Financial Performance & Strategic Growth - ArcelorMittal reported $3.4 billion EBITDA in 1H'25, with a margin of $125/tonne, exceeding the long-term average of $89/tonne[6] - Strategic growth projects and recent M&A are expected to increase EBITDA potential by $2.1 billion, with $0.2 billion already captured in 1H'25 and an additional $0.5 billion expected in 2H'25[6, 24] - M&A activities, including the full consolidation of Calvert, Tuper, and AMTBA, are projected to contribute $0.5 billion to incremental EBITDA[28] - Strategic projects are expected to further boost Group EBITDA potential by $2.1 billion[24] Calvert Acquisition & Expansion - ArcelorMittal secured 100% ownership of Calvert, recognizing a $1.7 billion gain on consolidation[6, 20] - Calvert's EBITDA was $614 million in 2024, which will now be fully consolidated within the North America segment[20] - Calvert achieved record steel shipments in 2Q'25, with a +5% increase in 1H'25 shipments compared to 1H'24 (2.398 million tonnes vs 2.276 million tonnes)[17] - A new 1.5Mt EAF was commissioned at Calvert, with the first slabs produced in Jun'25[6, 20] AMNS India Expansion - Phase 1 capacity expansion to 15 million tonnes at AMNS India is on track by the end of 2026[35] - AMNS India commissioned CGL3 in Jul'25, enhancing downstream capabilities and automotive steel leadership[38, 41] Capital Allocation & Balance Sheet - The company generated $2.3 billion in investable cash flow over the past 12 months[55] - Shareholder returns amounted to $1.1 billion, including $0.7 billion in share buybacks and $0.4 billion in dividends[55] - Net debt increased due to acquisitions and growth investments, with liquidity at $11.0 billion at the end of the quarter[55] - Consistent buybacks have enhanced book value by $18/share[56, 64]