Matt [Unknown Analyst]'s questions to ArcelorMittal SA (MT) leadership • Q4 2024
Question
An analyst named Matt from Goldman Sachs asked about the rationale for the Liberia expansion timing, the ramp-up schedule for the Calvert EAF, slab import levels at Calvert, and the cost impact of FX depreciation in markets like Brazil.
Answer
CEO Aditya Mittal explained the Liberia expansion was a margin-driven decision to create a more marketable sinter feed product. He projected a 12-month ramp-up for the Calvert EAF due to automotive qualification processes. CFO Genuino Christino noted that while FX depreciation can cause short-term volatility, it tends to be a net positive in the medium term as it lowers the dollar-based cost structure while revenues adjust to the new exchange rates.