Health and safety performance: Protecting the health and wellbeing of employees remains the Company’s overarching priority; LTIF rate³ of 0.89x in 2Q 2021 and 0.83x in 1H 2021

Significantly improved operating performance in 2Q 2021, with the continuing demand recovery supporting a further positive evolution of steel spreads and 2.4% sequential increase in steel shipments to 16.1Mt (vs. scope adjusted⁴ 15.6Mt in 1Q 2021)

2Q 2021 operating income of $4.4bn compares to $2.6bn in 1Q 2021; 1H 2021 operating income of $7.1bn

EBITDA of $5.1bn in 2Q 2021, the strongest quarter since 2008 and 55.8% higher than 1Q 2021; 1H 2021 EBITDA of $8.3bn represents the strongest half year performance since 2008

Share of JV and associates net income in 2Q 2021 further improved to $0.6bn, reflecting continued strong performance at AMNS India⁸ and AMNS Calvert⁹; 1H 2021 share of JV and associates net income $1.0bn

Net income of $4.0bn in 2Q 2021 vs. $2.3bn in 1Q 2021; 1H 2021 net income of $6.3bn (vs. adjusted net loss in 1H 2020 of $0.9bn)⁷ represents the strongest half year performance since 2008

Free cash flow¹⁸ of $1.7bn generated in 2Q 2021 ($2.3bn net cash provided by operating activities less capex of $0.6bn) includes a further $1.9bn investment in working capital on account of higher market prices; this brings the 1H 2021 free cash flow generated to $2.0bn ($3.3bn net cash provided by operating activities less capex of $1.2bn less minority dividends $0.1bn) despite a total $3.5bn investment in working capital

Gross debt declined to $9.2bn (vs. $11.4bn as end of 1Q 2021 and $12.3bn as end of 2020) and net debt declined to $5.0bn (vs. $5.9bn as end of 1Q 2021 and $6.4bn as end of 2020)

Since April 1, 2021, the Company returned $1.6bn to shareholders through share buybacks and the payment of the annual base dividend. Total returns to shareholders since September 2020 now total $2.8bn

Leadership on decarbonization: New Group CO2 reduction target of 25% by 2030; new Europe CO2 reduction target of 35% (previously 30%) by 2030 includes the acceleration of DRI-EAF investments and the world’s first full scale zero carbon-emissions steel plant at Sestao, Spain; the new group decarbonization plan requires an estimated gross investment (pre-government funding) of $10bn

Capex update: FY 2021 capex is expected to increase to $3.2bn from previous guidance of $2.9bn to reflect the impacts of higher volumes and capacity utilization – the Company’s operating plan (including the number of tools utilized) has changed to reflect the strength of the demand environment

Demand outlook improving: The Company has upgraded its global apparent steel consumption (ASC) forecast in 2021 vs. 2020 from +7.5% to +8.5% (from previous growth estimate of +4.5% to +5.5%)

New $2.2bn share buy-back program: The Company will return the $1.2bn proceeds from the redeemed Cleveland Cliffs preference shares and has decided to advance $1bn as part of its prospective 2022 capital return to shareholders (equivalent to 50% of 1H 2021 FCF) as a share buy back program to be completed by the end of 2021

New Climate action report published July 2021: New Group CO2 reduction target of 25% by 2030 which includes an acceleration of the Europe CO2 reduction target to 35% by 2030 (from 30% by 2030 previously); the new targets will require an estimated gross investment (pre-government support) of $10 billion through 2030²²

The world’s first full scale zero carbon-emissions steel plant announced: In line with its new accelerated targets, the Company has announced the first full scale zero carbon-emissions (scopes 1+2) steel plant at Sestao (Spain)

ArcelorMittal has agreed to partner with the Science-Based Targets initiative (SBTI) to support their development of a 1.5^OC methodology for the steel industry: A key input to this process will be the work of the Net Zero Steel Pathway Methodology Project, established and led by four steel companies including ArcelorMittal over the past 15 months, alongside Worldsteel and ResponsibleSteel™. The SBTI project is expected to be completed in 2022

Investments in the Company's recently launched Xcarb^TM Innovation fund: On June 8, 2021, ArcelorMittal announced the completion of its first investment since the launch of the fund with an initial $10 million investment in Heliogen, a renewable energy technology company which focuses on ‘unlocking the power of sunlight to replace fossil fuels’. Heliogen’s technology will harness solar energy by using a field of mirrors which will act as a multi-acre magnifying glass to concentrate and capture sunlight. The sunlight will then be subsequently converted into heat (HelioHeat™), electricity (HelioPower™) or clean fuels (HelioFuel™). All three Heliogen products have the potential to be applicable to the steelmaking process and support the steel industry’s transition to carbon-neutrality.

ResponsibleSteel™ site certification in Belgium, Germany and Luxembourg: On July 20, 2021 ArcelorMittal announced that it has achieved ResponsibleSteel™ site certification in Belgium (Geel, Genk, Gent and Liège), Luxembourg (Belval, Differdange and Rodange) and Germany (Bremen and Eisenhüttenstadt). These are the first steel plants globally to be independently audited and found to meet the standards required for ResponsibleSteel, the industry’s first global multi-stakeholder standard and certification initiative, having met rigorously defined standards across a broad range of social, environmental and governance criteria including: Climate change and greenhouse gas emissions; Water stewardship and biodiversity; Human rights and labour rights; Community relations and business integrity. ArcelorMittal Europe Flat Products plans to achieve full certification of all sites by the end of 2022.

Further investments to progress its digital transformation in Dunkirk: On July 6, 2021, ArcelorMittal inaugurated its first Digital Lab, located in Dunkirk (Nord), near its largest steel production site in Europe, with the support of local, regional and national public authorities. The Digital Lab will bring together other manufacturers, start-ups, universities and local digital players, with the aim of bringing the best of digital innovation to the steel industry and accelerating ArcelorMittal's digital transformation.

New highly sustainable product launched for use in extreme climates: On May 2021, ArcelorMittal launched a new product designed for use in extreme climates. Granite® HDXtreme is the latest pre-painted steel in ArcelorMittal’s organic coated Granite® range. It has a coating system that provides high levels of protection against UV and corrosion, designed for roofs and façades on buildings near the sea, and its performance is guaranteed for up to 40 years. Chromates and heavy metals-free, and 100% recyclable, Granite® HDXtreme is highly sustainable: it has a lower CO2 footprint compared with alternative solutions such as aluminum.

Foreign exchange loss for 1H 2021 was $147 million as compared to a gain of $12 million in 1H 2020.

1H 2021 includes non-cash mark-to-market gains of $37 million related to the mandatory convertible bonds call option following the market price increase of the underlying share while 1H 2020 included a loss of $117 million.

1H 2021 and 1H 2020 also include early bond redemption premium expenses of $130 million and $66 million, respectively.

1H 2021 pension expenses are lower by $0.1 billion following the disposal of ArcelorMittal USA.

Foreign exchange loss in 2Q 2021 of $29 million, compares to $118 million loss in 1Q 2021 and $123 million gain for 2Q 2020, and includes non-cash mark-to-market gain of $33 million related to the mandatory convertible bonds call option (such impacts in 1Q 2021 and in 2Q 2020 were not material).

2Q 2021 also included early bond redemption premium expenses of $130 million.

On April 9, 2021, at maturity, ArcelorMittal repaid all of the outstanding €285 million ($342 million) of its €500 million Fixed Rate Notes due 2021;

On June 29, 2021, pursuant to a cash tender offer, ArcelorMittal repurchased €471 million ($562 million) of its EUR denominated 2.25% Notes due 2024 for a total aggregate purchase price including accrued interest of €501 million ($595 million). Following this purchase, €529 million ($625 million) principal amount remained outstanding;

On June 29, 2021, pursuant to a cash tender offer, ArcelorMittal repurchased $460 million of its U.S. dollar denominated 3.60% Notes due 2024 for a total aggregate purchase price including accrued interest of $503 million. Following this purchase $290 million principal amount remained outstanding;

On June 29, 2021, pursuant to a cash tender offer, ArcelorMittal repurchased $73 million of its U.S. dollar denominated 6.125% notes due 2025 for a total aggregate purchase price including accrued interest of $86 million. Following this purchase, $183 million principal amount remained outstanding; and

On June 29, 2021, pursuant to a cash tender offer, ArcelorMittal repurchased $349 million of its U.S. dollar denominated 4.55% notes due 2026 for a total aggregate purchase price including accrued interest of $399 million. Following this purchase, $401 million principal amount remained outstanding.

On July 29, 2021, ArcelorMittal announced a new share buyback program in the amount of $2.2 billion under the authorization given by the annual general meeting of shareholders held on June 8, 2021. The Company announced that it will (i) return the proceeds from the redeemed Cleveland Cliffs preference shares and (ii) advance a part of its prospective 2022 capital return to shareholders (to be funded from 2021 surplus cash flow under the capital return policy announced February 2021) by launching this new $2.2bn share buy-back to be completed by end of 2021. This Program will commence August 2, 2021 and is expected to be completed by December 31, 2021, subject to market conditions.

On July 28, 2021, ArcelorMittal North America Holding, a wholly owned subsidiary of ArcelorMittal SA, announced it had received approximately $1.2 billion in cash from Cleveland-Cliffs Inc. (‘Cliffs’) related to a purported redemption of Cliffs Series B Participating Redeemable Preferred Stock. The redemption of the preferred stock by Cleveland Cliffs brings the total cash proceeds from the sale of ArcelorMittal USA to $3.1 billion, all of which will have been returned to ArcelorMittal shareholders via share buybacks^17.

On July 20, 2021, ArcelorMittal announced that it has achieved ResponsibleSteel™ site certification in Belgium, Germany and Luxembourg. The Company’s steelmaking sites in ArcelorMittal Belgium (Geel, Genk, Gent and Liège), Luxembourg (Belval, Differdange and Rodange) and Germany (Bremen and Eisenhüttenstadt) are the first steel plants globally to be independently audited and found to meet the standards required for ResponsibleSteel, the industry’s first global multi-stakeholder standard and certification initiative. The ResponsibleSteel audit process enables each site to prove that its production processes meet rigorously defined standards across a broad range of social, environmental and governance criteria including: Climate change and greenhouse gas emissions; Water stewardship and biodiversity; Human rights and labour rights; Community relations and business integrity.

On July 13, 2021, ArcelorMittal signed a memorandum of understanding (MoU) with the Spanish Government that will see a €1 billion investment in decarbonization technologies at ArcelorMittal Asturias’ plant in Gijón and that ArcelorMittal Sestao will become the world’s first full-scale zero carbon-emissions steel plant. The investments will reduce CO2 emissions at ArcelorMittal’s Spanish operations by up to 4.8 million tonnes, which represents approximately 50% of emissions, within the next five years²⁰. At the heart of the plan is a 2.3 million tonne green hydrogen direct reduced iron (DRI) unit, complemented by a 1.1 million tonne hybrid electric arc furnace (EAF). This starts the transition of the Gijón plant 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 new DRI - which will be the first of its kind in Spain - and EAF will be in production before the end of 2025. To maximize the emissions reduction potential, ultimately green hydrogen will be used to reduce the iron ore in the DRI, with the EAF powered by renewable electricity. The support of the national and regional governments in this project is crucial as it will enable ArcelorMittal to have access to green hydrogen supplied through a consortium of companies that will cooperate in the construction of the infrastructure required in order to produce hydrogen in the Iberian Peninsula using solar‑powered electrolysis and to transport it directly through a network of pipelines. The initiative involves the construction of multiple large-scale solar farms, with hydrogen produced in situ and with the corresponding impact in terms of employment. The Gijón DRI will also feed the company’s Sestao plant, situated approximately 250km from Gijón, where production is already entirely from the electric arc furnace route. This means that by 2025 ArcelorMittal Sestao will produce 1.6 million tonnes of steel and be the world’s first full-scale steel plant to achieve zero carbon-emissions.

On June 18, 2021, ArcelorMittal North America Holding, a wholly owned subsidiary of ArcelorMittal SA announced the conclusion of the sale of its remaining 38.2 million common shares in Cleveland-Cliffs Inc. (‘Cleveland-Cliffs’). The value crystallized from the sale of Cleveland-Cliffs common shares was subsequently returned to shareholders via a $750 million share buyback program which was completed on July 7, 2021.

On June 8, 2021, the Annual General Meeting and Extraordinary General Meeting of shareholders of ArcelorMittal approved all resolutions by a strong majority. Over 73.5% of the voting rights were represented at the General meeting.

In the US, ASC is expected to grow within a range of +16% to +18% in 2021 (up from previous guidance of +10.0% to +12.0%), with stronger ASC in flat and long products offset in part by weak pipe and tubes demand due to weak energy;

In Europe, ASC is expected to grow within a range of +13% to +15% in 2021 (up from previous guidance of +7.5% to +9.5%); with strong manufacturing (especially machinery and electrical appliances and residential construction) all back to at least pre-crisis levels, with automotive recovering from low levels albeit output limited by shortages in semi-conductors;

In Brazil, ASC is expected to continue to expand in 2021 with growth expected in the range of +21% to +23% (up significantly from previous guidance of +6.0% to +8.0%) supported by ongoing construction demand and recovery in the end markets for flat steel;

In the CIS, ASC growth in 2021 is expected to recover to within a range of +4% to +6% (unchanged from previous guidance);

In India, ASC growth in 2021 is expected to recover to within a range of +15% to +17% (slightly lower than previous guidance of +16% to +18%);

As a result, overall World ex-China ASC in 2021 is expected to grow within the range of +12% to +13% (up from previous guidance of +8.5% to +9.5%); and

In China, overall demand is expected to continue to grow in 2021 to +3% to +5% supported by ongoing stimulus (up from previous guidance of +1.0% to +3.0%).

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. 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 believes such indicators are relevant to describe trends relating to cash generating activity and provides management and investors with additional information for comparison of the Company’s operating results to the operating results of other companies. Segment information presented in this press release are 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. 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 also presents adjusted net income / (loss) as it believes it is a useful measure for the underlying business performance excluding impairment items, exceptional items and derecognition of deferred tax assets on disposal of ArcelorMittal USA. 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 has 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 dividends that will be paid under its new dividend policy. 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 have been moved to the Steel segments (which are primary consumers of the mines' output). The Mining segment will retain 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 Group. As a result, effective 2Q 2021, ArcelorMittal has retrospectively amended its presentation of reportable segments to reflect this organizational change, as required by IFRS. Only the operations of AMMC and Liberia are reported within the Mining segment. The results of each other mine are accounted for within the steel segment that it primarily supplies.

LTIF figures presented for 2Q 2021 of 0.89x excludes ArcelorMittal Italia (deconsolidated as from 2Q 2021 onwards) and compares with 0.78x in 1Q 2021.

2Q 2021 steel shipments of 16.1Mt as compared to 15.6Mt in 1Q 2021 (which excludes 0.9Mt of steel shipments for ArcelorMittal Italia).

Impairment charges for 1H 2021 were nil. Impairment charges for 1H 2020 were $92 million and related to the permanent closure of the coke plant in Florange (France), at the end of April 2020.

Exceptional items in 2Q 2020 of $221 million consisted of inventory related charges in NAFTA. Exceptional items for 1H 2020 were $678 million due to inventory related charges in NAFTA and Europe.

See Appendix 5 for reconciliation of adjusted net income /(loss).

AMNS India has plans to debottleneck operations (steel shop and rolling parts) and achieve capacity of 8.6Mt per annum and medium-term plans to expand and grow to 14Mt per annum. The newly acquired Thakurani mines is now operating at full 5.5Mtpa capacity since 1Q 2021, while the second Odisha pellet plant is expected for completion early 3Q 2021, adding 6Mtpa for a total 20Mtpa of pellet capacity. AM/NS India signed a Memorandum of Understanding (MoU) with the Government of Odisha to set-up an integrated steel plant with a 12Mtpa capacity in Kendrapara district of state Odisha. Prefeasibility studies are at an advanced stages and expected to be submitted to Odisha government in 3Q 2021.

Calvert has plans to construct a new 1.5Mt EAF & caster to be completed 1H 2023. The JV is to invest $775 million.

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 June 30, 2021, the $5.5 billion revolving credit facility was fully available.

Assets and liabilities held for sale as of March 31, 2021, and December 31, 2020, include the assets and liabilities of ArcelorMittal Italia and heavy plate assets in Europe.

The Company is offering green steel using a system of 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.

The Investment Agreement stipulates a second equity injection by Invitalia, of up to €680 million, to fund the completion of the purchase of Ilva’s business by Acciaierie d’Italia, which is expected by May 2022 subject to certain conditions precedent. At this point, Invitalia’s shareholding in Acciaierie d’Italia 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 conditions precedent are not met, then the Acciaierie d’Italia Holding would not be required to complete the purchase of Ilva’s assets and its capital invested would be returned.

In addition to the AM/NS 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 / NEV market and propel it to be among the top 3 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.

As of June 30, 2021, other assets include these main listed investments of Cleveland Cliffs at market value of $1,258 million (which have since been redeemed) and Erdemir (12%) at market value of $876 million. As of March 31, 2021, other assets include these main listed investments of Cleveland Cliffs (8%) at market value of $1,941 million and Erdemir (12%) at market value of $778 million. As of December 31, 2020, other assets included amongst others the listed investment of Cleveland Cliffs (16%) at market value of $1,988 million and Erdemir (12%) at market value of $850 million.

ArcelorMittal is reviewing the notice of redemption and the associated calculation of the amount due, and reserves its rights to require an adjustment based on the applicable notice provisions and calculation period provided by the terms of the Preferred Stock.

The Company has 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 dividends that will be paid under its new dividend policy. The comparative figures for free cash flow under the prior definition of cash flow from operations less capex were inflows in 2Q 2021 of $1,743 million, $378 million for 1Q 2021, $(99) million for 2Q 2020, $2,121 million for 1H 2021 and $(355) million for 1H 2020.

Segment “Other & eliminations” EBITDA expenses were lower from a loss of $238 million in 1Q 2021 to an income of $47 million in 2Q 2021 principally due to the reduction of the stock margin eliminations between steel and mining businesses for the temporary unrealized profits on iron ore quantities existing in the steel subsidiaries. Despite the rise in iron ore prices per ton during the latest quarter, the stock margin eliminations have significantly reduced primarily due to lower iron ore quantities existing in the steel subsidiaries following the production impacts at AMMC (strike related) and Liberia (rail accident). No guidance is provided for FY2021 expectations as this will be determined by the iron ore price during the period.

Should green hydrogen not be available at affordable rates by the end of 2025, natural gas would be used to power the DRI furnace. This would still result in a very significant reduction in CO2 emissions, of 4 million tonnes, approximately 45%.

FY 2021 figures include $0.1 billion capex related to ArcelorMittal Italia which has been deconsolidated from 2Q 2021 onwards).

The Company expects 35% of the planned $10 billion investment to be deployed up to 2025, with the remainder in the second part of the decade. The expectation is that over time low carbon technologies will become more competitive as the carbon price increases (and is applied globally) and technologies mature and become more efficient. This, however, will take considerable time. In the interim period, policy support will be essential to moderate the capital spend burden and ensure operational competitiveness. The required investments will not generate sufficient returns in the transition period and the technologies will require further development and refinement. Additionally, the costs associated with operating these technologies will likely be higher in the short-to-medium term than higher carbon-emission technologies. It is critical therefore there are policies in place to support regional and global competitiveness of assets that are first movers in the transition to low carbon steel. Policy instruments like contracts for difference, which were used to positive effect in the development a competitive renewable energy sector, have an important role to play. The Company believes that funding in the region of 50% of costs would be appropriate.