Company: MT
Filing Date: 2025-08-01
Form Type: 6-K
Source: 0001243429-25-000067
Chunk: 14

Company: ArcelorMittal
Filing Date: 2025-08-01
Form: 6-K
Chunk 14
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 decrease as compared to $83.39/bbl in the first half of 2024. Brent crude oil price volatility over the 2024–2025 period has been exacerbated by a number of geopolitical and macroeconomic factors including: U.S. trade tariffs, the war in Ukraine, conflicts in the Middle East, production decisions by the Organization of Petroleum Exporting Countries ("OPEC") and other countries, embargoes on Russian oil, monetary policy (including by the U.S. Federal Reserve), economic growth or weakness, and general perception over the economic outlook. CO 2 The average price for one tonne of CO 2 emitted in the first half of 2025 increased by 10.5% as compared to the first half of 2024 and reached €72.6 per ton of carbon dioxide equivalent ("/tCO2e"). Variations in the price per ton of CO 2 equivalent is driven by a number of factors, including compliance buying, temperatures, and natural gas prices and storage levels (impacting level of power generation from coal power plants). Because the integrated steel process leads to substantial CO 2 emissions, costs related to European Union Allowances ("EUAs") and the fluctuations in EUA prices can significantly affect the Company’s costs of production. The Company recognized a CO 2 emission obligation provision of $717 million at June 30, 2025 with respect to its shortfall. See note 11 to the interim condensed consolidated financial statements. The Company also uses derivative financial instruments to manage its exposure to fluctuations in prices of emission rights allowances from time to time. See note 10 to the interim condensed consolidated financial statements for further information.

| Commodities             |     |                                 |       |     |                          |       |
| Source: Thomson Reuters |     | Brent crude oil                 
 spot average price $ per barrel |       |     | European Union allowance 
 spot average price       
 € per ton of CO2 e       |       |
| Q1 2024                 |     |                                 | 81.76 |     |                          | 61.67 |
| Q2 2024                 |     |                                 | 85.03 |     |                          | 69.65 |
| Q3 2024                 |     |                                 | 78.71 |     |                          | 68.36 |
| Q4 2024                 |     |                                 | 74.01 |     |                          | 66.38 |
| Q1 2025                 |     |                                 |