Company: MT
Filing Date: 2025-03-10
Form Type: 20-F
Source: 0001243429-25-000017
Chunk: 171

Company: ArcelorMittal
Filing Date: 2025-03-10
Form: 20-F
Chunk 171
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2023 (as compared to 3% in 2022), was supported by fiscal stimulus for infrastructure spe nding, resil ient private

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consumption and higher manufacturing exports. These trends in 2023 largely continued during 2024. With GDP growth slowing to 5% in 2024 (driven by real estate sector downturn). Despite government monetary and fiscal stimulus in the real estate sector, there is downside risk to 2025 growth from rising trade tensions with the U.S. In Brazil, GDP growth of 3.3% in 2024 (compared to 2.9% in 2023 and 3% in 2022) was driven by strong domestic demand supported by wages growing above inflation, unemployment falling and by looser fiscal policy. Rising debt sustainability concerns toward the year-end and continued monetary policy tightening in response to inflation, will likely weigh on growth in 2025. In India, following strong growth of 7.7% in 2023, GDP growth in 2024 grew at an estimated 6.4% year-on-year, driven by investment and supported by strong public investment, particularly in infrastructure, and resilient consumption growth. The level of public debt means public spending is unlikely to be as strong going forward, but expected robust investment growth and strong private consumption growth are expected to, support solid economic growth. After global apparent steel consumption (“ASC”) increased by over 3% in 2021, as the global economy rebounded post- pandemic, ASC declined by over 2% in 2022 due to weaker demand from China caused by COVID-19 restrictions and a destocking cycle in ex-China. In 2023, global ASC increased slightly by approximately 0.2% year-on-year, with world ex- China ASC growing by 2.1% year-on-year, offsetting an almost 2% decline in China, as persistent weakness in domestic real estate sector negatively impacted steel demand. However, weakness in the real estate sector in China worsened in 2024, causing China ASC to decline further by more than 3% year-on- year. Meanwhile, despite weak real demand in ex-China, supportive real demand in emerging markets and restocking, and strong exports from China helped ex-China ASC to grow almost 2% year-on-year. Indeed, ASC in developing markets grew an estimated 4% year-on-year, supported by strong growth in India (10% year-on-year), followed by approximately