Company: MT
Filing Date: 2025-03-10
Form Type: 20-F
Source: 0001243429-25-000017
Chunk: 206

Company: ArcelorMittal
Filing Date: 2025-03-10
Form: 20-F
Chunk 206
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.5 per tonne in 2023 and $120.3 per tonne in 2022 (delivered to China, normalized to Qingdao and 62% Fe US $ per tonne, Metal Bulletin). However, there may not be a direct correlation between reference prices and actual selling prices in various regions at a given time. See also quarterly reference prices in "Raw materials" above. Operating income Operating income for the Mining segment was 32.7% lower at $ 770 million for the year ended December 31, 2024 as compared to $1,144 million for the year ended December 31, 2023, primarily driven by 8.3% lower iron ore reference prices and higher freight costs. Operating income decreased to $ 396 million in the first half of 2024 compared to $ 599 million in the first half of 2023, primarily due to lower iron ore prices and lower shipments. Operating income decreased by 31.4% to $ 374 million in the second half of 2024 as compared to $545 million in the second half of 2023 primarily due to lower iron ore prices in the second half of 2024 compared to the second half of 2023, offset in part by higher shipments . Operating income for the Mining segment was 22.9% lower at $ 1,144 million for the year ended December 31, 2023 as compared to $1,483 million for the year ended December 31, 2022, primarily driven by lower quality premia, lower shipments and higher costs partly offset by lower freight. Operating income decreased to $ 599 million in the first half of 2023 compared to $ 974 million in the first half of 2022, primarily due to lower seaborne iron ore reference prices, lower shipments as discussed above and lower quality premia partially offset by lower freight costs. Operating income increased by 7.1% to $ 545 million in the second half of 2023 as compared to $ 509 million in the second half of 2022 primarily due to 19.9 % higher seaborne iron ore prices in the second half of 2023 compared to the second half of 2022, offset in part by lower shipments and lower quality premia. Income from and impairments of investments in associates, joint ventures and other investments ArcelorMittal has investments in various joint ventures and associates. The Company considers AMNS Calvert and AMNS India joint