Company: MT
Filing Date: 2025-03-10
Form Type: 20-F
Source: 0001243429-25-000017
Chunk: 366

Company: ArcelorMittal
Filing Date: 2025-03-10
Form: 20-F
Chunk 366
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 is the leading steel producer in Italy and produces high-quality and sustainable steel to be used in a range of vital industry sectors across the domestic steel market such as construction, energy, automotive, home appliances, packaging and transport and for international export. Acciaierie d'Italia has operations across various structurally linked operating sites including Europe’s biggest single-site integrated steel facility in Taranto and rolling mills in Genova and Novi Ligure. Genova is also an important hub in terms of intermodal logistics. On April 14, 2021, pursuant to the investment agreement signed on December 10, 2020 forming a public-private partnership

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

betwee n Invitalia and ArcelorMittal and providing Invitalia joint control rights, ArcelorMittal accounted for its investment in Acciaierie d'Italia under the equity method. On F ebruary 20, 2024, the Italian Government issued a decree placing Acciaierie d’Italia in extraordinary administration subsequent to the request of Invitalia, thereby passing control of the company from its current shareholders, ArcelorMittal and Invitalia , to government appointed commissioners. As a result of loss of control, the Company reclassified 60 of foreign exchange translation gains from other comprehensive income to i ncome from investments in associates, joint ventures and other investments in the consolidated statements of operations. VAMA Valin ArcelorMittal Automotive Steel (“VAMA”) is a joint venture between ArcelorMittal and Hunan Valin which produces steel for high-end applications in the automobile industry. VAMA supplies international automakers and first-tier suppliers as well as Chinese car manufacturers and their supplier networks. In April 2023 VAMA announced the start of production for its second continuous galvanization line with an annual capacity of 450,000 tonnes, bringing its total capacity to 2 millions tonnes per year . Calvert AM/NS Calvert ("Calvert"), a joint venture between the Company and NSC, is a steel processing plant in Calvert, Alabama, United States. The slabs for Calvert's operations are sourced from ArcelorMittal plants in Brazil and Mexico and from Cleveland-C liffs, which following its acquisition of ArcelorMittal USA entered on December 9, 2020 into a new five -year agreement with Calvert (with an automatic three -year extension unless either