ArcelorMittal : 2Q'21 roadshow presentation - Sept 2021

Sustainable Value Creation

September, 2021

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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Four Strategic Pillars to drive sustainable value creation

A clear set of priorities to deliver sustainability goals and reward shareholders

Sustainability

Leadership

• Safety as the priority
• Promoting diversity
• Global leadership on decarbonization
• Delivering green steel
• 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  Findings:

• Pandemic impacted safety shop floor audits / presence / and in person training

Remuneration

• the proportion of the management STIP linked to safety has been increased to 15% (from 10%)
• LTIP to have tangible links to broader ESG topics

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Health and safety performance (LTIF)*

													0.83
2008	2009	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020	1H21

Actions taken by H&S council in 1H 2021

32

Undertaken 61

meetings with ~30020 attendees

7

2

H&S chair	H&S council	H&S Safety	Safety
meetings	meetings	benchmarking	meetings

• 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)

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

$5.0bn net debt lowest level since the merger

1.0 0.7 0.9

5.1

3.2

1.7





• New Groupreduction in CO2e emissions intensity 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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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

• 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