Company: MT
Filing Date: 2025-08-01
Form Type: 6-K
Source: 0001243429-25-000067
Chunk: 15

Company: ArcelorMittal
Filing Date: 2025-08-01
Form: 6-K
Chunk 15
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 74.98 |     |                          | 75.17 |
| Q2 2025                 |     |                                 | 66.71 |     |                          | 69.95 |

Natural gas The price of the natural gas at Title Transfer Facility ("TTF spot price") averaged €46.9/MWh in the first quarter of 2025, amid cold forecasts, low wind output, and hedge fund activity. In the second quarter of 2025, prices declined to an average of €35.7/MWh. The TTF spot price during the second quarter was mainly impacted by U.S. tariffs, conflicts in the Middle East, and Norwegian and EU confirmation of full Russian gas phase-out by 2027. The TTF spot price averaged €41.1/MWh in the first half of 2025. In the U.S., Henry Hub ("HH", the main gas hub in Louisiana) prices averaged $3.9 per million British thermal units ("/MMBtu") in the first quarter of 2025 amid tight inventories and strong LNG feedgas demand from new liquefaction projects. Prices briefly dipped to just above $3.0/MMBtu in February due to warmer forecasts and strong gas output, but rebounded as inventories remained tight. In the second quarter of 2025, HH prices averaged $3.5/MMBtu. HH prices during the second quarter were mainly impacted by market volatility due to U.S. tariffs, recession fears, and weak Asian demand. The HH prices averaged $3.7/MMBtu in the first half of 2025. In the first quarter of 2025, Japan Korea Marker ("JKM", the benchmark for LNG cargoes in Northeast Asia) prices, averaged $14.0/MMBtu, up slightly from the previous quarter. The increase was driven by colder-than-expected weather, reduced Australian LNG output, and stronger European competition for cargoes. In the second quarter of 2025, prices dropped to an average of $12.4/MMBtu due to weak Asian demand and new U.S. tariffs, especially those targeting China. Overall, JKM prices averaged $13.2/MMBtu in the first half of 2025, shaped by weather, geopolitical tensions, and shifting regional demand.

| 10 |     | Interim Management Report |

Business overview continued

The following table shows quarterly average spot prices of natural gas:

| Natural gas |     |           |       |                    |      |     |