ArcelorMittal : 1Q'21 Analyst Slides

1Q 2021 Financial Results and Strategic update May 6, 2021

Aditya Mittal, Chief Executive Officer

Genuino Christino, Chief Financial Officer

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Disclaimer

Forward-Looking Statements

This document may contain 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. Forward-looking statements may be identified by the words "believe", "expect", "anticipate", "target" or similar expressions. 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. 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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1Q 2021 a strong start to the year

Significantly improved operating performance reflecting strong (and improving) operating environment

• $3.2bn EBITDA, the strongest quarter in a decade
• 6.5% sequential increase in steel shipments (scope adjusted)*
• $2.3bn of net income includes $0.5bn share of JV and associates income** reflecting strong performance at AMNS India and AMNS Calvert
• $0.3bn of free cash flow* despite $1.6bn investment in working capital, reflecting seasonal as well as market factors

EBITDA improving ($bn)

3.2

1.7

1.0 0.7 0.9

1Q'20 2Q'20 3Q'20 4Q'20 1Q'21

• $5.9bn net debt  lowest level since the merger

• Launched XCarbTM and detailed concept plans to dramatically reduce CO2 emissions in France and Germany
• ILVA partnership completed: Formation of public-privatepartnership with Invitalia completed
• Consistent returns: $650m share buyback completed in Q1 with further $570m to be completed by year end; $0.30/share dividend to be paid in 2Q

Net debt declining ($bn)

9.5

7.8 7.0 6.4 5.9

1Q'20 2Q'20 3Q'20 4Q'20 1Q'21

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• Excluding ArcelorMittal USA disposal **1Q 2021 also includes $89m dividend income from Erdemir *** Free cash flow defined as cashflow from operation less capex less dividends paid to minorities

We begin our presentation with an overview of the highlights and achievements of the first quarter 2021.

ArcelorMittal has enjoyed a strong start to 2021, recording its strongest quarterly EBITDA in a decade. The operational performance is a testament to the hard work and resilience that our teams across our operations demonstrated in the recent challenging periods. We have emerged from this period stronger than ever, primed to support our customers and maximise the opportunities that the recovery generates.

The first quarter saw a 6.5% sequential shipment increase (on a scope adjusted basis, excluding the impacts of ArcelorMittal USA). Improved demand, together with low inventory levels, has tightened the global steel supply/demand balance, driving a rapid increase in steel spreads. Given order book and contract lags, this was only partially reflected in results for the 1Q'21 and will be more fully reflected in the 2Q'21. The strong results for the quarter continue to show the benefits of the Company's vertical integration in to iron ore.

ArcelorMittal generated healthy net income of $2.3bn for the quarter. This includes $0.5bn share of JV and associated net income, reflecting the strong performance of our JVs in India and Calvert in particular, as well as the annual dividend from Erdemir.

Cash flow performance for the quarter was another highlight; despite the $1.6bn investment in working capital (reflecting seasonal as well as market factors), the Company generated FCF of $0.3bn and yet again ended the quarter with the lowest net debt level since the merger.

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Beyond the strong financial performance, the Company made further strides during the quarter on its journey to a 30% reduction in CO2 emissions in Europe by 2030 and carbon neutrality for the Group by 2050. This included the launch of XcarbTM (which brings together all of ArcelorMittal's reduced, low and zero‐carbon products and steelmaking activities, as well as wider initiatives and green innovation projects) and detailed concept plans to significantly reduce CO2 emission in France and Germany.

Finally, during the quarter ArcelorMittal continued to return capital to shareholders. Via share buybacks, the Company now returned $1.15bn of the proceeds from the ArcelorMittal USA sale. Investors will receive the base dividend of $0.30/sh in June 2021 (subject to shareholders approval at the next AGM) and the outstanding $570m buyback linked to 2020 free cash flow will be completed by year end.

ArcelorMittal's priorities are clear: to the lead the industry globally on sustainability; to maintain its competitive cost advantage; to grow strategically; and, to consistently return cash to shareholders.

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Safety is our priority: committed to reach zero harm

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

Successful response to COVID-19 pandemic

Health and safety performance (LTIF)*

• Ongoing strict adherence to WHO and specific government guidelines have been followed and implemented
• Continued extensive monitoring and strict sanitation practices, enforcing social distancing and providing correct PPE equipment

Renewed efforts to strengthen safety of our workforce

													0.78
2008	2009	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020	1Q21

• Formation of revised H&S Council of COOs from each business, chaired by CEO of segment
• Despite a low LTIF rate, the rate of improvement has plateaued  Company in need of a reinvigorated effort to eradicate accidents and fatalities

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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. Figure presented for LTIF rates exclude ArcelorMittal Italia in its entirety and for 1Q'21 exclude ArcelorMittal USA following its disposal in December 2020. (Prior period figures have not been recast for the ArcelorMittal USA disposal)

Moving now to the presentation and beginning with the Company's number one priority, safety.

The Company recognises that the COVID‐19 pandemic is not over, and we are mindful that COVID continues to be a health challenge across the world, especially in developing economies. Nowhere is this more obvious at present than in India, where we have our AM/NS India JV with Nippon Steel. Our colleagues in India are active in providing support wherever we can, including providing daily amounts of oxygen from our sites to local hospitals and setting up temporary medical facilities. Our thoughts are with the people of India as they strive to bring this situation under control. We continue to be vigilant in our efforts against the virus, ensuring our workforce can protect themselves, strictly implementing the latest guidelines, and ensuring that we enable our people to follow strict sanitation and social distancing standards at work, and continue to monitor their health.

We have reviewed, refocused and reinvigorated our efforts to eradicate accidents and fatalities across ArcelorMittal. At the heart of this change is the relaunch of our health and safety council, made up of each business segment's COO, with a rotating chairperson. The first chair is held by the CEO of our Long Business in Brazil, which has demonstrated tangible excellence in its safety culture and performance.

The chair has interviewed people across the business to understand the situation and defined a clear strategy for improving safety performance. The message behind this refreshed approach could not be more explicit: we are determined to improve our safety performance and eradicate fatalities at ArcelorMittal.

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