Company: MT
Filing Date: 2025-03-10
Form Type: 20-F
Source: 0001243429-25-000017
Chunk: 437

Company: ArcelorMittal
Filing Date: 2025-03-10
Form: 20-F
Chunk 437
---
 andhedgeineffectiveness |     | Cash flow hedgereserve1atDecember 31,2023 |
|:-------------------------------------------------|------------------------------------------:|:----|---------------------------------------------------------------------:|:----|------------------------------------------------------------------:|:----|----------------:|:----|:-------------------------------------------------------------------------------------------------------------------|:----|------------------------------------------:|
| Cash flow hedges                                 |                                           |     |                                                                      |     |                                                                   |     |                 |     |                                                                                                                    |     |                                           |
| Foreign exchange risk - Option/Forward contracts |                                        13 |     |                                                                   16 |     |                                                               -17 |     |              16 |     | Sales                                                                                                              |     |                                        28 |
| Price risk - Commodities forwards1               |                                     1,020 |     |                                                                 -402 |     |                                                               -10 |     |              25 |     | Sales, Cost ofsales                                                                                                |     |                                       633 |
| Price risk - Emission rights forwards            |                                       849 |     |                                                                   54 |     |                                                                -3 |     |               — |     | Cost of sales                                                                                                      |     |                                       900 |
| Total                                            |                                     1,882 |     |                                                                 -332 |     |                                                               -30 |     |              41 |     |                                                                                                                    |     |                                     1,561 |

1. The cash flow hedge reserve balance as of December 31, 2023 also includes 417 deferred gains for the Company's share of such reserves at its equity method investments, which are not disclosed above

266

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

Net investment hedge The Compa ny designated a portfolio of euro denominated debt as a hedge of certain euro denominated investmen ts (see also note 6.1.2.2.) The Company has periodically hedged a part of its euro denominated net investments via euro/U.S. dollar cross currency swaps ("CCS"). These CCS, all of which have been unwound, were designated as net investment hedges. The hedging instrument is categorized as Level 2. The following tables summarizes the historical gain/loss that will

be recycled to the consolidation statements of operations when

the hedged assets are disposed of.

|                | December 31, 20241     |     |          |           |              |                        |
|:---------------|:-----------------------|:----|---------:|----------: