Company: MT
Filing Date: 2025-03-10
Form Type: 20-F
Source: 0001243429-25-000017
Chunk: 362

Company: ArcelorMittal
Filing Date: 2025-03-10
Form: 20-F
Chunk 362
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. The country of incorporation corresponds to the country of operation except for Tameh whose country of operation is also the Czech Republic. 2. Ownership interest in Borçelik was 45.33% and 50.00% based on issued shares and outstanding shares, respectively, at December 31, 2023; voting interest was 48.01% at December 31, 2023. 3. Adjustment in Borçelik relates primarily to differences in accounting policies regarding revaluation of fixed assets. 4. Adjustments in AMNS India correspond primarily to transaction costs incurred to set up the joint venture and the fair value of the guarantee of the joint venture's debt (see note 9.4).

219

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

5. Includes AMNS Luxembourg, AMNS India and intermediate holding entities.

6. Adjustments in Calvert primarily relate to differences in accounting policies regarding inventory valuation.

|                                                             |     |               December 31, 2022 |     |                               |     |                           |     |                          |     |                            |     |                                   |     |                                                  |     |        |
|:------------------------------------------------------------|:----|--------------------------------:|:----|------------------------------:|:----|--------------------------:|:----|-------------------------:|:----|---------------------------:|:----|----------------------------------:|:----|-------------------------------------------------:|:----|-------:|
| Joint Ventures                                              |     |                      AMNS India |     |            Acciaieried'Italia |     |                   Calvert |     |                     VAMA |     |                      Tameh |     |                          Borçelik |     |                                        Al Jubail |     |  Total |
| Place of incorporation and operation1                       |     |                           India |     |                         Italy |     |              UnitedStates |     |                    China |     |                     Poland |     |                            Turkey |     |                                      SaudiArabia |     |        |
| Principal Activity                                          |     | Integratedflat steelproducer4,5 |     | Integratedflat steelproducer6 |     | Automotivesteelfinishing7 |     | Automotivesteelfinishing |     | Energyproductionand supply |     | Manufacturing and sale ofsteel2,3 |     | Productionand sale ofseamlessline pipesand tubes |     |        |
| Ownership and voting rights atDecember 31,