Company: MT
Filing Date: 2025-03-10
Form Type: 20-F
Source: 0001243429-25-000017
Chunk: 230

Company: ArcelorMittal
Filing Date: 2025-03-10
Form: 20-F
Chunk 230
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 of revenues and costs in foreign currencies is typically performed using currency transactions on the spot market and forward market. For some of its business segments, ArcelorMittal hedges future cash flows. Because a substantial portion of ArcelorMittal’s assets, liabilities, sales and earnings are denominated in currencies other than the U.S. dollar (its reporting currency), ArcelorMittal has exposure to fluctuations in the values of these currencies relative to the U.S. dollar. These currency fluctuations, especially the fluctuation of the value of the U.S. dollar relative to the euro, the Canadian dollar, Brazilian real, South African rand, Argentine peso, Indian rupee, Polish zloty and Ukrainian hryvnia, as well as fluctuations in the currencies of the other countries in which ArcelorMittal has significant operations and/or sales, could have a material impact on its results of operations. ArcelorMittal faces transaction risk, where its businesses generate sales in one currency but incur costs relating to that revenue in a different currency. For example, ArcelorMittal’s subsidiaries may purchase raw materials, including iron ore and coking coal, in U.S. dollar, but may sell finished steel products in other currencies. Consequently, an appreciation of the U.S. dollar will increase the cost of raw materials, thereby negatively impacting the Company’s operating margins, unless the Company is able to pass along the higher cost in the form of higher selling prices. ArcelorMittal faces foreign currency translation risk, which arises when ArcelorMittal translates the financial statements of its subsidiaries, denominated in currencies other than the U.S. dollar for inclusion in ArcelorMittal’s consolidated financial statements. The tables below illustrate the impact of a 10% increase or decrease between the relevant foreign currencies and the U.S. dollar as of December 31, 2024 and December 31, 2023. A positive sign means an increase in the net debt.

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| Management report |

| Currency        |     | Impact on net debttranslation of a 10%appreciation of theU.S. dollar against thecurrency |     | Impact on net debttranslation of a 10%depreciation of theU.S. dollar against thecurrency |
| In 2024         |     |                                                             in $ equivalent(in millions) |     |                                                             in $ equivalent(in millions) |
| Argentine peso  |     |                                                                                       49 |     |                                                                                      -49 |
| Brazilian real  |     |                                                                                       13 |