Company: MT
Filing Date: 2025-03-10
Form Type: 20-F
Source: 0001243429-25-000017
Chunk: 405

Company: ArcelorMittal
Filing Date: 2025-03-10
Form: 20-F
Chunk 405
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 , respectively. Such assets are carried at their recoverable amount. In 2024, the Company capitalized 0.2 billion of borrowing costs and applied a 5.1% capitalization rate. 5.3 Impairment of intangible assets, including goodwill, and

tangible assets

I mpairment charges were as follows:

| Type of asset     |     | Year ended December 31, 
                    2024 |     |  2023 |     |  2022 |
|:------------------|:----|------------------------:|:----|------:|:----|------:|
| Goodwill          |     |                       — |     |   194 |     |     — |
| Intangible assets |     |                       — |     |     — |     |     6 |
| Tangible assets   |     |                     116 |     |   844 |     | 1,020 |
| Total             |     |                     116 |     | 1,038 |     | 1,026 |

Impairment test of goodwill

Goodwill is tested for impairment annually, as of October 1 or

whenever changes in circumstances indicate that the carrying

amount may not be recoverable at the level of the cash-

generating unit ("CGU") (in the case of AMKR) or group of cash-

generating unit ("GCGU") which corresponds either to AMSA or

the operating segments representing the lowest level at which

goodwill is monitored for internal management purposes.

Whenever the CGUs comprising the operating segments or

AMSA are tested for impairment at the same time as goodwill,

the cash-generating units are tested first and any impairment of

the assets is recorded prior to the testing of goodwill.

The recoverable amounts of the GCGUs are mainly determined

based on their value in use. The value in use of each GCGU is

determined by estimating future cash flows. The 2024

impairment test of goodwill did not include the GCGU

corresponding to the Mining segment as goodwill allocated to

this GCGU was fully impaired in 2015. The key assumptions for

the value in use calculations are primarily the discount rate s,

growth rates, expected changes to average selling prices,

shipments and direct costs during the period. Assumptions for

average selling prices and shipments are based on historical

experience and expectations of future changes in the market. In