Company: MT
Filing Date: 2025-03-10
Form Type: 20-F
Source: 0001243429-25-000017
Chunk: 372

Company: ArcelorMittal
Filing Date: 2025-03-10
Form: 20-F
Chunk 372
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2020,

following a legal reorganization that was not a business combination for the Company, its share of provisional fair value remeasurement of 1.5 billion was not recognized

in the carrying amount of Baffinland.

6. Following a legal reorganization in September 2020, the Company holds an indirect interest in Baffinland through Nunavut Iron Ore Inc. Vallourec On August 6, 2024, ArcelorMittal completed the acquisition of 65,243,206 shares, representing 28.4% ( 27.89% at December 31, 2024) voting rights in Vallourec , for € 14.64 per share from funds managed by Apollo Global Management, Inc. for total € 960 million ( 1,048 ) cash consideration. Vallourec's Board of Directors includes eleven members, out of which two are appointed by ArcelorMittal, whose Chief Executive Officer also acts as an observer of the Board. ArcelorMittal concluded that it exercises significant influence in Vallourec and accordingly it accounts for its investment under the equity method. In addition, as the share purchase agreement includes a forward component qualifying as a financial instrument as a result of the purchase price being fixed ahead of the closing date, ArcelorMitta l recognized a 83 decrease in acquisition cost to reflect the fair value of the forward at acquisition date (see note 6.2). Having carried out a successful restructuring in recent years, Vallourec presents a compelling opportunity to increase ArcelorMittal’s exposure to the attractive, downstream, value- added tubular market. It is a global leader in premium tubular solutions for energy markets and demanding industrial applications, offering innovative, safe and competitive products for sectors including energy, automotive and construction. 85% of Vallourec’s 2.2 million tonnes of annual rolling capacity is focused around low-carbon, integrated productions hubs in US and Brazil, both of which are important strategic markets for ArcelorMittal . The fair value of ArcelorMittal's investment was 1,113 at December 31, 2024 based on Vallourec's quoted share price.

225

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

China Oriental China Oriental Group Company Limited (“China Oriental”) is a Chinese integrated iron and steel company listed on the Hong Kong Stock Exchange (“HKEx”). The China Oriental Group has manufacturing plants in Hebei