Company: MT
Filing Date: 2025-03-10
Form Type: 20-F
Source: 0001243429-25-000017
Chunk: 415

Company: ArcelorMittal
Filing Date: 2025-03-10
Form: 20-F
Chunk 415
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 active markets (see note 2.5). A quoted market price in an active market provides the most reliable evidence of fair value and is used without adjustment to measure fair value whenever available, with limited exceptions. The total fair value is either the price of the most recent trade at the time of the market close or the official close price as defined by the exchange on which the asset is most actively traded on the last trading day of the period, multiplied by the number of units held without consideration of transaction costs. Derivative financial assets and liabilities classified as Level 2 refer to instruments to hedge fluctuations in interest rates, foreign exchange rates, raw materials (base metals), freight, energy and emission rights, see note 6.1.5 for further information.

250

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

Derivative financial assets and liabilities classified as Level 3 are described in note 6.1.5. 6.1.2 Gross debt Gross debt includes bank debt, debenture loans and lease obligations and is stated at amortized cost. 6.1.2.1 Short-term debt Short-term debt, including the current portion of long-term debt,

consisted of the following:

|                                                                             | December 31, |     |       |
|                                                                             |         2024 |     |  2023 |
| Short-term bank loans and othercredit facilities includingcommercial paper1 |        1,016 |     |   980 |
| Current portion of long-term debt                                           |        1,550 |     | 1,125 |
| Lease obligations2                                                          |          182 |     |   207 |
| Total                                                                       |        2,748 |     | 2,312 |

1. The weighted average interest rate on short-term borrowings outstanding was

5.0% and 5.5% as of December 31, 2024 and 2023 , respectively.

2. See note 7.

Short-term bank loans and other credit facilities include short- term loans, overdrafts and commercial paper. ArcelorMittal has entered into certain short-term committed bilateral credit facilities renewable on an annual basis. As of December 31, 2024 , facilities totaling approximately 0.6billion , remained fully available. Commercial paper The Company has a commercial paper program enabling borrowings of up to € 1.5billion . As of December 31, 202