Company: MT
Filing Date: 2025-03-10
Form Type: 20-F
Source: 0001243429-25-000017
Chunk: 335

Company: ArcelorMittal
Filing Date: 2025-03-10
Form: 20-F
Chunk 335
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 balances that are supported by the expectation of future taxable incomearising beyond ArcelorMittal S.A.’s 5-year planning horizon required significant auditorjudgment and an increased effort. |

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| How We Addressedthe Matter in OurAudit | We obtained an understanding, evaluated the design and tested the operating effectiveness ofcontrols over the Company’s assessment of the recoverability of deferred tax assets. Forexample, we tested controls over management’s review of the significant assumptions used inestimating the projections of future taxable income, including management’s analysis of thesensitivity of the length of the forecast periods to change, based on other reasonably likelyoutcomes that would have a material effect on the recoverability of DTAs.To test the recoverability of DTAs, among other procedures, we compared the projections offuture taxable income with the actual results of prior periods and, separately, against otherforecasted financial information prepared by the Company, such as that used in estimating therecoverable amounts of the Relevant GCGUs and CGUs as described in the‘Impairment ofGoodwill, Intangible Assets and Property, Plant and Equipment’critical audit matter above. Weassessed the Company’s evaluation of the length of the forecast periods to utilize the DTA byindependently developing a reasonable range of point estimates and comparing tomanagement’s estimate. Additionally, we tested the completeness and accuracy of the existingintragroup loan and external debt agreements used by management to forecast financialincome, the primary input to future taxable income, and we performed sensitivity analyses overthis forecast. Where relevant and with the assistance of our tax professionals, we alsoevaluated management’s proposed tax planning strategies.We also evaluated the adequacy of the disclosures in Note 10.4 of the consolidated financialstatements in respect of ArcelorMittal S.A.’s DTAs. |

/s/ Ernst & Young Société anonyme Cabinet de révision agré é We have served as the Company’s auditor since 2022. Luxembourg, Grand Duchy of Luxembourg March 10 , 2025

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| Consolidated financial statements                          |
| ArcelorMittal and Subsidiaries                             |
| Consolidated Statements of Operations                      |
| (millions of U.S. dollar, except share and per share data) |

|                                                                                                      |         Notes |     | Year ended December 31, 
                    2024 |     |   2023 |     |   2022 |
|:-----------------------------------------------------------------------------------------------------|--------------:|:----|------------------------:|:----