Company: MT
Filing Date: 2025-03-10
Form Type: 20-F
Source: 0001243429-25-000017
Chunk: 181

Company: ArcelorMittal
Filing Date: 2025-03-10
Form: 20-F
Chunk 181
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 and fleet growth. Moreover, the relatively new ETS regulations that entered into force at the start of 2024 continue to have an impact on the market as average vessel speeds dropped to comply with the stricter environmental requirements and to limit costs. The Baltic Dry Index (“BDI”) (an index of average prices paid for transport of dry bulk materials) average was at 1,378 points in 2023 compared to 1,934 points in 2022. The Capesize sub- index (cargoes of about 150,000 tonnes) increased by 1.31% year-on-year to an average of $16,389/day in 2023 compared to $16,177/day in 2022. The Panamax sub-index (cargoes of about 60-70,000 tonnes) decreased by 38.01% to an average of $12,854/day as compared to $20,736/day in 2022. In 2023, the Supramax sub-index (cargoes of about 48-60,000 tonnes) fell to an average of $11,240/day as compared to $22,152/day in 2022, a 49.26% decline. The BDI average was at 1,755 points in 2024 compared to 1,378 points in 2023. The Capesize index increased by 37.8% year-on-year to an average of $22,592/day in 2024 compared to $16,389/day in 2023. The Panamax index increased by 9.7% to an average of $14,099/day as compared to $12,854/day in 2023. In 2024, the Supramax index increased to an average of $13,600/day as compared to $11,240 /day in 2023, a 21% increase. Sources: Baltic Index, Clarksons Platou Impact of exchange rate movements Because a substantial portion of ArcelorMittal’s assets, liabilities, sales and earnings are denominated in currencies other than the U.S. dollar (its reporting currency), ArcelorMittal has exposure to fluctuations in the values of these currencies relative to the U.S. dollar. These currency fluctuations, especially the fluctuation of the U.S. dollar relative to the euro, as well as fluctuations in the currencies of the other countries in which ArcelorMittal has significant operations and sales, can have a material impact on its results