Company: MT
Filing Date: 2025-03-10
Form Type: 20-F
Source: 0001243429-25-000017
Chunk: 354

Company: ArcelorMittal
Filing Date: 2025-03-10
Form: 20-F
Chunk 354
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 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