Arcelormittal SA

Good afternoon, everyone. This is Daniel Fergler from the ArcelorMittal Investor Relations team. Thank you for joining this call to discuss ArcelorMittal's performance and progress in 2025. Present on today's call, we have our CEO, Aditya Mittal, and our CFO, Joina Cristina. Before we begin, I'd like to mention a few housekeeping items. As usual, we will not be going through the results presentation that we published this morning on our website. However, I do want to draw your attention to the declaimers on slide 26 of that presentation. Following opening remarks from Aditya and Gerino, we will move directly to the Q&A session. So if you'd like to ask a question, please press star 1 1 on your keypad to join the queue.

And with that, I will hand over the call to Aditya. Thanks, Daniel. Welcome, everyone, and thank you for joining today's call.

Before I ask Jamila to walk through our financial performance, I want to start by reflecting on the progress we have made against our 2025 priorities. When I look back at the year, achievements are clear, and everyone at our firm should be very proud of what we have delivered. I will focus on three key topics. First, on safety. Across the organization, our people are galvanized and fully engaged in improving safety performance. A year ago, we outlined a three-year safety transformation plan, and in 2025, we have seen real, measurable progress. All key safety KPIs have improved, most notably fatality prevention. Custom safety roadmaps are at the heart of our social transformation programs designed to strengthen our safety culture, enhance risk management, and drive progress towards our goal of zero fatalities and serious injuries. Secondly, on trade policy, Asra Mittal has been a vocal advocate for the need to address the market distortions created by excess capacity and unfair trade dynamics. It is encouraging to see the European Commission Recognize and address this over the past 12 months. With a new carbon border adjustment mechanism in place, we're now competing on a more level playing field. And the new tariff rate quota trade measure will significantly limit the amount of steel that can be dumped into the European market. Together, this fundamentally resets the outlook of the European steel industry and creates the conditions for a balanced, market structure that will restore profitability and returns on capital to healthy levels. I want to take this opportunity to reassure our customers that Oslo Mittal is ready and able to meet all their needs for high-quality steel delivered with the best-in-class service they expect from us. And while Europe has perhaps seen the most significant changes in trade policy We are seeing real efforts in Canada and Brazil to also protect their domestic markets. This should add incremental support to our results in those regions as we move through this year.