Company: MT
Filing Date: 2025-03-10
Form Type: 20-F
Source: 0001243429-25-000017
Chunk: 214

Company: ArcelorMittal
Filing Date: 2025-03-10
Form: 20-F
Chunk 214
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 well as dividends and distributions from, its operating subsidiaries to pay expenses and meet its debt service obligations. Cash and cash equivalents are primarily centralized at the parent level and are managed by ArcelorMittal Treasury SNC, although from time to time cash or cash equivalent balances may be held at the Company’s international subsidiaries or its holding companies. Some of these operating subsidiaries have debt outstanding or are subject to acquisition agreements that impose restrictions on such operating subsidiaries’ ability to pay dividends, but such restrictions are not significant in the context of ArcelorMittal’s overall liquidity. Repatriation of funds from operating subsidiaries may also be affected by tax and foreign exchange policies in place from time to time in the various countries where the Company operates, though none of these policies is currently significant in the context of ArcelorMittal’s overall liquidity. In management’s opinion, ArcelorMittal’s credit facilities and working capital are adequate for its present requirements. As of December 31, 2024, ArcelorMittal’s cash and cash equivalents and restricted cash amounted to $6.5 billion (including restricted cash of $ 84 million, of which $68 million relating to various environmental obligations, true sales of receivables programs and letter of credits issued in ArcelorMittal South Africa) as compared to $7.8 billion (including restricted cash of $97 million, of which $54 million relating to various environmental obligations and true sales of receivables programs in ArcelorMittal South Africa) as of December 31, 2023. In addition, ArcelorMittal had available borrowing capacity of $5.5 billion under its $5.5 billion revolving credit facility as of December 31, 2024 compared to $5.4 billion as of December 31, 2023. For information on the currencies of cash and cash equivalents and restricted cash, see note 6.1.4 to the consolidated financial statements. As of December 31, 2024, ArcelorMittal’s total debt, which includes long-term debt and short-term debt was $11.6 billion , compared to $10.7 billion as of December 31, 2023. Net debt (defined as long-term debt ( $8.8 billion ) plus short-term debt ( $2.7 billion ), less cash and cash equivalents, restricted cash and other restricted funds ( $6.5 billion )) was $5.1 billion as of December 31, 2024, up from $2.9 billion at December