Company: MT
Filing Date: 2025-03-10
Form Type: 20-F
Source: 0001243429-25-000017
Chunk: 201

Company: ArcelorMittal
Filing Date: 2025-03-10
Form: 20-F
Chunk 201
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 year ended December 31, 2023 was $ 879 million as compared to operating income of $ 3,521 million for the year ended December 31, 2022. Operating income was lower in 2023 primarily due to a negative price-cost effect and lower shipments offset in part by lower energy costs. Operating income was $ 744 million for the first half of 2023 as compared to $ 3,448 million for the first half of 2022, primarily due to a negative price-cost effect and lower

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| Management report |

shipments offset in part by lower energy costs. O perating income was higher at $ 135 million for the second half of 2023 as compared to $ 73 million for the second half of 2022, which had been impacted by $0.5 billion inventory-related charges .

| India and JVs                                                                |                                            |        |       |
|                                                                              | Performance for the yearended December 31, |        |       |
| (in millions of USD unless otherwise shown)                                  |                                       2024 |   2023 |  2022 |
| Income from investments in associates, jointventures and other investments   |                                        779 |  1,184 | 1,317 |
| Impairment of investments in associates,joint ventures and other investments |                                          — | -1,405 |     — |

I ncome from investments in associates, joint ventures and other investments was lower at $ 779 million for the year ended December 31, 2024, as compared to $1,184 million for the year ended December 31, 2023. Income from investments in associates, joint ventures and other investments was impacted by the lower contributions from AMNS India and Chinese investees in 2024 partly offset by the positive contribution of Vallourec in the fourth quarter of 2024 . Income from investments in associates, joint ventures and other investments was lower at $ 423 million for the first half of 2024, as compared to $711 million for the first half of 2023, mainly driven by lower contributions from AMNS India. Income from investments in associates, joint ventures and other investments was lower at $ 356 million for the second half of 2024, as compared to $473 million for the second half of 2023, primarily d ue to lower contributions from AMNS India offset in part by higher contribution from AMNS Calvert and Vallourec. Income from investments in