Company: MT
Filing Date: 2025-03-10
Form Type: 20-F
Source: 0001243429-25-000017
Chunk: 152

Company: ArcelorMittal
Filing Date: 2025-03-10
Form: 20-F
Chunk 152
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2019-2020, to apply best available technology and replace wet with dry stack tailings treatment. The Phase 2 expansion includes the construction of a concentrator plant with the ability to beneficiate oxidized and transitional ores and that targets 15 million tonnes per annum of premium iron ore concentrate. Current plans aim to optimize the product mix and achieve a 20 million tonnes per annum production rate by the end of 2025. For the first five years, this is done by blending concentrate with 5 million tonnes per annum of crushed blend ore, which bypasses the concentrator. This crushed blend ore mixed with concentrate makes it suitable for sinter feed. The plan is to maintain these higher production rates, so ongoing studies are exploring options to expand the resource base of crushed blend ore, optimize mass recovery through the inclusion of regrinding and flotation circuits for the tailings, and increase concentrator capacity. The concentrator phase, will transition AML to a premium product category (high-grade concentrate) asset while achieving a low FOB and CIF-China cost position (with the economies of scale projected to more than offset the cost of concentration). The expansion project, which encompasses processing, rail and port facilities, is one of the largest mining projects in West Africa. It is effectively a brownfield expansion, with 90% of the procurement already completed (with the equipment on site) and most civil works completed in 2024 (with minor areas still to be concluded), with structural, mechanical, piping and platework well progressed. First concentrate was generated during commissioning activities in the fourth quarter of 2024, full completion and continuous production is expected in 2025. The revised feasibility study also contemplates a future change to the processing infrastructure to enable the production of high- quality concentrate from the magnetite dominant fresh ores (Phase 3). See also "—Capital expenditures".

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| Management report |

JOINT VENTURES AND ASSOCIATES AMNS India is a joint venture in which ArcelorMittal and NSC hold a 60% and 40% interest, respectively.

|                             |     | % ofOwnershipInterest |                          | 2024 |                       |                          |                  2023 |                          | 2022 |     |
|                             |     | ROM Millionsof Tonnes | ProductMillions ofTonnes |      | ROM Millionsof Tonnes | ProductMillions ofTonnes | ROM Millionsof Tonnes | ProductMillions ofTonnes |      |     |
| AMNS