Company: MT
Filing Date: 2025-08-01
Form Type: 6-K
Source: 0001243429-25-000067
Chunk: 37

Company: ArcelorMittal
Filing Date: 2025-08-01
Form: 6-K
Chunk 37
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 In addition, the Company capitalized research and development for $19 million and $18 million during the six months ended June 30, 2025 and 2024, respectively.

Trend information

All information that is not historical in nature and disclosed under "Business Overview", and in particular in "Outlook", is deemed to be a forward-looking statement and is subject to and qualified by the information set forth under the "Cautionary statement regarding forward-looking statements". See also "—Key factors affecting results of operations" above.

Outlook

Due to ongoing tariff headwinds, economic activity remains subdued and no restocking has been observed as customers maintain a "wait and see" approach. This has created some headwinds to demand that were not anticipated at the beginning of the year, concentrated in the U.S.

ArcelorMittal expects the following demand dynamics by key region:

• In the U.S., flat product ASC is expected to decline slightly in 2025 within the range of -2.0% to 0%. S232 tariffs have also increased costs and negatively impacted the supply/demand balance in Canada and Mexico markets.

• In Europe, demand is faring relatively better, and flat product ASC growth is expected in the range of -0.5% to +1.5% in 2025 due to more limited direct tariff impacts and support from lower interest rates. Looking beyond the near-term challenges (seasonal demand weakness and manufacturing activity at stable but low levels), inventories in Europe remained low, and the prospects of incremental trade policy support, a strengthened carbon border adjustment mechanism, together with higher infrastructure and defense spending, may materially improve the medium-term outlook.

• In Brazil, during the first half of 2025, steel demand has been stronger than initial expectations, and the Company expects a positive ASC growth of up to 2.0% in 2025.

• India continues to be the fastest growing major steel market, with demand well supported particularly by infrastructure investment. ASC remains on track and is expected to increase in the range of 6.0% to 7.0% in 2025.

• World ex-China ASC is expected to grow by +1.5% to +2.5% in 2025.

• China's steel industry capacity remains unsustainable and its elevated exports continue to weigh on ex-China fundamentals. Chinese demand is expected to remain broadly stable in 2025, with the tariff impacts on exports and real estate weakness being offset by manufacturing and infrastructure demand.

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