Company: MT
Filing Date: 2025-03-10
Form Type: 20-F
Source: 0001243429-25-000017
Chunk: 421

Company: ArcelorMittal
Filing Date: 2025-03-10
Form: 20-F
Chunk 421
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 € 4,142million and € 3,627 million as of December 31, 2024 and 2023, respectively) as a hedge of certain euro denominated investments ( € 8,208million 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