Company: MT
Filing Date: 2025-03-10
Form Type: 20-F
Source: 0001243429-25-000017
Chunk: 172

Company: ArcelorMittal
Filing Date: 2025-03-10
Form: 20-F
Chunk 172
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 8% year- on-year growth in Brazil offsetting weaker growth elsewhere. On the other hand, ASC in developed markets is estimated to have decreased slightly by 1% in 2024, largely driven by a decline of 3% year-on-year in ASC in "Developed Asia" (i ncluding in particular Japan, South Korea and Taiwan) . EU27 steel demand was broadly stable as inventory build was enough to offset weaker real demand as the industrial recession continued. ASC in the U.S. was also slightly down by approximately 0.5% year- on-year, mainly driven by long products and pipe and tube. As a result, ex-China ASC rose by almost 2% year-on-year. However, ex-China growth was not enough to offset the decline in China, leading to global ASC estimated to have decreased by approximately 1% in 2024. Source: GDP and industrial production data and estimates sourced from Oxford Economics Jan 10, 2025. ASC data for U.S. from AISI to Nov 2024, estimates for Dec 2024. ASC data for Brazil from Brazilian Steel Institute to Nov 2024, estimates for Dec 2024. ASC data for EU27 from Eurofer to Oct 2024, estimates for Nov and Dec 2024. All estimates are internal ArcelorMittal estimates. ASC data for India from JPC to December 2024. All estimates are internal ArcelorMittal estimates. Steel production Global production declined to 1.88 billion tonnes in 2022 as compared to 2021 , driven by lower production in world ex-China resulting from high energy costs and the Russian invasion of Ukraine. In China, lower production in 2022 reflected lower steel demand, which was negatively impacted by COVID-19’s exacerbation of the downturn in the real estate market. This trend in the developed market continued in 2023, but stronger production in developing ex-China notably resulted in world ex-China production being broadly stable relative to 2022. Steel production in China rose by almost 1% year-on-year in 2023, leading to a surge in Chinese net steel exports (given the slight decline in domestic demand). Overall, global steel production in 2024 decreased marginally, down almost 1% year-on-year. Steel production in world ex- China was stable, as production in developed markets fell slightly from weak levels, offset by stronger production in developing markets. Production in the Company’s major markets of Canada, the EU and the