

equipment are reviewed at each reporting date and adjusted if

expectations differ from previous estimates. Depreciation

methods applied to property, plant and equipment are reviewed

at each reporting date and changed if there has been a

significant change in the expected pattern of consumption of the

future economic benefits embodied in the asset. In the context

of the 2021 annual review of useful lives and considering the

expected date of retirement of certain assets in particular BF

and BOF, sinter plants and coke plants following the

implementation of the Company's decarbonization strategy

involving the construction of DRI - EAF facilities, the Company

decreased estimates of residual useful lives of such items of

property, plant and equipment for its flat carbon operations in

the EU and in Canada. The Company's announcements

regarding decarbonization plans in Europe in November 2024

are not expected to significantly impact depreciation going

forward.

Mining assets comprise:

• Mineral rights acquired;

• Capitalized developmental stripping (as described

below in “—Stripping and overburden removal costs”).

Property, plant and equipment used in mining activities is

depreciated over its useful life or over the remaining life of the

mine, if shorter, and if there is no alternative use. For the

majority of assets used in mining activities, the economic

benefits from the asset are consumed in a pattern which is

linked to the production level and accordingly, assets used in

mining activities are primarily depreciated on a units-of-

production basis. A unit-of-production is based on the available

estimate of proven and probable reserves.

Capitalization of pre-production expenditures ceases when the

mining property is capable of commercial production as it is

intended by management. General administration costs that are

not directly attributable to a specific exploration area are

charged to the consolidated statements of operations.

Mineral Reserves and resources

Mineral Reserves are estimates of the amount of product that

can be economically and legally extracted from the Company’s

properties. Furthermore, mineral resource estimates constitute

the part of a mineral deposit that have the potential to be

economically and legally extracted or produced at the time of

the resource determination. In order to estimate mineral

reserves, estimates are required for a range of geological,

technical and economic factors, including quantities, grades,

production techniques, recovery rates, production costs,

transport costs, commodity demand, commodity prices and

exchange rates. The potential for economic viability and

estimate of mineral resources is established through high level

and conceptual engineering studies.

Estimating the quantity and/or grade of mineral reserves

requires the size, shape and depth of ore bodies to be

determined by analyzing geological data such as drilling

samples. This process may require complex and difficult

geological judgments to interpret the data. The estimation of

mineral resource is based on detailed and reliable exploration,

sampling and testing information gathered through appropriate

techniques from locations such as outcrops, trenches, pits,

workings and drill holes that are spaced closely enough to

confirm both geological and grade continuity.

Because the economic assumptions used to estimate mineral

reserves and mineral resources change from period to period,

239

Consolidated financial statements
(millions of U.S. dollar, except share and per share data)

and because additional geological data is generated during the

course of operations, estimates of mineral reserves and mineral

resources may change from period to period. Changes in

reported mineral reserves and mineral resources may affect the

Company’s financial results and financial position in a number of

ways, including the following:

• Asset carrying amounts may be affected due to

changes in estimated future cash flows.

• Depreciation, depletion and amortization charged in the

consolidated statements of operations may change

where such charges are determined by the units of

production basis, or where the useful economic lives of

assets change.

• Overburden removal costs recognized in the

consolidated statements of financial position or

charged to the consolidated statements of operations

may change due to changes in stripping ratios or the

units of production basis of depreciation.

• Decommissioning, site restoration and environmental

provisions may change where changes in estimated

reserves affect expectations about the timing or cost of

these activities.

Stripping and overburden removal costs

In open pit and underground mining operations, it is often

necessary to remove overburden and other waste materials to

access the deposit from which minerals can be extracted. This

process is referred to as stripping. Stripping costs can be

incurred before the mining production commences

(“developmental stripping”) or during the production stage

(“production stripping”).

A mine can operate several open pits that are regarded as

separate operations for the purpose of mine planning and

production. In this case, stripping costs are accounted for

separately, by reference to the ore extracted from each separate

pit. If, however, the pits are highly integrated for the purpose of

mine planning and production, stripping costs are aggregated.

The determination of whether multiple pit mines are considered

separate or integrated operations depends on each mine’s

specific circumstances. The following factors would point

towards the stripping costs for the individual pits being

accounted for separately:

• If mining of the second and subsequent pits is

conducted consecutively with that of the first pit, rather

than concurrently.

• If separate investment decisions are made to develop

each pit, rather than a single investment decision being

made at the outset.

• If the pits are operated as separate units in terms of

mine planning and the sequencing of overburden and

ore mining, rather than as an integrated unit.

• If expenditures for additional infrastructure to support

the second and subsequent pits are relatively large.

• If the pits extract ore from separate and distinct ore

bodies, rather than from a single ore body.

The relative importance of each factor is considered by local

management to determine whether the stripping costs should be

attributed to the individual pit or to the combined output from

several pits.

Developmental stripping costs contribute to the future economic

benefits of mining operations when the production begins and

so are capitalized as tangible assets (construction in progress),

whereas production stripping is a part of on-going activities and

commences when the production stage of mining operations

begins and continues throughout the life of a mine.

Capitalization of developmental stripping costs ends when the

commercial production of the minerals commences.

Production stripping costs are incurred to extract the ore in the

form of inventories and/or to improve access to an additional

component of an ore body or deeper levels of material.

Production stripping costs are accounted for as inventories to

the extent the benefit from production stripping activity is

realized in the form of inventories. Production stripping costs are

recognized as a non-current asset (“stripping activity assets”) to

the extent it is probable that future economic benefit in terms of

improved access to ore will flow to the Company, the

components of the ore body for which access has been

improved can be identified and the costs relating to the stripping

activity associated with that component can be measured

reliably.

All stripping costs assets (either stripping activity assets or

capitalized developmental stripping costs) are presented within

a specific “mining assets” class of property, plant and equipment

and then depreciated on a units-of-production basis.

Exploration and evaluation expenditure

Exploration and evaluation activities involve the search for iron

ore and coal resources, the determination of technical feasibility

and the assessment of commercial viability of an identified

resource. Exploration and evaluation activities include:

• researching and analyzing historical exploration data;

240

Consolidated financial statements
(millions of U.S. dollar, except share and per share data)

• conducting topographical, geological, geochemical and

geophysical studies;

• carrying out exploratory drilling, trenching and sampling

activities;

• drilling, trenching and sampling activities to determine

the quantity and grade of the deposit;

• examining and testing extraction methods and

metallurgical or treatment processes; and

• detailed economic feasibility evaluations to determine

whether development of the reserves is commercially

justified and to plan methods for mine development.

Exploration and evaluation expenditure is charged to the

consolidated statements of operations as incurred except in the

following circumstances, in which case the expenditure is

capitalized: (i) the exploration and evaluation activity is within an

area of interest which was previously acquired in a business

combination and measured at fair value on acquisition; or (ii)

when management has a high degree of confidence in the

project’s economic viability and it is probable that future

economic benefits will flow to the Company.

Capitalized exploration and evaluation expenditures are

generally recorded as a component of property, plant and

equipment at cost less impairment charges, unless their nature

requires them to be recorded as an intangible asset. As the

asset is not available for use, it is not depreciated and all

capitalized exploration and evaluation expenditure is monitored

for indications of impairment. To the extent that capitalized

expenditure is not expected to be recovered, it is recognized as

an expense in the consolidated statements of operations.

Cash flows associated with exploration and evaluation

expenditure are classified as operating activities when they are

related to expenses or as an investing activity when they are

related to a capitalized asset in the consolidated statements of

cash flows.

Development expenditure

Development is the establishment of access to the mineral

reserve and other preparations for commercial production.

Development activities often continue during production and

include:

• sinking shafts and underground drifts (often called

mine development);

• making permanent excavations;

• developing passageways and rooms or galleries;

• building roads and tunnels; and

• advance removal of overburden and waste rock.

Development (or construction) also includes the installation of

infrastructure (e.g., roads, utilities and housing), machinery,

equipment and facilities.

When reserves are determined and development is approved,

expenditures capitalized as exploration and evaluation are

reclassified as construction in progress and are reported as a

component of property, plant and equipment. All subsequent

development expenditures are capitalized and classified as

construction in progress. On completion of development, all

assets included in construction in progress are individually

reclassified to the appropriate category of property, plant and

equipment and depreciated accordingly.

Biological assets

Biological assets are part of the Brazil operating segment and

consist of eucalyptus forests located in the Brazilian state of

Minas Gerais exclusively from renewable plantations and

intended for the production of charcoal to be utilized as fuel and

a source of carbon in the direct reduction process of pig iron

production in some of the Company’s blast furnaces in Brazil.

Biological assets are measured at their fair value, net of

estimated costs to sell at the time of harvest. The fair value

(Level 3 in the fair value hierarchy) is determined based on the

discounted cash flow method, taking into consideration the cubic

volume of wood, segregated by plantation year, and the

equivalent sales value of standing trees. The average sales

price was estimated based on domestic market prices. In

determining the fair value of biological assets, a discounted

cash flow model was used, with a harvest cycle of 6 to 7 years .

Borrowing costs

Borrowing costs directly attributable to the acquisition,

construction or production of a qualifying asset are part of the

cost of the asset until such assets are commissioned. If the

project is subject to a specific funding, the capitalization of

borrowing costs is based on the borrowing rate. If the project is

financed by the Company's debt, the capitalization of borrowing

costs is based on the weighted average borrowing cost for the

period.

241

Consolidated financial statements
(millions of U.S. dollar, except share and per share data)

Property, plant and equipment and biological assets are summarized as follows:

	Land, buildings and Improvements	Machinery, equipment and other 2	Construction in progress	Right-of-use assets	Mining Assets	Total
Cost
At December 31, 2022	9,476	34,133	5,887	2,003	3,440	54,939
Additions	61	291	4,372	258	52	5,034
Acquisitions through business combinations (note 2.2.4)	789	1,057	23	30	—	1,899
Foreign exchange differences	473	1,458	112	68	7	2,118
Disposals	( 191 )	( 850 )	( 1 )	—	( 7 )	( 1,049 )
Divestments (note 2.3.1)	( 40 )	( 2,074 )	( 550 )	—	( 661 )	( 3,325 )
Other movements 1	282	1,950	( 2,500 )	( 87 )	201	( 154 )
At December 31, 2023	10,850	35,965	7,343	2,272	3,032	59,462
Additions	43	243	3,854	209	207	4,556
Acquisitions through business combinations (note 2.2.4)	36	18	—	—	—	54
Foreign exchange differences	( 1,163 )	( 4,462 )	( 500 )	( 151 )	( 45 )	( 6,321 )
Disposals	( 82 )	( 470 )	( 77 )	—	—	( 629 )
Other movements 1	365	2,159	( 2,267 )	( 94 )	208	371
At December 31, 2024	10,049	33,453	8,353	2,236	3,402	57,493
Accumulated depreciation and impairment
At December 31, 2022	3,448	17,201	1,127	793	2,203	24,772
Depreciation charge for the year	315	1,875	—	235	127	2,552
Impairment (note 5.3)	16	529	233	—	66	844
Disposals	( 187 )	( 808 )	—	—	( 7 )	( 1,002 )
Foreign exchange differences	248	977	( 2 )	12	6	1,241
Divestments (note 2.3.1)	( 26 )	( 1,521 )	( 235 )	—	( 571 )	( 2,353 )
Other movements 1	5	( 101 )	( 40 )	( 112 )	—	( 248 )
At December 31, 2023	3,819	18,152	1,083	928	1,824	25,806
Depreciation charge for the year	314	1,884	—	227	100	2,525
Impairment (note 5.3)	15	49	52	—	—	116
Disposals	( 34 )	( 431 )	—	—	—	( 465 )
Foreign exchange differences	( 573 )	( 3,034 )	( 18 )	( 71 )	( 38 )	( 3,734 )
Other movements 1	5	23	( 17 )	( 88 )	11	( 66 )
At December 31, 2024	3,546	16,643	1,100	996	1,897	24,182
Carrying amount
At December 31, 2023	7,031	17,813	6,260	1,344	1,208	33,656
At December 31, 2024	6,503	16,810	7,253	1,240	1,505	33,311

Other movements predominantly represent transfers from construction in progress to other categories and retirement of fully depreciated assets and capitalization of

borrowing costs.

Machinery, equipment and other includes biological assets of 74 and 64 as of December 31, 2024 and 2023, respectively, and bearer plants of 47 and 51 as of

December 31, 2024 and 2023, respectively.

C api tal expenditures relating to decarbonization

In 2024, capital expenditures relating to decarbonization

projects amounted to 0.3 billion and related mainly to the

Europe reportable segment. In 2023, they amounted to 0.2

billion mainly with respect to the ArcelorMittal Dofasco (Canada)

DRI/EAF project.

Assets pledged as security

See note 9.4 for information about assets pledged as security by

the Company.

Capital commitments

See note 9.4 for information about contractual commitments for

acquisition of property, plant and equipment by the Company.

Other information

The carrying amount of temporarily idle property, plant and

equipment at December 31, 2024 and 2023 was 286 and 264

242

Consolidated financial statements
(millions of U.S. dollar, except share and per share data)

including mainly 30 and 41 in Brazil, 164 and 112 in the Europe

segment and 87 and 105 in Others, respectively.

The carrying amount of property, plant and equipment retired

from active use and not classified as held for sale was 1 and 22

at December 31, 2024 and 2023 , respectively. Such assets are

carried at their recoverable amount.

In 2024, the Company capitalized 0.2 billion of borrowing costs

and applied a 5.1 % capitalization rate.

5.3 Impairment of intangible assets, including goodwill, and

tangible assets

I mpairment charges were as follows:

Type of asset	Year ended December 31, — 2024	2023	2022
Goodwill	—	194	—
Intangible assets	—	—	6
Tangible assets	116	844	1,020
Total	116	1,038	1,026

Impairment test of goodwill

Goodwill is tested for impairment annually, as of October 1 or

whenever changes in circumstances indicate that the carrying

amount may not be recoverable at the level of the cash-

generating unit ("CGU") (in the case of AMKR) or group of cash-

generating unit ("GCGU") which corresponds either to AMSA or

the operating segments representing the lowest level at which

goodwill is monitored for internal management purposes.

Whenever the CGUs comprising the operating segments or

AMSA are tested for impairment at the same time as goodwill,

the cash-generating units are tested first and any impairment of

the assets is recorded prior to the testing of goodwill.

The recoverable amounts of the GCGUs are mainly determined

based on their value in use. The value in use of each GCGU is

determined by estimating future cash flows. The 2024

impairment test of goodwill did not include the GCGU

corresponding to the Mining segment as goodwill allocated to

this GCGU was fully impaired in 2015. The key assumptions for

the value in use calculations are primarily the discount rate s,

growth rates, expected changes to average selling prices,

shipments and direct costs during the period. Assumptions for

average selling prices and shipments are based on historical

experience and expectations of future changes in the market. In

addition, with respect to raw material price assumptions, the

Company applied a range of $ 80 per tonne to $ 98 per tonne for

iron ore ($ 70 per tonne to $ 114 per tonne in 2023) and $ 190 per

tonne to $ 210 per tonne ($ 185 per tonne to $ 250 per tonne in

for coking coal. Cash flow forecasts adjusted for the risks

specific to the tested assets are derived from the most recent

financial plans approved by management for the next five years.

Beyond the specifically forecasted period, the Company

extrapolates cash flows for the remaining years based on an

estimated growth rate of 2 % . This rate does not exceed the

average long-term growth rate for the relevant markets.

The Company considered its exposure to certain climate-related

risks which could affect its estimates of future cash flow

projections applied for the determination of the recoverable

amount of its GCGUs and CGUs. With the switch to electric

vehicles and the move to wind and solar power generation, the

Company sees also additional opportunities as customers

deepen their understanding of embedded and lifecycle

emissions of the materials where steel compares favorably.

The Company is committed to the objectives of the Paris

agreement and announced its ambition to achieve group-wide

carbon neutrality by 2050. These announced goals will require

significant long-term investments which require global level

playing field, access to abundant and affordable clean energy,

facilitating necessary energy infrastructure, access to

sustainable finance for low-emissions steelmaking and

accelerated transition to a circular economy. In addition, the

Company considered the legal obligation of carbon neutrality by

2050 effective within the EU and in Canada following adoption

of the Climate Law and the Net Zero Emission Accountability

Act, respectively. Accordingly, with respect to its flat steel

operations in the EU and in Canada, ArcelorMittal concluded

that future decarbonization capital expenditures, which

correspond essentially to the construction of DRI-EAF facilities,

are necessary to maintain the level of economic benefits

expected to arise from the assets in their current condition and

should therefore be included in the Company’s assumptions for

future cash flows of the recoverable amount of the respective

GCGUs and CGUs . At the same time, the Company is engaged

in developing in the near to medium term a range of innovative

low-emission technologies for the transition to decarbonized

steel and required investments are considered in the Company's

future cash flow projections. ArcelorMittal acknowledges that

CGUs and GCGUs applying the BF-BOF route in other

jurisdictions than the EU and Canada will apply decarbonization

at a different pace. They may also not yet be subject to a legal

obligation of carbon neutrality, as a result of which the future

estimated decarbonization cost for such operations is reflected

through an additional risk premium embedded in discount rates

until they are able to accelerate their decarbonization strategy to

meet the 2050 carbon neutrality objective and a legal obligation

arises in the relevant jurisdiction.

ArcelorMittal's most substantial climate-related policy risk is the

EU Emissions Trading scheme ("'ETS"), which applies to all its

European plants. The risk concerns the Company's primary

steelmaking plants which are exposed to this regulation. On

April 25, 2023, the EU adopted a revision of the ETS Directive

243

Consolidated financial statements
(millions of U.S. dollar, except share and per share data)

including a regulation establishing a carbon border adjustment

mechanism (“CBAM”) which entered into force on May 17, 2023.

The ETS and CBAM regulations will impact the carbon

emissions allowances from the second trading period of Phase

IV (2026-2030) onwards as they will be gradually phased out

( 2.5 % by 2026, 5 % by 2027, 10 % by 2028, 22.5 % by 2029,

48.5 % by 2030, 61 % by 2031, 73.5 % by 2032, 86 % by 2033

and 100 % by 2034). The Company’s assumptions for future

cash flows include an estimate for costs that the Company

expects to incur to acquire emission allowances, which primarily

impacts the flat steel operations in the EU under the ETS

scheme and in Canada. The assumption for carbon emission

cost is based on historical experience, implementation of

decarbonization strategies to mitigate or otherwise offset such

future costs and information available of future regulatory or

operational changes. With respect to the EU ETS scheme, the

assumption for carbon emission cost includes also the gradual

phasing out of free emission allowances and the forecast market

price of emission rights, for which the Company considered in its

five -year cash flow projections internal estimates of 90 €/t, 99 €/t,

105 €/t, 107 €/t and 101 €/t for 2025, 2026, 2027, 2028 and 2029,

respectively.

The assumptions used in the value in use calculations are

inherently uncertain and require management judgment as

described in note 1.3. The Company's process includes specific

consideration given to the most recent short, medium and long-

term price forecasts and discount rates consistent with external

information, expected production and shipment volumes and

updated development plans, operating costs and capital

expenditure plans. 2024 was characterized by wea k demand in

particular in Europe. The impact was exacerbated by high

exports from China and excess production relative to demand

resulted in very low domestic steel spreads. Whilst near-term

demand remains subdued, inventory levels are low, especially in

Europe; the Company expects however that restocking activity

will supplement real demand improvement in time.

Management estimates discount rates using pre-tax rates that

reflect current market rates for investments of similar risk. The

rate for each CGU, including beta, cost of debt and capital

structure was estimated from the weighted average cost of

capital of producers, which operate a portfolio of assets similar

to those of the Company’s assets and CGU specific country risk

premiums were applied. Prior to January 1, 2024, the

Company's goodwill impairment testing was performed on the

basis of five operating and reportable segments (see notes 5.1.

and 3.1). T he weighted average pre-tax discount rates used in

connection with the historical goodwill impairment testing in

2023 and based on the revised operating and reportable

segments, GCGUs and CGUs to which goodwill is allocated in

2024 are set forth below :

	North America	Brazil	Europe	Sustainable Solutions	AMSA	AMKR 1
GCGU weighted average pre-tax discount rate used in 2024 (in %)	12.9	17.0	11.6	10.2	16.1	19.7
GCGU weighted average pre-tax discount rate used in 2023 (in %)	13.0	17.2	11.6	10.8	17.4	23.0
1 Rates for AMKR are blended and include distinct country risk premiums reflecting differentiated pre-war and post-war conditions.

244

Consolidated financial statements
(millions of U.S. dollar, except share and per share data)

Once recognized, impairment losses for goodwill are not

reversed.

There were no impairment charges recognized with respect to

goodwill following the Company’s impairment tests as of

October 1, 2024 and October 1, 202 3. In 2023, in connection

with the sale of ArcelorMittal Temirtau, the Company recognized

a 194 impairm ent loss relating to a portion of the former ACIS

segment goodwill allocated to the disposal group in proportion of

the total sale consideration to the recoverable amount of the

remaining former ACIS operations in Ukraine and South Africa.

The total value in use calculated for all GCGUs increased

overall in 2024 as compared to 2023 primarily as a result of

higher cash flow projections in North America.

In validating the value in use determined for the GCGUs, the

Company performed a sensitivity analysis of key assumptions

used in the discounted cash-flow model (such as discount rates,

average selling prices and shipments) and believes that

reasonably possible changes in key assumptions could cause

an impairment loss to be recognized in respect of AMSA GCGU

and AMKR CGU. Following the announcement of the wind down

of long steel operations (see below), AMSA's operations

encompass flat steel operations at the Vanderbijlpark site

supported by a metallurgical by-products division. Sales are

mainly domestic but they are exposed to international steel

prices which are volatile, reflecting the cyclical nature of the

global steel industry, developments in particular steel consuming

industries and macroeconomic trends of emerging markets,

such as economic growth. The Company believes that sales

volumes, prices and discount rates are the key assumptions

most sensitive to change. See also note 1.3 for AMKR. The

AMSA and AMKR value in use models anticipate higher sales

volumes in 2025 as compared to 2024 ( 1.4 million tonnes for the

year ended December 31, 2024) and in 2026 as compared to

2024 ( 1.5 million tonnes for the year ended December 31,

2024 ), respectively, followed by a relative stability thereafter.

Average selling prices are expected to remain stable during the

explicit years for both facilities.

The following changes in key assumptions in projected earnings

in every year of initial 5 -year period and perpetuity of AMSA's

and AMKR's operations, assuming unchanged values for the

other assumptions, would cause the recoverable amount to

equal the carrying amount:

	AMSA	AMKR
Excess of recoverable amount over carrying amount	74	143
Increase in pre-tax discount rate (change in basis points)	115	181
Decrease in average selling price (change in %)	0.6 %	1.7 %
Decrease in shipments (change in %)	2.7 %	5.7 %

Impairment test of property, plant and equipment and

intangibles (excluding goodwill)

At each reporting date, ArcelorMittal reviews the carrying

amounts of its intangible assets (excluding goodwill) and

tangible assets to determine whether there is any indication that

the carrying amount of those assets may not be recoverable

through continuing use, or that a reversal of previous periods'

impairment charges may be required . If any such indication

exists, the recoverable amount of the asset (or CGU) is

reviewed in order to determine the amount of the impairment (or

reversal of prior periods' impairment charges) , if any. The

recoverable amount is the higher of its fair value less cost of

disposal and its value in use.

In estimating its value in use, the estimated future cash flows

are discounted to their present value using a pre-tax discount

rate that reflects current market assessments of the time value

of money and the risks specific to the asset (or cash-generating

unit). For an asset that does not generate cash inflows largely

independent of those from other assets, the recoverable amount

is determined for the CGU to which the asset belongs. The CGU

is the smallest identifiable group of assets corresponding to

operating units that generate cash inflows. If the recoverable

amount of an asset (or CGU) is estimated to be less than its

carrying amount, an impairment loss is recognized. An

impairment loss is recognized as an expense immediately as

part of cost of sales (see note 4.2) in the consolidated

statements of operations.

In the case of permanently idled assets, the impairment is

measured at the individual asset level. Otherwise, the

Company’s assets are measured for impairment at the CGU

level. In certain instances, the CGU is an integrated

manufacturing facility which may also be an operating

subsidiary. Further, a manufacturing facility may be operated in

concert with another facility with neither facility generating cash

inflows that are largely independent from the cash inflows of the

other. In this instance, the two facilities are combined for

purposes of testing for impairment. As of December 31, 2024

and December 31, 2023, the Company determined it ha s 45 and

46 c ash-generating units, respectively.

An impairment loss, related to intangible assets other than

goodwill and tangible assets recognized in prior years is

reversed if, and only if, there has been a change in the

estimates used to determine the asset’s recoverable amount

since the last impairment loss was recognized. However, the

increased carrying amount of an asset due to a reversal of an

impairment loss will not exceed the carrying amount that would

have been determined (net of amortization or depreciation) had

no impairment loss been recognized for the asset in prior years.

A reversal of an impairment loss is recognized immediately as

part of operating income in the consolidated statements of

operations.

245

Consolidated financial statements
(millions of U.S. dollar, except share and per share data)

Impairment charges and reversals relating to property, plant and

equipment and intangibles (excluding goodwill) were as follows

for the years ended December 31, 2024 , 2023 and 2022 :

2024

In 2024, the Company recognized a 37 impairment charge of

property, plant and equipment with respect to its Longs

Business in South Africa, which will be placed into care and

maintenance subject to a consultation process, following the

announcement of its wind down on January 6 , 2025. The wind-

down was postponed for one additional month as discussions

continue regarding potential governmental support. On February

28, 2025, ArcelorMittal South Africa announced that it will

implement the final wind down of the Longs Business. It is

envisaged that the shutdown of the blast furnaces will

commence in the first week of March, with the last steel

produced in late-March or early-April 2025. The final wind down

into care and maintenance will be fully implemented in the

second quarter of 2025.

ArcelorMittal also recognized a 43 impairment charge of

property, plant and equipment for assets measured at fair value

less cost of disposal following the termination of the Monlevade

expansion project in Brazil.

In addition, the Company recognized a 36 impairment charge of

property, plant and equipment in connection with the definitive

closure of the Kraków coke plant in Poland which was

announced on July 19, 2024.

The Company reviewed impairment reversal indicators on

assets previously impaired. It concluded that there was a

significant change with a positive effect resulting in an

impairment reversal indicator with respect to its iron ore

expansion project in Liberia, which was restarted in 2021 and for

which the first concentrate was produced in the fourth quarter of

2024 with full 20 million tonnes capacity expected by the end of

The Company performed a value in use calculation as

well as a sensitivity analysis and, in addition to the fact that the

project is not yet fully operational, it concluded that no

impairment reversal should be recognized in relation to the

1,426 impairment charge of property, plant and equipment and

intangible assets recognized in 2015. The Company did not

identify indicator of impairment reversal for any other assets.

The following changes in key assumptions in projected earnings

of AML throughout the life of mine, assuming unchanged values

for the other assumptions, would cause the recoverable amount

to equal the carrying amount at December 31, 2024:

	AML
Excess of recoverable amount over carrying amount	135
Increase in pre-tax discount rate (change in basis points)	109
Decrease in average selling price (change in %)	2.3 %
Decrease in shipments (change in %)	4.2 %

2023

In 2023, ArcelorMittal recognized a 732 impairment charge

related to property, plant and equipment with respect to the sale

on December 7, 2023 of its Kazakhstan operations in the former

ACIS segment to Qazaqstan Investment Corporation, a state-

controlled direct investment fund. The impairment loss resulted

from the adjustment of the carrying amount of the disposal

group to the net sales proceeds of 278 (see note 2.3).

On November 28, 2023, AMSA announced that it contemplates

the wind down of its Longs Business subject to a due diligence

and a consultative process involving key customers, suppliers,

organized labour, and other stakeholders. The Company

assessed the recoverable amount of its Longs Business in

South Africa based on a value in use calculation and recognized

accordingly a 112 impairment charge of property, plant and

equipment.

Cash Generating Unit	Region	Recoverable Amount (Value in Use)	Total Impairment Recorded	2023 Pre-Tax Discount Rate	2022 Pre-Tax Discount Rate	Carrying Amount of property, plant and equipment as of December 31, 2023
Long Products South Africa	South Africa	264	112	17.3 %	17.5 %	86

2022

In 2022, the Company recognized a 1,026 impairment charge

related to property, plant and equipment ( 1,020 ) and intangibles

( 6 ) with respect to AMKR (Ukraine) as a result of the ongoing

conflict in Russia, which resulted in low level of production,

sales and net income and created significant uncertainty about

the timing and ability of operations to return to a normal level of

activity. Adverse geopolitical conditions, which resulted in a

substantial increase in the discount rate applied by the

Company in its recoverable amount (value in use) calculation,

deteriorated further during the fourth quarter of 2022 following

attacks against Ukrainian power infrastructures causing

additional operational issues for AMKR and the concerns about

an intensification of the conflict in connection with the

announcements of delivery of heavy military equipment by

western countries. The Company applied separate discount

rates over the discrete projections period, including a higher

country risk premium for 2023 cash flow projections and a return

to pre-war country risk premium in the course of 2024 and for

246

Consolidated financial statements
(millions of U.S. dollar, except share and per share data)

the terminal value calculation as value in use is sensitive to a

difference in country risk for different periods.

Cash-Generating Unit	Region	Recoverable Amount (Value in Use)	Total Impairment Recorded	2022 Pre-Tax Discount Rates		2021 Pre-Tax Discount Rate	Carrying amount of property, plant and equipment as of December 31, 2022
				Applied to 2023 projections	Applied to subsequent projections
AMKR	Ukraine	1,003	1,026	47.1 %	20.0 %	16.9 %	655

NOTE 6: FINANCING AND FINANCIAL INSTRUMENTS

6.1 Financial assets and liabilities

Financial assets and liabilities mainly comprise:

• gross debt (see note 6.1.2)

• cash and cash equivalents, restricted cash and reconciliations of cash flows (see note 6.1.3)

• net debt (see note 6.1.4)

• derivative financial instruments (see note 6.1.5)

• other non-derivative financial assets and liabilities (see note 6.1.6)

6.1.1 Fair values versus carrying amounts

The estimated fair values of certain financial instruments have

been determined using available market information or other

valuation methodologies that require judgment in interpreting

market data and developing estimates. The following table

summarizes assets and liabilities based on their categories at

December 31, 2024 :

247

Consolidated financial statements
(millions of U.S. dollar, except share and per share data)

	December 31, 2024 — Carrying amount in the consolidated statements of financial position	Non- financial assets and liabilities	Assets / Liabilities at amortized cost	Fair value recognized in profit or loss	Fair value recognized in OCI	Derivatives
ASSETS
Current assets:
Cash and cash equivalents	6,400	—	6,400	—	—	—
Restricted cash	84	—	84	—	—	—
Trade accounts receivable and other	3,375	—	3,151	—	224	—
Inventories	16,501	16,501	—	—	—	—
Prepaid expenses and other current assets	3,022	1,292	1,425	—	—	305
Total current assets	29,382	17,793	11,060	—	224	305
Non-current assets:
Goodwill and intangible assets	4,453	4,453	—	—	—	—
Property, plant and equipment and biological assets	33,311	33,237	—	74	—	—
Investments in associates and joint ventures	11,420	11,420	—	—	—	—
Other investments	299	—	—	—	299	—
Deferred tax assets	8,942	8,942	—	—	—	—
Other assets	1,578	445	864	136	—	133
Total non-current assets	60,003	58,497	864	210	299	133
Total assets	89,385	76,290	11,924	210	523	438
LIABILITIES AND EQUITY
Current liabilities:
Short-term debt and current portion of long-term debt	2,748	—	2,748	—	—	—
Trade accounts payable and other	12,921	—	12,921	—	—	—
Short-term provisions	938	906	32	—	—	—
Accrued expenses and other liabilities	4,738	773	3,638	—	—	327
Income tax liabilities	480	480	—	—	—	—
Total current liabilities	21,825	2,159	19,339	—	—	327
Non-current liabilities:
Long-term debt, net of current portion	8,815	—	8,815	—	—	—
Deferred tax liabilities	2,338	2,338	—	—	—	—
Deferred employee benefits	2,338	2,338	—	—	—	—
Long-term provisions	1,361	1,359	2	—	—	—
Other long-term obligations	1,422	322	757	—	—	343
Total non-current liabilities	16,274	6,357	9,574	—	—	343
Equity:
Equity attributable to the equity holders of the parent	49,223	49,223	—	—	—	—
Non-controlling interests	2,063	2,063	—	—	—	—
Total equity	51,286	51,286	—	—	—	—
Total liabilities and equity	89,385	59,802	28,913	—	—	670

248

Consolidated financial statements
(millions of U.S. dollar, except share and per share data)

	December 31, 2023 — Carrying amount in the consolidated statements of financial position	Non-financial assets and liabilities	Assets / Liabilities at amortized cost	Fair value recognized in profit or loss	Fair value recognized in OCI	Derivatives
ASSETS
Current assets:
Cash and cash equivalents	7,686	—	7,686	—	—	—
Restricted cash	97	—	97	—	—	—
Trade accounts receivable and other	3,661	—	3,491	—	170	—
Inventories	18,759	18,759	—	—	—	—
Prepaid expenses and other current assets	3,037	1,304	1,090	—	—	643
Total current assets	33,240	20,063	12,364	—	170	643
Non-current assets:
Goodwill and intangible assets	5,102	5,102	—	—	—	—
Property, plant and equipment and biological assets	33,656	33,592	—	64	—	—
Investments in associates and joint ventures	10,078	10,078	—	—	—	—
Other investments	513	—	—	—	513	—
Deferred tax assets	9,469	9,469	—	—	—	—
Other assets	1,859	465	1,095	136	—	163
Total non-current assets	60,677	58,706	1,095	200	513	163
Total assets	93,917	78,769	13,459	200	683	806
LIABILITIES AND EQUITY
Current liabilities:
Short-term debt and current portion of long-term debt	2,312	—	2,312	—	—	—
Trade accounts payable and other	13,605	—	13,605	—	—	—
Short-term provisions	588	561	27	—	—	—
Accrued expenses and other liabilities	4,967	892	3,715	—	—	360
Income tax liabilities	297	297	—	—	—	—
Total current liabilities	21,769	1,750	19,659	—	—	360
Non-current liabilities:
Long-term debt, net of current portion	8,369	—	8,369	—	—	—
Deferred tax liabilities	2,432	2,432	—	—	—	—
Deferred employee benefits	2,741	2,741	—	—	—	—
Long-term provisions	1,477	1,477	—	—	—	—
Other long-term obligations	1,061	439	546	—	—	76
Total non-current liabilities	16,080	7,089	8,915	—	—	76
Equity:
Equity attributable to the equity holders of the parent	53,961	53,961	—	—	—	—
Non-controlling interests	2,107	2,107	—	—	—	—
Total equity	56,068	56,068	—	—	—	—
Total liabilities and equity	93,917	64,907	28,574	—	—	436

249

Consolidated financial statements
(millions of U.S. dollar, except share and per share data)

T he Company classifies the bases used to measure certain

assets and liabilities at their fair value. Assets and liabilities

carried or measured at fair value have been classified into three

levels based upon a fair value hierarchy that reflects the

significance of the inputs used in making the measurements.

The levels are as follows:

Level 1: Quoted prices in active markets for identical assets or

liabilities that the entity can access at the measurement date;

Level 2: Significant inputs other than within Level 1 that are

observable for the asset or liability, either directly (i.e.: as prices)

or indirectly (i.e.: derived from prices);

Level 3: Inputs for the assets or liabilities that are not based on

observable market data and require management assumptions

or inputs from unobservable markets.

The following tables summarize the bases used to measure

certain financial assets and financial liabilities at their fair value

on recurring basis.

As of December 31, 2024	Level 1	Level 2	Level 3	Total
Assets at fair value:
Investments in equity instruments at FVOCI	88	—	211	299
Trade accounts receivable and other subject to TSR programs*	—	—	224	224
Derivative financial current assets	—	305	—	305
Derivative financial non-current assets	—	133	—	133
Total assets at fair value	88	438	435	961
Liabilities at fair value:
Derivative financial current liabilities	—	327		327
Derivative financial non-current liabilities	—	311	32	343
Total liabilities at fair value	—	638	32	670

*The fair value of TSR program receivables equals carrying amount due to the short time frame between the initial recognition and time of sale.

As of December 31, 2023	Level 1	Level 2	Level 3	Total
Assets at fair value:
Investments in equity instruments at FVOCI	315	—	198	513
Trade accounts receivable and other subject to TSR programs*	—	—	170	170
Derivative financial current assets	—	643	—	643
Derivative financial non-current assets	—	163	—	163
Total assets at fair value	315	806	368	1,489
Liabilities at fair value:
Derivative financial current liabilities	—	332	28	360
Derivative financial non-current liabilities	—	22	54	76
Total liabilities at fair value	—	354	82	436

*The fair value of TSR program receivables equals carrying amount due to the short time frame between the initial recognition and time of sale.

Investments in equity instruments at FVOCI classified as Level 1

refer to listed securities quoted in active markets (see note 2.5).

A quoted market price in an active market provides the most

reliable evidence of fair value and is used without adjustment to

measure fair value whenever available, with limited exceptions.

The total fair value is either the price of the most recent trade at

the time of the market close or the official close price as defined

by the exchange on which the asset is most actively traded on

the last trading day of the period, multiplied by the number of

units held without consideration of transaction costs.

Derivative financial assets and liabilities classified as Level 2

refer to instruments to hedge fluctuations in interest rates,

foreign exchange rates, raw materials (base metals), freight,

energy and emission rights, see note 6.1.5 for further

information.

250

Consolidated financial statements
(millions of U.S. dollar, except share and per share data)

Derivative financial assets and liabilities classified as Level 3 are

described in note 6.1.5.

6.1.2 Gross debt

Gross debt includes bank debt, debenture loans and lease

obligations and is stated at amortized cost.

6.1.2.1 Short-term debt

Short-term debt, including the current portion of long-term debt,

consisted of the following:

	December 31, — 2024	2023
Short-term bank loans and other credit facilities including commercial paper 1	1,016	980
Current portion of long-term debt	1,550	1,125
Lease obligations 2	182	207
Total	2,748	2,312

The weighted average interest rate on short-term borrowings outstanding was

5.0 % and 5.5 % as of December 31, 2024 and 2023 , respectively.

See note 7.

Short-term bank loans and other credit facilities include short-

term loans, overdrafts and commercial paper.

ArcelorMittal has entered into certain short-term committed

bilateral credit facilities renewable on an annual basis. As of

December 31, 2024 , facilities totaling approximately 0.6 billion ,

remained fully available.

Commercial paper

The Company has a commercial paper program enabling

borrowings of up to € 1.5 billion . As of December 31, 2024 and

2023 , the outstanding amount was 745 and 684 , respectively.

251

Consolidated financial statements
(millions of U.S. dollar, except share and per share data)

6.1.2.2 Long-term debt

Long-term debt is comprised of the following:

				December 31,
				2024	2023
	Year of maturity	Type of Interest	Interest rate 1	Carrying amount at amortized cost
Corporate
5.5 billion Revolving Credit Facility	2029	Floating	—	—	—
€ 1.0 billion Unsecured Notes	2024	Fixed	2.25 %	—	585
750 Unsecured Notes	2024	Fixed	3.60 %	—	290
500 Unsecured Notes	2025	Fixed	6.13 %	184	183
€ 750 million Unsecured Notes	2025	Fixed	1.75 %	778	826
750 Unsecured Notes	2026	Fixed	4.55 %	400	400
€ 600 million Unsecured Notes	2026	Fixed	4.88 %	621	659
1.2 billion Unsecured Notes	2027	Fixed	6.55 %	1,196	1,195
€ 500 million Unsecured Notes	2028	Fixed	3.13 %	515	—
500 Unsecured Notes	2029	Fixed	4.25 %	496	496
€ 500 million Unsecured Notes	2031	Fixed	3.50 %	513	—
1.0 billion Unsecured Notes	2032	Fixed	6.80 %	990	989
500 Unsecured Notes	2034	Fixed	6.00 %	496	—
1.5 billion Unsecured Bonds	2039	Fixed	7.00 %	672	672
1.0 billion Unsecured Notes	2041	Fixed	6.75 %	428	428
500 Unsecured Notes	2054	Fixed	6.35 %	491	—
EIB loan	2025	Fixed	1.16 %	15	81
EIB loan	2025-2032	Floating	3.87 %	273	309
Schuldschein loans	2025-2027	Fixed	2.5 % - 3.0 %	94	100
Schuldschein loans	2025-2027	Floating	3.8 % - 4.1 %	659	699
Other loans	2025-2035	Floating	2.9 % - 3.8 %	191	223
Total Corporate				9,012	8,135
Subsidiaries
Other loans				501	420
Total				9,513	8,555
Less current portion of long-term debt				( 1,550 )	( 1,125 )
Total long-term debt (excluding lease obligations)				7,963	7,430
Long-term lease obligations 2				852	939
Total long-term debt, net of current portion				8,815	8,369

Rates applicable to balances outstanding at December 31, 2024 . For debt that has been redeemed in its entirety during 2024 , the interest rates refer to the rates at

repayment date.

Net of current portion of 182 and 207 as of December 31, 2024 and 2023, respectively. See note 7.

252

Consolidated financial statements
(millions of U.S. dollar, except share and per share data)

Corporate

5.5 billion Revolving Credit Facility

On May 29, 2024, ArcelorMittal signed an agreement for a 5.5

billion revolving credit facility (the "Facility"). This Facility

replaced the 5.5 billion revolving credit facility dated December

19, 2018, which was amended and extended on April 27, 2021.

The agreement incorporated a single tranche of 5.5 billion

maturing on May 29, 2029, with two one -year extension options.

The Facility contains restrictive covenants, which among other

things, limit encumbrances on the assets of ArcelorMittal and its

subsidiaries, the ability of ArcelorMittal’s subsidiaries to incur

debt and the ability of ArcelorMittal and its subsidiaries to

dispose of assets in certain circumstances. The margin

applicable to ArcelorMittal’s principal credit facilities (the Facility

and certain other credit facilities) and the coupons on certain of

its outstanding bonds are subject to adjustment in the event of

certain changes in its long-term credit ratings. On June 16,

2023, Standard & Poor's upgraded ArcelorMittal's outlook to

positive and affirmed a long-term credit rating of 'BBB-'. On

February 19, 2024, Moody’s revised ArcelorMittal outlook to

'Positive' from 'Stable' on expected strengthening of its business

profile and structurally improving its profitability, and affirmed the

‘Baa3’ investment grade rating. The Facility may be used for

general corporate purposes and was fully available as of

December 31, 2024. The Company makes drawdowns from and

repayments on this Facility in the framework of its cash

management.

On September 30, 2010, ArcelorMittal entered into 500 revolving

multi-currency letter of credit facility (the "Letter of Credit

Facility"). The Letter of Credit Facility is used by the Company

and its subsidiaries for the issuance of letters of credit and other

instruments. The terms of the letters of credit and other

instruments contain certain restrictions as to duration. The Letter

of Credit facility, whose amount and maturity have been revised

from time to time, amounted to 395 prior to refinancing through

a 445 Letter of Credit Facility entered into on July 31, 2024, with

maturity extended from July 31, 2024 to July 31, 2027 and with

two extension options for one year each. The Letter of Credit

Facility also includes an accordion clause which allows the

Company to invite lenders to increase their commitments up to

595 in aggregate.

Bonds

On January 17, 2024, at maturity, ArcelorMittal fully repaid the

outstanding € 529 million ( 579 ) of its € 1.0 billion Fixed Rate

Notes due 2024.

On June 17, 2024, ArcelorMittal issued 500 of 6.00 % Notes due

June 17, 2034 and 500 of 6.35 % Notes due June 17, 2054.

On July 16, 2024, at maturity, ArcelorMittal fully repaid the

outstanding 290 of its 750 Fixed Rate Notes due 2024.

On December 13, 2024, ArcelorMittal issued € 500 million ( 519 )

of 3.125 % Notes due December 13, 2028 and € 500 million

( 519 ) of 3.50 % Notes due December 13, 2031. The Notes were

issued under ArcelorMittal's € 10 billion wholesale Euro Medium

Term Notes Program and the use of proceeds of the issuance

was general corporate purposes and refinancing of existing

indebtedness.

The margin applicable to ArcelorMittal’s principal credit facilities

5.5 billion Revolving Credit Facility and certain other credit

facilities) and the coupons on certain of its outstanding bonds

are subject to adjustment in the event of a change in its long-

term credit ratings.

The following table provides details of the outstanding bonds on

maturity, the original coupons and the current interest rates for

the bonds impacted by changes in the long-term credit rating:

Initial value	Nominal amount of outstanding value	Date of issuance	Repayment date	Interest rate 1	Issued at
500 Unsecured Notes	184	Jun 1, 2015	Jun 1, 2025	6.13 %	100.00 %
€ 750 million Unsecured Notes	€ 750 million	Nov 19, 2019	Nov 19, 2025	1.75 %	99.41 %
750 Unsecured Notes	401	Mar 11, 2019	Mar 11, 2026	4.55 %	99.72 %
€ 600 million Unsecured Notes	€ 600 million	Sep 26, 2022	Sep 28, 2026	4.88 %	99.65 %
1.2 billion Unsecured Bonds	1.2 Billion	Nov 29, 2022	Nov 29, 2027	6.55 %	99.91 %
€ 500 million Unsecured Notes	€ 500 million	Dec 13, 2024	Dec 13, 2028	3.13 %	99.52 %
500 Unsecured Notes	500	Jul 16, 2019	Jul 16, 2029	4.25 %	99.00 %
€ 500 million Unsecured Notes	€ 500 million	Dec 13, 2024	Dec 13, 2031	3.50 %	99.21 %
1.0 billion Unsecured Bonds	1.0 Billion	Nov 29, 2022	Nov 29, 2032	6.80 %	99.37 %
500 Unsecured Notes	500	Jun 17, 2024	Jun 17, 2034	6.00 %	99.86 %
1.0 billion Unsecured Bonds	457	Oct 8, 2009	Oct 15, 2039	7.00 %	95.20 %
500 Unsecured Bonds	229	Aug 5, 2010	Oct 15, 2039	7.00 %	104.84 %
1.0 billion Unsecured Notes	434	Mar 7, 2011	Mar 1, 2041	6.75 %	99.18 %
500 Unsecured Notes	500	Jun 17, 2024	Jun 17, 2054	6.35 %	99.32 %

Rate applicable at December 31, 2024.

253

Consolidated financial statements
(millions of U.S. dollar, except share and per share data)

European Investment Bank (“EIB”) Loan

On June 2, 2021, ArcelorMittal signed a € 280 million loan

agreement with the European Investment Bank ("EIB") for

funding of research, development and innovation projects in

Europe over the period of 2021-2023. This operation benefits

from a guarantee from the European Union under the European

Fund for Strategic Investments. On March 16, 2022 ArcelorMittal

draw down the facility in full. As of December 31, 2024, € 262

million ( 273 ) was outstanding.

On December 16, 2016, ArcelorMittal signed a € 350 million

finance contract with the EIB in order to finance European

research, development and innovation projects over the period

2017-2020 within the European Union, mainly in France,

Belgium, Spain, Poland and Luxembourg. This funding benefits

from a guarantee from the European Union under the European

Fund for Strategic Investments. As of December 31, 2024 ,

€ 15 million ( 15 ) was outstanding.

Other loans

On May 4, 2022, ArcelorMittal completed the offering of a

€ 346.5 million variable rate loan, a € 24.5 million fixed rate loan,

a € 263 million variable rate loan and a € 66 million fixed rate loan

in the German Schuldschein market. On May 6, 2022, the

Company further completed the offering of a € 25 million fixed

rate loan. The proceeds of these issuances were used for

general corporate purposes. As of December 31, 2024,

€ 724 million ( 753 ) was outstanding.

On December 21, 2018, the Company entered into a facility

agreement with a group of lenders for € 235 million to finance the

construction of a new hot strip mill in Mexico. This facility

became effective upon issuance of a guarantee by the

Oesterreichische Kontrollbank AG in March 2019. The last

installment under this agreement is due December 28, 2029 .

The outstanding amount in total as of December 31, 2024 was

€ 97 million ( 101 ).

Other loans relate to various debt with banks and public

institutions.

Americas

Other loans

Other loans relate mainly to loans contracted by ArcelorMittal

subsidiaries in Mexico and Canada with different counterparties.

Europe, Asia and Africa

On December 15, 2022, AMKR entered into a 100 loan

agreement with EBRD for working capital purposes. As of

December 31, 2024, 100 was drawn under the agreement.

On November 17, 2023, AMKR entered into a 150 loan

agreement with EBRD for working capital purposes. 80 were

committed and fully drawn as of December 31, 2024. 70 will be

committed by EBRD in 2025 upon AMKR's request.

On May 25, 2017, ArcelorMittal South Africa signed a 4.5 billion

South African rand revolving borrowing base finance facility

maturing on May 25, 2020. The facility was amended and

extended on July 26, 2019 with a maturity of July 26, 2022. On

August 23, 2021, the facility was further amended and restated

for an amount of 3.5 billion South African rand and with a

maturity of September 3, 2024. On August 30, 2023, the facility

was further amended and restated for an amount of 4.5 billion

South African rand and with a maturity of September 7, 2026.

Any borrowings under the facility are secured by certain eligible

inventory and receivables, as well as certain other working

capital and related assets of ArcelorMittal South Africa. The

facility is used for general corporate purposes. The facility is not

guaranteed by ArcelorMittal. As of December 31, 2024, 2.7

billion South African rand ( 144 ) was drawn. The borrowing base

facility at ArcelorMittal South Africa remains subject to a financial

covenant as of December 31, 2024. Non-compliance with the

covenant would entitle the lenders under such facility to

accelerate repayment obligations.

On December 28, 2023, and on March 4, 2024, AM Green

Energy signed two INR 7.5 billion ( 175 ) loans to finance the

development of its renewable energy project. As of December

31, 2024, INR 15 billion ( 175 ) was outstan ding.

Other loans

Other loans mainly relate to loans contracted by ArcelorMittal

subsidiaries with different counterparties.

Hedge of net investments

As of April 1, 2018 , the Company designated a portfolio of euro

denominated debt ( € 4,142 million and € 3,627 million as of

December 31, 2024 and 2023, respectively) as a hedge of

certain euro denominated investments ( € 8,208 million and

€ 8,635 million as of December 31, 2024 and 2023, respectively)

in order to mitigate the foreign currency risk arising from certain

euro denominated subsidiaries' net assets. The risk arises from

the fluctuation in spot exchange rates between the U.S. dollar

and euro, which causes the amount of the net investments to

vary. The hedged risk in the hedge of net investments is a risk of

a weakening euro against the U.S. dollar that will result in a

reduction in the carrying amount of the Company's net

investments in the subsidiaries subject to the hedge. The euro

denominated debt is designated as a hedging instrument for the

change in the value of the net investments that is attributable to

changes in the euro/U.S. dollar spot rate.

To assess the hedge effectiveness, the Company determines

the economic relationship between the hedging instrument and

the hedged item by comparing changes in the carrying amount

of the debt portfolio that are attributable to a change in the spot

rate with changes in the net investments in the foreign

operations due to movements in the spot rate.

254

Consolidated financial statements
(millions of U.S. dollar, except share and per share data)

As of December 31, 2024 and 2023, the Company recognized

232 foreign exchange gain and 166 foreign exchange loss,

respectively, arising on the translation of the euro denominated

debt designated as a hedge of the euro denominated net

investments in foreign operations in other comprehensive

income within the foreign exchange translation reserve.

Maturity profile

As of December 31, 2024 the scheduled maturities of short-term

debt, long-term debt and long-term lease obligations, including

their current portion are as follows:

Year of maturity	Amount
2025	2,748
2026	1,293
2027	1,936
2028	665
2029	629
Subsequent years	4,292
Total	11,563

Fair value

The following tables summarize the Company’s bases used to

estimate its debt at fair value. Fair value measurement has been

classified into three levels based upon a fair value hierarchy that

reflects the significance of the inputs used in making the

measurements.

As of December 31, 2024	Carrying amount	Fair Value — Level 1	Level 2	Level 3	Total
Instruments payable bearing interest at fixed rates	8,957	8,008	1,030	—	9,038
Instruments payable bearing interest at variable rates	1,590	—	1,609	—	1,609
Total long-term debt, including current portion	10,547	8,008	2,639	—	10,647
Short term bank loans and other credit facilities including commercial paper	1,016	—	1,023	—	1,023

As of December 31, 2023	Carrying amount	Fair Value — Level 1	Level 2	Level 3	Total
Instruments payable bearing interest at fixed rates	8,165	6,969	1,273	—	8,242
Instruments payable bearing interest at variable rates	1,536	—	1,539	—	1,539
Total long-term debt, including current portion	9,701	6,969	2,812	—	9,781
Short term bank loans and other credit facilities including commercial paper	980	—	988	—	988

Instruments payable classified as Level 1 refer to the

Company’s listed bonds quoted in active markets. The total fair

value is the official closing price as defined by the exchange on

which the instrument is most actively traded on the last trading

day of the period, multiplied by the number of units held without

consideration of transaction costs.

Instruments payable classified as Level 2 refer to all debt

instruments not classified as Level 1. The fair value of the debt

is based on estimated future cash flows converted into U.S.

dollar at the forward rate and discounted using current U.S.

dollar zero coupon rates and ArcelorMittal’s credit spread

quotations for the relevant maturities. There were no

instruments payable classified as Level 3.

6.1.3 Cash and cash equivalents, restricted cash and

reconciliations of cash flows

Cash and cash equivalents consist of cash and short-term

highly liquid investments that are readily convertible to cash with

original maturities of three months or less at the time of

purchase and are carried at cost plus accrued interest, which

approximates fair value.

Cash and cash equivalents are primarily centralized at the

parent level and are managed by ArcelorMittal Treasury SNC,

although from time to time cash or cash equivalent balances

may be held at the Company’s international subsidiaries or its

holding companies. Some of these operating subsidiaries have

debt outstanding or are subject to acquisition agreements that

255

Consolidated financial statements
(millions of U.S. dollar, except share and per share data)

impose restrictions on such operating subsidiaries’ ability to pay

dividends, but such restrictions are not significant in the context

of ArcelorMittal’s overall liquidity. Repatriation of funds from

operating subsidiaries may also be affected by tax and foreign

exchange policies in place from time to time in the various

countries where the Company operates, though none of these

policies are currently significant in the context of ArcelorMittal’s

overall liquidity.

Cash and cash equivalents consisted of the following:

	December 31, — 2024	2023
Cash at bank	4,355	5,405
Term deposits	949	774
Money market funds 1	1,096	1,507
Total	6,400	7,686

1 Money market funds are highly liquid investments with a maturity of 3 months

or less from the date of acquisition.

Restricted cash represents cash and cash equivalents not

readily available to the Company, mainly related to insurance

deposits, cash accounts in connection with environmental

obligations and true sale of receivables programs, as well as

various other deposits or required balance obligations related to

letters of credit and credit arrangements.

Restricted cash of 84 as of December 31, 2024 and 97 as of

December 31, 2023 included 68 and 54 relating to various

environmental obligations, true sales of receivables programs

and letters of credit issued in ArcelorMittal South Africa. It also

included 13 and 13 in connection with the mandatory convertible

bonds as of December 31, 2024 and December 31, 2023 ,

respectively (see note 11.2 ).

Changes in restricted cash are included within investing

activities in the consolidated statements of cash flows.

Reconciliation of liabilities arising from financing activities

The table below details changes in the Company's liabilities

arising from financing activities, including both cash and non-

cash changes. Liabilities arising from financing activities are

those for which cash flows were, or future cash flows will be

classified in the Company's consolidated statements of cash

flows from financing activities.

	Long-term debt, net of current portion	Short-term debt and current portion of long term debt
Balance as of December 31, 2022 (note 6.1.2)	9,067	2,583
Proceeds from long-term debt	134	—
Payments of long-term debt	( 16 )	—
Amortized cost	8	( 3 )
Proceeds from short-term debt	—	218
Payments of short-term debt	—	( 1,670 )
Current portion of long-term debt	( 1,332 )	1,332
Payments of principal portion of lease liabilities (note 7) 1	( 8 )	( 245 )
Additions to lease liabilities (notes 5.2 and 7)	250	38
Unrealized foreign exchange effects and other movements	266	59
Balance as of December 31, 2023 (note 6.1.2)	8,369	2,312
Proceeds from long-term debt	2,227	—
Payments of long-term debt	( 61 )	—
Amortized cost	6	2
Proceeds from short-term debt	—	257
Payments of short-term debt	—	( 1,192 )
Current portion of long-term debt	( 1,732 )	1,732
Payments of principal portion of lease liabilities (note 7) 1	( 10 )	( 214 )
Additions to lease liabilities (notes 5.2 and 7)	186	23
Unrealized foreign exchange effects and other movements	( 170 )	( 172 )
Balance as of December 31, 2024 (note 6.1.2)	8,815	2,748

Cash payments decreasing the outstanding liability relating to leases are classified under payments of principal portion of lease liabilities and other financing activities in

the Company's consolidated statements of cash flows.

256

Consolidated financial statements
(millions of U.S. dollar, except share and per share data)

6.1.4 Net debt

The Company monitors its net debt in order to manage its capital. The following tables present the structure of the Company’s net debt

by original currency translated into USD at December 31, 2024 and December 31, 2023 :

As of December 31, 2024	Total	EUR	USD	ARS	BRL	INR	Other
Short-term debt and current portion of long-term debt	2,748	2,088	348	—	22	1	289
Long-term debt, net of current portion	8,815	2,790	5,378	—	80	186	381
Cash and cash equivalents and restricted cash	( 6,484 )	( 3,969 )	( 1,183 )	( 489 )	( 237 )	( 83 )	( 523 )
Net debt	5,079	909	4,543	( 489 )	( 135 )	104	147

As of December 31, 2023	Total	EUR	USD	ARS	BRL	INR	Other
Short-term debt and current portion of long-term debt	2,312	1,414	533	—	31	68	266
Long-term debt, net of current portion	8,369	3,312	4,560	—	86	1	410
Cash and cash equivalents, restricted cash and other restricted funds	( 7,783 )	( 5,660 )	( 886 )	( 461 )	( 171 )	( 62 )	( 543 )
Net debt	2,898	( 934 )	4,207	( 461 )	( 54 )	7	133

6.1.5 Derivative financial instruments

T he Company uses derivative financial instruments principally to

manage its exposure to fluctuations in interest rates, exchange

rates, prices of raw materials, energy and emission rights

allowances arising from operating, financing and investing

activities. Derivative financial instruments are classified as

current or non-current assets or liabilities based on their maturity

dates and are accounted for at the trade date. Embedded

derivatives are separated from the host contract and accounted

for separately if they are not closely related to the host contract.

The Company measures all derivative financial instruments

based on fair values derived from market prices of the

instruments or from option pricing models, as appropriate. Gains

or losses arising from changes in fair value of derivatives are

recognized in the consolidated statements of operations, except

for derivatives that are designated and qualify for cash flow or

net investment hedge accounting.

Changes in the fair value of a derivative that is designated and

qualifies as a cash flow hedge are recorded in other

comprehensive income. Amounts deferred in equity are

recorded in the consolidated statements of operations in the

periods when the hedged item is recognized in the consolidated

statements of operations and within the same line item (see

note 6.3 Cash flow hedges).

The Company formally assesses, both at the hedge’s inception

and on an ongoing basis, whether the derivatives that are used

in hedging transactions are effective in offsetting changes in fair

values or cash flows of hedged items. When a hedging

instrument is sold, terminated, expired or exercised, the

accumulated gain or loss on the hedging instrument is

maintained in equity until the forecasted transaction occurs. If

the hedged transaction is no longer probable, the cumulative

gain or loss, which had been recognized in equity, is reported

immediately in the consolidated statements of operations.

Foreign currency differences arising on the translation of a

financial liability designated as a hedge of a net investment in a

foreign operation are recognized directly as a separate

component of equity, to the extent that the hedge is effective. To

the extent that the hedge is ineffective, such differences are

recognized in the consolidated statements of operations (see

note 6.3 Net investment hedge).

The Company manages the counter-party risk associated with

its instruments by centralizing its commitments and by applying

procedures which specify, for each type of transaction and

underlying position, risk limits and/or the characteristics of the

counter-party. The Company does not generally grant to or

require guarantees from its counterparties for the risks incurred.

Allowing for exceptions, the Company’s counterparties are part

of its financial partners and the related market transactions are

governed by framework agreements (mainly International

Swaps and Derivatives Association agreements which allow

netting only in case of counterparty default). Accordingly,

derivative assets and derivative liabilities are not offset.

257

Consolidated financial statements
(millions of U.S. dollar, except share and per share data)

Derivative financial instruments classified as Level 2:

The following tables summarize this portfolio:

	December 31, 2024 — Assets		Liabilities
	Notional Amount	Fair Value	Notional Amount	Fair Value
Interest rate instruments
Other interest rate instruments	8	—	20	—
Total interest rate instruments		—		—
Foreign exchange rate instruments
Forward purchase contracts	499	35	195	( 39 )
Forward sale contracts	59	6	1,088	( 113 )
Currency swaps sales	1,189	7	3,734	( 55 )
Currency swaps purchases	2,614	151	1,701	( 17 )
Exchange option purchases	4,203	67	75	—
Exchange options sales	1	—	3,602	( 294 )
Total foreign exchange rate instruments		266		( 518 )
Raw materials (base metals), freight, energy, emission rights
Term contracts sales	386	26	302	( 44 )
Term contracts purchases	571	146	651	( 76 )
Options sales/purchases	3	—	—	—
Total raw materials (base metals), freight, energy, emission rights		172		( 120 )
Total		438		( 638 )

	December 31, 2023 — Assets		Liabilities
	Notional Amount	Fair Value	Notional Amount	Fair Value
Interest rate instruments
Other interest rate instruments	221	—	453	—
Total interest rate instruments		—		—
Foreign exchange rate instruments
Forward purchase contracts	1,198	60	4,114	( 82 )
Forward sale contracts	2,510	53	825	( 11 )
Exchange option purchases	619	34	760	( 3 )
Exchange options sales	920	19	608	( 46 )
Total foreign exchange rate instruments		166		( 142 )
Raw materials (base metals), freight, energy, emission rights
Term contracts sales	1,350	373	486	( 46 )
Term contracts purchases	1,538	267	1,235	( 166 )
Option sales/purchases	18	—	—	—
Total raw materials (base metals), freight, energy, emission rights		640		( 212 )
Total		806		( 354 )

258

Consolidated financial statements
(millions of U.S. dollar, except share and per share data)

In 2022, the Company unwound natural gas and emission rights

forward purchase contracts with notional of € 0.3 billion and € 0.7

billion, respectively, and carrying amount of 1,025 and 1,086 ,

respectively, designated as a cash flow hedge of future natural

gas and emission rights purchases. The deferred gain

recognized in other comprehensive income is recycled to the

consolidated statements of operations when the hedged item

impacts profit or loss (see note 6.3). In addition, at maturity of

forward purchases of emission rights with notional amount of

€ 0.7 billion and carrying amount of 1,408 designated as a cash

flow hedge of future emission rights purchases, the Company (i)

removed 1,268 ( 953 net of tax) deferred gain recognized in

other comprehensive income from the cash flow hedge reserve

(see note 6.3) and included it in the 671 carrying amount of the

delivered emission rights as basis adjustment and (ii) recycled

140 ( 104 net of tax) to the consolidated statements of

operations in cost of sales.

Derivative financial assets and liabilities classified a s Level 2:

Refer to instruments to hedge fluctuations in interest rates,

foreign exchange rates, raw materials (base metals), freight,

energy and emission rights. The total fair value is based on the

price a dealer would pay or receive for the security or similar

securities, adjusted for any terms specific to that asset or

liability. Market inputs are obtained from well-established and

recognized vendors of market data and the fair value is

calculated using standard industry models based on significant

observable market inputs such as foreign exchange rates,

commodity prices, swap rates and interest rates.

Derivative financial instruments classified as Level 3:

The fair valuation of Level 3 derivative instruments is

established at each reporting date and compared to the prior

period. ArcelorMittal’s valuation policies for Level 3 derivatives

are an integral part of its internal control procedures and have

been reviewed and approved according to the Company’s

principles for establishing such procedures. In particular, such

procedures address the accuracy and reliability of input data,

the accuracy of the valuation model and the knowledge of the

staff performing the valuations .

Electricity option

ArcelorMittal and an electricity supplier entered into a multi-

buyer power supply contract on the French market. Other clients

of this contract are committed to purchase electricity from the

supplier with opt-out rights to be exercised in 2029 for

2030-2034 delivery period. The opt-out rights for 2025-2029

delivery period expired unexercised in 2024. The Company is

committed to acquire up to 51 % of the opt-out volumes.

The fair value of the option is based on the Black-Scholes

formula model. Observable input data used in the valuation

include euro zero coupon yield curve and electricity forward

prices for tenors quoted by the European Energy Exchange

(EEX). A 10% increase and decrease in electricity forward prices

would result in a 11 % decrease and 12 % increase, respectively,

of the fair value of the option at December 31, 2024.

The following table summarizes the reconciliation of the fair

value of the financial instrument classified as Level 3:

	Electricity option
Balance as of December 31, 2022	—
Change in fair value	( 82 )
Balance as of December 31, 2023	( 82 )
Change in fair value	50
Balance as of December 31, 2024	( 32 )

The fair value movement relating to the Level 3 derivative

instrument is recognized in financing costs-net in the

consolidated statements of operations .

6.1.6 Other non-derivative financial assets and liabilities

Other non-derivative financial assets and liabilities include cash

and cash equivalents and restricted cash (see note 6.1.3),

certain trade and certain other receivables (see note 4.3, 4.5

and 4.6), investments in equity instruments at FVOCI (see note

2.5), trade payables and certain other liabilities (see notes 4.7

and 4.8). These instruments are recognized initially at fair value

when the Company becomes a party to the contractual

provisions of the instrument. Non-derivative financial assets are

derecognized if the Company’s contractual rights to the cash

flows from the financial instruments expire or if the Company

transfers the financial instruments to another party without

retaining control of substantially all risks and rewards of the

instruments. Non-derivative financial liabilities are derecognized

when they are extinguished (i.e. when the obligation specified in

the contract is discharged, canceled or expired).

Impairment of financial assets

In relation to the impairment of financial assets, an expected

credit loss ("ECL") model is required. The ECL model requires

the Group to account for expected credit losses and changes in

those ECL at each reporting date to reflect changes in credit risk

since initial recognition of the financial assets. In particular, the

Company measures the loss allowance for a financial

instrument at an amount equal to the lifetime ECL if the credit

risk on that financial instrument has increased significantly since

initial recognition. Receivables aged 31 days or older and

uninsured trade receivables remain consistent with historical

levels and the Company did not identify any expected increased

risk of default (note 4.3) .

All fair value movements for investments in equity instruments at

FVOCI, including the difference between the acquisition cost

and the current fair value, are recorded in OCI and are not

259

Consolidated financial statements
(millions of U.S. dollar, except share and per share data)

reclassified to the consolidated statements of operations.

Investments in equity instruments at FVOCI are exempt from the

impairment test because the fair value of the investment is

recorded in OCI and not reclassified to profit and loss.

Financial assets are tested for ECLs annually or whenever

changes in circumstances indicate that there is a change in

credit risk. Any ECL is recognized in the consolidated

statements of operations. An ECL related to financial assets is

reversed if and to the extent there has been a change in the

factors used to determine the recoverable amount. The loss is

reversed only to the extent that the asset’s carrying amount

does not exceed the carrying amount that would have been

determined if no ECL had been recognized. Reversals of ECLs

are recognized in net income, except for investments in equity

instruments at FVOCI, in which all fair value movements are

recognized in OCI.

6.2 Financing costs - net

Financing costs - net recognized in the years ended

December 31, 2024 , 2023 and 2022 are as follows:

	Year ended December 31, — 2024	2023	2022
Interest expense	( 510 )	( 715 )	( 401 )
Interest income	400	570	188
Accretion of defined benefit obligations and other long term liabilities	( 202 )	( 243 )	( 51 )
Net foreign exchange (loss)/ gain	( 565 )	( 48 )	191
Other 1	( 297 )	( 423 )	( 261 )
Total	( 1,174 )	( 859 )	( 334 )

Other mainly included expenses related to true sale of receivables (“TSR”)

programs and bank fees. In 2024, Other included also 83 expense relating to

the fair value at acquisition date of the forward in connection with the Vallourec

acquisition (see note 2.4.2). In 2023, Other included 66 relating to the term

extension of mandatorily convertible bonds (see note 11.2).

6.3 Risk management policy

The Company's operations expose it to a variety of financial

risks: interest rate risk, foreign exchange risk, liquidity risk and

risks in fluctuations in prices of raw materials, freight, energy

and CO 2 emissions. The Company actively monitors and seeks

to reduce volatility of these exposures through a diversity of

financial instruments, where considered appropriate. The

Company has formalized how it manages these risks within the

Treasury and Financial Risk Management Policy, which has

been approved by Management.

Capital management

The Company's objective when managing capital is to

safeguard continuity, maintain a strong credit rating and healthy

capital ratios to support its business and provide adequate

return to shareholders through continuing growth.

The Company sets the amount of capital required on the basis

of annual business and long-term operating plans which include

capital and other strategic investments. The funding requirement

is met through a combination of equity, bonds and other long-

term and short-term borrowings.

The Company monitors capital using a gearing ratio, being the

ratio of net debt as a percentage of total equity.

	December 31, — 2024	2023
Total equity	51,286	56,068
Net debt	5,079	2,898
Gearing	9.9 %	5.2 %

Interest rate risk

The Company is exposed to interest rate risk on short-term and

long-term floating rate instruments and on refinancing of fixed

rate debt. The Company's policy is to maintain a balance of

fixed and floating interest rate borrowings, which is adjusted

dep ending on the prevailing market interest rates and outlook.

A s at December 31, 2024 , the long-term debt was comprised of

85 % fixed rate debt and 15 % variable rate debt (note 6.1.2). The

Company may utilize certain instruments to manage interest

rate risks. Interest rate instruments allow the Company to

borrow long-term at fixed or variable rates, and to swap the rate

of this debt either at inception or during the lifetime of the

borrowing. The Company and its counterparties exchange, at

predefined intervals, the difference between the agreed fixed

rate and the variable rate, calculated on the basis of the notional

amount of the swap. Similarly, swaps may be used for the

exchange of variable rates against other variable rates.

Foreign exchange rate risk

The Company is exposed to changes in values arising from

foreign exchange rate fluctuations generated by its operating

activities. Because a substantial portion of ArcelorMittal’s

assets, liabilities, sales and earnings are denominated in

currencies other than the U.S. dollar (its reporting currency),

ArcelorMittal has an exposure to fluctuations and depreciation in

the values of these currencies relative to the U.S. dollar. These

currency fluctuations, especially the fluctuation of the value of

the U.S. dollar relative to the euro, the Canadian dollar, Brazilian

real, Polish Zloty, South African rand, Mexican peso and

Ukrainian hryvnia, as well as fluctuations in the other countries’

currencies in which ArcelorMittal has significant operations and/

or sales, could have a material impact on its financial position,

cash flows and results of operations.

260

Consolidated financial statements
(millions of U.S. dollar, except share and per share data)

ArcelorMittal faces transaction risk, where its businesses

generate sales in one currency but incur costs relating to that

revenue in a different currency. For example, ArcelorMittal’s

subsidiaries may purchase raw materials, including iron ore and

coking coal, in U.S. dollar, but may sell finished steel products in

other currencies. Consequently, an appreciation of the U.S.

dollar will increase the cost of raw materials; thereby having a

negative impact on the Company’s operating margins, unless

the Company is able to pass along the higher cost in the form of

higher selling prices.

Following its Treasury and Financial Risk Management Policy,

the Company hedges a portion of its net exposure to foreign

exchange rates through forwards, options and swaps.

ArcelorMittal also faces foreign currency translation risk, which

arises when ArcelorMittal translates the statements of

operations of its subsidiaries, its corporate net debt (note 6.1.4)

and other items denominated in currencies other than the U.S.

dollar, for inclusion in the consolidated financial statements. The

Company manages translation risk arising from its investments

in subsidiaries by monitoring the currency mix of the

consolidated statements of financial position. The Company

may enter into derivative transactions to hedge the residual

exposure (see “Net investment hedge”).

The Company also uses derivative instruments at the corporate

level to hedge debt recorded in foreign currency other than the

functional currency or the balance sheet risk associated with

certain monetary assets denominated in a foreign currency

other than the functional currency.

Foreign currency sensitivity analysis

As of December 31, 2024 , the Company is mainly subject to

foreign exchange exposure relating to the euro, Brazilian real,

Canadian dollar, South African rand, Mexican peso, Polish zloty,

Argentine peso and Ukrainian hryvnia against the U.S. dollar

resulting from its trade payables and receivables. The structure

of trade receivables and trade payables by original currency

translated in USD is as follows as of December 31, 2024:

	December 31, 2024 — Trade receivables	Trade payables
USD	770	4,439
EUR	931	5,452
BRL	772	753
PLN	261	614
MAD	178	232
ZAR	87	401
ARS	70	59
GBP	66	138
UAH	59	120
CAD	36	478
MXN	11	103
Other	134	132
Total	3,375	12,921

The sensitivity analysis carried out by the Company considers

the effects on its trade receivables and trade payables of a 10 %

increase or decrease between the relevant foreign currencies

and the U.S. dollar.

	10% increase — Trade receivables	Trade payables	10% decrease — Trade receivables	Trade payables
EUR	93	545	( 93 )	( 545 )
BRL	77	75	( 77 )	( 75 )
PLN	26	61	( 26 )	( 61 )
MAD	18	23	( 18 )	( 23 )
ZAR	9	40	( 9 )	( 40 )
ARS	7	6	( 7 )	( 6 )
GBP	7	14	( 7 )	( 14 )
UAH	6	12	( 6 )	( 12 )
CAD	4	48	( 4 )	( 48 )
MXN	1	10	( 1 )	( 10 )

The use of a 10 % sensitivity rate is used when reporting foreign

currency exposure internally to key management personnel and

represents management’s assessment of the reasonably

possible change in foreign exchange rates. The sensitivity

analysis includes trade receivables and trade payables

denominated in a currency other than the U.S. dollar and

adjusts their translation at the period end for a 10 % change in

foreign currency rates. For trade receivables, a positive number

indicates an income and a negative number an expense. For

trade payables, a positive number indicates an expense and a

negative number an income.

261

Consolidated financial statements
(millions of U.S. dollar, except share and per share data)

Hedge accounting policy

The Company determines the economic relationship between

the hedged item and the hedging instrument by analyzing the

critical terms of the hedge relationship. In case critical terms do

not match and fair value changes in the hedging instrument

cannot be expected to perfectly offset changes in the fair value

of the hedged item, further qualitative analysis may be

performed. Such analysis serves to establish whether the

economic relationship is sufficiently strong to comply with the

Company’s risk management policies.

The hedge ratio is set out in the Company's risk management

strategy and may be individually tailored for each hedging

program in the risk management objective. Hedge ratios below

100% would usually be applied on hedging of forecast

exposures with the hedge ratio typically reducing where there is

uncertainty due to long hedging tenors or volatility in the

underlying exposure.

The most frequent sources of hedge ineffectiveness relate to

changes in the hedged item (such as maturity, volume and

pricing indices), basis spread and significant changes in the

credit risk. Such sources are analyzed at hedge initiation and

monitored throughout the life of a hedge.

Liquidity Risk

Liquidity risk is the risk that the Company may encounter

difficulties in meeting its obligations associated with financial

liabilities that are settled by delivering cash. ArcelorMittal

Treasury is responsible for the Company's funding and liquidity

management. ArcelorMittal’s principal sources of liquidity are

cash generated from its operations, its credit lines at the

corporate level and various working capital credit lines at the

level of its operating subsidiaries. The Company actively

manages its liquidity. Following the Company's Treasury and

Financial Risk Management Policy, the levels of cash, credit

lines and debt are closely monitored and appropriate actions are

taken in order to comply with the covenant ratios, leverage,

fixed/floating ratios, maturity profile and currency mix.

The contractual maturities of the below financial liabilities

include estimated loan repayments, interest payments and

settlement of derivatives, excluding any impact of netting

agreements. The cash flows are calculated based on market

data as of December 31, 2024 , and as such are sensitive to

movements in mainly foreign exchange rates and interest rates.

The cash flows are non-discounted, except for derivative

financial liabilities where the cash flows equal their fair values.

	December 31, 2024 — Carrying amount	Contractual Cash Flow	2025	2026	from 2027 to 2029	After 2029
Non-derivative financial liabilities
Bonds	( 7,871 )	( 11,510 )	( 1,374 )	( 1,406 )	( 3,068 )	( 5,662 )
Loans over 100	( 1,250 )	( 1,829 )	( 584 )	( 70 )	( 441 )	( 734 )
Trade and other payables	( 12,921 )	( 12,921 )	( 12,921 )	—	—	—
Other loans and leases	( 2,442 )	( 2,842 )	( 1,326 )	( 293 )	( 719 )	( 504 )
Total	( 24,484 )	( 29,102 )	( 16,205 )	( 1,769 )	( 4,228 )	( 6,900 )
Derivative financial liabilities
Foreign exchange contracts	( 518 )	( 518 )	( 240 )	( 120 )	( 136 )	( 22 )
Commodity contracts 1	( 152 )	( 152 )	( 83 )	( 34 )	( 35 )	—
Total	( 670 )	( 670 )	( 323 )	( 154 )	( 171 )	( 22 )

Commodity contracts include base metals, freight, energy and emission rights.

262

Consolidated financial statements
(millions of U.S. dollar, except share and per share data)

	December 31, 2023 — Carrying amount	Contractual Cash Flow	2024	2025	from 2026 to 2028	After 2028
Non-derivative financial liabilities
Bonds	( 6,812 )	( 9,393 )	( 1,223 )	( 1,329 )	( 2,963 )	( 3,878 )
Loans over 100	( 1,345 )	( 1,942 )	( 237 )	( 457 )	( 462 )	( 786 )
Trade and other payables	( 13,605 )	( 13,605 )	( 13,605 )	—	—	—
Other loans and leases	( 2,525 )	( 2,931 )	( 1,333 )	( 339 )	( 665 )	( 594 )
Total	( 24,287 )	( 27,871 )	( 16,398 )	( 2,125 )	( 4,090 )	( 5,258 )
Derivative financial liabilities
Foreign exchange contracts	( 142 )	( 142 )	( 139 )	( 1 )	( 2 )	—
Commodity contracts 1	( 294 )	( 294 )	( 221 )	( 19 )	—	( 54 )
Total	( 436 )	( 436 )	( 360 )	( 20 )	( 2 )	( 54 )

Commodity contracts include base metals, freight, energy and emission rights.

Cash flow hedges

The following tables present the periods in which the derivatives designated as cash flows hedges are expected to mature:

	December 31, 2024
	Assets/ (liabilities)	(Outflows)/inflows
	Fair value	3 months and less	3-6 months	6-12 months	2026	After 2026
Foreign exchange contracts	( 194 )	( 10 )	( 12 )	( 23 )	( 60 )	( 89 )
Commodities	61	11	—	8	( 16 )	58
Emission rights	—	—	—	—	—	—
Total	( 133 )	1	( 12 )	( 15 )	( 76 )	( 31 )

	December 31, 2023
	Assets/ (liabilities)	(Outflows)/inflows
	Fair value	3 months and less	3-6 months	6-12 months	2025	After 2025
Foreign exchange contracts	( 38 )	( 3 )	( 34 )	( 1 )	—	—
Commodities	412	50	70	171	60	61
Emission rights	—	—	—	—	—	—
Total	374	47	36	170	60	61

Associated gains or losses that were recognized in other comprehensive income are reclassified to the consolidated statements of

operations in the same period during which the hedged forecasted cash flow affects the consolidated statements of operations. The

following table presents the periods in which the realized and unrealized gains or losses on derivatives designated as cash flows

hedges recognized in other comprehensive income, net of tax, are expected to impact the consolidated statements of operations:

263

Consolidated financial statements
(millions of U.S. dollar, except share and per share data)

	December 31, 2024
	Cash flow hedge reserve 1	(Expense)/income
	Carrying amount	3 months and less	3-6 months	6-12 months	2026	After 2026
Foreign exchange contracts	( 184 )	( 9 )	( 9 )	( 18 )	( 59 )	( 89 )
Commodity contracts	296	40	44	95	69	48
Emission rights	844	—	—	—	48	796
Total	956	31	35	77	58	755

The cash flow hedge reserve balance as of December 31, 2024 includes 365 deferred gains for the Company's share of such reserves at its equity method investments,

which are not included in the table above ( 417 as of December 31, 2023).

	December 31, 2023
	Cash flow hedge reserve 1	(Expense)/income
	Carrying amount	3 months and less	3-6 months	6-12 months	2025	After 2025
Foreign exchange contracts	28	5	2	10	11	—
Commodity contracts	633	35	69	169	233	127
Emission rights	900	—	—	—	—	900
Total	1,561	40	71	179	244	1,027

The cash flow hedge reserve balance as of December 31, 2023 also includes 417 deferred gains for the Company's share of such reserves at its equity method

investments, which are not included in the table above ( 1,023 as of December 31, 2022).

264

Consolidated financial statements
(millions of U.S. dollar, except share and per share data)

The following tables summarize the effect of hedge accounting on ArcelorMittal’s consolidated statement of financial position, statement

of comprehensive income and statement of changes in equity.

Hedging Instruments	December 31, 2024 — Nominal amount of the hedging instrument	Assets carrying amount	Liabilities carrying amount	Line item in the statement of financial position where the hedging instrument is located
Cash flow hedges
Foreign exchange risk - Option/forward/swap contracts	1,472	9	( 54 )	Prepaid expenses and other current assets/Accrued expenses and other liabilities
Foreign exchange risk - Option/forward/swap contracts	1,326	43	( 192 )	Other assets/Other long-term obligations
Price risk - Commodities Options/forwards	354	50	( 31 )	Prepaid expenses and other current assets/Accrued expenses and other liabilities
Price risk - Commodities Options/forwards	254	61	( 19 )	Other assets/Other long-term obligations
Price risk - Emission rights forwards	—	—	—	Prepaid expenses and other current assets/Accrued expenses and other liabilities
Total		163	( 296 )
Current derivative assets classified as cash flow hedge		59
Other current derivative assets		246
Total current derivative assets (note 4.5)		305
Non-current derivative assets classified as cash flow hedge		104
Other non-current derivative assets		29
Total non-current derivative assets (note 4.6)		133
Current derivative liabilities classified as cash flow hedge			( 85 )
Other current derivative liabilities			( 242 )
Total current derivative liabilities (note 4.8)			( 327 )
Non-current derivative liabilities classified as cash flow hedge			( 211 )
Other non-current derivative liabilities			( 132 )
Total non-current derivative liabilities (note 9.2)			( 343 )

Hedging Instruments	December 31, 2024 — Cash flow hedge reserve at December 31, 2023	Hedging gains or losses of the reporting period that were recognized in OCI	Gains or losses reclassification adjustment and hedge ineffectiveness	Basis adjustment	Line item in the statement of comprehensive income that includes the reclassification adjustment and hedge ineffectiveness	Cash flow hedge reserve 1 at December 31, 2024
Cash flow hedges
Foreign exchange risk - Option/Forward contracts	28	( 152 )	( 18 )	( 42 )	Sales	( 184 )
Price risk - Commodities Option/Forward contracts	633	( 105 )	82	( 314 )	Sales, Cost of sales	296
Price risk - Emission rights forwards	900	( 54 )	( 2 )	—	Cost of sales	844
Total	1,561	( 311 )	62	( 356 )		956

The cash flow hedge reserve balance as of December 31, 2024 also includes 365 deferred gains for the Company's share of such reserves at its equity method

investments, which are not disclosed above.

265

Consolidated financial statements
(millions of U.S. dollar, except share and per share data)

Hedging Instruments	December 31, 2023 — Nominal amount of the hedging instrument	Assets carrying amount	Liabilities carrying amount	Line item in the statement of financial position where the hedging instrument is located
Cash flow hedges
Foreign exchange risk - Option/ Forward contracts	2,840	12	( 50 )	Prepaid expenses and other current assets/Accrued expenses and other liabilities
Foreign exchange risk - Option/ Forward/Swap contracts	—	—	—	Other assets/Other long-term obligations
Price risk - Commodities forwards	1,118	361	( 70 )	Prepaid expenses and other current assets/Accrued expenses and other liabilities
Price risk - Commodities forwards	524	127	( 6 )	Other assets/Other long-term obligations
Price risk - Emission rights forwards	—	—	—	Prepaid expenses and other current assets/Accrued expenses and other liabilities
Total		500	( 126 )
Current derivative assets classified as cash flow hedge		373
Other current derivative assets		270
Total current derivative assets (note 4.5)		643
Non-current derivative assets classified as cash flow hedge		127
Other non-current derivative assets		36
Total non-current derivative assets (note 4.6)		163
Current derivative liabilities classified as cash flow hedge			( 120 )
Other current derivative liabilities			( 240 )
Total current derivative liabilities (note 4.8)			( 360 )
Non-current derivative liabilities classified as cash flow hedge			( 6 )
Other non-current derivative liabilities			( 70 )
Total non-current derivative liabilities (note 9.2)			( 76 )

Hedging Instruments	December 31, 2023 — Cash flow hedge reserve at December 31, 2022	Hedging gains or losses of the reporting period that were recognized in OCI	Gains or losses reclassification adjustment and hedge ineffectiveness	Basis adjustment	Line item in the statement of comprehensive income that includes the reclassification adjustment and hedge ineffectiveness	Cash flow hedge reserve 1 at December 31, 2023
Cash flow hedges
Foreign exchange risk - Option/ Forward contracts	13	16	( 17 )	16	Sales	28
Price risk - Commodities forwards 1	1,020	( 402 )	( 10 )	25	Sales, Cost of sales	633
Price risk - Emission rights forwards	849	54	( 3 )	—	Cost of sales	900
Total	1,882	( 332 )	( 30 )	41		1,561

The cash flow hedge reserve balance as of December 31, 2023 also includes 417 deferred gains for the Company's share of such reserves at its equity method

investments, which are not disclosed above

266

Consolidated financial statements
(millions of U.S. dollar, except share and per share data)

Net investment hedge

The Compa ny designated a portfolio of euro denominated debt

as a hedge of certain euro denominated investmen ts (see also

note 6.1.2.2.)

The Company has periodically hedged a part of its euro

denominated net investments via euro/U.S. dollar cross

currency swaps ("CCS"). These CCS, all of which have been

unwound, were designated as net investment hedges. The

hedging instrument is categorized as Level 2.

The following tables summarizes the historical gain/loss that will

be recycled to the consolidation statements of operations when

the hedged assets are disposed of.

Date traded	December 31, 2024 1 — Date maturity /unwound	Notional	OCI gross	Deferred tax	OCI net of deferred tax
December, 2014	January, 2016	375	83	( 24 )	59
May, 2015	March, 2020	500	11	( 3 )	8
May, 2015	July, 2019	500	( 16 )	5	( 11 )
March, 2018	June, 2018	100	8	( 2 )	6
April, 2019	November, 2019	200	11	( 3 )	8
Total			97	( 27 )	70

In 2024 and in 2023, the Company did not designate any new CCS as net investment hedge.

Hedging Instruments	December 31, 2024 — Nominal amount of the hedging instrument	Assets carrying amount	Liabilities carrying amount	Line item in the statement of financial position where the hedging instrument is located	Change in value used for calculating hedge ineffectiveness for 2024	Line item in the statement of comprehensive income that includes the recognized hedge ineffectiveness	Foreign currency translation reserve
Net investment hedges
Foreign exchange risk - Cross Currency Swap	—	—	—	N/a	—	N/a	70
Foreign exchange risk - EUR debt	4,319	—	4,303	Short-term debt and current portion of long- term debt; long- term debt, net of current portion	—	N/a	564
Total	4,319	—	4,303		—		634

Hedging Instruments	December 31, 2023 — Nominal amount of the hedging instrument	Assets carrying amount	Liabilities carrying amount	Line item in the statement of financial position where the hedging instrument is located	Change in value used for calculating hedge ineffectiveness for 2023	Line item in the statement of comprehensive income that includes the recognized hedge ineffectiveness	Foreign currency translation reserve
Net investment hedges
Foreign exchange risk - Cross Currency Swap	—	—	—	N/a	—	N/a	70
Foreign exchange risk - EUR debt	4,017	—	4,009	Short-term debt and current portion of long-term debt; long-term debt, net of current portion	—	N/a	332
Total	4,017	—	4,009		—		402

267

Consolidated financial statements
(millions of U.S. dollar, except share and per share data)

Raw materials, freight, energy risks and emission rights

The Company is exposed to risks in fluctuations in prices of raw materials (including base metals such as zinc, nickel, aluminum, tin,

copper and iron ore), freight and energy, both through the purchase of raw materials and through sales contracts. The Company uses

financial instruments such as forward purchases or sales, options and swaps in order to manage the volatility of prices of certain raw

materials, freight and energy.

Fair values of raw material, freight, energy and emission rights instruments categorized as Level 2 are as follows:

	December 31, — 2024	2023
Base metals	( 11 )	( 3 )
Freight	3	12
Energy (oil, gas, electricity)	60	401
Emission rights	—	18
Total	52	428
Derivative assets associated with raw materials, energy, freight and emission rights	172	640
Derivative liabilities associated with raw materials, energy, freight and emission rights	( 120 )	( 212 )
Total	52	428

ArcelorMittal consumes large amounts of raw materials (the

prices of which are related to the London Metals Exchange price

index, the Steel Index and Platts Index), ocean freight (the price

of which is related to a Baltic Exchange Index), and energy (the

prices of which are mainly related to the New York Mercantile

Exchange energy index (NYMEX) and the EEX power indexes).

As a general matter, ArcelorMittal is exposed to price volatility

with respect to its purchases in the spot market and under its

long-term supply contracts. In accordance with its risk

management policy, ArcelorMittal hedges a part of its exposure

related to raw materials procurement.

Emission rights

Pursuant to the application of the European Directive 2003/87/

EC of October 13, 2003, as amended by the European Directive

2009/29/EC of April 23, 2009, establishing a scheme for

emission allowance trading, the Company enters into certain

types of derivatives (mainly forward transactions and options) in

order to implement its management policy for associated risks.

As of December 31, 2024 and 2023 , the Company had a net

notional position of ( 2 ) with a net nil fair value and a net notional

position of 164 with a net positive fair value of 18 , respectively.

Credit risk

The Company’s treasury department monitors various market

data regarding the credit standings and overall reliability of the

financial institutions for all countries where the Company’s

subsidiaries operate. The choice of the financial institution for

the financial transactions must be approved by the treasury

department. Credit risk related to customers, customer credit

terms and receivables are discussed in note 4.3.

Sensitivity analysis

Foreign currency sensitivity

The following tables demonstrate the Company’s derivative

financial instruments' sensitivity to a 10 % strengthening and a

10 % weakening in the U.S. Dollar and Euro exchange rates

against the relevant currencies, with all other variables held

constant. A positive number indicates an increase in profit or

loss and other equity, where a negative number indicates a

decrease in profit or loss and other equity.

The sensitivity analysis includes the Company’s complete

portfolio of foreign currency derivatives outstanding.

	December 31, 2024 — Income (loss)	Other Equity
10% strengthening in U.S. dollar	( 276 )	( 70 )
10% strengthening in Euro	63	—
10% weakening in U.S. dollar	248	89
10% weakening in Euro	( 77 )	—

	December 31, 2023 — Income (loss)	Other Equity
10% strengthening in U.S. dollar	( 157 )	171
10% strengthening in Euro	77	—
10% weakening in U.S. dollar	168	( 148 )
10% weakening in Euro	( 94 )	—

268

Consolidated financial statements
(millions of U.S. dollar, except share and per share data)

Cash flow sensitivity analysis for variable rate instruments

The following tables detail the Company’s variable interest rate

instruments’ sensitivity. A change of 100 basis points (“bp”) in

interest rates during the period would have increased

(decreased) profit or loss by the amounts presented below. This

analysis assumes that all other variables, in particular foreign

currency rates, remain constant.

	December 31, 2024 — Floating portion of net debt 1	Interest Rate Swaps/ Forward Rate Agreements
100 bp increase	39	1
100 bp decrease	( 39 )	( 1 )

	December 31, 2023 — Floating portion of net debt 1	Interest Rate Swaps/ Forward Rate Agreements
100 bp increase	53	1
100 bp decrease	( 53 )	( 1 )

See note 6.1.4 for a description of net debt (including fixed and floating

portion).

Base metals, energy, freight, emissions rights

The following tables detail the Company’s sensitivity to a 10 %

increase and decrease in the price of the relevant base metals,

energy, freight and emissions rights. The sensitivity analysis

includes only outstanding, un-matured derivative instruments

either held for trading at fair value through the consolidated

statements of operations or designated in hedge accounting

relationships.

	December 31, 2024 — Income (loss)	Other Equity Cash Flow Hedging Reserves
' + 10 % in prices
Base Metals	3	12
Iron Ore	—	10
Freight	—	3
Emission rights	—	—
Energy	( 2 )	23
' - 10 % in prices
Base Metals	( 3 )	( 12 )
Iron Ore	—	( 10 )
Freight	—	( 3 )
Emission rights	—	—
Energy	2	( 23 )

	December 31, 2023 — Income (loss)	Other Equity Cash Flow Hedging Reserves
' + 10 % in prices
Base Metals	( 1 )	18
Iron Ore	( 2 )	4
Freight	—	3
Emission rights	( 12 )	—
Energy	—	71
' - 10 % in prices
Base Metals	1	( 18 )
Iron Ore	2	( 4 )
Freight	—	( 3 )
Emission rights	12	—
Energy	—	( 71 )

269

Consolidated financial statements
(millions of U.S. dollar, except share and per share data)

NOTE 7: LEASES

As a lessee, the Company assesses if a contract is or contains

a lease at inception of the contract. A contract is or contains a

lease if the contract conveys the right to control the use of an

identified asset for a period of time in exchange for

consideration.

The Company recognizes a right-of-use asset and a lease

liability at the commencement date, except for short-term leases

of twelve months or less and leases for which the underlying

asset is of low value, which are expensed in the consolidated

statement of operations on a straight-line basis over the lease

term.

The lease liability is initially measured at the present value of the

lease payments that are not paid at the commencement date,

discounted using the interest rate implicit in the lease, or, if not

readily determinable, the incremental borrowing rate specific to

the country, term and currency of the contract. Lease payments

can include fixed payments, variable payments that depend on

an index or rate known at the commencement date, as well as

any extension or purchase options, if the Company is

reasonably certain to exercise these options. The lease liability

is subsequently measured at amortized cost using the effective

interest method and remeasured with a corresponding

adjustment to the related right-of-use asset when there is a

change in future lease payments in case of renegotiation,

changes of an index or rate or in case of reassessments of

options.

The right-of-use asset comprises, at inception, the initial lease

liability, any initial direct costs and, when applicable, the

obligations to refurbish the asset, less any incentives granted by

the lessors. The right-of-use asset is subsequently depreciated

on a straight-line basis to the earlier end of its estimated useful

life or the end of the lease term or to the end of the estimated

useful life of the underlying asset, if the lease transfers the

ownership of the underlying asset to the Company at the end of

the lease term or if the cost of the right-of-use asset reflects that

the lessee will exercise a purchase option. Right-of-use assets

are also subject to testing for impairment if there is an indicator

that they may be impaired.

Variable lease payments not included in the measurement of the

lease liabilities are expensed to the consolidated statement of

operations in the period in which the events or conditions which

trigger those payments occur.

In the statement of financial position, right-of-use assets and

lease liabilities are classified, respectively, as part of property,

plant and equipment and short-term/long-term debt.

Balances for the Company’s lease activities are summarized as follows:

	As at December 31, 2024	As at December 31, 2023
Lease liabilities	1,034	1,146
Right of-use assets:
Land, buildings and improvements	869	944
Machinery, equipment and others	371	400
Total right-of-use assets	1,240	1,344
	Year ended December 31, 2024	Year ended December 31, 2023
Depreciation and impairment charges:
Land, buildings and improvements	150	154
Machinery, equipment and others	77	81
Total depreciation and impairment charges	227	235
Other lease related expenses:
Interest expense on lease liabilities	55	55
Expenses of short-term leases	114	93
Expenses of leases of low-value assets	91	81
Expenses related to variable lease payments not included in the measurement of lease liabilities	70	68
Additions to right-of-use assets	209	288
Lease payments recorded as reduction of lease liabilities and cash outflow from financing activities	224	253

270

Consolidated financial statements
(millions of U.S. dollar, except share and per share data)

The Company's lease contracts relate to a variety of assets used in its operational and administrative activities through several units,

such as land, buildings, vehicles, industrial machinery, logistic and commercial facilities and power generation facilities. There are no

sale and lease back transactions and no restrictions or covenants are imposed by the Company's current effective lease contracts.

The maturity analysis of the lease liabilities as of December 31, 2024 and December 31, 2023, is as follows:

	1 year or less	2-3 years	4-5 years	December 31, 2024 — Greater than 5 years	TOTAL
Lease liabilities (undiscounted)	246	301	199	1,235	1,981

	1 year or less	2-3 years	4-5 years	December 31, 2023 — Greater than 5 years	TOTAL
Lease liabilities (undiscounted)	278	340	217	1,251	2,086

Expenses for variable lease payments relate to rental fees that vary based on the actual level of activities or performance of the

underlying leased assets such as a percentage of sales of the Company's goods through certain leased commercial warehouses and

fixed rental fees per actual unit of output produced or transported by the leased assets.

An estimation of the future cash outflows to which the Company is potentially exposed in relation to those contracts involving variable

lease payments, which are not reflected in the measurement of lease liabilities as of December 31, 2024 and December 31, 2023, is as

follows:

	1 year or less	2-3 years	4-5 years	Greater than 5 years	December 31, 2024 — TOTAL
Potential variable lease payments	60	92	52	36	240

	1 year or less	2-3 years	4-5 years	Greater than 5 years	December 31, 2023 — TOTAL
Potential variable lease payments	70	111	72	61	314

Also, some of the Company's lease contracts have extension and/or termination options as well as residual value guarantees whose

amounts are not reflected in the measurement of the lease liabilities as of December 31, 2024 and December 31, 2023. The potential

addition/(reduction) in future cash outflows to which the Company is exposed in case such options are exercised or the guarantees

required are as shown in the table below:

	1 year or less	2-3 years	4-5 years	December 31, 2024 — Greater than 5 years	TOTAL
Potential extension options	4	10	—	—	14
Potential termination options	—	—	—	( 1 )	( 1 )
Potential residual value guarantees	8	9	6	—	23

	1 year or less	2-3 years	4-5 years	December 31, 2023 — Greater than 5 years	TOTAL
Potential extension options	1	1	—	—	2
Potential termination options	—	( 1 )	—	( 1 )	( 2 )
Potential residual value guarantees	9	9	6	—	24

271

Consolidated financial statements
(millions of U.S. dollar, except share and per share data)

Undiscounted amounts related to lease contracts not yet commenced and therefore not included in the recognized lease liabilities as of

December 31, 2024 and December 31, 2023, to which the Company is committed are described below:

	1 year or less	2-3 years	4-5 years	December 31, 2024 — Greater than 5 years	TOTAL
Leases not yet commenced	6	13	7	49	75

	1 year or less	2-3 years	4-5 years	December 31, 2023 — Greater than 5 years	TOTAL
Leases not yet commenced	4	10	10	69	93

There were neither income from subleasing right-of-use assets

nor gains or losses from sales and leaseback for the years

ended December 31, 2024 and December 31, 2023.

NOTE 8: PERSONNEL EXPENSES AND DEFERRED

EMPLOYEE BENEFITS

8.1 Employees and key management personnel

As of December 31, 2024 , 2023 and 2022, ArcelorMittal had

approximately 125,000 , 127,000 and 154,000 employees,

respectively, and the total annual compensation of

ArcelorMittal’s employees in 2024 , 2023 and 2022 was as

follows:

Employee Information	Year ended December 31, — 2024	2023	2022
Wages and salaries	6,875	6,868	6,463
Defined benefits cost (see note 8.2)	82	148	153
Other staff expenses	1,173	1,318	1,300
Total	8,130	8,334	7,916

The total annual compensation of ArcelorMittal’s key

management personnel, including its Board of Directors, in

2024 , 2023 and 2022 was as follows:

	Year ended December 31, — 2024	2023	2022
Base salary and directors fees	12	11	11
Short-term performance- related bonus	13	9	16
Post-employment benefits	1	1	1
Fair value of long-term incentives	14	9	7

The fair value of the shares allocated based on Restricted Share

Unit (“RSU”) and Performance Share Unit (“PSU”) plans to

ArcelorMittal’s key management personnel was recorded as an

expense in the consolidated statements of operations over the

relevant vesting periods.

As of December 31, 2024 , 2023 and 2022 , ArcelorMittal did not

have any outstanding loans or advances to members of its

Board of Directors or key management personnel, and, as of

December 31, 2024 , 2023 and 2022 , ArcelorMittal had not given

any guarantees for the benefit of any member of its Board of

Directors or key management personnel.

8.2 Deferred employee benefits

ArcelorMittal’s operating subsidiaries sponsor different types of

pension plans for their employees. Also, some of the operating

subsidiaries offer other post-employment benefits, that are

principally post-retirement healthcare plans. These benefits are

broken down into defined contribution plans and defined benefit

plans.

Defined contribution plans are those plans where ArcelorMittal

pays fixed or determinable contributions to external insurance or

funds for certain employees. Contributions are paid in return for

services rendered by the employees during the period.

Contributions are expensed as incurred consistent with the

recognition of wages and salaries.

Defined benefit plans are those plans that provide guaranteed

benefits to certain employees, either by way of contractual

obligations or through a collective agreement. For defined

benefit plans, the cost of providing benefits is determined using

the projected unit credit method, with actuarial valuations being

carried out each fiscal year.

The retirement benefit obligation recognized in the consolidated

statements of financial position represents the present value of

the defined benefit obligation less the fair value of plan assets.

The impact arising from the remeasurement of the benefit

obligation and plan assets due to experience and changes in

actuarial assumptions are charged or credited to other

comprehensive income in the period in which they arise. Any

assets resulting from this calculation are limited to the present

value of available refunds and reductions in future contributions

to the plan.

Current service cost, which is the increase of the present value

of the defined benefit obligation resulting from the employee

272

Consolidated financial statements
(millions of U.S. dollar, except share and per share data)

service in the current period, is recorded as an expense as part

of cost of sales and selling, general and administrative

expenses in the consolidated statements of operations. The net

interest cost, which is the change during the period in the net

defined benefit liability or asset that arises from the passage of

time, is recognized as part of net financing costs in the

consolidated statements of operations.

The Company recognizes gains and losses on the settlement of

a defined benefit plan when the settlement occurs. The gain or

loss on settlement comprises any resulting change in the fair

value of plan assets and any change in the present value of the

defined benefit obligation. Past service cost is the change in the

present value of the defined benefit obligation resulting from a

plan amendment or a curtailment. Past service cost is

recognized immediately in the consolidated statements of

operations in the period in which it arises.

Termination plans are those plans that primarily correspond to

terminating an employee’s contract usually following the

decision of the employee before the normal retirement date.

Liabilities for termination plans are recognized when the affected

employees have formally been informed and when amounts

owed have been determined using an appropriate actuarial

calculation. Liabilities relating to long-term termination plans

(like early retirement plans) are calculated annually based on

the number of employees that have taken or contractually

agreed to take early retirement and are discounted using an

interest rate that corresponds to that of high-quality bonds that

have maturity dates similar to the terms of the Company’s early

retirement obligations. Provisions for social plans are recorded

in connection with voluntary separation plans. Voluntary

retirement plans primarily correspond to the practical

implementation of social plans or are linked to collective

agreements signed with certain categories of employees. The

Company recognizes a liability and expense when it can no

longer withdraw the offer or, if earlier, when it has a detailed

formal plan which has been communicated to employees or

their representatives.

Other long-term employee benefits include various plans that

depend on the length of service, such as long service and

sabbatical awards, disability benefits and long-term

compensated absences such as sick leave. The amount

recognized as a liability is the present value of benefit

obligations at the consolidated statements of financial position

date, and all changes in the provision (including actuarial gains

and losses or past service costs) are recognized in the

consolidated statements of operations in the period in which

they arise.

The expense associated with the above pension plans and post-

employment benefits, as well as the carrying amount of the

related liability/asset on the consolidated statements of financial

position are based on several assumptions and factors such as

discount rates, expected rate of compensation increase,

healthcare cost trend rates, mortality rates and retirement rates.

• Discount rates – The present value of the defined

benefit obligation is determined by discounting the

estimated future cash outflows using interest rates of

high-quality corporate bonds that are denominated in

the currency in which the benefit will be paid. In

countries where there is no deep market in such

bonds, the market rates on government bonds are

used. Nominal interest rates vary worldwide due to

exchange rates and local inflation rates.

• Rate of compensation increase – The rate of

compensation increase reflects actual experience and

the Company’s long-term outlook, including

contractually agreed wage rate increases for

represented hourly employees.

• Healthcare cost trend rate – The healthcare cost trend

rate is based on historical retiree cost data, near-term

healthcare outlook, including appropriate cost control

measures implemented by the Company, and industry

benchmarks and surveys.

• Mortality and retirement rates – Mortality and

retirement rates are based on actual and projected

plan experience.

Statements of Financial Position

Total deferred employee benefits including pension or other

post-employment benefits, are as follows:

	December 31, — 2024	2023
Pension plan benefits	1,310	1,594
Other post-employment benefits and other long-term employee benefits ("OPEB")	884	967
Termination benefits	117	134
Defined benefit liabilities	2,311	2,695
Provisions for social plans (non-current)	27	46
Total	2,338	2,741

This note, including the table above, discloses the following

benefit categories:

• pension plan benefits are pension plans and lump sum

benefits that are classified under post-employment

benefits as required by IAS 19 which are not

mandatory by law;

• other post-employment and other long-term employee

benefits, also referred to as, OPEB which includes all

273

Consolidated financial statements
(millions of U.S. dollar, except share and per share data)

other post-employment benefits as defined in IAS 19

(e.g. lump sum benefits which are mandatory by law,

medical insurance and life insurance) together with all

other long-term employee benefits as defined in IAS

19;

• termination benefits, which relate to provisions for long

term termination benefits as defined in IAS 19 (e.g.

early retirement benefits). The provisions for

termination benefits relate to European countries

(Belgium and Germany) ; and

• provisions for social plans (non-current) which relate to

provisions for social plans in restructuring provisions as

required by IAS 37.

Pension plans

This section includes post-employment benefits that are pension

plan and lump sum benefits which are not mandatory by law . A

summary of the significant defined benefit pension plans is as

follows:

Canada

The primary pension plans are those of ArcelorMittal Dofasco,

AMMC and ArcelorMittal Long Products Canada.

The ArcelorMittal Dofasco pension plan is a hybrid plan

providing the benefits of both a defined benefit and defined

contribution pension plan. The defined contribution component

is financed by both employer and employee contributions. The

employer’s defined contribution is based on a percentage of

company profits. The defined benefit pension plan was closed

for new hires on December 31, 2010 and replaced by a new

defined contribution pension plan with contributions related to

age, service and earnings.

At the end of 2012, ArcelorMittal Dofasco froze and capped

benefits for the majority of its hourly and salaried employees

who were still accruing service under the defined benefit plan

and began transitioning these employees to the new defined

contribution pension plan for future pension benefits.

In 2023 and 2024, ArcelorMittal Dofasco entered into buy-in

transactions for a portion of its fully funded pension plans

representing 352 and 356 obligations, respectively.

The AMMC defined benefit plan provides salary related benefit

for non-union employees and a flat dollar pension depending on

an employee’s length of service for union employees. This plan

was closed for new non-union hires on December 31, 2009 and

replaced by a defined contribution pension plan with

contributions related to age and service. Unionized employees

of AMMC have the choice, after their first year of employment, to

remain in the defined benefit plan or to transfer to the unionized

employees’ defined contribution plan. Effective January 1, 2015,

AMMC implemented a plan to transition its non-union

employees who were still benefiting under the defined benefit

plan to a defined contribution pension plan. The transition period

was completed as of January 1, 2025 .

In 2023, AMMC entered into a buy-in transaction for a portion of

its fully funded pension plans representing obligations of 100 .

ArcelorMittal Long Products Canada sponsors several defined

benefit and defined contribution pension plans for its various

groups of employees, with most defined benefit plans closed to

new entrants several years ago. The primary defined benefit

pension plan sponsored by ArcelorMittal Long Products Canada

provides certain unionized employees with a flat dollar pension

depending on an employee’s length of service.

ArcelorMittal Long Products Canada continued to operate under

a six -year collective labor agreement ("CLA") renewed on

August 1, 2020 with its Contrecoeur-West union group. Its

defined benefit plan was closed to new hires and a new defined

contribution type arrangement was established for new hires. A

six -year labor agreement was renewed on February 1, 2022 and

it covers Contrecoeur East and Longueuil facilities; its defined

benefit pension plan is offered for all employees including new

hires .

In 2020 and 2022, ArcelorMittal Long Products Canada entered

into buy-in transactions for a portion of its fully funded pension

plans representing 278 obligations.

Brazil

The primary defined benefit plans, financed through trust

funds, have been closed to new entrants. Brazilian entities have

all established defined contribution plans that are financed by

employer and employee contributions.

Europe

Certain European operating subsidiaries maintain primarily

unfunded defined benefit pension plans for a certain number of

employees. Benefits are based on such employees’ length of

service and applicable pension table under the terms of

individual agreements. Some of these unfunded plans have

been closed to new entrants and replaced by defined

contribution pension plans for active members financed by

employer and employee contributions.

As from December 2015 new Belgian legislation modifies the

minimum guaranteed rates of return applicable to Belgian

defined contribution plans. For insured plans, the rates of 3.25 %

on employer contributions and 3.75 % on employee contributions

will continue to apply to the accumulated pre-2016 contributions.

For contributions paid as from January 1, 2016, a new variable

minimum guaranteed rate of return applies. From 2016 through

2024, the minimum guaranteed rate of return was 1.75 % . For

new contributions as from January 1, 2025, the minimum

274

Consolidated financial statements
(millions of U.S. dollar, except share and per share data)

guaranteed rate of return is fixed at 2.50 % . Due to the statutory

minimum guaranteed return, Belgian defined contribution plans

do not meet the definition of defined contribution plans under

IFRS. Therefore, the Belgian defined contribution plans are

classified as defined benefit plans.

I n 2024, ArcelorMittal Bremen and the works council reached an

agreement regarding the restructuring of pension plans with a

recognition of plan amendment gain of 44 in cost of sales.

Others

A very limited number of defined benefit plans are in place in

other countries (such as Mexico, Morocco, Ukraine and the

United States of America).

The majority of the funded defined benefit pension plans

described earlier provide benefit payments from trustee-

administered funds. ArcelorMittal also sponsors a number of

unfunded plans where the Company meets the benefit payment

obligation as it falls due. Plan assets held in trusts are legally

separated from the Company and are governed by local

regulations and practice in each country, as is the nature of the

relationship between the Company and the governing bodies

and their composition. In general terms, governing bodies are

required by law to act in the best interest of the plan members

and are responsible for certain tasks related to the plan (e.g.

setting the plan's investment policy).

In case of the funded pension plans, the investment positions

are generally managed within an asset-liability matching ("ALM")

framework that has been developed to achieve long-term

investments that are in line with the obligations of the pension

plans.

A long-term investment strategy has been set for ArcelorMittal’s

major funded pension plans, with its asset allocation comprising

of a mixture of equity securities, fixed income securities, real

estate and other appropriate assets. This recognizes that

different asset classes are likely to produce different long-term

returns and some asset classes may be more volatile than

others. The long-term investment strategy ensures, in particular,

that investments are adequately diversified.

275

Consolidated financial statements
(millions of U.S. dollar, except share and per share data)

The following tables detail the reconciliation of defined benefit obligation (“DBO”), plan assets, irrecoverable surplus and statements of

financial position.

	Year ended December 31, 2024 — Total	Canada	Brazil	Europe	Other
Change in benefit obligation
Benefit obligation at beginning of the period	5,284	2,498	507	1,987	292
Current service cost	83	16	—	55	12
Interest cost on DBO	250	110	46	67	27
Past service cost - Plan amendments	( 44 )	—	—	( 44 )	—
Past service cost - Curtailments	( 1 )	—	—	( 1 )	—
Past service cost - Settlements	( 7 )	—	—	( 4 )	( 3 )
Plan participants’ contribution	2	—	—	2	—
Actuarial (gain) loss	( 64 )	24	( 51 )	( 26 )	( 11 )
Demographic assumptions	20	20	—	—	—
Financial assumptions	( 95 )	9	( 73 )	( 21 )	( 10 )
Experience adjustment	11	( 5 )	22	( 5 )	( 1 )
Benefits paid	( 402 )	( 188 )	( 38 )	( 145 )	( 31 )
Foreign currency exchange rate differences and other movements	( 487 )	( 196 )	( 113 )	( 134 )	( 44 )
Benefit obligation at end of the period	4,614	2,264	351	1,757	242
Change in plan assets
Fair value of plan assets at beginning of the period	3,771	2,517	451	773	30
Interest income on plan assets	171	106	39	25	1
Return on plan assets less than discount rate	64	92	( 32 )	4	—
Employer contribution	82	22	4	56	—
Plan participants’ contribution	2	—	—	2	—
Past service cost - Settlements	( 3 )	—	—	—	( 3 )
Benefits paid	( 315 )	( 187 )	( 38 )	( 89 )	( 1 )
Foreign currency exchange rate differences and other movements	( 341 )	( 198 )	( 98 )	( 45 )	—
Fair value of plan assets at end of the period	3,431	2,352	326	726	27
Present value of the wholly or partly funded obligation	( 3,706 )	( 2,255 )	( 351 )	( 1,072 )	( 28 )
Fair value of plan assets	3,431	2,352	326	726	27
Net present value of the wholly or partly funded obligation	( 275 )	97	( 25 )	( 346 )	( 1 )
Present value of the unfunded obligation	( 908 )	( 9 )	—	( 685 )	( 214 )
Prepaid due to unrecoverable surpluses	( 41 )	( 35 )	( 3 )	( 3 )	—
Net amount recognized	( 1,224 )	53	( 28 )	( 1,034 )	( 215 )
Net assets related to funded obligations	86	79	—	6	1
Recognized liabilities	( 1,310 )	( 26 )	( 28 )	( 1,040 )	( 216 )
Change in unrecoverable surplus
Unrecoverable surplus at beginning of the period	( 35 )	( 28 )	( 4 )	( 3 )	—
Interest cost on unrecoverable surplus	( 2 )	( 2 )	—	—	—
Change in unrecoverable surplus in excess of interest	( 5 )	( 6 )	1	—	—
Exchange rates changes	1	1	—	—	—
Unrecoverable surplus at end of the period	( 41 )	( 35 )	( 3 )	( 3 )	—

276

Consolidated financial statements
(millions of U.S. dollar, except share and per share data)

	Year ended December 31, 2023 — Total	Canada	Brazil	Europe	Other
Change in benefit obligation
Benefit obligation at beginning of the period	4,932	2,375	431	1,849	277
Current service cost	74	14	—	48	12
Interest cost on DBO	267	120	43	69	35
Past service cost - Plan amendments	9	—	—	3	6
Past service cost - Curtailments	( 6 )	—	—	( 6 )	—
Plan participants’ contribution	1	—	—	1	—
Actuarial (gain) loss	272	130	38	88	16
Demographic assumptions	15	4	—	10	1
Financial assumptions	246	123	33	86	4
Experience adjustment	11	3	5	( 8 )	11
Benefits paid	( 382 )	( 193 )	( 40 )	( 121 )	( 28 )
Divestments (note 2.3.1)	( 50 )	—	—	—	( 50 )
Foreign currency exchange rate differences and other movements	167	52	35	56	24
Benefit obligation at end of the period	5,284	2,498	507	1,987	292
Change in plan assets
Fair value of plan assets at beginning of the period	3,466	2,400	391	647	28
Interest income on plan assets	183	118	39	25	1
Return on plan assets less than discount rate	221	118	26	75	2
Employer contribution	89	19	4	66	—
Plan participants’ contribution	1	—	—	1	—
Benefits paid	( 297 )	( 192 )	( 40 )	( 64 )	( 1 )
Foreign currency exchange rate differences and other movements	108	54	31	23	—
Fair value of plan assets at end of the period	3,771	2,517	451	773	30
Present value of the wholly or partly funded obligation	( 4,198 )	( 2,487 )	( 507 )	( 1,173 )	( 31 )
Fair value of plan assets	3,771	2,517	451	773	30
Net present value of the wholly or partly funded obligation	( 427 )	30	( 56 )	( 400 )	( 1 )
Present value of the unfunded obligation	( 1,086 )	( 11 )	—	( 814 )	( 261 )
Prepaid due to unrecoverable surpluses	( 35 )	( 28 )	( 4 )	( 3 )	—
Net amount recognized	( 1,548 )	( 9 )	( 60 )	( 1,217 )	( 262 )
Net assets related to funded obligations	46	42	—	4	—
Recognized liabilities	( 1,594 )	( 51 )	( 60 )	( 1,221 )	( 262 )
Change in unrecoverable surplus
Unrecoverable surplus at beginning of the period	( 33 )	( 27 )	( 3 )	( 3 )	—
Interest cost on unrecoverable surplus	( 2 )	( 2 )	—	—	—
Change in unrecoverable surplus in excess of interest	1	1	—	—	—
Exchange rates changes	( 1 )	—	( 1 )	—	—
Unrecoverable surplus at end of the period	( 35 )	( 28 )	( 4 )	( 3 )	—

277

Consolidated financial statements
(millions of U.S. dollar, except share and per share data)

The following tables detail the components of net periodic pension cost:

Net periodic pension cost (income)	Year ended December 31, 2024 — Total	Canada	Brazil	Europe	Others
Current service cost	83	16	—	55	12
Past service cost - Plan amendments	( 44 )	—	—	( 44 )	—
Past service cost - Curtailments	( 1 )	—	—	( 1 )	—
Past service cost - Settlements	( 4 )	—	—	( 4 )	—
Net interest cost (income) on net DB liability (asset)	77	2	7	42	26
Total	111	18	7	48	38

Net periodic pension cost (income)	Year ended December 31, 2023 — Total	Canada	Brazil	Europe	Others
Current service cost	74	14	—	48	12
Past service cost - Plan amendments	9	—	—	3	6
Past service cost - Curtailments	( 6 )	—	—	( 6 )	—
Net interest cost (income) on net DB liability (asset)	82	—	4	44	34
Total	159	14	4	89	52

Net periodic pension cost (income)	Year ended December 31, 2022 — Total	Canada	Brazil	Europe	Others
Current service cost	99	24	—	63	12
Past service cost - Plan amendments	5	9	—	( 4 )	—
Past service cost - Curtailments	( 26 )	—	—	( 26 )	—
Net interest cost (income) on net DB liability (asset)	52	7	5	18	22
Total	130	40	5	51	34

Other post-employment benefits and other long-term employee

benefits ("OPEB")

This section includes post-employment employees benefits that

are not disclosed above (i.e. includes lump sum benefits which

are mandatory by law, medical insurance and life insurance). In

addition, this section includes all other long-term employee

benefits.

ArcelorMittal’s principal operating subsidiaries in Canada,

Europe and certain other countries, provide other post-

employment benefits and other long-term employee benefits,

including medical benefits and life insurance benefits, work

medals and retirement indemnity plans, to employees and

retirees.

278

Consolidated financial statements
(millions of U.S. dollar, except share and per share data)

Summary of changes in the other post-employment benefit obligation and changes in plan assets are as follows:

	Year ended December 31, 2024 — Total	Canada	Europe	Others
Change in benefit obligation
Benefit obligation at beginning of the period	971	508	355	108
Current service cost	28	7	18	3
Interest cost on DBO	42	23	12	7
Past service cost - Plan amendments	( 8 )	—	( 3 )	( 5 )
Past service cost - Curtailments	( 3 )	—	( 3 )	—
Actuarial (gain) loss	3	6	( 9 )	6
Demographic assumptions	11	11	—	—
Financial assumptions	( 2 )	3	( 6 )	1
Experience adjustment	( 6 )	( 8 )	( 3 )	5
Benefits paid	( 72 )	( 28 )	( 35 )	( 9 )
Foreign currency exchange rate differences and other movements	( 73 )	( 40 )	( 20 )	( 13 )
Benefit obligation at end of the period	888	476	315	97
Change in plan assets
Fair value of plan assets at beginning of the period	4	—	4	—
Fair value of plan assets at end of the period	4	—	4	—
Present value of the wholly or partly funded obligation	( 16 )	—	( 16 )	—
Fair value of plan assets	4	—	4	—
Net present value of the wholly or partly funded obligation	( 12 )	—	( 12 )	—
Present value of the unfunded obligation	( 872 )	( 476 )	( 299 )	( 97 )
Net amount recognized	( 884 )	( 476 )	( 311 )	( 97 )

279

Consolidated financial statements
(millions of U.S. dollar, except share and per share data)

	Year ended December 31, 2023 — Total	Canada	Europe	Others
Change in benefit obligation
Benefit obligation at beginning of the period	866	455	314	97
Current service cost	27	7	17	3
Interest cost on DBO	46	24	14	8
Past service cost - Plan amendments	6	—	( 2 )	8
Actuarial (gain) loss	64	41	30	( 7 )
Demographic assumptions	18	18	—	—
Financial assumptions	44	26	19	( 1 )
Experience adjustment	2	( 3 )	11	( 6 )
Benefits paid	( 75 )	( 29 )	( 35 )	( 11 )
Foreign currency exchange rate differences and other movements	37	10	17	10
Benefit obligation at end of the period	971	508	355	108
Change in plan assets
Fair value of plan assets at beginning of the period	5	—	5	—
Benefits paid	( 1 )	—	( 1 )	—
Fair value of plan assets at end of the period	4	—	4	—
Present value of the wholly or partly funded obligation	( 19 )	—	( 19 )	—
Fair value of plan assets	4	—	4	—
Net present value of the wholly or partly funded obligation	( 15 )	—	( 15 )	—
Present value of the unfunded obligation	( 952 )	( 508 )	( 336 )	( 108 )
Net amount recognized	( 967 )	( 508 )	( 351 )	( 108 )

280

Consolidated financial statements
(millions of U.S. dollar, except share and per share data)

The following tables detail the components of net periodic other post-employment cost:

Components of net periodic OPEB cost (income)	Year ended December 31, 2024 — Total	Canada	Europe	Others
Current service cost	28	7	18	3
Past service cost - Plan amendments	( 8 )	—	( 3 )	( 5 )
Past service cost - Curtailments	( 3 )	—	( 3 )	—
Net interest cost (income) on net DB liability (asset)	42	23	12	7
Actuarial gain recognized during the year	( 4 )	—	( 4 )	—
Total	55	30	20	5

Components of net periodic OPEB cost (income)	Year ended December 31, 2023 — Total	Canada	Europe	Others
Current service cost	27	7	17	3
Past service cost - Plan amendments	6	—	( 2 )	8
Net interest cost (income) on net DB liability (asset)	46	24	14	8
Actuarial loss recognized during the year	11	—	11	—
Total	90	31	40	19

Components of net periodic OPEB cost (income)	Year ended December 31, 2022 — Total	Canada	Europe	Others
Current service cost	37	11	21	5
Net interest cost (income) on net DB liability (asset)	29	19	4	6
Actuarial gain recognized during the year	( 20 )	—	( 20 )	—
Total	46	30	5	11

The following tables detail where the expense is recognized in the consolidated statements of operations:

	Year ended December 31, — 2024	2023	2022
Net periodic pension cost	111	159	130
Net periodic OPEB cost	55	90	46
Total	166	249	176
Cost of sales	35	100	115
Selling, general and administrative expenses	16	14	—
Financing costs - net	115	135	61
Total	166	249	176

281

Consolidated financial statements
(millions of U.S. dollar, except share and per share data)

Plan Assets

The weighted-average asset allocations for the funded defined benefit plans by asset category were as follows:

	Canada	Brazil	Europe
Equity Securities	22 %	3 %	18 %
- Asset classes that have a quoted market price in an active market	15 %	—	18 %
- Asset classes that do not have a quoted market price in an active market	7 %	3 %	—
Fixed Income Securities (including cash)	25 %	63 %	59 %
- Asset classes that have a quoted market price in an active market	16 %	63 %	59 %
- Asset classes that do not have a quoted market price in an active market	9 %	—	—
Real Estate	9 %	2 %	—
- Asset classes that have a quoted market price in an active market	—	—	—
- Asset classes that do not have a quoted market price in an active market	9 %	2 %	—
Other	44 %	32 %	23 %
- Asset classes that have a quoted market price in an active market	—	32 %	6 %	' 1
- Asset classes that do not have a quoted market price in an active market	44 %	—	17 %
Total	100 %	100 %	100 %

	Canada	Brazil	Europe
Equity Securities	27 %	2 %	8 %
- Asset classes that have a quoted market price in an active market	20 %	—	8 %
- Asset classes that do not have a quoted market price in an active market	7 %	2 %	—
Fixed Income Securities (including cash)	33 %	67 %	58 %
- Asset classes that have a quoted market price in an active market	24 %	67 %	58 %
- Asset classes that do not have a quoted market price in an active market	9 %	—	—
Real Estate	9 %	1 %	—
- Asset classes that have a quoted market price in an active market	—	—	—
- Asset classes that do not have a quoted market price in an active market	9 %	1 %	—
Other	31 %	30 %	34 %
- Asset classes that have a quoted market price in an active market	—	30 %	7 %	' 1
- Asset classes that do not have a quoted market price in an active market	31 %	—	27 %
Total	100 %	100 %	100 %

The percentage consists primarily of assets from insurance contracts in Belgium and Canada.

These assets do not include direct investments in ArcelorMittal stock or ArcelorMittal bonds. They may include ArcelorMittal shares or

bonds held by mutual fund investments. The invested assets produced a 235 and 404 actual return in 2024 and 2023, respectively.

The Finance and Retirement Committees of the Boards of Directors for the respective operating subsidiaries have general supervisory

authority over the respective trust funds. These committees usually establish, monitor and review asset allocation targets for the

respective funds. Asset managers are permitted some flexibility to vary the asset allocation from the long-term investment strategy

within agreed upon control ranges. The established targets observed as of December 31, 2024 are as described below:

282

Consolidated financial statements
(millions of U.S. dollar, except share and per share data)

	Canada	Brazil	Europe
Equity Securities	22 %	3 %	16 %
Fixed Income Securities (including cash)	25 %	62 %	61 %
Real Estate	8 %	1 %	—	' 1
Other '	45 %	34 %	23 %
Total	100 %	100 %	100 %

The percentage consists primarily of assets from insurance contracts in Belgium and Canada.

Assumptions used to determine benefit obligations at December 31,

	Pension Plans — 2024	2023	2022	Other Post-employment Benefits — 2024	2023	2022
Discount rate
Range	3.40 % - 17.00 %	3.30 % - 18.00 %	3.75 % - 24.00 %	3.40 % - 12.15 %	3.30 % - 10.15 %	3.50 % - 9.30 %
Weighted average	5.07 %	5.02 %	5.44 %	4.73 %	4.68 %	5.10 %
Rate of compensation increase
Range	2.00 % - 11.00 %	2.00 % - 11.00 %	2.00 % - 15.00 %	2.00 % - 5.00 %	2.00 % - 4.80 %	2.00 % - 4.80 %
Weighted average	2.92 %	2.93 %	3.01 %	3.24 %	3.26 %	3.29 %

	Other Post-employment Benefits — 2024	2023	2022
Healthcare cost trend rate assumed
Range	2.10 % - 6.59 %	2.20 % - 6.59 %	2.00 % - 4.50 %
Weighted average	4.04 %	4.06 %	3.97 %

Cash contributions and maturity profile of the plans

In 2025, the Company expects its cash contributions to amount

to 178 for pension plans, 63 for other post-employment benefits

plans and 129 for defined contribution plans. In 2024 and 2023,

cash contributions to defined contributions plans were 107 and

146 , respectively.

At December 31, 2024 and December 31, 2023, the weighted

average duration of liabilities related to pension and other post-

employment benefits plans remained unchanged at 10 years

and 11 years , respectively.

Risks associated with defined benefit plans

Through its defined benefit pension plans and OPEB plans,

ArcelorMittal is exposed to a number of risks, the most

significant of which are detailed below:

Changes in bond yields

An increase in corporate bond yields will decrease plan

liabilities, however it will decrease simultaneously the value of

the plans’ bond holdings.

Asset volatility

The plan liabilities are calculated using a discount rate set with

reference to corporate bond yields; if plan assets underperform

this yield, this will create a deficit. In most countries with funded

plans, plan assets hold a significant portion of equities, which

are expected to outperform corporate bonds in the long-term but

contribute to volatility and risk in the short-term. As the plans

mature, ArcelorMittal intends to reduce the level of investment

risk by investing more in assets that better match the liabilities.

However, ArcelorMittal believes that due to the long-term nature

of the plan liabilities, a level of continuing equity investment is

an appropriate element of a long-term strategy to manage the

plans efficiently.

Life expectancy

Most plans provide benefits for the life of the covered members,

so increases in life expectancy will result in an increase in the

plans’ benefit obligations.

283

Consolidated financial statements
(millions of U.S. dollar, except share and per share data)

Assumptions regarding future mortality rates have been set

considering published statistics and, where possible,

ArcelorMittal’s own experience.

The current longevity at retirement underlying the values of the

defined benefit obligation was approximately 23 years .

Healthcare cost trend rate

The majority of the OPEB plans’ benefit obligations are linked to

the change in the cost of various health care components.

Future healthcare cost will vary based on several factors

including price inflation, utilization rate, technology advances,

cost shifting and cost containing mechanisms. A higher

healthcare cost trend would lead to higher OPEB plan benefit

obligations.

Sensitivity analysis

The following information illustrates the sensitivity to a change of the significant actuarial assumptions related to ArcelorMittal’s pension

plans (as of December 31, 2024, the defined benefit obligation for pension plans was 4,614 ):

	Effect on 2025 Pre-Tax Pension Expense (sum of service cost and interest cost)	Effect on December 31, 2024 DBO
Change in assumption
100 basis points decrease in discount rate	( 13 )	504
100 basis points increase in discount rate	11	( 414 )
100 basis points decrease in rate of compensation	( 11 )	( 105 )
100 basis points increase in rate of compensation	12	108
1 year increase of the expected life of the beneficiaries	6	105

The following table illustrates the sensitivity to a change of the significant actuarial assumptions related to ArcelorMittal’s OPEB plans

(as of December 31, 2024 the defined benefit obligation for post-employment benefit plans was 888 ):

	Effect on 2025 Pre-Tax OPEB Expense (sum of service cost and interest cost)	Effect on December 31, 2024 DBO
Change in assumption
100 basis points decrease in discount rate	( 1 )	109
100 basis points increase in discount rate	—	( 88 )
100 basis points decrease in healthcare cost trend rate	( 4 )	( 51 )
100 basis points increase in healthcare cost trend rate	4	63
1 year increase of the expected life of the beneficiaries	1	14

The above sensitivities reflect the effect of changing one

assumption at a time. Actual economic factors and conditions

often affect multiple assumptions simultaneously, and the effects

of changes in key assumptions are not necessarily linear.

8.3 Share-based payments

ArcelorMittal issues equity-settled share-based payments to

certain employees which are RSUs and PSUs. Equity-settled

share-based payments are measured at fair value (excluding

the effect of non market-based vesting conditions) at the grant

date. The fair value determined at the grant date of the equity-

settled share-based payments is expensed on a graded

vesting basis over the vesting period, based on the Company’s

estimate of the shares that will eventually vest and adjusted for

the effect of non market-based vesting conditions. Where the

fair value calculation requires modeling of the Company’s

performance against other market index, fair value is measured

using the Monte Carlo pricing model to estimate the forecasted

target performance goal for the company and its peer

companies. The expected life used in the model has been

adjusted, based on management’s best estimate, for the effects

of non-transferability, exercise restrictions and behavioral

considerations. In addition, the expected annualized volatility

has been set by reference to the implied volatility of options

available on ArcelorMittal shares in the open market, as well as,

historical patterns of volatility. The fair value determined at the

grant date of the equity-settled share-based payments is

expensed on a straight line method over the vesting period.

284

Consolidated financial statements
(millions of U.S. dollar, except share and per share data)

ArcelorMittal Equity Incentive Plan

ArcelorMittal operates a long-term incentive plan ("the

ArcelorMittal Equity Incentive Plan") to incentivize shareholder

wealth creation in excess of performance of a peer group and

incentivize executives to achieve strategy. The ArcelorMittal

Equity Incentive Plan is intended to align the interests of the

Company’s shareholders and eligible employees by allowing

them to participate in the success of the Company. The

ArcelorMittal Equity Incentive Plan provides for the grant of

RSUs and PSUs to eligible employees of the Company

(including Executive Officers) and is designed to incentivize

employees, improve the Company’s long-term performance and

retain key employees.

The grant of PSUs under the ArcelorMittal Equity Incentive Plan

aims to serve as an effective performance-enhancing scheme

based on the employee’s contribution to the eligible

achievement of the Company’s strategy. Awards in connection

with PSUs are subject to the fulfillment of cumulative

performance criteria over a three -year period from the date of

the PSU grant such as return on capital employed ("ROCE"),

total shareholders return ("TSR"), earnings per share ("EPS")

and gap to competition (until 2022). Performance criteria also

include a set of three weighted environmental, social and

governance ("ESG") indicators representing 30 % and 20 %

award vesting for the Executive Office and Executive Officers,

respectively, including health & safety, climate action and

diversity & inclusion ("D&I"). For health & safety ( 10 % award

vesting for both Executive Office and Executive Officers), the

target is to halve the fatality frequency rate versus a defined

baseline (the baseline is the adjusted average frequency rate

over 5 years before the grant). For D&I ( 10 % and 5 % award

vesting for Executive Office and Executive Officers,

respectively), the target is to reduce by 40 % the gap between

the Company's 2030 target of having 25 % women in

management and 2020 baseline. For climate ( 10 % and 5 %

award vesting for Executive Office and Executive Officers,

respectively), the CO 2 emission target has been set to be

reached by the end of the vesting period. The employees

eligible to receive PSUs are a sub-set of the group of employees

eligible to receive RSUs.

RSUs granted under the ArcelorMittal Equity Incentive Plan are

designed to provide a retention incentive to eligible employees.

RSUs are subject to “cliff vesting” after 3 years , with 100 % of

the grant vesting on the third anniversary of the grant contingent

upon the continued active employment of the eligible employee

within the Company.

The maximum number of PSUs and RSUs available for grant

during any given year is subject to the prior approval of the

Company’s shareholders at the AGM. The 2021, 2022, 2023

and 2024 Caps for the number of PSUs/RSUs that may be

allocated to the Executive Office and other retention and

performance based grants below the Executive Office level,

were approved at the AGMs on June 8, 2021, May 4, 2022, May

2, 2023 and April 30, 2024, respectively, at a maximum of

3,500,000 shares, 3,500,000 shares, 3,500,000 shares and

5,500,000 shares , respectively.

285

Consolidated financial statements
(millions of U.S. dollar, except share and per share data)

Conditions of the 2024 grant were as follows:

l	Executive Office — PSUs with a three year performance period			l	Executive Officers — PSUs with a three year performance period
l	Value at grant 180 % of base salary for the Executive Chairman and the CEO
l	Vesting conditions:			l	Vesting conditions:
		Target	Stretch	Ceiling		Threshold	Target	Stretch	Ceiling
	TSR vs. peer group ( 50 % ) / EPS vs. peer group ( 20 % )	100 % vs. weighted average	120 % vs. weighted average	≥ 140 % vs. weighted average	TSR vs. peer group ( 40 % )	80 % rolling average	100 % rolling average	120 % rolling average	≥ 140 % rolling average
	Vesting percentage	100 %	150 %	200 %	Vesting percentage	50 %	100 %	150 %	200 %
					ROCE ( 40 % )	2/3 of target	100 % of target	4/3 of target	155 % of target
	ESG ( 30 % ): H&S 10 % , Climate action 10 % and D&I 10 %	100 % of target	120 % of target	≥ 140 % of target	Vesting percentage	50 %	100 %	150 %	200 %
	Vesting percentage	100 %	150 %	200 %	ESG ( 20 % ): H&S 10 % , Climate action 5 % and D&I 5 %	80 % weighted average	100 % of target	120 % of target	140 % of target
					Vesting percentage	50 %	100 %	150 %	200 %
				l	RSUs with a three year vesting period

Awards made in previous financial years which have not yet reached the end of the vesting period

ArcelorMittal's Equity Incentive Plan for senior management including Executive Officers follows the Company's strategy. In addition to

the 2024 grant, t he summary of outstanding plans as of December 31, 2024 is as follo ws:

l	Executive Office — PSUs with a three year performance period		l	Executive Officers — PSUs with a three year performance period
l	Value at grant 100 % of base salary for the Executive Chairman and the CEO
l	Vesting conditions:		l	Vesting conditions:
		Threshold	Target		Target	Stretch
	TSR vs. peer group ( 50 % ) / EPS vs. peer group ( 20 % )	100 % median	≥ 120 % median	TSR vs. peer group ( 40 % )	100 % weighted average	≥ 120 % weighted average
	Vesting percentage	50 %	100 %	Vesting percentage	100 %	150 %
				Gap to competition ( 40 % )	100 % of target	120 % of target
	ESG ( 30 % )		100 % of target	Vesting percentage	100 %	150 %
				ESG 20 %	100 % of target	120 % of target
	Vesting percentage		100 %		100 %	150 %
			l	RSUs with a three year vesting period
			l	RSUs with a two year vesting period

286

Consolidated financial statements
(millions of U.S. dollar, except share and per share data)

2022 Grant	l	Executive Office — PSUs with a three year performance period		l	Executive Officers — PSUs with a three year performance period
	l	Value at grant 120 % of base salary for the Executive Chairman and the CEO
	l	Vesting conditions:		l	Vesting conditions
			Threshold	Target			Target	Stretch
		TSR vs. peer group ( 50 % ) / EPS vs. peer group ( 20 % )	100 % vs. weighted average	≥ 120 % vs. weighted average	TSR vs. peer group ( 40 % )		100 % weighted average	≥ 120 % weighted average
		Vesting percentage	100 %	150 %	Vesting percentage		100 %	150 %
					Gap to competition ( 40 % )		100 % of target	120 % of target
		ESG ( 30 % ): H&S 10 % , Climate action 10 % and D&I 10 %	100 % of target	120 % of target	Vesting percentage		100 %	150 %
					ESG ( 20 % ): H&S 10 % , Climate action 5 % and D&I 5 %		100 % of target	120 % of target
		Vesting percentage	100 %	150 %	Vesting percentage		100 %	150 %
				l	RSUs with a three year vesting period
		Executive Office			Executive Officers
2023 Grant	l	PSUs with a three year performance period		l	PSUs with a three year performance period
	l	Value at grant 120 % of base salary for the Executive Chairman and the CEO
	l	Vesting conditions:		l	Vesting conditions:
			Target	Stretch		Threshold	Target	Stretch
		TSR vs. peer group ( 50 % ) / EPS vs. peer group ( 20 % )	100 % vs. weighted average	≥ 120 % vs. weighted average	TSR vs. peer group ( 40 % )	—	100 % weighted average	≥ 120 % weighted average
		Vesting percentage	100 %	150 %	Vesting percentage	—	100 %	150 %
					ROCE ( 40 % )	2/3 of target	100 % of target	4/3 of target
		ESG ( 30 % ): H&S 10 % , Climate action 10 % and D&I 10 %	100 % of target	120 % of target	Vesting percentage	50 %	100 %	150 %
					ESG ( 20 % ): H&S 10 % , Climate action 5 % and D&I 5 %	—	100 % of target	120 % of target
		Vesting percentage	100 %	150 %	Vesting percentage	—	100 %	150 %
				l	RSUs with a three year vesting period

287

Consolidated financial statements
(millions of U.S. dollar, except share and per share data)

The following table summarizes the Company’s share unit plans outstanding as of December 31, 2024 :

At Grant date — Grant date	Type of plan	Number of PSUs/RSUs	Number of beneficiaries	Maturity	Fair value per PSU/ RSU	Number of PSUs/RSUs issued as of December 31, 2024 — PSUs/ RSUs outstanding	PSUs/ RSUs forfeited	PSUs/ RSUs vested
December 5, 2024	RSU	1,636,575	1,092	December 5, 2027	25.33	1,636,575	—	—
December 5, 2024	PSU	1,664,925	847	January 1, 2028	23.89	1,664,925	—	—
December 5, 2024	Executive Office	241,856	2	January 1, 2028	22.35	241,856	—	—
December 8, 2023	RSU	1,269,300	958	December 8, 2026	25.58	1,217,900	47,976	3,424
December 8, 2023	PSU	985,700	256	January 1, 2027	22.06	928,100	57,600	—
December 8, 2023	Executive Office	141,973	2	January 1, 2027	20.49	141,973	—	—
December 13, 2022	RSU	866,000	802	December 13, 2025	27.61	773,900	82,269	9,831
December 13, 2022	PSU	644,800	242	January 1, 2026	23.64	582,700	62,100	—
December 13, 2022	Executive Office	141,564	2	January 1, 2026	22.47	141,564	—	—
December 16, 2021	PSU	575,400	244	January 1, 2025	28.29	482,250	93,150	—
December 16, 2021	Executive Office	109,143	2	January 1, 2025	27.20	109,143	—	—
Total		8,277,236			$ 20.49 – $ 28.29	7,920,886	343,095	13,255

The compensation expense recognized for PSUs and RSUs

was 37 , 39 and 38 for the years ended December 31, 2024 ,

2023 and 2022 , respectively.

Share unit plan activity is summarized below as of and for each

year ended December 31, 2024, 2023 and 2022 :

	RSUs — Number of RSUs	Fair value per RSU	PSUs and Executive Office — Number of PSUs	Fair value per PSU
Outstanding, December 31, 2021	2,094,950	26.99	4,305,811	20.58
Granted	866,000	27.61	786,364	23.43
Exited	( 17,294 )	26.21	( 673,661 )	20.84
Forfeited	( 106,506 )	26.36	( 725,018 )	19.54
Outstanding, December 31, 2022	2,837,150	27.20	3,693,496	21.35
Granted	1,269,300	25.58	1,127,673	21.86
Exited	( 1,232,074 )	24.05	( 1,434,251 )	18.16
Forfeited	( 116,576 )	26.90	( 92,616 )	22.21
Outstanding, December 31, 2023	2,757,800	27.88	3,294,302	22.89
Granted	1,636,575	25.33	1,906,781	23.70
Exited	( 635,276 )	32.54	( 565,731 )	19.44
Forfeited	( 130,724 )	28.21	( 342,841 )	21.74
Outstanding, December 31, 2024	3,628,375	25.90	4,292,511	23.79

NOTE 9: PROVISIONS, CONTINGENCIES AND

COMMITMENTS

ArcelorMittal recognizes provisions for liabilities and probable

losses that have been incurred when it has a present legal or

constructive obligation as a result of past events, it is probable

that the Company will be required to settle the obligation and a

reliable estimate of the amount of the obligation can be made. If

the effect of the time value of money is material, provisions are

discounted using a current pre-tax rate that reflects, where

appropriate, the risks specific to the liability. Where discounting

is used, the increase in the provision due to the passage of time

is recognized as a financing cost. Future operating expenses or

losses are excluded from recognition as provisions as they do

not meet the definition of a liability. Contingent assets and

contingent liabilities are excluded from recognition in the

consolidated statements of financial position.

Provisions for onerous contracts are recorded in the

consolidated statements of operations when it becomes known

that the unavoidable costs of meeting the obligations under the

contract exceed the economic benefits expected to be received.

Assets dedicated to the onerous contracts are tested for

impairment before recognizing a separate provision for the

onerous contract.

Provisions for restructuring are recognized when and only when

a detailed formal plan exists and a valid expectation in those

affected by the restructuring has been raised, by starting to

implement the plan or announcing its main features.

288

Consolidated financial statements
(millions of U.S. dollar, except share and per share data)

ArcelorMittal records asset retirement obligations (“ARO”)

initially at the fair value of the legal or constructive obligation in

the period in which it is incurred and capitalizes the ARO by

increasing the carrying amount of the related non-current asset.

The fair value of the obligation is determined as the discounted

value of the expected future cash flows. The liability is accreted

to its present value through net financing cost and the

capitalized cost is depreciated in accordance with the

Company’s depreciation policies for property, plant and

equipment. Subsequently, when reliably measurable, ARO is

recorded on the consolidated statements of financial position

increasing the cost of the asset and the fair value of the related

obligation. Foreign exchange gains or losses on AROs

denominated in foreign currencies are recorded in the

consolidated statements of operations.

ArcelorMittal is subject to changing and increasingly stringent

environmental laws and regulations concerning air emissions,

water discharges and waste disposal, as well as certain

remediation activities that involve the clean-up of soil and

groundwater. ArcelorMittal is currently engaged in the

investigation and remediation of environmental contamination at

a number of its facilities. Most of these are legacy obligations

arising from acquisitions.

Environmental costs that relate to current operations or to an

existing condition caused by past operations, and which do not

contribute to future revenue generation or cost reduction, are

expensed. Liabilities are recorded when environmental

assessments and/or remedial efforts are probable and the cost

can be reliably estimated based on ongoing engineering studies,

discussions with the environmental authorities and other

assumptions relevant to the nature and extent of the

remediation that may be required. The ultimate cost to

ArcelorMittal is dependent upon factors beyond its control such

as the scope and methodology of the remedial action

requirements to be established by environmental and public

health authorities, new laws or government regulations, rapidly

changing technology and the outcome of any potential related

litigation. Environmental liabilities are discounted if the

aggregate amount of the obligation and the amount and timing

of the cash payments are fixed or reliably determinable.

The estimates of loss contingencies for environmental matters

and other contingencies are based on various judgments and

assumptions including the likelihood, nature, magnitude and

timing of assessment, remediation and/or monitoring activities

and the probable cost of these activities. In some cases,

judgments and assumptions are made relating to the obligation

or willingness and ability of third parties to bear a proportionate

or allocated share of cost of these activities, including third

parties who sold assets to ArcelorMittal or purchased assets

from it subject to environmental liabilities. ArcelorMittal also

considers, among other things, the activity to date at particular

sites, information obtained through consultation with applicable

regulatory authorities and third-party consultants and

contractors and its historical experience with other

circumstances judged to be comparable. Due to the numerous

variables associated with these judgments and assumptions,

and the effects of changes in governmental regulation and

environmental technologies, both the precision and reliability of

the resulting estimates of the related contingencies are subject

to substantial uncertainties. As estimated costs to remediate

change, the Company will reduce or increase the recorded

liabilities through write backs or additional provisions in the

consolidated statements of operations. ArcelorMittal does not

expect these environmental issues to affect the utilization of its

plants, now or in the future.

ArcelorMittal is currently and may in the future be involved in

litigation, arbitration or other legal proceedings. Provisions

related to legal and arbitration proceedings are recorded in

accordance with the principles described above.

Most of these claims involve highly complex issues. Often these

issues are subject to substantial uncertainties and, therefore,

the probability of loss and an estimation of damages are difficult

to ascertain. Consequently, ArcelorMittal may be unable to make

a reliable estimate of the expected financial effect that will result

from ultimate resolution of the proceeding. In those cases,

ArcelorMittal has disclosed information with respect to the

nature of the contingency. ArcelorMittal has not accrued a

provision for the potential outcome of these cases.

For cases in which the Company was able to make a reliable

estimate of the expected loss or range of probable loss and has

accrued a provision for such loss, it believes that publication of

this information on a case-by-case basis would seriously

prejudice the Company’s position in the ongoing legal

proceedings or in any related settlement discussions.

Accordingly, in these cases, the Company has disclosed

information with respect to the nature of the contingency, but

has not disclosed its estimate of the range of potential loss.

In the cases in which quantifiable fines and penalties have been

assessed, the Company has indicated the amount of such fine

or penalty or the amount of provision accrued that is the

estimate of the probable loss.

These assessments can involve a series of complex judgments

about future events and can rely heavily on estimates and

assumptions. The assessments are based on estimates and

assumptions that have been deemed reasonable by

management. The Company believes that the aggregate

provisions recorded for the above matters are adequate based

upon currently available information. However, given the

inherent uncertainties related to these cases and in estimating

contingent liabilities, the Company could, in the future, incur

289

Consolidated financial statements
(millions of U.S. dollar, except share and per share data)

judgments that have a material adverse effect on its results of

operations in any particular period. The Company considers it

highly unlikely, however, that any such judgments could have a

material adverse effect on its liquidity or financial condition.

9.1 Provisions

	Balance at December 31, 2023	Additions 1	Deductions/ Payments	Effects of foreign exchange and other movements	Balance at December 31, 2024
Environmental	620	120	( 207 )	( 27 )	506
Emission obligations	29	423	( 15 )	( 17 )	420
Asset retirement obligations	380	172	( 34 )	( 40 )	478
Site restoration	147	21	( 52 )	( 7 )	109
Staff related obligations	162	37	( 41 )	( 14 )	144
Voluntary separation plans	32	66	( 22 )	10	86
Litigation and other (see note 9.3)	349	79	( 87 )	( 36 )	305
Tax claims	81	18	( 11 )	( 9 )	79
Other legal claims	268	61	( 76 )	( 27 )	226
Commercial agreements and onerous contracts	29	24	( 16 )	( 4 )	33
Other	317	38	( 102 )	( 36 )	217
	2,065	980	( 576 )	( 171 )	2,298
Short-term provisions	588				938
Long-term provisions	1,477				1,361
	2,065				2,298

	Balance at December 31, 2022	Additions 1	Deductions/ Payments	Effects of foreign exchange and other movements	Balance at December 31, 2023
Environmental	566	113	( 76 )	17	620
Emission obligations	522	3	( 486 )	( 10 )	29
Asset retirement obligations	349	21	( 3 )	13	380
Site restoration	152	8	( 17 )	4	147
Staff related obligations	137	50	( 29 )	4	162
Voluntary separation plans	23	8	( 17 )	18	32
Litigation and other (see note 9.3)	289	66	( 62 )	56	349
Tax claims	73	16	( 14 )	6	81
Other legal claims	216	50	( 48 )	50	268
Commercial agreements and onerous contracts	28	6	( 6 )	1	29
Other	341	85	( 117 )	8	317
	2,407	360	( 813 )	111	2,065
Short-term provisions	1,101				588
Long-term provisions	1,306				1,477
	2,407				2,065

Additions exclude provisions reversed or utilized during the same year.

290

Consolidated financial statements
(millions of U.S. dollar, except share and per share data)

There are uncertainties regarding the timing and amount of the

provisions above. Changes in underlying facts and

circumstances for each provision could result in differences in

the amounts provided for and the actual outflows. In general,

provisions are presented on a non-discounted basis due to the

uncertainties regarding the timing or the short period of their

expected consumption.

Environmental provisions have been estimated based on

internal and third-party estimates of contamination, available

remediation technology, and environmental regulations.

Estimates are subject to revision as further information develops

or circumstances change.

Provisions for emission obligations are recognized to cover the

shortage between the Company's CO 2 emissions and the

allowances granted, based on the market value of the CO 2

allowances as of the reporting date or purchase price of the

acquired CO 2 emission rights. In 2024, provisions for emission

obligations increased due to higher production in Europe as

compared to 2023, which was impacted by outages of blast

furnaces . The Company uses derivative financial instruments

and spot purchases to manage its exposure to fluctuations in

prices of emission rights allowances. See note 6.3 for the details

of the cash flow hedging in place for emission rights, note 4.5 for

CO 2 emission rights held as current assets and note 5.1 for CO 2

emission rights held as Intangible non-current assets. The

Company also receives indirect compensation through rebates

on its energy tariffs.

Provisions for site restoration are related to costs in connection

w ith the dismantling of site facilities, mainly in France, of which

61 a nd 66 at December 31, 2024 and 2023, respectively, with

respect to the dismantling of the Florange liquid phase.

Provisions for staff related obligations primarily concern Brazil

and are related to various employees’ compensation.

Provisions for voluntary separation plans primarily relate to

plans in South Africa, Spain, France and Belgium, which are

expected to be settled within one year. In 2024, the increase in

provisions for voluntary separation plans included 27 related to

the Longs Business of ArcelorMittal South Africa and 33 with

respect to the Sustainable Solutions reportable segment.

Provisions for litigation include losses relating to present legal

obligations that are considered to be probable see also note 9.3.

In 2024 and 2023 provisions for commercial agreements and

onerous contracts were primarily linked to onerous contracts in

South Africa, Poland and Spain.

Other provisions of 73 and 182 at December 31, 2024 and

2023, respectively, are related to the Complementary

Agreement Term signed in 2021 between ArcelorMittal Brazil,

the Federal and State Prosecutor Offices and the Commission

representing affected people, which includes precautionary

evacuation of the communities close to the Serra Azul dam, as

well as the commitment to implement action plans to ensure the

stability, security and decommissioning of the tailing dam. Other

provisions also comprise technical warranties and guarantees.

Environmental Liabilities

ArcelorMittal’s operations are subject to a broad range of laws

and regulations relating to the protection of human health and

the environment at its multiple locations and operating

subsidiaries. As of December 31, 2024 , excluding asset

retirement obligations, ArcelorMittal had established provisions

of 506 for environmental remedial activities and liabilities. The

provisions for all operations by geographic area included mainly

340 in Europe, 94 in South Africa and 69 in Canada.

Europe

Environmental provisions for ArcelorMittal’s operations in

Europe are mainly related to the investigation and remediation

of environmental contamination at current and former operating

sites in Belgium ( 58 ), Luxembourg ( 81 ), France ( 55 ), Poland

( 102 ) and Germany ( 34 ). This investigation and remediation

work relates to various matters such as decontamination of

water discharges, waste disposal, cleaning water ponds and

remediation activities that involve the clean-up of soil and

groundwater. These provisions also relate to human health

protection measures such as fire prevention and additional

contamination prevention measures to comply with local health

and safety regulations.

In Belgium, environmental provisions mainly relate to legal site

remediation obligations linked to the closure of the primary

installations at the Liège site of ArcelorMittal Belgium. The

provisions also include the external recovery and disposal of

waste, residues or by-products that cannot be recovered

internally at the ArcelorMittal Ghent and Liège sites and the

removal and disposal of material containing asbestos.

On April 30, 2024, ArcelorMittal completed the sale and transfer

of certain environmental obligations related to several industrial

wastelands including the Chertal site, blast furnaces B and 6

and the coke plant in Liège (Belgium) to different private

investors and the Walloon Region. Accordingly, the Company

derecognized 148 environmental provisions and recognized

current and non-current liabilities for the same amount with

respect to the funding of such obligations.

In Luxembourg, environmental provisions relate to the post-

closure monitoring and remediation of former production sites,

waste disposal areas, slag deposits and mining sites.

291

Consolidated financial statements
(millions of U.S. dollar, except share and per share data)

In France, environmental provisions principally relate to the

remediation of former sites, including several coke plants and

the remediation and improvement of storage of residues and

secondary materials, treatment of slag dumps, disposal of waste

at different ponds and landfills, removal of asbestos from the

installations and mandatory financial guarantees to cover risks

of major accident hazard or for gasholders and waste storage.

Most of the provision relates to the stocking areas at the Dunkirk

site, the mothballing of the liquid phase in Florange, including

study and surveillance of soil and water to prevent

environmental damage, and the treatment and elimination of

waste.

In Poland, environmental provisions include 89 for cleaning and

remediation costs following the closure of primary facilities in

Kraków, including coke plant and land remediation of post-

industrial areas in Ruszca (district of Kraków).

In Germany, the 34 environmental provision essentially relates

to ArcelorMittal Bremen’s post-closure obligations at the Prosper

coke plant in Bottrop mainly established for soil remediation,

groundwater treatment and monitoring.

South Africa

AMSA's environmental provisions include 26 related to the

decommissioned Pretoria Works site in a state of care and

maintenance with ongoing rehabilitation and 20 related to the

Newcastle Works site mainly with respect to air quality

improvements, waste site remediation and storm water

management. AMSA's environmental provisions also include 32

related to the environmental rehabilitation of the Thabazimbi

mine.

Canada

In Canada, ArcelorMittal Dofasco has a 26 environmental

provision for the expected cost of remediating toxic sediment

located at the East Boatslip site.

Asset retirement obligations

Asset retirement obligations ("AROs") arise from legal

requirements and represent management’s best estimate of the

present value of the costs that will be required to retire plant and

equipment or to restore a site at the end of its useful life, mainly

in connection with mining operations. As of December 31, 2024 ,

ArcelorMittal had established provisions for AROs of 478 ,

including mainly 159 for Brazil, 134 for Canada, 59 for Mexico,

52 for Ukraine and 46 for Germany, As of December 31, 2024,

AROs related to mining activities and total undiscounted amount

of site restoration obligations amounted to 424 and 984 ,

respectively.

Additions to AROs in 2024 included 136 related to the

decommissioning of the Serra Azul mine (Brazil) tailing dam

scheduled to begin in 2025.

AROs in Canada relate to site restoration and dismantling of the

facilities near the mining sites in Mont-Wright and Fire Lake, and

the accumulation area of mineral substances at the facility of

Port-Cartier in Quebec, upon closure of the mines pursuant to

the restoring plan of the mines. In addition, Dofasco has legal

obligations for the former Sherman Mine site near Temagami,

Ontario.

AROs in Mexico relate to the restoration costs of the Las

Truchas, El Volcan, San Jose and the joint operation Peña

Colorada iron ore mines.

AROs in Ukraine are legal obligations for site rehabilitation at

the iron ore mining site in Kryvyi Rih, upon closure of the mine

pursuant to its restoration plan.

In Germany, AROs principally relate to the Hamburg site, which

operates on leased land with the contractual obligation to

remove all buildings and other facilities upon the termination of

the lease, and to the Prosper coke plant in Bottrop for filling the

basin, restoring the layer and stabilizing the shoreline at the

harbor.

9.2 Other long-term obligations

	Balance at December 31, — 2024	2023
Derivative financial instruments (notes 6.1 and 6.3)	343	76
Payable from acquisition of financial assets	302	125
Unfavorable contracts	156	233
Income tax payable	156	185
Put option liability ArcelorMittal Texas HBI (note 11.5.2)	176	158
Put option liability Sonasid (note 11.5.2)	114	116
Other	175	168
Total	1,422	1,061

As of December 31, 2024 , payable from non-cash acquisition of

financial assets included 222 relating to outstanding equity

contributions for joint ventures (in addition to 224 classified as

accrued expenses and other liabilities, see note 4.8).

Additionally, 39 and 52 respectively, were related to AMNS

India's debt guarantee (see note 9.4).

Unfavorable contracts of 156 and 233 as of December 31, 2024

and 2023, respectively, mainly related to ArcelorMittal Pecém

(see note 2.2.4) and ArcelorMittal Brasil.

As of December 31, 2024, the income tax payable mainly

related to income tax contingencies (in majority unasserted

claims) and withholding tax.

292

Consolidated financial statements
(millions of U.S. dollar, except share and per share data)

9.3 Contingent liabilities

Tax Claims

ArcelorMittal is a party to various tax claims. As of

December 31, 2024 , ArcelorMittal had recorded short-term and

long-term liabilities related to income tax contingencies of 267

and provisions for non-income tax claims in the aggregate of 79

for which it considers the risk of loss to be probable. Set out

below is a summary description of the tax claims (i) for which

ArcelorMittal had recorded a provision as of December 31,

2024 , (ii) that constitute a contingent liability, (iii) that were

resolved in 2024 or (iv) that were resolved and had a financial

impact in 2023 or 2022, in each case involving amounts deemed

material by ArcelorMittal. The Company is vigorously defending

against the pending claims discussed below. Claims that

previously were disclosed may no longer be described because

of rulings in the case, changes in ArcelorMittal’s business or

other developments rendering them, in ArcelorMittal’s judgment,

no longer material. These include the claims disclosed in the

previous year for which ArcelorMittal no longer expects to report

on their status, absent a change in ArcelorMittal’s judgment of

their materiality.

Brazil

In 2011, ArcelorMittal Brasil received a tax assessment for

corporate income tax (known as IRPJ) and social contributions

on net profits (known as CSL) in relation to (i) the amortization

of goodwill on the acquisition of Mendes Júnior Siderurgia (for

the 2006 and 2007 fiscal years), (ii) the amortization of goodwill

arising from the mandatory tender offer ("MTO") made by

ArcelorMittal (ex-Mittal Steel N.V.) to minority shareholders of

Arcelor Brasil in connection with the two-step merger of Arcelor

and Mittal Steel N.V. (for the 2007 tax year), (iii) expenses

related to pre-export financing used to finance the MTO, which

were deemed by the tax authorities to be unnecessary for

ArcelorMittal Brasil since the expenses were incurred to buy

shares of its own company and (iv) CSL over profits of

controlled companies in Argentina and Costa Rica. In January

2025, ArcelorMittal Brasil was formally notified of the decision

(issued in April 2024) that annulled 78 % of the tax assessment,

and the Federal Revenue Service has already partially written

off 339 that was annulled. The outstanding claim value amounts

to 75 .

In April 2016, ArcelorMittal Brasil received a tax assessment in

relation to (i) the amortization of goodwill resulting from the MTO

made by ArcelorMittal (ex-Mittal Steel N.V.) to the minority

shareholders of Arcelor Brasil in connection with the two-step

merger of Arcelor and Mittal Steel N.V. in 2007 and (ii) the

amortization of goodwill resulting from ArcelorMittal Brasil’s

acquisition of CST in 2008. While the assessment, if upheld,

would not result in a cash payment as ArcelorMittal Brasil did

not have an y tax liability for the fiscal years in question (2011

and 2012), it would result in a 52 financial impact arising from a

write off of 'net operating loss carry forward' with respect to the

2011-2012 tax year . ArcelorMittal Brasil appealed against the

unfavorable decision on the lower instances of the assessment

in the third instance of the administrative tribunal in November

In November 2024, ArcelorMittal Brasil was formally

notified of the administrative court's decision (issued in April

in the Company's favor in respect of approximately 64 %

of the claim. The outstanding claim value is 19 .

In December 2018, ArcelorMittal Brasil received a tax

assessment of 102 , which could have an additional 18 financial

impact arising from a write-off of 'net operating loss carry

forward' with respect to the 2013-2014 tax years, principally in

relation to the amortization of goodwill resulting from the MTO

made by ArcelorMittal (ex-Mittal Steel N.V.) to the minority

shareholders of Arcelor Brasil in connection with the two-step

merger of Arcelor and Mittal Steel N.V. in 2007. After lower court

decisions and appeals in November 2022, the second instance

of the administrative tribunal cancelled the tax assessment. In

January 2023, the Federal Revenue Service filed an appeal to

the third instance of the administrative tribunal. In May 2024, the

administrative tribunal ruled substantially in ArcelorMittal Brasil's

favor, reducing the contingency amount to 22 and the financial

impact from net operating loss to approximately 7 .

Following the closure of the administrative proceedings in

relation to the April 2016 and December 2018 tax assessments

described above, ArcelorMittal Brasil filed a judicial lawsuit (in

March 2025) challenging the outstanding claim amounts under

both of these tax assessments.

In December 2020, ArcelorMittal Brasil received a tax

assessment of 37 with respect to the 2015-2016 tax years,

related to the amortization of goodwill resulting from the MTO

made by ArcelorMittal (ex-Mittal Steel N.V.) to the minority

shareholders of Arcelor Brasil in connection with the two-step

merger of Arcelor and Mittal Steel N.V. in 2007. ArcelorMittal

Brasil filed its defense in the first instance of the administrative

tribunal in January 2021 which issued an unfavorable decision

in August 2021. ArcelorMittal Brasil filed an appeal to the second

instance of the administrative tribunal in September 2021. In

February 2025, the second instance of the administrative

tribunal ruled unfavorably to the Company. This decision is not

definitive and the Company will file an appeal to the third

instance of the administrative tribunal.

In the period from 2014 to 2018, ArcelorMittal Brasil received

tax assessments from the Federal Revenue Service in the

amount of 37 disputing its use of credits for PIS and COFINS

social security taxes in 2010, 2011 and 2013. The disputes

relate to the concept of production inputs in the context of these

taxes. In four of the cases, the tax assessments have been

partially reduced and ArcelorMittal Brasil's subsequent appeals

to dispute the remaining amounts are currently pending. One of

293

Consolidated financial statements
(millions of U.S. dollar, except share and per share data)

these cases has already closed at the administrative level and is

pending a decision at the first judicial level. In the fifth case, the

administrative tribunal of the first instance upheld the tax

assessment in March 2017, and ArcelorMittal Brasil appealed to

the second instance of the administrative tribunal. In the sixth

case, the first instance of the administrative tribunal issued an

unfavorable decision in April 2017, and ArcelorMittal Brasil

appealed to the second instance of the administrative tribunal.

Subsequently, the Superior Court decided two leading cases,

not involving ArcelorMittal Brasil, that are expected to strengthen

ArcelorMittal’s defense in the sixth case in which part of the

contingency is related to scrap acquisition. In February 2011,

ArcelorMittal Brasil also filed a claimant individual lawsuit on the

PIS/COFINS credits over scrap acquisition matter, in which a

favorable and unappealable decision was issued in May 2022.

Accordingly and as a result of this legal clarification, in 2022,

ArcelorMittal recorded PIS/COFINs tax credits in cost of sales in

the amount of 300 with respect to prior periods. In September

2024, the second case was upheld in the administrative tribunal

of second instance, with the appeal being partially granted in

relation to credits on the following expenses: (i) scrap

acquisition freight not subject to the payment of contributions

under the terms of CARF summary no. 188; (ii) waste recovery:

(iii) analysis services, water treatment and recovery and (iv)

personal protective equipment. ArcelorMittal Brasil was notified

of such decision in January 2025 and is waiting for the Federal

Revenue Service to recalculate the remaining amount of the

debt.

In May 2014, ArcelorMittal Comercializadora de Energia

received a tax assessment from the state of Minas Gerais

alleging that the Company did not correctly calculate tax credits

on interstate sales of electricity from February 2012 to

December 2013. The amount claimed totals 33 . Following the

conclusion of this proceeding at the administrative level, the

Company received the tax enforcement notice in December

2015 and filed its defense in February 2016. In April 2016,

ArcelorMittal Comercializadora de Energia received an

additional tax assessment in the amount, of 48 , after taking

account of a reduction of fines mentioned below regarding the

same matter, for infractions which allegedly occurred during the

2014 to 2015 period, and filed its defense in May 2016.

Following appeal, the Company received a notice from the tax

authority in November 2017 that reduced the fees in the second

case by 12 , due to retrospective application of a new law. In

addition, in February 2019, a reduction of the fine by 7 was

finalized in the first case due to the retrospective application of a

new law. In October 2024, the first case was dismissed

unfavorably to ArcelorMittal Brasil, validating the tax assessment

and in November 2024, Arcelor Mittal Brasil filed a motion for

clarification . In the second case, in July 2024, a favorable

decision was granted by the first instance, cancelling the tax

assessment, but, as only one of the tax infractions was

analyzed, both parties filed a motion for clarification. In October

2024, the State's appeal was granted, confirming the tax

assessment, and only removing the collection of the fines that

exceeds 100 % of the tax value, for each penalty. In November

2024, ArcelorMittal Brasil filed a new appeal (motion for

clarification) that is still pending.

In 2015, ArcelorMittal Brasil received nine tax assessments from

the state of Rio Grande do Sul alleging that the Company,

through its branches in that state, had not made advance

payments of ICMS on sales in that state covering the period

from May 2010 to April 2015. The amount claimed totals 73 . In

the Administrative instance, all the cases were unfavorably

closed. ArcelorMittal Brasil filed 5 lawsuits to discuss the matter.

In the first judicial instance, ArcelorMittal Brasil obtained a

largely favorable decisions in all cases. There were appeals

from the Company and the tax authority. In September 2022, the

second judicial instance ruled a largely favorable decision for

the Company in one case (in amount of 4 ). In November 2023,

the second judicial instance ruled a largely favorable decision in

the Company in two cases (in the amount of 7 ). In December

2023, the court of the second judicial instance ruled against the

Company in another case (in the amount of 1 ) and began

adjudicating the last case (in the amount of 61 ). In December

2024, the State Court ruled in favor of ArcelorMittal Brasil in the

last case, which, together with the prior favorable decisions,

reduces the contingency by 88 % . The Tax Authority can still

appeal to the Superior Court of Justice.

On May 17, 2016, ArcelorMittal Brasil received a tax

assessment from the state of Santa Catarina in the amount of

107 alleging that it had used improper methods to calculate the

amount of its ICMS credits. In the Administrative instance, the

case was unfavorably closed in November 2020, and

ArcelorMittal Brasil filed a lawsuit to challenge the assessment.

The case is pending at the judicial instance currently.

In January 2023, ArcelorMittal Brasil received a tax assessment

from the Federal Revenue Service in an amount of 132 in which

the tax authority rejected the offsetting of PIS/COFINS credits

used by the Company in 2018. The dispute relates to various

types of credits such as credits recognized in Court processes

(exclusion of ICMS from the PIS and COFINS calculation base,

PIS/COFINS credits in the Manaus Free Trade Zone), expenses

related to the acquisition of scrap (including freight), expenses

related to port handling, and expenses for freight for finished

products. ArcelorMittal Brasil filed an administrative defense in

February 2023. In November 2023,ArcelorMittal Brasil was

notified of the unfavorable decision and filed an appeal in

December 2023. In August 2024, the second instance of the

Administrative Court ruled in favor of the Company, determining

the return of the case to the first instance for a new trial.

294

Consolidated financial statements
(millions of U.S. dollar, except share and per share data)

In January 2023, ArcelorMittal Brasil received a tax assessment

in an amount of 13 for a 50 % fine for alleged non-payment of

the monthly estimate of CIT related to fiscal year 2018. The

Federal Revenue accuses the Company of undue offsetting of

CIT credits paid in Venezuela from 2010 to 2014 when

calculating the monthly IRC estimate for 2018. In February

2023, ArcelorMittal Brasil filed its defense. In September 2023,

the first instance of the Administrative Court ruled against the

Company and ArcelorMittal Brasil filed an appeal. On

September 11, 2024, the second instance of the Tax

Administrative Court (CARF) began the trial of the Company's

appeal. In November 2023, ArcelorMittal Brasil received a new

tax assessment of 51 . The Federal Revenue accuses the

Company of allegedly undue offsetting of CIT credits paid in

Venezuela from 2010 to 2014 and offset by ArcelorMittal Brasil

in 2018. In December 2023, the Company filed an administrative

defense. In June 2024, the first instance of the Administrative

Court decided unfavorably to the appeal filed by the Company.

In July 2024, the Company filed an appeal. Both cases are

currently pending judgment by the second instance of the

Administrative Court.

In August 2024, ArcelorMittal Brasil received a new tax

assessment related to PIS and COFINS credits for the period

2019-2020 (first case). Due to this new tax assessment, the

Federal Union also issued 10 decisions that did not approve or

only partially approved PIS/COFINS credits used during the

same period to offset debts, creating 10 more cases. The total

value claimed in these 11 cases is 97 . In September 2024,

ArcelorMittal Brasil filed an administrative defense for 9 out of

the 11 cases. For other 2 cases, AM Brasil was notified in April

2024 and filed an administrative defense in May 2024. In August

2024, a new decision was issued regarding the third case,

reviewing the previous disallowance, and approving an

additional part of the offsetting. AM Brasil presented a further

defense in September 2024.

I n December 2024, ArcelorMittal Brasil received a new tax

assessment in the amount of 51 charging corporate income tax

(IRPJ and CSLL) related to the taxation of controlled foreign

companies (CFC taxation), questioning (i) the taxation of

Venezuela’s results (UNKI and UNICON), as well as their

consolidation in ArcelorMittal Brasil’s CIT tax base; and (ii)

ArcelorMittal Brasil’s right to offset on a monthly basis or at the

end of the fiscal year – tax credits paid in Argentina by VSA’s

subsidiaries (related to previous years). ArcelorMittal Brasil filed

its defense in January 2025 .

Mexico

In 2015, the Mexican Tax Administration Service issued a tax

assessment to ArcelorMittal Mexico, with respect to 2008,

principally due to improper interest deductions relating to certain

loans, and unpaid corporate income tax for interest payments

that the tax authority categorized as dividends. ArcelorMittal

Mexico's complaint for annulment before a Federal

Administrative and Tax Court is pending. The amount of the tax

assessment as of December 31, 2024 is 215 .

In October 2018, the Mexican Tax Administration Service issued

a tax assessment to ArcelorMittal Las Truchas, with respect to

2013 due to: (i) improper interest deductions relating to certain

loans (ii) non-deduction of advanced rent payments and (iii)

non-deduction of rolling roll expenses. In November 2018,

ArcelorMittal Las Truchas filed an administrative appeal before

the Administrative Authority on Federal Tax Matters, which wa s

rejected in June 2019 and is being appealed. Therefore, in

August 2019, ArcelorMittal Las Truchas filed an annulment

complaint before a Federal Administrative and Tax Court. In

June 2023, the Federal Administrative and Tax Court ruled

against the annulment claim. In July 2023, ArcelorMittal Las

Truchas filed an appeal before the Court of Appeal. The amount

of the tax assessment as of December 31, 2024 is 112 .

On February 24, 2023, the Tax Administration Service notified

ArcelorMittal Las Truchas of a tax assessment, with respect to

In April 2023, ArcelorMittal Las Truchas filed an

administrative appeal in respect of this assessment before the

Tax Administrative Service. The amount of the tax assessment

as of December 31, 2024 is 109 .

A tax assessment in the amount of 190 was issued by the

Mexican Tax Authorities to ArcelorMittal Las Truchas in

September 2024. The tax authority is disputing deductions

relating to back-to-back loan interest, forex losses and Net

Operating Losses for the years 2013-15. ArcelorMittal Las

Truchas filed its defense in October 2024.

Competition/Antitrust Claims

ArcelorMittal is a party to various competition/antitrust claims. As

of December 31, 2024 , ArcelorMittal had recorded a non-

material amount provision in respect of such claims. Set out

below is a summary description of competition/antitrust claims

(i) that constitute a contingent liability, (ii) that were resolved in

2024 or (iii) that were resolved and had a financial impact in

2023 or 2022, in each case involving amounts deemed material

by ArcelorMittal. The Company is vigorously defending against

each of the pending claims discussed below.

Brazil

In September 2000, two construction trade organizations filed a

complaint with Brazil’s Administrative Council for Economic

Defense (“CADE”) against three long steel producers, including

ArcelorMittal Brasil. The complaint alleged that these producers

colluded to raise prices in the Brazilian rebar market, thereby

violating applicable antitrust laws. In September 2005, CADE

issued its final decision against ArcelorMittal Brasil, imposing a

fine of 71 . ArcelorMittal Brasil appealed the decision issued

against it. On December 30, 2024, CADE and ArcelorMittal

295

Consolidated financial statements
(millions of U.S. dollar, except share and per share data)

Brasil signed a settlement agreement in the context of the

“Desenrola Program” launched by the Federal Government.

ArcelorMittal Brasil paid 17 to the Federal Government and filed

a petition asking for the extinction of the annulment

proceedings, conditioned on the approval of the transaction.

Therefore, the actual amount in dispute is nil as of December

31, 2024.

There is also a related class action commenced by the Federal

Public Prosecutor of the state of Minas Gerais against

ArcelorMittal Brasil for damages in an amount of 70 based on

the alleged violations investigated by CADE. The injunction

requested by the Federal Prosecution Office was denied. The

case is awaiting judgement.

A further related lawsuit was commenced in February 2011 by

four units of Sinduscons, a civil construction trade organization,

in federal court in Brasilia against, inter alia , ArcelorMittal Brasil

claiming damages based on an alleged cartel in the rebar

market as investigated by CADE and as noted above. The case

is awaiting judgement.

Other Legal Claims

ArcelorMittal is a party to various other legal claims. As of

December 31, 2024 , ArcelorMittal had recorded provisions of

226 for other legal claims in respect of which it considers the

risk of loss to be probable. Set out below is a summary

description of the other legal claims (i) in respect of which

ArcelorMittal had recorded a provision as of December 31,

2024 , (ii) that constitute a contingent liability, (iii) that were

resolved in 2024, or (iv) that were resolved and had a financial

impact in 2023 or 2022, in each case involving amounts deemed

material by ArcelorMittal. The Company is vigorously defending

against each of the claims discussed below that remain

pending. Other legal claims that previously were disclosed may

no longer be described because of rulings in the case, changes

in ArcelorMittal’s business or other developments rendering

them, in ArcelorMittal’s judgment, no longer material. These

include claims disclosed in the previous year for which

ArcelorMittal no longer expects to report on their status, absent

a change in ArcelorMittal’s judgment of their materiality.

Brazil

In 2015, the SINDIMETAL (employees’ union) filed a lawsuit

against ArcelorMittal Brasil to annul all the collective labor

agreements related to 12-hour work shifts. The case impacts a

group of approximately 2,500 employees. In July 2022, the

Supreme Court decided a leading case, not involving

ArcelorMittal Brasil, that may favorably impact ArcelorMittal

Brasil's case, which is currently pending on appeal. The

estimated amount of claim is 55 .

In April 2017, a shareholder in Siderúrgica Três Lagoas

(“SITREL”) (of which ArcelorMittal Brasil is the other

shareholder), commenced an arbitration against Votorantim

Siderurgia S.A. (which subsequently merged into ArcelorMittal

Brasil) and SITREL with the Center for Arbitration and Mediation

of the Chamber of Commerce Brazil-Canada (CAM-CCBC). The

dispute concerns a provision in SITREL’s joint venture

agreement relating to the formula used t o determine the selling

price for steel billets supplied by ArcelorMittal Brasil to SITREL

from January 2013 onwards. The shareholder has alleged that

the steel billets were overpriced and is seeking compensation

for overpaid amounts on both a retrospective and prospective

basis, with the initial amount claimed totaling 33 . In April 2022, a

final arbitral award was issued, which has been satisfied by

ArcelorMittal Brasil. Given ArcelorMittal Brasil’s ownership

interest in SITREL, the financial impact for ArcelorMittal was a

net loss after tax of approximately 126 ( 67 net of partial recovery

through dividend payment from SITREL) in 2022.

On March 30, 2022, Votorantim S.A. (“Votorantim”) exercised

the put option right it has under its shareholders’ agreement with

the Company to sell its entire equity interest in ArcelorMittal

Brasil to the Company, following the acquisition of Votorantim's

long steel business in Brazil in 2018. There is a dispute between

the parties as to the value of the put option. Votorantim has

valued the put option at BRL 5.825 billion (i.e. 941 ). In

September 2022, Votorantim commenced an arbitration against

ArcelorMittal Brasil seeking the full amount of its valuation of the

put option, reduced by the undisputed amount ArcelorMittal

Brasil accepted as the value of the put option and which was

paid in January 2023 for 179 (see note 11.5.2). The parties have

filed their respective statements of defense and rejoinders in the

arbitration. Votorantim claimed in its rejoinder an additional

amount of BRL 144 million (i.e. 23 ). The hearing was held in

October 2024 and the award is currently pending. Post-hearing

briefs were submitted in January 2025.

Italy

In January 2010, ArcelorMittal received notice of a claim filed by

Finmasi S.p.A. relating to a memorandum of agreement (“MoA”)

entered into between ArcelorMittal Distribution Services France

(“AMDSF”) and Finmasi in 2008. The MoA provided that AMDSF

would acquire certain of Finmasi’s businesses for an amount not

to exceed 114 , subject to the satisfaction of certain conditions

precedent, which, in AMDSF’s view, were not fulfilled. Finmasi

sued for (i) enforcement of the MoA, (ii) damages of 17 to 29 or

(iii) recovery costs plus quantum damages for Finmasi’s alleged

lost opportunity to sell to another buyer. In September 2011, the

court rejected Finmasi’s claims other than its second claim. The

court appointed an expert to determine the quantum of

damages. In May 2013, the expert’s report was issued and

valued the quantum of damages in the range of 46 to 73 .

ArcelorMittal appealed the decision on the merits. In January

2019, Finmasi called on the AMDSF guarantee issued in the

context of the enforcement proceedings that were suspended in

296

Consolidated financial statements
(millions of U.S. dollar, except share and per share data)

After a series of appeals, Finmasi has repaid half of the

amount of the guarantee that was called and provided a bank

guarantee for the remainder. In December 2022, the Court

found that AMDSF has the right to obtain restitution of

approximately 28 paid to Finmasi and ordered Finmasi to pay

the half still outstanding (approximately 13.9 ) plus interest and

certain costs. In February 2023, Finmasi filed an appeal to the

Court of Cassation. AMDSF duly filed its defense in March 2 023.

France

Retired and current employees of certain French subsidiaries of

ArcelorMittal have initiated lawsuits to obtain compensation for

asbestos exposure in excess of the amounts paid by French

social security (“Social Security”). Asbestos claims in France

initially are made by way of a declaration of a work-related

illness by the claimant to the social security authorities resulting

in an investigation and a level of compensation paid by social

security. Once the social security authorities recognize the work-

related illness, the claimant, depending on the circumstances,

can also file an action for inexcusable negligence ( faute

inexcusable ) to obtain additional compensation from the

employer before a special tribunal. For faute inexcusable cases,

the primary health insurance fund, CPAM - advances, the

amount of damages and pension increase are reimbursed by

the employer found at fault and takes recourse action against

the employer.

The number of claims outstanding for asbestos exposure at

December 31, 2024 was 203 as compared to 243 at

December 31, 2023 .

Minority Shareholder Claims Regarding the Exchange Ratio in

the Second-Step Merger of ArcelorMittal into Arcelor

ArcelorMittal is the company that resulted from the acquisition of

Arcelor by Mittal Steel N.V. in 2006 and a subsequent two-step

merger between Mittal Steel and ArcelorMittal and then

ArcelorMittal and Arcelor. Following completion of this merger

process, several former minority shareholders of Arcelor or their

representatives brought legal proceedings regarding the

exchange ratio applied in the second-step merger between

ArcelorMittal and Arcelor and the merger process as a whole.

ArcelorMittal believes that the allegations made and claims

brought by such minority shareholders are without merit and that

the exchange ratio and merger process complied with the

requirements of applicable law, were consistent with previous

guidance on the principles that would be used to determine the

exchange ratio in the second-step merger and that the merger

exchange ratio was relevant and reasonable to shareholders of

both merged entities.

Set out below is a summary of the ongoing matter in this regard.

Several other claims brought before other courts and regulators

on similar grounds were dismissed and are definitively closed.

On May 15, 2012, ArcelorMittal received a writ of summons on

behalf of Association des Actionnaires d'Arcelor ("AAA"), a

French association of former minority shareholders of Arcelor to

appear before the civil court of Paris. The AAA alleged in

particular that, based on Mittal Steel’s and Arcelor’s disclosure

and public statements, investors had a legitimate expectation

that the exchange ratio in the second-step merger would be the

same as that of the secondary exchange offer component of

Mittal Steel’s June 2006 tender offer for Arcelor (i.e., 11 Mittal

Steel shares for 7 Arcelor shares), and that the second-step

merger did not comply with certain provisions of company law.

AAA claimed, inter alia, damages in a nominal amount and

reserved the right to seek additional remedies including the

cancellation of the merger. The proceedings before the civil

court of Paris were stayed, pursuant to a ruling of such court on

July 4, 2013, pending a preparatory investigation ( instruction

préparatoire ) by a criminal judge magistrate ( juge d’instruction )

triggered by the complaints of AAA and several hedge funds

(who quantified their total alleged damages at 282 ). The

dismissal of charges (non-lieu) ending the preparatory

investigation became final in March 2018. On March 6, 2020

AAA revived its claim before the civil court of Paris on its behalf

and on behalf of the hedge funds who had also filed a criminal

complaint, as well as two new plaintiffs. In October 2024, the

court ruled in ArcelorMittal's favor, dismissing all of AAA's

claims. Following AAA's appeal in December 2024, AAA filed

their first brief in March 2025, which quantified its damages

claim at 420 (€ 404 million) plus interest .

Poland

In October 2024, ArcelorMittal Global Holding S.à.r.l.,

ArcelorMittal Poland S.A. and ArcelorMittal Long Products

Europe Holding S.à.r.l. were served with a Request for

Arbitration filed by Tauron Polska Energia S.A. ("Tauron"). The

dispute arises out of the exercise of put-options in Tameh

Holding, a joint venture between the Company and Tauron. The

Company's reply to the summons was filed on October 30,

Each party claims to have exercised an effective put-

option, which the other party disputes. Tauron seeks the

payment of 145 (PLN 598 million) for its 50 % shareholding in

Tameh. In the response, the Company filed a counterclaim

against Tauron for the same amount. Tribunal selection is

ongoing.

297

Consolidated financial statements
(millions of U.S. dollar, except share and per share data)

9.4 Commitments

	December 31, — 2024	2023
Commitments related to purchases of raw materials and energy	10,082	11,346
Guarantees, pledges and other collateral	10,019	8,888
Capital expenditure commitments	1,542	2,799
Other commitments	1,294	1,374
Total	22,937	24,407

Commitments related to purchases of raw materials and energy

Purchase commitments consist primarily of major agreements

for procuring iron ore, coking coal, coke and hot metal. The

Company also has a number of agreements for electricity,

industrial and natural gas, scrap and freight. In addition to those

purchase commitments disclosed above, the Company enters

into purchasing contracts as part of its normal operations which

have minimum volume requirements but for which there are no

take-or-pay or penalty clauses included in the contract. The

Company does not believe these contracts have an adverse

effect on its liquidity position.

Commitments related to purchases of raw materials and energy

included commitments given to associates for 1,704 and 1,487

as of December 31, 2024 and 2023, respectively. Purchase

commitments given to associates included 798 and 704 as of

December 31, 2024 and 2023, respectively, related to the gas

supply agreement with Kryvyi Rih Industrial Gas. Purchase

commitments included commitments given to joint ventures for

719 and 838 as of December 31, 2024 and 2023 , respectively.

Purchase commitments given to joint ventures included 287 and

334 related to Tameh and 380 and 413 related to Enerfos as of

December 31, 2024 and 2023, respectively.

Guarantees, pledges and other collateral

Guarantees related to financial debt and credit lines given on

behalf of third parties were 256 and 155 as of December 31,

2024 and 2023, respectively. Additionally, guarantees of 11 and

12 were given on behalf of associates and guarantees of 6,259

and 4,992 were given on behalf of joint ventures as of

December 31, 2024 and 2023, respectively.

Guarantees given on behalf of joint ventures included 1,183

and 421 on behalf of Calvert, 186 and 208 on behalf of Al Jubail,

183 and nil on behalf of VdSA and 303 and 480 in relation to

outstanding lease liabilities for vessels operated by Global

Chartering as of December 31, 2024 and 2023, respectively.

Guarantees given on behalf of Calvert increased by 846 in 2024

in relation to a loan from the Industrial Development Authority of

Mobile County in Alabama (USA) following the issuance of

bonds. Guarantees given on behalf of joint ventures also

included 4,038 and 3,490 as of December 31, 2024 and 2023

corresponding to ArcelorMittal's 60 % guarantee of the debt

under the term loan agreements entered into by the AMNS India

joint venture with various Japanese banks.

As of December 31, 2024 , pledges and other collateral mainly

related to (i) mortgages entered into by the Company’s

operating subsidiaries and (ii) inventories and receivables

pledged to secure the South African Rand revolving borrowing

base finance facility for the amount drawn of 144 and ceded

bank accounts to secure environmental obligations, true sale of

receivables programs and the revolving borrowing base finance

facility in South Africa of 95 . Pledges of property, plant and

equipment were 33 and 59 as of December 31, 2024 and 2023,

respectively. Other sureties, first demand guarantees, letters of

credit, pledges and other collateral included 291 and 319 of

commitments given on behalf of associates as of December 31,

2024 and 2023, respectively, and 404 and 313 of commitments

given on behalf of joint ventures as of December 31, 2024 and

2023, respectively.

Capital expenditure commitments

Capital expenditure commitments relate to commitments with

respect to purchases of property, plant and equipment including

in the context of expansion and improvement projects.

Capital expenditure commitments include 257 and 507 at

December 31, 2024 and 2023, respectively, relating to

ArcelorMittal Liberia Ltd in connection with Phase 2 expansion

involving the construction of 20 million tonnes of concentrate

sinter fines capacity and associated infrastructure.

Capital expenditure commitments also include 12 and 49 at the

iron ore Serra Azul mine (Brazil) at December 31, 2024 and

2023, respectively, in connection with the construction of

facilities to produce 4.5 million tonnes per annum of DRI quality

pellet feed.

Other commitments

As of September 21, 2018 an Environmental Commitment

Agreement ("ECA") has been executed between ArcelorMittal

Brasil, local government and the Brazilian environmental

authorities. ArcelorMittal Brasil committed to carry out, until

2026, a series of environmental operational and capital

investments with the aim to reduce atmospheric emissions from

the Company's Tubarão site. To comply with the ECA

requirements, ArcelorMittal Brasil may need to acquire new

equipment and change some of its current operating methods

and processes. As of December 31, 2024 and 2023,

ArcelorMittal Brasil estimated the underlying costs to implement

those investments at 12 and 78 , respectively. The non-

compliance with ECA would lead to fines amounting to a

maximum of 16 and 21 as of December 31, 2024 and 2023,

respectively. On November 19, 2021, following a protocol of

intent agreed between the Minas Gerais State Government,

ArcelorMittal Brasil and BMB Belgo Mineira Bekaert Artefatos

298

Consolidated financial statements
(millions of U.S. dollar, except share and per share data)

De Arame Ltd ("BMB"), ArcelorMittal Brasil committed to carry

out capital expenditures at its facilities in Minas Gerais State,

besides employment generation. As of December 31, 2024 and

2023, commitments related to this project were 295 and 348 ,

respectively.

Other commitments given also comprise commitments incurred

for gas supply to electricity suppliers.

Commitments to sell

In addition to the commitments presented above, the Company

has firm commitments to sell for which it also has firm

commitments to purchase included in purchase commitments

for 2,897 and 131 as of December 31, 2024 and 2023,

respectively, and mainly related to natural gas and electricity.

Commitments to sell included 2,787 as of December 31, 2024

relating to the 25 -year offtake agreement entered into in 2024

between the Company and AMNS India for the supply of

renewable electricity from wind and solar power generation at

the Company's facility in Andhra Pradesh (India).

Other

On February 28, 2024, the State of the Grand-Duchy of

Luxembourg exercised the right (following an agreement signed

between ArcelorMittal, the Fonds d'Urbanisation et

d'Aménagement du Plateau de Kirchberg and the State of the

Grand-Duchy of Luxembourg on December 20, 2022) to acquire

50 % of ArcelorMittal's future new headquarters and related

right-of-use of land in the Kirchberg district of the city of

Luxembourg. The acquisition price is based on construction

cost. On July 31, 2024, ArcelorMittal and the State of the Grand-

Duchy of Luxembourg signed a sale compromise pursuant to

which this acquisition will be completed at the end of the

construction time.

As of December 31, 2024, the Company holds PPAs for renewable electricity as summarized below:

Segment	Number of contracts	start-end dates	Average remaining contract duration (in years)	Committed amount
Brazil*	12	2016-2053	8.67	1,309
Europe	3	2019-2032	6.00	67

*At December 31, 2024, the Company has not yet recognized a commitment with respect to the PPA signed between ArcelorMittal Brasil and VdSA. The Company may have

a potential commitment of approximately 1.5 billion upon commissioning of the VdSA power plant, which is currently under construction. The PPA is established for a duration

of 20 years , commencing in 2026 contingent to commissioning of the VdSA power plant.

NOTE 10: INCOME TAXES

The current tax payable (recoverable) is based on taxable profit

(loss) for the year. Taxable profit differs from profit as reported in

the consolidated statements of operations because it excludes

items of income or expense that are taxable or deductible in

other years or are never taxable or deductible. The Company’s

current income tax expense (benefit) is calculated using tax

rates that have been enacted or substantively enacted as of the

date of the consolidated statements of financial position.

Tax is charged or credited to the consolidated statements of

operations, except when it relates to items charged or credited

to other comprehensive income or directly to equity, in which

case the tax is recognized in other comprehensive income or in

equity.

Deferred tax is recognized on differences between the carrying

amounts of assets and liabilities, in the consolidated financial

statements and the corresponding tax basis used in the

computation of taxable profit, and is accounted for using the

statements of financial position liability method. Deferred tax

liabilities are generally recognized for all taxable temporary

differences, and deferred tax assets are generally recognized

for all deductible temporary differences and net operating loss

carry forwards to the extent that it is probable that taxable profits

will be available against which those deductible temporary

differences can be utilized. Such assets and liabilities are not

recognized if the taxable temporary difference arises from the

initial recognition of non-deductible goodwill or if the differences

arise from the initial recognition (other than in a business

combination) of other assets and liabilities in a transaction that

affects neither the taxable profit nor the profit reported in the

consolidated statements of operations.

Deferred tax liabilities are recognized for taxable temporary

differences associated with investments in subsidiaries,

associates and joint ventures, except if the Company is able to

control the reversal of the temporary difference and it is

probable that the temporary difference will not reverse in the

foreseeable future. Deferred tax assets arising from deductible

temporary differences associated with such investments are

only recognized to the extent that it is probable that there will be

sufficient taxable profits against which the benefits of the

temporary differences can be utilized and are expected to

reverse in the foreseeable future.

Deferred tax assets and liabilities are measured at the tax rates

that are expected to apply in the period in which the liability is

settled or the asset realized, based on tax rates (and tax laws)

299

Consolidated financial statements
(millions of U.S. dollar, except share and per share data)

that have been enacted or substantively enacted at the

consolidated statements of financial position date. The

measurement of deferred tax assets and liabilities reflects the

tax consequences that would result from the manner in which

the Company expects, at the reporting date, to recover or settle

the carrying amount of its assets and liabilities.

The carrying amount of deferred tax assets is reviewed at each

consolidated statements of financial position date and reduced

to the extent that it is no longer probable that sufficient taxable

profits will be available to enable all or part of the asset to be

recovered. The Company reviews the deferred tax assets in the

different jurisdictions in which it operates to assess the

possibility of realizing such assets based on projected taxable

profit, the expected timing of the reversals of existing temporary

differences, the carry forward period of temporary differences

and tax losses carried forward and the implementation of

planning strategies. Due to the numerous variables associated

with these judgments and assumptions, both the precision and

reliability of the resulting estimates of the deferred tax assets

are subject to substantial uncertainties. In case a history of

recent losses is present, the Company considers whether

convincing other evidence exists, such as the character of

(historical) losses and planning opportunities, to support the

deferred tax assets recognition.

D eferred tax assets and liabilities are offset when there is a

legally enforceable right to set off current tax assets against

current tax liabilities, when they relate to income taxes levied by

the same taxation authority and when the Company intends to

settle its current tax assets and liabilities on a net basis.

Uncertain (income) tax positions are periodically assessed by

the Company based on management’s best judgment given any

changes in the facts, circumstances and information available

and applicable tax laws. When it is probable that the position

taken in the tax return will not be accepted by the tax authorities,

the Group establishes provisions based on the most likely

amount of the liability (recovery) or weighted average of various

possible outcomes to reflect the effect of the uncertainty in

determining the related taxable profit (tax loss), tax bases,

unused tax losses, unused tax credits or tax rates, to the extent

that a reliable estimate can be made.

The Company has adopted International Tax Reform – Pillar

Two Model Rules (Amendments to IAS 12 upon their release on

May 23, 2023). The Amendments provide a temporary

mandatory exception from deferred tax accounting for the top-up

tax, which is effective immediately, and require disclosures

about the Pillar Two exposure from December 31, 2023 . The

Company has applied a temporary mandatory relief from

deferred tax accounting for the impacts of the top-up tax and

accounts for it as a current tax when incurred.

Pillar Two legislation has been enacted or substantively enacted

in the jurisdiction of ArcelorMittal S.A., the ultimate parent of the

Group, and in certain other jurisdictions where the Company

operates. The legislation is effective for the Company’s financial

year beginning January 1, 2024. Based on the applicable

criteria, the Company is subject to Pillar Two minimum tax .

10.1 Income tax expense

The components of income tax expense (benefit) are

summarized as follows:

	Year ended December 31, — 2024	2023	2022
Total current tax expense 1	1,025	1,008	2,080
Total deferred tax expense (benefit)	510	( 770 )	( 363 )
Total income tax expense	1,535	238	1,717

The following table reconciles the expected tax expense at the

statutory rates applicable in the countries where the Company

operates to the total income tax expense as calculated:

	Year ended December 31, — 2024	2023	2022
Net income (loss) (including non- controlling interests)	1,380	1,022	9,538
Income tax expense	1,535	238	1,717
Income before tax	2,915	1,260	11,255
Tax expense at the statutory rates applicable to income in the countries 2	582	454	2,818
Permanent items	( 31 )	( 101 )	( 303 )
Rate changes	370	—	—
Net change in measurement of deferred tax assets	182	( 423 )	( 1,154 )
Tax effects of foreign currency translation	( 21 )	( 20 )	( 34 )
Tax credits	( 16 )	( 26 )	( 22 )
Other taxes	219	324	394
Others	250	30	18
Income tax expense	1,535	238	1,717

For the year ended December 31, 2024, current income tax expense includes

6 of top-up tax in relation to Pillar Two taxation.

Tax expense at the statutory rates is based on income before tax excluding

income from investments in associates, joint ventures and other investments .

ArcelorMittal’s consolidated income tax expense is affected by

the income tax laws and regulations in effect in the various

countries in which it operates and the pre-tax results of its

subsidiaries in each of these countries, which can change from

year to year. ArcelorMittal operates in jurisdictions, mainly in

Eastern Europe and Asia, which have a structurally lower

corporate income tax rate than the statutory tax rate as enacted

300

Consolidated financial statements
(millions of U.S. dollar, except share and per share data)

in Luxembourg ( 23.87 %), as well as in jurisdictions, mainly in

Brazil and Mexico, which have a structurally higher corporate

income tax rate.

Permanent items	Year ended December 31, — 2024	2023	2022
Taxable reversals of (tax deductible) write-downs on shares and receivables	—	( 647 )	( 109 )
Non-deductible loss on disposal of Kazakhstan operations	—	573	—
Juros sobre o Capital Próprio	( 4 )	( 117 )	( 229 )
Other permanent items	( 27 )	90	35
Total permanent items	( 31 )	( 101 )	( 303 )

T axable reversals of (tax deductible) write-downs on shares and

receivables: in connection with the Company's impairment test

for goodwill and property, plant and equipment, the

recoverability of the carrying amounts of investments in shares

and intragroup receivables is also reviewed annually, resulting in

tax deductible write-downs, or taxable reversals of previously

recorded write-downs, of the values of loans and shares of

consolidated subsidiaries in Luxembourg.

Juros sobre o Capital Próprio : Corporate taxpayers in Brazil,

which distribute a dividend can benefit from a tax deduction

corresponding to an amount of interest calculated as a yield on

capital. The deduction is determined as the lower of the interest

as calculated by application of the Brazilian long term interest

rate on the opening balance of capital and reserves, and 50% of

the income for the year or accumulated profits from the previous

year. For accounting purposes, this distribution of interest on

capital is regarded as a dividend distribution, while for Brazilian

tax purposes it is regarded as tax deductible interest.

Non-deductible loss on disposal of Kazakhstan operation s: the

Company recorded 0.9 billion impairment charges and 1.5 billion

foreign exchange translation losses in connection with the

divestment of its operations in Kazakhstan in 2023. Both items

were non-deductible for tax purposes, see note 2.3.

Rate changes

The 370 tax expense resulting from rate changes in 2024 is due

to the decrease from 24.94 % to 23.87 % of the statutory tax rate

as enacted in Luxembourg and applied to deferred taxes.

Net change in measurement of deferred tax assets

The 2024 net change in measurement of deferred tax assets of

182 mainly consists of (i) recognition of deferred tax assets in

Luxembourg of ( 381 ) mainly due to the utilization of

unrecognized tax losses carried forward, and (ii) net

unrecognition of 563 of deferred tax assets related to negative

results for the year in other tax jurisdictions.

The 2023 net change in measurement of deferred tax assets of

( 423 ) mainly consisted of (i) recognition of deferred tax assets in

Luxembourg of ( 314 ) including recognition of tax losses carried

forward based on revised taxable income forecast of ( 366 ) and

net recognition of ( 109 ) , of deferred tax assets in other tax

jurisdictions, including ( 292 ) recognition related to higher future

profits expectation.

The 2022 net change in measurement of deferred tax assets of

( 1,154 ) mainly consists of recognition of deferred tax assets in

Luxembourg of ( 1,227 ) including mainly ( 676 ) effect of the

utilization of unrecognized tax losses carried forward following

higher profitability of the current year (net of write-downs of

shares), ( 579 ) recognition of tax losses carried forward based

on revised taxable income forecast, derecognition of deferred

tax assets on losses and deductible temporary differences in

Ukraine of 178 , and ( 105 ) utilization of deferred tax assets in

other tax jurisdictions, following profits generated during the

year.

Tax effects of foreign currency translation

The tax effects of foreign currency translation of ( 21 ) , ( 20 ) and

( 34 ) at December 31, 2024 , 2023 and 2022, respectively, refer

mainly to deferred tax assets and liabilities of certain entities

with a different functional currency than the currency applied for

tax filing purposes.

Tax credits

The tax credits are mainly attributable to the Company’s

operating subsidiaries in Brazil. They relate to credits claimed

on foreign investments, credits for research and development

and other credits.

Other taxes

Other taxes mainly include withholding taxes on dividends,

services, royalties and interests as well as mining duties in

Canada and Mexico, state tax, Corporate Alternative Minimum

Tax ("CAMT"), Base Erosion and Anti-Abuse Tax ("BEAT") in the

United States, and Cotisation sur la Valeur Ajoutée des

Entrepris es ("CVAE'') in France.

Others	Year ended December 31, — 2024	2023	2022
Tax contingencies/settlements	263	43	( 3 )
Prior period taxes	( 10 )	( 4 )	14
Others	( 3 )	( 9 )	7
Total	250	30	18

Tax contingencies/settlements of 263 , 43 , and ( 3 ) at

December 31, 2024 , 2023 and 2022, respectively, consist of

uncertain tax positions (see note 10.3) including 202 recorded

in 2024 for expected resolution of the tax disputes in th e North

America segment .

301

Consolidated financial statements
(millions of U.S. dollar, except share and per share data)

10.2 Income tax recorded directly in equity and/or other

comprehensive income

	Year ended December 31, — 2024	2023	2022
Recognized in other comprehensive income on:
Deferred tax expense (benefit)
Gain (loss) on derivative financial instruments	( 107 )	( 126 )	( 31 )
Recognized actuarial gain (loss)	17	( 18 )	193
Foreign currency translation adjustments	4	110	143
	( 86 )	( 34 )	305
Recognized directly in equity on:
Deferred tax expense (benefit)
Loss related to repurchase of MCNs	—	( 231 )	—
	—	( 231 )	—
Total	( 86 )	( 265 )	305

10.3 Uncertain tax positions

The Company operates in multiple jurisdictions with complex

legal and tax regulatory environments. In certain of these

jurisdictions, ArcelorMittal has taken income tax positions that

management believes are supportable and are intended to

withstand challenge by tax authorities. Some of these positions

are inherently uncertain and include those relating to transfer

pricing matters and the interpretation of income tax laws applied

in complex transactions. The Company periodically reassesses

its tax positions. Changes to the financial statement recognition,

measurement and disclosure of tax positions are based on

management’s best judgment given any changes in the facts,

circumstances, information available and applicable tax

laws. Considering all available information and the history of

resolving income tax uncertainties, the Company believes that

the ultimate resolution of such matters will not have a material

effect on the Company’s financial position, statements of

operations or cash flows beyond the income tax contingencies

recorded as of the reporting date. (see notes 9.2 and 9.3).

10.4 Deferred tax assets and liabilities

The origin of the deferred tax assets and liabilities is as follows:

	Assets — 2024	2023	Liabilities — 2024	2023	Net — 2024	2023
Intangible assets	21	19	( 494 )	( 618 )	( 473 )	( 599 )
Property, plant and equipment	289	412	( 3,599 )	( 3,666 )	( 3,310 )	( 3,254 )
Inventories	200	193	( 60 )	( 73 )	140	120
Financial instruments	23	16	( 82 )	( 139 )	( 59 )	( 123 )
Other assets	374	201	( 652 )	( 499 )	( 278 )	( 298 )
Provisions	692	815	( 557 )	( 472 )	135	343
Other liabilities	584	464	( 109 )	( 126 )	475	338
Tax losses and other tax benefits carried forward	9,733	10,302	—	—	9,733	10,302
Tax credits carried forward	241	208	—	—	241	208
Deferred tax assets (liabilities)	12,157	12,630	( 5,553 )	( 5,593 )	6,604	7,037
Deferred tax assets					8,942	9,469
Deferred tax liabilities					( 2,338 )	( 2,432 )

302

Consolidated financial statements
(millions of U.S. dollar, except share and per share data)

Deferred tax assets recognized by the Company as of December 31, 2024 included the following:

	Gross amount	Total deferred tax assets	Recognized deferred tax assets	Unrecognized deferred tax assets
Tax losses and other tax benefits carried forward	150,155	35,888	9,733	26,155
Tax credits carried forward	646	646	241	405
Other temporary differences	15,025	3,553	2,183	1,370
Total		40,087	12,157	27,930

Deferred tax assets recognized by the Company as of December 31, 2023 included the following:

	Gross amount	Total deferred tax assets	Recognized deferred tax assets	Unrecognized deferred tax assets
Tax losses and other tax benefits carried forward	139,108	34,360	10,302	24,058
Tax credits carried forward	690	690	208	482
Other temporary differences	13,140	3,108	2,120	988
Total		38,158	12,630	25,528

As of December 31, 2024 , the majority of unrecognized deferred

tax assets relates to tax losses carried forward attributable to

various subsidiaries located in different jurisdictions (primarily

France, Germany, Luxembourg, Spain and South Africa) with

different statutory tax rates. At each reporting date, ArcelorMittal

considers existing evidence, both positive and negative,

including the earnings history and results of recent operations,

reversals of deferred tax liabilities, projected future taxable

income, and planning strategies, that could impact the view with

regard to future realization of these deferred tax assets.

The amount of the total deferred tax assets is the aggregate

amount of the various recognized and unrecognized deferred

tax assets at the various subsidiaries and not the result of a

computation with a given blended rate. The utilization of tax

losses carried forward is restricted to the taxable income of the

subsidiary or tax consolidation group to which it belongs. The

utilization of tax losses carried forward may also be restricted by

the character of the income, expiration dates and limitations on

the yearly use of tax losses against taxable income.

At December 31, 2024 , the total amount of accumulated tax

losses in Luxembourg with respect to the ArcelorMittal S.A. tax

integration amounted to 130.3 billion , of which 35.5 billion is

considered realizable, resulting in the recognition of 8.5 billion of

deferred tax assets at the applicable income tax rate in

Luxembourg. At December 31, 2023 , the total amount of

accumulated tax losses in Luxembourg with respect to the main

tax consolidation amounted to approximately 120.6 billion , of

which 35.3 billion was considered realizable, resulting in the

recognition of 8.8 billion of deferred tax assets at the applicable

income tax rate in Luxembourg. Under the Luxembourg tax

legislation, tax losses generated before 2017 can be carried

forward indefinitely and are not subject to any specific yearly

loss utilization limitations. The tax losses carried forward relate

primarily to tax deductible write-down charges taken on

investments in shares of consolidated subsidiaries recorded by

certain of ArcelorMittal’s holding companies in Luxembourg. Of

the total tax losses carried forward, 69.7 billion may be subject

to recapture in the future if the write-downs that caused them

are reversed creating taxable income unless the Company

crystallizes them through sales or other organizational

restructuring activities.

The Company believes that it is probable that sufficient future

taxable profits will be generated to support the recognized

deferred tax asset for tax losses carried forward in Luxembourg.

As part of its recoverability assessment the Company has taken

into account (i) its most recent forecast approved by

management and the Board of Directors, (ii) the likelihood that

the factors that have contributed to past losses in Luxembourg

will not recur, (iii) the fact that ArcelorMittal in Luxembourg is the

main provider of funding to the Company’s consolidated

subsidiaries, leading to significant amounts of taxable interest

income on outstanding and future loans as updated based on

most recent funding strategy, (iv) the expected level of interest

expenses in Luxembourg driven by the Group net debt level, (v)

the industrial franchise agreement whereby ArcelorMittal S.A.

licenses its business model for manufacturing, processing and

distributing steel to group subsidiaries, and (vi) other significant

and reliable sources of operational income earned from

ArcelorMittal’s European and worldwide operating subsidiaries

for centralized distribution and procurement activities performed

in Luxembourg. The Company has also considered the

implications of the net-zero path and its carbon emissions

303

Consolidated financial statements
(millions of U.S. dollar, except share and per share data)

intensity reduction targets on its future taxable profits

expectations in relation to the existing business models and the

potential future financing of such projects, resulting in no major

impact on the estimated level of future taxable profit. In

performing the assessment, the Company estimates at which

point in time its earnings projections are no longer reliable, and

thus taxable profits are no longer probable. Accordingly, the

Company has established consistent forecast periods for its

different income streams for estimating probable future taxable

profits, against which the unused tax losses can be utilized in

Luxembourg.

At December 31, 2024 , based upon the level of historical

taxable income and projections for future taxable income over

the periods in which the deductible temporary differences are

anticipated to reverse, management believes it is probable that

ArcelorMittal will realize the benefits of the recognized deferred

tax assets of 8.9 billion . The amount of future taxable income

required to be generated by ArcelorMittal’s subsidiaries to utilize

the deferred tax assets of 8.9 billion is at least 39.3 billion .

Historically, the Company has been able to generate sufficient

taxable income and believes that it will generate sufficient levels

of taxable income in the coming years to allow the Company to

utilize tax benefits associated with tax losses carried forward

and other deferred tax assets that have been recognized in its

consolidated financial statements. Where the Company has had

a history of recent losses, it relied on convincing other evidence

such as the character of (historical) losses and planning

opportunities to support the deferred tax assets recognized.

As of December 31, 2024 , ArcelorMittal recorded 132 of

deferred income tax liabilities in respect of deferred taxation that

would arise if temporary differences on investments in

subsidiaries, associates and interests in joint ventures were to

be realized in the foreseeable future as compared to 168 as of

December 31, 2023 . No deferred tax liability has been

recognized in respect of other temporary differences on

investments in subsidiaries, associates and interests in joint

ventures because the Company is able to control the timing of

the reversal of the temporary difference and it is probable that

such differences will not reverse in the foreseeable future. The

amount of these unrecognized deferred tax liabilities is 898 at

December 31, 2024 ( 870 at December 31, 2023).

10.5 Tax losses, tax credits and other tax benefits carried

forward

At December 31, 2024 , the Company had total estimated tax

losses carried forward and other tax benefits of 150.2 billion .

This includes net operating losses and other tax benefits of 25.5

billion primarily related to subsidiaries in the Basque Country in

Spain, Luxembourg, Mexico, Poland and the United States,

which expire as follows:

Year expiring	Recognized	Unrecognized	Total
2025	9	66	75
2026	10	33	43
2027	10	30	40
2028	16	181	197
2029	18	176	194
2030 - 2045	998	23,961	24,959
Total	1,061	24,447	25,508

The remaining tax losses carried forward and other tax benefits

for an amount of 124.7 billion (of which 39.6 billion are

recognized and 85.1 billion are unrecognized) are carried

forward for unlimited period of time and primarily relate to the

Company’s operations in Brazil, France, Germany, Luxembourg,

and Spain.

At December 31, 2024 , the Company also had total estimated

tax credits carried forward of 646 .

Such amount includes tax credits of 462 (of which 105

recognized and 357 unrecognized) primarily attributable to

subsidiaries in the Basque country in Spain and Luxembourg

which expire as follows:

Year expiring	Recognized	Unrecognized	Total
2025	—	1	1
2026	—	1	1
2027	—	1	1
2028	—	1	1
2029	—	1	1
2030 - 2045	105	352	457
Total	105	357	462

The remaining tax credits for an amount of 184 of which 136 are

recognized and 48 are unrecognized) are indefinite and

primarily attributable to the Company’s operations in Spain and

the United States.

Tax losses, tax credits and other tax benefits carried forward are

denominated in the currency of the countries in which the

respective subsidiaries are located and operate, except for

Luxembourg where the tax losses are mainly denominated in

U.S. dollar. Fluctuations in currency exchange rates could

impact the U.S. dollar equivalent value of these tax losses

carried forward in future years.

304

Consolidated financial statements
(millions of U.S. dollar, except share and per share data)

NOTE 11: EQUITY

11.1 Share details

Share capital

On April 28, 2023, ArcelorMittal cancelled 25 million treasury

shares to keep the number of treasury shares within appropriate

levels. This cancellation took into account the shares already

purchased under the 60,431,380 share buyback program (see

below). Following this cancellation, the aggregate number of

shares issued and fully paid up and share capital decreased

from 877,809,772 and 312 as of December 31, 2022 to

852,809,772 and 303 as of December 31, 2023 , respectively.

Share capital remained unchanged at December 31, 2024.

The Company’s shares consist of the following:

	December 31, 2022	Movement in year	December 31, 2023	Movement in year	December 31, 2024
Issued shares	877,809,772	( 25,000,000 )	852,809,772	—	852,809,772
Treasury shares	( 72,471,843 )	38,933,827	( 33,538,016 )	( 50,725,134 )	( 84,263,150 )
Total outstanding shares	805,337,929	13,933,827	819,271,756	( 50,725,134 )	768,546,622

The number of issued shares was 877,809,772 at December 31 ,

2022 and 852,809,772 at December 31, 2023 and 2024.

Authorized shares

Following the cancellation of treasury shares on April 28, 2023,

authorized share capital decreased from 404 represented by

1,136,418,599 ordinary shares without nominal value as of

December 31, 2022 to 395 represented by 1,111,418,599

ordinary shares without nominal value as of December 31, 2023

and remained unchanged at December 31, 2024.

Share buyback

On April 25, 2022, ArcelorMittal completed its 1,000 share

buyback program announced on February 11, 2022 under the

authorization given by the annual general meeting of

shareholders of June 8, 2021 and repurchased 31.8 million

shares for a total value of € 911 million (equivalent to 1000 ) at an

approximate average price per share of € 28.68 ($ 31.49 ).

On June 8, 2022, ArcelorMittal completed a second share

buyback program in the amount of 1,000 under the authorization

given by the annual general meeting of shareholders of May 4,

2022, bringing the total 2022 buybacks announced so far to

2,000 . ArcelorMittal repurchased 33.3 million shares for a total

value of € 943 million (equivalent to 1,000 ) at an approximate

average price per share of € 28.26 ($ 29.99 ).

On July 29, 2022, the Company announced a third share

buyback program of 60.4 million shares (approximately 1.4

billion based on share price as of July 26, 2022) to be

completed by the end of May 2023 (subject to market

conditions) under the authorization given by the annual general

meeting of shareholders of May 4, 2022. The Significant

Shareholder has decided not to participate in the program

consistent with the position announced on February 25, 2022.

On March 31, 2023, ArcelorMittal completed the share buyback

program. The total repurchase value was € 1,456 million ( 1,492 )

at an approximate average price per share of € 24.10 ($ 24.68 ).

On May 5, 2023, ArcelorMittal announced the commencement

of a new buyback program of up to 85 million shares under the

authorization given by the annual general meeting of

shareholders of May 2, 2023, to be completed by May 2025.

The actual amount of shares that will be repurchased pursuant

to this new program will depend on the level of post-dividend

free cash flow ("FCF") (calculated as net cash provided by

operating activities less purchases of property, plant and

equipment and intangibles less dividends paid to non-controlling

shareholders) generated over the period (the Company’s

defined policy is to return a minimum of 50 % of post-dividend

annual FCF), the continued authorization by shareholders, and

market conditions. At market closure on December 31, 2024,

ArcelorMittal had repurchased 78.2 million shares for a total

value of € 1,802 million ( 1,952 ) at an average price per share of

€ 23.03 ($ 24.96 ).

The shares acquired under the different programs are intended

to reduce ArcelorMittal’s share capital, and/or to meet

ArcelorMittal’s obligations arising from employee share

programs.

Treasury shares

ArcelorMittal held, indirectly and directly, 84.3 million and 33.5

million treasury shares as of December 31, 2024 and

December 31, 2023, respectively.

11.2 Equity instruments and hybrid instruments

Mandatory convertible bonds

The Company issued through Hera Ermac, a wholly-owned

subsidiary, 1,000 corresponding to 666,666 unsecured and

unsubordinated bonds mandatorily convertible into preferred

shares of such subsidiary ("MCBs"). The bonds were placed

privately with a Luxembourg affiliate of Crédit Agricole and are

not listed. The Company has the option (fair value was nil as of

December 31, 2024 and 2023) to call the mandatory convertible

bonds until 10 business days before the maturity date. Hera

Ermac invested the proceeds of the bonds issuance and an

305

Consolidated financial statements
(millions of U.S. dollar, except share and per share data)

equity contribution by the Company in notes issued by

subsidiaries of the Company and linked to the value of China

Oriental. The conversion date of the mandatory convertible

bonds was extended from time to time . The Company

determined that the MCBs are a hybrid instrument including an

equity component recognized as non-controlling interests and a

liability component for interest payments.

On March 14, 2023, the Company early repaid 226,666 out of

the 666,666 MCBs for a total cash consideration of 340 .

Following the early partial repayment, the Company allocated

the cash consideration to the liability component ( 25 ) and equity

component ( 315 ) of the instrument, which resulted in 291

decrease in non-controlling interests and 24 decrease in

retained earnings consistent with the original allocation using

the net present value of the future interest payments at the date

of early redemption.

On December 21, 2023, the Company signed an agreement for

an extension of the conversion date of the mandatory

convertible bonds from January 31, 2024 to January 30, 2026.

The other main features of the mandatory convertible bonds

remained unchanged. The Company determined that this

transaction led to the extinguishment of the existing compound

instrument and the recognition of a new compound instrument

including non-controlling interests for 547 and other liabilities for

113 . The derecognition of the previous instrument and the

recognition at fair value of the new instrument resulted in 66

expense included in financing costs-net in the consolidated

statement of operations and 32 decrease in non-controlling

interests.

Mandatorily convertible subordinated notes

On May 18, 2020 , the Company completed an offering of

mandatorily convertible subordinated notes (“MCNs”) due May

18, 2023 for 1,250 . The MCNs had a three -year maturity, were

issued at 100 % of the principal amount and were mandatorily

converted into common shares of the Company upon maturity

unless converted earlier at the option of the holders or

ArcelorMittal during the conversion period or upon occurrence of

certain defined events. On May 19, 2023, upon mandatory

conversion of the 24,290,025 remaining outstanding MCNs,

ArcelorMittal delivered a total of 57,057,991 treasury shares (of

which 9,396,120 to the Significant Shareholder) with a carrying

amount of 1,534 . The Company determined that the MCNs are

a hybrid instrument including an equity component and a liability

component for interest payments . Following the mandatory

conversion, it derecognized the 509 equity component

presented separately in the statements of changes in equity and

recognized a 1,025 ( 794 net of tax) decrease in additional paid-

in capital.

11.3 Earnings per common share

Basic earnings per common share is computed by dividing net

income by the weighted average number of common shares

outstanding during the year. Diluted earnings per share is

computed by dividing income available to equity holders by the

weighted average number of common shares plus potential

common shares from share unit plans whenever the conversion

results in a dilutive effect.

The following table provides the numerators and a reconciliation of the denominators used in calculating basic and diluted earnings per

common share for the years ended December 31, 2024 , 2023 and 2022 .

	Year ended December 31, — 2024	2023	2022
Net income attributable to equity holders of the parent	1,339	919	9,302
Weighted average common shares outstanding (in millions) for the purposes of basic earnings per share	788	842	911
Incremental shares from assumed conversion of restricted share units and performance share units (in millions)	3	3	3
Weighted average common shares outstanding (in millions) for the purposes of diluted earnings per share	791	845	914

11.4 Dividends

Calculations to determine the amounts available for dividends

are based on ArcelorMittal’s separate financial statements

(“ArcelorMittal S.A.”) which are prepared in accordance with

IFRS , as endorsed by the European Union. ArcelorMittal S.A.

has no significant manufacturing operations of its own and

generates its profit mostly from financing activities and the

management fees/industrial franchise agreements with Group

companies. Accordingly, it can only pay dividends or

distributions to the extent it is entitled to receive cash dividend

distributions from its subsidiaries’ recognized gains, profit

generated by its own activities, from the sale of its assets or

share premiums from the issuance of common shares.

Dividends are declared in U.S. dollar and are payable in either

U.S. dollar or in euros.

306

Consolidated financial statements
(millions of U.S. dollar, except share and per share data)

Description	Approved by	Dividend per share (in $)	Payout date	Total (in millions of $)
Dividend for financial year 2021	Annual general shareholders’ meeting on May 4, 2022	0.38	June 10, 2022	332
Dividend for financial year 2022	Annual general shareholders’ meeting on May 2, 2023	0.44	June 15, 2023 and December 7, 2023	369
Dividend for financial year 2023	Annual general shareholders’ meeting on April 30, 2024	0.50	June 12, 2024 and December 4, 2024	393

On April 30, 2024 at the annual general meeting of

shareholders, the shareholders approved the Company’s

dividend of $ 0.50 per share. The dividend amounted to 393 and

payment includes two installments; the first installment of 200

was paid on June 12, 2024 and the second one of 193 was

settled on December 4, 2024.

In February 2025, the Board of Directors recommended the

base annual dividend of $ 0.55 per share, to be paid in two equal

installments in June and December 2025, subject to the

approval of shareholders at the annual general meeting of

shareholders in May 2025.

11.5 Non-controlling interests

11.5.1 Non-wholly owned subsidiaries that have material non-controlling interests

The tables below provide a list of the subsidiaries which include significant non-controlling interests at December 31, 2024 and 2023

and for the years ended December 31, 2024 , 2023 and 2022 .

Name of Subsidiary	Country of incorporation and operation	% of non- controlling interests and non- controlling voting rights at December 31, 2024	% of non- controlling interests and non- controlling voting rights at December 31, 2023	Net income (loss) attributable to non- controlling interests for the year ended December 31, 2024	Non- controlling interests at December 31, 2024	Net income (loss) attributable to non- controlling interests for the year ended December 31, 2023	Non- controlling interests at December 31, 2023	Net income (loss) attributable to non- controlling interests for the year ended December 31, 2022
AMSA	South Africa	30.78 %	30.78 %	( 98 )	19	( 67 )	115	55
Société Nationale de Sidérurgie S.A. ("Sonasid") 1	Morocco	67.57 %	67.57 %	8	111	3	115	5
AMKR	Ukraine	4.87 %	4.87 %	( 11 )	41	( 15 )	55	( 68 )
Belgo Bekaert Arames ("BBA")	Brazil	45.00 %	45.00 %	56	186	55	225	60
Hera Ermac 2	Luxembourg	—	—	—	532	—	532	—
AMMC	Canada	15.00 %	15.00 %	109	543	149	561	183
Finocas 5	Belgium	50.00 %	50.00 %	2	297	1	135	—
Arceo	Belgium	62.86 %	62.86 %	5	143	3	150	1
AML 3	Liberia	15.00 %	15.00 %	( 18 )	( 156 )	( 11 )	( 169 )	—
ArcelorMittal Texas HBI 4	USA	20.00 %	20.00 %	( 17 )	199	( 8 )	216	( 9 )
Other				5	148	( 7 )	172	9
Total				41	2,063	103	2,107	236

Sonasid - ArcelorMittal holds a controlling stake of 50 % in Nouvelles Sidérurgies Industrielles ("NSI"). ArcelorMittal controls NSI on the basis of a shareholders’ agreement

which includes deadlock arrangements in favor of the Company. NSI holds a 64.86 % stake in Sonasid. The total non-controlling interests in Sonasid of 67.57 % are the

result of ArcelorMittal’s indirect ownership percentage in Sonasid of 32.43 % through its controlling stake in NSI.

Hera Ermac - The non-controlling interests correspond to the equity component net of transaction fees of the mandatory convertible bonds maturing on January 30, 2026

(see note 11.2).

307

Consolidated financial statements
(millions of U.S. dollar, except share and per share data)

AML is incorporated in Cyprus. On December 17, 2024, December 21, 2023 and December 20, 2022, ArcelorMittal fully settled 200 , 100 and 300 capital increases,

respectively, in ArcelorMittal Liberia Ltd including 30 , 15 and 45 , respectively, on behalf of non-controlling interests.

On June 30, 2022, ArcelorMittal acquired a 80 % controlling stake in ArcelorMittal Texas HBI (see note 2.2.4).
ArcelorMittal holds a 50 % controlling interest in Finocas NV ("FInocas"). ArcelorMittal controls Finocas on the basis of a shareholders’ agreement which includes deadlock

arrangements in favor of the Company. As from January 1, 2051, the Flemish Region has the right to acquire the 50 % interest held in Finocas by the Company at a price

equivalent to the fair market value of the shares on that date as determined by an independent expert if a capital decrease requested by any of the shareholders is not

approved by the general meeting of shareholders.

The tables below provide summarized statements of financial position for the above-mentioned subsidiaries as of December 31, 2024

and 2023 and summarized statements of operations and summarized statements of cash flows for the years ended December 31,

2024 , 2023 and 2022 .

Summarized statements of financial position	December 31, 2024 — AMSA	Sonasid	AMKR	BBA	Hera Ermac	AMMC	Arceo	AML	Finocas	ArcelorMittal Texas HBI
Current assets	858	337	576	246	199	1,517	199	253	390	404
Non-current assets	426	117	1,157	183	990	3,252	32	1,518	205	713
Total assets	1,284	454	1,733	429	1,189	4,769	231	1,771	595	1,117
Current liabilities	812	273	872	87	55	499	—	1,143	2	97
Non-current liabilities	410	20	176	14	175	479	—	1,500	—	24
Net assets	62	161	685	328	959	3,791	231	( 872 )	593	996

Summarized statements of operations	December 31, 2024 — AMSA	Sonasid	AMKR	BBA	Hera Ermac	AMMC	Arceo	AML	Finocas	ArcelorMittal Texas HBI
Revenue	2,104	530	1,606	818	—	2,921	—	188	8	599
Net (loss) income	( 317 )	12	( 221 )	122	62	710	8	( 118 )	4	( 88 )
Total comprehensive income (loss)	( 317 )	9	( 209 )	118	62	720	8	( 118 )	4	( 85 )

Summarized statements of cash flows	December 31, 2024 — AMSA	Sonasid	AMKR	BBA	Hera Ermac	AMMC	Arceo	AML	Finocas	ArcelorMittal Texas HBI
Net cash provided by / (used in) operating activities	19	20	150	126	37	1,055	6	16	5	87
Net cash provided by / (used in) investing activities	( 64 )	( 16 )	( 102 )	( 7 )	( 36 )	( 81 )	( 1 )	( 579 )	( 350 )	( 19 )
Net cash provided by / (used in) financing activities	35	( 9 )	( 49 )	( 117 )	( 1 )	( 872 )	( 6 )	560	344	—
Impact of currency movements on cash	( 1 )	( 2 )	( 1 )	( 4 )	—	—	( 6 )	—	1	—
Cash and cash equivalents:
At the beginning of the year / at acquisition date	134	77	14	14	7	112	95	5	—	1
At the end of the year	123	70	12	12	7	214	88	2	—	69
Dividend to non-controlling interests	—	( 7 )	—	( 49 )	—	( 128 )	( 3 )	—	—	—

308

Consolidated financial statements
(millions of U.S. dollar, except share and per share data)

Summarized statements of financial position	December 31, 2023 — AMSA	Sonasid	AMKR	BBA	Hera Ermac	AMMC	Arceo	AML	Finocas	ArcelorMittal Texas HBI
Current assets	1,058	318	561	293	166	1,860	205	186	52	361
Non-current assets	464	113	1,230	232	990	3,108	39	919	218	812
Total assets	1,522	431	1,791	525	1,156	4,968	244	1,105	270	1,173
Current liabilities	876	251	638	94	58	530	—	546	3	68
Non-current liabilities	273	17	168	15	200	504	—	1,512	—	25
Net assets	373	163	985	416	898	3,934	244	( 953 )	267	1,080

Summarized statements of operations	December 31, 2023 — AMSA	Sonasi d	AMKR	BBA	Hera Ermac	AMMC	Arceo	AML	Finocas	ArcelorMittal Texas HBI
Revenue	2,256	471	1,144	915	—	3,216	—	248	—	732
Net income (loss)	( 217 )	4	( 328 )	128	( 51 )	943	5	( 85 )	2	( 40 )
Total comprehensive income (loss)	( 216 )	13	( 336 )	127	( 51 )	935	5	( 85 )	2	( 43 )

Summarized statements of cash flows	December 31, 2023 — AMSA	Sonasid	AMKR	BBA	Hera Ermac	AMMC	Arceo	AML	Finocas	ArcelorMittal Texas HBI
Net cash provided by / (used in) operating activities	52	16	49	209	33	997	10	90	1	125
Net cash provided by / (used in) investing activities	( 93 )	( 20 )	( 112 )	( 66 )	509	( 553 )	( 7 )	( 314 )	( 1 )	( 122 )
Net cash provided by / (used in) financing activities	27	( 13 )	52	( 148 )	( 535 )	( 538 )	( 3 )	225	—	( 6 )
Impact of currency movements on cash	( 9 )	5	( 1 )	1	—	—	2	—	—	—
Cash and cash equivalents:
At the beginning of the year	157	89	26	18	—	206	93	4	—	4
At the end of the year	134	77	14	14	7	112	95	5	—	1
Dividend to non-controlling interests	—	( 4 )	—	( 62 )	—	( 79 )	( 2 )	—	—	( 1 )

Summarized statements of operations	December 31, 2022 — AMSA	Sonasid	AMKR	BBA	Hera Ermac	AMMC	Arceo	AML	Finocas	ArcelorMittal Texas HBI
Revenue	2,516	471	1,435	1,032	—	3,467	—	303	—	462
Net income (loss)	177	9	( 1,429 )	141	( 55 )	1,171	2	4	—	( 43 )
Total comprehensive income (loss)	178	15	( 1,386 )	140	( 55 )	1,273	2	4	—	( 43 )

309

Consolidated financial statements
(millions of U.S. dollar, except share and per share data)

Summarized statements of cash flows	December 31, 2022 — AMSA	Sonasid	AMKR	BBA	Hera Ermac	AMMC	Arceo	AML	Finocas	ArcelorMittal Texas HBI
Net cash provided by / (used in) operating activities	22	30	77	202	17	1,159	6	154	—	125
Net cash provided by / (used in) investing activities	( 69 )	( 14 )	( 73 )	( 59 )	( 11 )	432	6	( 452 )	( 39 )	( 133 )
Net cash provided by / (used in) financing activities	5	( 15 )	( 20 )	( 156 )	( 6 )	( 1,601 )	( 3 )	300	39	—
Impact of currency movements on cash	( 4 )	( 11 )	( 6 )	—	—	—	( 5 )	—	—	—
Cash and cash equivalents:
At the beginning of the year	203	99	48	31	—	216	89	2	—	12
At the end of the year	157	89	26	18	—	206	93	4	—	4
Dividend to non-controlling interests	—	( 10 )	—	( 71 )	—	( 237 )	( 2 )	—	—	—

11.5.2 Transactions with non-controlling interests

Acquisitions of non-controlling interests, which do not result in a

change of control, are accounted for as transactions with

owners in their capacity as owners and therefore no goodwill is

recognized as a result of such transactions. In such

circumstances, the carrying amounts of the controlling and non-

controlling interests are adjusted to reflect the changes in their

relative interests in the subsidiary. Any difference between the

amount by which the non-controlling interests are adjusted and

the fair value of the consideration paid or received is recognized

directly in equity and attributed to the owners of the parent.

Transactions with non-controlling interests also include the

mandatory convertible bonds (see note 11.2).

Following the subscription by the Flemish region and

ArcelorMittal on May 30, 2024 and December 9, 2024 of two

capital increases in Finocas, non-controlling interests increased

by 172 .

Put option liabilities

On March 30, 2022 Votorantim S.A. exercised the put option

right it has under its shareholders’ agreement with the Company

with respect to its 2.9 % preferred share interest in ArcelorMittal

Brasil following the acquisition of Votorantim S.A.'s long steel

business in Brazil in 2018, which was subsequently renamed

ArcelorMittal Sul Fluminense ("AMSF"). The exercise price of

the put option is calculated pursuant to an agreed formula in the

shareholders’ agreement which applies a 6 times multiple of

ArcelorMittal Brasil Longs Business EBITDA in the four

immediately preceding calendar quarters from the date of the

put option exercise (subject to certain adjustments, such as the

exclusion of any unusual, infrequent or abnormal events) less

an assumed net debt of BRL 6.2 billion times 15 % . The

Company determined that it has a present ownership interest in

the preferred shares subject to the put option. Accordingly, it

recognized at acquisition date of AMSF a 328 financial liability at

amortized cost and measured at the present value of the

redemption amount. As of December 31, 2022, the Company

calculated the put option exercise price in the amount of

BRL 1.0 billion ( 179 ). Votorantim S.A. has indicated that it does

not agree with ArcelorMittal Brasil’s calculation of the exercise

price and filed a request for arbitration on September 28, 2022.

The definition of the final put option exercise price will be subject

to the arbitration procedure. In January 2023, ArcelorMittal

Brasil settled the undisputed amount it accepts as the value of

the put option for 179 (see note 9.3).

On June 3, 2021, following an amendment to the shareholders'

agreement signed between the Company and non-controlling

interests in NSI, an entity in which ArcelorMittal holds a 50 %

controlling stake and which holds a 64.86 % interest in Sonasid

in Morocco, the Company granted to such non-controlling

interests a put option to buy the totality of their shares in NSI

exercisable by its holders during the periods between December

5, 2027 to December 4, 2029 and December 5, 2032 to

December 4, 2034. The carrying amount of the financial liability

at amortized cost was 114 and 116 as of December 31, 2024

and 2023, respectively, and is measured at the present value of

the redemption amount (see note 9 .2).

In conjunction with the acquisition of an 80 % interest in

ArcelorMittal Texas HBI on June 30, 2022, ArcelorMittal granted

to voestalpine a put option exercisable at the end of the fifth,

tenth and fifteenth year subsequently to the acquisition date.

The carrying amount of the financial liability at amortized cost

was 176 and 158 as of December 31, 2024 and 2023,

respectively and is measured at the present value of the

redemption amount of the written put option based on the lower

of equity value increased by an annual contractual return and

fair value (see notes 2.2.4 and 9.2).

NOTE 12: RELATED PARTIES

The related parties of the Group are predominately subsidiaries,

joint operations, joint ventures, associates and key management

310

Consolidated financial statements
(millions of U.S. dollar, except share and per share data)

personnel (see note 8.1) of the Group. Transactions between

the parent company, its subsidiaries and joint operations are

eliminated on consolidation and are not disclosed in this note.

Related parties include the Significant Shareholder, which is the

trustee of a fully discretionary trust of which Mr. Lakshmi N.

Mittal and Mrs. Usha Mittal are beneficiaries and which owns,

together with shares owned directly by Mr. and Mrs. Mittal,

39.88 % of ArcelorMittal’s issued ordinary shares.

Transactions with related parties of the Company mainly relate

to sales and purchases of raw materials and steel products and

were as follows:

12.1 Sales and trade receivables

		Year ended December 31,			December 31,
		Sales			Trade receivables
Related parties and their subsidiaries where applicable	Category	2024	2023	2022	2024	2023
Calvert	Joint Venture	3,231	3,405	3,521	26	17
Gonvarri Steel Industries 1	Associate	2,091	2,474	2,526	60	98
Aperam	Other	382	445	536	31	44
Borçelik	Joint Venture	287	371	427	11	33
Bamesa	Associate	269	345	311	20	33
Tuper	Joint Venture	231	238	336	53	39
ArcelorMittal CLN Distribuzione Italia	Joint Venture	198	214	333	2	1
Tameh	Joint Venture	168	214	292	24	16
Coils Lamiere Nastri (C.L.N.)	Associate	144	185	195	11	21
WDI 2	Associate	128	183	195	9	1
ArcelorMittal RZK Çelik Servis Merkezi	Joint Venture	61	88	177	16	2
AMNS India	Joint Venture	47	101	69	3	1
Other 3		528	562	826	56	66
Total		7,765	8,825	9,744	322	372

Gonvarri Steel Industries include mainly the joint ventures ArcelorMittal Gonvarri Brasil Productos Siderúrgicos and ArcelorMittal Gonvarri SSC Slovakia.
WDI includes Westfälische Drahtindustrie Verwaltungsgesellschaft mbH & Co. KG and Westfälische Drahtindustrie GmbH.
Other includes Acciaierie d'Italia until February 20, 2024 (refer note 2.4.1) .

12.2 Purchases and trade payables

		Year ended December 31,			December 31,
		Purchases			Trade payables
Related parties and their subsidiaries where applicable	Category	2024	2023	2022	2024	2023
Tameh	Joint Venture	550	669	830	89	111
Global Chartering	Joint Venture	276	296	413	7	13
Integrated Metal Recycling	Joint Venture	130	125	99	8	1
Aperam	Other	126	92	126	17	10
Alkat	Associate	116	75	90	13	12
Exeltium	Associate	87	85	85	14	16
AMNS India	Joint Venture	84	96	105	11	20
Baycoat	Joint Venture	70	62	60	8	8
CFL Cargo	Associate	69	59	52	11	4
Enerfos	Joint Venture	57	60	44	13	21
Sitrel	Joint Venture	53	60	110	—	3
Other		380	370	286	100	141
Total		1,998	2,049	2,300	291	360

311

Consolidated financial statements
(millions of U.S. dollar, except share and per share data)

12.3 Other transactions with related parties

On December 3, 2014, ArcelorMittal Calvert LLC signed a

member capital expenditure loan agreement with Calvert; as of

December 31, 2024 and 2023, the loans amounted to 253 and

230 , respectively, including accrued interest. The loans bear

interest from 2.28 % to 6.93 % and have various maturity dates

ranging from less than 1 to 25 years .

On November 8, 2019, Baffinland entered into an agreement

with a bank to finance up to 6 million tonnes at 78 % of the value

of the iron ore produced and hauled to the port of Milne Inlet by

Baffinland up to a limit of 450 . This arrangement was renewed

several times since then, and most recently on November 23,

The renewal provided for the bank to finance 87 % of the

value of the iron ore produced and hauled to the port of Milne

Inlet by Baffinland up to a limit of 600 . On January 30, 2025,

Baffinland entered into a new agreement with a bank to finance

with revised financing percentages and limits.

NOTE 13: SUBSEQUENT EVENTS

On February 10, 2025, the U.S. administration signed an order

to implement 25% tariffs on all steel and aluminum imports. This

order becomes effective on March 12, 2025 . The Company

considers these events as subsequent non-adjusting events.

Although neither the Company’s performance and going

concern nor operations, at the date of authorization of issuance

of these consolidated financial statements, have been

significantly impacted by the above, the Company continues to

monitor the evolving situation and its impact on its financial

position and operations. It may also impact certain of the

Company's estimates. The imposition of tariffs may in the short

term result in higher steel prices; it is uncertain to which extent

the European Union, Canada or other countries or regions may

announce retaliatory protectionist measures (as it was the case

in 2018) as a result of these tariffs and what may be the

outcome of ongoing bilateral negotiations between the U.S. and

certain other countries. In 2018 the impact of tariffs was largely

mitigated with the resulting increase in selling prices and

customer agreements to bear part of the cost. Export sales of

steel products from the Company to the U.S. market

represented 6.7 billion in 2024 of which third party sales are

largely high added-value products.

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