ArcelorMittal : 1Q'21 ESG presentation - June 2021

1Q 2021 ESG update June, 2021

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

EBITDA improving ($bn)

3.2

1.7

1.0 0.7 0.9

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

Net debt declining ($bn)

+ Launched XCarbTM and detailed concept plans to

dramatically reduce CO2 emissions in France and Germany

+ ILVA partnership completed: Formation of public-private

partnership with Invitalia completed

+ Consistent returns: $650m share buyback completed in Q1

with further $570m to be completed by year end; $0.30/share

9.5

7.8

7.0 6.4 5.9

dividend to be paid in 2Q

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

• 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

Sustainable value creation

A strong platform for consistent (and growing) returns to shareholders

Sustainability

leadership

• Safety as the priority
• Promoting diversity
• Global leadership on decarbonization
• Delivering green steel and driving technology solutions

Cost advantage

• Structural improvement
• Leaner, more efficient corporate office
• Enhanced productivity
• Optimized footprint

Strategic growth

• Organic high-return projects
• Higher growth markets / product categories
• Leveraging existing infrastructure to develop iron ore resource
• R&D advantage

Consistent returns

• Strong balance sheet
• Consistent record of free cash flow generation
• Progressive base dividends
• Buybacks linked to free cash flow

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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

• 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

• 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

Health and safety performance (LTIF)*

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

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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)