Company: MT
Filing Date: 2025-03-10
Form Type: 20-F
Source: 0001243429-25-000017
Chunk: 68

Company: ArcelorMittal
Filing Date: 2025-03-10
Form: 20-F
Chunk 68
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 Since 2018, total absolute emissions of the Company’s operations have reduced by 86 million tonnes CO 2 (approximately 46 %) , primarily due to footprint and asset optimization of some of ArcelorMittal's most CO 2 intensive capacity. In 2024, EAFs comprised 25% of the Group’s global production, as compared with 19% in 2018. ArcelorMittal’s progress and activities related to decarbonization have been across four key areas: • Disciplined, competitive decarbonization capital expenditures • Securing the resources for the transition • Fostering the development of a supportive environment for decarbonization, and • Enabling the transition of key sectors. The Company remains committed to achieving net-zero by 2050. Given the recent announcements made by the Company regarding its decarbonization plans in Europe, the 2030 intensity target s are under review and will be set out in the forthcoming Climate Action Report 3. Disciplined and competitive decarbonization ArcelorMittal’s previously announced decarbonization investments in Europe are progressing at a slower pace than initially envisioned. The previously announced intention to replace several blast furnaces with lower carbon emissions “hydrogen ready” DRI-EAF facilities was premised on a favorable combination of policy, technology and market developments that would help offset the significantly higher capital and operating costs involved. Progress so far has been insufficient to support the investment case. The Company expects several important developments in 2025, including the scheduled review of the CBAM, an anticipated review of the steel safeguards (necessary to protect the industry from unfair trade resulting from China’s excess capacity), and the publication of the Steel and Metals Action Plan amongst others. The Company continues to optimize its decarbonization plans, focused on achieving an acceptable return on the capital to be invested. Whilst the Company awaits more support and policy progress in Europe, it is continuing with engineering work, as well as analyzing a phased approach that would first start with constructing EAFs, which can also be fed with scrap steel to significantly reduce emissions. The Company has three announced EAF projects that are already progressing in Gijón (Spain) (see "Introduction— Sustainable developments highlights"), Sestao (Spain) and at its joint venture AMNS Calvert (USA), the latter which is now commissioning. Overall, ArcelorMittal has invested $1 billion decarbonization capital expenditures since 2018, mainly in EAF investments, DRI/EAF engineering studies and CC