Company: MT
Filing Date: 2025-03-10
Form Type: 20-F
Source: 0001243429-25-000017
Chunk: 423

Company: ArcelorMittal
Filing Date: 2025-03-10
Form: 20-F
Chunk 423
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   2,812 |     | —       |     | 9,781 |
| Short term bank loans and other credit facilities includingcommercial paper |             980 |     |          — |     |     988 |     | —       |     |   988 |

Instruments payable classified as Level 1 refer to the Company’s listed bonds quoted in active markets. The total fair value is the official closing price as defined by the exchange on which the instrument is most actively traded on the last trading day of the period, multiplied by the number of units held without consideration of transaction costs. Instruments payable classified as Level 2 refer to all debt instruments not classified as Level 1. The fair value of the debt is based on estimated future cash flows converted into U.S. dollar at the forward rate and discounted using current U.S. dollar zero coupon rates and ArcelorMittal’s credit spread quotations for the relevant maturities. There were no instruments payable classified as Level 3. 6.1.3 Cash and cash equivalents, restricted cash and reconciliations of cash flows Cash and cash equivalents consist of cash and short-term highly liquid investments that are readily convertible to cash with original maturities of three months or less at the time of purchase and are carried at cost plus accrued interest, which approximates fair value. Cash and cash equivalents are primarily centralized at the parent level and are managed by ArcelorMittal Treasury SNC, although from time to time cash or cash equivalent balances may be held at the Company’s international subsidiaries or its holding companies. Some of these operating subsidiaries have debt outstanding or are subject to acquisition agreements that

255

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

impose restrictions on such operating subsidiaries’ ability to pay

dividends, but such restrictions are not significant in the context

of ArcelorMittal’s overall liquidity. Repatriation of funds from

operating subsidiaries may also be affected by tax and foreign

exchange policies in place from time to time in the various

countries where the Company operates, though none of these

policies are currently significant in the context of ArcelorMittal’s

overall liquidity.

Cash and cash equivalents consisted of the following:

|                     | December 31, |     |       |
|                     |         2024 |     |  2023 |
| Cash at bank        |        4,355 |     | 5,405 |
| Term