Company: MT
Filing Date: 2025-03-10
Form Type: 20-F
Source: 0001243429-25-000017
Chunk: 210

Company: ArcelorMittal
Filing Date: 2025-03-10
Form: 20-F
Chunk 210
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 of 2022 to 2.4 million tonnes in the first half of 2023 while steel shipments 2 remained stable at 2.3 million tonnes in the first half of 2022 and 2023. AMNS Calvert's production 1 increased by 7.8% from 2.1 million tonnes in the second half of 2022 to 2.2 million tonnes in the second half of 2023 while steel shipments 2 increased by 10.7% from 1.9 million tonnes in the second half of 2022 to 2.1 million tonnes in the second half of 2023. Increased production and shipments were due to improved demand conditions. Sales decreased by 2.2% in 2023 to $4.9 billion from $5.0 billion in 2022. Sales decreased by 8.3% from $2.8 billion in the first half of 2022 to $2.6 billion in the first half of 2023 and increased by 5.5% from $2.2 billion in the second half of 2022 to $2.3 billion in the second half of 2023. AMNS Calvert’s results were negatively impacted in the second half of 2023 by negative price cost effect, weaker product mix and higher maintenance costs. 1. Production: all production of the hot strip mill including processing of slabs on a hire work basis for ArcelorMittal group entities and third parties, including stainless steel slabs. 2. Shipments: all shipments including shipments of finished products processed on a hire work basis for ArcelorMittal group entities and third parties, including stainless steel products. Impairments of investments in joint ventures, associates and other investments were $1.4 billion in the year ended December 31, 2023 with respect to Acciaierie d'Italia due to a downward revision of expected future cash flows together with the uncertainty regarding its future , see also note 2.3 to consolidated financial statements. No such impairments were recorded in 2024 or 2022. Financing costs-net Financing costs-net include net interest expense, revaluation of financial instruments, net foreign exchange income/expense (i.e., the net effects of transactions in a foreign currency other than the functional currency of a subsidiary) and other net financing costs (which mainly include bank fees, accretion of defined benefit obligations and other long-term liabilities). Net financing costs were higher