Company: MT
Filing Date: 2025-03-10
Form Type: 20-F
Source: 0001243429-25-000017
Chunk: 494

Company: ArcelorMittal
Filing Date: 2025-03-10
Form: 20-F
Chunk 494
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idend

annual FCF), the continued authorization by shareholders, and

market conditions. At market closure on December 31, 2024,

ArcelorMittal had repurchased 78.2 million shares for a total

value of € 1,802 million ( 1,952 ) at an average price per share of

€ 23.03 ($ 24.96 ).

The shares acquired under the different programs are intended

to reduce ArcelorMittal’s share capital, and/or to meet

ArcelorMittal’s obligations arising from employee share

programs.

Treasury shares

ArcelorMittal held, indirectly and directly, 84.3 million and 33.5

million treasury shares as of December 31, 2024 and

December 31, 2023, respectively.

11.2 Equity instruments and hybrid instruments Mandatory convertible bonds The Company issued through Hera Ermac, a wholly-owned subsidiary, 1,000 corresponding to 666,666 unsecured and unsubordinated bonds mandatorily convertible into preferred shares of such subsidiary ("MCBs"). The bonds were placed privately with a Luxembourg affiliate of Crédit Agricole and are not listed. The Company has the option (fair value was nil as of December 31, 2024 and 2023) to call the mandatory convertible bonds until 10 business days before the maturity date. Hera Ermac invested the proceeds of the bonds issuance and an

305

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

equity contribution by the Company in notes issued by subsidiaries of the Company and linked to the value of China Oriental. The conversion date of the mandatory convertible bonds was extended from time to time . The Company determined that the MCBs are a hybrid instrument including an equity component recognized as non-controlling interests and a liability component for interest payments. On March 14, 2023, the Company early repaid 226,666 out of the 666,666 MCBs for a total cash consideration of 340 . Following the early partial repayment, the Company allocated the cash consideration to the liability component ( 25 ) and equity component ( 315 ) of the instrument, which resulted in 291 decrease in non-controlling interests and 24 decrease in retained earnings consistent with the original allocation using the net present value of the future interest payments at the date of early redemption. On December 21, 2023, the Company signed an