Company: MT
Filing Date: 2025-03-10
Form Type: 20-F
Source: 0001243429-25-000017
Chunk: 396

Company: ArcelorMittal
Filing Date: 2025-03-10
Form: 20-F
Chunk 396
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 by ArcelorMittal are initially recorded at cost and those acquired in a business combination are initially recorded at fair value at the date of the business combination. These primarily i nclude customer relationships and trade marks as well as emission rights, and the cost of technology and licenses purchased from third parties and operating authorizations granted by governments or other public bodies (concessions). Intangible assets are amortized on a straight-line basis over their estimated economic useful lives, which typically do not exceed five years . Amortization is included in the consolidated statements of operations as part of cost of sales. ArcelorMittal’s industrial sites which are regulated by the European Directive 2003/87/EC of October 13, 2003 on carbon dioxide (“CO 2 ”) emission rights, effective as of January 1, 2005, are located primarily in Belgium, France, Germany, Luxembourg, Poland and Spain. In Ontario, Canada, ArcelorMittal's operations have been subject to output based pricing system regulations since January 1, 2019 but effective January 1, 2022, they are regulated on carbon pricing under the Ontario Emissions Performance System (“OEPS”) . In South Africa, a CO 2 tax system was introduced in 2019. Emission rights allocated to the Company on a no-charge basis pursuant to the annual national allocation plan are recorded at nil value and purchased emission rights are recorded at cost.

237

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

Other intangible assets are summarized as follows:

|                                                         | Concessions,patents andlicenses |     | Customerrelationships andtrade marks |     | Other1 |     | Total |
| Cost                                                    |                                 |     |                                      |     |        |     |       |
| At December 31, 2022                                    |                             446 |     |                                1,091 |     |    990 |     | 2,527 |
| Acquisitions                                            |                              75 |     |                                    — |     |    102 |     |   177 |
| Acquisitions through business combinations (note 2.2.4) |                               8 |     |                                   24 |     |    100 |     |   132 |
| Disposals                                               |                               — |     |                                    — |     |   -222 |     |  -222 |
| Divestment (note 2.3