Company: MT
Filing Date: 2025-03-10
Form Type: 20-F
Source: 0001243429-25-000017
Chunk: 13

Company: ArcelorMittal
Filing Date: 2025-03-10
Form: 20-F
Chunk 13
---
 cash flows for each of the years ended December 31, 2024, 2023 and 2022. ArcelorMittal’s consolidated financial statements were prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) . The financial information and certain other information presented in a number of tables in this annual report have been rounded to the nearest whole number or the nearest decimal. Therefore, the sum of the numbers in a column may not conform exactly to the total figure given for that column. In addition, certain percentages presented in the tables in this annual report reflect calculations based upon the underlying information prior to rounding and, accordingly, may not conform exactly to the percentages that would be derived if the relevant calculations were based on the rounded numbers. This annual report includes net debt, operating working capital, gearing and free cash flow, which are non-GAAP financial measures. ArcelorMittal believes net debt, operating working capital, gearing and free cash flow to be relevant to enhance the understanding of its financial position and provides additional information to investors and management with respect to the Company’s operating cash flows, capital structure and credit assessment. In addition, it refers to “special” items in its capital return policy which will be used to determine if the base dividend will be paid. “Special” items relate to events or charges that the Company does not consider to be part of the normal income generating potential of the business. Items may qualify as “special” although they may have occurred in prior years or are likely to recur in following years. Non-GAAP financial measures should be read in conjunction with and not as an alternative for, ArcelorMittal’s financial information prepared in accordance with IFRS. Such non-GAAP measures may not be comparable to similarly titled measures applied by other companies. Key transactions and events in 2024 During 2024, ArcelorMittal completed several financing and liability management transactions. Please refer to "Operating and financial review —Liquidity and capital resources— Financings" of this report for a summary of these transactions. • On February 20, 2024, the Italian government placed Acciaierie d’Italia SpA (“ADI”) into extraordinary administration proceedings (“EA”) subsequent to the request of Invitalia, thereby passing control of the company from its then current indirect shareholders, ArcelorMittal and Invitalia, and management to government-appointed commissioners. Shortly thereafter, the court of Milan ascertained ADI’s insolvency,