Company: MT
Filing Date: 2025-03-10
Form Type: 20-F
Source: 0001243429-25-000017
Chunk: 430

Company: ArcelorMittal
Filing Date: 2025-03-10
Form: 20-F
Chunk 430
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 recognized. Reversals of ECLs are recognized in net income, except for investments in equity instruments at FVOCI, in which all fair value movements are recognized in OCI. 6.2 Financing costs - net

Financing costs - net recognized in the years ended

December 31, 2024 , 2023 and 2022 are as follows:

|                                                                        | Year ended December 31, 
                    2024 |     | 2023 |     | 2022 |
|:-----------------------------------------------------------------------|------------------------:|:----|-----:|:----|-----:|
| Interest expense                                                       |                    -510 |     | -715 |     | -401 |
| Interest income                                                        |                     400 |     |  570 |     |  188 |
| Accretion of defined benefitobligations and other long termliabilities |                    -202 |     | -243 |     |  -51 |
| Net foreign exchange (loss)/gain                                       |                    -565 |     |  -48 |     |  191 |
| Other1                                                                 |                    -297 |     | -423 |     | -261 |
| Total                                                                  |                  -1,174 |     | -859 |     | -334 |

1. Other mainly included expenses related to true sale of receivables (“TSR”)

programs and bank fees. In 2024, Other included also 83 expense relating to

the fair value at acquisition date of the forward in connection with the Vallourec

acquisition (see note 2.4.2). In 2023, Other included 66 relating to the term

extension of mandatorily convertible bonds (see note 11.2).

6.3 Risk management policy

The Company's operations expose it to a variety of financial

risks: interest rate risk, foreign exchange risk, liquidity risk and

risks in fluctuations in prices of raw materials, freight, energy

and CO 2 emissions. The Company actively monitors and seeks

to reduce volatility of these exposures through a diversity of

financial instruments, where considered appropriate. The

Company has formalized how it manages these risks within the

Treasury and Financial Risk Management Policy, which has

been approved by Management.

Capital management

The Company's objective when managing capital is to

safeguard continuity, maintain a strong credit rating and healthy

capital ratios to support its business and provide adequate

return to shareholders through continuing growth.

The Company sets