Company: MT
Filing Date: 2025-03-10
Form Type: 20-F
Source: 0001243429-25-000017
Chunk: 501

Company: ArcelorMittal
Filing Date: 2025-03-10
Form: 20-F
Chunk 501
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 Texas HBI on June 30, 2022, ArcelorMittal granted to voestalpine a put option exercisable at the end of the fifth, tenth and fifteenth year subsequently to the acquisition date. The carrying amount of the financial liability at amortized cost was 176 and 158 as of December 31, 2024 and 2023, respectively and is measured at the present value of the redemption amount of the written put option based on the lower of equity value increased by an annual contractual return and fair value (see notes 2.2.4 and 9.2). NOTE 12: RELATED PARTIES The related parties of the Group are predominately subsidiaries, joint operations, joint ventures, associates and key management

310

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

personnel (see note 8.1) of the Group. Transactions between the parent company, its subsidiaries and joint operations are eliminated on consolidation and are not disclosed in this note. Related parties include the Significant Shareholder, which is the trustee of a fully discretionary trust of which Mr. Lakshmi N. Mittal and Mrs. Usha Mittal are beneficiaries and which owns, together with shares owned directly by Mr. and Mrs. Mittal, 39.88% of ArcelorMittal’s issued ordinary shares. Transactions with related parties of the Company mainly relate to sales and purchases of raw materials and steel products and were as follows: 12.1 Sales and trade receivables

|                                                         |               |     | Year ended December 31, |     |       |     |       |     |      December 31, |     |      |
|:--------------------------------------------------------|:--------------|:----|------------------------:|:----|------:|:----|------:|:----|------------------:|:----|-----:|
|                                                         |               |     |                   Sales |     |       |     |       |     | Trade receivables |     |      |
| Related parties and their subsidiaries where applicable | Category      |     |                    2024 |     |  2023 |     |  2022 |     |              2024 |     | 2023 |
| Calvert                                                 | Joint Venture |     |                   3,231 |     | 3,405 |     | 3,521 |     |                26 |     |   17