Company: MT
Filing Date: 2025-03-10
Form Type: 20-F
Source: 0001243429-25-000017
Chunk: 484

Company: ArcelorMittal
Filing Date: 2025-03-10
Form: 20-F
Chunk 484
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 foreign currencytranslation                              |                     -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 |

1. For the year ended December 31, 2024, current income tax expense includes

6 of top-up tax in relation to Pillar Two taxation.

2. 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 (taxdeductible) write-downs on sharesand receivables |                       — |     | -647 |     | -109 |
| Non-deductible loss on disposal ofKazakhstan 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 (