Company: MT
Filing Date: 2025-03-10
Form Type: 20-F
Source: 0001243429-25-000017
Chunk: 259

Company: ArcelorMittal
Filing Date: 2025-03-10
Form: 20-F
Chunk 259
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2021 and as CEO thereafter. 6. Amounts presented reflect the compensation as CEO until February 11, 2021 and as Executive Chairman thereafter. 7. Brian Aranha was included until March 31, 2021. Simon Wandke was included until September 30, 2021. New executive officers were included as of their respective nomination date. Short-term incentives Targets associated with ArcelorMittal’s 2024 Annual Performance Bonus Plan were aligned with the Companies’ strategic objectives of improving health and safety performance and overall business performance and competitiveness. For the Executive Chairman and the CEO, the 2024 annual performance bonus formula is based on the achievement of the following performance targets: • EBITDA targets at Group level: 40% (acts as circuit breaker for financial measures EBITDA and FCF); • FCF targets at Group level: 25%; • Gap to competition targets at Group level: 20%; and • Health and safety performance targets at Group level: 15%. In order to help focus attention, energy and resources on detecting and eliminating the causes of serious injury or fatality precursors, the Company has moved to a target of potential severe injury or fatality. To emphasize this priority, the fatality frequency rate acts as a circuit breaker for the Health & Safety component. The circuit breaker is set at a fatality frequency rate of nil. For the Executive Chairman and CEO, 100% achievement of the agreed performance targets results in an annual performance bonus which equals 120% of base salary. For the CFO and other Executive Officers, the 2024 annual perform ance bonus formula was tailored for their respective positions and is generally based on the following performance targets: • EBITDA targets at Group, segment or Business unit level (acts as circuit breaker for financial measures EBITDA and FCF); • FCF targets at Group, segment or Business unit level; • Gap to competition targets at Group level, segment or Business unit level; • Health and safety performance targets at Group, Segment or Business unit level (fatalities act as circuit breaker for this component).The circuit breaker is set at a facility frequency rate of 0.012 for 2024, 0.006 for 2025 and nil for 2026 . For the CFO and other Executive Officers, 100% achievement of the agreed performance targets results in an annual performance bonus which equals 80% of base salary in general (depends on the region). For the calculation of the annual performance bonus, the achievement