Company: MT
Filing Date: 2025-03-10
Form Type: 20-F
Source: 0001243429-25-000017
Chunk: 115

Company: ArcelorMittal
Filing Date: 2025-03-10
Form: 20-F
Chunk 115
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 that ArcelorMittal may face conflicting obligations or risks under U.S. direct and secondary sanctions and the EU Blocking Regulation, or other conflicting instruments. Despite its governance, compliance policies and procedures and continuous efforts to comply with all applicable sanctions regimes, its systems and procedures may not always prevent the occurrence of violations which may lead to regulatory penalties or cause reputational harm to operating subsidiaries, joint ventures or associates. See “Introduction—Risk Factors and Control.”

59

| Management report |

Organizational structure ArcelorMittal is a holding company with no business operations of its own. All of ArcelorMittal’s significant operating subsidiaries are indirectly owned by ArcelorMittal through intermediate holding companies. The following chart represents the operational structure of the Company, in cluding ArcelorMittal’s significant operating subsidiaries or business divisions and not its legal or ownership structure .

60

| Management report |

Please refer to the "Glossary — definitions, terminology and principal subsidiaries" for a listing of the Company’s principal subsidiaries, including country of incorporation. Please refer to note 2.2.1 of the consolidated financial statements for the ownership percentages of these subsidiaries. Unless otherwise stated, the subsidiaries as listed have share capital consisting solely of ordinary shares, which are held directly or indirectly by the Company and the proportion of ownership interests held equals to the voting rights held by the Company. Investments in joint ventures ArcelorMittal has investments in joint ventures accounted for under the equity method as detailed in note 2.4 to ArcelorMittal’s consolidated financial statements. See section “Property, plant and equipment—Investments in joint ventures” for further details. Reportable segments ArcelorMittal reports its business in the following six r eportable segments corresponding to continuing activities: North America, Brazil, Europe, India and joint ventures ("JVs"), Sustainable Solutions and Mining. The Company's operation s in South Africa and Ukraine are included in Others. As from January 1, 2024, ArcelorMittal implemented changes to its organizational structure. India and JVs are reported as a new operating segment that includes the joint ventures AMNS India, VAMA and AMNS Calvert, as well as other associates, joint ventures and other investments. The segment Sustainable Solutions is composed of a number of businesses playing an important role in supporting climate action (including renewables, special projects and construction business). Such businesses were previously reported within the Europe segment and are now reported as a separate operating segment. The NAFTA segment has been renamed North America. Finally, following the sale