3Q'21 Analyst Slides

3Q 2021 Financial Results update November 11, 2021

Genuino Christino, Chief Financial Officer Daniel Fairclough, Head of Investor Relations

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Disclaimer

Forward-Looking Statements

This document contains forward-looking information and statements about ArcelorMittal and its subsidiaries. These statements include financial projections and estimates and their underlying assumptions, statements regarding plans, objectives and expectations with respect to future operations, products and services, and statements regarding future performance, as well as statements regarding ArcelorMittal's plans, intentions, aims, ambitions and expectations, including with respect to ArcelorMittal's carbon emissions. Forward-looking statements may be identified by the words "believe", "expect", "anticipate", "target", "accelerate", "ambition", "estimate", "likely", "may", "outlook", "plan", "strategy", "will" and similar expressions. Forward-looking statements include all statements other than statements of historical fact. Although ArcelorMittal's management believes that the expectations reflected in such forward-looking statements are reasonable, investors and holders of ArcelorMittal's securities are cautioned that forward-looking information and statements are subject to numerous risks and uncertainties, many of which are difficult to predict and generally beyond the control of ArcelorMittal, that could cause actual results and developments to differ materially and adversely from those expressed in, or implied or projected by, the forward-looking information and statements. These risks and uncertainties include those discussed or identified in the filings with the Luxembourg Stock Market Authority for the Financial Markets (Commission de Surveillance du Secteur Financier) and the United States Securities and Exchange Commission (the "SEC") made or to be made by ArcelorMittal, including ArcelorMittal's latest Annual Report on Form 20-F on file with the SEC. In particular, ArcelorMittal's carbon emissions targets are based on current assumptions with respect to the costs of implementing its targets (including the costs of green hydrogen and their evolution over time), government and societal support for the reduction of carbon emissions in particular regions and the advancement of technology and infrastructure related to the reduction of carbon emissions over time, which may not correspond in the future to ArcelorMittal's current assumptions. For example, the Company could face significant financial impacts in Europe if it is unable to make the necessary investments to decarbonise and reach its 35% target by 2030 due to the design of European policy. ArcelorMittal undertakes no obligation to publicly update its forward-looking statements, whether as a result of new information, future events, or otherwise.

Non-GAAP/Alternative Performance Measures

This document includes supplemental financial measures that are or may be non-GAAP financial/alternative performance measures, as defined in the rules of the SEC or the guidelines of the European Securities and Market Authority (ESMA). They may exclude or include amounts that are included or excluded, as applicable, in the calculation of the most directly comparable financial measures calculated in accordance with IFRS. Accordingly, they should be considered in conjunction with ArcelorMittal's consolidated financial statements prepared in accordance with IFRS, including in its annual report on Form 20-F, its interim financial reports and earnings releases. Comparable IFRS measures and reconciliations of non-GAAP/alternative performance measures thereto are presented in such documents, in particular the earnings release to which this presentation relates.

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3Q'21 strongest results since 2008

Results reflect strong operating environment  FCF generation to accelerate in 4Q'21

 $6.1bn EBITDA +19.9% vs. 2Q'21 despite 9% lower steel shipments	EBITDA ($bn)					6.1
 $4.6bn net income is highest level since 2008							5.1
 Includes $0.8bn share of JV and associates income
 Lower shipments + price impacts drove $2.9bn investment in working capital						3.2
 $1.6bn free cash flow* generated in 3Q'21  free cash flow to accelerate in 4Q'21,	1.0		0.9	1.7
supported by working capital release	0.7
 $3.9bn net debt  lowest level since the merger; investment grade and covenant free
	1Q'20	2Q'20	3Q'20	4Q'20	1Q'21	2Q'21	3Q'21
balance sheet
+ Consistently returning capital: 147m shares repurchased since Sept 20 (13% of	Net debt ($bn)
shares issued**); share buyback increased by a further $1.0bn
+ Continued progress on decarbonization: Latest decarbonization projects	9.5
announced in Belgium and Canada
		7.8
+ Strategic growth:			7.0	6.4
			5.9
- Brownfield projects in Brazil and Mexico approved, projected to add $0.35bn to					5.0
						3.9
normalized EBITDA at a capex investment of $1.0bn
- ArcelorMittal signed amendment to its MDA with the Government of Liberia which,
upon ratification, will lead to the acceleration of construction of the 15Mtpa
concentrator plant project; further expansion opportunities to 30Mtpa
	1Q'20	2Q'20	3Q'20	4Q'20	1Q'21	2Q'21	3Q'21
- AMNS India pellet capacity completed - now 20Mtpa annual capacity

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* Free cash flow defined as cashflow from operation less capex less dividends paid to minorities; ** shares issued as of September 30, 2020 of 1,103m

We begin our presentation with an overview of the highlights and achievements of 3Q'21.

ArcelorMittal has recorded its best quarter and strongest nine‐month financial performance since 2008.

EBITDA increased by 20% in the quarter to its highest level since 2008. Further strong performance from our equity accounted interests contributed to a net result of $4.6bn, which is the second highest quarter in the Company's history.

After a decline in the 3Q'21, shipments are expected to improve in 4Q'21 which should support a working capital release and an acceleration of free cash flow from the $1.6bn delivered in 3Q'21.

Since September last year, the Company has repurchased 13% of the shares outstanding. Based on the strong 3Q'21 cashflow, an additional $1.0bn has been added to the share buyback, which will further reduce the share count and create sustainable value for our shareholders.

Beyond the robust financial performance, the Company continues to make great strides on its decarbonization journey. During the quarter, the Company announced a series of new projects in Belgium and Canada with encouraging levels of government support.

Consistent with our strategy to grow the EBITDA and FCF potential of ArcelorMittal, further brownfield projects have been approved, leveraging the market leading position in Brazil long business and providing valuable security of raw material supply to our operations in Mexico. Adding these projects means that our strategic envelope of investments is expected to add $0.95bn to normalized group EBITDA.

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Safety is our priority: committed to reach zero harm

Health & Safety of the Company's workforce is of paramount importance

Health and safety performance (LTIF)*

2.5
2.0
1.5
1.0
0.5
0.0			2011										9M21
2008	2009	2010	2012	2013	2014	2015	2016	2017	2018	2019	2020

• H&S performance has deteriorated in 2021
• Lack of in-person training during COVID-19 restrictions identified as a root cause
• Full attention of Board, ARCGS and senior management to resolve
• Prompting a major internal response  redoubling of efforts to rigorously implement the Company's tools and training programs
• Particular focus on learnings from the successes of our best performing units that represent industry safety benchmarks
• Increased H&S focus in performance evaluation
• The short term incentives link to H&S performance has been strengthened

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• LTIF = Lost time injury frequency defined as Lost Time Injuries per 1.000.000 worked hours; based on own personnel and contractors; A Lost Time Injury (LTI) is an incident that causes an injury that prevents the person from returning to his/her next scheduled shift or work period. Figures presented for LTIF rates exclude ArcelorMittal Italia in its entirety and from 2021 onwards exclude ArcelorMittal USA following its disposal in December 2020. (Prior period figures have not been recast for the ArcelorMittal USA disposal).

Improving the group's safety performance is of the highest priority. We have this year intensified all of our efforts, rigorously applying our safety tools and accelerating in‐person training. The Company will be analyzing what further interventions can be introduced to ensure we eliminate all fatalities.

These undertakings are being reinforced through an increased focus on safety in employee performance evaluations, as well as an increase link to the short term incentive plan for the leadership team.

Leadership on decarbonization: targets

ArcelorMittal has adopted an ambitious set of carbon targets* that will lead our sector in reaching net-zero by 2050

Page 5	* Group target of a 25% reduction in CO2e emissions intensity (per tonne crude steel) by 2030. Europe target increased to 35% (from 30%) reduction in CO2e emissions intensity (per tonne crude steel) by
	2030. Targets refer to scopes 1+2 CO2e emissions, steel + mining.

Moving to the very topical and significant issue of decarbonization, ArcelorMittal is demonstrating its innovation, commitment and progress in a number of ways.

Having laid down our 2030 milestones in our second Climate Action report in July 2021 - with a group target of 25% reduction in carbon emissions intensity and an acceleration of our European target to 35% ‐ both by 2030 - ArcelorMittal is continuing to play a clear leadership role, making a series of decarbonization commitments as we secure the necessary support from governments.

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