Company: MT
Filing Date: 2025-03-10
Form Type: 20-F
Source: 0001243429-25-000017
Chunk: 179

Company: ArcelorMittal
Filing Date: 2025-03-10
Form: 20-F
Chunk 179
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OPEC") and other countries, embargoes on Russian oil, monetary policy (including by the U.S. Federal Reserve), economic growth or weakness and general perception over the economic outlook. CO 2 The average price for one tonne of CO 2 emitted in 2024 decreased by 21.9% compared to 2023 and reached €66.5 per ton of carbon dioxide equivalent ("/tCO 2 e”). The average price for one tonne of CO 2 emitted in 2023 increased by 4.9% compared to the previous year. Variations in the price per ton of carbon dioxide equivalent is driven by a number of factors, including compliance buying, temperatures and natural gas prices and storage levels (impacting level of power generation from coal power plants ). Because the integrated steel process leads to substantial CO 2 emissions, costs related to EUAs and the fluctuations in EUA prices can significantly affect the Company’s costs of production. The Company recognized a CO 2 emission obligation provision of $420 million at December 31, 2024 with respect to its shortfall. See note 9.1 to the consolidated financial statements. The Company also uses derivative financial instruments to manage its exposure to fluctuations in prices of emission rights allowances from time to time. See note 6.3 to the consolidated financial statements for further information.

98

| Management report |

The following table shows quarterly average prices of oil and CO 2 for the past three years:

| Commodities            |                                               |                                                       |
| Source: ThomsonReuters | Brent crude oilspot average price $per barrel | European Unionallowanceaverage price€ per ton of CO2e |
| Q1 2022                |                                         97.90 |                                                 83.21 |
| Q2 2022                |                                        111.98 |                                                 83.85 |
| Q3 2022                |                                         97.70 |                                                 80.04 |
| Q4 2022                |                                         88.63 |                                                 77.95 |
| Q1 2023                |                                         82.10 |                                                 89.92 |
| Q2 2023                |                                         77.73 |                                                 88.57 |
| Q3 2023                |                                         85.92 |                                                 85.69 |
| Q4 2023                |                                         82.85 |                                                 76.85 |
| Q1 2024                |                                         81.76 |