3Q 2021 Analyst Model New Segmentation

Model Guide

Introduction to the ArcelorMittal simplified model
(i) The purpose of the ArcelorMittal's "simplified model" is to help investors (including buy-side analysts and fund managers) who cover or have invested in the group.
(ii) The "model" has been designed to allow users to make simple estimates and valuations using information previously disclosed by ArcelorMittal.
(iii) The Model has been simplified to allow efficient time allocation for investors (including buy-side analysts and fund managers).
(iv) The Model can be developed and expanded for further analysis and improved evaluation. Some suggestion and options for improvement have been provided.
(v) The data / information included in the Model have been already disclosed in different ArcelorMittal publications (i.e. fact book, earning release, investor presentation…) and are available on the ArcelorMittal web-site.
How to build the ArcelorMittal simplified model
(i) Before using the ArcelorMittal model, users are recommended to study and analyse the group's facts and strategies by using investor presentations, annual reports, 20-F, Fact book.
(ii) Further study and analysis of the global steel and mining sector is also recommended
(iii) Once ready, investors / buy-side analysts and fund managers should fill the orange boxes in the Divisional, P&L, Cash flow and Balance Sheet worksheets
(iv) The comment and additional information section should help in filling the orange boxes
Investor Relations
By implementing high standards of financial information disclosure and providing clear, regular, transparent and even-handed information to all its shareholders, ArcelorMittal aims to be the first choice for investors in the sector.
To meet this objective and provide information to fit the needs of all parties, ArcelorMittal has decided to implement an active and broad communications policy: road shows with the financial community, conference calls, plant visits, meetings with retail and private investors, a virtual meeting and conference centre on Second Life and a website featuring management comments on quarterly, half-year and full-year results.
Private Investors
ArcelorMittal's senior management intends to meet private investors and shareholder associations in road shows and virtual meetings throughout the year. A dedicated toll free number for private investors is available at 00800 4792 4792. Requests for information or meetings on the virtual meeting and conference centre may also be sent to: [e-mail]
Analysts and Investors
As the world's leading steel company and major investment vehicle in the steel sector, ArcelorMittal constantly seeks to develop relationships with financial analysts and international investors. Depending on their geographical location, investors may use the following e-mails:
[e-mail]
[e-mail]
Socially Responsible Investors
The Investor Relations team is also a privileged source of information the growing Socially Responsible Investment community. The team organizes special events on ArcelorMittal's Corporate Responsibility strategy and answers all requests for information sent to the Group ([e-mail]).
Credit and Fixed Income Investors
Credit, Fixed Income Investors and rating agency are followed by a dedicated team from Investor Relations ([e-mail]).
Contact information ArcelorMittal Investor Relations
ArcelorMittal
Investor Relations
24-26, Boulevard d'Avranches
L-1160 Luxembourg
Dedicated Investor Relations teams are at the disposal of analysts and investors:
E-mail	Telephone
[e-mail]	[phone]
[e-mail]	[phone]
[e-mail]	+ 33 1 7192 1026
To subscribe to ArcelorMittal releases and results, visit the subscription page.
the filings with the Netherlands Authority for the Financial Markets and the Securities and Exchange Commission ("SEC") made or to be made by ArcelorMittal including Mittal Steel's Annual Report on Form 20-F filed with the SEC. ArcelorMittal undertakes no obligation to publicly update its forward-looking statements, whether as a result of new information, future events, or otherwise.

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Disclaimer

Notes the financial information prepared in this report

The financial information in this press release has been prepared consistently with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB") and as adopted by the European Union. The interim financial information included in this announcement has also been prepared in accordance with IFRS applicable to interim periods, however this announcement does not contain sufficient information to constitute an interim financial report as defined in International Accounting Standard 34, "Interim Financial Reporting". The numbers in this press release have not been audited. The financial information and certain other information presented in a number of tables in this press release have been rounded to the nearest whole number or the nearest decimal. Therefore, the sum of the numbers in a column may not conform exactly to the total figure given for that column. In addition, certain percentages presented in the tables in this press release reflect calculations based upon the underlying information prior to rounding and, accordingly, may not conform exactly to the percentages that would be derived if the relevant calculations were based upon the rounded numbers. This press release also includes certain non-GAAP financial/alternative performance measures. ArcelorMittal presents EBITDA, and EBITDA/tonne, which are non-GAAP financial/alternative performance measures and calculated as shown in the Condensed Consolidated Statement of Operations, as additional measures to enhance the understanding of operating performance. ArcelorMittal believes such indicators are relevant to describe trends relating to cash generating activity and provides management and investors with additional information for comparison of the Company's operating results to the operating results of other companies. Segment information presented in this press release is prior to inter-segment eliminations and certain adjustments made to operating result of the segments to reflect corporate costs, income from non-steel operations (e.g., logistics and shipping services) and the elimination of stock margins between the segments. ArcelorMittal also presents net debt and change in working capital as additional measures to enhance the understanding of its financial position, changes to its capital structure and its credit assessment. ArcelorMittal also presents adjusted net income / (loss) as it believes it is a useful measure for the underlying business performance excluding impairment items, exceptional items and derecognition of deferred tax assets on disposal of ArcelorMittal USA. The Company's guidance as to its working capital release (or the change in working capital included in net cash provided by operating activities) for the fourth quarter of 2021 is based on the same accounting policies as those applied in the Company's financial statements prepared in accordance with IFRS. ArcelorMittal also presents free cash flow (FCF), which is a non-GAAP financial/alternative performance measure calculated as shown in the Condensed Consolidated Statement of Cash Flows, because it believes it is a useful supplemental measure for evaluating the strength of its cash generating capacity. The Company has revised the definition of free cash flow to include dividends paid to minority shareholders in order to reflect the measure it will use to determine dividends that will be paid under its new dividend policy. The Company also presents the ratio of net debt to EBITDA for the last twelve-month period, which investors may find useful in understanding the Company's ability to service its debt. Such non-GAAP/alternative performance measures may not be comparable to similarly titled measures applied by other companies. Non-GAAP financial/alternative performance measures should be read in conjunction with, and not as an alternative for, ArcelorMittal's financial information prepared in accordance with IFRS.

The annual financial information in this report has been prepared consistently with the recognition and measurement principles of International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB") and as adopted by the European Union. The interim financial information included has also been also prepared in accordance with the recognition and measurement principles of IFRS applicable to interim periods, however this does not contain sufficient information to constitute an interim financial report as defined in International Accounting Standard 34, "Interim Financial Reporting". The annual and interim financial information herein has been recast to show the impact of the 2Q'2021 change in reportable segments, detailed on the "Scope summary changes" tab, that will be effective for our 2Q'2021 earnings release which will present recast comparative information as required by IFRS. The numbers in this report have not been audited or reviewed. The financial information and certain other information presented in a number of tables in this report have been rounded to the nearest whole number or the nearest decimal.

Glossary & Suggestions

Terms of reference
These formulas used in the model have been provided as a start-up kit for analysts and they have flexibility
to modify or change these definitions to suit their methodology and comparability,etc.
The segmental information provided contain rounding differences from previous published information.
Definitions
Sales	Sales include steel and non-steel sales and related transportation costs
Average steel selling prices	Average steel selling prices are based on steel sales alone
Apparent steel selling prices	Apparent steel selling prices are sales divided by steel shipments
Steel products	"steel products" are to finished and semi-finished steel products and exclude direct reduced iron, or DRI;
Tonnes or MT	"tonnes" or "MT" are to metric tonnes and are used in measurements involving iron ore, iron ore pellets,
DRI, hot metal, coke, coal, pig iron and scrap (a metric tonne is equal to 1,000 kilograms or 2,204.62 pounds);
Crude steel	"crude steel" are to the first solid steel product upon solidification of liquid steel, including ingots from
conventional mills and semis (e.g., slab, billet and blooms) from continuous casters;
EBITDA	EBITDA is defined as operating income plus depreciation, impairment expenses, restructuring and exceptional charges / (income)
Ebitda margin	Ebitda margin is defined as EBITDA divided by Sales
Operating margin	Operating margin is defined as Operating Income divided by Sales
Long-term contracts	Long-term contracts are defined as contracts entered into which are in excess of 12 months
Strategic contract	Strategic contract is defined as a contract that has business conditions better then open market in long-term
Operating income per tonne	Defined as operating income divided by steel shipments
Enterprise Value (EV)	Calculated as market capitalization plus net financial debt plus minority interest less investments/others
Invested Capital (IC)	Calculated as intangibles assets plus PPE plus inventory, trade accounts receivable and trade account payables
ROIC (%)	Calculated as operating income after tax divided by invested capital
RoE (%)	Calculated as net income divided by group share of shareholders equity
Market capitalization	Calculated as weighted average common shares outstanding multiplied by share price
Metric tonne	All shipments figures are provided in metric tonnes
Few suggestions for improving model
Production & Shipment	(i) Crude steel production data can be modeled for monitoring and estimation of internal inventory and productivity
(ii) Shipment by market (N. America, exports, S. America) can be modeled for monitoring and estimation of volume
and revenue
(iii) Growth/value added investment published in value plan and quarterly results can be added to model for monitoring
and estimation of volume and revenue growth
(iv) Macro-economic data and sector data (Automotive, construction…) can be added to model for monitoring/ estimation
of demand and market share
Steel price and currency	(i) Future direction on prices can be modeled using steel prices published by external provider (SBB, MB, CRU, MEPS…)
(ii) Currency (BRL, CAD…) data can be added to model for monitoring and estimation of selling price and cost in USD
Sales & revenue	(i) Steel sales can be calculated by multiplying steel shipments by average steel price
(ii) Non steel sales can be calculated by making the difference between total sales and steel sales
Raw materials	(i) External sources of information on prices of iron ore, scrap, coal, gas, base metals and other raw materials data
can be added to model for monitoring and estimation of variable cost
Employee	(i) Employee data can be added to model for monitoring and estimation of productivity improvement and fixed costs
Synergy and management gain	(i) Synergies and management gains data can be estimated to measure the impact on cost reduction
CAPEX	(i) CAPEX data can be added to model for monitoring and estimation of growth and depreciation
Net financial debt	(i) Net debt: long-term debt, plus short-term debt less cash and cash equivalents (including those held as part of assets and liabilities held for sale).

Scope summary changes

Changes to the mining segmentation as from 1.1.11

Basic objective of the mining as a separate segmentation:

-Create world class mining operations for AM

-Price externally marketable Iron Ore and Coal to steel units at market price

-Steel to be competitive on a stand alone basis

-Ensure appropriate capital allocation for mining business for long term sustainability and growth

-Focus on mine safety, mine planning, MRMR, quality, expansion, capex and logistics

-Ensuring world class project control and management systems

Basic Principles that will be applied for mining as a separate segmentation:

-Iron Ore:

•Iron ore not considered marketable due to quality and/or logistic constraints will continue to be transferred at cost (Andrade, Temirtau, Bosnia, Ukraine Underground, substantial portion of Ukraine opencast, Minorca and large part of Hibbing).

•Simultaneously work on addressing the issues of logistic, quality and market for these mines.

•Marketable ores from other mines to be priced with reference to benchmark China CFR prices adjusted for sea freight, Fe% and other costs/penalties.

-Coal:

•Princeton coal to be priced with reference to relevant market price for both internal and external customers

•Kazakhstan coal - Primarily catering to Temirtau Steel at cost plus, surplus volume priced with reference to relevant market price for both internal and external customers

RECAST DATA FOR IFRS CHANGES 1.1.13

FY 2010 - NOT QUARTERLY

FY 2011 - NOT QUARTERLY

FY 2012 - QUARTERLY AND FY

Prior period 2010, 2011 and 2012 figures have been recast following mandatory adoption of new accounting standards.

The main effects for AM are related to the revision of IAS 19R which was applied retrospectively (refer to table 9b of Q113 earnigs release).

Following the changes, the previously unrecognized actuarial gains and losses on pension liabilities are recorded in the statements of financial position in full against equity.

It means that the previously unrecognized actuarial gains and losses are no longer recorded over time against profit and loss following the then allowed "corridor approach".

Changes to the segmentation as from 1.1.14

Analysis of segment operations

On December 11, 2013, ArcelorMittal announced changes to its organisational structure which has a higher geographical focus. The principal benefits of the changes will be reduced organisational complexity and layers; simplification of processes; regional synergies and taking advantage of the scale effect within the regions.

As a result the segmentation analysis presented in this earnings release has been recast with prior periods reflecting the new organization structure[i]. The changes are only related to the allocation between the new reporting segments of NAFTA[ii], Brazil (Brazil and neighbouring countries[iii]), Europe and ACIS. There are no changes to the Group total and Mining segment. The Group has also adjusted its presentation of shipments information to reflect the intra and intersegment eliminations. Intercompany shipments eliminated are primarily due to transactions between Flat and Long plants with Tubular plants that have now been presented on a consistent basis

The NAFTA segment includes the Flat, Long and Tubular operations of USA, Canada and Mexico. The Brazil segment includes the Flat operations of Brazil, and the Long and Tubular operations of Brazil and its neighbouring countries including Argentina, Costa Rica and Venezuela. The Europe segment comprises the Flat, Long and Tubular operations of European business, as well as Downstream Solution (AMDS). The ACIS division is largely unchanged with the addition of some Tubular operations. The Mining segment remains unchanged.

[i] The Group has also adjusted its presentation of shipments information to reflect the intra and intersegment eliminations.

Intercompany shipments eliminated are primarily due to transactions between Flat and Long plants with Tubular plants that have now been presented on a consistent basis

[ii] NAFTA refers to North American Free Trade Agreement and includes United States of America, Canada and Mexico

[iii] BRAZIL refers to Brazil and neighbouring countries (Argentina, Costa Rica and Venezuela)

Changes to the segmentation 1.4.2021

RECAST DATA FOR IFRS CHANGES

FY 2018 - NOT QUARTERLY

FY 2019 - NOT QUARTERLY

FY 2020 - QUARTERLY AND FY

1Q 2021

As from April 1, 2021, ArcelorMittal implemented changes to its organizational structure whereby primary responsibility for captive mining operations whose output is fully consumed by their respective steel segments has been transferred to such segments.

The Mining segment will retain primary responsibility for the operation of the seaborne oriented operations at ArcelorMittal Mining Canada G.P. and ArcelorMittal Infrastructure G.P. ("AMMC") and ArcelorMittal Liberia Ltd, and will continue to provide technical support to all mining operations within the Company.

Accordingly, the Company modified the structure of its segment information in order to reflect changes in its approach to managing its operations and prior period segment disclosures have been recast to reflect this new segmentation in conformity with IFRS.

Only the seaborne-oriented operations of AMMC and ArcelorMittal Liberia Ltd are reported within the Mining segment.

The results of the other mines are henceforth accounted for within the steel segments that the mines supply.

BS

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
Mar 31	Jun 30	Sep 30	Dec 31	Mar 31	Jun 30	Sep 30	Dec 31	Mar 31	Jun 30	Sep 30	Dec 31	Mar 31	Jun 30	Sep 30	Dec 31	Mar 31	Jun 30	Sep 30	Dec 31	Mar 31	Jun 30	Sept 30	Dec 31	Mar 31	Jun 30	Sep 30
In millions of U.S. dollars	2015	2015	2015	2015	2016	2016	2016	2016	2017	2017	2017	2017	2018	2018	2018	2018	2019	2019	2019	2019	2020	2020	2020	2020	2021	2021	2021
ASSETS
Cash and cash equivalents and restricted cash	2,779	4,712	3,636	4,102	2,863	2,395	2,256	2,615	2,402	2,272	2,978	2,786	2,260	3,100	2,482	2,354	2,246	3,656	3,647	4,995	4,298	5,702	6,617	5,963	5,474	4,184	4,381
Trade accounts receivable and other	4,253	4,283	3,687	2,679	3,325	3,500	3,412	2,974	3,971	4,263	4,443	3,863	5,012	4,839	4,561	4,432	5,131	5,048	4,340	3,569	3,456	3,048	3,133	3,072	3,783	5,586	5,572
Inventories	15,537	15,466	14,352	13,424	12,866	12,914	13,598	14,734	16,393	17,458	17,780	17,986	18,952	17,745	18,380	20,744	20,583	20,550	18,938	17,296	15,626	14,269	12,327	12,328	13,228	16,286	18,806
Prepaid expenses and other current assets	2,492	2,402	2,046	1,859	2,793	1,667	1,537	1,665	2,251	2,286	2,719	1,931	2,653	2,802	2,799	2,834	3,000	3,123	2,830	2,756	2,551	2,199	2,094	2,281	3,160	3,344	4,421
Assets held for sale	(0)	24	44	262	301	292	166	259	126	127	127	179	224	2,943	2,587	2,111	1,950	122	115	0	0	0	6,069	4,329	4,854	-	-
Total Current Assets	25,061	26,887	23,765	22,326	22,148	20,768	20,969	22,247	25,143	26,406	28,047	26,745	29,101	31,429	30,809	32,475	32,910	32,499	29,870	28,616	25,931	25,218	30,240	27,973	30,499	29,400	33,180
Goodwill and intangible assets	7,104	7,279	6,779	5,592	5,689	5,837	5,756	5,651	5,716	5,769	5,856	5,737	5,759	5,451	5,329	5,728	5,549	5,480	5,408	5,432	4,911	4,944	4,195	4,312	4,212	4,557	4,309
Property, plant and equipment	41,694	42,648	40,480	35,780	36,213	35,978	35,807	34,831	35,049	35,765	36,471	36,971	37,031	34,290	34,027	35,638	36,647	36,725	35,903	36,231	33,522	33,766	31,326	30,622	29,498	30,229	29,599
Investments in affiliates and joint ventures	5,394	5,532	5,472	4,911	4,457	4,359	4,419	4,297	4,470	4,679	4,943	5,084	5,231	4,711	4,863	4,906	5,000	5,026	4,826	6,529	6,334	6,321	6,488	6,817	7,205	9,090	10,134
Deferred tax assets	6,982	7,214	7,193	6,625	6,163	5,956	6,001	5,837	5,931	6,470	6,697	7,055	7,170	7,496	7,487	8,287	8,318	8,412	8,449	8,680	8,669	8,674	8,052	7,866	7,831	7,824	7,787
Other assets	2,282	2,372	1,901	1,612	1,889	2,121	2,083	2,279	2,182	2,371	2,498	3,705	3,671	3,587	3,288	4,215	4,236	4,224	3,691	2,420	1,961	2,378	2,224	4,462	4,404	4,324	3,082
Total Assets	88,517	91,932	85,590	76,846	76,559	75,019	75,035	75,142	78,491	81,460	84,512	85,297	87,963	86,964	85,803	91,249	92,660	92,366	88,147	87,908	81,328	81,301	82,525	82,052	83,649	85,424	88,091
LIABILITIES AND SHAREHOLDERS' EQUITY
Short-term debt and current portion of long-term debt	2,441	3,239	2,455	2,308	3,883	1,123	1,817	1,885	3,452	3,936	5,764	2,785	4,084	4,556	4,662	3,167	2,739	3,107	3,337	2,869	3,147	3,134	3,776	2,507	2,813	2,639	1,796
Trade accounts payable and other	11,006	11,007	10,052	10,416	9,477	9,861	10,060	11,633	12,043	12,555	12,074	13,428	13,494	12,418	11,797	13,981	14,232	14,418	12,440	12,614	11,968	10,019	9,389	11,525	12,231	14,076	14,108
Accrued expenses and other current liabilities*	5,481	5,307	5,157	5,097	4,964	4,547	4,527	4,502	4,853	4,930	5,229	5,147	5,389	4,893	4,864	5,486	5,699	5,549	5,288	5,804	5,645	6,179	6,036	5,596	5,729	6,201	7,527
Liabilities held for sale	0	0	37	220	208	223	115	95	38	39	40	50	42	846	722	821	828	35	29	0	0	0	5,642	3,039	3,271	-	-
Total Current Liabilities	18,928	19,553	17,701	18,041	18,532	15,754	16,519	18,115	20,386	21,460	23,107	21,410	23,009	22,713	22,045	23,455	23,498	23,109	21,094	21,287	20,760	19,332	24,843	22,667	24,044	22,916	23,431
Long-term debt, net of current portion	16,986	18,031	17,932	17,478	16,309	14,019	12,632	11,789	11,047	10,220	9,185	10,143	9,309	8,963	8,280	9,316	10,591	10,723	10,968	11,471	10,650	10,414	9,608	9,815	8,552	6,589	6,453
Deferred tax liabilities	2,670	2,707	2,417	2,496	2,322	2,405	2,453	2,529	2,626	2,690	2,713	2,684	2,605	2,506	2,483	2,374	2,337	2,284	2,160	2,331	2,075	2,039	1,928	1,832	1,812	1,958	1,953
Other long-term liabilities	11,634	11,808	11,481	11,261	11,587	10,836	10,844	10,384	10,503	10,838	10,966	10,205	10,349	10,447	10,405	11,996	11,945	12,139	11,696	12,336	11,820	11,918	8,510	7,501	7,259	7,636	6,933
Total Liabilities	50,218	52,099	49,531	49,276	48,750	43,014	42,448	42,817	44,562	45,208	45,971	44,442	45,272	44,629	43,213	47,141	48,371	48,255	45,918	47,425	45,305	43,703	44,889	41,815	41,667	39,099	38,770
Equity attributable to the equity holders of the parent	35,452	36,813	33,275	25,272	25,580	29,756	30,336	30,135	31,743	34,027	36,374	38,789	40,608	40,320	40,590	42,086	42,286	42,033	40,242	38,521	34,249	35,774	35,838	38,280	40,000	44,165	47,116
Non-controlling interests	2,847	3,020	2,784	2,298	2,229	2,249	2,251	2,190	2,186	2,225	2,167	2,066	2,083	2,015	2,000	2,022	2,003	2,078	1,987	1,962	1,774	1,824	1,798	1,957	1,982	2,160	2,205
Total Equity	38,299	39,833	36,059	27,570	27,809	32,005	32,587	32,325	33,929	36,252	38,541	40,855	42,691	42,335	42,590	44,108	44,289	44,111	42,229	40,483	36,023	37,598	37,636	40,237	41,982	46,325	49,321
Total Liabilities and Shareholders' Equity	88,517	91,932	85,590	76,846	76,559	75,019	75,035	75,142	78,491	81,460	84,512	85,297	87,963	86,964	85,803	91,249	92,660	92,366	88,147	87,908	81,328	81,301	82,525	82,052	83,649	85,424	88,091
Invested Capital (Intang assets+PPE+OWC)	57,583	58,669	55,246	47,058	48,616	48,368	48,513	46,557	49,086	50,700	52,476	51,129	53,260	49,907	50,500	52,560	53,677	53,385	52,149	49,914	45,547	46,010	41,592	38,809	38,490	42,582	44,178
Net financial debt*	16,648	16,558	16,751	15,684	17,329	12,747	12,193	11,059	12,097	11,884	11,971	10,142	11,133	10,478 Patel, Hetal: Patel, Hetal: includes $56 m (net) asset/liabilities held for sale	10,516 Patel, Hetal: Patel, Hetal: Net debt as of September 30, 2018 includes $59m (net) asset/liabilities held for sale	10,196 Patel, Hetal: Patel, Hetal: Net debt as of December 31, 2018 includes $67m (net) asset/liabilities held for sale	11,159 Patel, Hetal: Patel, Hetal: Net debt as of March 31, 2019 includes $75m (net) asset/liabilities held for sale	10,174	10,658	9,345	9,499	7,846	6,989	6,380 Administrator: Administrator: Net debt as of Dec 31, 2020 includes $21m (net) asset/liabilities held for sale	Patel, Hetal: Patel, Hetal: includes $56 m (net) asset/liabilities held for sale	Patel, Hetal: Patel, Hetal: Net debt as of September 30, 2018 includes $59m (net) asset/liabilities held for sale	Patel, Hetal: Patel, Hetal: Net debt as of December 31, 2018 includes $67m (net) asset/liabilities held for sale	Patel, Hetal: Patel, Hetal: Net debt as of March 31, 2019 includes $75m (net) asset/liabilities held for sale	5,904	5,044	3,868
* Definition: Net financial debt: long-term debt, plus short-term debt less cash and cash equivalents (including those held as part of assets and liabilities held for sale).
Net debt as of June 30, 2018 includes $59m (net) asset/liabilities held for sale
Net debt as of September 30, 2018 includes $56m (net) asset/liabilities held for sale	Net debt as of September 30, 2018 includes $58m (net) asset/liabilities held for sale	Net debt as of September 30, 2018 includes $58m (net) asset/liabilities held for sale	Net debt as of September 30, 2018 includes $58m (net) asset/liabilities held for sale	Net debt as of September 30, 2018 includes $58m (net) asset/liabilities held for sale	Net debt as of September 30, 2018 includes $58m (net) asset/liabilities held for sale	Net debt as of September 30, 2018 includes $58m (net) asset/liabilities held for sale	Net debt as of September 30, 2018 includes $58m (net) asset/liabilities held for sale	Net debt as of September 30, 2018 includes $58m (net) asset/liabilities held for sale	Net debt as of September 30, 2018 includes $58m (net) asset/liabilities held for sale	Net debt as of September 30, 2018 includes $58m (net) asset/liabilities held for sale
Net debt as of December 31, 2018 includes $67m (net) asset/liabilities held for sale
Net debt as of March 31, 2019 includes $75m (net) asset/liabilities held for sale
Net debt as of Sept 30, 2020 includes $222m (net) asset/liabilities held for sale
Net debt as of Dec 31, 2020 includes $21m (net) asset/liabilities held for sale
Net debt as of March 31, 2021 includes $13m (net) asset/liabilities held for sale

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P&L

CONSOLIDATED STATEMENTS OF OPERATIONS
FY	FY	FY	FY	FY	FY
In millions of U.S. dollars	1Q 15	2Q 15*	3Q 15	4Q 15	1Q 16	2Q 16	3Q 16	4Q 16	1Q 17	2Q 17	3Q 17	4Q 17	1Q 18	2Q 18	3Q 18	4Q 18	1Q 19	2Q 19	3Q 19	4Q 19	1Q 20	2Q 20	3Q 20	4Q 20	1Q 21	2Q 21	3Q 21	2015	2016	2017	2018	2019	2020
Sales	$17,118	$16,890	$15,589	$13,981	$13,399	$14,743	$14,523	$14,126	$16,086	$17,244	$17,639	$17,710	$19,186	$19,998	$18,522	$18,327	$19,188	$19,279	$16,634	$15,514	$14,844	$10,976	$13,266	$14,184	$16,193	$19,343	$20,229	$63,578	$56,791	$68,679	$76,033	$70,615	$53,270
Depreciation	(807)	(801)	(777)	(807)	(652)	(680)	(693)	(696)	(655)	(676)	(690)	(747)	(711)	(712)	(653)	(723)	(733)	(766)	(766)	(802)	(771)	(739)	(739)	(711)	(601)	(620)	(590)	(3,192)	(2,721)	(2,768)	(2,799)	(3,067)	(2,960)
Impairments items net of purchase gains	0	(19)	(27)	(4,718)	0	(49)	0	(156)	0	(46)	0	(160)	(86)	0	(509)	(215)	(150)	(947)	0	(830)	(92)	0	556	(331)	0	0	0	(4,764)	(205)	(206)	(810)	(1,927)	133
Exceptional items	0	0	(527)	(909)	0	832	0	0	0	0	0	0	(146)	0	0	29	0	0	0	(828)	(457)	(221)	0	1,314	0	0	(123)	(1,436)	832	0	(117)	(828)	636
Operating income / (loss)	571	579	20	(5,331)	275	1,873	1,204	809	1,576	1,390	1,234	1,234	1,569	2,361	1,567	1,042	769	(158)	297	(1,535)	(353)	(253)	718	1,998	2,641	4,432	5,345	(4,161)	4,161	5,434	6,539	(627)	2,110
Operating margin %	3.3%	3.4%	0.1%	(38.1%)	2.1%	12.7%	8.3%	5.7%	9.8%	8.1%	7.0%	7.0%	8.2%	11.8%	8.5%	5.7%	4.0%	(0.8%)	1.8%	(9.9%)	(2.4%)	(2.3%)	5.4%	14.1%	16.3%	22.9%	26.4%	(6.5%)	7.3%	7.9%	8.6%	(0.9%)	4.0%
Income (loss) from associates, joint ventures and other investments	(2)	125	30	(655)	324	168	109	14	86	120	117	125	212	30	183	227	208	94	25	20	142	(15)	100	7	453	590	778	(502)	615	448	652	347	234
Net interest expense	(323)	(325)	(318)	(312)	(332)	(306)	(255)	(221)	(223)	(207)	(205)	(188)	(164)	(159)	(152)	(140)	(161)	(154)	(152)	(140)	(115)	(112)	(106)	(88)	(91)	(76)	(62)	(1,278)	(1,114)	(823)	(615)	(607)	(421)
Foreign exchange and other net financing (losses)	(756)	(73)	(409)	(342)	9	(450)	(223)	(278)	(133)	210	132	(261)	(174)	(390)	(475)	(556)	(231)	(173)	(524)	(117)	(451)	36	(150)	(270)	(194)	(233)	(339)	(1,580)	(942)	(52)	(1,595)	(1,045)	(835)
Income (loss) before taxes and non-controlling interest	(510)	306	(677)	(6,640)	276	1,285	835	324	1,306	1,513	1,278	910	1,443	1,842	1,123	573	585	(391)	(354)	(1,772)	(777)	(344)	562	1,647	2,809	4,713	5,722	(7,521)	2,720	5,007	4,981	(1,932)	1,088
Current tax	(125)	(54)	(113)	(39)	(24)	(83)	(67)	(80)	(207)	(126)	(116)	(134)	(284)	(240)	(206)	(198)	(180)	(225)	(121)	(260)	(162)	(100)	(204)	(373)	(569)	(768)	(938)	(331)	(254)	(583)	(928)	(786)	(839)
Deferred tax	(85)	(70)	(14)	(402)	(676)	(70)	(79)	93	(76)	(71)	45	253	81	259	28	909	45	211	(64)	135	(178)	(84)	(580)	15	165	226	56	(571)	(732)	151	1,277	327	(827)
Income tax benefit / (expense)	(210)	(124)	(127)	(441)	(700)	(153)	(146)	13	(283)	(197)	(71)	119	(203)	19	(178)	711	(135)	(14)	(185)	(125)	(340)	(184)	(784)	(358)	(404)	(542)	(882)	(902)	(986)	(432)	349	(459)	(1,666)
Income (loss) including non-controlling interest	(720)	182	(804)	(7,081)	(424)	1,132	689	337	1,023	1,316	1,207	1,029	1,240	1,861	945	1,284	450	(405)	(539)	(1,897)	(1,117)	(528)	(222)	1,289	2,405	4,171	4,840	(8,423)	1,734	4,575	5,330	(2,391)	(578)
Non-controlling interests	(8)	(3)	93	395	8	(20)	(9)	66	(21)	6	(2)	10	(48)	4	(46)	(91)	(36)	(42)	0	15	(3)	(31)	(39)	(82)	(120)	(166)	(219)	477	45	(7)	(181)	(63)	(155)
Income (loss)	(728)	179	(711)	(6,686)	(416)	1,112	680	403	1,002	1,322	1,205	1,039	1,192	1,865	899	1,193	414	(447)	(539)	(1,882)	(1,120)	(559)	(261)	1,207	2,285	4,005	4,621	(7,946)	1,779	4,568	5,149	(2,454)	(733)
Income from discontinued operations, net of tax
Net income (loss) attributable to owners of the parent
Basic earnings (loss) per common share ($) *	(0.93)	0.24	(0.93)	(8.67)	(0.70)	1.13	0.67	0.40	0.98	1.30	1.18	1.02	1.17	1.84	0.89	1.18	0.41	(0.44)	(0.53)	(1.86)	(1.11)	(0.50)	(0.21)	1.01	1.94	3.47	4.17	(10.29)	1.87	4.48	5.07	(2.42)	(0.64)
Diluted earnings (loss) per common share ($) *	(0.93)	0.24	(0.93)	(8.67)	(0.70)	1.13	0.67	0.39	0.98	1.29	1.18	1.01	1.17	1.83	0.88	1.17	0.41	(0.44)	(0.53)	(1.86)	(1.11)	(0.50)	(0.21)	1.00	1.93	3.46	4.16	(10.29)	1.86	4.46	5.04	(2.42)	(0.64)
Weighted average common shares outstanding (in millions) *	771	772	773	772	598	987	1,020	1,020	1,020	1,020	1,020	1,020	1,019	1,013	1,014	1,014	1,014	1,013	1,012	1,012	1,012	1,119	1,228	1,199	1,178	1,154	1,109	772	953	1,020	1,015	1,013	1,140
Diluted weighted average common shares outstanding (in millions) *	771	773	773	772	598	988	1,021	1,021	1,022	1,023	1,023	1,024	1,023	1,018	1,019	1,020	1,017	1,013	1,012	1,012	1,012	1,119	1,228	1,204	1,183	1,157	1,112	772	955	1,024	1,021	1,013	1,140
EBITDA	$1,378	$1,399	$1,351	$1,103	$927	$1,770	$1,897	$1,661	$2,231	$2,112	$1,924	$2,141	$2,512	$3,073	$2,729	$1,951	$1,652	$1,555	$1,063	$925	$967	$707	$901	$1,726	$3,242	$5,052	$6,058	$5,231	$6,255	$8,408	$10,265	$5,195	$4,301
EBITDA Margin %	8.0%	8.3%	8.7%	7.9%	6.9%	12.0%	13.1%	11.8%	13.9%	12.2%	10.9%	12.1%	13.1%	15.4%	14.7%	10.6%	8.6%	8.1%	6.4%	6.0%	6.5%	6.4%	6.8%	12.2%	20.0%	26.1%	29.9%	8.2%	11.0%	12.2%	13.5%	7.4%	8.1%
Base Dividend per share (USD)	0.0000	0.4500	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.1000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.0000	0.3000	0.0000	0.2000	0.0000	0.0000	0.1000	0.2000	0.0000
* Following the Company's equity offering in April 2016, the earnings (loss) per share for prior periods have been recasted in accordance with IFRS for the three months starting 1Q'15 and the twelve months ended December 31, 2015, to include the bonus element derived from the 35% discount to the theoretical ex-right price included in the subscription price.
At the Extraordinary General Meeting held on May 10, 2017, the ArcelorMittal Shareholders approved a share consolidation based on a ratio 1:3, whereby every three current shares will be consolidated into one share (with a change in the number of shares outstanding and the accounting par value per share). Following the Company's share consolidation the weighted average common shares outstanding and basic and diluted earnings (loss) per share have been recasted in accordance with IFRS for the 3 months ended starting 1Q'15 and the twelve months ended December 31, 2015.

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Cashflow

CONSOLIDATED STATEMENTS OF CASHFLOW
Mar 31	Jun 30	Sep 30	Dec 31	Mar 31	Jun 30	Sep 30	Dec 31	Mar 31	Jun 30	Sep 30	Dec 31	Mar 31	Jun 30	Sep 30	Dec 31	Mar 31	Jun 30	Sep 30	Dec 31	Mar 31	Jun 30	Sep 30	Dec 31	Mar 31	Jun 30	Sep 30	FY	FY	FY	FY	FY	FY
In millions of U.S. dollars	2015	2015	2015	2015	2016	2016	2016	2016	2017	2017	2017	2017	2018	2018	2018	2018	2019	2019	2019	2019	2020	2020	2020	2020	2021	2021	2021	2015	2016	2017	2018	2019	2020
Operating activities:
Net income (loss)	(728)	179	(711)	(6,686)	(416)	1,112	680	403	1,002	1,322	1,205	1,039	1,192	1,865	899	1,193	414	(447)	(539)	(1,882)	(1,120)	(559)	(261)	1,207	2,285	4,005	4,621	(7,946)	1,779	4,568	5,149	(2,454)	(733)
Adjustments to reconcile net income (loss) to net cash provided by operations:
Non-controlling interest	8	3	(93)	(395)	(8)	20	9	(66)	21	(6)	2	(10)	48	(4)	46	91	36	42	(0)	(15)	3	31	39	82	120	166	219	(477)	(45)	7	181	63	155
Depreciation and impairment items net of purchase gains	807	820	804	5,525	652	729	693	852	655	722	690	907	797	712	1,162	938	883	1,713	766	1,632	863	739	183	1,042	601	620	590	7,956	2,926	2,974	3,609	4,994	2,827
Exceptional (income)/charges	0	0	527	909	0	(832)	0	0	-	0	0	0	146	0	0	(29)	0	0	0	828	457	221	0	(1,314)	0	-	123	1,436	(832)	0	117	828	(636)
Income / loss from assoicates, JVs and other investments	2	(125)	(30)	655	(324)	(168)	(109)	(14)	(86)	(120)	(117)	(125)	(212)	(30)	(183)	(227)	(208)	(94)	(25)	(20)	(142)	15	(100)	(7)	(453)	(590)	(778)	502	(615)	(448)	(652)	(347)	(234)
Deferred tax expense / (benefit)	85	70	14	402	676	70	79	(93)	76	71	(45)	(253)	(81)	(259)	(28)	(909)	(45)	(211)	64	(135)	178	84	580	(15)	(165)	(226)	(56)	571	732	(151)	(1,277)	(327)	827
Change in operating working capital	(1,691)	247	(288)	1,343	(1,188)	235	(565)	495	(2,181)	(548)	(801)	1,657	(1,869)	(1,232)	(1,713)	430	(553)	353	(203)	2,600	(109)	(392)	1,072	925	(1,634)	(1,901)	(2,896)	(389)	(1,023)	(1,873)	(4,384)	2,197	1,496
Other operating activities (net)	602	(175)	250	(179)	(82)	(297)	89	76	214	(227)	(171)	(330)	139	180	451	683	444	430	265	(76)	464	163	257	(504)	243	238	619	498	(214)	(514)	1,453	1,063	380
Net cash (used in) provided by operating activities	(915)	1,019	473	1,574	(690)	869	876	1,653	(299)	1,214	763	2,885	160	1,232	634	2,170	971	1,786	328	2,932	594	302	1,770	1,416	997	2,312	2,442	2,151	2,708	4,563	4,196	6,017	4,082
Investing activities:
Purchase of property, plant and equipment and intangibles	(745)	(542)	(684)	(736)	(586)	(521)	(535)	(802)	(580)	(566)	(637)	(1,036)	(752)	(616)	(781)	(1,156)	(947)	(869)	(941)	(815)	(850)	(401)	(520)	(668)	(619)	(569)	(675)	(2,707)	(2,444)	(2,819)	(3,305)	(3,572)	(2,439)
Other investing activities (net)	289	123	35	90	14	1,059	235	(7)	(18)	(172)	74	105	76	60	180	(770)	254	305	125	(936)	95	37	34	262	887	687	1,184	537	1,301	(11)	(454)	(252)	428
Net cash (used in) / provided by investing activities	(456)	(419)	(649)	(646)	(572)	538	(300)	(809)	(598)	(738)	(563)	(931)	(676)	(556)	(601)	(1,926)	(693)	(564)	(816)	(1,751)	(755)	(364)	(486)	(406)	268	118	509	(2,170)	(1,143)	(2,830)	(3,759)	(3,824)	(2,011)
Financing activities:
Net (payments) proceeds relating to payable to banks and long-term debt	386	1,589	(804)	(363)	83	(4,923)	(717)	(450)	743	(726)	587	(2,131)	263	474	(543)	(406)	(136)	468	804	126	(224)	(395)	(270)	(1,506)	(624)	(2,232)	(806)	808	(6,007)	(1,527)	(212)	1,262	(2,395)
Dividends paid to ArcelorMittal shareholders	0	(331)	0	0	0	0	0	0	0	0	0	0	0	(101)	0	0	0	(203)	0	0	0	0	0	0	0	(284)	(28)	(331)	0	0	(101)	(203)	0
Dividends paid to minorities shareholders	(53)	0	(21)	(11)	(6)	(41)	(7)	(7)	(40)	0	(80)	(21)	(50)	0	(37)	(32)	(46)	(1)	(61)	(21)	(103)	(7)	(55)	(16)	(65)	(17)	(157)	(85)	(61)	(141)	(119)	(129)	(181)
Combined capital offering/equity offering	0	0	0	0	0	3,115	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	740	0	0	0	0	0	0	3,115	0	0	0	740
Proceeds from mandatorily convertible bonds	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	1,237	0	0	0	0	0	0	0	0	0	0	1,237
Proceeds from subordianted perpetual secutrities	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Disposal (acquisition) of non-controlling interests	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Share buybacks	0	0	0	0	0	0	0	0	0	0	0	0	(226)	0	0	0	(90)	0	0	0	0	0	(13)	(487)	(650)	(997)	(1,703)	0	0	0	(226)	(90)	(500)
Lease payments and other financing activities (net)	(20)	26	(10)	7	63	(8)	(17)	(11)	(37)	(18)	7	(15)	(20)	(21)	(17)	27	(72)	(84)	(84)	(86)	(59)	(59)	(63)	(218)	(49)	(250)	(46)	3	27	(63)	(31)	(326)	(399)
Net cash (used in) provided by financing activities	313	1,284	(835)	(367)	140	(1,857)	(741)	(468)	666	(744)	514	(2,167)	(33)	352	(597)	(411)	(344)	180	659	19	(386)	1,516	(401)	(2,227)	(1,388)	(3,780)	(2,740)	395	(2,926)	(1,731)	(689)	514	(1,498)
Net (decrease) increase in cash and cash equivalents	(1,058)	1,884	(1,011)	561	(1,122)	(450)	(165)	376	(231)	(268)	714	(213)	(549)	1,028	(564)	(167)	(66)	1,402	171	1,200	(547)	1,454	883	(1,217)	(123)	(1,350)	211	376	(1,361)	2	(252)	2,707	573
Cash and cash equivalents transferred to assets held for sale	1	(1)	0	0	0	0	0	(13)	13	0	0	0	0	(23)	0	13	(11)	21	0	0	0	0	(70)	67	(7)	10	0	0	(13)	13	(10)	10	(3)
Effect of exchange rate changes on cash	(180)	72	(70)	(89)	(118)	(23)	29	(15)	3	30	9	16	17	(104)	(56)	3	(15)	17	(155)	131	(131)	(13)	73	234	(106)	47	(9)	(267)	(127)	58	(140)	(22)	163
Change in cash and cash equivalents	(1,237)	1,955	(1,081)	472	(1,240)	(473)	(136)	348	(215)	(238)	723	(197)	(532)	901	(620)	(151)	(92)	1,440	16	1,331	(678)	1,441	886	(916)	(236)	(1,293)	202	109	(1,501)	73	(402)	2,695	733
Free cashflow - Cashflow from operations less capex	(1,661)	477	(211)	838	(1,276)	348	341	851	(879)	648	126	1,849	(592)	616	(147)	1,014	24	917	(613)	2,117	(256)	(99)	1,250	748	378	1,743	(557)	264	1,744	891	2,445	1,643
Free cashflow - Cashflow from operations less capex less dividends paid to minorities shareholders	(1,713)	477	(232)	827	(1,282)	307	334	844	(919)	648	46	1,828	(642)	616	(184)	982	(22)	916	(674)	2,096	(359)	(106)	1,195	732	313	1,726	1,610	(641)	203	1,603	772	2,316	1,462

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Input sheet for segment

Quarterly Segment Analysis
NAFTA
(USDm) unless otherwise shown	1H 18	1H 19	1H 20	1H 21	1Q 20	2Q 20	3Q 20	4Q 20	1Q 21	2Q 21	3Q 21	2018	2019	2020
Sales	10,176	10,227	7,129	5,778	4,336	2,793	3,335	3,204	2,536	3,242	3,423	20,471	18,706	13,668
Operating income / (loss)	1,052	(244)	(452)	936	(110)	(342)	629	1,507	261	675	925	1,988	(1,144)	1,684
Depreciation	(301)	(303)	(292)	(142)	(141)	(151)	(143)	(102)	(71)	(71)	(70)	(593)	(638)	(537)
Impairments/ reversal of impairment	0	(600)	0	0	0	0	660	0	0	0	0	0	(1,300)	660
Restructuring / Exceptional (charges)/ income	0	0	(462)	0	(241)	(221)	0	1,460	0	0	0	(60)	(200)	998
EBITDA	1,353	659	302	1,078	272	30	112	149	332	746	995	2,641	994	563
Crude steel production (Mt)	11,810	10,978	9,201	4,447	5,503	3,698	4,432	4,180	2,175	2,272	1,994	22,559	21,897	17,813
Steel shipments (Mt)	11,362	10,757	9,333	5,101	5,536	3,797	4,435	4,134	2,511	2,590	2,280	22,047	20,921	17,902
Average steel selling price (US$/t)	817	855	697	957	715	670	701	714	850	1,062	1,303	852	810	702
EBITDA/tonne (US$/t)	119	61	32	211	49	8	25	36	132	288	436	120	48	31
BRAZIL
(USDm) unless otherwise shown	1H 18	1H 19	1H 20	1H 21	1Q 20	2Q 20	3Q 20	4Q 20	1Q 21	2Q 21	3Q 21	2018	2019	2020
Sales	4,196	4,303	2,807	5,798	1,603	1,204	1,624	1,905	2,535	3,263	3,606	8,761	8,166	6,336
Operating income / (loss)	589	476	272	1,742	153	119	209	296	714	1,028	1,164	1,370	853	777
Depreciation	(143)	(151)	(122)	(109)	(70)	(52)	(55)	(51)	(53)	(56)	(59)	(301)	(277)	(228)
Impairments net of purchase gains	(86)	0	0	0	0	0	0	0	0	0	0	(86)	0	0
Restructuring / Exceptional (charges)/ income	0	(0)	0	0	(0)	0	0	0	0	0	(123)	202	(0)	0
EBITDA	818	627	394	1,851	223	171	264	347	767	1,084	1,346	1,555	1,130	1,005
Crude steel production (Mt)	5,915	5,843	4,371	6,184	2,679	1,692	2,300	2,868	3,034	3,150	3,112	12,264	11,001	9,539
Steel shipments (Mt)	5,314	5,665	4,410	5,832	2,351	2,059	2,425	2,575	2,868	2,964	2,829	11,464	11,192	9,410
Average steel selling price (US$/t)	739	705	599	939	642	550	625	702	837	1,038	1,196	719	679	634
EBITDA/tonne (US$/t)	154	111	89	317	95	83	109	135	267	366	476	136	101	107
EUROPE
(USDm) unless otherwise shown	1H 18	1H 19	1H 20	1H 21	1Q 20	2Q 20	3Q 20	4Q 20	1Q 21	2Q 21	3Q 21	2018	2019	2020
Sales	21,168	20,890	13,454	20,027	7,654	5,800	7,013	7,604	9,355	10,672	11,228	40,488	37,721	28,071
Operating income / (loss)	1,432	(287)	(654)	1,861	(426)	(228)	(341)	(444)	599	1,262	1,925	1,636	(1,101)	(1,439)
Depreciation	(613)	(625)	(704)	(615)	(349)	(355)	(358)	(356)	(299)	(316)	(284)	(1,201)	(1,261)	(1,418)
Impairments net of purchase gains	0	(497)	(92)	0	(92)	0	(104)	(331)	0	0	0	(724)	(525)	(527)
Restructuring / Exceptional (charges)/ income	(146)	(0)	(191)	0	(191)	(0)	0	(146)	(0)	0	0	(259)	(456)	(337)
EBITDA	2,191	835	333	2,476	206	127	121	389	898	1,578	2,209	3,820	1,141	843
Crude steel production (Mt)	22,272	24,451	16,986	19,083	9,912	7,074	7,908	9,110	9,697	9,386	9,091	44,693	43,913	34,004
Steel shipments (Mt)	21,213	23,364	16,117	17,306	9,300	6,817	8,187	8,569	9,013	8,293	7,551	41,020	42,352	32,873
Average steel selling price (US$/t)	800	716	636	878	638	633	651	695	813	948	1,098	787	696	655
EBITDA/tonne (US$/t)	103	36	21	143	22	19	15	45	100	190	293	93	27	26
ACIS
(USDm) unless otherwise shown	1H 18	1H 19	1H 20	1H 21	1Q 20	2Q 20	3Q 20	4Q 20	1Q 21	2Q 21	3Q 21	2018	2019	2020
Sales	4,304	3,632	2,732	4,896	1,508	1,224	1,452	1,553	2,128	2,768	2,419	8,108	6,997	5,737
Operating income / (loss)	622	209	(92)	1,458	(47)	(45)	68	233	535	923	808	1,129	31	209
Depreciation	(218)	(231)	(239)	(220)	(126)	(113)	(120)	(133)	(110)	(110)	(112)	(432)	(499)	(492)
Impairments net of purchase gains	0	0	0	0	0	0	0	0	0	0	0	0	(102)	0
Restructuring / Exceptional (charges)/ income	0	0	(21)	0	(21)	0	0	0	0	0	0	0	(76)	(21)
EBITDA	840	440	168	1,678	100	68	188	366	645	1,033	920	1,561	708	722
Crude steel production (Mt)	6,487	6,575	4,954	5,658	2,998	1,956	2,544	2,673	2,683	2,975	3,014	13,022	12,998	10,171
Steel shipments (Mt)	6,086	5,844	5,009	5,396	2,614	2,395	2,499	2,373	2,595	2,801	2,367	11,741	11,547	9,881
Average steel selling price (US$/t)	616	538	441	729	471	408	465	511	647	806	864	598	517	464
EBITDA/tonne (US$/t)	138	75	33	311	38	28	75	154	249	369	389	133	61	73
210.5740740231
MINING
(USDm) unless otherwise shown	1H 18	1H 19	1H 20	1H 21	1Q 20	2Q 20	3Q 20	4Q 20	1Q 21	2Q 21	3Q 21	2018	2019	2020
Sales	1,128	1,483	1,131	2,068	524	607	717	937	1,179	889	1,153	2,226	2,664	2,785
Operating income / (loss)	351	648	415	1,287	147	268	330	502	779	508	741	707	1,026	1,247
Depreciation	(113)	(118)	(126)	(115)	(71)	(55)	(57)	(60)	(59)	(56)	(56)	(217)	(237)	(243)
Impairments net of purchase gains	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Restructuring / Exceptional (charges)/ income	0	0	0	0	0	0	0	0	0	0	0	0	0	0
EBITDA	464	766	541	1,402	218	323	387	562	838	564	797	924	1,263	1,490
GROUP
(USDm) unless otherwise shown	1H 18	1H 19	1H 20	1H 21	1Q 20	2Q 20	3Q 20	4Q 20	1Q 21	2Q 21	3Q 21	2018	2019	2020
Sales	39,184	38,467	25,820	35,536	14,844	10,976	13,266	14,184	16,193	19,343	20,229	76,033	70,615	53,270
Operating income / (loss)	3,930	611	(606)	7,073	(353)	(253)	718	1,998	2,641	4,432	5,345	6,539	(627)	2,110
Depreciation	(1,423)	(1,499)	(1,510)	(1,221)	(771)	(739)	(739)	(711)	(601)	(620)	(590)	(2,799)	(3,067)	(2,960)
Impairments net of purchase gains	(86)	(1,097)	(92)	0	(92)	0	556	(331)	0	0	0	(810)	(1,927)	133
Restructuring / Exceptional (charges)/ income	(146)	(0)	(678)	0	(457)	(221)	0	1,314	0	0	(123)	(117)	(828)	636
EBITDA	5,585	3,207	1,674	8,294	967	707	901	1,726	3,242	5,052	6,058	10,265	5,195	4,301
Crude steel production (Mt)	46,484	47,847	35,512	35,372	21,092	14,420	17,184	18,831	17,589	17,783	17,211	92,538	89,809	71,527
Steel shipments (Mt)	43,080	44,599	34,346	32,560	19,481	14,865	17,462	17,288	16,496	16,064	14,617	83,854	84,511	69,096
Average steel selling price (US$/t)	776	729	622	880	641	596	634	679	800	962	1,113	775	700	639
EBITDA/tonne (US$/t)	130	72	49	255	50	48	52	100	197	314	414	122	61	62

Page &P of &N &F &A

Summary sheet

Summary analysis
Shipment (000t)	1H18	1H19	1H20	1H21	1Q20	2Q20	3Q20	4Q20	1Q21	2Q21	3Q21	2018	2019	2020
Steel Shipment NAFTA	11,362	10,757	9,333	5,101	5,536	3,797	4,435	4,134	2,511	2,590	2,280	22,047	20,921	17,902
Steel Shipment BRAZIL	5,314	5,665	4,410	5,832	2,351	2,059	2,425	2,575	2,868	2,964	2,829	11,464	11,192	9,410
Steel Shipment EUROPE	21,213	23,364	16,117	17,306	9,300	6,817	8,187	8,569	9,013	8,293	7,551	41,020	42,352	32,873
Steel Shipment ACIS	6,086	5,844	5,009	5,396	2,614	2,395	2,499	2,373	2,595	2,801	2,367	11,741	11,547	9,881
Eliminations	-895	-1,030	-523	-1,075	-320	-203	-85	-363	-491	-584	-410	-2,418	-1,501	-970
Steel Shipment total	43,080	44,599	34,346	32,560	19,481	14,865	17,462	17,288	16,496	16,064	14,617	83,854	84,511	69,096
Change	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Crude Steel (000t)	1H18	1H19	1H20	1H21	1Q20	2Q20	3Q20	4Q20	1Q21	2Q21	3Q21	2018	2019	2020
Crude Steel Production NAFTA	11,810	10,978	9,201	4,447	5,503	3,698	4,432	4,180	2,175	2,272	1,994	22,559	21,897	17,813
Crude Steel Production BRAZIL	5,915	5,843	4,371	6,184	2,679	1,692	2,300	2,868	3,034	3,150	3,112	12,264	11,001	9,539
Crude Steel Production EUROPE	22,272	24,451	16,986	19,083	9,912	7,074	7,908	9,110	9,697	9,386	9,091	44,693	43,913	34,004
Crude Steel Production AACIS	6,487	6,575	4,954	5,658	2,998	1,956	2,544	2,673	2,683	2,975	3,014	13,022	12,998	10,171
Crude Steel Production total	46,484	47,847	35,512	35,372	21,092	14,420	17,184	18,831	17,589	17,783	17,211	92,538	89,809	71,527
Change	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	-2.9%	-20.4%
Total group ore production	1H18	1H19	1H20	1H21	1Q20	2Q20	3Q20	4Q20	1Q21	2Q21	3Q21	2018	2019	2020
Total group iron ore production	29.1	28.7	27.9	24.5	14.4	13.5	14.8	15.3	13.3	11.2	13.0	58.5	57.1	58.0
Mining Production (AMMC & Liberia)	1H18	1H19	1H20	1H21	1Q20	2Q20	3Q20	4Q20	1Q21	2Q21	3Q21	2018	2019	2020
Total seaborne iron ore production (Mt)	14.6	14.9	13.5	12.2	6.8	6.7	7.2	7.6	7.3	4.9	6.8	29.1	28.3	28.3
Mining Shipments (AMMC & Liberia)	1H18	1H19	1H20	1H21	1Q20	2Q20	3Q20	4Q20	1Q21	2Q21	3Q21	2018	2019	2020
Total seaborne iron ore shipment	14.6	15.0	13.3	12.0	6.5	6.8	7.2	7.9	7.4	4.6	6.9	29.2	28.8	28.4
P&L (USDm)	1H18	1H19	1H20	1H21	1Q20	2Q20	3Q20	4Q20	1Q21	2Q21	3Q21	2018	2019	2020
Sales NAFTA	10,176	10,227	7,129	5,778	4,336	2,793	3,335	3,204	2,536	3,242	3,423	20,471	18,706	13,668
Sales BRAZIL	4,196	4,303	2,807	5,798	1,603	1,204	1,624	1,905	2,535	3,263	3,606	8,761	8,166	6,336
Sales EUROPE	21,168	20,890	13,454	20,027	7,654	5,800	7,013	7,604	9,355	10,672	11,228	40,488	37,721	28,071
Sales ACIS	4,304	3,632	2,732	4,896	1,508	1,224	1,452	1,553	2,128	2,768	2,419	8,108	6,997	5,737
Sales MINING	1,128	1,483	1,131	2,068	524	607	717	937	1,179	889	1,153	2,226	2,664	2,785
Sales Other & Elimination	-1,787	-2,068	-1,432	-3,031	-782	-652	-876	-1,019	-1,540	-1,491	-1,600	-4,022	-3,639	-3,327
Total Sales	39,184	38,467	25,820	35,536	14,844	10,976	13,266	14,184	16,193	19,343	20,229	76,033	70,615	53,270
Change	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
EBITDA NAFTA	1,353	659	302	1,078	272	30	112	149	332	746	995	2,641	994	563
EBITDA BRAZIL	818	627	394	1,851	223	171	264	347	767	1,084	1,346	1,555	1,130	1,005
EBITDA EUROPE	2,191	835	333	2,476	206	127	121	389	898	1,578	2,209	3,820	1,141	843
EBITDA ACIS	840	440	168	1,678	100	68	188	366	645	1,033	920	1,561	708	722
EBITDA MINING	464	766	541	1,402	218	323	387	562	838	564	797	924	1,263	1,490
EBITDA Other & Elimination	-79	-119	-64	-191	-52	-12	-171	-87	-238	47	-209	-235	-41	-321
Total EBITDA continuing operations	5,585	3,207	1,674	8,294	967	707	901	1,726	3,242	5,052	6,058	10,265	5,195	4,301
Change	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	-49.4%	-17.2%
Depreciation & impairment NAFTA	-301	-903	-292	-142	-141	-151	517	-102	-71	-71	-70	-593	-1,938	123
Depreciation & impairment BRAZIL	-229	-151	-122	-109	-70	-52	-55	-51	-53	-56	-59	-387	-277	-228
Depreciation & impairment EUROPE	-613	-1,122	-796	-615	-441	-355	-462	-687	-299	-316	-284	-1,925	-1,786	-1,945
Depreciation & impairment ACIS	-218	-231	-239	-220	-126	-113	-120	-133	-110	-110	-112	-432	-601	-492
Depreciation & impairment MINING	-113	-118	-126	-115	-71	-55	-57	-60	-59	-56	-56	-217	-237	-243
Depreciation & impairment Other & Elimination	-35	-71	-26	-20	-13	-13	-6	-9	-10	-11	-9	-56	-155	-42
Total D&A an impairment	-1,509	-2,596	-1,602	-1,221	-863	-739	-183	-1,042	-601	-620	-590	-3,609	-4,994	-2,827
Change	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Operating income /(loss) NAFTA	1,052	-244	-452	936	-110	-342	629	1,507	261	675	925	1,988	-1,144	1,684
Operating income /(loss) BRAZIL	589	476	272	1,742	153	119	209	296	714	1,028	1,164	1,370	853	777
Operating income /(loss) EUROPE	1,432	-287	-654	1,861	-426	-228	-341	-444	599	1,262	1,925	1,636	-1,101	-1,439
Operating income /(loss) ACIS	622	209	-92	1,458	-47	-45	68	233	535	923	808	1,129	31	209
Operating income /(loss) MINING	351	648	415	1,287	147	268	330	502	779	508	741	707	1,026	1,247
Operating income /(loss) Other & Elimination	-116	-191	-95	-211	-69	-25	-177	-96	-248	36	-218	-291	-292	-369
Total Operating Income /(loss)	3,930	611	-606	7,073	-353	-253	718	1,998	2,641	4,432	5,345	6,539	-627	2,110
Change	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Restructuring / Exceptional charges (income) NAFTA	0	0	-462	0	-241	-221	0	1460	0	0	0	-60	-200	998
Restructuring / Exceptional charges (income) BRAZIL	0	-0	0	0	-0	0	0	0	0	0	-123	202	-0	0
Restructuring / Exceptional charges (income) EUROPE	-146	-0	-191	0	-191	-0	0	-146	-0	0	0	-259	-456	-337
Restructuring / Exceptional charges (income) ACIS	0	0	-21	0	-21	0	0	0	0	0	0	0	-76	-21
Restructuring / Exceptional charges (income) MINING	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Restructuring / Exceptional charges (income) Other & Elimination	0	0	0	0	0	0	0	0	0	0	0	0	-95	-3
Other operating expensese / (income)	-146	-0	-678	0	-457	-221	0	1314	0	0	-123	-117	-828	636
Margin and Ratio	1H18	1H19	1H20	1H21	1Q20	2Q20	3Q20	4Q20	1Q21	2Q21	3Q21	2018	2019	2020
EBITDA Margin (%)	14.3%	8.3%	6.5%	23.3%	6.5%	6.4%	6.8%	12.2%	20.0%	26.1%	29.9%	13.5%	7.4%	8.1%
Operating margin (%)	10.0%	1.6%	-2.3%	19.9%	-2.4%	-2.3%	5.4%	14.1%	16.3%	22.9%	26.4%	8.6%	-0.9%	4.0%
Operating margin (USD/t)	91	14	-18	217	-18	-17	41	116	160	276	366	78	-7	31

Page &P of &N &F &A

Shipment by geography

Quarterly Segment Analysis - Shipment by region
(000'kt)	1Q 10	2Q 10	3Q 10	4Q 10	1Q 11	2Q 11	3Q 11	4Q 11	1Q 12	2Q 12	3Q 12	4Q 12	1Q 13	2Q 13	3Q 13	4Q 13	1Q 14	2Q 14	3Q 14	4Q 14	1Q 15	2Q 15	3Q 15	4Q 15	1Q 16	2Q 16	3Q 16	4Q 16	1Q 17	2Q 17	3Q 17	4Q 17	1Q 18	2Q 18	3Q 18	4Q 18	1Q 19	2Q 19	3Q 19	4Q 19	1Q 20	2Q 20	3Q 20	4Q 20	1Q 21	2Q21	3Q21	2012	2013	2014	2015	2016	2017	2018	2019	2020
Flat	4,558	4,654	4,530	4,368	4,541	4,306	4,743	4,608	4,528	4,699	4,836	4,844	4,459	4,560	4,701	3,782	4,567	4,641	4,698	4,301	4,944	4,748	4,820	4,414	4,811	5,011	4,885	4,406	4,750	4,732	4,454	4,325	4,853	3,328	3,779	3,462	1,822	1,896	1,613	18,110	18,198	18,907	17,502	18,207	18,926	19,113	18,261	15,422
Long	1,146	1,206	1,061	1,164	1,124	1,202	1,144	1,191	1,212	1,193	1,171	1,094	1,158	1,217	1,068	929	1,037	964	829	817	829	845	984	872	921	969	774	890	721	873	847	819	846	485	746	807	785	794	770	4,577	4,661	4,670	4,372	3,647	3,530	3,554	3,260	2,884
NAFTA	5,620	5,803	5,511	5,460	5,565	5,433	5,774	5,728	5,613	5,790	5,866	5,805	5,463	5,642	5,620	4,581	5,463	5,443	5,364	5,011	5,610	5,419	5,655	5,150	5,559	5,803	5,512	5,173	5,319	5,438	5,135	5,029	5,536	3,797	4,435	4,134	2,511	2,590	2,280	22,394	22,500	23,074	21,306	21,281	21,834	22,047	20,922	17,902
Flat	1,127	1,122	820	1,177	1,039	1,100	1,066	1,009	899	948	1,452	1,643	1,514	1,604	1,844	1,760	1,455	1,627	1,730	1,877	1,364	1,682	1,766	1,950	1,400	1,494	1,695	1,832	1,699	1,563	1,513	1,553	1,277	1,074	1,047	1,324	1,513	1,599	1,523	4,246	4,214	4,942	6,722	6,689	6,762	6,421	6,328	4,722
Long	1,295	1,355	1,374	1,308	1,371	1,367	1,489	1,307	1,419	1,336	1,379	1,229	1,169	1,179	1,254	1,085	1,009	1,065	1,026	964	866	945	1,181	1,108	1,095	1,345	1,415	1,232	1,194	1,236	1,312	1,176	1,085	994	1,393	1,268	1,370	1,381	1,325	5,332	5,534	5,363	4,687	4,064	4,100	5,087	4,918	4,740
Brazil	2,425	2,507	2,191	2,531	2,407	2,487	2,559	2,344	2,325	2,312	2,844	2,895	2,707	2,835	3,125	2,873	2,472	2,689	2,751	2,841	2,226	2,622	2,940	3,052	2,483	2,831	3,097	3,053	2,880	2,785	2,810	2,717	2,351	2,059	2,425	2,575	2,868	2,964	2,829	9,654	9,797	10,376	11,540	10,753	10,840	11,464	11,192	9,410
Flat	7,367	6,685	5,770	5,882	6,811	6,989	6,510	6,608	6,992	7,039	6,881	6,680	7,544	7,470	6,749	6,447	7,332	7,536	6,562	6,541	7,377	7,482	7,098	7,298	7,704	7,553	6,855	7,398	8,647	8,824	7,225	6,827	7,023	4,649	6,025	6,211	6,613	5,751	5,333	25,704	26,918	27,592	28,210	27,971	29,255	29,510	31,523	23,907
Long	3,051	3,021	2,827	2,785	2,695	2,991	2,734	2,827	2,997	3,123	2,938	2,890	3,074	3,373	2,847	2,983	3,064	3,316	2,767	2,967	2,806	2,913	2,954	2,821	2,961	2,942	2,798	2,666	2,821	2,883	2,333	2,323	2,170	2,054	2,080	2,246	2,290	2,404	2,121	11,684	11,247	11,948	12,277	12,114	11,494	11,367	10,360	8,550
Europe	10,397	9,738	8,602	8,794	9,527	10,011	9,257	9,474	10,009	10,191	9,829	9,610	10,662	10,895	9,646	9,473	10,444	10,886	9,382	9,535	10,208	10,466	10,116	10,151	10,697	10,516	9,709	10,098	11,553	11,811	9,698	9,290	9,300	6,817	8,187	8,569	9,013	8,293	7,551	82,182	82,610	85,125	40,676	40,247	40,941	41,020	42,352	32,873
ACIS	3,373	3,350	3,201	2,997	3,118	3,087	3,208	3,009	3,187	3,306	3,229	3,111	3,006	3,205	3,196	3,078	3,315	3,453	3,408	3,095	3,221	3,257	3,362	3,254	3,029	3,057	2,986	2,669	2,662	3,182	2,718	2,985	2,614	2,395	2,499	2,373	2,595	2,801	2,367	13,271	13,094	11,741	11,547	13,271	13,094	11,741	11,547	9,881
Total	21,712	21,291	19,455	19,724	20,483	20,924	20,721	20,482	20,968	21,457	21,523	21,177	21,605	22,179	21,065	19,737	21,472	22,101	20,316	20,045	21,058	21,483	21,705	20,996	21,349	21,731	20,538	20,236	21,826	22,773	20,185	19,727	19,481	14,865	17,462	17,288	16,496	16,064	14,617	83,934	85,242	83,854	84,511	83,934	85,242	83,854	84,511	69,096
Note: Others and eliminations line are not presented in the table

Capex

Quarterly Segment Analysis - Capex by region
Capex M$	1H18	1H19	1H20	1H21	1Q20	2Q20	3Q20	4Q20	1Q21	2Q21	3Q21	2018	2019	2020
NAFTA	310	378	349	147	229	120	96	82	74	73	118	758	828	527
BRAZIL	89	184	101	139	71	30	49	67	48	91	102	256	360	217
EUROPE	541	690	492	578	324	168	222	326	343	235	231	1,340	1,355	1,040
ACIS	318	331	240	214	174	66	102	134	94	120	139	704	673	476
MINING (AMMC & Liberia)	94	89	52	97	40	12	42	46	54	43	78	210	185	140
Total	1,366	1,816	1,251	1,188	850	401	520	668	619	569	675	3,305	3,572	2,439
"Others" are not presented in the table

Input sheet segment (OLD)

Quarterly Segment Analysis
NAFTA
(USDm) unless otherwise shown	1Q 12	2Q 12	3Q 12	4Q 12	1Q 13	2Q 13	3Q 13	4Q 13	1Q 14	2Q 14	3Q 14	4Q 14	1Q 15	2Q 15	3Q 15	4Q 15	1Q 16	2Q 16	3Q 16	4Q 16	1Q 17	2Q 17	3Q 17	4Q 17	1Q 18	2Q 18	3Q 18	4Q 18	1Q 19	2Q 19	3Q 19	4Q 19	1Q 20	2Q 20	3Q 20	4Q 20	1Q 21	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020
Sales	5,432	5,543	5,042	4,743	4,887	4,794	4,973	4,991	4,928	5,423	5,645	5,166	4,777	4,545	4,371	3,600	3,822	3,920	4,269	3,795	4,458	4,607	4,636	4,296	4,752	5,356	5,367	4,857	5,085	5,055	4,395	4,020	4,304	2,768	3,329	3,196	2,536	20,617	20,760	19,645	21,162	17,293	15,806	17,997	20,332	18,555	13,597
Operating income / (loss)	539	426	179	99	190	3	230	207	70	7	260	49	(103)	51	88	(741)	205	1,209	424	164	396	378	256	155	308	660	612	310	216	(539)	(24)	(912)	(120)	(327)	607	1,507	176	1,264	1,243	630	386	(705)	2,002	1,185	1,889	(1,259)	1,667
Depreciation	188	190	195	203	195	188	187	197	189	170	169	178	156	155	151	154	134	136	142	137	128	128	125	137	132	131	132	127	134	137	147	152	126	136	126	61	57	749	776	767	706	616	549	518	522	570	449
Impairments net of purchase gains	0	0	0	(5)	0	0	0	0	0	0	0	114	0	19	0	507	0	0	0	0	0	0	0	0	0	0	0	0	0	600	0	700	0	0	(660)	0	0	26	(5)	0	114	526	0	0	0	1,300	(660)
Restructuring / Exceptional charges (income)	0	0	0	0	0	0	0	0	0	0	0	0	0	0	101	353	0	(832)	0	0	0	0	0	0	0	0	0	60	0	0	0	200	241	221	0	(1,460)	0	0	0	0	0	454	(832)	0	60	200	(998)
EBITDA	727	616	374	297	385	191	417	404	259	177	429	341	53	225	340	273	339	513	566	301	524	506	381	292	440	791	744	497	350	198	123	140	247	30	73	108	233	2,039	2,014	1,397	1,206	891	1,719	1,703	2,471	811	458
Crude steel production (Mt)	6,206	6,230	6,057	5,822	6,379	5,720	6,454	6,361	6,256	6,153	6,485	6,142	5,908	5,775	5,976	5,136	5,644	5,735	5,632	5,197	6,216	5,762	5,904	5,598	5,864	5,946	5,723	5,026	5,388	5,590	5,658	5,261	5,503	3,698	4,432	4,180	2,175	23,681	24,315	24,914	25,036	22,795	22,208	23,480	22,559	21,897	17,813
Steel shipments (Mt)	5,620	5,803	5,511	5,460	5,565	5,433	5,774	5,728	5,613	5,790	5,866	5,805	5,463	5,642	5,620	4,581	5,463	5,443	5,364	5,011	5,610	5,419	5,655	5,150	5,559	5,803	5,512	5,173	5,319	5,438	5,135	5,029	5,536	3,797	4,435	4,134	2,511	21,429	22,394	22,500	23,074	21,306	21,281	21,834	22,047	20,921	17,902
Average steel selling price (US$/t)	918	907	868	822	834	841	818	825	840	856	853	824	796	726	698	706	635	660	715	681	719	760	741	748	779	853	896	882	874	836	792	731	715	670	701	714	850	908	879	829	843	732	672	742	852	810	702
EBITDA/tonne (US$/t)	129	106	68	54	69	35	72	71	46	31	73	59	10	40	60	60	62	94	106	60	93	93	67	57	79	136	135	96	66	36	24	28	45	8	16	26	93	95	90	62	52	42	81	78	112	39	26
BRAZIL
(USDm) unless otherwise shown	1Q 12	2Q 12	3Q 12	4Q 12	1Q 13	2Q 13	3Q 13	4Q 13	1Q 14	2Q 14	3Q 14	4Q 14	1Q 15	2Q 15	3Q 15	4Q 15	1Q 16	2Q 16	3Q 16	4Q 16	1Q 17	2Q 17	3Q 17	4Q 17	1Q 18	2Q 18	3Q 18	4Q 18	1Q 19	2Q 19	3Q 19	4Q 19	1Q 20	2Q 20	3Q 20	4Q 20	1Q 21	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020
Sales	2,613	2,617	2,373	2,553	2,462	2,618	2,531	2,537	2,356	2,431	2,707	2,543	2,119	2,167	2,125	2,092	1,255	1,488	1,729	1,751	1,610	1,834	2,059	2,252	1,988	2,191	2,103	2,429	2,156	2,126	1,929	1,902	1,592	1,192	1,603	1,884	2,510	11,908	10,156	10,148	10,037	8,503	6,223	7,755	8,711	8,113	6,271
Operating income / (loss)	181	171	50	159	184	358	336	326	287	305	349	447	291	275	196	(134)	89	149	233	143	175	128	128	266	215	369	374	398	239	234	196	177	150	117	197	290	698	953	561	1,204	1,388	628	614	697	1,356	846	754
Depreciation	181	180	181	187	183	175	162	171	138	109	111	99	86	85	78	87	56	64	68	70	71	73	74	75	69	74	71	84	70	79	62	63	69	51	55	49	52	732	729	691	457	336	258	293	298	274	224
Impairments net of purchase gains	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	176	0	0	0	0	0	0	0	0	86	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	176	0	0	86	0	0
Restructuring / Exceptional charges (income)	0	0	0	0	0	0	0	0	0	0	0	0	0	0	39	52	0	0	0	0	0	0	0	0	0	0	0	(202)	0	0	0	0	0	0	0	0	0	0	0	0	0	91	0	0	(202)	0	0
EBITDA	362	351	231	346	367	533	498	497	425	414	460	546	377	360	313	181	145	213	301	213	246	201	202	341	370	443	445	280	309	313	258	240	219	168	252	339	750	1,685	1,290	1,895	1,845	1,231	872	990	1,538	1,120	978
Crude steel production (Mt)	2,645	2,408	2,301	2,518	2,400	2,561	2,576	2,450	2,413	2,382	2,971	2,758	2,875	2,934	2,953	2,850	2,667	2,800	2,888	2,778	2,710	2,714	2,797	2,989	2,801	3,114	3,158	3,191	3,013	2,830	2,669	2,489	2,679	1,692	2,300	2,868	3,034	10,926	9,872	9,987	10,524	11,612	11,133	11,210	12,264	11,001	9,539
Steel shipments (Mt)	2,425	2,507	2,191	2,531	2,407	2,487	2,559	2,344	2,325	2,312	2,844	2,895	2,707	2,835	3,125	2,873	2,472	2,689	2,751	2,841	2,226	2,622	2,940	3,052	2,483	2,831	3,097	3,053	2,880	2,785	2,810	2,717	2,351	2,059	2,425	2,575	2,868	10,658	9,654	9,797	10,376	11,540	10,753	10,840	11,464	11,192	9,410
Average steel selling price (US$/t)	975	939	977	919	925	959	893	987	895	934	866	792	713	695	622	565	474	515	582	565	678	655	651	685	752	728	714	687	704	705	676	628	642	550	625	702	837	1,007	951	940	867	647	536	667	719	679	634
EBITDA/tonne (US$/t)	149	140	106	137	153	214	194	212	183	179	162	189	139	127	100	63	59	79	109	75	110	77	69	112	149	157	144	92	107	112	92	88	93	82	104	132	261	158	134	193	178	107	81	91	134	100	104
EUROPE
(USDm) unless otherwise shown	1Q 12	2Q 12	3Q 12	4Q 12	1Q 13	2Q 13	3Q 13	4Q 13	1Q 14	2Q 14	3Q 14	4Q 14	1Q 15	2Q 15	3Q 15	4Q 15	1Q 16	2Q 16	3Q 16	4Q 16	1Q 17	2Q 17	3Q 17	4Q 17	1Q 18	2Q 18	3Q 18	4Q 18	1Q 19	2Q 19	3Q 19	4Q 19	1Q 20	2Q 20	3Q 20	4Q 20	1Q 21	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020
Sales	11,651	11,430	9,708	9,710	10,204	10,546	9,727	10,030	10,322	10,518	9,689	9,023	8,600	8,547	7,671	7,075	7,151	7,810	7,172	7,139	8,222	9,180	9,196	9,610	10,641	10,527	9,559	9,761	10,494	10,396	8,796	8,035	7,654	5,800	7,013	7,604	9,355	49,783	42,499	40,507	39,552	31,893	29,272	36,208	40,488	37,721	28,071
Operating income / (loss)	(378)	262	(434)	(5,175)	(68)	(188)	(184)	(545)	80	334	166	157	317	387	(27)	(506)	86	383	414	387	636	652	546	525	580	853	100	98	11	(301)	(168)	(649)	(426)	(229)	(342)	(447)	599	(369)	(5,725)	(985)	737	171	1,270	2,359	1,632	(1,107)	(1,444)
Depreciation	479	490	478	497	488	490	487	538	455	355	357	343	299	293	293	307	277	293	303	311	273	290	302	336	318	292	262	323	309	313	311	323	347	355	356	355	299	2,153	1,944	2,003	1,510	1,192	1,184	1,201	1,195	1,256	1,413
Impairments net of purchase gains	61	0	130	4,841	0	24	0	62	0	0	0	57	0	0	0	398	0	49	0	0	0	0	0	0	0	0	509	215	150	347	0	28	92	0	104	331	0	301	5,032	86	57	398	49	0	724	525	527
Restructuring / Exceptional charges (income)	107	190	98	192	0	164	0	353	0	(0)	(0)	0	(0)	0	287	345	0	0	0	0	0	0	0	0	146	0	0	113	0	0	0	456	191	0	0	146	(0)	219	587	517	(0)	632	0	(0)	259	456	337
EBITDA	269	942	272	355	420	490	303	408	535	689	523	557	616	680	553	544	363	725	717	698	909	942	848	861	1,044	1,145	871	749	470	359	143	158	204	126	118	385	898	2,304	1,838	1,621	2,304	2,393	2,503	3,560	3,810	1,130	833
Crude steel production (Mt)	10,365	10,403	9,800	9,208	10,419	10,531	10,522	10,451	10,899	10,941	10,837	10,742	11,341	11,644	10,880	9,988	11,171	10,720	10,571	10,173	11,212	10,997	11,248	10,311	11,246	11,026	10,841	11,580	12,372	12,079	10,432	9,030	9,912	7,074	7,908	9,110	9,697	42,677	39,776	41,923	43,419	43,853	42,635	43,768	44,693	43,913	34,004
Steel shipments (Mt)	10,397	9,738	8,602	8,794	9,527	10,011	9,257	9,474	10,009	10,191	9,829	9,610	10,662	10,895	9,646	9,473	10,444	10,886	9,382	9,535	10,208	10,466	10,116	10,151	10,697	10,516	9,709	10,098	11,553	11,811	9,698	9,290	9,300	6,817	8,187	8,569	9,013	39,432	37,531	38,269	39,639	40,676	40,247	40,941	41,020	42,352	32,873
Average steel selling price (US$/t)	850	859	825	822	819	807	786	805	808	799	760	721	633	617	614	568	530	562	596	590	649	698	723	736	801	800	776	771	729	704	686	654	638	633	651	695	813	946	840	804	773	609	568	702	787	696	655
EBITDA/tonne (US$/t)	26	97	32	40	44	49	33	43	53	68	53	58	58	62	57	57	35	67	76	73	89	90	84	85	98	109	90	74	41	30	15	17	22	18	14	45	100	58	49	42	58	59	62	87	93	27	25
ACIS
(USDm) unless otherwise shown	1Q 12	2Q 12	3Q 12	4Q 12	1Q 13	2Q 13	3Q 13	4Q 13	1Q 14	2Q 14	3Q 14	4Q 14	1Q 15	2Q 15	3Q 15	4Q 15	1Q 16	2Q 16	3Q 16	4Q 16	1Q 17	2Q 17	3Q 17	4Q 17	1Q 18	2Q 18	3Q 18	4Q 18	1Q 19	2Q 19	3Q 19	4Q 19	1Q 20	2Q 20	3Q 20	4Q 20	1Q 21	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020
Sales	2,821	2,722	2,494	2,160	2,152	2,151	2,141	1,975	2,007	2,300	1,994	1,967	1,721	1,649	1,508	1,250	1,192	1,581	1,586	1,526	1,807	1,834	1,941	2,039	2,080	2,129	1,989	1,763	1,645	1,906	1,654	1,632	1,446	1,184	1,400	1,477	2,009	10,922	10,197	8,419	8,268	6,128	5,885	7,621	7,961	6,837	5,507
Operating income / (loss)	13	(28)	(76)	37	(114)	(26)	(24)	(293)	(20)	25	78	12	25	(18)	(176)	(455)	(15)	162	156	(92)	116	51	159	182	290	312	371	121	64	114	35	238	(60)	(70)	37	177	472	741	(54)	(457)	95	(624)	211	508	1,094	(25)	84
Depreciation	152	160	156	189	137	129	134	142	129	131	130	135	108	106	104	90	76	80	77	78	75	77	80	81	73	85	76	77	81	85	93	105	86	75	82	89	74	528	657	542	525	408	311	313	311	364	332
Impairments net of purchase gains	8	0	0	0	0	15	0	181	0	0	0	0	0	0	27	267	0	0	0	156	0	46	0	160	0	0	0	0	0	0	0	102	0	0	0	0	0	0	8	196	0	294	156	206	0	102	0
Restructuring / Exceptional charges (income)	0	0	0	0	0	9	0	24	0	0	0	0	0	0	80	159	0	0	0	(0)	0	0	0	0	0	0	0	0	0	0	0	76	21	0	0	0	0	0	0	33	0	239	0	0	0	76	21
EBITDA	173	132	80	226	23	127	110	54	109	156	208	147	133	88	35	61	61	242	233	142	191	174	239	423	363	397	447	198	145	199	128	45	47	5	119	266	546	1,269	611	314	620	317	678	1,027	1,405	517	437
Crude steel production (Mt)	3,615	3,692	3,720	3,241	3,245	3,681	3,710	3,726	3,413	3,600	3,616	3,519	3,603	3,696	3,257	3,663	3,668	3,926	3,552	3,646	3,492	3,685	3,669	3,832	3,400	3,087	3,560	2,975	3,323	3,252	3,450	2,973	2,998	1,956	2,544	2,673	2,683	14,608	14,268	14,362	14,148	14,219	14,792	14,678	13,022	12,998	10,171
Steel shipments (Mt)	3,373	3,350	3,201	2,997	3,118	3,087	3,208	3,009	3,187	3,306	3,229	3,111	3,006	3,205	3,196	3,078	3,315	3,453	3,408	3,095	3,221	3,257	3,362	3,254	3,029	3,057	2,986	2,669	2,662	3,182	2,718	2,985	2,614	2,395	2,499	2,373	2,595	12,604	12,921	12,422	12,833	12,485	13,271	13,094	11,741	11,547	9,881
Average steel selling price (US$/t)	710	692	663	615	623	628	607	593	567	592	594	550	507	450	416	356	320	409	419	432	502	499	515	546	610	621	597	561	541	536	532	460	471	408	465	511	647	740	672	613	576	432	395	515	598	517	464
EBITDA/tonne (US$/t)	51	39	25	76	7	41	34	18	34	47	64	47	44	27	11	20	18	70	68	46	59	53	71	130	120	130	150	74	54	63	47	15	18	2	48	112	211	101	47	25	48	25	51	78	120	45	44
210.5740740231
Mining
(USDm) unless otherwise shown	1Q 12	2Q 12	3Q 12	4Q 12	1Q 13	2Q 13	3Q 13	4Q 13	1Q 14	2Q 14	3Q 14	4Q 14	1Q 15	2Q 15	3Q 15	4Q 15	1Q 16	2Q 16	3Q 16	4Q 16	1Q 17	2Q 17	3Q 17	4Q 17	1Q 18	2Q 18	3Q 18	4Q 18	1Q 19	2Q 19	3Q 19	4Q 19	1Q 20	2Q 20	3Q 20	4Q 20	1Q 21	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020
Sales	1,298	1,602	1,314	1,279	1,199	1,351	1,595	1,621	1,256	1,383	1,272	1,059	758	964	908	757	600	809	809	896	1,030	1,015	1,029	959	1,024	1,065	1,008	1,114	1,127	1,423	1,182	1,105	990	1,064	1,200	1,499	1,690	6,365	5,493	5,766	4,970	3,387	3,114	4,033	4,211	4,837	4,753
Operating income / (loss)	354	414	255	186	286	286	280	324	274	233	108	(50)	(36)	(42)	(2)	(3,442)	(2)	62	103	203	378	216	238	159	242	198	179	241	313	457	260	185	168	282	382	579	964	2,578	1,209	1,176	565	(3,522)	366	991	860	1,215	1,411
Depreciation	130	134	141	141	147	146	152	197	159	155	170	219	150	157	145	162	100	101	101	94	102	103	103	108	107	107	102	102	107	113	112	116	129	109	114	148	110	496	546	642	703	614	396	416	418	448	500
Impairments net of purchase gains	0	0	0	0	0	0	101	61	0	0	0	63	0	0	0	3,370	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	4	0	162	63	3,370	0	0	0	0	0
Restructuring / Exceptional charges (income)	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
EBITDA	484	548	396	327	433	432	533	582	433	388	278	232	114	115	143	90	98	163	204	297	480	319	341	267	349	305	281	343	420	570	372	301	297	391	496	727	1,074	3,078	1,755	1,980	1,331	462	762	1,407	1,278	1,663	1,911
GROUP
(USDm) unless otherwise shown	1Q 12	2Q 12	3Q 12	4Q 12	1Q 13	2Q 13	3Q 13	4Q 13	1Q 14	2Q 14	3Q 14	4Q 14	1Q 15	2Q 15	3Q 15	4Q 15	1Q 16	2Q 16	3Q 16	4Q 16	1Q 17	2Q 17	3Q 17	4Q 17	1Q 18	2Q 18	3Q 18	4Q 18	1Q 19	2Q 19	3Q 19	4Q 19	1Q 20	2Q 20	3Q 20	4Q 20	1Q 21	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020
Sales	22,703	22,478	19,723	19,309	19,752	20,197	19,643	19,848	19,788	20,704	20,067	18,723	17,118	16,890	15,589	13,981	13,399	14,743	14,523	14,126	16,086	17,244	17,639	17,710	19,186	19,998	18,522	18,327	19,188	19,279	16,634	15,514	14,844	10,976	13,266	14,184	16,193	93,973	84,213	79,440	79,282	63,578	56,791	68,679	76,033	70,615	53,270
Operating income / (loss)	804	1,207	55	(4,711)	404	352	477	(36)	674	832	959	569	571	579	20	(5,331)	275	1,873	1,204	809	1,576	1,390	1,234	1,234	1,569	2,361	1,567	1,042	769	(158)	297	(1,535)	(353)	(253)	718	1,998	2,641	5,204	(2,645)	1,197	3,034	(4,161)	4,161	5,434	6,539	(627)	2,110
Depreciation	1,138	1,162	1,162	1,240	1,161	1,136	1,135	1,263	1,080	931	946	982	807	801	777	807	652	680	693	696	655	676	690	747	711	712	653	723	733	766	766	802	771	739	739	711	601	4,696	4,702	4,695	3,939	3,192	2,721	2,768	2,799	3,067	2,960
Impairments net of purchase gains	69	0	130	4,836	0	39	101	304	0	0	0	264	0	19	27	4,718	0	49	0	156	0	46	0	160	86	0	509	215	150	947	0	830	92	0	(556)	331	0	331	5,035	444	264	4,764	205	206	810	1,927	(133)
Restructuring / Exceptional charges (income)	107	190	98	192	0	173	0	379	0	0	0	0	(0)	0	527	909	0	(832)	(0)	0	0	0	0	0	146	0	0	(29)	0	0	0	828	457	221	0	(1,314)	0	219	587	552	(0)	1,436	(832)	(0)	117	828	(636)
EBITDA	2,118	2,559	1,445	1,557	1,565	1,700	1,713	1,910	1,754	1,763	1,905	1,815	1,378	1,399	1,351	1,103	927	1,770	1,897	1,661	2,231	2,112	1,924	2,141	2,512	3,073	2,729	1,951	1,652	1,555	1,063	925	967	707	901	1,726	3,242	10,450	7,679	6,888	7,237	5,231	6,255	8,408	10,265	5,195	4,301
Crude steel production (Mt)	22,831	22,732	21,880	20,788	22,443	22,493	23,263	22,987	22,981	23,076	23,909	23,161	23,727	24,049	23,066	21,637	23,150	23,181	22,643	21,793	23,630	23,158	23,618	22,730	23,311	23,173	23,282	22,772	24,096	23,751	22,209	19,753	21,092	14,420	17,184	18,831	17,589	91,891	88,231	91,186	93,127	92,479	90,767	93,136	92,538	89,809	71,527
Steel shipments (Mt)	21,712	21,291	19,455	19,724	20,483	20,924	20,721	20,482	20,968	21,457	21,523	21,177	21,605	22,179	21,065	19,737	21,472	22,101	20,316	20,045	21,058	21,483	21,705	20,996	21,349	21,731	20,538	20,236	21,826	22,773	20,185	19,727	19,481	14,865	17,462	17,288	16,496	83,456	82,182	82,610	85,125	84,586	83,934	85,242	83,854	84,511	69,096
Average steel selling price (US$/t)	861	856	828	803	807	808	781	801	791	798	776	735	668	635	614	569	520	560	601	589	649	680	690	709	768	784	779	768	744	715	692	644	641	596	634	679	800	915	838	799	775	623	567	682	775	700	639
EBITDA/tonne (US$/t)	98	120	74	79	76	81	83	93	84	82	89	86	64	63	64	56	43	80	93	83	106	98	89	102	118	141	133	96	76	68	53	47	50	48	52	100	197	125	93	83	85	62	75	99	122	61	62
Steel only EBITDA	1,633	2,010	1,049	1,230	1,132	1,268	1,180	1,328	1,321	1,375	1,628	1,582	1,264	1,284	1,207	1,013	829	1,607	1,693	1,364	1,751	1,793	1,583	1,874	2,163	2,767	2,448	1,608	1,232	985	691	624	669	316	405	999	2,167	7,372	5,924	4,908	5,906	4,768	5,493	7,001	8,987	3,532	2,390
Steel only EBITDA/ton (US$/t)	75	94	54	62	55	61	57	65	63	64	76	75	58	58	57	51	39	73	83	68	83	83	73	89	101	127	119	79	56	43	34	32	34	21	23	58	131	88	72	59	69	56	65	82	107	42	35

Page &P of &N &F &A

Summary sheet (OLD)

Summary analysis
Shipment (000t)	1Q12	2Q12	3Q12	4Q12	1Q13	2Q13	3Q13	4Q13	1Q14	2Q14	3Q14	4Q14	1Q15	2Q15	3Q15	4Q15	1Q16	2Q16	3Q16	4Q16	1Q17	2Q17	3Q17	4Q17	1Q18	2Q18	3Q18	4Q18	1Q19	2Q19	3Q19	4Q19	1Q20	2Q20	3Q20	4Q20	1Q21	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020
Steel Shipment NAFTA	5,620	5,803	5,511	5,460	5,565	5,433	5,774	5,728	5,613	5,790	5,866	5,805	5,463	5,642	5,620	4,581	5,463	5,443	5,364	5,011	5,610	5,419	5,655	5,150	5,559	5,803	5,512	5,173	5,319	5,438	5,135	5,029	5,536	3,797	4,435	4,134	2,511	21,429	22,394	22,500	23,074	21,306	21,281	21,834	22,047	20,921	17,902
Steel Shipment BRAZIL	2,425	2,507	2,191	2,531	2,407	2,487	2,559	2,344	2,325	2,312	2,844	2,895	2,707	2,835	3,125	2,873	2,472	2,689	2,751	2,841	2,226	2,622	2,940	3,052	2,483	2,831	3,097	3,053	2,880	2,785	2,810	2,717	2,351	2,059	2,425	2,575	2,868	10,658	9,654	9,797	10,376	11,540	10,753	10,840	11,464	11,192	9,410
Steel Shipment EUROPE	10,397	9,738	8,602	8,794	9,527	10,011	9,257	9,474	10,009	10,191	9,829	9,610	10,662	10,895	9,646	9,473	10,444	10,886	9,382	9,535	10,208	10,466	10,116	10,151	10,697	10,516	9,709	10,098	11,553	11,811	9,698	9,290	9,300	6,817	8,187	8,569	9,013	39,432	37,531	38,269	39,639	40,676	40,247	40,941	41,020	42,352	32,873
Steel Shipment ACIS	3,373	3,350	3,201	2,997	3,118	3,087	3,208	3,009	3,187	3,306	3,229	3,111	3,006	3,205	3,196	3,078	3,315	3,453	3,408	3,095	3,221	3,257	3,362	3,254	3,029	3,057	2,986	2,669	2,662	3,182	2,718	2,985	2,614	2,395	2,499	2,373	2,595	12,604	12,921	12,422	12,833	12,485	13,271	13,094	11,741	11,547	9,881
Eliminations	-103	-106	-50	-58	-134	-94	-77	-73	-165	-141	-245	-243	-233	-397	-522	-268	-222	-370	-589	-436	-207	-282	-368	-612	-418	-477	-765	-757	-588	-442	-176	-294	-320	-203	-84	-363	-491	-667	-317	-377	-796	-1,421	-1,618	-1,468	-2,418	-1,501	-970
Steel Shipment total	21,712	21,291	19,455	19,724	20,483	20,924	20,721	20,482	20,968	21,457	21,523	21,177	21,605	22,179	21,065	19,737	21,472	22,101	20,316	20,045	21,058	21,483	21,705	20,996	21,349	21,731	20,538	20,236	21,826	22,773	20,185	19,727	19,481	14,865	17,462	17,288	16,496	83,456	82,182	82,610	85,125	84,586	83,934	85,242	83,854	84,511	69,096
Change	n/a	-1.9%	-8.6%	1.4%	3.8%	2.2%	-1.0%	-1.2%	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	-1.5%	0.5%	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Crude Steel (000t)	1Q12	2Q12	3Q12	4Q12	1Q13	2Q13	3Q13	4Q13	1Q14	2Q14	3Q14	4Q14	1Q15	2Q15	3Q15	4Q15	1Q16	2Q16	3Q16	4Q16	1Q17	2Q17	3Q17	4Q17	1Q18	2Q18	3Q18	4Q18	1Q19	2Q19	3Q19	4Q19	1Q20	2Q20	3Q20	4Q20	1Q21	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020
Crude Steel Production NAFTA	6,206	6,230	6,057	5,822	6,379	5,720	6,454	6,361	6,256	6,153	6,485	6,142	5,908	5,775	5,976	5,136	5,644	5,735	5,632	5,197	6,216	5,762	5,904	5,598	5,864	5,946	5,723	5,026	5,388	5,590	5,658	5,261	5,503	3,698	4,432	4,180	2,175	23,681	24,315	24,914	25,036	22,795	22,208	23,480	22,559	21,897	17,813
Crude Steel Production BRAZIL	2,645	2,408	2,301	2,518	2,400	2,561	2,576	2,450	2,413	2,382	2,971	2,758	2,875	2,934	2,953	2,850	2,667	2,800	2,888	2,778	2,710	2,714	2,797	2,989	2,801	3,114	3,158	3,191	3,013	2,830	2,669	2,489	2,679	1,692	2,300	2,868	3,034	10,926	9,872	9,987	10,524	11,612	11,133	11,210	12,264	11,001	9,539
Crude Steel Production EUROPE	10,365	10,403	9,800	9,208	10,419	10,531	10,522	10,451	10,899	10,941	10,837	10,742	11,341	11,644	10,880	9,988	11,171	10,720	10,571	10,173	11,212	10,997	11,248	10,311	11,246	11,026	10,841	11,580	12,372	12,079	10,432	9,030	9,912	7,074	7,908	9,110	9,697	42,677	39,776	41,923	43,419	43,853	42,635	43,768	44,693	43,913	34,004
Crude Steel Production AACIS	3,615	3,692	3,720	3,241	3,245	3,681	3,710	3,726	3,413	3,600	3,616	3,519	3,603	3,696	3,257	3,663	3,668	3,926	3,552	3,646	3,492	3,685	3,669	3,832	3,400	3,087	3,560	2,975	3,323	3,252	3,450	2,973	2,998	1,956	2,544	2,673	2,683	14,608	14,268	14,362	14,148	14,219	14,792	14,678	13,022	12,998	10,171
Crude Steel Productiont total	22,831	22,732	21,880	20,788	22,443	22,493	23,263	22,987	22,981	23,076	23,909	23,161	23,727	24,049	23,066	21,637	23,150	23,181	22,643	21,793	23,630	23,158	23,618	22,730	23,311	23,173	23,282	22,772	24,096	23,751	22,209	19,753	21,092	14,420	17,184	18,831	17,589	91,891	88,231	91,186	93,127	92,479	90,767	93,136	92,538	89,809	71,527
Change	n/a	-0.4%	-3.7%	-5.0%	8.0%	0.2%	3.4%	-1.2%	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	-4.0%	3.3%	2.1%	-0.7%	-1.9%	2.6%	-0.6%	-2.9%	-20.4%
Mining Production	1Q12	2Q12	3Q12	4Q12	1Q13	2Q13	3Q13	4Q13	1Q14	2Q14	3Q14	4Q14	1Q15	2Q15	3Q15	4Q15	1Q16	2Q16	3Q16	4Q16	1Q17	2Q17	3Q17	4Q17	1Q18	2Q18	3Q18	4Q18	1Q19	2Q19	3Q19	4Q19	1Q20	2Q20	3Q20	4Q20	1Q21	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020
Iron ore:
Own Production	13.2	14.4	14.3	14.0	13.1	15.0	14.9	15.4	14.8	16.6	15.8	16.7	15.6	16.4	15.4	15.5	14.1	13.5	13.7	13.9	14.0	14.7	14.2	14.4	14.6	14.5	14.5	14.9	14.1	14.6	13.6	14.8	14.4	13.5	14.8	15.3	13.3	54.0	55.9	58.4	63.9	62.9	55.2	57.4	58.5	57.1	58.0
Coal:
Own Production	2.1	2.1	2.1	2.0	2.0	2.0	2.0	2.0	1.8	1.8	1.8	1.7	1.6	1.5	1.6	1.4	1.4	1.4	1.6	1.8	1.7	1.6	1.5	1.5	1.5	1.6	1.5	1.3	1.2	1.5	1.4	1.4	1.3	1.4	1.2	1.1	0.9	8.3	8.2	8.1	7.1	6.1	6.2	6.3	5.9	5.5	5.0
Mining Shipments	1Q12	2Q12	3Q12	4Q12	1Q13	2Q13	3Q13	4Q13	1Q14	2Q14	3Q14	4Q14	1Q15	2Q15	3Q15	4Q15	1Q16	2Q16	3Q16	4Q16	1Q17	2Q17	3Q17	4Q17	1Q18	2Q18	3Q18	4Q18	1Q19	2Q19	3Q19	4Q19	1Q20	2Q20	3Q20	4Q20	1Q21	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020
Iron ore:
Market priced	6.8	8.2	7.2	6.6	7.3	8.2	9.4	10.3	9.3	10.5	10.0	9.9	9.4	10.8	10.3	9.9	7.8	9.6	8.1	8.1	8.7	9.5	9.1	8.4	9.1	10.0	8.5	10.0	9.2	9.9	8.4	9.6	8.6	9.2	9.8	10.6	9.8	28.0	28.8	35.2	39.7	40.4	33.6	35.7	37.6	37.1	38.2
Cost plus	4.8	7.0	6.9	6.8	4.8	6.5	6.8	6.3	4.2	6.2	7.1	6.4	4.1	6.4	5.9	5.8	5.3	5.8	5.8	5.4	4.7	5.8	5.9	5.8	4.7	4.6	5.6	5.7	4.6	5.6	6.2	5.8	4.8	4.8	5.0	5.2	3.8	23.6	25.5	24.4	23.9	22.2	22.3	22.2	20.6	22.2	19.8
Coal:
Market priced	1.2	1.4	1.2	1.3	1.3	1.1	1.3	1.1	1.0	1.1	1.1	0.8	0.6	0.7	0.8	0.8	0.9	0.7	1.0	0.9	0.8	0.8	0.6	0.6	0.4	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.8	0.7	0.6	0.6	0.5	3.9	5.1	4.8	4.0	2.8	3.5	2.8	2.5	2.8	2.7
Cost plus	0.8	0.7	0.8	0.8	0.7	0.7	0.7	0.8	0.8	0.8	0.8	0.9	0.9	0.9	0.7	0.8	0.8	0.8	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.7	0.7	0.7	0.8	0.7	0.6	0.6	0.6	0.6	0.5	3.3	3.1	2.9	3.3	3.2	3.4	3.6	3.3	2.9	2.4
P&L (USDm)	1Q12	2Q12	3Q12	4Q12	1Q13	2Q13	3Q13	4Q13	1Q14	2Q14	3Q14	4Q14	1Q15	2Q15	3Q15	4Q15	1Q16	2Q16	3Q16	4Q16	1Q17	2Q17	3Q17	4Q17	1Q18	2Q18	3Q18	4Q18	1Q19	2Q19	3Q19	4Q19	1Q20	2Q20	3Q20	4Q20	1Q21	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020
Sales NAFTA	5,432	5,543	5,042	4,743	4,887	4,794	4,973	4,991	4,928	5,423	5,645	5,166	4,777	4,545	4,371	3,600	3,822	3,920	4,269	3,795	4,458	4,607	4,636	4,296	4,752	5,356	5,367	4,857	5,085	5,055	4,395	4,020	4,304	2,768	3,329	3,196	2,536	20,617	20,760	19,645	21,162	17,293	15,806	17,997	20,332	18,555	13,597
Sales BRAZIL	2,613	2,617	2,373	2,553	2,462	2,618	2,531	2,537	2,356	2,431	2,707	2,543	2,119	2,167	2,125	2,092	1,255	1,488	1,729	1,751	1,610	1,834	2,059	2,252	1,988	2,191	2,103	2,429	2,156	2,126	1,929	1,902	1,592	1,192	1,603	1,884	2,510	11,908	10,156	10,148	10,037	8,503	6,223	7,755	8,711	8,113	6,271
Sales EUROPE	11,651	11,430	9,708	9,710	10,204	10,546	9,727	10,030	10,322	10,518	9,689	9,023	8,600	8,547	7,671	7,075	7,151	7,810	7,172	7,139	8,222	9,180	9,196	9,610	10,641	10,527	9,559	9,761	10,494	10,396	8,796	8,035	7,654	5,800	7,013	7,604	9,355	49,783	42,499	40,507	39,552	31,893	29,272	36,208	40,488	37,721	28,071
Sales ACIS	2,821	2,722	2,494	2,160	2,152	2,151	2,141	1,975	2,007	2,300	1,994	1,967	1,721	1,649	1,508	1,250	1,192	1,581	1,586	1,526	1,807	1,834	1,941	2,039	2,080	2,129	1,989	1,763	1,645	1,906	1,654	1,632	1,446	1,184	1,400	1,477	2,009	10,922	10,197	8,419	8,268	6,128	5,885	7,621	7,961	6,837	5,507
Sales Mining	1,298	1,602	1,314	1,279	1,199	1,351	1,595	1,621	1,256	1,383	1,272	1,059	758	964	908	757	600	809	809	896	1,030	1,015	1,029	959	1,024	1,065	1,008	1,114	1,127	1,423	1,182	1,105	990	1,064	1,200	1,499	1,690	6,365	5,493	5,766	4,970	3,387	3,114	4,033	4,211	4,837	4,753
Sales Other & Elimination	-1,112	-1,436	-1,207	-1,136	-1,153	-1,264	-1,325	-1,306	-1,081	-1,351	-1,241	-1,034	-857	-982	-993	-794	-621	-865	-1,043	-979	-1,041	-1,226	-1,223	-1,446	-1,300	-1,269	-1,504	-1,597	-1,320	-1,627	-1,322	-1,181	-1,143	-1,031	-1,278	-1,476	-1,908	-5,621	-4,892	-5,044	-4,707	-3,625	-3,508	-4,935	-5,670	-5,448	-4,930
Total Sales	22,703	22,478	19,723	19,309	19,752	20,197	19,643	19,848	19,788	20,704	20,067	18,723	17,118	16,890	15,589	13,981	13,399	14,743	14,523	14,126	16,086	17,244	17,639	17,710	19,186	19,998	18,522	18,327	19,188	19,279	16,634	15,514	14,844	10,976	13,266	14,184	16,193	93,973	84,213	79,440	79,282	63,578	56,791	68,679	76,033	70,615	53,270
Change	n/a	-1.0%	-12.3%	-2.1%	2.3%	2.3%	-2.7%	1.0%	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	-10.4%	-5.7%	n/a	n/a	n/a	n/a	n/a	n/a	n/a
EBITDA NAFTA	727	616	374	297	385	191	417	404	259	177	429	341	53	225	340	273	339	513	566	301	524	506	381	292	440	791	744	497	350	198	123	140	247	30	73	108	233	2,039	2,014	1,397	1,206	891	1,719	1,703	2,471	811	458
EBITDA BRAZIL	362	351	231	346	367	533	498	497	425	414	460	546	377	360	313	181	145	213	301	213	246	201	202	341	370	443	445	280	309	313	258	240	219	168	252	339	750	1,685	1,290	1,895	1,845	1,231	872	990	1,538	1,120	978
EBITDA EUROPE	269	942	272	355	420	490	303	408	535	689	523	557	616	680	553	544	363	725	717	698	909	942	848	861	1,044	1,145	871	749	470	359	143	158	204	126	118	385	898	2,304	1,838	1,621	2,304	2,393	2,503	3,560	3,810	1,130	833
EBITDA ACIS	173	132	80	226	23	127	110	54	109	156	208	147	133	88	35	61	61	242	233	142	191	174	239	423	363	397	447	198	145	199	128	45	47	5	119	266	546	1,269	611	314	620	317	678	1,027	1,405	517	437
EBITDA Mining	484	548	396	327	433	432	533	582	433	388	278	232	114	115	143	90	98	163	204	297	480	319	341	267	349	305	281	343	420	570	372	301	297	391	496	727	1,074	3,078	1,755	1,980	1,331	462	762	1,407	1,278	1,663	1,911
EBITDA Other & Elimination	103	-31	92	6	-62	-73	-147	-35	-7	-61	8	-9	85	-69	-33	-46	-80	-86	-123	9	-119	-29	-87	-43	-54	-7	-58	-115	-41	-83	40	43	-47	-13	-155	-99	-259	74	171	-319	-70	-63	-279	-279	-238	-46	-315
Total EBITDA continuing operations	2,118	2,559	1,445	1,557	1,565	1,700	1,713	1,910	1,754	1,763	1,905	1,815	1,378	1,399	1,351	1,103	927	1,770	1,897	1,661	2,231	2,112	1,924	2,141	2,512	3,073	2,729	1,951	1,652	1,555	1,063	925	967	707	901	1,726	3,242	10,450	7,679	6,888	7,237	5,231	6,255	8,408	10,265	5,195	4,301
Change	n/a	20.8%	-43.5%	7.8%	0.5%	8.6%	0.8%	11.5%	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	-26.5%	-10.3%	5.1%	-27.7%	19.6%	34.4%	22.1%	-49.4%	-17.2%
Depreciation & impairment NAFTA	188	190	195	198	195	188	187	197	189	170	169	292	156	174	151	661	134	136	142	137	128	128	125	137	132	131	132	127	134	737	147	852	126	136	-534	61	57	775	771	767	820	1,142	549	518	522	1,870	-211
Depreciation & impairment BRAZIL	181	180	181	187	183	175	162	171	138	109	111	99	86	85	78	263	56	64	68	70	71	73	74	75	155	74	71	84	70	79	62	63	69	51	55	49	52	732	729	691	457	336	258	293	298	274	224
Depreciation & impairment EUROPE	540	490	608	5,338	488	514	487	600	455	355	357	400	299	293	293	705	277	342	303	311	273	290	302	336	318	292	771	538	459	660	311	351	439	355	460	686	299	2,454	6,976	2,089	1,567	1,590	1,233	1,201	1,919	1,781	1,940
Depreciation & impairment ACIS	160	160	156	189	137	144	134	323	129	131	130	135	108	106	131	357	76	80	77	234	75	123	80	241	73	85	76	77	81	85	93	207	86	75	82	89	74	528	665	738	525	702	467	519	311	466	332
Depreciation & impairment Mining	130	134	141	141	147	146	253	258	159	155	170	282	150	157	145	3,532	100	101	101	94	102	103	103	108	107	107	102	102	107	113	112	116	129	109	114	148	110	500	546	804	766	3,984	396	416	418	448	500
Depreciation & impairment Other & Elimination	7	8	10	23	9	9	13	19	10	11	9	39	8	4	6	7	9	7	1	6	6	6	6	10	11	23	10	10	32	40	42	42	13	12	5	9	8	38	50	50	69	202	23	26	141	155	42
Total D&A an impairment	1,207	1,162	1,292	6,076	1,161	1,175	1,236	1,567	1,080	931	946	1,246	807	820	804	5,525	652	729	693	852	655	722	690	907	797	712	1,162	938	883	1,713	766	1,632	863	739	183	1,042	601	5,027	9,737	5,139	4,203	7,956	2,926	2,974	3,609	4,994	2,827
Change	n/a	-3.7%	11.2%	370.5%	-80.9%	1.2%	5.2%	26.8%	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	93.7%	-47.2%	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Operating income /(loss) NAFTA	539	426	179	99	190	3	230	207	70	7	260	49	-103	51	88	-741	205	1,209	424	164	396	378	256	155	308	660	612	310	216	-539	-24	-912	-120	-327	607	1,507	176	1,264	1,243	630	386	-705	2,002	1,185	1,889	-1,259	1,667
Operating income /(loss) BRAZIL	181	171	50	159	184	358	336	326	287	305	349	447	291	275	196	-134	89	149	233	143	175	128	128	266	215	369	374	398	239	234	196	177	150	117	197	290	698	953	561	1,204	1,388	628	614	697	1,356	846	754
Operating income /(loss) EUROPE	-378	262	-434	-5,175	-68	-188	-184	-545	80	334	166	157	317	387	-27	-506	86	383	414	387	636	652	546	525	580	853	100	98	11	-301	-168	-649	-426	-229	-342	-447	599	-369	-5,725	-985	737	171	1,270	2,359	1,632	-1,107	-1,444
Operating income /(loss) ACIS	13	-28	-76	37	-114	-26	-24	-293	-20	25	78	12	25	-18	-176	-455	-15	162	156	-92	116	51	159	182	290	312	371	121	64	114	35	238	-60	-70	37	177	472	741	-54	-457	95	-624	211	508	1,094	-25	84
Operating income /(loss) Mining	354	414	255	186	286	286	280	324	274	233	108	-50	-36	-42	-2	-3,442	-2	62	103	203	378	216	238	159	242	198	179	241	313	457	260	185	168	282	382	579	964	2,578	1,209	1,176	565	-3,522	366	991	860	1,215	1,411
Operating income /(loss) Other & Elimination	95	-38	79	-16	-74	-82	-161	-56	-17	-72	-1	-46	78	-74	-59	-53	-89	-91	-126	5	-125	-36	-93	-53	-66	-30	-69	-126	-75	-123	-4	-574	-65	-26	-162	-108	-267	37	121	-370	-137	-110	-301	-306	-292	-296	-363
Total Operating Income /(loss)	804	1,207	55	-4,711	404	352	477	-36	674	832	959	569	571	579	20	-5,331	275	1,873	1,204	809	1,576	1,390	1,234	1,234	1,569	2,361	1,567	1,042	769	-158	297	-1,535	-353	-253	718	1,998	2,641	5,204	-2,645	1,197	3,034	-4,161	4,161	5,434	6,539	-627	2,110
Change	na	50.1%	-95.5%	na	-108.6%	-12.9%	35.5%	-107.5%	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	-150.8%	-145.3%	n/a	n/a	n/a	n/a	n/a	n/a	n/a
Restructuring / Exceptional charges (income) NAFTA	0	0	0	0	0	0	0	0	0	0	0	0	0	0	101	353	0	-832	0	0	0	0	0	0	0	0	0	60	0	0	0	200	241	221	0	-1460	0	0	0	0	0	454	-832	0	60	200	-998
Restructuring / Exceptional charges (income) BRAZIL	0	0	0	0	0	0	0	0	0	0	0	0	0	0	39	52	0	0	0	0	0	0	0	0	0	0	0	-202	0	0	0	0	0	0	0	0	0	0	0	0	0	91	0	0	-202	0	0
Restructuring / Exceptional charges (income) EUROPE	107	190	98	192	0	164	0	353	0	-0	-0	0	-0	0	287	345	0	0	0	0	0	0	0	0	146	0	0	113	0	0	0	456	191	0	0	146	-0	219	587	517	-0	632	0	-0	259	456	337
Restructuring / Exceptional charges (income) ACIS	0	0	0	0	0	9	0	24	0	0	0	0	0	0	80	159	0	0	0	-0	0	0	0	0	0	0	0	0	0	0	0	76	21	0	0	0	0	0	0	33	0	239	0	0	0	76	21
Restructuring / Exceptional charges (income) Mining	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Restructuring / Exceptional charges (income) Other & Elimination	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	-0	2	0	19	0	0	0	96	3
Other operating expensese / (income)	107	190	98	192	0	173	0	379	0	0	0	0	-0	0	527	909	0	-832	-0	0	0	0	0	0	146	0	0	-29	0	0	0	828	457	221	0	-1314	0	219	587	552	-0	1436	-832	-0	117	828	-636
Margin and Ratio	1Q12	2Q12	3Q12	4Q12	1Q13	2Q13	3Q13	4Q13	1Q14	2Q14	3Q14	4Q14	1Q15	2Q15	3Q15	4Q15	1Q16	2Q16	3Q16	4Q16	1Q17	2Q17	3Q17	4Q17	1Q18	2Q18	3Q18	4Q18	1Q19	2Q19	3Q19	4Q19	1Q20	2Q20	3Q20	4Q20	1Q21	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020
EBITDA Margin (%)	9.3%	11.4%	7.3%	8.1%	7.9%	8.4%	8.7%	9.6%	8.9%	8.5%	9.5%	9.7%	8.0%	8.3%	8.7%	7.9%	6.9%	12.0%	13.1%	11.8%	13.9%	12.2%	10.9%	12.1%	13.1%	15.4%	14.7%	10.6%	8.6%	8.1%	6.4%	6.0%	6.5%	6.4%	6.8%	12.2%	20.0%	11.1%	9.1%	8.7%	9.1%	n/a	11.0%	12.2%	13.5%	7.4%	8.1%
Operating margin (%)	3.5%	5.4%	0.3%	-24.4%	2.0%	1.7%	2.4%	-0.2%	3.4%	4.0%	4.8%	3.0%	3.3%	3.4%	0.1%	-38.1%	2.0%	12.7%	8.3%	5.7%	9.8%	8.1%	7.0%	7.0%	8.2%	11.8%	8.5%	5.7%	4.0%	-0.8%	1.8%	-9.9%	-2.4%	-2.3%	5.4%	14.1%	16.3%	5.5%	-3.1%	1.5%	3.8%	n/a	7.3%	7.9%	8.6%	-0.9%	4.0%
Operating margin (USD/t)	37	57	3	-239	20	17	23	-2	32	39	45	27	26	26	1	-270	13	85	59	40	75	65	57	59	73	109	76	51	35	-7	15	-78	-18	-17	41	116	160	62	-32	14	36	n/a	50	64	78	-7	31

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