Company: MT
Filing Date: 2025-03-10
Form Type: 20-F
Source: 0001243429-25-000017
Chunk: 296

Company: ArcelorMittal
Filing Date: 2025-03-10
Form: 20-F
Chunk 296
---
 NYSE listing fees, etc.). In 2024, Citibank paid the Company $293,881 in respect of reimbursements of expenses incurred by the Company in 2024. Dividend distributions Based on Luxembourg law and its Articles of Association, ArcelorMittal allocates at least five percent of its net profits to the creation of a reserve. This allocation ceases to be compulsory when the reserve reaches ten percent (10%) of its issued share capital, and becomes compulsory once again when the reserve falls below that percentage. Under Luxembourg law, the amount of any dividends paid to shareholders may not exceed the amount of the profits at the end of the last financial year plus any profits carried forward and any amounts drawn from reserves that are available for that purpose, less any losses carried forward and sums to be placed in reserve in accordance with Luxembourg law or the Articles of Association. A company may not pay dividends to shareholders when, on the closing date of the last financial year, the net assets are, or following the payment of such dividend would become, lower than the amount of the subscribed capital plus the reserves that may not be distributed by law or by virtue of the articles of association. ArcelorMittal’s Articles of Association provide that the portion of annual net profit that remains unreserved is allocated as follows by the general meeting of shareholders upon the proposal of the Board of Directors: • a global amount is allocated to the Board of Directors by way of directors’ fees (“tantièmes”). This amount may not be less than €1,000,000. In the event that the profits are insufficient, the amount of €1,000,000 shall be imputed in whole or in part to charges. The distribution of this amount among the members of the Board of Directors shall be effected in accordance with the Board of Directors’ rules of procedure; and • the balance is distributed as dividends to the shareholders or placed in the reserves or carried forward. Interim dividends may be distributed under the conditions set forth in Luxembourg law by decision of the Board of Directors. No interest is paid on dividends declared but not paid which are held by the Company on behalf of shareholders. Following the achievement of the Group's net debt target, in February 2021, the Board approved a new capital return policy. See under “History and development of the Company—Other information—Capital return policy”. In February 2022, the Board of Directors recommended an increase of the base annual dividend to $0.38/share, from $0.30/share which was approved on