Company: MT
Filing Date: 2025-03-10
Form Type: 20-F
Source: 0001243429-25-000017
Chunk: 403

Company: ArcelorMittal
Filing Date: 2025-03-10
Form: 20-F
Chunk 403
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 by plantation year, and the equivalent sales value of standing trees. The average sales price was estimated based on domestic market prices. In determining the fair value of biological assets, a discounted cash flow model was used, with a harvest cycle of 6 to 7 years . Borrowing costs Borrowing costs directly attributable to the acquisition, construction or production of a qualifying asset are part of the cost of the asset until such assets are commissioned. If the project is subject to a specific funding, the capitalization of borrowing costs is based on the borrowing rate. If the project is financed by the Company's debt, the capitalization of borrowing costs is based on the weighted average borrowing cost for the period.

241

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

Property, plant and equipment and biological assets are summarized as follows:

|                                                        | Land,buildings andImprovements |     | Machinery,equipmentand other2 |     | Constructionin progress |     | Right-of-useassets |     | MiningAssets |     |  Total |
| Cost                                                   |                                |     |                               |     |                         |     |                    |     |              |     |        |
| At December 31, 2022                                   |                          9,476 |     |                        34,133 |     |                   5,887 |     |              2,003 |     |        3,440 |     | 54,939 |
| Additions                                              |                             61 |     |                           291 |     |                   4,372 |     |                258 |     |           52 |     |  5,034 |
| Acquisitions through business combinations (note2.2.4) |                            789 |     |                         1,057 |     |                      23 |     |                 30 |     |            — |     |  1,899 |
| Foreign exchange differences                           |                            473 |     |                         1,458 |     |                     112 |     |                 68 |     |            7 |     |  2,118 |
| Disposals                                              |                           -191 |     |                          -850 |     |                      -1 |     |                  — |     |           -7 |     | -1,049 |
| Divestments (note 2.3.1)                               |                            -40 |     |                        -2,074 |     |