ArcelorMittal : 2Q'21 Analyst Slides

2Q 2021 and HY 2021 Financial Results and Strategic update July 29, 2021

Mr Mittal, Executive Chairman

Aditya Mittal, Chief Executive Officer

Genuino Christino, Chief Financial Officer

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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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1H 2021 performance the best in more than a decade

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

 $8.3bn EBITDA is strongest 6mth performance since 2008

EBITDA improving ($bn)

 $6.3bn net income is strongest 6mth performance since 2008
	Includes $1.0bn share of JV and associates income reflecting strong
	performance at AMNS India and AMNS Calvert
	$2.0bn free cash flow* generated in 1H'21 (of which $1.7bn in 2Q'21
	alone), despite $3.5bn investment in working capital

1.0 0.7 0.9

5.1

3.2

1.7

 $5.0bn net debt  lowest level since the merger

• New GroupCO2 reduction target: 25% by 2030**
• Progress on decarbonisation: signed MoU with Spanish government to support investments to achieve world's first zero- carbon steelmaking; XCarb™ product offering progressing well; investment in the Innovation fund underway
• Consistent returns: $2bn share buybacks completed to date along with $0.30/share dividend payment ($0.3bn); new $2.2bn share buyback (to be completed by end of 2021) - returning proceeds from the redeemed Cleveland Cliffs preference shares and advance a part

of the prospective 2022 capital return to shareholders

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• Free cash flow defined as cashflow from operation less capex less dividends paid to minorities
• Scope 1 and Scope 2 reduction relative to 2018 basis

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

Net debt declining ($bn)

9.5

7.8 7.0 6.4 5.9 5.0

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

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

ArcelorMittal has recorded its best quarter and strongest six‐month financial performance since 2008. Demand continued to improve through the first half, which coupled with lean inventories supported significant increases in steel spreads. Given order book and contract lags, this improvement is not yet fully reflected in the results.

The improved operating environment has necessitated a significant investment in working capital. Despite this, the Company has delivered $2bn of FCF in the first six months of 2021, with $1.7bn coming in 2Q'21 alone. As a result, the Company again ended the period with the lowest net debt level since the merger at $5.0bn.

Beyond the robust financial performance, the Company is making great strides along its decarbonization journey. In its latest "Carbon Report" published today, ArcelorMittal sets out a new pathway to reduce its groupwide carbon emissions by 25% by 2030 (including a 35% reduction in Europe). These accelerated targets include the world's first full‐scale zero carbon‐emissions steel plant in Spain by 2025. ArcelorMittal has a competitive advantage, providing compelling commercial opportunities given the evident customer appetite for green steel solutions.

Capital returns to shareholders continue. Since September last year, the Company has returned $2.8bn to shareholders, including the repurchase of 105mn shares. Given the strong performance and cash flow generation, a new $2.2bn buyback program is announced today, crystalizing $1.2bn value from the redemption of Cleveland‐Cliffs preference shares and $1bn as an advance of the prospective 2022 capital return to shareholders, to be completed by the end of 2021.

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

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Sustainable value creation

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