Company: MT
Filing Date: 2025-08-01
Form Type: 6-K
Source: 0001243429-25-000067
Chunk: 9

Company: ArcelorMittal
Filing Date: 2025-08-01
Form: 6-K
Chunk 9
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 growth in ASEAN (approximately 2%) and South America (approximately 2%).

During the first half of 2025, apparent steel consumption ("ASC") in China remained weak, as weakness in domestic real estate sector persisted, with stagnated starts and little support from sales improvement, which meant steel demand in real estate continued to contract. The main offset to real estate weakness was infrastructure, and to a lesser extent, machinery and automotive due to support from resilient exports. In ex-China, while there was some gradual improvement in real demand, still-elevated level of Chinese exports led to some inventory rebuild, especially in many developing markets, supporting ASC during the first half of 2025. For example, in Brazil, while ASC in the first half of 2025 was robust at 10% year-on-year, imports increased by more than 30% compared to 2024 levels. In developed markets, the broad decline in interest rates which started in 2024 provided support to the construction sector relative to manufacturing sectors which are more exposed to trade frictions (in particular automotive). As a result, while there was limited ASC growth in EU27, long products were better than flat products. Similarly, in the U.S., ASC was largely stable year-on-year, as a decline in flat products was offset by growth in long products mainly pipes and tubes.

Source: GDP and industrial production data and estimates sourced from Oxford Economics July 22, 2025. Industrial production data to April/May, with estimate for June. ASC data for U.S. from AISI to May 2025, estimates for June 2025. ASC data for Brazil from Brazilian Steel Institute to June 2025. ASC data for EU27 from Eurofer to March 2025, estimates for the second quarter of 2025. All estimates are internal ArcelorMittal estimates. Developed Markets includes EU27 + UK, Norway, Switzerland, Canada, U.S., Developed Asia (Japan, S. Korea and Taiwan), Australia and New Zealand. Developing ex China is the remaining countries outside Developed Markets and China.

Steel production

During the first half of 2025, world steel production continued to decline (-1.9% year-on-year), driven by lower production in both ex-China and in China.

In developed markets, in the first half of 2025, steel production was down compared to the relatively stronger first half of 2024, with average steel production more broadly similar to the second half of 2024. Weaker year-on