Company: MT
Filing Date: 2025-03-10
Form Type: 20-F
Source: 0001243429-25-000017
Chunk: 211

Company: ArcelorMittal
Filing Date: 2025-03-10
Form: 20-F
Chunk 211
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 at $ 1.2 billion for the year ended December 31, 2024 as compared to $0.9 billion for the year ended December 31, 2023 . Net interest expense (interest expense less interest income) was slightly lower at $ 110 million for the year ended December 31, 2024 as compared to $145 million for the year ended December 31, 2023 and included $0.3 billion of capitalized borrowing costs . Net financing costs for the year ended December 31, 2024 included $ 83 million expense relating to the fair value at acquisition date of the forward in connection with the Vallourec acquisition. Foreign exchange losses were $ 565 million as compared to $48 million for the years ended December 31, 2024 and 2023, respectively. In 2024, foreign exchange losses were higher mainly due to the appreciation of the U.S. dollar against most currencies. Other net financing costs (including expenses related to true sale of receivables ("TSR"), bank fees, interest on pensions and derivative instruments) were $0.5 billion for the year ended December 31, 2024 compared to $0.7 billion for the year ended December 31, 2023. Net financing costs were higher at $0.9 billion for the year ended December 31, 2023 as compared to $0.3 billion for the year ended December 31, 2022. Net interest expense (interest expense less interest income) was lower at $145 million for the year ended December 31, 2023 as compared to $213 million for the year ended December 31, 2022, due to higher interest income in Argentina from investments in currency-protected funds. Foreign exchange losses were $48 million as compared to foreign exchange gains of $191 million for the years ended December 31, 2023 and 2022, respectively.

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| Management report |

Other net financing costs (including expenses related to true sale of receivables ("TSR"), bank fees, interest on pensions and fair value adjustments of the call option of the mandatorily convertible bond and derivative instruments) were $0.7 billion for the year ended December 31, 2023 compared to $0.3 billion for the year ended December 31, 2022. 2022 included mark-to- market losses related to the mandatory convertible bond call option totaling $16 million . Income tax expense (benefit) Arcelor