Company: MT
Filing Date: 2025-03-10
Form Type: 20-F
Source: 0001243429-25-000017
Chunk: 298

Company: ArcelorMittal
Filing Date: 2025-03-10
Form: 20-F
Chunk 298
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 buyback program |   December 1 - December 31 |                       2,218,911 |                      $25.06 |                                                                  2,218,911 |                                                                                          6,791,559 |

1. Commencement of 2023 buyback program was announced on May 5, 2023 for up to 85 million shares. The Company repurchased 26.2 million shares in 2023 for an aggregate amount of $652 million. See “Introduction—History and development of the Company—Additional information”. As of December 31, 2024, the 2023 buyback program was not yet completed.

168

| Management report |

Share capital As of December 31, 2024, the Company’s issued share capital amounted to $303 million, represented by 852,80 9,77 2 ordinary shares without nominal value. The Company's issued share capital changed as described below in 2022 and 2023. Out of the total of 852,809,772 shares in issue, 84,263,150 shares were held in treasury by ArcelorMittal at December 31, 2024, representing 9.88% of its issued share capital. The Company’s authorized share capital, including the issued share capital, was $395 million, represented by 1,111,418,599 ordinary shares without nominal value as of December 31, 2024. The Company's authorized share capital changed as described below in 2022 an d 2023. On May 19, 2023, upon mandatory conversion of the remaining 24,290,025 outstanding mandatorily convertible subordinated notes issued on May 18, 2020 and due May 18, 2023, ArcelorMittal delivered a total of 57,057,991 treasury shares (of which 9,396,120 to the Significant Shareholder). See note 11.2 to the consolidated financial statements. In line with the authorization granted by the EGM of ArcelorMittal shareholders held on May 4, 2022 and May 2, 2023, the Board of Directors decided to keep the number of treasury shares within appropriate levels by cancelling: (i) on January 14, 2022, 45 million treasury shares. As a result of this cancellation, ArcelorMittal had 937,809,772 shares in issue (compared to 982,809,772 before cancellation); (ii