Company: MT
Filing Date: 2025-03-10
Form Type: 20-F
Source: 0001243429-25-000017
Chunk: 375

Company: ArcelorMittal
Filing Date: 2025-03-10
Form: 20-F
Chunk 375
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 does not have significant influence. The Company irrevocably elected to present the changes in fair value of such equity instruments, which are not held for trading, in other comprehensive income, because these investments are held as long-term strategic investments that are

226

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

not expected to be sold in the short to medium-term. Other

investments include the following:

|                                           | December 31, |     |      |
|                                           |         2024 |     | 2023 |
| Erdemir                                   |            — |     |  205 |
| ArcelorMittal XCarb®                      |          152 |     |  152 |
| Stalprodukt S.A.                          |           58 |     |   65 |
| Others                                    |           89 |     |   91 |
| Investments in equity instruments atFVOCI |          299 |     |  513 |

The Company’s significant investments in equity instruments at

FVOCI at December 31, 2024 and 2023 were the following:

Ereĝli Demir ve Çelik Fabrikalari T.A.S. (“Erdemir”)

Erdemir is the leading steel producer in Turkey and produces

plates, hot and cold rolled, tin chromium and zinc coated flat

steel and supplies basic inputs to automotive, white goods,

pipes and tubes, rolling, manufacturing, electrics-electronics,

mechanical engineering, energy, heating equipment,

shipbuilding, defense and packaging industries.

In 2023, the Company's investment in Erdemir decreased from

12% to 4% and in 2024, the Company sold its remaining 4%

interest. Sales were completed at the Istanbul stock exchange

for net proceeds of 227 and 626 for the year ended December

31, 2024 and 2023, respectively. Accumulated revaluation gains

of 75 and 333 for the year ended December 31, 2024 and 2023,

respectively, were transferred from other comprehensive income

to retained earnings.

Unrealized gains (losses) recognized in other comprehensive

income wer e 26 and ( 105) for the year ended December 31,

2024 and 2023, respectively.

ArcelorMittal’s XCarb® innovation fund

ArcelorMittal has launched