Company: MT
Filing Date: 2025-03-10
Form Type: 20-F
Source: 0001243429-25-000017
Chunk: 19

Company: ArcelorMittal
Filing Date: 2025-03-10
Form: 20-F
Chunk 19
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 recommendations of the comprehensive dss+ workplace safety audit that was commissioned at the end of 2023, against the backdrop of a clear necessity to strengthen Group safety performance. The audit, which was ongoing for nine months across all geographies, functions and levels of the organization, had three main scopes: (i) fatality prevention standards for the three main occupational risks leading to serious injuries and fatalities (work at heights, vehicle driving and energy isolation); (ii) process safety management focused on the highest risk assets; and (iii) in- depth assessments of health and safety (H&S) systems, processes and capabilities; governance and assurance processes; and data management. See “Business overview —Sustainability development—Health and Safety.". • On November 26, 2024, ArcelorMittal provided an update on its decarbonization plans in Europe. See “Business overview—Sustainability development—Climate change and decarbonization".

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| Management report |

Risk Factors and Control Risk factors ArcelorMittal’s business, financial condition, results of operations, reputation or prospects could be materially and adversely affected by one or more of the risks and uncertainties described below. I. Risks related to the global economy and the mining and steel industry Prolonged low steel and (to a lesser extent) iron ore prices, low steel demand and/or steel/iron ore oversupply would have an adverse effect on ArcelorMittal’s results of operations. As an integrated producer of steel and iron ore, ArcelorMittal’s results of operations are sensitive to the market prices of, and demand for, steel and iron ore in its markets and globally. The impact of market steel prices on its results is direct while the impact of market iron ore prices is both direct and indirect, as ArcelorMittal sells iron ore on the market to third parties (in which case it benefits from higher iron ore market prices), and indirect, as iron ore is a principal raw material used in steel production and fluctuations in its market price are typically and eventually (with the timing dependent on steel market conditions) passed through to steel prices (with any lags in passing on higher prices “squeezing” steel margins, as discussed below). Steel and iron ore prices are affected by supply and demand trends and inventory cycles. In terms of demand, steel and iron ore prices are sensitive to trends in cyclical industries, such as the automotive, construction, appliance, machinery, equipment and transportation industries. More generally, steel and iron ore prices are sensitive to macro