Reinhardt

Reinhardt from Bank of America asked how ArcelorMittal would view Europe from a capital allocation perspective if proposed safeguard replacements are implemented, specifically whether it could become a home for future capital investment. He also inquired about the costs required to bring idle European capacity to market.

Answer

Genuino Christino (CFO) stated that a clear framework allowing the industry to earn its cost of capital would enable investment consideration, emphasizing that this would be a gradual, multi-year journey. He explained that bringing idle capacity online would involve leveraging fixed costs but also incurring increased variable costs, including CO2 allowances and potentially higher quality materials.