Company: MT
Filing Date: 2025-03-10
Form Type: 20-F
Source: 0001243429-25-000017
Chunk: 232

Company: ArcelorMittal
Filing Date: 2025-03-10
Form: 20-F
Chunk 232
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 key region in 2025: • In the U.S., ASC for flat products is expected to grow within the range of 1.0% to 3.0%; • In Europe, ASC for flat products is expected to grow within a range of 0% to 2.0%; • In Brazil, the Company expects ASC to be stable in 2025 following strong growth in 2024 by 8.0%; • In India, the Company expects ASC growth within the range of 6.0% to 7.0%; • In China, ASC is expected to remain stable. While near term demand is expected to remain subdued, given the low inventory environment, especially in Europe, the Company is optimistic that restocking activity will supplement real demand improvement in time. Capital expenditure is expected to remain within the range of $4.5 billion to $5.0 billion (of which $1.4 billion to $1.5 billion is related to strategic growth capital expenditure and $0.3 b illion to $0.4 billion on projects related to decarbonization). Cash flows from operating activities in 2025 is expected to be supported by working capital optimization. The completion of the Company’s strategic growth projects is expected to support structurally higher operating income in the coming periods. All information that is not historical in nature and disclosed under “Operating and financial review”, and in particular in this Outlook section, is deemed to be a forward-looking statement. A detailed discussion of principal risks and uncertainties which may cause actual results and events to differ materially from such forward-looking statements is included in the section “Risk factors”. MANAGEMENT AND EMPLOYEES Directors and senior management Board of Directors ArcelorMittal places a strong emphasis on corporate governance. The Board of Directors is composed of nine directors, of which six are independent directors. Mrs. Karyn Ovelmen is the Lead Independent Director. The Board of Directors has three committees: The Audit & Risk Committee, the Appointment, Remuneration and Corporate Governance Committee ("ARCG Committee") and the Sustainability Committee. The ARCG Committee and the Audit & Risk Committee are comprised exclusively of independent directors. There are two independent directors on the Sustainability Committee. The annual general meeting of shareholders on April 30, 2024 acknowledged the expiration of the terms of office of Mr. Tye Burt, Mrs. Karyn Ovelmen and Mrs. Clarissa Lins. At the same meeting, the shareholders re-elected Mrs. Karyn Ovelmen