Company: MT
Filing Date: 2025-03-10
Form Type: 20-F
Source: 0001243429-25-000017
Chunk: 249

Company: ArcelorMittal
Filing Date: 2025-03-10
Form: 20-F
Chunk 249
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 provide access to low-carbon intensity steel products to customers. ArcelorMittal’s XCarb® low-carbon emissions steel, which has a carbon footprint of as low as 300kg per tonne of steel produced, has seen sales grow to approximately 0.4 million tonnes in 2024.

135

| Management report |

Energy infrastructure, policy and the market environment in Europe have not moved in a favorable direction for decarbonization. Before taking final investment decisions on the Company’s decarbonization projects, ArcelorMittal need to have greater clarity on the policy to ensure higher cost steelmaking can be competitive in Europe without a global carbon price. However, the Company continues to move forward with decarbonization projects which are economic. In 2024, ArcelorMittal started the construction of a 1.1 million-tonne EAF in Gijόn, Spain and is progressing on the EAF expansion at Sestao, Spain to 1.6 million tonnes. Outside of Europe, in the United States, AM/NS Calvert is commissioning a new 1.5 million tonne per annum EAF enhancing its ability to meet automotive demand. At the same time, the Company continues to secure the resources for decarbonization. In 2024, the Company increased its renewable energy portfolio to 2.1 GW with 975MW commissioned in India and equity investments in Brazil and Argentina. Going forward Safety remains the number one focus for 2025, and ArcelorMittal will be monitoring alongside shareholders the progress in implementing the recommendations of the safety audit. There are certainly several challenges to navigate, but the long-term outlook for steel is positive. ArcelorMittal aims to leverage its geographic presence and strong R&D capabilities to meet stakeholder needs and produce smarter steels – for people and planet. We are committed to delivering sustainable value to shareholders and thank you for your investment and trust in ArcelorMittal. Yours Sincerely, Karyn Ovelmen

136

| Management report |

Board of Directors Directors’ fees The ARCG Committee of the Board of Directors prepares proposals on the remuneration to be paid annually to the members of the Board of Directors. At the April 30, 2024 annual general meeting of shareholders, the shareholders approved the annual remuneration for non- executive directors for the 2023 financial year, based on the following annual fees (euro denominated amounts are translated into U.S. dollar as of December 31,