Company: MT
Filing Date: 2025-03-10
Form Type: 20-F
Source: 0001243429-25-000017
Chunk: 197

Company: ArcelorMittal
Filing Date: 2025-03-10
Form: 20-F
Chunk 197
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 off of civil works following the termination of the Monlevade expansion project in Brazil. Operating income was $ 627 million in the first half of 2024 as compared to $ 876 million in the first half of 2023. Operating income decreased 28.4% in the first half of 2024 compared to the first half of 2023 mainly due to a negative price-cost effect (i.e., the decline in selling prices exceeded the decline in costs) offset in part by higher shipment volumes. Operating income increased 32.0% to $ 772 million in the second half of 2024 from $ 585 million in the second half of 2023 driven by higher shipment volume and a positive price-cost effect with the decline in selling prices more than offset by the decline in costs. Operating income for the Brazil segment was $ 1.5 billion for the year ended December 31, 2023, representing a 47.3% decrease as compared to the year ended December 31, 2022, primarily due to a negative price-cost effect and the impact of the devaluation of the Argentinian peso offset in part by the contribution from ArcelorMittal Pecém. Operating income for the year ended December 31, 2022 also included $0.2 billion related to PIS/COFINS tax credits with respect to scrap purchases for prior periods. Operating income in the first half of 2023 was $ 876 million as compared to $1,875 million in the first half of 2022. Operating income decreased 53.3% in the first half of 2024 compared to the first half of 2023 primarily driven by negative price-cost effect, partly offset by higher steel shipments (including the contribution from ArcelorMittal Pecém). Operating income decreased 35.0% to $ 585 million in the second half of 2023 from $ 901 million in the second half of 2022, mainly due to a negative price-cost effect, and the impact of the devaluation of the Argentinian peso, partially offset by the contribution from ArcelorMittal Pecém.

| Europe                                     |                                            |     |        |     |        |
|                                            | Performance for the yearended December 31, |     |        |     |        |
| (in millions of USD unlessotherwise shown) |                                       2024 |     |   2023 |     |   2022 |
|