Company: MT
Filing Date: 2025-03-10
Form Type: 20-F
Source: 0001243429-25-000017
Chunk: 367

Company: ArcelorMittal
Filing Date: 2025-03-10
Form: 20-F
Chunk 367
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 party provides notice of intent to terminate) for 1.5 million tonnes annually for the initial term and 0.55 million tonnes annually under the extension and which can be reduced with a six -month notice. In December 2024, Cleveland-Cliffs formally issued a notice to terminate the agreement at the end of the initial term on December 9, 2025. ArcelorMittal is principally responsible for marketing the product on behalf of the joint venture. Calvert serves the automotive, construction, pipe and tube, service center and appliance/ HVAC industries. Calvert completed the investment in an on-site steelmaking facility through a 1.5 million tonnes capacity EAF (producing slabs for the existing operations and replacing part of the purchased slabs). Construction commenced in March 2021 after obtaining all environmental permits, and commissioning is underway. On October 11, 2024, ArcelorMittal entered into an agreement with NSC pursuant to which ArcelorMittal would purchase NSC’s 50% equity interest in Calvert. The transaction has been entered into at the request of NSC to address regulatory concerns pursuant to its agreed acquisition of US Steel. On January 3, 2025, the U.S. President issued an order prohibiting NSC from acquiring US Steel but the parties were granted an extension to June 18, 2025 to permanently abandon the transaction. Accordingly, the agreement with NSC remains in place until such date. NEMM On October 16, 2024, ArcelorMittal and China Oriental formed two joint ventures with equal ownership to be engaged principally in the production and sale of electrical steel grade hot-rolled coil substrates and cold-rolled non-oriented or oriented electrical steel for the Chinese automotive market. The project envisages the construction of two plants with production commencing in 2027. VdSA On May 5, 2023, following approval by the Brazilian antitrust authority CADE on April 13, 2023, ArcelorMittal formed the joint venture Ventos de Santo Antônio Comercializadora de Energia S.A. ("VdSA") with Casa dos Ventos, one of Brazil’s largest developers and producers of renewable energy projects, to develop a 554 MW wind power project, with ArcelorMittal holding a 55% stake and Casa dos Ventos holding the remaining 45% . The project Ventos de Santo Antonio aims to secure and decarbonize a considerable proportion of the Company