ArcelorMittal South Africa : 31 December 2021

Financial results for the

year ended 31 December 2021

Disclaimer

Forward-looking statements

This presentation includes forward-looking information and statements about ArcelorMittal South Africa and its subsidiaries that express or imply expectations of future events or results. Forward-looking statements are not historical facts. These statements include, without limitation, financial projections and estimates and their underlying assumptions, statements regarding plans, objectives and expectations with respect to future production, operations, costs, products and services, and statements regarding future performance. Forward-looking statements may, without limitation, be identified by words such as 'believe', 'expect', 'anticipate', 'target', 'plan', and other similar expressions. All forward-looking statements involve a number of risks, uncertainties and other factors not within ArcelorMittal South Africa's control or knowledge. Although ArcelorMittal South Africa's management believes that the expectations reflected in such forward-looking statements are reasonable, investors and holders of ArcelorMittal South Africa's securities are cautioned that forward-looking information and statements are subject to various risks and uncertainties, many of which are difficult to predict and generally beyond the control of ArcelorMittal South Africa, 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 contained in this presentation. The risks and uncertainties include those discussed or identified in the filings with the Johannesburg Stock Exchange (the "JSE") made, or to be made, by ArcelorMittal South Africa, including ArcelorMittal South Africa's Annual Report of the year ended 31 December 2021 to be finalised and issued. Factors that could cause or contribute to differences between the actual results, performance and achievements of ArcelorMittal South Africa include, but are not limited to, political, economic and business conditions, industry trends, competition, commodity prices, changes in regulation and currency fluctuations. Accordingly, investors should not place reliance on forward looking statements contained in this presentation. The forward-looking statements in this presentation reflect information available at the time of preparing this presentation and have not been reviewed and reported on by ArcelorMittal South Africa's auditors and apply only as of the date they are made. Subject to the requirements of the applicable law, ArcelorMittal South Africa shall have no obligation and makes no undertaking to publicly update any forward-looking statements in this presentation, whether as a result of new information, future events or otherwise or to publicly release the result of any revisions to any forward-looking statements in this presentation that may occur due to any change in ArcelorMittal South Africa's expectations or to reflect events or circumstances after the date of this presentation. No statements made

in this presentation regarding expectations of future profits are profit forecasts or estimates.

Page 2

Financial results for the year ended 31 December 2021

01

02

03

04

Overview

Kobus Verster

Operations and Market Review

Kobus Verster

Financial Review and Capital Allocation

Suretha van Wyk

Sustainability and Growth

Kobus Verster

05	Conclusion and Outlook
Kobus Verster

Overview

Kobus Verster

Overview and salient features

+R8 532	STRONG EBITDA	+R1 887	POSITIVE FREE	+34%	CRUDE STEEL	+35%	BUSINESS TRANSFORMATION
PROFITABILITY	CASH FLOW	PRODUCTION	PROGRAMME (BTP) SAVINGS
million	million
2021: R8 569 million	2021: R1 961 million		2021: 3 026 kt		2021: R2 085 million
	2020: R37 million		2020: R74 million		2020: 2 257 kt		2020: R1 543 million

•	Strongest annual EBITDA since 2008	• Average international dollar steel prices increased by 91%*
•	Headline profit of R6 860 million (2020: R2 033 million loss)	• Realised a 47% increase in rand steel prices
•	Sales volumes increased by 13% to 2,5 million tonnes	• Raw material basket (RMB)** increased by 10% against a 42% increase in the international
•	Net debt reduced by R2 366 million to R1 258 million after a R2 724 million	RMB (rand terms)
• Increased capital allocation and significant progress on decarbonisation roadmap development
	reduction in a payable with extended credit terms

EBITDA evolution (Rm)	International HRC*** and rebar*** price	International Iron Ore and
Hard Coking Coal (HCC) price evolution ($/t)
evolution ($/t)

2021			5 351
H2
			R8 569
			million
2021			3 218
H1
2020			1 293
H2
			R37
			million
2020	-1 256
H1

	+66%
1 300	+83%

1. 200

1. 100

1. 000
   900
   800
   700
   600
   500
   400
   300

2020	2020	2020	2020	2021
Q1	Q2	Q3	Q4	Q1

			S&P Platts, MetalBulletin
Average international	Source:
Rebar price
Average international
HRC price
2021	2021	2021
Q2	Q3	Q4

			+152%
			+39%
450
			+14%
400							Platts
350		Iron Ore Lump EPP
					S&P
300		Iron Ore Fines EPP
250		Coal HCC FOB Australia			Source:
200
150
100
50
2020	2020	2020	2020	2021	2021	2021	2021
Q1	Q2	Q3	Q4	Q1	Q2	Q3	Q4

Page 5

Financial results for the year ended 31 December 2021

• Source: CRU index
• ArcelorMittal South Africa's raw material basket in rand terms
• HRC: Hot Rolled Coil. Average domestic price between N. Europe, Japan, US Midwest, China, Turkey, India and Russia
• Rebar: Average price between China FOB and Turkey FOB