Company: MT
Filing Date: 2025-03-10
Form Type: 20-F
Source: 0001243429-25-000017
Chunk: 495

Company: ArcelorMittal
Filing Date: 2025-03-10
Form: 20-F
Chunk 495
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 agreement for an extension of the conversion date of the mandatory convertible bonds from January 31, 2024 to January 30, 2026. The other main features of the mandatory convertible bonds remained unchanged. The Company determined that this transaction led to the extinguishment of the existing compound instrument and the recognition of a new compound instrument including non-controlling interests for 547 and other liabilities for 113 . The derecognition of the previous instrument and the recognition at fair value of the new instrument resulted in 66 expense included in financing costs-net in the consolidated statement of operations and 32 decrease in non-controlling interests. Mandatorily convertible subordinated notes On May 18, 2020 , the Company completed an offering of mandatorily convertible subordinated notes (“MCNs”) due May 18, 2023 for 1,250 . The MCNs had a three -year maturity, were issued at 100% of the principal amount and were mandatorily converted into common shares of the Company upon maturity unless converted earlier at the option of the holders or ArcelorMittal during the conversion period or upon occurrence of certain defined events. On May 19, 2023, upon mandatory conversion of the 24,290,025 remaining outstanding MCNs, ArcelorMittal delivered a total of 57,057,991 treasury shares (of which 9,396,120 to the Significant Shareholder) with a carrying amount of 1,534 . The Company determined that the MCNs are a hybrid instrument including an equity component and a liability component for interest payments . Following the mandatory conversion, it derecognized the 509 equity component presented separately in the statements of changes in equity and recognized a 1,025 ( 794 net of tax) decrease in additional paid- in capital. 11.3 Earnings per common share

Basic earnings per common share is computed by dividing net

income by the weighted average number of common shares

outstanding during the year. Diluted earnings per share is

computed by dividing income available to equity holders by the

weighted average number of common shares plus potential

common shares from share unit plans whenever the conversion

results in a dilutive effect.

The following table provides the numerators and a reconciliation of the denominators used in calculating basic and diluted earnings per

common share for the years ended December 31, 2024 , 2023 and 2022 .

|                                                                                                               | Year ended December 31, 
                    2024 |     |