Company: MT
Filing Date: 2025-03-10
Form Type: 20-F
Source: 0001243429-25-000017
Chunk: 178

Company: ArcelorMittal
Filing Date: 2025-03-10
Form: 20-F
Chunk 178
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% from $1,266/t in 2023 to $1336/t in 2024 ($2,123/t in 2022) and medium carbon ferro manganese prices decreased by 2% from $1,832/t in 2023 to $1,790/t in 2024 ($3,332/t in 2022). Base metals Base metals used by ArcelorMittal are zinc, tin and aluminum for coating, aluminum for deoxidization of liquid steel and nickel for producing stainless or special steels. ArcelorMittal partially hedges its exposure to its base metal inputs in accordance with its risk management policies. The average price of zinc for 2024 was $2,777/t, representing a 4.8% increase as compared to the 2023 average price of $2,649/t (the 2022 average was $3,485/t). The average price of tin for 2024 was $30,191/t, 16.6% higher than the 2023 average of $25,895/t. In 2022 average was $31,102/t). The average price of aluminum for 2024 was $2,419/t, representing a 7.4% increase compared to the 2023 average of $2,252/t (the 2022 average was $2,707/t). The average price of nickel for 2024 was $16,812/t, representing a 21.7% decrease compared to the 2023 average of $21,474/t (the 2022 average was $25,604/t). Energy market and CO 2 Solid fuels, electricity and natural gas are some of the primary energ y inputs for a steelmaker. ArcelorMittal is exposed to price volatility in each of these energy types with respect to its purchases in the spot market and under its long-term supply contracts. Oil Brent crude oil price averaged $79.86/bbl in 2024, a decrease of $2.29/bbl as compared to 2023 which averaged at $82.15/bbl. Brent crude oil prices in 2023 reflected a decrease of $16.9/bbl compared to 2022, which averaged $99.05/bbl. Brent crude oil price volatility over the 2022-2024 period has been exacerbated by a number of geopolitical and macroeconomic factors, including the war in Ukraine, conflicts in the Middle East, production decisions by Organization of Petroleum Exporting Countries ("