Company: MT
Filing Date: 2025-03-10
Form Type: 20-F
Source: 0001243429-25-000017
Chunk: 223

Company: ArcelorMittal
Filing Date: 2025-03-10
Form: 20-F
Chunk 223
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 primarily by lower accounts receivable (due to lower prices and lower volumes, including the impact of normal seasonality at year end), and lower inventories (primarily due to reduced inventory volumes) in the fourth quarter of 2023. For the year ended December 31, 2022, net cash provided by operating activities increased to $ 10.2 billion as compared with $ 9.9 billion for the year ended December 31, 2021. The increase in net cash provided by operating activities included an operating working capital investment of $1.3 billion, comprised of an outflow for inventories and trade accounts payable of $2.1 billion and $0.3 billion, respectively, partially offset by an inflow for trade accounts receivable of $1.1 billion. The investment in operating working capital was mainly driven by elevated raw material and energy prices although in the fourth quarter of 2022; net cash provided by operating activities included a $2.4 billion operating working capital release, including an inflow for inventories and trade accounts receivable of $1.7 billion and $1.1 billion, respectively, partially offset by an outflow of trade accounts payable of $0.4 billion. The release of operating working capital was mainly driven by lower investment in accounts receivable (price and volume) and lower inventories due to the impact of lower production costs and reduced inventory volumes. Net cash used in investing activities Net cash used in investing activities was $5.0 billion for the year ended December 31, 2024 as compared to $5.8 billion for the year ended December 31, 2023 . Capital expenditures were $4.4 billion for the year ended December 31, 2024 as compared to $4.6 billion for the year ended December 31, 2023 . Capital expenditures for the year ended December 31, 2024 were at the lower end of the initial guidance (range between $4.5 billion to

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$5.0 billion). Similar to 2024, the Company expects 2025 capital expenditures to be in the range of $4.5 to $5.0 billion with decarbonization capital expenditures expected to remain stable between $0.3 to $0.4 billion (as compared to $0.3 billion in 2024) and capital expenditures outside of strategic capital expenditures and decarbonization projects (which include cost reduction plans and environment projects as well as general maintenance