Company: MT
Filing Date: 2025-03-10
Form Type: 20-F
Source: 0001243429-25-000017
Chunk: 451

Company: ArcelorMittal
Filing Date: 2025-03-10
Form: 20-F
Chunk 451
---
 plan members and are responsible for certain tasks related to the plan (e.g. setting the plan's investment policy). In case of the funded pension plans, the investment positions are generally managed within an asset-liability matching ("ALM") framework that has been developed to achieve long-term investments that are in line with the obligations of the pension plans. A long-term investment strategy has been set for ArcelorMittal’s major funded pension plans, with its asset allocation comprising of a mixture of equity securities, fixed income securities, real estate and other appropriate assets. This recognizes that different asset classes are likely to produce different long-term returns and some asset classes may be more volatile than others. The long-term investment strategy ensures, in particular, that investments are adequately diversified.

275

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

The following tables detail the reconciliation of defined benefit obligation (“DBO”), plan assets, irrecoverable surplus and statements of

financial position.

|                                                                | Year ended December 31, 2024 |     |        |     |        |     |        |     |       |
|:---------------------------------------------------------------|-----------------------------:|:----|-------:|:----|-------:|:----|-------:|:----|------:|
|                                                                |                        Total |     | Canada |     | Brazil |     | Europe |     | Other |
| Change in benefit obligation                                   |                              |     |        |     |        |     |        |     |       |
| Benefit obligation at beginning of the period                  |                        5,284 |     |  2,498 |     |    507 |     |  1,987 |     |   292 |
| Current service cost                                           |                           83 |     |     16 |     |      — |     |     55 |     |    12 |
| Interest cost on DBO                                           |                          250 |     |    110 |     |     46 |     |     67 |     |    27 |
| Past service cost - Plan amendments                            |                          -44 |     |      — |     |      — |     |    -44 |     |     — |
| Past service cost - Curtailments                               |                           -1 |     |      — |     |      — |     |     -1 |     |     — |
| Past service cost - Settlements                                |                           -7 |