Company: MT
Filing Date: 2025-03-10
Form Type: 20-F
Source: 0001243429-25-000017
Chunk: 175

Company: ArcelorMittal
Filing Date: 2025-03-10
Form: 20-F
Chunk 175
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 $795 |
| Q2 2022                                     | €1,426                      | €1,220                         |          $808 |
| Q3 2022                                     | €1,210                      | €981                           |          $665 |
| Q4 2022                                     | €1,072                      | €814                           |          $660 |
| Q1 2023                                     | € 964                       | € 722                          |          $708 |
| Q2 2023                                     | € 889                       | € 649                          |          $637 |
| Q3 2023                                     | € 805                       | € 577                          |          $569 |
| Q4 2023                                     | € 766                       | € 606                          |          $574 |
| Q1 2024                                     | € 772                       | € 633                          |          $602 |
| Q2 2024                                     | € 753                       | € 610                          |          $582 |
| Q3 2024                                     | € 768                       | € 615                          |          $576 |
| Q4 2024                                     | € 770                       | € 595                          |          $580 |

Raw materials The primary raw material inputs for a steelmaker are iron ore, coking coal, solid fuels, metallics (e.g., scrap), alloys, electricity, natural gas and base metals. ArcelorMittal is exposed to price volatility in each of these raw materials with respect to its purchases in the spot market and under its long-term supply contracts. In the longer term, demand for raw materials is expected to continue to correlate closely with the steel market, with prices fluctuating according to supply and demand dynamics. Since most of the minerals used in the steelmaking process are finite resources, their prices may also rise in

96

| Management report |

response to any perceived scarcity of remaining accessible supplies, combined with the evolution of the pipeline of new exploration projects to replace depleted resources. As for pricing mechanisms, quarterly and monthly pricing systems are the main type of contract pricing mechanisms , but spot purchases have gained a greater share, in particular since 2020, as steelmakers have developed strategies to benefit from increasing spot market liquidity and volatility. Pricing is generally linked to market price indexes and uses a variety of mechanisms, including current spot prices and average prices over specified periods. Therefore, there may not be a direct correlation between market reference prices and actual selling prices in various regions at a given time. Iron ore In 202