Company: MT
Filing Date: 2025-03-10
Form Type: 20-F
Source: 0001243429-25-000017
Chunk: 491

Company: ArcelorMittal
Filing Date: 2025-03-10
Form: 20-F
Chunk 491
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.7billion (of which 39.6billion are

recognized and 85.1billion are unrecognized) are carried

forward for unlimited period of time and primarily relate to the

Company’s operations in Brazil, France, Germany, Luxembourg,

and Spain.

At December 31, 2024 , the Company also had total estimated

tax credits carried forward of 646 .

Such amount includes tax credits of 462 (of which 105

recognized and 357 unrecognized) primarily attributable to

subsidiaries in the Basque country in Spain and Luxembourg

which expire as follows:

| Year expiring |     | Recognized |     | Unrecognized |     | Total |
| 2025          |     |          — |     |            1 |     |     1 |
| 2026          |     |          — |     |            1 |     |     1 |
| 2027          |     |          — |     |            1 |     |     1 |
| 2028          |     |          — |     |            1 |     |     1 |
| 2029          |     |          — |     |            1 |     |     1 |
| 2030 - 2045   |     |        105 |     |          352 |     |   457 |
| Total         |     |        105 |     |          357 |     |   462 |

The remaining tax credits for an amount of 184 of which 136 are

recognized and 48 are unrecognized) are indefinite and

primarily attributable to the Company’s operations in Spain and

the United States.

Tax losses, tax credits and other tax benefits carried forward are

denominated in the currency of the countries in which the

respective subsidiaries are located and operate, except for

Luxembourg where the tax losses are mainly denominated in

U.S. dollar. Fluctuations in currency exchange rates could

impact the U.S. dollar equivalent value of these tax losses

carried forward in future years.

304

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

NOTE 11: EQUITY 11.1 Share details

Share capital

On April 28, 2023, ArcelorMittal cancelled 25million treasury

shares to keep the number of treasury shares within appropriate

levels. This cancellation took into account