Company: MT
Filing Date: 2025-03-10
Form Type: 20-F
Source: 0001243429-25-000017
Chunk: 180

Company: ArcelorMittal
Filing Date: 2025-03-10
Form: 20-F
Chunk 180
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                                                 61.67 |
| Q2 2024                |                                         85.03 |                                                 69.65 |
| Q3 2024                |                                         78.71 |                                                 68.36 |
| Q4 2024                |                                         74.01 |                                                 66.38 |

Natural gas In Europe, the overall spot price (or TTF) average for natural gas in 2024 was €34.9/MWh, a 15% decrease in comparison to previous year. In 2023, natural gas prices averaged at €40.9/ MWh, a 66% decrease in comparison to 2022. TTF prices over the 2022-2024 have been impacted by a number of factors, including the invasion of Ukraine (and the German government’s decision not to proceed with the Russian-backed Nord Stream 2 project) and other geopolitical tensions and conflicts (e.g., in the Middle East), imports of liquefied natural gas ("LNG") (e.g., from the U.S.), temperatures, maintenance of pipelines, inventory levels, coal prices. Russian transit gas into Europe ceased at the end of 2024, which is expected to have an impact on 2025. In the U.S., Henry Hub (“HH”, the main gas hub in Louisiana) prices in 2024 dropped to an average of $2.4/MMBtu, a 10% year-on-year decrease as compared to $2.7/MMBtu in 2023. In 2023, HH average natural gas prices fell to $2.7/MMBtu, a 59% decrease compared to 2022. HH prices over the 2022-2024 have been impacted by a number of factors, including disruptions in gas production (e.g., from severe weather events or fires), increased LNG production capacity, demand for LNG exports (including from Europe), inventory levels and temperatures. In 2024, the Japan Korea Marker ("JKM", the LNG benchmark price assessment for spot physical cargoes delivered ex-ship into Japan, South Korea, China and Taiwan) average price dropped to $11.9/MMBtu, a 17% decrease compared to 2023. The JKM average price of $14.4/MMBtu in 2023 represented a 58% decrease compared to 2022. JKM prices over the 2022-2024 have been impacted by a number of factors, including the invasion of Ukraine