Company: MT
Filing Date: 2025-03-10
Form Type: 20-F
Source: 0001243429-25-000017
Chunk: 352

Company: ArcelorMittal
Filing Date: 2025-03-10
Form: 20-F
Chunk 352
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 |     | 74.00%         |
| Mining                                                                                 |     |              |     |                |
| ArcelorMittal Mining Canada G.P. and ArcelorMittal Infrastructure Canada G.P. ("AMMC") |     | Canada       |     | 85.00%         |
| ArcelorMittal Liberia Ltd2("AML")                                                      |     | Liberia      |     | 85.00%         |
| Others                                                                                 |     |              |     |                |
| ArcelorMittal South Africa Ltd.3("AMSA")                                               |     | South Africa |     | 69.22%         |
| PJSC ArcelorMittal Kryvyi Rih ("AMKR")                                                 |     | Ukraine      |     | 95.13%         |

1. Rights to variable returns are 100% .

2. ArcelorMittal Liberia Ltd is incorporated in Cyprus.

3. Voting rights are 53.05% .

2.2.2 Translation of financial statements denominated in foreign currency The functional currency of ArcelorMittal S.A. is the U.S. dollar. The functional currency of each of the principal operating subsidiaries is the local currency, except for ArcelorMittal México, AMMC , AML, ArcelorMittal International Luxembourg, whose functional currency is the U.S. dollar and ArcelorMittal Poland, whose functional currency is the euro. Transactions in currencies other than the functional currency of a subsidiary are recorded at the rates of exchange prevailing at the date of the transaction. Monetary assets and liabilities in currencies other than the functional currency are remeasured at the rates of exchange prevailing on the date of the consolidated statements of financial position and the related translation gains and losses are reported within financing costs in the consolidated statements of operations. Non-monetary items that are carried at cost are translated using the rate of exchange prevailing at the date of the transaction. Non-monetary items that are carried at fair value are translated using the exchange

212

| Consolidated financial statements                          |
| (millions of U.S. dollar, except share and per share data) |

rate prevailing when the fair value was determined and the related translation gains and losses are reported in the consolidated statements of comprehensive income. Upon consolidation, the results of operations of ArcelorMittal’s subsidiaries, associates and joint arrangements whose functional currency is other than the U.S. dollar are translated into U.S. dollar at the monthly average exchange rates and assets and liabilities are translated at the year-end exchange rates