Company: MT
Filing Date: 2025-03-10
Form Type: 20-F
Source: 0001243429-25-000017
Chunk: 21

Company: ArcelorMittal
Filing Date: 2025-03-10
Form: 20-F
Chunk 21
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 home market as well as on regional market pricing differentials (including any applicable import tariffs). The European steel market is particularly sensitive to the import threat due to structural overcapacity , which may also be aggravated by any new or reinstated tariffs (such as those announced in the United States). See “Unfair trade practices, import tariffs and/or, barriers to free trade could negatively affect steel prices and ArcelorMittal’s results of operations in various markets”. In terms of inventory, steel stocking and destocking cycles affect apparent demand for steel and hence steel prices and steel producers’ profitability. For example, steel distributors may accumulate substantial steel inventories in periods of low prices and, in periods of rising real demand for steel from end-users, steel distributors may sell steel from inventory (destock), thereby delaying the effective implementation of steel price increases. Conversely, steel price decreases can sometimes develop their own momentum, as customers adopt a “wait and see” attitude and destock in the expectation of further price decreases. The trajectory of steel and iron ore demand and prices going forward, in particular in 2025, is difficult to predict, including given the variables described above. A scenario of prolonged low steel and (to a lesser extent or if simultaneous) iron ore

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prices, whether or not combined with low steel demand, would have a material adverse effect on ArcelorMittal’s results of operations and financial condition. Moreover, a renewed phase of steel and iron ore oversupply would likely have a material adverse effect on ArcelorMittal’s results of operations and financial condition. Volatility in the supply and prices of raw materials, energy and volatility in steel prices or mismatches between steel prices and raw material prices could adversely affect ArcelorMittal’s results of operations. Steel production consumes substantial amounts of raw materials (the prices of which have been highly volatile in recent years) including iron ore, coking coal and coke, and the production of direct reduced iron, the production of steel in EAF and the re-heating of steel involve the use of significant amounts of energy, making steel companies, such as ArcelorMittal, dependent on the price of, and their reliable access to, supplies of raw materials and energy. Although ArcelorMittal has substantial sources of iron ore from its own mines (the Company’s self-sufficiency rate was 58% for iron ore in 2024), it remains exposed to volatility in the supply and price of iron ore and coking coal given that it obtains a significant portion of