Company: MT
Filing Date: 2025-03-10
Form Type: 20-F
Source: 0001243429-25-000017
Chunk: 23

Company: ArcelorMittal
Filing Date: 2025-03-10
Form: 20-F
Chunk 23
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 result, in the Company having to cut production regionally or globally. Indirectly, if steel-using customers are unable to source the energy supplies needed for their operations, they will be unable to operate and their demand for steel will decline. Unfair trade practices, import tariffs and/or barriers to free trade could negatively affect steel prices and ArcelorMittal’s results of operations in various markets . ArcelorMittal is exposed to the effects of “dumping” and other unfair trade and pricing practices by competitors. Moreover, government subsidies to the steel industry remain widespread in certain countries, particularly those with centrally controlled economies such as China. In periods of lower global demand for steel, there is an increased risk of additional volumes of unfairly- traded steel exports into various markets, including Europe, North America and other markets such as Brazil and South Africa, in which ArcelorMittal produces and sells its products. Such imports have had and could in the future have the effect of reducing prices and demand for ArcelorMittal’s products. ArcelorMittal is also exposed to the effects of import tariffs, other trade barriers and protectionist policies more generally due to the global nature of its operations. Various countries have instituted, and may institute import tariffs and barriers that could, depending on the nature of the measures adopted, adversely affect ArcelorMittal’s business by limiting the Company’s access to or competitiveness in steel markets. While such protectionist measures can help the producers in the adopting country, they may be ineffective (or only effective in the short-term), raise the risk of exports being directed to markets where no such measures are in place or are less effective and/or result in retaliatory measures. The prospect of higher tariffs, protectionist measures, increased trade disputes and retaliatory actions is heightened in 2025 based on recent actions and announcements in various countries, including Brazil, Turkey and India, as well as the changing policies of the new U.S. administration. For example, in February 2025, the U.S. administration announced new

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| Management report |

Section 232 tariffs, reinstating a 25% tariff on all steel imports as from March 2025 . Export sales of steel products from the Company to the U.S. market represented $6.7 billion in 2024. As was the case in 2018, new retaliatory protectionist measures may be announced in the European Union, Canada or in other countries as a result. The imposition of tariffs (whether in the United States or in other countries or regions)