Company: MT
Filing Date: 2025-03-10
Form Type: 20-F
Source: 0001243429-25-000017
Chunk: 326

Company: ArcelorMittal
Filing Date: 2025-03-10
Form: 20-F
Chunk 326
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 ended December 31, 2023, ArcelorMittal’s management, with the oversight of the Audit & Risk Committee, concluded that its internal control over financial reporting was not effective as of December 31, 2023 due to a material weakness that was identified as a result of control deficiencies at one of the Company’s Canadian subsidiaries, with respect to information technology general controls (“ITGCs”) in the areas of user access and program change management over certain information technology (“IT”) systems that support the recognition of sales and cost of sales, ineffective business process controls (automated and manual IT-dependent) due to the dependency on such ITGCs, and other ineffective business process controls supporting the recognition of sales and cost of sales. This material weakness did not result in any material misstatements in the consolidated financial statements. During the year ended December 31, 2024, ArcelorMittal implemented a remediation plan to address this material weakness and to enhance the Company’s control environment. The remediation plan included the following key actions to enhance ITGCs and other business process controls supporting

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the recognition of sales and cost of sales: (i) enhanced identification of IT applications relevant to internal control over financial reporting, (ii) appropriate implementation and operation of ITGCs with a focus on the areas of user access and program change management of certain IT systems that support the recognition of sales and cost of sales which had a cascading effect on business process controls (automated and manual IT- depende nt), (ii i) additional training of Company personnel and (iv) clear communication of control responsibilities through identification and education of the control owners as well as documentation of the procedure to be followed and the expected outcome. As a result of these efforts and the control tests performed, ArcelorMittal’s management concluded that the material weaknesses had been remediated as of December 31, 2024. Changes in Internal Control over Financial Reporting Except as noted in the preceding paragraphs, there have been no changes in the Company’s internal control over financial reporting that occurred during the year ended December 31, 2024 that have materially affected or are reasonably likely to materially affect the Company’s internal control over financial reporting.

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Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Directors of ArcelorMittal

Opinion on Internal Control Over Financial Reporting

We have audited ArcelorMittal and subsidiaries’ internal control over financial reporting as of December 31, 2024, based