Health and safety focus: Protecting the health and wellbeing of employees remains the Company’s overarching priority; LTIF rate of 0.69x in 1Q 2022

Ukraine update: At the onset of the war in Ukraine, the Company announced the suspension of operations to protect its people and assets. Since then we have slowly restarted operations, and are currently operating one of three blast furnaces¹⁸

Operating income: 1Q 2022 operating income of $4.4bn (vs. $4.6bn⁴ in 4Q 2021) and EBITDA of $5.1bn in 1Q 2022 (vs. $5.1bn in 4Q 2021)

Enhanced share value: 1Q 2022 basic EPS of $4.28/sh increased +9.0% vs. 4Q 2021, representing an ROE¹⁹ of 36%; book value per share¹⁶ increased to $57/sh

Financial strength: Gross debt of $8.7bn at the end of 1Q 2022; net debt declined to $3.2bn (vs. $4.0bn end of 2021)

Higher net income: $4.1bn in 1Q 2022 (vs. $4.0bn in 4Q 2021) includes share of JV and associates net income of $0.6bn (vs. $0.4bn in 4Q 2021⁵)

Strong FCF generation: The Company delivered $1.5bn of free cash flow (FCF) in 1Q 2022 ($2.0bn net cash provided by operating activities less capex of $0.5bn and dividends paid to minorities) despite a $2.0bn investment in working capital, reflecting seasonal as well as market factors (higher selling and raw material prices)

A platform for consistent capital returns: The Company announces an increase in its 2022 buyback program to $2.0bn (of which $1.0bn was completed on April 25, 2022) in addition to the $0.38/share base dividend which will be paid in June 2022

Continued progress in leading the industry in Climate Action:

In April 2022, signed an agreement to acquire an 80% shareholding in voestalpine’s world-class Hot Briquetted Iron (‘HBI’) plant located in Texas

Established strategic renewable energy partnership with Greenko Group in India and announced a $0.6bn investment to build 975MW of Solar/Wind capacity

Delivering strategic growth in support of higher sustainable returns

Ramp up of the 2.5Mt Mexico hot strip mill is progressing well

Strategic capex envelope (including renewables project in India) increased to $3.65bn to be spent between 2021-2024 (of which $0.25bn has been spent to date)¹⁷; FY 2022 capex guidance remains unchanged at $4.5 billion

Announced the agreement to acquire an 80% shareholding in voestalpine’s world-class Hot Briquetted Iron (‘HBI’) plant located in Corpus Christi, Texas

Established a strategic partnership with Greenko Group, India’s leading energy transition company, and announced a $0.6 billion project to build 975MW of renewable energy capacity

Announced the acquisition of Scottish recycling business John Lawrie Metals Ltd

Received confirmation that the Government of Ontario would invest CAD$500 million of the total planned CAD$1.8 billion investment in decarbonization technologies at ArcelorMittal Dofasco’s plant in Hamilton. This follows the previous announcement that the Government of Canada would invest CAD$400 million to the project

Inaugurated a combined heat and power plant at ArcelorMittal Zenica, cutting sulphur dioxide and dust emissions by 80% and also cutting 18% of ArcelorMittal Zenica’s total CO2 emissions

Announced that it has successfully tested the use of green hydrogen in the production of direct reduced iron (“DRI”) at its steel plant in Contrecoeur, Quebec

ArcelorMittal has been actively supporting the humanitarian relief efforts in Ukraine with $7.6 million donated so far:

ArcelorMittal Kryvyi Rih made a $1.0 million donation to humanitarian relief efforts in the city of Kryvyi Rih for the provision of food stocks, medical supplies and equipment for local hospitals.

ArcelorMittal Kryvyi Rih has also donated a further $1.0 million to the Ukrainian government’s humanitarian efforts which are focused on providing food, shelter, medicine and clothing to refugees.

In addition, ArcelorMittal is channeling donations from ArcelorMittal employees worldwide via the United Nations humanitarian effort UNICEF, with the Company matching donations made by employees. To date, over $5.6 million in total has been donated in this way.

The Company operated a program of voluntary evacuation to Poland and western Ukraine for family members of ArcelorMittal Kryvyi Rih employees, in response to demand. To date, approximately 1,000 individuals have been safely evacuated.

On May 2, 2022, ArcelorMittal announced that it has successfully tested the use of green hydrogen in the production of direct reduced iron (“DRI”) at its steel plant in Contrecoeur, Quebec. ArcelorMittal’s ambition is to lead the decarbonization of the steel industry and this test is an important milestone in the Company’s journey to produce zero carbon emissions steel via the DRI-based steelmaking route using green hydrogen as an input. The objective of the test was to assess the ability to replace the use of natural gas with green hydrogen in the iron ore reduction process. During this first test, 6.8% of natural gas was replaced with green hydrogen during a 24-hour period, which contributed to a measurable reduction in CO2 emissions. The green hydrogen used in the test was produced by a third-party owned electrolyser (device that produces green hydrogen from electricity and water) and was then transported to Contrecoeur. This is a major step forward since the iron ore reduction process alone contributes to more than 75% of ArcelorMittal Long Products Canada’s (“AMLPC”) overall CO2 emissions. AMLPC is evaluating the possibility of carrying out further tests in the coming months by increasing the use of green hydrogen at the DRI plant, which could eventually reduce CO2 emissions in Contrecoeur by several hundred thousand tonnes per year. The potential use of electrolysers to produce green hydrogen in Contrecoeur will depend on certain criteria, particularly the availability of sufficient electricity to power the units.

On April 29, 2022, ArcelorMittal published its 2021 integrated annual review, ‘Smarter steels for people and planet’. The review underpins the Company’s commitment to transparent reporting. It has been produced to reflect the guiding principles of the Value Reporting Foundation and in-line with the Global Reporting Index (GRI) Sustainability Reporting Standards, the United Nations Global Compact, and the European Union’s Directive 2014/95/EU on non-financial reporting. The Integrated Annual Review is a central element in the Company’s commitment to engage stakeholders and communicate our financial and non-financial performance. It provides an overview of the Company’s performance in 2021, outlines progress against its strategic priorities, and details its short- and long-term plans.

On April 26, 2022, ArcelorMittal announced that it had completed its $1.0 billion share buyback program announced on February 11, 2022 under the authorization given by the annual general meeting of shareholders of June 8, 2021. By market close on April 25, 2022, ArcelorMittal had repurchased 31,751,960 shares for a total value of €911 million (equivalent to $1.0 billion) at an approximate average price per share of €28.68.

On April 14, 2022, ArcelorMittal announced it had signed an agreement to acquire an 80% shareholding in voestalpine’s world-class Hot Briquetted Iron (‘HBI’) plant located in Corpus Christi, Texas. The transaction values the Corpus Christi operations at $1 billion, with $680 million cash out and closing is expected in 3Q 2022, subject to customary regulatory approvals. The state-of-the-art plant, which was opened in October 2016, is one of the largest of its kind in the world. It has an annual capacity of two million tonnes of HBI, a high-quality feedstock made through the direct reduction of iron ore which is used to produce high-quality steel grades in an EAF, but which can also be used in blast furnaces, resulting in lower coke consumption. HBI is a premium, compacted form of Direct Reduced Iron (‘DRI’) developed to overcome issues associated with shipping and handling DRI. Ideally located with its own deep-water port with unused land on the site which provides options for further development. voestalpine has retained a 20% interest in the plant - with a corresponding offtake agreement - ArcelorMittal would own 100% of any future development. The remaining balance of production will be delivered to third parties under existing supply contracts, and to ArcelorMittal facilities, including to AMNS Calvert in Alabama, upon the commissioning of its 1.5 million tonne EAF, expected in the second half of 2023.

On March 30, 2022, Votorantim exercised its put option right to sell its entire equity interest in ArcelorMittal Brasil to the Company, following the acquisition of Votorantim S.A.'s long steel business in Brazil in 2018, which became a wholly-owned subsidiary of ArcelorMittal Brasil. The exercise price is calculated pursuant to a contractual formula which applies a 6x multiple of ArcelorMittal Brasil Longs Business EBITDA for the trailing four quarters (subject to certain adjustments, such as the exclusion of any unusual, infrequent or abnormal events) less an assumed net debt of 6.2 billion reais, times 15%. ArcelorMittal Brasil’s initial calculations indicate a value of approximately $0.2 billion to the put option. ArcelorMittal Brasil is required to deliver to Votorantim its calculation of the exercise price, along with the proper documentation, by May 14, 2022.

On March 22, 2022, ArcelorMittal announced it had established a strategic partnership with Greenko Group, India’s leading energy transition company. The $0.6 billion 975 MW project will combine solar and wind power and be supported by Greenko’s hydro pumped storage project, which helps to overcome the intermittent nature of wind and solar power generation. The project provides for 250 MW of uninterrupted renewable power to be supplied annually to AMNS India (ArcelorMittal’s joint venture company in India) under a 25-year off-take agreement to be entered into with AMNS India (starting in mid-2024). The project and land will be owned and funded by ArcelorMittal. Greenko will design, construct and operate the renewable energy facilities in Andhra Pradesh, Southern India. This will result in over 20% of the electricity requirement at AMNS India’s Hazira plant coming from renewable sources, reducing carbon emissions by approximately 1.5Mt per year. The project provides an attractive return on investment for ArcelorMittal and offers AMNS India the dual benefits of lower electricity costs and lower CO2 emissions. The Company is studying the option to develop a second phase which would double the installed capacity.

On March 2, 2022, ArcelorMittal announced its acquisition of Scottish recycling business John Lawrie Metals Ltd., as part of the company’s strategy of increasing the use of scrap steel to lower CO2 emissions from steelmaking. John Lawrie Metals, is a leading consolidator of ferrous scrap metal, exports to steel producers mainly in western Europe. Increasing the use of scrap steel in both the EAF and blast furnace routes of steelmaking, is one of the five key levers of ArcelorMittal’s decarbonization roadmap.

On February 25, 2022, ArcelorMittal announced that its Significant Shareholder had decided not to further participate in its $1.0 billion share buyback program. In its announcement of February 11, 2022 regarding a new $1.0 billion share buyback program, ArcelorMittal had noted the declared intention of its Significant Shareholder to sell shares to it in proportion to shares purchased on the market to maintain its percentage shareholding. ArcelorMittal was subsequently informed by the Significant Shareholder that it had decided not to make such sales; accordingly, its percentage holding of issued and outstanding shares (which stood at 36.3% as of January 31, 2022) increased to 37.53% as of April 25, 2022, following completion of the $1.0 billion share buy back program.

On February 15, 2022, ArcelorMittal confirmed its plan for a CAD$1.8 billion investment in decarbonization technologies at ArcelorMittal Dofasco’s plant in Hamilton, following the announcement on February 15, 2022, that the Government of Ontario would invest CAD$500 million in the project, which followed the previous announcement in July 2021 that the Government of Canada would invest CAD$400 million in the project. The investment will reduce annual CO2 emissions at ArcelorMittal’s Hamilton, Ontario operations by approximately 3 million tonnes, which represents approximately 60% of emissions. This means the Hamilton plant will transition away from the blast furnace-basic oxygen furnace steelmaking production route to the DRI – EAF production route, which carries a significantly lower carbon footprint. The project is scheduled to be complete by 2028.

In the US, ASC growth in 2022 is expected to be within the previous forecast range (+1.0% to +3.0%);

In Europe, due to the negative impact of rising inflation, ASC in 2022 is expected to decline by between -4.0% to -2.0% (vs. the previous forecast of slight positive growth in the range of +0% to +2.0%);

In Brazil, our forecast for ASC demand growth are unchanged (within the range of -10.0% to -8.0%);

In India, our forecast for ASC demand growth are unchanged (within the range of +6% to +8%);

We now forecast a significant contraction in demand in the CIS region (which includes Commonwealth of Independent States and Ukraine) by more than -10.0% (from previous range of +0% to +2%);

In China, given the temporary economic weakness caused by COVID-19 restrictions, we now forecast ASC demand towards the bottom of the previous forecast range (-2.0% to 0%);

We now forecast Global ex. China ASC to be broadly in line with 2021 (within the range of -0.5% to +0.5%), a downgrade from our previous estimate (+2.5% to +3.0%); and

As a result, global ASC in 2021 is now forecast to contract by -1.0% to +0% in 2022 (versus +0.0% to +1.0% forecast previously).

The financial information in this press release has been prepared consistently with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) and as adopted by the European Union. The interim financial information included in this announcement has also been prepared in accordance with IFRS applicable to interim periods, however this announcement does not contain sufficient information to constitute an interim financial report as defined in International Accounting Standard 34, “Interim Financial Reporting”. The numbers in this press release have not been audited. The financial information and certain other information presented in a number of tables in this press release have been rounded to the nearest whole number or the nearest decimal. Therefore, the sum of the numbers in a column may not conform exactly to the total figure given for that column. In addition, certain percentages presented in the tables in this press release reflect calculations based upon the underlying information prior to rounding and, accordingly, may not conform exactly to the percentages that would be derived if the relevant calculations were based upon the rounded numbers. Segment information presented in this press release is prior to inter-segment eliminations and certain adjustments made to operating result of the segments to reflect corporate costs, income from non-steel operations (e.g., logistics and shipping services) and the elimination of stock margins between the segments. This press release also includes certain non-GAAP financial/alternative performance measures. ArcelorMittal presents EBITDA and EBITDA/tonne, which are non-GAAP financial/alternative performance measures and calculated as shown in the Condensed Consolidated Statement of Operations, as additional measures to enhance the understanding of operating performance; ArcelorMittal also presents Equity book value per share and ROE, calculated as shown in footnotes to this press release. ArcelorMittal believes such indicators are relevant to describe trends relating to cash generating activity and provide management and investors with additional information for comparison of the Company’s operating results to the operating results of other companies. The Company’s EBITDA objectives for certain capital expenditure projects are based on the same accounting policies as those applied in the Company’s financial statements prepared in accordance with IFRS. ArcelorMittal also presents net debt and change in working capital as additional measures to enhance the understanding of its financial position, changes to its capital structure and its credit assessment. ArcelorMittal presents adjusted net income / (loss), as it believes it is a useful measure for the underlying business performance excluding impairment items and exceptional items. ArcelorMittal also presents free cash flow (FCF), which is a non-GAAP financial/alternative performance measure calculated as shown in the Condensed Consolidated Statement of Cash Flows, because it believes it is a useful supplemental measure for evaluating the strength of its cash generating capacity. The Company also presents the ratio of net debt to EBITDA for the last twelve-month period, which investors may find useful in understanding the Company's ability to service its debt. Such non-GAAP/alternative performance measures may not be comparable to similarly titled measures applied by other companies. Non-GAAP financial/alternative performance measures should be read in conjunction with, and not as an alternative for, ArcelorMittal's financial information prepared in accordance with IFRS.

New segmentation reporting: Following the Company’s steps to streamline and optimize the business, primary responsibility for captive mining operations has been moved to the Steel segments (which are primary consumers of the mines' output). The Mining segment retains primary responsibility for the operation of ArcelorMittal Mines Canada ("AMMC") and Liberia and will continue to provide technical support to all mining operations within the Company. As a result, effective 2Q 2021, ArcelorMittal retrospectively amended its presentation of reportable segments to reflect this organizational change, as required by IFRS. The results of each other mine are accounted for within the steel segment that it primarily supplies. Summary of changes: NAFTA: all Mexico mines; Brazil: Andrade and Serra Azul mines; Europe: ArcelorMittal Prijedor mine (Bosnia and Herzegovina); ACIS: Kazakhstan and Ukraine mines; and Mining: only AMMC and Liberia iron ore mines.

LTIF figures presented for 1Q 2022 of 0.69x, 0.74x for 4Q 2021 and 0.78x for 1Q 2021 exclude ArcelorMittal Italia (which was deconsolidated as from 2Q 2021 onwards).

Operating income of 4Q 2021, includes an impairment reversal gain of $218 million following improved cash flow projections in the context of decarbonization plans in Sestao (Spain) (partially reversing the impairment recognized in 2015).

See Appendix 5 for reconciliation of adjusted net income.

AMNS India has plans to debottleneck operations (steel shop and rolling parts) and achieve capacity of 8.8Mt per annum and medium-term plans to expand and grow to 14Mt per annum and then to 18Mt per annum. The Thakurani mine is operating at full 5.5Mtpa capacity since 1Q 2021, while the second Odisha pellet plant was commissioned and started in September 2021, adding 6Mtpa for a total 20Mtpa of pellet capacity. In addition, in September 2021, AMNS India commenced operations at Ghoraburhani - Sagasahi iron ore mine in Odisha. The mine is set to produce 5.0Mtpa of high-quality iron ore in 2022 and gradually ramp up production to a rated capacity of 7.2Mtpa and contribute significantly to meeting AMNS India’s long-term raw material requirements. In March 2021, AMNS India signed a Memorandum of Understanding ("MoU") with the Government of Odisha in view of building an integrated steel plant with a 12Mtpa capacity in Kendrapara district of state Odisha. A pre-feasibility study report was submitted to the state government in 3Q 2021, and AMNS India is currently engaging with the government for further studies and clearances.

AMNS Calvert ("Calvert") has plans to construct a new 1.5Mt EAF and caster to be completed 1H 2023. The joint venture is to invest $775 million. Option to add a further 1.5Mt EAF is being studied

ArcelorMittal Mines Canada, otherwise known as ArcelorMittal Mines and Infrastructure Canada.

On December 19, 2018, ArcelorMittal signed a $5,500,000,000 Revolving Credit Facility, with a five-year maturity plus two one-year extension options. During the fourth quarter of 2019, ArcelorMittal executed the option to extend the facility to December 19, 2024. The extension was completed for $5.4 billion of the available amount, with the remaining $0.1 billion remaining with a maturity of December 19, 2023. In December 2020, ArcelorMittal executed the second option to extend the facility, and the new maturity is now extended to December 19, 2025. As of March 31, 2022, the $5.5 billion revolving credit facility was fully available. On April 30, 2021, ArcelorMittal amended its $5.5bn RCF to align with its sustainability and climate action strategy.

XCarb™ is designed to bring together all of ArcelorMittal’s reduced, low and zero-carbon products and steelmaking activities, as well as wider initiatives and green innovation projects, into a single effort focused on achieving demonstrable progress towards carbon neutral steel. Alongside the new XCarb™ brand, we have launched three XCarb™ initiatives: the XCarb™ innovation fund, XCarb™ green steel certificates and XCarb™ recycled and renewably produced for products made via the Electric Arc Furnace route using scrap. The Company is offering green steel using a system of certificates (XCarb® green certificates). These will be issued by an independent auditor to certify tonnes of CO2 savings achieved through the Company’s investment in decarbonization technologies in Europe. Net-zero equivalence is determined by assigning CO2 savings certificates equivalent to CO2 per tonne of steel produced in 2018 as the reference. The certificates will relate to the tonnes of CO2 saved in total, as a direct result of the decarbonization projects being implemented across a number of its European sites.

In addition to the AMNS India and Calvert joint ventures, the Company has important investments in China that provide valuable dividend streams and growth optionality. VAMA, our 50:50 joint venture with Hunan Valin, is a state-of-the-art facility focused on rolling steel for high-demanding applications in particular automotive. The business is performing well and plans to expand the current capacity by 40% to 2Mtpa over the next 2 years, financed from its own resources. The investment will allow VAMA to broaden its product portfolio and further enhance its competitiveness. This will in turn enable VAMA to meet the growing demand of high value add solutions from the Chinese automotive / new energy vehicle (NEV) market and propel it to be among the top automotive steel players in China by 2025. ArcelorMittal also owns a 37% interest in China Oriental, one of the largest H-Beam producers in China which has recently upgraded its asset portfolio and benefits from a strong balance sheet position.

Other assets include the main listed investment of Erdemir (12%) at market value of $935 million, $885 million and $778 million as of March 31, 2022, December 31, 2021, and March 31, 2021 respectively.

During 4Q 2020, the Company revised the definition of free cash flow to include dividends paid to minority shareholders in order to reflect the measure it will use to determine shareholder returns to be paid under its capital allocation policy. The comparative figures for free cash flow under the prior definition of cash flow from operations less capex were inflows in 1Q 2022 of $1,505 million, 4Q 2021 of $3,009 million, $1,767 million for 3Q 2021, $1,743 million for 2Q 2021 and $378 million for 1Q 2021.

Segment “Other & eliminations” EBITDA result was a loss of $158 million in 1Q 2022, as compared to gain of $70 million in 4Q 2021 as compared to a loss of $238 million in 1Q 2021 principally due to the increase of the stock margin eliminations driven by the increase during the quarter of the iron ore market price on intra-group stock sales between steel and mining businesses.

Total steel shipments in 1Q 2022 were 15.3Mt, 7.0% lower as compared with 16.5Mt in 1Q 2021.

Equity book value per share is calculated as the Equity attributable to the equity holders of the parent divided by diluted number of shares at the end of the period. 1Q 2022 total equity of $53.8 billion divided by 949 million shares outstanding equals $57/sh.

Strategic capex envelope of $3.65 billion represents total to be spent on strategic projects in the period from 2021 to 2024. Specifically, $0.25 billion of the $3.65 billion has been spent through March 31, 2022. The various estimates in this press release of EBITDA benefit of these strategic capex projects are based on assumptions once projects are ramped up to capacity and assuming prices/spreads generally in line with the averages of the period 2015-2020 period.

Blast furnace No.6 (approximately 20% of Kryvyi Rih capacity), was restarted on April 11, 2022 (to resume low levels of pig iron production). Iron ore production is currently running at about 50-60% capacity. The Group assessed that there is no going concern issue as well as no impairment or inventory/accounts receivable write down adjustments required for 1Q 2022.

ROE refers to "Return on Equity" which is calculated as the trailing twelve-month net income attributable to equity holders of the parent divided by the average equity attributable to the equity holders of the parent over the period. 1Q 2022 ROE of 36% derived from the trailing twelve-month net income attributable to equity holders of the parent ($16.8 billion) divided by the average equity attributable to the equity holders of the parent over the period ($46.8 billion). 4Q 2021 ROE of 34% derived from the trailing twelve-month net income attributable to equity holders of the parent ($15.0 billion) divided by the average equity attributable to the equity holders of the parent over the period ($43.7 billion).

Pursuant to the Investment Agreement of December 10, 2020, on April 14, 2021 Invitalia invested €400 million in Acciaierie d’Italia Holding for a 38% stake (with equal voting and governance rights). The Investment Agreement stipulates a second equity injection into Acciaierie d’Italia Holding by Invitalia of up to €680 million, to fund the completion of the purchase of Ilva’s business by Acciaierie d’Italia Holding, subject to certain conditions precedent (as specified in the lease and purchase agreement for the Ilva business) to be met by the end of May 2022. At this point, Invitalia’s shareholding in Acciaierie d’Italia Holding would increase to 60%, with ArcelorMittal to invest up to €70 million to retain a 40% shareholding and joint control over the company. The conditions precedent include: the amendment of the existing environmental plan to account for changes in the new industrial plan; the lifting of all criminal seizures on the Taranto plant; and the absence of restrictive measures – in the context of criminal proceedings where Ilva is a defendant – being imposed against Acciaierie d’Italia Holding or its subsidiaries. In case these conditions precedent are not met, then Acciaierie d’Italia Holding would not be required to complete the purchase of Ilva’s assets and a portion of the capital invested by Acciaierie d’Italia Holding would be returned to it. ArcelorMittal does not expect these conditions precedent to be met at this stage and is currently discussing an extension of the May 2022 deadline.

On March 17, 2022, ArcelorMittal had announced an investment (which is in the process of final review and approval), with the support of the French government, to create a new production unit for electrical steels at its Mardyck site in the north of France. This investment will create more than 100 direct jobs. With this new unit, which will specialize in the production of electrical steels for the engines of electric vehicles and which complements ArcelorMittal’s existing electrical steels plant in Saint Chély d’Apcher, in the south of France, all of the group's electrical steels will be produced in France, strengthening France’s electromobility sector.