Company: MT
Filing Date: 2025-03-10
Form Type: 20-F
Source: 0001243429-25-000017
Chunk: 369

Company: ArcelorMittal
Filing Date: 2025-03-10
Form: 20-F
Chunk 369
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1. The country of incorporation corresponds to the country of operation except for China Oriental, whose country of operation is China, and Vallourec, whose operations are

global.

2. Adjustments in Vallourec relate to provisional fair value adjustments of property, plant and equipment and goodwill.

3. The amount for DHS Group includes an adjustment to align the German GAAP financial information with the Company’s accounting policies and is mainly linked to

property, plant and equipment, inventory and pension. Other adjustment include the Company's impairment loss with respect to its investment in DHS Group.

4. Adjustments in Gonvarri Steel Industries primarily relate to differences in accounting policies regarding revaluation of fixed assets.

5. Adjustments in Baffinland primarily relate to differences in accounting policies regardin g recognized goodwill. In September 2020, following a legal reorganization that was

not a business combination for the Company, its share of fair value remeasurement of 1.5 billio n 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.

223

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

|                                                             |     |           December 31, 2023 |     |                     |     |                          |     |                        |     |        |
|:------------------------------------------------------------|:----|----------------------------:|:----|--------------------:|:----|-------------------------:|:----|-----------------------:|:----|-------:|
| Associates                                                  |     |              China Oriental |     |           DHS Group |     | Gonvarri SteelIndustries |     |            Baffinland6 |     |  Total |
| Financial statements reporting date                         |     |               June 30, 2023 |     |   September 30,2023 |     |        September 30,2023 |     |       December 31,2023 |     |        |
| Place of incorporation and operation1                       |     |                     Bermuda |     |             Germany |     |                    Spain |     |                 Canada |     |        |
| Principal Activity                                          |     | Iron and steelmanufacturing |