Company: MT
Filing Date: 2025-03-10
Form Type: 20-F
Source: 0001243429-25-000017
Chunk: 198

Company: ArcelorMittal
Filing Date: 2025-03-10
Form: 20-F
Chunk 198
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 and production cuts at blast furnace #1 in Fos-sur-Mer (France). Crude steel production for the Europe segment decreased 9.6% to 28.4 million tonnes for the year ended December 31, 2023 as compared to 31.5 million tonnes for the year ended December 31, 2022, mainly due to lower demand and outages of blast furnaces. In the first quarter of 2023, the Company gradually restarted previously curtailed crude steel capacity to meet demand as apparent demand conditions improved following the aggressive destock in the second half of 2022 but in late March 2023, the Company was impacted by incidents that temporarily disabled blast furnaces at Gijón, Spain (blast furnace A) and at Dunkirk, France (blast furnace #4). These blast furnaces were restarted in mid-July 2023 but crude steel production was still negatively impacted by slow ramp up in third quarter of 2023. Crude steel production in the fourth quarter of 2023 was negatively impacted by a reline of blast furnace A at Ghent (Belgium) and planned maintenance of blast furnace #2 at Bremen (Germany), both of which restarted in early December

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| Management report |

2023, and production cuts at blast furnace #1 in Fos-sur-Mer (France). Crude steel production decreased 13.2% to 14.5 million tonnes in the first half of 2023 from 16.7 million tonnes in the first half of 2022 and 5.7% to 13.9 million tonnes in the second half of 2023 from 14.8 million tonnes in the second half of 2022 for the above-mentioned reasons. Steel shipments were 28.7 million tonnes for the year ended December 31, 2024, representing a 4.0% increase from steel shipments of 27.6 million tonnes for the year ended December 31, 2023, primarily due to higher production as discussed above. Steel shipments slightly decreased to 14.6 million tonnes in the first half of 2024, as compared to 14.7 million tonnes in the first half of 2023. Steel shipments increased 9.2% in the second half of 2024 compared to the second half of 2023, which had been negatively impacted by curtailed production in light of continued weak apparent demand driven by destocking and construction-related demand. Steel