Company: MT
Filing Date: 2025-03-10
Form Type: 20-F
Source: 0001243429-25-000017
Chunk: 203

Company: ArcelorMittal
Filing Date: 2025-03-10
Form: 20-F
Chunk 203
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 to $11.5 billion the year ended December 31, 2023, primarily due to weaker market conditions including lower activity levels and prices. In the first half of 2024, sales decreased 8.7% to $ 5.8 billion as compared to $ 6.3 billio n in the first half of 2023, and in the second half of 2024 sales decreased by 3.8% to $ 4.9 billion as compared to $5.1 billion in the second half of 2023. Sales in the Sustainable Solutions segment were $ 11.5 billion for the year ended December 31, 2023, representing a 16.0% decrease as compared to $ 13.7 billion the year ended December 31, 2022, primarily due to lower volumes and pricing in the steel downstream and construction business. In the first half of 2023, sales decreased 17.7% to $ 6.3 billion as compared to $ 7.7 billion in the first half of 2022, and in the second half of 2023 sales decreased by 13.9% to $ 5.1 billion as compared to $ 6.0 billion in the second half of 2022 primarily due to the same reason as for the full year. Operating Income for the Sustainable Solutions segment was $ 57 million for the year ended December 31, 2024 as compared to $ 225 million for the year ended December 31, 2023, primarily due to lower activity and margins in the steel downstream and construction business and a lower margin order mix in the projects business. Operating income for the year ended December 31, 2024 was also negatively impacted by $79 million primarily related to restructuring of the distribution network, resulting in a concentration of sites to improve efficiencies. Operating income for the first half of 2024 was $ 81 million, as compared to operating income of $ 189 million in the first half of 2023, primarily due to lower margins impacted by weaker market conditions. In the second half of 2024, operating loss of the Sustainable Solutions segment amounted to $ 24 million as compared to operating income of $ 36 million for the second half

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| Management report |

of 2023 impacted by the restructuring c harges, lower activity, margins, and mix as mentioned above. Operating i ncome for the Sustainable Solutions segment was $ 0.2 billion for