Company: MT
Filing Date: 2025-03-10
Form Type: 20-F
Source: 0001243429-25-000017
Chunk: 408

Company: ArcelorMittal
Filing Date: 2025-03-10
Form: 20-F
Chunk 408
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 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 :

|                                                                                                                                   | NorthAmerica |     | Brazil |     | Europe |     | SustainableSolutions |     | AMSA |     | AMKR1 |
| 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