Company: MT
Filing Date: 2025-08-01
Form Type: 6-K
Source: 0001243429-25-000067
Chunk: 7

Company: ArcelorMittal
Filing Date: 2025-08-01
Form: 6-K
Chunk 7
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ated while construction outputs improved slightly, by 0.5% year-on-year for the period of January to April 2025. Weaker growth led to inflation moderation since 2024, with the Eurozone headline Consumer Price Index ("CPI") normalized to 2% in the second quarter of 2025. The European Central Bank ("ECB") has been lowering interest rates since June 2024, with main re-financing rates down to 2.15% by the end of the first half of 2025, from a peak of 4.5% in early 2024. The lagged positive impact of lower interest rates, in addition to substantially higher German fiscal spending, planned between 2025-2029, is expected to continue to support growth in the absence of significant tariff shocks.

Since the real estate downturn in 2022, economic growth in China has been driven by export-oriented manufacturing sectors and infrastructure, offsetting domestic weakness in the real estate sector. During the first half of 2025, despite higher U.S. tariffs, front-loading and export re-routing meant the negative tariff impact on Chinese exports and its manufacturing sectors was delayed. Meanwhile, domestic weakness in the real estate sector persists, as property prices stagnated at low levels while real estate investment continued to fall. There has been very limited growth in housing sales, and as a result real estate starts remained tepid. In March 2025, Chinese authorities announced substantial fiscal support, mainly by boosting infrastructure investment, with a smaller share targeting household

| 6 |     | Interim Management Report |

Business overview continued

consumption through government subsidies and some increases in social spending. More recently, authorities announced further monetary policy easing and financial measures to support several sectors of the economy. Resilient exports, along with some domestic policy supports offsetting real estate weakness, led to GDP growth by 5.2% year-on-year during the first half of 2025.

In Brazil, following 3% GDP growth in 2024, in the first quarter of 2025, GDP grew by 3.8% year-on-year, largely driven by a strong recovery in the agricultural sector, offsetting a contraction in industrial activity and nearly stagnant service sector growth. Inflation exceeded 5% in the first half of the year – above the central’s target range – leading to a sharp increase in interest rates from 11.25% in November 2024, to 15% by the end of June 2025