The South Korean government, through its Ministry of Trade, Industry and Energy (MOTIE), has officially requested the European Commission to ensure fair treatment and preserve historical tariff-rate quota (TRQ) volumes for Korean steelmakers under the EU's newly adopted steel trade protection framework set to take effect on July 1, 2026. The revised EU system mandates a severe 47% reduction in global tariff-free import quotas to an annual ceiling of 18.3 million metric tons (mt), alongside doubling the punitive duty to 50% for any volumes exceeding specified limits. South Korea emphasized that its steelmakers, who heavily supply the European automotive and consumer appliance supply chains with high-end flat products, should not be unfairly penalized by anti-circumvention measures designed to target global overcapacity actors. The market impact indicates an escalating diplomatic and trade policy friction surrounding the EU's highly restrictive single market barriers.

The EU has formally adopted a new steel trade framework to replace the current safeguard system expiring July 1, 2026. Tariff-free import quotas are cut by ~47% to approximately 18.3 million tonnes per year, with above-quota tariffs doubled to 50%. A new "melt and pour" traceability rule is introduced to prevent circumvention. Industry groups welcomed the move but continue to call for lower energy costs and stronger industrial policy support.

The UK Business Secretary is set to meet the EU Trade Commissioner in Brussels, raising concerns over the EU's plan to cut duty-free steel import quotas for non-EU countries by 47% from 2024 levels, effective July 1. The move threatens UK steel exports significantly. Meanwhile, the EU steel association has pushed back against the UK's own quota reductions, with products including hot-rolled coil, tinplate, and rebar at risk. Both sides are tightening steel trade protections in response to Chinese competition and global overcapacity, but the quota adjustments risk deepening bilateral trade friction.

New Zealand’s Ministry of Business, Innovation and Employment (MBIE) has initiated a safeguard investigation into certain imported aluminum extrusion products and notified the WTO Safeguards Committee on May 28, 2026. The investigation covers aluminum alloy profiles, bars and rods produced through extrusion processes, including finished and unfinished products made from 1, 2, 3, 5, 6 and 7 series alloys. Products with anodized, painted and other surface treatments are also included. Imports from Australia and Singapore are excluded under existing free trade arrangements. Markets believe the move reflects growing global trade protection measures and could affect international aluminum extrusion trade flows.

[SMM Steel] Japan has initiated an anti-dumping investigation into imports of flat steel products, including hot-rolled and cold-rolled coils, strips, and sheets, from China, South Korea, and Taiwan. The probe, requested by major steelmakers such as Nippon Steel and JFE Steel, is expected to last one year. Japanese producers allege that imported products were sold at prices of up to 50% below fair market value, causing injury to the domestic industry. The move reflects growing concerns over global steel overcapacity and increasing trade protection measures across major steel-producing regions.

[SMM Steel] Brazil’s steel import quotas reached an average utilization rate of 60% as of May 20, up from 56% in late April, according to Siscomex data. The quota system, valid from February 24 to June 23, allows 445,469 mt of finished steel imports at regular tariff rates. Utilization rates reached 77% for Galvalume, 72% for zinc-coated steel, and 54% for CRC, while HRC quota usage remained relatively low at 18%. Imports exceeding quota volumes are subject to a 25% tariff. Market participants said Brazilian steelmakers continue pushing for stronger trade protection measures against imported steel.

[SMM Steel] Pakistan’s National Tariff Commission initiated an antidumping investigation into color-coated cold rolled coils and sheets imported from China following a complaint from domestic producer International Steels Limited. The investigation covers imports between January and December 2025, while injury assessments will review the 2023-2025 period. Preliminary findings are expected within 60-180 days. Market participants noted the move reflects increasing trade protection measures against Chinese steel exports in Asian markets.

The European Parliament has officially approved a comprehensive package of new steel trade protection measures designed to shield the European steel sector from aggressive non-EU import surges. Welcomed by Eurofer and European steel producers, these updated regulations streamline the enforcement of anti-dumping duties, expand retrospective surveillance monitoring, and establish automated triggers to counter global excess capacity leakages into the single market. The policy update aims to insulate the region's domestic mills as they absorb the high financial burdens of transition capital expenditure. The market impact outlines a heavily restrictive trade environment for international steel exporters.

The European Parliament has officially approved a sweeping and permanent steel trade protection framework, passed by 606 votes in favor to 16 against, designed to safeguard the domestic sector from global overcapacity ahead of the June 30, 2026, expiry of temporary safeguards. Set to enter into force on July 1, 2026, the regulation mandates a drastic 47% reduction in tariff-free steel import quotas compared to 2024 levels, setting a rigid ceiling of 18.3 million metric tons (mt) annually. Furthermore, any import volumes exceeding these specific limits or consisting of steel grades not covered by the quotas will face a punitive 50% customs duty, doubling the previous 25% penalty. T

ArcelorMittal (AM) — 2025 Annual Report Summary ArcelorMittal, the world's second-largest steel producer, released its 2025 Annual Report in March 2026. During the year, the Group's steelmaking operations experienced a broad-based slowdown: crude steel output in Europe contracted sharply by 6.6% year-on-year, while volumes in India and Brazil also declined. Only North America recorded output growth, driven by the consolidation of an additional steelworks. These dynamics reflect softening apparent steel consumption (ASC) globally, compounded by intensifying competitive pressures. Nonetheless, the Mining segment delivered an outstanding performance — iron ore shipments from Liberia surged 37.5%, providing a meaningful offset to the headwinds in the steelmaking divisions. I. 2025 Key Production, Shipment & Financial Overview In 2025, ArcelorMittal demonstrated strong operational resilience against the backdrop of subdued global steel demand and complex trade barriers. Portfolio optimisation — notably the full consolidation of the Calvert flat-rolled finishing facility — and robust growth in the iron ore business were the key highlights of the year. Despite a marginal decline in crude steel production and shipments, net profit expanded materially, primarily driven by non-recurring items — in particular, a US$1.9 billion accounting gain arising from the acquisition of the remaining 50% equity interest in AMNS Calvert. The increase in net debt was principally attributable to the full consolidation of Calvert and other M&A activities. II. Segment Distribution & Operational Performance In 2025, ArcelorMittal's global operational footprint underwent significant structural reconfiguration, most notably through the full acquisition of the North American Calvert flat-rolling facility and the divestiture of non-core assets in Bosnia-Herzegovina, further optimising the Group's production and shipment mix. The following presents a detailed comparison of key segment production and shipment data for 2025 versus the prior year: North America The segment recorded growth in both output and shipments in 2025, primarily benefiting from the full consolidation of the AMNS Calvert facility in the second half of the year, and the recovery of Mexican production following the 2024 labour strike. Crude Steel Production: 7.8 Mt (2024: 7.5 Mt), up 2.9% YoY Steel Shipments: 10.3 Mt (2024: 10.1 Mt), up 2.2% YoY Key Development: The 1.5 Mtpa Electric Arc Furnace (EAF) at the Calvert facility was commissioned in June 2025, enhancing the supply capability of high value-added flat products in the region. 2026 Volume Outlook: Both production and shipments are expected to increase in line with broader regional trends. Growth Driver: The 1.5 Mtpa EAF at Calvert, consolidated in H2 2025, is currently in capacity ramp-up phase and will contribute incremental volumes in 2026. Brazil Despite margin pressure, the Brazil segment maintained highly stable production and shipment volumes, continuing to serve as a key profitability pillar for the Group. Crude Steel Production: 14.3 Mt (2024: 14.5 Mt), down 1.3% YoY Steel Shipments: 13.9 Mt (2024: 14.1 Mt), down 0.9% YoY Key Development: The Barra Mansa long products mill expansion was commissioned in H2 2025, adding 0.4 Mtpa of high value-added long steel capacity. 2026 Volume Outlook: Steel shipments are projected to reach 15.4 Mt in 2026, significantly above the 13.95 Mt recorded in 2025. Growth Driver: Despite demand headwinds in 2025 caused by elevated interest rates and a surge in Chinese imports, the Group holds an optimistic outlook for 2026 growth. Europe Affected by soft market demand and a planned major reline of Blast Furnace No. 4 at Dunkirk, European crude steel output contracted. However, the smaller decline in shipments indicates relatively resilient market penetration. Crude Steel Production: 29.2 Mt (2024: 31.2 Mt), down 6.6% YoY Steel Shipments: 28.4 Mt (2024: 28.7 Mt), down 0.9% YoY Key Development: The divestiture of the Zenica long products integrated steelworks in Bosnia-Herzegovina was completed in October, reflecting the Group's strategic transition toward lower-carbon assets. 2026 Volume Outlook: Shipments are expected to recover and grow. Growth Driver: As the EU Carbon Border Adjustment Mechanism (CBAM) and the revised Tariff Rate Quota (TRQ) regime progressively take effect in 2026, the Group anticipates European domestic steelmakers recapturing market share from import competition. India & Other Joint Ventures Focus on the strategic joint venture AMNS India (60% equity interest): Crude Steel Production: 7.2 Mt (2024: 7.5 Mt), down 4.5% YoY, impacted by market volatility in H1 and unplanned maintenance outages Steel Shipments: 7.9 Mt (2024: 7.9 Mt), shipments remained resilient Key Development: The Hazira integrated steelworks in India is being expanded to 15 Mtpa capacity. The Group has also announced a long-term greenfield project in Andhra Pradesh with an 8.2 Mtpa capacity target, with the objective of increasing hot-rolled coil (HRC) capacity to 15 Mtpa by H2 2026, providing incremental production and shipment uplift. Crude Steel Production (Other Subsidiaries): 4.3 Mt (2024: 4.6 Mt), down 6.52% YoY Mining The Mining segment was the Group's strongest growth engine in 2025, driven by the successful ramp-up of the Phase II expansion project in Liberia. Own Iron Ore Production (Mining segment only): 35.3 Mt (2024: 27.9 Mt), up 26.5% YoY Iron Ore Shipments: 36.3 Mt (2024: 26.4 Mt), up 37.5% YoY Key Development: Liberia achieved a record annual shipment of 10 Mt and is progressing steadily toward a 20 Mtpa production target. 2026 Mining Segment Outlook: Liberia (AML): Volume Target: 20 Mtpa shipment target. The Group specifically projects that by end-2026, as the Phase II expansion and the beneficiation plant continue to ramp up, annualised shipments will exceed 18 Mtpa (vs. 10 Mt in 2025). Key Progress: A blended production model combining sinter fines and concentrates from Phase II will support a significant increase in production and shipment volumes, with rail haulage capacity being expanded toward a 30 Mtpa annual throughput target. Canada (AMMC): Trend: Stable production maintained. The conversion of the high-grade iron ore pellet plant for Direct Reduced Iron (DRI) production is expected to be completed in Q2 2026. 2026 Production & Shipment Outlook Summary The 2025 production and shipment profile signals ArcelorMittal's strategic pivot toward quality over pure volume. Despite marginal fluctuations in crude steel output in Europe and Brazil, the growth from high value-added assets in North America and low-cost iron ore operations in Liberia is structurally rebuilding the Group's cost and margin base. The Group projects global apparent steel consumption (ASC) ex-China to grow by 2% in 2026. Against this macro backdrop, the Group forecasts an increase in steel production and shipments across all regions in 2026 compared to 2025, underpinned by improvements in operational efficiency and the positive impact of trade protection measures. III. Production Infrastructure & Process Technology Profile ArcelorMittal operates a highly diversified asset portfolio spanning the full upstream-to-downstream value chain — from iron ore mining to downstream finishing and processing. As of end-2025, the Group's production process structure is as follows: Process Mix: Basic Oxygen Furnace (BOF) output accounts for 74% (41.2 Mt); Electric Arc Furnace (EAF) accounts for 26% (14.4 Mt). Facility Scale: The Group currently operates 30 Blast Furnaces (BF) and 27 Electric Arc Furnaces (EAF) . Capacity Distribution: Europe remains the largest production base, with an annual crude steel capacity of 39.5 Mt (53% of total), followed by Brazil (16.4 Mt) and North America (12.5 Mt). IV. Raw Material Self-Sufficiency & Supply Chain Integration The Group maintains a high degree of vertical integration upstream and downstream to hedge against market volatility — a core pillar of its industrial competitive advantage: Iron Ore Supply: Own iron ore production grew 15.1% YoY to 48.8 Mt in 2025. Canada (AMMC) contributed 25.6 Mt, while Liberia (AML) surged to 9.7 Mt. Self-Sufficiency Rates: In 2025, the Group achieved an iron ore self-sufficiency rate of 72% , a coking coal self-sufficiency rate of 91% , and a scrap steel and Direct Reduced Iron (DRI) self-sufficiency rate of 55% . Logistics Capacity: The Group operates 18 deep-water port facilities and associated rail infrastructure, handling over 51 Mt of freight annually. V. Key Asset Restructuring & Industrial Portfolio Realignment 2025 was a year of deep portfolio optimisation for the Group — divesting weaker assets and concentrating resources in high-growth, high value-added operations. Full Consolidation of Calvert (USA): In June 2025, the Group completed the acquisition of the remaining 50% equity interest in AMNS Calvert (previously a joint venture with Nippon Steel Corporation) at a nominal consideration. The facility is the most advanced flat-rolled steel finishing complex in North America. The newly constructed 1.5 Mtpa EAF produced its first slab in June 2025. Asset Divestitures & Operational Rationalisation: Bosnia-Herzegovina: Completed the sale of the Zenica integrated steelworks and the Prijedor iron ore mine. South Africa: Rationalisation of the long products business and the idling of the Newcastle steelworks were completed by end of January 2026. India Expansion: AMNS India remains a core growth engine. The Hazira integrated steelworks is on track to expand capacity to 15 Mtpa by H2 2026. VI. Major Capital Project Progress (Capex Allocation) ArcelorMittal is currently in a dual capital expenditure cycle: EAF transition and upstream iron ore capacity expansion . Total capital expenditure in 2025 amounted to US$4.34 billion . VII. Decarbonisation Pathway & Industrial Technology Upgrade ArcelorMittal is at a critical juncture in its transition from conventional blast furnace-based integrated steelmaking toward low-carbon process routes: EAF Capacity Expansion: By end-2026, the Group expects to add 3.4 Mtpa of EAF capacity, spanning Gijón and Sestao in Spain, and Calvert in the USA. Key Technology Projects: The 2.0 Mtpa EAF project at Dunkirk, France (€1.3 billion investment) is planned for commissioning in 2029 and is expected to generate carbon emissions at approximately one-third of the level of a conventional blast furnace. Energy Transition: By end-2025, the Group had commissioned 1.6 GW of renewable energy equity capacity, with a further 1.2 GW under construction, primarily in India and South America, with the objective of supplying low-cost clean electricity to steelmaking operations. Carbon Footprint: Absolute carbon emissions declined 3.1% YoY in 2025, representing a cumulative reduction of 47% from the 2018 baseline. It is noteworthy that, given the limited commercial-scale deployment of low-carbon technologies (green hydrogen, Carbon Capture and Storage), the Group's emissions reductions are currently achieved primarily through portfolio restructuring and EAF electrification . VIII. Additional Key Information Portfolio Optimisation: Full Acquisition of Calvert: By acquiring NSC's 50% equity stake, ArcelorMittal has gained full operational control of North America's most advanced flat-rolled steel finishing complex. Exit from Non-Core Assets: The divestiture of the high-carbon-intensity integrated steelworks at Zenica, Bosnia-Herzegovina, and associated iron ore mines reflects a "decarbonise first, then grow" portfolio strategy. Operational Risks: Geopolitical Risk: The Kryvyi Rih steelworks in Ukraine (AMKR) is currently operating at only 35% of rated capacity , facing significant logistics and supply chain disruption. Trade Barriers: US Section 232 tariffs were raised to 50% in 2025, increasing the cost burden on cross-regional material flows. 2026 Outlook: Global apparent steel consumption (ASC) ex-China is projected to grow 2% . The Group's capital expenditure plan for 2026 is budgeted in the range of US$4.5–5.0 billion , with continued focus on the Liberia iron ore expansion and the electrification of process technology in Europe. Summary: 2025 was a year of "deepening asset quality" for ArcelorMittal. By converting its core North American joint venture Calvert into a wholly-owned subsidiary, and achieving successful delivery milestones at the Liberia iron ore mine and India's green energy projects, the Group further consolidated its vertically integrated competitive advantages. For investors, the sustainability of free cash flow generation and the recovery of market share under the EU CBAM framework remain the key monitoring indicators over the next one to two years.