Company: MT
Filing Date: 2025-03-10
Form Type: 20-F
Source: 0001243429-25-000017
Chunk: 38

Company: ArcelorMittal
Filing Date: 2025-03-10
Form: 20-F
Chunk 38
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). 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

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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