Company: MT
Filing Date: 2025-03-10
Form Type: 20-F
Source: 0001243429-25-000017
Chunk: 37

Company: ArcelorMittal
Filing Date: 2025-03-10
Form: 20-F
Chunk 37
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 viability projections, demand for the Company’s products, local environmental or health-related conditions, and general economic conditions. Any of these factors may cause the Company to delay, modify or forego some or all aspects of its development projects. For investment projects that the Company expects to fund primarily through internal sources, these sources may prove insufficient depending on the amount of internally generated cash flows and other uses of cash, and the Company may need to choose between incurring external financing or foregoing the investment. The Company cannot guarantee that it will be able to execute its greenfield, brownfield or other investment projects, and to the extent that they proceed, that it will be able to complete them on schedule, within budget, or achieve the volumes, revenues or anticipated return on its investment. Conversely, should the Company decide to postpone or cancel development projects, it could incur various negative consequences such as litigation or impairment charges, as well as loss of anticipated strategic benefits. ArcelorMittal faces risks associated with its investments in joint ventures and ass ociates. ArcelorMittal has investments in numerous joint ventures and associates for a total carrying amount of $ 11.4 billion at December 31, 2024. See “Properties and capital expenditures— Property, plant and equipment—Investments in joint ventures” and note 2.4 to the consolidated financial statements. In particular, it has structured significant growth transactions in recent years, including Calvert, AMNS India and the joint venture with Casa dos Ventos . Joint ventures and associates subject ArcelorMittal to several types of risks. First, risks that are endemic to joint ventures and associates generally due to their nature as entities over which control is shared or where ArcelorMittal only exercises significant influence. These include the risk of dead-lock and/or coordination issues affecting the implementation of strategy. To the extent joint ventures and associates are controlled and managed by partners, they may not fully comply with ArcelorMittal’s standards, controls and procedures, including ArcelorMittal’s health, safety, environment and community standards; this could lead to higher costs, reduced production or environmental, health and safety incidents or accidents, which could adversely affect ArcelorMittal’s results and reputation. Second, joint ventures may be the source of substantial expenditures and financial exposure. Although ArcelorMittal’s joint ventures are responsible for their own debt repayment and the Company does not consolidate their indebtedness but has guaranteed certain debt or contractual obligations of its joint ventures (see note 9.4 to ArcelorMittal’s consolidated financial statements