Company: MT
Filing Date: 2025-03-10
Form Type: 20-F
Source: 0001243429-25-000017
Chunk: 173

Company: ArcelorMittal
Filing Date: 2025-03-10
Form: 20-F
Chunk 173
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 U.S. was stable, albeit at weak levels, offset by declining production in developed Asia. In 2024, the situation in China was similar to 2023, with government stimulus supporting infrastructure but only partially offsetting an even sharper decline in the real estate sector. Steel production declined less than the decline in domestic demand resulting in increased Chinese net exports relative to 2023. Source: Steel production data are compiled using World Steel data for 61 countries for which monthly data is available (which together account for 97% of World production). 61 countries Include: Austria, Belgium, Finland, France, Germany, Greece, Italy, Luxembourg, Netherlands, Spain, Sweden, United Kingdom, Turkey, Norway, Canada, Mexico, United States, Argentina, Brazil, Chile, Colombia, Ecuador, Peru, Venezuela, Egypt, South Africa, Libya, Kazakhstan, Russia, Ukraine, Iran, Saudi Arabia, United Arab Emirates, Japan, South Korea, Taiwan, China, India, Pakistan, Thailand, Vietnam, Australia and New Zealand. Production data is available for through December 2024, with some World Steel estimates for missing data. Trade and import competition Europe There has been a trend of imports growing more strongly than domestic demand in the EU since 2012. In 2022, the Russian invasion of Ukraine in February triggered an energy crisis in Europe, causing both ASC and imports to decline sharply during the second half of 2022. As a result, import penetration only rose marginally to 20% in 2022. In 2023, while subdued demand in Europe meant both ASC and imports declined year-on-year, the decrease in imports was slightly greater than the fall in ASC, which led to import penetration declining slightly to 19%. In 2024, imports once again increased, estimated at approximately 9% year-on-year.

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| Management report |

Strong import growth coupled with relatively stable demand has pushed import penetration up to approximately 20% in 2024. Source: Eurostat imports and Eurofer ASC data to October 2024, internal Company estimates for November and December 2024 . All historical data now refers to EU27 after UK left the European Union. United States Steel imports continued to increase strongly during 2022, with the increase in imports (10% year-on-year) coupled with a decline in steel demand leading to import penetration increasing to over 23%. The weakening trend in imports since late 2022 continued through 2023, with imports falling by approximately 14% year