Company: MT
Filing Date: 2025-03-10
Form Type: 20-F
Source: 0001243429-25-000017
Chunk: 134

Company: ArcelorMittal
Filing Date: 2025-03-10
Form: 20-F
Chunk 134
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 mill ("PLTCM"). First commercial coil was produced on January 3, 2023 and commercial production began in April 2023. The project has been operating at full capacity since July 2023. Ventos de Santo Antonio On May 5, 2023, ArcelorMittal Brasil formed the joint venture Ventos de Santo Antonio Comercializadora de Energia S.A. ("VdSA") with Casa dos Ventos, one of Brazil’s largest developers and producers of renewable energy projects, to develop a 554 MW wind power project in the central region of Bahia, in north-east Brazil. ArcelorMittal Brasil holds a 55% stake in the joint venture, with Casa dos Ventos holding the remaining 45%. The $0.8 billion project aims to secure and decarbonize a considerable proportion of ArcelorMittal Brasil’s future electricity needs and is estimated to provide 38% of ArcelorMittal’s Brasil’s total electricity needs in 2030 pursuant to a 20-year power purchase agreement to be entered into with the joint venture for the supply of electricity. VdSA is equity

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| Management report |

accounted and ArcelorMittal’s total equity investment will be $0.15 billion. P roject execution is on track with overall project progress of approximately 80%. Operational commissioning is ex pected in 2025. In addition, ArcelorMittal Brasil signed related contracts on August 21, 2024 for the development of two solar energy projects with a combined capacity of 465MW, equivalent to 14% of its current electricity requirements. See "Introduction— Sustainable development highlights". See note 2.4.1 to the consolidated financial statements for further information on investments in joint ventures. Capital expenditures The Company’s capital expenditures were $4.4 billion, $4.6 billion and $3.5 billion for the years ended December 31, 2024, 2023 and 2022, respectively. The following table summarizes the Company’s principal growth and optimization projects involving significant capital expenditures that are currently ongoing. In 2025, capital expenditures are expected to be in the range of $4.5 to 5.0 billion of which $1.4 to $1.5 billion is expected as strategic growth capital expenditure and $0.3-$0.4 billion on projects related to decarbonization. ArcelorMittal expects to fund these capital expenditures primarily through internal sources. See “Operating and