Company: MT
Filing Date: 2025-08-01
Form Type: 6-K
Source: 0001243429-25-000067
Chunk: 22

Company: ArcelorMittal
Filing Date: 2025-08-01
Form: 6-K
Chunk 22
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     |       |        |     |       |          |
| Average steel selling price ($/tonne) |     |                                          |    884 |      |     |    956 |      |     |    -72 |        |     |  -7.5 | %        |     |                                                            |       |      |     |       |      |     |       |        |     |       |          |

1. Amounts are prior to inter-segment eliminations (except for total) and sales include non-steel sales.

2. Others include primarily holding and services companies and the Company's operations in Ukraine and South Africa. Others also include all other operational and non-operational items which are not segmented, such as corporate and shared services, financial activities, and shipping and logistics.

Total sales decreased by 5.6% from $32.5 billion in the first half of 2024 to $30.7 billion in the first half of 2025 primarily due to lower average steel selling prices. Cost of sales consists primarily of purchases of raw materials necessary for steel-making (iron ore, coke and coking coal, scrap and alloys), energy, repair and maintenance costs as well as direct labor costs, depreciation and impairment.

Operating income in the first half of 2025 included a $1.9 billion bargain purchase gain upon the acquisition of the remaining 50% equity stake in AMNS Calvert, partially offset by a $0.4 billion final settlement of the purchase price of Votorantim's long business in Brazil and $0.2 billion impairments related to the announced divestment of the Company's steel and mining operations in Bosnia (see note 5 to the condensed consolidated financial statements). Excluding the impacts of these items, operating results were primarily driven by weaker results in the North America (due to U.S. tariffs and their resultant impact on costs and Canadian and Mexican pricing) offset in part by an improvement in the Europe segment primarily due to higher volume and a positive price-cost effect.

| 14 |     | Interim Management Report |

Business overview continued

| North America                            |     |       |      |     |       |                                               |     |       |        |     |       |          |
|                                          |     |       |      |     |       | Performance for the six months ended June 30, |     |       |        |     |       |          |
| (in $ millions unless otherwise shown)   |     |       | 2025 |