Company: MT
Filing Date: 2025-03-10
Form Type: 20-F
Source: 0001243429-25-000017
Chunk: 24

Company: ArcelorMittal
Filing Date: 2025-03-10
Form: 20-F
Chunk 24
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 may in the short term, pending increases in domestic production, result in higher steel prices (enabling ArcelorMittal’s exports from Canada and Mexico into the U.S. to remain competitive and profitable) and/or increase the profitability of its domestic sales (by AMNS Calvert sufficiently to offset the negative effect on export sales). It is however unclear how long any such positive impact would last and what impact further tariffs on a widening list of imported products and retaliatory protectionist measures by other countries may have on global trade and ultimately economic growth, steel demand, steel and iron ore prices, or input costs (including energy and raw materials). In addition, the new U.S. administration and the U.S. Congress may make substantial changes in legislation, regulation and government policy directly affecting ArcelorMittal’s business or indirectly affecting the Company because of impacts on its customers and suppliers; the current U.S. administration may seek to renegotiate free trade agreements or withdraw from the WTO, destabilizing global trade. In addition, certain operations of ArcelorMittal may be a respondent to anti-dumping and countervailing duty cases and its exported products have been and in the future may be subject to anti-dumping and countervailing duties or other trade restrictions. Russia’s invasion of Ukraine, international reaction to it (in particular in the form of sanctions) and any regional or global escalation of the conflict, could adversely affect the Company’s business, results of operations and financial condition. The Company has significant operations in Ukraine, consisting of a steel plant and (captive) mines. See "Properties and capital expenditures—Property, plant and equipment—Others". After operating at various levels of capacity in 2022/2023 affected by various difficulties, ArcelorMittal Kryvyi Rih ("AMKR") is currently operating its open pit mines and steel facilities at 75% and 23% , respectively. The Company cannot predict the duration of the idling or of lower production as it will depend on the remaining course of the conflict and the establishment of safe and stable operating and logistical conditions thereafter, as well as potential repairs of any damages sustained . The Russian army has also blocked ports in Odessa, complicating and increasing the cost of exports (including steel and iron ore) from Ukraine. The ongoing conflict, its impact on demand, logistics (with respect to both supply and delivery) and costs and any resulting further reduced production, sales and income at its Ukrainian operations have caused the Company to record impairment charges (and may be required to record