Company: MT
Filing Date: 2025-08-01
Form Type: 6-K
Source: 0001243429-25-000067
Chunk: 17

Company: ArcelorMittal
Filing Date: 2025-08-01
Form: 6-K
Chunk 17
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 of Asia have also seen reduced volumes due to weak steel demand and growing reliance on renewable energy. Overall seaborne dry bulk trade is expected to decline by around 1% in 2025 compared to 2024, though tonne-mile demand may hold up better with a smaller decline of around 0.4%, helped by steady long-haul flows to China of Guinean bauxite, Brazilian iron ore and South American grains. On the vessel supply side, strong delivery volumes in the sub-Cape segments and low scrapping activity are driving up fleet growth. However, longer sailing distances and slower vessel speeds are helping to maintain high utilization and fleet efficiency, which is partly offsetting the impact of increased supply. The Baltic Dry Index ("BDI") average for the first half of 2025 was 1,293 points compared to 1,836 points in the first half of 2024. Capesize average timecharter rates for the first half of 2025 have decreased 33% year-on-year, averaging at $15,839/day, as compared to $23,475/day for the same period in 2024. The average rates for full year 2024 were $22,540/day. The Panamax market has also been weak, with timecharter rates averaging $10,720/day in the first half of 2025, a year-on-year 33% decrease as compared to $15,914/day in the first half of 2024. Average rates in 2024 were $14,099/day. Projected fleet growth across all segments for 2025 is around 3.1% year-on-year. Bulk carrier operating speeds are down around 1% year-on-year so far in 2025, and vessel rerouting via Cape of Good Hope continues to persist with Suez canal transits down by 15% year-on-year in the first half of 2025, which is contributing to an increase in overall vessel efficiency and to longer transit distances (contributing to higher tonne-mile demand).

| Interim Management Report |     | 11 |

Business overview continued

Impact of exchange rate movements

Because a substantial portion of ArcelorMittal’s assets, liabilities, sales and earnings are denominated in currencies other than the U.S. dollar (its reporting currency), ArcelorMittal has exposure to fluctuations in the values of these currencies relative to the U.S. dollar. During the first half of 2025, the Company was mainly subject to