Company: MT
Filing Date: 2025-03-10
Form Type: 20-F
Source: 0001243429-25-000017
Chunk: 42

Company: ArcelorMittal
Filing Date: 2025-03-10
Form: 20-F
Chunk 42
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 revenue). Moreover, ArcelorMittal operates in several countries whose currencies are, or have in the past been, subject to limitations imposed by those countries’ central banks, or which have experienced sudden and significant devaluations. In emerging countries where ArcelorMittal has operations and/or generates substantial revenue, such as Argentina, Brazil, India, South Africa, Venezuela and Ukraine, the risk of significant currency devaluation is high. Currency devaluations, the imposition of new exchange controls or other similar restrictions on currency convertibility, or the tightening of existing controls in the countries in which ArcelorMittal operates could adversely affect its business, financial condition, results of operations or prospects . The Significant Shareholder could exercise significant influence over the outcome of shareholder votes. At December 31, 2024, HSBC Trustee (C.I.) Limited, as trustee of a fully discretionary trust (referred to as the "Significant Shareholder"), beneficially owned (within the meaning of Rule 13d-3 under the Securities Exchange Act of 1934, as amended) ordinary shares amounting to 340,072,244 in the aggregate (when aggregated with ordinary shares of ArcelorMittal held directly by Mr. Lakshmi N. Mittal and Mrs. Usha Mittal), representing 44.25% of ArcelorMittal’s then outstanding shares. As a result, the Significant Shareholder could exercise significant influence over the decisions adopted at the ArcelorMittal general meetings of shareholders, including matters involving mergers or other business combinations, the acquisition or disposition of assets, issuances of equity and obtaining funding through debt. The Significant Shareholder could also exercise significant influence over a change of control of ArcelorMittal. Mr. Lakshmi N. Mittal and Mrs. Usha Mittal are discretionary beneficiaries of the trust. For further information on the Company’s major shareholders, see “Shareholders and markets—Major shareholders”.

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| Management report |

VI. Legal and regulatory risks The income tax liability of ArcelorMittal may substantially increase if the tax laws and regulations in countries in which it operates change or become subject to adverse interpretations or inconsistent enforcement. Taxes payable by companies in many of the countries in which ArcelorMittal operates are substantial and include value-added tax, excise duties, profit taxes, payroll-related taxes, property taxes, mining taxes and other taxes. Tax laws and regulations in some of these countries may be subject to frequent change, varying interpretation and inconsistent enforcement. Ineffective tax collection