Company: MT
Filing Date: 2025-03-10
Form Type: 20-F
Source: 0001243429-25-000017
Chunk: 36

Company: ArcelorMittal
Filing Date: 2025-03-10
Form: 20-F
Chunk 36
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 to operate and subsequently acquire the Ilva business (which had to that point been managed by the Company and Italian-government appointed commissioners), providing Invitalia with joint control rights. In February 2024, the Italian government placed ADIH’s main operating subsidiary ADI in EA (followed by a Milan court determination of ADI’s insolvency), thereby passing control of the company to government-appointed commissioners and stripping ArcelorMittal of its rights as an indirect shareholder of ADI. ArcelorMittal was subsequently stripped of its rights as a direct shareholder in ADIH after being placed in EA and a Milan court determination of its insolvency. The Company's appeal against the Milan court decision is currently pending. ArcelorMittal has also appealed the Italian government EA

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| Management report |

decrees and the decrees authorizing ADI’s commissioners to enter into a new interim lease agreement with Ilva’s commissioners (to which ADIH is not a party) and authorizing a new sale process for Ilva’s business. Hearings before the court have not yet taken place. The subsequent placement of ADI and ADIH in EA, a complex procedure, could well lead to further disputes. In this respect, in July 2024 the commissioners of ADI and ADIH filed with the court of Milan a request for an urgent technical assessment of the Ilva facilities stated to be in view of a potential claim for damages against AMIH and certain former directors of ADI; in December 2024 the Milan court rejected the request and its decision has since become final (without prejudice to a potential subsequent claim for damages). ArcelorMittal’s strategic growth, maintenance and decarbonization projects are subject to financing, execution and completion risks. The Company has announced a number of strategic growth and decarbonization projects, which are capital intensive, and also regularly invests in significant maintenance capital expenditures. See “Properties and capital expenditures—Property, plant and equipment—Investments in joint ventures” and “Properties and capital expenditures—Capital expenditures”. The cost or time to complete any of these projects may prove to be greater than originally anticipated. Timely completion in accordance with budgeted amounts and successful operation may be affected by factors beyond the control of ArcelorMittal. These factors include receiving financing on reasonable terms, obtaining or renewing required regulatory approvals and licenses, securing and maintaining adequate property rights to land and mineral resources, local opposition to land acquisition or project development, managing relationships with or obtaining consents from other shareholders, revision of economic