PROVISIONS, CONTINGENCIES AND COMMITMENTS

12 Months Ended

Dec. 31, 2025

Disclosure of Other Provisions, Contingent Liabilities and Commitments [Abstract]

PROVISIONS, CONTINGENCIES AND COMMITMENTS

NOTE 9: PROVISIONS, CONTINGENCIES AND

COMMITMENTS

ArcelorMittal recognizes provisions for liabilities and probable

losses that have been incurred when it has a present legal or

constructive obligation as a result of past events, it is probable

that the Company will be required to settle the obligation and a

reliable estimate of the amount of the obligation can be made.

If the effect of the time value of money is material, provisions

are discounted using a current pre-tax rate that reflects, where

appropriate, the risks specific to the liability. Where discounting

is used, the increase in the provision due to the passage of

time is recognized as a financing cost. Future operating

expenses or losses are excluded from recognition as

provisions as they do not meet the definition of a liability.

Contingent assets and contingent liabilities are excluded from

recognition in the consolidated statements of financial position.

Provisions for onerous contracts are recorded in the

consolidated statements of operations when it becomes known

that the unavoidable costs of meeting the obligations under the

contract exceed the economic benefits expected to be

received. Assets dedicated to the onerous contracts are tested

for impairment before recognizing a separate provision for the

onerous contract.

Provisions for restructuring are recognized when and only

when a detailed formal plan exists and a valid expectation in

those affected by the restructuring has been raised, by starting

to implement the plan or announcing its main features.

ArcelorMittal records asset retirement obligations (“ARO”)

initially at the fair value of the legal or constructive obligation in

the period in which it is incurred and capitalizes the ARO by

increasing the carrying amount of the related non-current

asset. The fair value of the obligation is determined as the

discounted value of the expected future cash flows. The liability

is accreted to its present value through net financing cost and

the capitalized cost is depreciated in accordance with the

Company’s depreciation policies for property, plant and

equipment. Subsequently, when reliably measurable, ARO is

recorded on the consolidated statements of financial position

increasing the cost of the asset and the fair value of the related

obligation. Foreign exchange gains or losses on AROs

denominated in foreign currencies are recorded in the

consolidated statements of operations.

ArcelorMittal is subject to changing and increasingly stringent

environmental laws and regulations concerning air emissions,

water discharges and waste disposal, as well as certain

remediation activities that involve the clean-up of soil and

groundwater. ArcelorMittal is currently engaged in the

investigation and remediation of environmental contamination

at a number of its facilities. Most of these are legacy

obligations arising from acquisitions.

Environmental costs that relate to current operations or to an

existing condition caused by past operations, and which do not

contribute to future revenue generation or cost reduction, are

expensed. Liabilities are recorded when environmental

assessments and/or remedial efforts are probable and the cost

can be reliably estimated based on ongoing engineering

studies, discussions with the environmental authorities and

other assumptions relevant to the nature and extent of the

remediation that may be required. The ultimate cost to

ArcelorMittal is dependent upon factors beyond its control such

as the scope and methodology of the remedial action

requirements to be established by environmental and public

health authorities, new laws or government regulations, rapidly

changing technology and the outcome of any potential related

litigation. Environmental liabilities are discounted if the

aggregate amount of the obligation and the amount and timing

of the cash payments are fixed or reliably determinable.

The estimates of loss contingencies for environmental matters

and other contingencies are based on various judgments and

assumptions including the likelihood, nature, magnitude and

timing of assessment, remediation and/or monitoring activities

and the probable cost of these activities. In some cases,

judgments and assumptions are made relating to the obligation

or willingness and ability of third parties to bear a proportionate

or allocated share of cost of these activities, including third

parties who sold assets to ArcelorMittal or purchased assets

from it subject to environmental liabilities. ArcelorMittal also

considers, among other things, the activity to date at particular

sites, information obtained through consultation with applicable

regulatory authorities and third-party consultants and

contractors and its historical experience with other

circumstances judged to be comparable. Due to the numerous

variables associated with these judgments and assumptions,

and the effects of changes in governmental regulation and

environmental technologies, both the precision and reliability of

the resulting estimates of the related contingencies are subject

to substantial uncertainties. As estimated costs to remediate

change, the Company will reduce or increase the recorded

liabilities through write backs or additional provisions in the

consolidated statements of operations. ArcelorMittal does not

expect these environmental issues to affect the utilization of its

plants, now or in the future.

ArcelorMittal is currently and may in the future be involved in

litigation, arbitration or other legal proceedings. Provisions

related to legal and arbitration proceedings are recorded in

accordance with the principles described above.

Most of these claims involve highly complex issues. Often

these issues are subject to substantial uncertainties and,

therefore, the probability of loss and an estimation of damages

are difficult to ascertain. Consequently, ArcelorMittal may be

unable to make a reliable estimate of the expected financial

effect that will result from ultimate resolution of the proceeding.

In those cases, ArcelorMittal has disclosed information with

respect to the nature of the contingency. ArcelorMittal has not

accrued a provision for the potential outcome of these cases.

For cases in which the Company was able to make a reliable

estimate of the expected loss or range of probable loss and

has accrued a provision for such loss, it believes that

publication of this information on a case-by-case basis would

seriously prejudice the Company’s position in the ongoing legal

proceedings or in any related settlement discussions.

Accordingly, in these cases, the Company has disclosed

information with respect to the nature of the contingency, but

has not disclosed its estimate of the range of potential loss.

In the cases in which quantifiable fines and penalties have

been assessed, the Company has indicated the amount of

such fine or penalty or the amount of provision accrued that is

the estimate of the probable loss.

These assessments can involve a series of complex judgments

about future events and can rely heavily on estimates and

assumptions. The assessments are based on estimates and

assumptions that have been deemed reasonable by

management. The Company believes that the aggregate

provisions recorded for the above matters are adequate based

upon currently available information. However, given the

inherent uncertainties related to these cases and in estimating

contingent liabilities, the Company could, in the future, incur

judgments that have a material adverse effect on its results of

operations in any particular period. The Company considers it

highly unlikely, however, that any such judgments could have a

material adverse effect on its liquidity or financial condition. 9.1 Provisions


	Balance at December 31, 2024	Additions1	Deductions/ Payments	Effects of foreign exchange and other movements	Balance at December 31, 2025
Environmental	506	54	(76)	69	553
Emission obligations	420	488	(423)	21	506
Asset retirement obligations	478	43	(66)	46	501
Site restoration	109	15	(25)	17	116
Staff related obligations	144	111	(38)	25	242
Voluntary separation plans	86	80	(74)	22	114
Litigation and other (see note 9.3)	305	38	(89)	150	404
Tax claims	79	7	(36)	127	177
Other legal claims	226	31	(53)	23	227
Commercial agreements and onerous contracts	33	9	(27)	3	18
Other	217	45	(65)	4	201
	2,298	883	(883)	357	2,655
Short-term provisions	938				1,039
Long-term provisions	1,361				1,616
	2,298				2,655


	Balance at December 31, 2023	Additions1	Deductions/ Payments	Effects of foreign exchange and other movements	Balance at December 31, 2024
Environmental	620	120	(207)	(27)	506
Emission obligations	29	423	(15)	(17)	420
Asset retirement obligations	380	172	(34)	(40)	478
Site restoration	147	21	(52)	(7)	109
Staff related obligations	162	37	(41)	(14)	144
Voluntary separation plans	32	66	(22)	10	86
Litigation and other (see note 9.3)	349	79	(87)	(36)	305
Tax claims	81	18	(11)	(9)	79
Other legal claims	268	61	(76)	(27)	226
Commercial agreements and onerous contracts	29	24	(16)	(4)	33
Other	317	38	(102)	(36)	217
	2,065	980	(576)	(171)	2,298
Short-term provisions	588				938
Long-term provisions	1,477				1,361
	2,065				2,298

1.Additions exclude provisions reversed or utilized during the same year.

There are uncertainties regarding the timing and amount of the

provisions above. Changes in underlying facts and

circumstances for each provision could result in differences in

the amounts provided for and the actual outflows. In general,

provisions are presented on a non-discounted basis due to the

uncertainties regarding the timing or the short period of their

expected consumption.

Environmental provisions have been estimated based on

internal and third-party estimates of contamination, available

remediation technology, and environmental regulations.

Estimates are subject to revision as further information

develops or circumstances change.

Provisions for emission obligations are recognized to cover the

shortage between the Company's CO2 emissions and the

allowances granted, based on the market value of the CO2

allowances as of the reporting date or purchase price of the

acquired CO2 emission rights. The Company uses derivative

financial instruments and spot purchases to manage its

exposure to fluctuations in prices of emission rights

allowances. See note 6.3 for the details of the cash flow

hedging in place for emission rights, note 4.5 for CO2 emission

rights held as current assets and note 5.1 for CO2 emission

rights held as Intangible non-current assets. The Company

also receives indirect compensation through rebates on its

energy tariffs.

Provisions for site restoration are related to costs in connection

with the dismantling of site facilities, mainly in France, of which

57 and 61 at December 31, 2025 and 2024, respectively, with

respect to the dismantling of the Florange liquid phase.

Provisions for staff related obligations primarily concern Brazil

and are related to various employees’ compensation. In 2025,

the increase is largely relating to Sindimetal union case on

overtime payments amounting to 74, see also note 9.3.

Provisions for voluntary separation plans primarily relate to

plans in France, Spain, South Africa and Germany, which are

expected to be settled within one year. In 2025, the increase in

provisions for voluntary separation plans includes 55 in Europe

and 20 with respect to the Sustainable Solutions reportable

segment.

Provisions for litigation include losses relating to present legal

obligations that are considered to be probable, see also note

9.3.

In 2025 and 2024 provisions for commercial agreements and

onerous contracts were primarily linked to onerous contracts in

Spain.

Other provisions of 72 and 73 at December 31, 2025 and 2024,

respectively, are related to the Complementary Agreement

Term signed in 2021 between ArcelorMittal Brazil, the Federal

and State Prosecutor Offices and the Commission representing

affected people, which includes precautionary evacuation of

the communities close to the Serra Azul dam, as well as the

commitment to implement action plans to ensure the stability,

security and decommissioning of the tailing dam. Other

provisions also comprise technical warranties and guarantees.

Environmental Liabilities

ArcelorMittal’s operations are subject to a broad range of laws

and regulations relating to the protection of human health and

the environment at its multiple locations and operating

subsidiaries. As of December 31, 2025, excluding asset

retirement obligations, ArcelorMittal had established provisions

of 553 for environmental remedial activities and liabilities. The

provisions for all operations by geographic area included

mainly 380 in Europe, 95 in South Africa and 74 in Canada.

Europe

Environmental provisions for ArcelorMittal’s operations in

Europe are mainly related to the investigation and remediation

of environmental contamination at current and former operating

sites in Poland (128), Luxembourg (80), France (62), Belgium

(60) and Germany (40). This investigation and remediation

work relates to various matters such as decontamination of

water discharges, waste disposal, cleaning water ponds and

remediation activities that involve the clean-up of soil and

groundwater. These provisions also relate to human health

protection measures such as fire prevention and additional

contamination prevention measures to comply with local health

and safety regulations.

In Belgium, environmental provisions mainly relate to legal site

remediation obligations linked to the closure of the primary

installations at the Liège site of ArcelorMittal Belgium. The

provisions also include the external recovery and disposal of

waste, residues or by-products that cannot be recovered

internally at the ArcelorMittal Ghent and Liège sites and the

removal and disposal of material containing asbestos.

On April 30, 2024, ArcelorMittal completed the sale and

transfer of certain environmental obligations related to several

industrial wastelands including the Chertal site, blast furnaces

B and 6 and the coke plant in Liège (Belgium) to different

private investors and the Walloon Region. Accordingly, the

Company derecognized 148.

In Luxembourg, environmental provisions relate to the post-

closure monitoring and remediation of former production sites,

waste disposal areas, slag deposits and mining sites.

In France, environmental provisions principally relate to the

remediation of former sites, including several coke plants and

the remediation and improvement of storage of residues and

secondary materials, treatment of slag dumps, disposal of

waste at different ponds and landfills, removal of asbestos from

the installations and mandatory financial guarantees to cover

risks of major accident hazard or for gasholders and waste

storage. Most of the provision relates to the stocking areas at

the Dunkirk site, the mothballing of the liquid phase in

Florange, including study and surveillance of soil and water to

prevent environmental damage, and the treatment and

elimination of waste.

In Poland, environmental provisions include 122 for cleaning

and remediation costs following the closure of primary facilities

in Kraków, including coke plant and land remediation of post-

industrial areas in Ruszca (district of Kraków).

In Germany, the 40 environmental provision essentially relates

to ArcelorMittal Bremen’s post-closure obligations at the

Prosper coke plant in Bottrop mainly established for soil

remediation, groundwater treatment and monitoring.

South Africa

AMSA's environmental provisions include 26 related to the

decommissioned Pretoria Works site in a state of care and

maintenance with ongoing rehabilitation and 14 related to the

Newcastle Works site mainly with respect to air quality

improvements, waste site remediation and storm water

management. AMSA's environmental provisions also include

36 related to the environmental rehabilitation of the Thabazimbi

mine, and 17 related to the flat steel operations of the

Vanderbijlpark Works site.

Canada

In Canada, ArcelorMittal Dofasco has a 28 environmental

provision for the expected cost of remediating toxic sediment

located at the East Boatslip site.

Asset retirement obligations

Asset retirement obligations ("AROs") arise from legal

requirements and represent management’s best estimate of

the present value of the costs that will be required to retire

plant and equipment or to restore a site at the end of its useful

life, mainly in connection with mining operations. As of

December 31, 2025, ArcelorMittal had established provisions

for AROs of 501, including mainly 144 for Brazil, 141 for

Canada, 86 for Mexico, 53 for Ukraine and 52 for Germany, As

of December 31, 2025, AROs related to mining activities and

total undiscounted amount of site restoration obligations

amounted to 444 and 1,309 respectively.

AROs in Brazil relate to the decommissioning of the Serra Azul

mine, including the decharacterization of the tailing dam. In

addition, the Company has legal obligations to clean and

restore the mining areas of Serra Azul and Andrade, both

located in the State of Minas Gerais.

AROs in Canada relate to site restoration and dismantling of

the facilities near the mining sites in Mont-Wright and Fire

Lake, and the accumulation area of mineral substances at the

facility of Port-Cartier in Quebec, upon closure of the mines

pursuant to the restoring plan of the mines. In addition,

Dofasco has legal obligations for the former Sherman Mine site

near Temagami, Ontario.

AROs in Mexico relate to the restoration costs of the Las

Truchas, El Volcan, San Jose and the joint operation Peña

Colorada iron ore mines.

AROs in Ukraine are legal obligations for site rehabilitation at

the iron ore mining site in Kryvyi Rih, upon closure of the mine

pursuant to its restoration plan.

In Germany, AROs principally relate to the Hamburg site, which

operates on leased land with the contractual obligation to

remove all buildings and other facilities upon the termination of

the lease, and to the Prosper coke plant in Bottrop for filling the

basin, restoring the layer and stabilizing the shoreline at the

harbor.

9.2 Other long-term obligations


	Balance at December 31,
	2025	2024
Derivative financial instruments (notes 6.1 and 6.3)	228	343
Payable from acquisition of financial assets	474	302
Unfavorable contracts	151	156
Income tax payable	117	156
Put option liability ArcelorMittal Texas HBI (note 11.5.2)	175	176
Put option liability Sonasid (note 11.5.2)	153	114
Other	242	175
Total	1,540	1,422

As of December 31, 2025, payable from acquisition of financial

assets included 210 (in addition to 112 classified as accrued

expenses and other liabilities see note 4.8) relating to the

settlement of a valuation dispute in Brazil in connection with

Votorantim acquisition (see note 9.3). It included also at

December 31, 2025 and 2024 163 and 222, respectively,

relating to outstanding equity contributions for joint ventures (in

addition to 124 and 224, respectively, classified as accrued

expenses and other liabilities see note 4.8). Additionally, as of

December 31, 2025 and 2024, 28 and 39 respectively, were

related to AMNS India's debt guarantee (see note 9.4).

Unfavorable contracts of 151 and 156 as of December 31,

2025 and 2024, respectively, mainly related to ArcelorMittal

Pecém (see note 2.2.4) and ArcelorMittal Brasil.

As of December 31, 2025, the income tax payable mainly

related to income tax contingencies (in majority unasserted

claims).

9.3 Contingent liabilities

Tax Claims

ArcelorMittal is a party to various tax claims. As of

December 31, 2025, ArcelorMittal had recorded 242 short-term

and long-term liabilities related to income tax contingencies

and 177 aggregate provisions for non-income tax claims for

which it considers the risk of loss to be probable. Set out below

is a summary description of the tax claims (i) for which

ArcelorMittal had recorded a provision as of December 31,

2025, (ii) that constitute a contingent liability, (iii) that were

resolved in 2025 or (iv) that were resolved and had a financial

impact in 2024 or 2023, in each case involving amounts

deemed material by ArcelorMittal. The Company is vigorously

defending against the pending claims discussed below. Claims

that previously were disclosed may no longer be described

because of rulings in the case, changes in ArcelorMittal’s

business or other developments rendering them, in

ArcelorMittal’s judgment, no longer material. These include the

claims disclosed in the previous year for which ArcelorMittal no

longer expects to report on their status, absent a change in

ArcelorMittal’s judgment of their materiality.

Brazil

In 2011, ArcelorMittal Brasil received a tax assessment for

corporate income tax (known as IRPJ) and social contributions

on net profits (known as CSL) in relation to (i) the amortization

of goodwill on the acquisition of Mendes Júnior Siderurgia (for

the 2006 and 2007 fiscal years), (ii) the amortization of goodwill

arising from the mandatory tender offer ("MTO") made by

ArcelorMittal (ex-Mittal Steel N.V.) to minority shareholders of

Arcelor Brasil in connection with the two-step merger of Arcelor

and Mittal Steel N.V. (for the 2007 tax year), (iii) expenses

related to pre-export financing used to finance the MTO, which

were deemed by the tax authorities to be unnecessary for

ArcelorMittal Brasil since the expenses were incurred to buy

shares of its own company and (iv) CSL over profits of

controlled companies in Argentina and Costa Rica. In January

2025, ArcelorMittal Brasil was formally notified of the decision

(issued in April 2024) that annulled 78% of the tax assessment,

and the Federal Revenue Service has already partially written

off 339 that was annulled. The outstanding claim value

amounts to 88, and ArcelorMittal has filed a suit to cancel the

remaining amount of the tax assessment.

In April 2016, ArcelorMittal Brasil received a tax assessment in

relation to (i) the amortization of goodwill resulting from the

MTO made by ArcelorMittal (ex-Mittal Steel N.V.) to the

minority shareholders of Arcelor Brasil in connection with the

two-step merger of Arcelor and Mittal Steel N.V. in 2007 and (ii)

the amortization of goodwill resulting from ArcelorMittal Brasil’s

acquisition of CST in 2008. While the assessment, if upheld,

would not result in a cash payment as ArcelorMittal Brasil did

not have any tax liability for the fiscal years in question (2011

and 2012), it would result in a 52 financial impact arising from a

write off of 'net operating loss carry forward' with respect to the

2011-2012 tax year. ArcelorMittal Brasil appealed against the

unfavorable decision on the lower instances of the assessment

in the third instance of the administrative tribunal in November

2019. In November 2024, ArcelorMittal Brasil was formally

notified of the administrative court's decision (issued in April

2024) in the Company's favor in respect of approximately 64%

of the claim. The outstanding claim value is 21.

In December 2018, ArcelorMittal Brasil received a tax

assessment of 112, which could have an additional 18 financial

impact arising from a write-off of 'net operating loss carry

forward' with respect to the 2013-2014 tax years, principally in

relation to the amortization of goodwill resulting from the MTO

made by ArcelorMittal (ex-Mittal Steel N.V.) to the minority

shareholders of Arcelor Brasil in connection with the two-step

merger of Arcelor and Mittal Steel N.V. in 2007. After lower

court decisions and appeals in November 2022, the second

instance of the administrative tribunal cancelled the tax

assessment. In January 2023, the Federal Revenue Service

filed an appeal to the third instance of the administrative

tribunal. In May 2024, the administrative tribunal ruled

substantially in ArcelorMittal Brasil's favor, reducing the

contingency amount to 26 and the financial impact from net

operating loss to approximately 7.

Following the closure of the administrative proceedings in

relation to the April 2016 and December 2018 tax assessments

described above, ArcelorMittal Brasil filed a judicial lawsuit (in

March 2025) challenging the outstanding claim amounts under

both of these tax assessments.

In December 2020, ArcelorMittal Brasil received a tax

assessment of 45 with respect to the 2015-2016 tax years,

related to the amortization of goodwill resulting from the MTO

made by ArcelorMittal (ex-Mittal Steel N.V.) to the minority

shareholders of Arcelor Brasil in connection with the two-step

merger of Arcelor and Mittal Steel N.V. in 2007. ArcelorMittal

Brasil filed its defense in the first instance of the administrative

tribunal in January 2021 which issued an unfavorable decision

in August 2021. ArcelorMittal Brasil filed an appeal to the

second instance of the administrative tribunal in September

2021. In February 2025, the second instance of the

administrative tribunal ruled unfavorably to the company.

ArcelorMittal Brasil filed an appeal with the third administrative

instance in August 2025.

In May 2014, ArcelorMittal Comercializadora de Energia

received a tax assessment from the state of Minas Gerais

alleging that the Company did not correctly calculate tax credits

on interstate sales of electricity from February 2012 to

December 2013. The amount claimed totals 20. Following the

conclusion of this proceeding at the administrative level, the

Company received the tax enforcement notice in December

2015 and filed its defense in February 2016. In April 2016,

ArcelorMittal Comercializadora de Energia received an

additional tax assessment in the amount, of 38, after taking

account of a reduction of fines mentioned below regarding the

same matter, for infractions which allegedly occurred during the

2014 to 2015 period, and filed its defense in May 2016.

Following appeal, the Company received a notice from the tax

authority in November 2017 that reduced the fees in the

second case by 12, due to retrospective application of a new

law. In addition, in February 2019, a reduction of the fine by 7

was finalized in the first case due to the retrospective

application of a new law. In October 2024, the first case was

dismissed unfavorably to ArcelorMittal Brasil, validating the tax

assessment and in November 2024, ArcelorMittal Brasil filed a

motion for clarification that was dismissed in May 2025 by the

first instance. ArcelorMittal Brasil filed an appeal to the Minas

Gerais State Court and is awaiting judgment. In the second

case, in July 2024, a favorable decision was granted by the

first instance, cancelling the tax assessment, but, as only one

of the tax infractions was analyzed, both parties filed a motion

for clarification. In October 2024, the State's motion for

clarification was granted by the first judicial instance,

confirming the tax assessment, and only removing the

collection of the fines that exceeds 100% of the tax value, for

each penalty. In November 2024, ArcelorMittal Brasil filed a

new appeal (motion for clarification) which was dismissed in

May 2025 by the first judicial instance. In May 2025,

ArcelorMittal Brasil filed an appeal to the Minas Gerais State

Court and is awaiting judgment. In January 2026, the company

requested the retroactive application of a new law that limited

the penalty to 50% of the tax due. Therefore, the contingency

was reduced by 41. The total remaining amount for both cases

is 58.

In 2016, ArcelorMittal Brasil received three tax assessments

from the state of Santa Catarina in the amount of 129 alleging

that it had used improper methods to calculate the amount of

its ICMS credits. In the Administrative instance, all cases were

unfavorably closed in November 2020, and ArcelorMittal Brasil,

in 2021, filed a lawsuit to challenge the assessments. The case

is currently pending at the first judicial instance.

In January 2019, ArcelorMittal Sul Fluminense (which merged

into ArcelorMittal Brasil in July 2019) filed a challenge against

the ICMS (VAT) charged by Rio de Janeiro State on interstate

acquisition of electricity power. The company claims the

acquisition of electricity to be used in the industrial process is

not taxable. Alternatively, the company claims that, if taxed, the

acquisition of electricity should be subject to an 18% rate, and

not 28% as intended by the State. The amount of the ICMS

(VAT) discussed is being monthly deposited in court. In July

2024, the court of first instance ruled a partially favorable

decision, reducing the ICMS/VAT rate from 28% to 18%.

However, the decision was unfavorable to the company's

position that ICMS does not apply to interstate acquisitions of

electrical energy for industrialization purposes. ArcelorMittal

Brasil filed a motion for clarification and in September 2024,

the motion for clarification was dismissed. In October 2024,

ArcelorMittal Brasil filed an appeal to the State Court of Rio de

Janeiro. In May 2025, the State Court dismissed ArcelorMittal

Brasil's appeal, maintaining the partially favorable decision

issued by the court of first instance. Subsequently, ArcelorMittal

Brasil filed two consecutive motions for clarification which were

dismissed by the State Court in 2025. As a result, ArcelorMittal

Brasil filed an appeal to the Superior Court of Justice and the

Supreme Federal Court, which is currently pending. The total

amount of the outstanding claim is 79.

From March 2022 to December 2025, ArcelorMittal Brasil

received 20 tax assessments totaling 66 relating to ICMS (VAT)

credits. Cases 1 to 10 (total value of 25) are under judicial

review following the conclusion of the administrative phase,

which also resulted in unfavorable decisions; these cases are

awaiting the evidentiary phase before proceeding to judgment.

Cases 11 to 13 (total value of 5) received unfavorable

administrative decisions, and appeals have been filed, which

are pending judgment. Cases 14 to 20 (total value of 36) have

had administrative defenses submitted and are currently

awaiting judgment.

In January 2023, ArcelorMittal Brasil received a tax

assessment from the Federal Revenue Service in an amount of

164 in which the tax authority rejected the offsetting of PIS/

COFINS credits used by the Company in 2018. The dispute

relates to various types of credits such as credits recognized in

Court processes (exclusion of ICMS from the PIS and COFINS

calculation base, PIS/COFINS credits in the Manaus Free

Trade Zone), expenses related to the acquisition of scrap

(including freight), expenses related to port handling, and

expenses for freight for finished products. ArcelorMittal Brasil

filed an administrative defense in February 2023. In November

2023, ArcelorMittal Brasil was notified of the unfavorable

decision and filed an appeal in December 2023. In August

2024, the second instance of the Administrative Court ruled in

favor of the company, annulling the first instance decision, and

ordered a new judgment. In December 2025, the company was

notified of the new first instance administrative decision in the

new trial (ordered by the second instance), which dismissed

the company's defense. ArcelorMittal Brasil intends to file a

new appeal with the second instance of Administrative Court.

In January 2023, ArcelorMittal Brasil received a tax

assessment in an amount of 17 for a 50% fine for alleged non-

payment of the monthly estimate of CIT related to fiscal year

2018. The Federal Revenue accuses the Company of undue

offsetting of CIT credits paid in Venezuela from 2010 to 2014

when calculating the monthly IRC estimate for 2018. In

February 2023, ArcelorMittal Brasil filed its defense. In

September 2023, the first instance of the Administrative Court

ruled against the Company and ArcelorMittal Brasil filed an

appeal. On September 11, 2024, the second instance of the

Tax Administrative Court (CARF) began the trial of the

Company's appeal. In November 2023, ArcelorMittal Brasil

received a new tax assessment of 63. The Federal Revenue

accuses the Company of allegedly undue offsetting of CIT

credits paid in Venezuela from 2010 to 2014 and offset by

ArcelorMittal Brasil in 2018. In December 2023, the Company

filed an administrative defense. In June 2024, the first instance

of the Administrative Court decided unfavorably to the appeal

filed by the Company. In July 2024, the company filed an

appeal. In July 2025, the hearing for the first case (18) took

place, where the second instance of the Administrative Court

ruled unfavorably against the company. In September 2025,

ArcelorMittal Brasil filed a motion for clarification against the

decision with the second instance of the Administrative Court

which issued an unfavorable decision against the company in

October 2025. The tax assessment’s remaining amount of 63

remains under discussion. In January 2026, the motion for

clarification was judged unfavorably to the Company. The

Company filed an appeal to the third instance of the

Administrative Court.

In August 2024, ArcelorMittal Brasil received a new tax

assessment related to PIS and COFINS credits for the period

2019-2020 (first case). Due to this new tax assessment, the

Federal Union also issued 10 decisions that did not approve or

only partially approved PIS/COFINS credits used during the

same period to offset debts, creating 10 more cases. The total

value claimed in these 11 cases is 107. In September 2024,

ArcelorMittal Brasil filed an administrative defense for 9 out of

the 11 cases. For other 2 cases, AM Brasil was notified in April

2024 and filed an administrative defense in May 2024. In

August 2024, a new decision was issued regarding the third

case, reviewing the previous disallowance, and approving an

additional part of the offsetting. AM Brasil presented a further

defense in September 2024. In December 2025, ArcelorMittal

Brasil's defense for the first case (92) was partially upheld in

the administrative instance, cancelling tax assessments for

certain expenses. The formal publishing of decision is awaited.

In December 2024, ArcelorMittal Brasil received a new tax

assessment in the amount of 64 charging corporate income tax

(IRPJ and CSLL) related to the taxation of controlled foreign

companies (CFC taxation), questioning (i) the taxation of

Venezuela’s results (UNKI and UNICON), as well as their

consolidation in ArcelorMittal Brasil’s CIT tax base; and (ii)

ArcelorMittal Brasil’s right to offset on a monthly basis or at the

end of the fiscal year – tax credits paid in Argentina by VSA’s

subsidiaries (related to previous years). ArcelorMittal Brasil

filed its defense in January 2025. In September 2025,

ArcelorMittal Brasil was notified of a partially favorable ruling in

the first administrative instance, reducing the tax assessment

by 7. ArcelorMittal Brasil intends to file an appeal to the second

administrative instance to discuss the remaining amount.

Mexico

In 2015, the Mexican Tax Administration Service issued a tax

assessment to ArcelorMittal Mexico, with respect to 2008,

principally due to improper interest deductions relating to

certain loans, and unpaid corporate income tax for interest

payments that the tax authority categorized as dividends.

ArcelorMittal Mexico's complaint for annulment before a

Federal Administrative and Tax Court is pending. The amount

of the tax assessment as of December 31, 2025 is 275.

In October 2018, the Mexican Tax Administration Service

issued a tax assessment to ArcelorMittal Las Truchas, with

respect to 2013 due to: (i) improper interest deductions relating

to certain loans (ii) non-deduction of advanced rent payments

and (iii) non-deduction of rolling roll expenses. In November

2018, ArcelorMittal Las Truchas filed an administrative appeal

before the Administrative Authority on Federal Tax Matters,

which was rejected in June 2019 and is being appealed.

Therefore, in August 2019, ArcelorMittal Las Truchas filed an

annulment complaint before a Federal Administrative and Tax

Court. In June 2023, the Federal Administrative and Tax Court

ruled against the annulment claim. In July 2023, ArcelorMittal

Las Truchas filed an appeal before the Court of Appeal. On

April 30, 2025, ArcelorMittal Las Truchas withdrew its appeal

from the Court and agreed to pay 75, which included reduction

of penalties and interest, as prescribed on the local regulations.

On February 24, 2023, the Tax Administration Service notified

ArcelorMittal Las Truchas of a tax assessment, with respect to

2014. In April 2023, ArcelorMittal Las Truchas filed an

administrative appeal in respect of this assessment before the

Tax Administrative Service. The amount of the tax assessment

as of December 31, 2025 is 95.

A tax assessment in the amount of 221 was issued by the

Mexican Tax Authorities to ArcelorMittal Las Truchas in

September 2024. The tax authority is disputing deductions

relating to back-to-back loan interest, forex losses and Net

Operating Losses for the years 2013-15. ArcelorMittal Las

Truchas filed its defense in October 2024. The issue is pending

currently.

Competition/Antitrust Claims

ArcelorMittal is a party to various competition/antitrust claims.

As of December 31, 2025, ArcelorMittal had recorded a non-

material amount provision in respect of such claims. Set out

below is a summary description of competition/antitrust claims

(i) that constitute a contingent liability, (ii) that were resolved in

2025 or (iii) that were resolved and had a financial impact in

2024 or 2023, in each case involving amounts deemed

material by ArcelorMittal. The Company is vigorously defending

against each of the pending claims discussed below.

Brazil

In September 2000, two construction trade organizations filed a

complaint with Brazil’s Administrative Council for Economic

Defense (“CADE”) against three long steel producers, including

ArcelorMittal Brasil. The complaint alleged that these

producers colluded to raise prices in the Brazilian rebar market,

thereby violating applicable antitrust laws. In September 2005,

CADE issued its final decision against ArcelorMittal Brasil,

imposing a 71 fine. ArcelorMittal Brasil appealed the decision

issued against it. On December 30, 2024, CADE and

ArcelorMittal Brasil signed a settlement agreement in the

context of the “Desenrola Program” launched by the Federal

Government. ArcelorMittal Brasil paid 17 to the Federal

Government and filed a petition asking for the extinction of the

annulment proceedings, conditioned on the approval of the

transaction. Therefore, the actual amount in dispute is nil as of

December 31, 2025.

There is also a related class action commenced by the Federal

Public Prosecutor of the state of Minas Gerais against

ArcelorMittal Brasil for damages in an amount of 86 based on

the alleged violations investigated by CADE. The injunction

requested by the Federal Prosecution Office was denied. On

October 2025, CADE filed a petition stating that it had already

expressed interest in the original action, and that the same

reasoning applies to the interlocutory appeal. The case is

awaiting judgment.

A further related lawsuit was commenced in February 2011 by

four units of Sinduscons, a civil construction trade organization,

in federal court in Brasilia against, inter alia, ArcelorMittal Brasil

claiming damages based on an alleged cartel in the rebar

market as investigated by CADE and as noted above. The

case is also awaiting judgment.

Other Legal Claims

ArcelorMittal is a party to various other legal claims. As of

December 31, 2025, ArcelorMittal had recorded provisions of

227 for other legal claims in respect of which it considers the

risk of loss to be probable. Set out below is a summary

description of the other legal claims (i) in respect of which

ArcelorMittal had recorded a provision as of December 31,

2025, (ii) that constitute a contingent liability, (iii) that were

resolved in 2025, or (iv) that were resolved and had a financial

impact in 2024 or 2023, in each case involving amounts

deemed material by ArcelorMittal. The Company is vigorously

defending against each of the claims discussed below that

remain pending. Other legal claims that previously were

disclosed may no longer be described because of rulings in the

case, changes in ArcelorMittal’s business or other

developments rendering them, in ArcelorMittal’s judgment, no

longer material. These include claims disclosed in the previous

year for which ArcelorMittal no longer expects to report on their

status, absent a change in ArcelorMittal’s judgment of their

materiality.

Brazil

In 2015, the SINDIMETAL (employees’ union) filed a lawsuit

against ArcelorMittal Brasil to annul all the collective labor

agreements related to 12-hour work shifts. The case impacts a

group of approximately 2,500 employees. In July 2022, the

Supreme Court decided a leading case, not involving

ArcelorMittal Brasil, that may favorably impact ArcelorMittal

Brasil's case. In April 2025, the Superior Labor Court decided

to uphold the Regional Labour Court’s decision, which is

unfavorable to the company. In May 2025, the company filed

an extraordinary appeal to the Supreme Federal Court against

the unfavorable decision issued by the Superior Labor Court

and is awaiting the judgment.The estimated amount of claim is

74.

In June 2017, Centrais Elétricas de Santa Catarina S.A. and

Celesc Distribuicao S.A. ("CELESC") filed a lawsuit for 55

against ArcelorMittal Brasil for the payments made by CELESC

in the construction of the power transmission line that supplies

the Vega plant. In April 2019, the court of first judicial instance

passed a judgment upholding CELESC’s request. In November

2019, the company filed an appeal in the court of second

instance. In September 2021, the Santa Catarina Court of

Justice partially upheld the company’s challenge. In April 2024,

ArcelorMittal Brasil filed an appeal to the Superior Court of

Justice. The Santa Catarina State Court of Appeal stayed the

appeal pending the Brazilian Supreme Court’s ruling on a

similar issue in another case. In October 2024, the State Court

of Appeal reconsidered the decision to stay the appeal, and

elected to proceed with the analysis of the admissibility of the

company’s appeal. In 2025, the State Court of Appeal denied

the admissibility of ArcelorMittal’s special appeal. In response,

ArcelorMittal filed an interlocutory appeal to the Superior Court

of Justice.

On March 30, 2022, Votorantim S.A. (“Votorantim”) exercised

the put option right it has under its shareholders’ agreement

with the Company to sell its entire equity interest in

ArcelorMittal Brasil to the Company, following the acquisition of

Votorantim's long steel business in Brazil in 2018. There was a

dispute between the parties as to the value of the put option.

Votorantim had valued the put option at BRL 5.825 billion (i.e.

1,058). In September 2022, Votorantim commenced an

arbitration against ArcelorMittal Brasil seeking the full amount

of its valuation of the put option, reduced by the undisputed

amount ArcelorMittal Brasil accepted as the value of the put

option and which was paid in January 2023 for 179. The

arbitration hearing took place in October 2024. In June 2025,

the parties reached a settlement of the dispute. In July 2025,

the Tribunal issued the consent award, whereby ArcelorMittal

Brasil will pay a settlement amount totaling approximately 546

over a period of 3 years, with the first 202 installment paid in

July 2025 (see note 11.5.2).

France

Retired and current employees of certain French subsidiaries

of ArcelorMittal have initiated lawsuits to obtain compensation

for asbestos exposure in excess of the amounts paid by

French social security (“Social Security”). Asbestos claims in

France initially are made by way of a declaration of a work-

related illness by the claimant to the social security authorities

resulting in an investigation and a level of compensation paid

by social security. Once the social security authorities

recognize the work-related illness, the claimant, depending on

the circumstances, can also file an action for inexcusable

negligence (faute inexcusable) to obtain additional

compensation from the employer before a special tribunal. For

faute inexcusable cases, the primary health insurance fund,

CPAM - advances, the amount of damages and pension

increase are reimbursed by the employer found at fault and

takes recourse action against the employer.

The number of claims outstanding for asbestos exposure at

December 31, 2025 was 199 as compared to 203 at

December 31, 2024.

Minority Shareholder Claims Regarding the Exchange Ratio in

the Second-Step Merger of ArcelorMittal into Arcelor

ArcelorMittal is the company that resulted from the acquisition

of Arcelor by Mittal Steel N.V. in 2006 and a subsequent two-

step merger between Mittal Steel and ArcelorMittal and then

ArcelorMittal and Arcelor. Following completion of this merger

process, several former minority shareholders of Arcelor or

their representatives brought legal proceedings regarding the

exchange ratio applied in the second-step merger between

ArcelorMittal and Arcelor and the merger process as a whole.

ArcelorMittal believes that the allegations made and claims

brought by such minority shareholders are without merit and

that the exchange ratio and merger process complied with the

requirements of applicable law, were consistent with previous

guidance on the principles that would be used to determine the

exchange ratio in the second-step merger and that the merger

exchange ratio was relevant and reasonable to shareholders of

both merged entities.

Set out below is a summary of the ongoing matter in this

regard. Several other claims brought before other courts and

regulators on similar grounds were dismissed and are

definitively closed.

On May 15, 2012, ArcelorMittal received a writ of summons on

behalf of Association des Actionnaires d'Arcelor ("AAA"), a

French association of former minority shareholders of Arcelor

to appear before the civil court of Paris. The AAA alleged in

particular that, based on Mittal Steel’s and Arcelor’s disclosure

and public statements, investors had a legitimate expectation

that the exchange ratio in the second-step merger would be the

same as that of the secondary exchange offer component of

Mittal Steel’s June 2006 tender offer for Arcelor (i.e., 11 Mittal

Steel shares for 7 Arcelor shares), and that the second-step

merger did not comply with certain provisions of company law.

AAA claimed, inter alia, damages in a nominal amount and

reserved the right to seek additional remedies including the

cancellation of the merger. The proceedings before the civil

court of Paris were stayed, pursuant to a ruling of such court

on July 4, 2013, pending a preparatory investigation

(instruction préparatoire) by a criminal judge magistrate (juge

d’instruction) triggered by the complaints of AAA and several

hedge funds (who quantified their total alleged damages at

282). The dismissal of charges (non-lieu) ending the

preparatory investigation became final in March 2018. On

March 6, 2020 AAA revived its claim before the civil court of

Paris on its behalf and on behalf of the hedge funds who had

also filed a criminal complaint, as well as two new plaintiffs. In

October 2024, the court ruled in ArcelorMittal's favor,

dismissing all of AAA's claims. Following AAA's appeal in

December 2024, AAA filed their first brief in March 2025, which

quantified its damages claim at 475 plus interest. ArcelorMittal

responded in July 2025. In October 2025, AAA filed a new

brief. Directions are pending from the court for the deadline to

file ArcelorMittal's response brief.

Poland

In October 2024, ArcelorMittal Global Holding S.à.r.l.,

ArcelorMittal Poland S.A. and ArcelorMittal Long Products

Europe Holding S.à.r.l. were served with a Request for

Arbitration filed by Tauron Polska Energia S.A. ("Tauron"). The

dispute arises out of the exercise of put-options in Tameh

Holding, a joint venture between the Company and Tauron.

The Company's reply to the summons was filed on October 30,

2024. Each party claims to have exercised an effective put-

option, which the other party disputes. Tauron seeks the

payment of 166 (PLN 598 million) for its 50% shareholding in

Tameh. In the response, the Company filed a counterclaim

against Tauron for the same amount. Tribunal selection has

been finalized and the first procedural hearing was held in June

2025. The Tribunal has also approved Tauron’s request to join

ArcelorMittal Investment Management Poland as an additional

respondent given it was a shareholder in Tameh. Both parties

filed their statements of case during the second half of 2025.

Canada

In April 2025, two hundred charges of environmental violations

were brought by the Federal Authorities against ArcelorMittal

Canada Inc. under the Fisheries Act. These violations were

allegedly committed between 2014 and 2022. ArcelorMittal

Canada Inc. is defending the actions and the first procedural

hearing took place in July 2025. The trial is scheduled at the

end of the second quarter of 2026.

9.4 Commitments


	December 31,
	2025	2024
Commitments related to purchases of raw materials and energy	17,115	10,082
Guarantees, pledges and other collateral	9,116	10,019
Capital expenditure commitments	1,313	1,542
Other commitments	1,915	1,294
Total	29,459	22,937

Commitments related to purchases of raw materials and

energy

Purchase commitments consist primarily of major agreements

for procuring iron ore, coking coal, coke and hot metal. The

Company also has a number of agreements for electricity,

industrial and natural gas, scrap and freight. In addition to

those purchase commitments disclosed above, the Company

enters into purchasing contracts as part of its normal

operations which have minimum volume requirements but for

which there are no take-or-pay or penalty clauses included in

the contract. The Company does not believe these contracts

have an adverse effect on its liquidity position. Following the

signature of an 18-year nuclear power production allocation

contract with the French electricity supplier EDF on December

26, 2025, the Company's commitments related to purchases of

raw materials and energy increased by 5.6 billion at December

31, 2025.

Commitments related to purchases of raw materials and

energy included commitments given to associates for 441 and

1,704 as of December 31, 2025 and 2024, respectively.

Commitments given to associates at December 31, 2024

included 798 related to a gas supply agreement with Kryvyi Rih

Industrial Gas which was terminated in the first half of 2025.

Purchase commitments included commitments given to joint

ventures for 681 and 719 as of December 31, 2025 and 2024,

respectively. Purchase commitments given to joint ventures

included 1,944 at December 31, 2025 with respect to the

renewable electricity supply agreement VdSA. Purchase

commitments given to joint ventures also included 245 and 287

related to Tameh and 378 and 380 related to Enerfos as of

December 31, 2025 and 2024, respectively.

Guarantees, pledges and other collateral

Guarantees related to financial debt and credit lines given on

behalf of third parties were 299 and 256 as of December 31,

2025 and 2024, respectively. Additionally, guarantees of nil and

11 were given on behalf of associates and guarantees of 5,380

and 6,259 were given on behalf of joint ventures as of

December 31, 2025 and 2024, respectively.

Guarantees given on behalf of joint ventures included 414 and

183 on behalf of VdSA and 248 and 303 in relation to

outstanding lease liabilities for vessels operated by Global

Chartering as of December 31, 2025 and 2024, respectively.

Guarantees given on behalf of joint ventures also included

4,400 and 4,038 as of December 31, 2025 and 2024

corresponding to ArcelorMittal's 60% guarantee of the debt

under the term loan agreements entered into by the AMNS

India joint venture with various Japanese banks.

As of December 31, 2025, pledges and other collateral mainly

related to (i) mortgages entered into by the Company’s

operating subsidiaries and (ii) inventories and receivables

pledged to secure the South African Rand revolving borrowing

base finance facility for the amount drawn of 175 and ceded

bank accounts to secure environmental obligations, true sale of

receivables programs and the revolving borrowing base

finance facility in South Africa of 43. Other sureties, first

demand guarantees, letters of credit, pledges and other

collateral included 250 and 291 of commitments given on

behalf of associates as of December 31, 2025 and 2024,

respectively.

Capital expenditure commitments

Capital expenditure commitments relate to commitments with

respect to purchases of property, plant and equipment

including in the context of expansion and improvement

projects.

Capital expenditure commitments include 108 and 257 at

December 31, 2025 and 2024, respectively, relating to AML in

connection with Phase 2 expansion involving the construction

of 20 million tonnes of concentrate sinter fines capacity and

associated infrastructure.

Other commitments

On November 19, 2021, following a protocol of intent agreed

between the Minas Gerais State Government, ArcelorMittal

Brasil and BMB Belgo Mineira Bekaert Artefatos De Arame Ltd,

ArcelorMittal Brasil committed to carry out capital expenditures

at its facilities in Minas Gerais State, besides employment

generation. As of December 31, 2025 and 2024, commitments

related to this project were 535 and 295, respectively. Other

commitments given also comprise commitments incurred for

gas supply to electricity suppliers.

Commitments to sell

In addition to the commitments presented above, the Company

has firm commitments to sell for which it also has firm

commitments to purchase included in purchase commitments

for 2,717 and 2,897 as of December 31, 2025 and 2024,

respectively, and mainly related to natural gas and electricity.

Commitments to sell included 2,655 and 2,787 as of

December 31, 2025 and 2024, relating to the 25-year offtake

agreement entered into in 2024 between the Company and

AMNS India for the supply of renewable electricity from wind

and solar power generation at the Company's facility in Andhra

Pradesh (India).

Other

On February 28, 2024, the State of the Grand-Duchy of

Luxembourg exercised the right (following an agreement

signed between ArcelorMittal, the Fonds d'Urbanisation et

d'Aménagement du Plateau de Kirchberg and the State of the

Grand-Duchy of Luxembourg on December 20, 2022) to

acquire 50% of ArcelorMittal's future new headquarters and

related right-of-use of land in the Kirchberg district of the city of

Luxembourg. The acquisition price is based on construction

cost. On July 31, 2024, ArcelorMittal and the State of the

Grand-Duchy of Luxembourg signed a sale compromise

pursuant to which this acquisition will be completed at the end

of the construction time.

On August 1, 2025, ArcelorMittal and Aperam entered into a

share purchase agreement as a result of which ArcelorMittal

has irrevocably committed to sell its wholly-owned subsidiary

K22 S.à r.l to Aperam, which has committed to acquire such

investment. Pursuant to the terms and conditions of the share

purchase agreement and following the completion of certain

conditions, Aperam will own 5.4% of ArcelorMittal's future new

headquarters.

As of December 31, 2025, the Company holds PPAs for renewable electricity as summarized below:


Segment	Number of contracts	start-end dates	Average remaining contract duration (in years)	Committed amount
Brazil 1, 2	11	2018-2053	11	2,802
Europe	3	2019-2032	5	66

1.At December 31, 2025, the Company has not yet recognized a commitment with respect to the PPA signed between ArcelorMittal Brasil and BBC Solar (joint venture with

Casa dos Ventos). The Company may have a potential commitment of approximately 273 upon commissioning of BBC Solar power plant, which is currently under

construction. The PPA is established for a duration of 23 years, commencing in 2026 contingent to commissioning of BBC Solar power plant.

2.At December 31, 2025, the Company has not yet recognized a commitment with respect to the framework agreement for Commercialization of Electricity signed between

Acindar and Generación Eléctrica Argentina Renovable I S.A. ("GEAR I"). The Company may have a potential commitment of approximately 588 upon commissioning of

the GEAR I power plant, which is currently under construction. The framework agreement is established for a duration of 25 years, commencing in 2027 contingent to

commissioning of the GEAR I power plant.