Company: MT
Filing Date: 2025-03-10
Form Type: 20-F
Source: 0001243429-25-000017
Chunk: 111

Company: ArcelorMittal
Filing Date: 2025-03-10
Form: 20-F
Chunk 111
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 March and implemented in October 2024. In February 2024, the Canadian government announced implementation of a “Country of Melted and Poured” steel import monitoring system, with mandatory reporting effective November 2024. In addition, to align with the U.S. 301 duties on Chinese unfair trade practices, the Canadian government implemented a Section 53 surtax of 100% on Chinese electric vehicles, effective October 1, 2024, and a 25% Section 53 surtax on Chinese steel and aluminum, effective October 22, 2024. These surtaxes are in addition to any duties or tariffs applicable to Chinese steel and aluminum. Key currency regulations and exchange controls As a holding company, ArcelorMittal is dependent on the industrial franchise fees from, earnings and cash flows of, and dividends and distributions from, its operating subsidiaries to pay expenses, meet its debt service obligations, pay any cash dividends or distributions on its ordinary shares or conduct share buy-backs. Significant cash or cash equivalent balances may be held from time to time at subsidiaries where repatriation of funds may be affected by tax and foreign exchange policies, including in Argentina, Brazil, China, South Africa and Ukraine. Such policies are briefly summarized below; however, none of

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these are currently significant in the context of ArcelorMittal’s overall liquidity. Argentina The Argentinian foreign exchange market is regulated by the Argentine Central Bank ("BCRA"), which has introduced measures affecting the foreign exchange market since 2018 in an effort to improve macroeconomic conditions and bring stability to the country. In December 2023, the government devalued the Argentine peso ("ARS") against the U.S. dollar to establish an official exchange rate of around 800 pesos per U.S. dollar. The adjustment of the exchange rate was intended to serve as a supplementary anchor for inflation expectations. B ased on the current situation, the exchange rate devaluation path is currently set at 2% per month by the government. Throughout 2024, the BCRA actively intervened in both the official and parallel foreign exchange markets, including by selling U.S. dollars in the parallel market, in an effort to curb inflation, stabilize the monetary base, and close the gap between Argentina's official peso exchange rate and the Blue Chip Swap (BCS) rate (a parallel exchange rate) . By December 2024, the gap had narrowed significantly, reaching a historic low of around 1.45%. Brazil The Central Bank