Company: MT
Filing Date: 2025-03-10
Form Type: 20-F
Source: 0001243429-25-000017
Chunk: 188

Company: ArcelorMittal
Filing Date: 2025-03-10
Form: 20-F
Chunk 188
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,588 |

Energy costs represented 10%, 11% and 14% of cost of sales for the years ended December 31, 2024, 2023, and 2022, respectively. ArcelorMittal has taken cost mitigating actions including hedging a part of its future energy consumption (in accordance with the Group's commodity price hedging policy) as well as operational savings. In the case of natural gas, the Company has taken several actions to minimize the consumption of natural gas throughout its production process, including optimization of the reuse of blast furnace gases and coke oven battery gases, and enhancement of oxygen enrichment combustion for reheating furnaces . Depreciation for the year ended December 31, 2024 was $ 2.6 billion, slightly lower as compared to $2.7 billion for the year ended December 31, 2023. Depreciation for the year ended December 31, 2023 was $2.7 billion, slightly higher as compared to $2.6 billion for the year ended December 31, 2022 primarily due to the acquisition of

103

| Management report |

ArcelorMittal Texas HBI on June 30, 2022 and ArcelorMittal Pecém on March 9, 2023. Selling, general and administrative expenses Selling, general and administrative expenses ("SG&A") were $ 2.5 billion for the year ended December 31, 2024 as compared to $2.4 billion for the year ended December 31, 2023 and $2.3 billion for the year ended December 31, 2022. S G&A as a percentage of sales increased for the year ended December 31, 2024 ( 4.0% ) as compared to 2023 (3.5%) and 2022 (2.8%) . Operating income ArcelorMittal’s operating income for the year ended December 31, 2024 was $ 3.3 billion as compared to $2.3 billion for the year ended December 31, 2023 . Operating income for the year ended December 31, 2024 was impacted by negative price-cost effects across the steel segments, impact of illegal blockade of Mexico operations and weaker performance of Mining primarily driven by 8.3% lower iron ore reference prices. Operating income was also impacted by the impairment and restructuring charges described above. ArcelorMittal’s operating income for the year ended December 31,