Company: MT
Filing Date: 2025-03-10
Form Type: 20-F
Source: 0001243429-25-000017
Chunk: 351

Company: ArcelorMittal
Filing Date: 2025-03-10
Form: 20-F
Chunk 351
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, liabilities and transactions, including its share of those incurred jointly. Investments in other entities, over which the Company and/or its operating subsidiaries do not have the ability to exercise significant influence, are accounted for as investments in equity instruments at FVOCI with any resulting gain or loss, net of related tax effect, recognized in the consolidated statements of other comprehensive income. Realized gains and losses from the sale of investments in equity instruments at FVOCI are reclassified from other comprehensive income to retained earnings within equity upon disposal. While there are certain limitations on the Company’s operating and financial flexibility arising from the restrictive and financial covenants of one of the Company’s credit facilities described in note 6.1.2, there are no significant restrictions resulting from borrowing agreements or regulatory requirements on the ability

210

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

of consolidated subsidiaries, associates and jointly controlled entities to transfer funds to the parent in the form of cash dividends to pay commitments as they come due. Intercompany balances and transactions, including income, expenses and dividends, are eliminated in the consolidated financial statements. Gains and losses resulting from intercompany transactions are also eliminated. Non-controlling interests represent the portion of profit or loss and net assets not held by the Company and are presented separately in the consolidated statements of operations, in the consolidated statements of other comprehensive income and within equity in the consolidated statements of financial position.

211

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

2.2 Investments in subsidiaries 2.2.1 List of subsidiaries

The table below provides a list of the Company’s principal operating subsidiaries at December 31, 2024 . Unless otherwise stated, the

subsidiaries listed below have share capital consisting solely of ordinary shares or voting interests in the case of partnerships, 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. The country of incorporation corresponds to their principal place of operations.

| Name of Subsidiary                                                                     |     | Country      |     | % of Ownership |
| North America                                                                          |     |              |     |                |
| ArcelorMittal Dofasco G.P.                                                             |     | Canada       |     | 100.00%        |
| ArcelorMittal México S.A. de C.V.                                                      |     | Mexico       |