Company: MT
Filing Date: 2025-03-10
Form Type: 20-F
Source: 0001243429-25-000017
Chunk: 483

Company: ArcelorMittal
Filing Date: 2025-03-10
Form: 20-F
Chunk 483
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 when incurred. Pillar Two legislation has been enacted or substantively enacted in the jurisdiction of ArcelorMittal S.A., the ultimate parent of the Group, and in certain other jurisdictions where the Company operates. The legislation is effective for the Company’s financial year beginning January 1, 2024. Based on the applicable criteria, the Company is subject to Pillar Two minimum tax . 10.1 Income tax expense

The components of income tax expense (benefit) are

summarized as follows:

|                                     | Year ended December 31, 
                    2024 |     |  2023 |     |  2022 |
|:------------------------------------|------------------------:|:----|------:|:----|------:|
| Total current tax expense1          |                   1,025 |     | 1,008 |     | 2,080 |
| Total deferred tax expense(benefit) |                     510 |     |  -770 |     |  -363 |
| Total income tax expense            |                   1,535 |     |   238 |     | 1,717 |

The following table reconciles the expected tax expense at the

statutory rates applicable in the countries where the Company

operates to the total income tax expense as calculated:

|                                                                         | Year ended December 31, 
                    2024 |     |  2023 |     |   2022 |
|:------------------------------------------------------------------------|------------------------:|:----|------:|:----|-------:|
| Net income (loss) (including non-controlling interests)                 |                   1,380 |     | 1,022 |     |  9,538 |
| Income tax expense                                                      |                   1,535 |     |   238 |     |  1,717 |
| Income before tax                                                       |                   2,915 |     | 1,260 |     | 11,255 |
| Tax expense at the statutory ratesapplicable to income in thecountries2 |                     582 |     |   454 |     |  2,818 |
| Permanent items                                                         |                     -31 |     |  -101 |     |   -303 |
| Rate changes                                                            |                     370 |     |     — |     |      — |
| Net change in measurement ofdeferred tax assets                         |                     182 |     |  -423 |     | -1,154 |
| Tax effects of