Company: MT
Filing Date: 2025-03-10
Form Type: 20-F
Source: 0001243429-25-000017
Chunk: 186

Company: ArcelorMittal
Filing Date: 2025-03-10
Form: 20-F
Chunk 186
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 32.5 billion from $ 37.1 billion for the first half of 2023, primarily due to 4.6% lower steel shipments and 7.5% lower average steel selling prices. In the second half of 2024, sales decreased by 4.0% to $ 29.9 billion from $ 31.2 billion for the second half of 2023, primarily due to 7.5% lower average steel selling prices. ArcelorMittal had sales of $68.3 billion for the year ended December 31, 2023, representing a 14.5% decrease from sales of $79.8 billion for the year ended December 31, 2022, primarily due to 13.5% lower average steel selling prices. In the first half of 2023, sales were $37.1 billion, decreasing from $44.0 billion in the first half of 2022, primarily due to lower steel shipments and 15% lower average steel selling prices. In the second half of 2023, sales of $31.2 billion represented a 13.1% decrease as compared to sales of $35.9 billion in the second half of 2022, primarily driven by an 11.8% decrease in average steel selling prices, a negative currency translation impact offset in part by 2.9% higher steel shipments. Export sales Because Group's customers and operations are mainly based outside its home country of Luxembourg, all of its sales are considered to be export sales. Annual sales to a single individual customer did not exceed 5% of sales in any of the periods presented. Cost of sales 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. Cost of sales for the year ended December 31, 2024 was $ 56.7 billion as compared to $63.5 billion for the year ended December 31, 2023, mainly driven by lower iron ore, coal and energy costs (see below for more details). Cost of sales for the year ended December 31, 2024 included $116 million impairment charges of property, plant and equipment, of which $37 million related to the announced wind down of the Longs Business in ArcelorMittal South Africa, $ 43 million relating to write off of certain civil works