ArcelorMittal : 4Q'22 Analyst Slides

4Q 2022 and FY 2022

Financial Results and Strategic update

February 9, 2023

Lakshmi Mittal, Executive Chairman

Aditya Mittal, Chief Executive Officer

Genuino Christino, Chief Financial Officer

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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Contents

4Q 2022 and FY 2022

EXECUTIVE SUMMARY | page 4 SUSTAINABLE LEADERSHIP | page 8 COST FOCUS | page 11 STRATEGIC GROWTH | page 14 CAPITAL ALLOCATION| page 20 APPENDIX| page 26

Page 3

Safety is our priority: committed to reach zero harm

• Following full review of every aspect of safety a multi-prongedaction plan has been deployed, building on and supporting the considerable policies and processes already in place
• Global H&S team strengthened
• Group's H&S policy, standards and golden rules updated: comprehensive and effective dissemination throughout the Company has been rolled out
• Safety training & mentoring upgraded: leadership presence on the shop floor now mandatory and central to day-to-dayperformance reviews
• Instituted a "quarantine" for operations that have experienced a serious incident or deemed at risk of such an incident
• Remuneration links to H&S strengthened: 50% increase in the STI link to safety performance (with fatalities acting as a circuit breaker). STIP safety target 15% and LTIP to 10%

Health and safety performance (LTIF)*

3.5
3.0
2.5
2.0
1.5
1.0															0.70
0.5
0.0
2007	2008	2009	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022

Focussed on detecting and reducing precursors of fatalities and severe injuries to eradicate harm across the Group

Page 4	* 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); STI/LT refers to
	short term / long term incentive plan

2022 another year of strategic progress

Key FY'22 figures:

• $14.2bn EBITDA
• $6.4bn FCF
• $10.6bn Adj. net income*
• $11.65 Adj. EPS*
• $62/sh book value
• 20% ROE**
• Record low net debt of $2.2bn

Decarbonization leadership:

2030 targets set (25% CO2e reduction globally, 35% for Europe)

$0.6bn investment in 1GW renewable energy project in India underway

1st smart carbon project inaugurated in Ghent (Belgium)

4 specialist scrap metal recyclers acquired in Europe

The Company is progressing on key decarbonization projects***

XCarb™ Innovation Fund investments in six technology partnerships

Strategic growth:

Recent acquisitions estimated to add normalized EBITDA of ~$0.5bn, including:

• Texas HBI plant acquired to facilitate decarbonization
• Acquisition of CSP (Brazil): high quality asset, with strong synergies in low-cost renewable zone and further value creation in LATAM (expected completion
  1Q'23)

Projects underway to significantly expand capacity through JVs in India (to 15Mt by 2026) and the US (Calvert)

$4.2bn strategic capex envelope estimated to generate $1.3bn additional

EBITDA

Capital returns:

2022 share buy backs completed represented 11% of diluted equity; total purchases since Sept'20 of 30% at an average share price of €24.34

Further buybacks will be allocated to the 2023 capital return (targeting 50% of post-dividend FCF as per the policy)

Board proposes to increase annual base dividend to shareholders to $0.44****

Focussed on creating sustainable value

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* Adjusted net income for FY'22 exc. $1.0bn impairment charges and $0.3bn exceptional item; ** ROE (Return on Equity) is calculated as trailing twelve-month net income period (excl. impairment charges and exceptional items) attributable to equity holders of the parent divided by the average equity attributable to the equity holders of the parent over the period; ***Key sites in Belgium, Canada, France, Germany and Spain; **** to be paid in 2 equal instalments in June 2023 and December 2023, subject to the approval of shareholders at the 2023 AGM