Company: MT
Filing Date: 2025-03-10
Form Type: 20-F
Source: 0001243429-25-000017
Chunk: 205

Company: ArcelorMittal
Filing Date: 2025-03-10
Form: 20-F
Chunk 205
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 to $ 1.6 billion for the same period in 2023 primarily due to 10.9% lower iron ore shipments and slightly lower iron ore prices. Sales in the second half of 2024 decreased 13.4% to $ 1.3 billion as compared to $ 1.5 billion for the same period in 2023 primarily due to lower 16.1% iron ore reference prices offset in part 12.6% higher shipments. Sales in the Mining segment were $ 3.1 billion for the year ended December 31, 2023, representing a 9.4% decrease as compared to $3.4 billion for the year ended December 31, 2022 as a result of 5.8% decrease in shipments following above- mentioned lower production. Sales in the first half of 2023 decreased 18.3% to $ 1.6 billion compared to $ 1.9 billion for the same period in 2022 primarily due to 15.6% lower iron ore reference prices and 1.9% lower iron ore shipments. Sales in the second half of 2023 and 2022 remain stable at $ 1.5 billion as the increase in iron ore reference prices was largely offset by lower shipments . Sales to external customers were $ 982 million for the year ended December 31, 2024, representing a decrease of 16% as compared to the year ended December 31, 2023 due to lower shipments and lower prices. Sales to external customers were $1.2 billion for the year ended December 31, 2023, representing a decrease of 10.3% as compared to the year ended December 31, 2022 due to lower selling prices. Iron ore shipments to external customers were 9.3 million tonnes for the year ended December 31, 2024, representing a 7.1% decrease as compared to 10.0 million tonnes for the year ended December 31, 2023.

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| Management report |

Iron ore shipments to external customers were 10.0 million tonnes for the year ended December 31, 2023, representing an 8.4% decrease as compared to 10.9 million tonnes for the year ended December 31, 2022, primarily due to lower production in AMMC and Liberia. The average reference iron ore price was $ 109.6 per tonne in 2024, $119