Company: MT
Filing Date: 2025-03-10
Form Type: 20-F
Source: 0001243429-25-000017
Chunk: 216

Company: ArcelorMittal
Filing Date: 2025-03-10
Form: 20-F
Chunk 216
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, 2023. See also note 9.4 to the consolidated financial statements for a description of guarantees by ArcelorMittal for joint ventures indebtedness of $ 6.3 billion as of December 31, 2024 including $4.0 billion issued on behalf of AMNS India, $1.2 billion issued on behalf of Calvert, $303 million in relation to outstanding lease liabilities for vessels operated by Global Chartering, $183 million on behalf of Ventos de Santos Antonio and $186 million on behalf of Al Jubail. ArcelorMittal’s debt facilities have provisions whereby the acceleration of the debt of another borrower within the ArcelorMittal group could, under certain circumstances, lead to acceleration under such facilities. In particular, with respect to joint ventures, on March 16, 2020, the parent company of AMNS India entered into a $5.1 billion ten-year term loan agreement with Japan Bank for International

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Cooperation ("JBIC"), MUFG Bank LTD., Sumitomo Mitsui Banking Corporation, Mizuho Bank Europe N.V., and Sumitomo Mitsui Trust Bank, Limited (London Branch) in connection with the acquisition of AMNS India. The obligations under the term loan agreements are both guaranteed by ArcelorMittal and NSC in proportion to their interests in the joint venture, 60% and 40%. On April 28, 2021, the syndicate of Japanese banks amended the agreement and agreed that the Leverage Ratio financial covenant would fall away in the event that the Company obtains an investment grade long-term credit rating (with a stable outlook) from two rating agencies (which occurred in 2021). On March 30, 2023, AMNS Luxembourg entered into an additional $5 billion loan agreement ("JBIC co-financing loan") with the same syndicate of Japanese banks. As for the above- mentioned loan, the obligations of AMNS Luxembourg under the term loan agreement are guaranteed by ArcelorMittal and NSC in proportion to their interests in the joint venture, 60% and 40%, respectively. The proceeds obtained through the JBIC co- financing loan are being used to finance the expansion of AMNS India’s steelmaking capacity at its Hazira plant from 8.6 millio n tonnes to 15 million tonnes. In addition to the primary steelmaking capacity expansion, the project includes the development of downstream rolling and finishing facilities that will enhance AMNS India’s ability to produce