Company: MT
Filing Date: 2025-03-10
Form Type: 20-F
Source: 0001243429-25-000017
Chunk: 212

Company: ArcelorMittal
Filing Date: 2025-03-10
Form: 20-F
Chunk 212
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Mittal recorded an income tax expense of $1.5 billion for the year ended December 31, 2024 as compared to $0.2 billion for the year ended December 31, 2023. T he increase included a $0.4 billion decrease in deferred tax asset and resulting deferred tax expense related to the decrease of the statutory tax rate in Luxembourg effective January 1, 2025 from 24.94% to 23.87%. Income tax expense included a lso in 2024 a $0.2 billion provision relating to expected resolution of the tax disputes in the North America segment. See note 10.1 to the consolidated financial statements . ArcelorMittal recorded an income tax expense of $0.2 billion for the year ended December 31, 2023 as compared to $1.7 billion for the year ended December 31, 2022 reflecting overall lower taxable income. ArcelorMittal’s consolidated income tax expense (benefit) 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 in Luxembourg (23.87%), as well as in jurisdictions, mainly in Brazil and Mexico, which have a structurally higher corporate income tax rate. The statutory income tax expense (benefit) and the statutory income tax rates of the countries that most significantly resulted in the tax expense (benefit) at statutory rate for each of the years ended December 31, 2024 , 2023 and 2022 are as set forth below:

|                 |                2024 |     |                           |     |                2023 |     |                          |     |                2022 |     |                          |
|                 | Statutoryincome tax |     | Statutoryincome tax rate* |     | Statutoryincome tax |     | Statutoryincome tax rate |     | Statutoryincome tax |     | Statutoryincome tax rate |
| Argentina       |                 -39 |     | 35.00%                    |     |                  80 |     | 35.00%                   |     |                 100 |     | 35.00%                   |
| Belgium         |                 -27 |     | 25.00%                    |