ArcelorMittal : 3Q'24 Earnings Release

ArcelorMittal reports third quarter 2024 results

Luxembourg, November 7, 2024 - ArcelorMittal (referred to as "ArcelorMittal" or the "Company" or the "Group") (MT (New York, Amsterdam, Paris, Luxembourg), MTS (Madrid)), the world's leading integrated steel and mining company, today announced results1 for the three-month and nine-month periods ended September 30, 2024.

3Q 2024 key highlights:

Safety focus: The Company-wide audit of safety by dss+ is now complete. It has provided the Group with a clear set of 6 recommendations which the Company is committed to implement. LTIF2 rate of 0.88x in 3Q 2024 and 0.68x in 9M 2024

Structurally higher margins and resilient operating results: Despite the challenging market environment, the Company continues to demonstrate resilient performance benefiting from regional diversification. Operating income of $0.7bn in 3Q 2024 (vs $1.0bn in 2Q 2024); EBITDA of $1.6bn in 3Q 2024 (vs. $1.9bn in 2Q 2024) with EBITDA/t of $118/t in 3Q 2024 ($133/t in 9M 2024) and well above the Group's long-termhistorical average18, reflecting structural improvements

Financial strength: Following the acquisition of c.28.4% stake in Vallourec6 for $1.0bn and $0.3bn share buybacks, net debt increased to $6.2bn at the end of the quarter (gross debt of $11.3bn and cash and cash equivalents of $5.1bn as of September 30, 2024) from $5.2bn as of June 30, 2024

Cash flow being reinvested for growth and shareholder returns: Over the past 12 months, the Company has generated investable cash flow7 of $2.8bn with a net $0.6bn allocated to M&A, $1.5bn invested on strategic growth capex projects8 and $2.0bn returns to ArcelorMittal shareholders while maintaining a strong balance sheet

Consistent shareholder returns: The Company will continue to return a minimum 50% of post-dividend FCF to shareholders through its share buyback programs. The Company repurchased 1.5% of its outstanding shares during 3Q 2024 (5.7% during the 9M 2024) bringing the total reduction in fully diluted share count to 37% since September 20209. To date, 73m shares from the current 85m share buy-back program have been repurchased

Outlook

Positive free cash flow outlook in 2024 and beyond: FY 2024 capex is expected to be within the previously communicated guidance range ($4.5bn-$5.0bn). The Company expects the year to date investment in working capital to reverse by year end, supporting the outlook for free cash flow generation. The completion of the Company's strategic growth projects is expected to generate additional EBITDA and investable cash flow in the coming periods10,16. ArcelorMittal continues to optimize its decarbonization pathway to ensure that the Company can remain competitive and achieve an appropriate return on investment

Company believes current market conditions are unsustainable: China's excess production relative to demand is resulting in very low domestic steel spreads (with the majority of producers loss making) and aggressive exports; steel prices particularly in Europe are well below the marginal cost curve. The Company expects apparent demand in our aggregate markets to be higher in 2H 2024 vs. 2H 2023 (reflecting no repeat

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of the destock that impacted Europe ASC in 2H 2023 and YoY demand growth in India and Brazil). As absolute inventory levels remain low, particularly in Europe, the Company remains optimistic that restocking activity will occur once real demand begins to recover

Positive on medium/long term outlook: Through its global asset portfolio, ArcelorMittal is uniquely positioned to capture the anticipated growth in steel demand over the medium/long-term; the Company's strategic focus is on safety, delivering its growth projects, and consistently returning capital to shareholders whilst maintaining a strong balance sheet

Recently completed strategic projects are performing well: The Group's portfolio of approved strategic growth projects is estimated to increase EBITDA potential (relative to historical normalized levels) by $1.8bn10

• Vega CMC (Brazil): Increase galvanized and cold rolled coil capacity: 1st continuous annealed commercial coil delivered in June 2024; 1st coated coil produced in July 2024 and Magnelis® coil in September 2024
• India renewables: Project combining solar and wind power (1GW) began commissioning in June 2024, and commenced supply of power to AMNS India as of September 2024, with the JV benefiting from green power at a lower cost than accessing the grid
• Mexico HSM is performing well and expected to achieve targeted profitability in 2024 ($0.3bn EBITDA), despite the disruptions caused by the illegal blockade that impacted 2Q/3Q 2024 operations

Financial highlights (on the basis of IFRS1):

(USDm) unless otherwise shown	3Q 24	2Q 24	3Q 23	9M 24	9M 23
Sales	15,196	16,249	16,616	47,727	53,723
Operating income	663	1,046	1,203	2,781	4,320
Net income attributable to equity holders of the parent	287	504	929	1,729	3,885
Adjusted net income attributable to equity holders of the
parent11	488	677	929	1,922	3,885
Basic earnings per common share (US$)	0.37	0.63	1.11	2.18	4.59
Adjusted basic earnings per common share (US$)11	0.63	0.85	1.11	2.42	4.59
Operating income/tonne (US$/t)	50	75	88	68	102
EBITDA3	1,581	1,862	2,150	5,399	7,288
EBITDA /tonne (US$/t)	118	134	157	133	172
Crude steel production (Mt)	14.8	14.7	15.2	43.9	44.4
Steel shipments (Mt)	13.4	13.9	13.7	40.7	42.3
Total Group iron ore production (Mt)	10.1	9.5	10.7	29.8	32.0
Iron ore production (Mt) (AMMC and Liberia only)	6.6	5.9	6.7	19.0	19.8
Iron ore shipment (Mt) (AMMC and Liberia only)	6.3	6.2	6.3	18.8	20.3
Weighted average common shares outstanding (in millions)	778	794	838	794	847

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Commenting, Aditya Mittal, ArcelorMittal Chief Executive Officer, said:

"A key milestone during Q3 was the completion of the comprehensive dss+ workplace safety audit. We are now working to define the implementation plan for the six recommendations in an accelerated manner and will provide updates on the progress.

"Economic sentiment remains subdued, but we have delivered a resilient financial performance, reinforcing the structural strength of the Group. Apparent demand is expected to be stronger in the second half of this year compared with 2023, and inventory levels are low, indicating that re-stocking will occur when real demand recovers. The increased level of imports into Europe is a concern and stronger trade measures are urgently required to address this. Similarly, the CBAM needs further strengthening to ensure it fulfills its aim of ensuring European steelmakers can remain competitive versus higher-emissions imports.

"Our free cash flow generation enables us to continue to invest in the business for strategic growth and return capital to shareholders. Our first renewables project is now operating and started supplying power to AMNS India in September. The Vega CMC project is also fully up and running and produced its first Magnelis® coil in September.

"Globally, the medium to long-term outlook for steel is positive, and we are confident that ArcelorMittal will continue to harness its unique geographic presence and strong research and development capability to meet our stakeholders needs and produce smarter steels for people and planet."

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Safety and sustainable development

Health and Safety focus:

Protecting employee health and safety remains the overarching priority of the Company. LTIF rate of 0.88x in 3Q 2024 (vs. 0.57x in 2Q 2024 and 0.94x in 3Q 2023).

The Company-wide independent safety audit by dss+ is complete. It is a comprehensive independent safety audit, providing ArcelorMittal with a clear set of recommendations which the Company is committed to implement. See website for more details: dss+ safety audit recommendations

The Company is now defining the most effective ways to implement these recommendations in an accelerated manner. The first phase includes taking these recommendations to build customized, business unit- specific work plans, to be incorporated into their five-year planning cycle.

Own personnel and contractors - Lost Time Injury Frequency rate

	3Q 24	2Q 24	3Q 23	9M 24	9M 23
North America	0.43	0.31	0.09	0.26	0.15
Brazil	0.33	0.15	0.22	0.20	0.28
Europe	1.47	1.06	1.50	1.25	1.42
Sustainable Solutions	1.23	1.09	0.65	1.06	0.85
Mining	0.14	0.15	0.19	0.15	0.14
Others	1.20	0.47	1.45	0.80	0.92
Total	0.88	0.57	0.94	0.68	0.78

Sustainable development highlights12:

• ArcelorMittal is progressing the engineering of its decarbonization projects globally to ensure that it delivers economic decarbonization. Whilst engineering is ongoing, the Company is engaging with the European Commission and member states on the measures required to support a low carbon competitive steel sector in Europe including more robust trade defences and an effective carbon border adjustment mechanism.
• ArcelorMittal continues to build its portfolio of renewable energy projects to secure and decarbonize its future electricity needs. In August 2024, ArcelorMittal Brasil signed contracts for the development of two solar energy projects with a combined capacity of 465MW, equivalent to 14% of its current electricity requirements in Brazil. ArcelorMittal will partner through JVs with two different renewable companies; Casa dos Ventos and Atlas Renewable Energy for the projects. This builds on the 554MW capacity wind power project in Brazil that is set to be commissioned in 2025. The total 1GW Brazil renewable projects are estimated to add ~$0.1 billion EBITDA benefit to ArcelorMittal. Group renewable portfolio is now 2.1GW (including India and investments in Brazil and Argentina17).

Analysis of results for 3Q 2024 versus 2Q 2024

Sales in 3Q 2024 declined by 6.5% to $15.2 billion as compared to $16.2 billion in 2Q 2024.

Operating income of $0.7 billion in 3Q 2024 was 36.6% lower as compared 2Q 2024 largely reflecting lower steel prices (- 3.7%), seasonally lower steel shipments (-3.6%), impairments of $36 million related to the closure of the coke oven battery in Krakow (Poland) and exceptional items of $74 million due to restructuring costs at the same site.

EBITDA in 3Q 2024 decreased by 15.1% to $1,581 million as compared to $1,862 million in 2Q 2024, primarily due to weaker results in North America (negative price-cost effect) and Europe (seasonally lower steel shipments) offset in part by an improvement in the Brazil segment primarily due to higher volumes and lower costs.

Net interest cost of $8 million in 3Q 2024 is broadly stable as compared to $7 million in 2Q 2024 and continues to benefit from the capitalization of the interest cost related to certain long term capex investments.

ArcelorMittal recorded net income in 3Q 2024 of $287 million, lower as compared to $504 million in 2Q 2024. ArcelorMittal recorded an adjusted net income11 (i.e., excluding the impairments and exceptional items discussed above as well as mark- to-market loss on purchase of Vallourec shares6) in 3Q 2024 of $488 million as compared to $677 million in 2Q 2024.

ArcelorMittal's basic earnings per common share for 3Q 2024 was $0.37 (adjusted earnings per common share of $0.63) as compared to $0.63 in 2Q 2024 (adjusted earnings per common share of $0.85).

Net cash provided by operating activities during 3Q 2024 amounted to $1.4 billion, and includes a $0.1 billion release of working capital. Capex for the quarter amounted to $1.1 billion (including $0.3 billion spent on strategic growth projects), leading to a free cashflow of $0.3 billion. Cash outflows for the purchase of the c.28.4% stake in Vallourec for $1.0 billion and ongoing share buybacks ($0.3 billion), led to an increase in net debt to $6.2 billion on September 30, 2024, as compared to $5.2 billion on June 30, 2024.

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Analysis of operations3

North America

(USDm) unless otherwise shown	3Q 24	2Q 24	3Q 23	9M 24	9M 23
Sales	2,762	3,162	3,188	9,271	10,036
Operating income	229	338	520	1,152	1,637
Depreciation	(129)	(129)	(125)	(378)	(378)
EBITDA	358	467	645	1,530	2,015
Crude steel production (Kt)	1,652	1,823	2,122	5,655	6,542
- Flat shipments (Kt)	1,960	1,865	1,938	6,070	6,192
- Long shipments (Kt)	540	719	667	1,925	2,025
Steel shipments* (Kt)	2,408	2,468	2,527	7,672	7,974
Average steel selling price (US$/t)	955	1,040	1,043	1,014	1,049

• North America steel shipments include slabs sourced by the segment from Group companies (mainly the Brazil segment) and sold to the Calvert JV (eliminated in the Group consolidation). These shipments can vary between periods due to slab sourcing mix and timing of vessels: 3Q'24 577kt; 2Q'24 476kt; 3Q'23 393kt, 9M'24 1,534kt and 9M'23 1,227kt.

Sales in 3Q 2024 decreased by 12.7% to $2.8 billion, as compared to $3.2 billion in 2Q 2024 primarily on account of 8.3% decrease in average steel selling prices and 2.4% decrease in steel shipments.

As previously communicated on July 19, 2024, ArcelorMittal Mexico announced that it had reached a settlement with unions with an agreement to end an illegal blockade at the site. The electric arc furnace EAF (for slab production) and hot strip mill resumed normal operations in August 2024. As a result, 3Q 2024 performance was impacted by ~0.4Mt production and EBITDA by $0.1 billion (same impacts as 2Q 2024).

Operating income in 3Q 2024 decreased by 32.2% to $229 million as compared to $338 million in 2Q 2024, primarily due to a negative price-cost impact.

EBITDA in 3Q 2024 of $358 million was 23.5% lower as compared to $467 million in 2Q 2024.

Brazil13

(USDm) unless otherwise shown	3Q 24	2Q 24	3Q 23	9M 24	9M 23
Sales	3,218	3,243	3,560	9,512	10,454
Operating income	414	325	414	1,041	1,290
Depreciation	(83)	(88)	(87)	(265)	(264)
EBITDA	497	413	501	1,306	1,554
Crude steel production (Kt)	3,842	3,607	3,669	11,013	10,453
- Flat shipments (Kt)	2,464	2,441	2,328	7,042	6,431
- Long shipments (Kt)	1,335	1,215	1,283	3,611	3,734
Steel shipments (Kt)	3,787	3,637	3,599	10,604	10,119
Average steel selling price (US$/t)	787	826	932	830	970

Sales in 3Q 2024 remained broadly stable at $3.2 billion as compared to 2Q 2024, primarily due to a 4.1% increase in steel shipments largely offsetting a 4.7% decline in average steel selling prices.

Operating income in 3Q 2024 of $414 million was 27.3% higher as compared to $325 million in 2Q 2024, due to higher shipments and a positive price-cost effect (lower costs more than offsetting lower selling prices).

EBITDA in 3Q 2024 increased by 20.3% to $497 million as compared to $413 million in 2Q 2024.

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Europe

(USDm) unless otherwise shown	3Q 24	2Q 24	3Q 23	9M 24	9M 23
Sales	7,141	7,822	7,302	22,810	25,068
Operating income	12	194	139	275	883
Depreciation	(281)	(268)	(278)	(823)	(811)
Impairment items	(36)	-	-	(36)	-
Exceptional items	(74)	-	-	(74)	-
EBITDA	403	462	417	1,208	1,694
Crude steel production (Kt)	7,870	8,041	7,398	23,515	21,906
- Flat shipments (Kt)	4,897	5,206	4,483	15,405	15,000
- Long shipments (Kt)	1,907	2,204	1,945	6,050	6,161
Steel shipments (Kt)	6,803	7,407	6,425	21,446	21,152
Average steel selling price (US$/t)	915	929	980	930	1,012

Sales in 3Q 2024 declined by 8.7% to $7.1 billion, as compared to $7.8 billion in 2Q 2024, primarily due to a 8.2% decline in steel shipment volumes due to seasonality and maintenance in the long products and a 1.5% decline in average steel selling prices.

Operating income in 3Q 2024 was $12 million as compared to $194 million in 2Q 2024 primarily due to seasonally lower steel shipments, impairments of $36 million related to the closure of the coke oven battery in Krakow (Poland) and exceptional items of $74 million due to restructuring costs at the same site.

EBITDA in 3Q 2024 of $403 million decreased by 12.7% as compared to $462 million in 2Q 2024 primarily due to seasonally lower steel shipments.

India and JVs

Income from associates, joint ventures and other investments (excluding impairments and exceptional items, of which none in the periods) for 3Q 2024 was $162 million as compared to $181 million in 2Q 2024, primarily due to lower contributions from AMNS India.

ArcelorMittal has investments in various joint venture and associate entities globally. The Company considers Calvert (50% equity interest) and AMNS India (60% equity interest) joint ventures to be of particular strategic importance, warranting more detailed disclosures to improve the understanding of their operational performance and value to the Company.

AMNS India

(USDm) unless otherwise shown	3Q 24	2Q 24	3Q 23	9M 24	9M 23
Production (Kt) (100% basis)	1,743	1,867	1,942	5,594	5,500
Shipments (Kt) (100% basis)	1,887	1,892	1,874	5,795	5,383
Sales (100% basis)	1,537	1,580	1,680	4,932	4,998
EBITDA (100% basis)	162	237	533	711	1,437

Sales in 3Q 2024 declined by 2.8% to $1.5 billion as compared to $1.6 billion in 2Q 2024, primarily due to lower average steel selling prices.

EBITDA during 3Q 2024 declined by 31.3% to $162 million as compared to $237 million in 2Q 2024, driven by a negative price-cost effect.

Calvert14

(USDm) unless otherwise shown	3Q 24	2Q 24	3Q 23	9M 24	9M 23
Production (Kt) (100% basis)	1,094	1,202	1,178	3,512	3,602
Shipments (Kt) (100% basis)	1,015	1,145	1,063	3,291	3,390
Sales (100% basis)	1,054	1,244	1,195	3,534	3,746
EBITDA (100% basis)	126	166	105	480	284

Sales in 3Q 2024 declined by 15.3% to $1.1 billion as compared to $1.2 billion in 2Q 2024 primarily due to lower shipments driven by weaker demand.

EBITDA during 3Q 2024 of $126 million was 24.2% lower as compared to $166 million in 2Q 2024, primarily due to lower steel shipments and a negative price-cost effect.

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Sustainable Solutions15

(USDm) unless otherwise shown	3Q 24	2Q 24	3Q 23	9M 24	9M 23
Sales	2,542	2,891	2,680	8,322	9,010
Operating income	17	55	21	98	210
Depreciation	(38)	(40)	(35)	(122)	(105)
EBITDA	55	95	56	220	315

Sales in 3Q 2024 declined by 12.1% to $2.5 billion as compared to $2.9 billion in 2Q 2024.

Operating income in 3Q 2024 was lower at $17 million as compared to $55 million in 2Q 2024, mainly in the Projects business, impacted by seasonality.

EBITDA in 3Q 2024 of $55 million was 42.1% lower as compared to $95 million in 2Q 2024.

Mining

(USDm) unless otherwise shown	3Q 24	2Q 24	3Q 23	9M 24	9M 23
Sales	589	641	729	1,959	2,313
Operating income	128	150	275	524	874
Depreciation	(65)	(66)	(57)	(196)	(169)
EBITDA	193	216	332	720	1,043
Iron ore production (Mt)	6.6	5.9	6.7	19.0	19.8
Iron ore shipment (Mt)	6.3	6.2	6.3	18.8	20.3

Note: Mining segment comprises iron ore operations of ArcelorMittal Mines Canada (AMMC) and ArcelorMittal Liberia.

Sales in 3Q 2024 declined by 8.0% to $589 million as compared to $641 million in 2Q 2024 primarily due to lower iron ore reference prices (-10.8%).

Iron ore production in 3Q 2024 increased by 13.1% to 6.6Mt as compared to 5.9Mt in 2Q 2024 primarily due to a recovery in ArcelorMittal Mines Canada which had been impacted by wildfires in the Port Cartier region in June leading to Port disruption, as well as maintenance.

Operating income in 3Q 2024 declined by 14.6% to $128 million as compared to $150 million in 2Q 2024 driven by lower iron ore reference prices offset in part by lower costs as production volumes recovered.

EBITDA in 3Q 2024 of $193 million was 11.0% lower as compared to $216 million in 2Q 2024.

Other recent developments

On October 11, 2024, ArcelorMittal announced that it had entered into a definitive Equity Purchase Agreement (the "Agreement") with Nippon Steel Corporation ("NSC") pursuant to which ArcelorMittal will purchase NSC's 50% equity interest in the AM/NS Calvert Joint Venture (the "Transaction"). The Transaction has been entered into at the request of NSC to address regulatory concerns pursuant to its agreed acquisition of US Steel. The Transaction is subject to NSC completing its pending acquisition of US Steel, which is subject to various other regulatory requirements.

Under the terms of the agreement, ArcelorMittal will pay $1 consideration for the Transaction; further, NSC will inject cash and forgive partner loans in an amount estimated to be approximately $0.9 billion.

There are no assurances or guarantees that NSC will complete its acquisition of US Steel. Should NSC not complete its acquisition of US Steel, then the Agreement will not come into effect and the AM/NS Calvert JV will continue.

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ArcelorMittal Condensed Consolidated Statements of Financial Position1

	In millions of U.S. dollars		Sept 30, 2024	Jun 30, 2024	Dec 31, 2023
	ASSETS
	Cash and cash equivalents		5,094	5,903	7,783
	Trade accounts receivable and other		4,238	4,186	3,661
	Inventories		18,474	17,690	18,759
	Prepaid expenses and other current assets		3,255	3,229	3,037
	Total Current Assets		31,061	31,008	33,240
	Goodwill and intangible assets		4,762	4,947	5,102
	Property, plant and equipment		34,535	33,142	33,656
	Investments in associates and joint ventures6		11,304	10,168	10,078
	Deferred tax assets		9,525	9,563	9,469
	Other assets		1,981	2,019	2,372
	Total Assets		93,168	90,847	93,917
	LIABILITIES AND SHAREHOLDERS' EQUITY
	Short-term debt and current portion of long-term debt		2,356	2,357	2,312
	Trade accounts payable and other		13,164	12,493	13,605
	Accrued expenses and other current liabilities		5,761	5,456	5,852
	Total Current Liabilities		21,281	20,306	21,769
	Long-term debt, net of current portion		8,903	8,770	8,369
	Deferred tax liabilities		2,318	2,270	2,432
	Other long-term liabilities		5,302	5,202	5,279
	Total Liabilities		37,804	36,548	37,849
	Equity attributable to the equity holders of the parent		53,308	52,204	53,961
	Non-controlling interests		2,056	2,095	2,107
	Total Equity		55,364	54,299	56,068
	Total Liabilities and Shareholders' Equity		93,168	90,847	93,917

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ArcelorMittal Condensed Consolidated Statements of Operations1

		Three months ended		Nine months ended
	In millions of U.S. dollars unless otherwise shown	Sept 30, 2024	Jun 30, 2024		Sept 30, 2023		Sept 30, 2024		Sept 30, 2023
	Sales	15,196	16,249		16,616		47,727		53,723
	Depreciation (B)	(646)	(635)		(662)		(1,923)		(1,972)
	Impairment items4 (B)	(36)	-	-	(36)		-
	Exceptional items5 (B)	(74)	-	-	(74)		-
	Operating income (A)	663	1,046		1,203		2,781		4,320
	Operating margin %	4.4 %	6.4 %	7.2 %	5.8 %		8.0 %
	Income from associates, joint ventures and other
	investments (excluding impairments and exceptional items)	162	181		285		585		996
	(C)
	Net interest expense	(8)	(7)		(31)		(78)		(142)
	Foreign exchange and other net financing loss	(112)	(260)		(224)		(633)		(474)
	Non-cash mark-to-market loss until acquisition of c.28.4%	(91)	(173)		-	(83)		-
	Vallourec shares6
	Income before taxes and non-controlling interests	614	787		1,233		2,572		4,700
	Current tax expense	(164)	(179)		(282)		(664)		(880)
	Deferred tax (expense)/benefit	(151)	(96)		10		(123)		188
	Income tax expense (net)	(315)	(275)		(272)		(787)		(692)
	Income including non-controlling interests	299	512		961		1,785		4,008
	Non-controlling interests income	(12)	(8)		(32)		(56)		(123)
	Net income attributable to equity holders of the parent	287	504		929		1,729		3,885
	Basic earnings per common share ($)	0.37	0.63		1.11		2.18		4.59
	Diluted earnings per common share ($)	0.37	0.63		1.10		2.17		4.57
	Weighted average common shares outstanding (in millions)	778	794		838		794		847
	Diluted weighted average common shares outstanding (in	781	797		841		796		850
	millions)
	OTHER INFORMATION
	EBITDA (A-B+C)	1,581	1,862		2,150		5,399		7,288
	EBITDA Margin %	10.4 %	11.5 %	12.9 %	11.3 %		13.6 %
	Total Group iron ore production (Mt)	10.1	9.5		10.7		29.8		32.0
	Crude steel production (Mt)	14.8	14.7		15.2		43.9		44.4
	Steel shipments (Mt)	13.4	13.9		13.7		40.7		42.3

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ArcelorMittal Condensed Consolidated Statements of Cash flows1

				Three months ended				Nine months ended
In millions of U.S. dollars	Sept 30, 2024	Jun 30, 2024		Sept 30, 2023		Sept 30, 2024		Sept 30, 2023
Operating activities:
Income attributable to equity holders of the parent	287	504			929			1,729		3,885
Adjustments to reconcile net income to net cash provided by
operations:
Non-controlling interests income	12	8			32			56		123
Depreciation and impairments4	682	635			662			1,959		1,972
Exceptional items5	74		-			-		74		-
Income from associates, joint ventures and other investments	(162)	(181)		(285)		(585)		(996)
Deferred tax expenses/(benefit)	151	96			(10)		123		(188)
Change in working capital	132	84			(269)		(1,503)		(866)
Other operating activities (net)	235	(73)		222			531		387
Net cash provided by operating activities (A)	1,411	1,073			1,281			2,384		4,317
Investing activities:
Purchase of property, plant and equipment and intangibles (B)	(1,051)	(985)		(1,165)		(3,272)		(3,163)
Other investing activities (net)6	(814)	(57)		187			(597)		(1,699)
Net cash used in investing activities	(1,865)	(1,042)		(978)		(3,869)		(4,862)
Financing activities:
Net (payments) proceeds relating to payable to banks and	(109)	1,007			262			564		(1,139)
long-term debt
Dividends paid to ArcelorMittal shareholders		-	(200)		-		(200)		(185)
Dividends paid to minorities shareholders (C)	(85)	(7)		(66)		(169)		(131)
Share buyback	(277)	(293)		(38)		(1,167)		(742)
Lease payments and other financing activities (net)	(62)	7			(56)		(107)		(540)
Net cash (used) provided by financing activities	(533)	514			102			(1,079)		(2,737)
Net (decrease)/increase in cash and cash equivalents	(987)	545			405			(2,564)		(3,282)
Effect of exchange rate changes on cash	147	(81)		(85)		(124)		127
Change in cash and cash equivalents	(840)	464			320			(2,688)		(3,155)
Free cash flow (A+B+C)	275	81			50			(1,057)		1,023
Appendix 1: Capital expenditures1
(USD million)		3Q 24			2Q 24			3Q 23			9M 24		9M 23
North America		50		100			72			261		309
Brazil		213		211			243			627		625
Europe		374		275			367			1,092		1,000
Sustainable Solutions		75		80			150			315		289
Mining		268		262			207			765		579
Others		71		57			126			212		361
Total		1,051		985			1,165			3,272		3,163
Appendix 2: Debt repayment schedule as of September 30, 2024
(USD billion)		2024			2025		2026	2027	≥2028		Total
Bonds			-			1.0		1.1	1.2	3.7		7.0
Commercial paper			1.2			-		-			-	-	1.2
Other loans			0.3			0.8		0.3	0.8	0.9		3.1
Total gross debt			1.5			1.8		1.4	2.0	4.6		11.3

As of September 30, 2024, the average debt maturity is 6.7 years.

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