Company: MT
Filing Date: 2025-03-10
Form Type: 20-F
Source: 0001243429-25-000017
Chunk: 174

Company: ArcelorMittal
Filing Date: 2025-03-10
Form: 20-F
Chunk 174
---
-on-year while ASC only declined by approximately 3.5% year-on-year. The much sharper decline in imports pushed import penetration down to approximately 21% in 2023. In 2024, imports stopped falling and rose by an estimated 1.6% year-on- year, while ASC (mainly long products, pipe and tube) continued to decline by approximately 3%, leading import penetration to rise slightly to 22%. Source: American Iron and Steel Association total/regional imports data and ASC data to November 2024, internal Company estimate for December 2024. China In 2022, Chinese finished steel exports were broadly stable, up only 0.8% year-on-year to 67.4 million tonnes as compared to 66.9 million tonnes in 2021. With weak demand in China and a large price gap to ex-China, Chinese finished steel exports increased strongly in 2023, to 91.2 million tonnes, an increase of approximately 25 million tonnes from 2022 levels. This trend continued in 2024, with finished steel exports rising by 22% year-on-year to 111 million tonnes for 2024. While most Chinese exports are delivered to regions which are not core to the Company’s business due to the protection of trade measures, Chinese exports still negatively impact the Company both directly and indirectly. See “Business overview—Government regulations—Foreign trade” and “Introduction—Risk Factors and Control—Risks related to the global economy and the mining and steel industry—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.” Source: General Administration of Customs of the People's Republic of China. Steel prices In relation to flat products, European hot rolled coil ("HRC") prices (both Northern and Southern), U.S. domestic Midwest HRC prices and Chinese HRC prices, VAT excluded, over the 2022-2024 period generally reflect a downward trend. Likewise, in relation to long products, European medium and rebar prices and Turkish rebar prices experienced a similar trend over this period. Movements in these prices over this period have been driven by a number of factors affecting demand and supply in such markets, including the effects of the war in Ukraine (started at the end of February 2022), inflation, recessionary concerns, supply chain constraints and labor shortages that weakened manufacturing and demand in certain industries (including as a result of COVID-19