Company: MT
Filing Date: 2025-03-10
Form Type: 20-F
Source: 0001243429-25-000017
Chunk: 248

Company: ArcelorMittal
Filing Date: 2025-03-10
Form: 20-F
Chunk 248
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 ArcelorMittal health & safety related incentives with other steel and mining companies. The analysis shows the Company is well aligned with industry best practice. Business and results Market conditions were particularly challenging in 2024, with unsustainably low steel prices in the Company’s core markets, and aggressive exports from China. Despite these challenges, ArcelorMittal delivered a resilient financial performance in 2024, which reflects the structural business improvements and the benefits of regional/product diversification. The Company has grown the business, rewarded shareholders all whilst maintaining a strong balance sheet. ArcelorMittal remains committed to its long-term strategy and has continued to invest in growth and sustainability initiatives. Several recently completed projects such as the Vega CMC in Brazil and a 975MW renewables project in India are performing well. This first completed renewables project started supplying power to AMNS India in September 2024. The Vega CMC project is also fully up and running and produced its first Magnelis® coil. People strategy, remuneration, nomination, and governance In April 2024, Mrs. Patricia Barbizet was appointed as chairwoman of the Audit & Risk Committee. The ARCG Committee members engaged with shareholders in the context of proposals to the Annual General Meeting in May 2024 and specific governance and remuneration related questions of concern to shareholders. Feedback was constructive. During January 2025, the Lead Independent Director and ARCG Chair conducted the Annual Self-Assessment of the Board of Directors relating to 2024, which has shown that the Company continues to place a ubiquitous focus on the Health and Safety improvement (including fatality reduction), decarbonization and other ESG measures, but also on deployment of capital in the long term and for the interests of investors. The analysis reveals a well-functioning board with strong fundamentals in governance, communication, and strategic oversight, while highlighting specific areas for future focus. The Committee reviewed the long-term incentive plans for Executive Officers and the ArcelorMittal equity plan for 2025. During the second half of 2024, the Committee conducted the review of the succession plan for the Company’s Executive Office and Executive Vice Presidents. The Committee also worked on the search for a non-executive Director. This process is ongoing. The ARCG Committee also reviewed and supported the outcome of the Company’s Speak Up+ survey- related improvement initiatives, targets and performance. Climate and Sustainability ArcelorMittal’s existing capabilities in low-carbon metallics and EAF steelmaking puts it in a strategically advantaged position to