Health and safety: LTIF rate² of 0.95x in 3Q 2020 as compared to 0.77x in 2Q 2020; 0.92x in 9M 2020

Improved operating performance in 3Q 2020 reflects a gradual recovery in steel end markets (in particular automotive) following the severe impacts of COVID-19 lockdowns on economic activity in 2Q 2020 as well as stronger mining segment performance

Operating income of $0.7bn in 3Q 2020 (including $0.6bn net reversal of impairments³) as compared to an operating loss of $0.3bn in 2Q 2020 (which included $0.2bn exceptional items³)

EBITDA of $0.9bn in 3Q 2020, 27.4% higher as compared to $0.7bn in 2Q 2020, primarily reflects: the impacts on the steel business of 17.5% higher shipments and an improved sales mix (proportionally more sales to automotive customers), offset in part by a negative price-cost effect; and the impacts of higher marketable iron ore prices (+26.2%) and market priced iron ore shipments (+7.5%) driving improved mining segment results

Net loss of $0.3bn in 3Q 2020 as compared to net loss of $0.6bn in 2Q 2020; excluding impairment items partially offset by deferred tax expense (each related to the agreed sale of ArcelorMittal USA³), adjusted net loss in 3Q 2020 was $0.2bn as compared to adjusted net loss of $0.3bn in 2Q 2020 (which excluded exceptional items)

Free cash inflow of $1.3bn in 3Q 2020 (net cash provided by operating activities of $1.8bn less $0.5bn capex) includes a working capital release of $1.1bn. 9M 2020 working capital release of $0.6bn with full year 2020 guidance of between $0.6bn - $1.0bn

Gross debt of $13.7bn and net debt of $7.0bn as of September 30, 2020; net debt reduced by $0.9bn during the quarter primarily driven by positive free cash flow offset in part by forex impacts; net debt lower by $3.7bn as compared to $10.7bn as of September 30, 2019

Deleveraging complete: The Company has long prioritized its $7bn net debt target; having now achieved this level, the Company will now prioritize cash returns to shareholders, starting with the $500m share buyback program initiated on September 28, 2020 (subsequently completed on October 30, 2020); the Company intends to present an updated distribution policy at the time of full year 2020 results

$2bn asset portfolio optimization program complete: The agreed sale of 100% of the shares of ArcelorMittal USA (which is expected to close within 4Q 2020) completes the Company’s asset portfolio optimization target 9 months ahead of schedule

Strategic repositioning of North American platform: The Company maintains a strong presence in the NAFTA market with cost competitive assets in Canada/Mexico, state of the art finishing assets at Calvert (with the announced intention to build an EAF), and technology leading R&D capabilities

Green Steel: The Company will offer its customers green steel⁹ by way of a certification system linked to CO₂ savings, achieved through investment in decarbonization technologies, starting in 2020, with plans to scale up this offer to 600kt by 2022

2050 net zero group carbon emissions target: A group-wide commitment focused on Hydrogen-DRI and Smart Carbon technologies which if supported by appropriate policy framework can make carbon-neutral steel making a reality

On November 2, 2020, ArcelorMittal announced it has completed the share buyback program announced on September 28, 2020. By market close on October 30, 2020, ArcelorMittal had repurchased 35,636,253 million shares for a total value of approximately €424,927,793 (equivalent to $499,999,991) at an approximate average price per share of €11.92. All details are available on the Company’s website at: https://corporate.arcelormittal.com/investors/equity-investors/share-buyback-program.

In October 2020, pursuant to cash tender offers, ArcelorMittal repurchased :

€263,583,000 of its EUR denominated 3.125% Notes due 2022 for a total aggregate purchase price (including accrued interest) of €279,260,967.51. Following this purchase, €486,417,000 principal amount remained outstanding.

€133,121,000 of its EUR denominated 0.95% Notes due 2023 for a total aggregate purchase price (including accrued interest) of €133,794,606.71. Following this purchase, €366,879,000 principal amount remained outstanding.

$243,107,000 [1] of its U.S. dollar denominated 6.125% notes due 2025 for a total aggregate purchase price (including accrued interest) of $289,977,692. Following this purchase, $256,893,000 principal amount remained outstanding. ([1] On October 16, 2020, following final expiration of the offer, ArcelorMittal repurchased additional $1,033,000 aggregate principal amount of 2025 Notes).

On October 8, 2020, ArcelorMittal Poland announced its intention to permanently close its primary steelmaking operations at its unit in Kraków and concentrate the production of hot metal in our two blast furnaces in Dabrowa Gornicza, to improve cost competitiveness. The shutdown process in the blast furnace and the steel shop began in October 2020. The blast furnace and steel shop in Kraków were temporarily idled in November 2019, as a result of the market downturn, high energy costs and large volumes of steel imports from outside the EU. The coke plant in Kraków will continue to operate as well as the downstream operations (two rolling mills, the hot dip galvanizing line and the new organic coating line). The slabs for the rolling mills in Kraków will come mainly from the steel shop in Dabrowa Gornicza.

On September 30, 2020, ArcelorMittal announced a group-wide target of being carbon neutral by 2050, building on the commitment made in 2019 by its European business to reduce emissions by 30% by 2030, and be carbon neutral by 2050. The transition to net zero for steel is a significant challenge that will require not only extensive technology innovation, but new forms of policy and financial support. ArcelorMittal has identified two low-emissions steelmaking routes, both of which have the potential to lead to carbon-neutral steelmaking:

The Hydrogen-DRI route, which essentially uses hydrogen as a reducing agent instead of fossil fuels. A demonstration plant in Hamburg, where ArcelorMittal owns Europe’s only operational DRI-EAF plant, is currently planned with a targeted start-up in 2023-2025 (depending on funding).

The Smart Carbon route is centered around modifying the blast furnace route to create carbon neutral steelmaking through a combination of circular carbon - in the form of sustainable biomass or carbon containing waste streams - and carbon capture and use (CCU) and storage (CCS). It will also use hydrogen gas injection. ArcelorMittal is well advanced on constructing several commercial-scale projects to test and prove a range of Smart Carbon technologies. Start-up target for key projects is targeted in 2022.

On September 28, 2020, ArcelorMittal announced it had entered into a definitive agreement with Cleveland-Cliffs Inc. (“Cleveland Cliffs”) pursuant to which Cleveland-Cliffs will acquire 100% of the shares of ArcelorMittal USA for a combination of cash and stock with an aggregate agreed equity value consideration of $1.4 billion upon closing of the Transaction.

stock component of ~78 million shares of Cleveland-Cliffs common stock with value of $500 million (Number of shares determined by agreed value of $500 million based on volume weighted average price of Cleveland-Cliffs common shares from August 19, 2020 to September 25, 2020 of $6.39 per share); and

non-voting preferred stock redeemable for ~58 million shares of Cleveland-Cliffs common stock with an aggregate value of $373 million or an equivalent amount in cash (Number of shares determined by agreed value of $373 million based on volume weighted average price of Cleveland-Cliffs common shares from August 19, 2020 to September 25, 2020 of $6.39 per share).

On September 28, 2020, ArcelorMittal announced a share buyback program, in connection with the announced sale of 100% of the shares of ArcelorMittal USA. The shares acquired under the program are intended i) to meet ArcelorMittal’s obligations under debt obligations exchangeable into equity securities, and/or ii) to reduce its share capital. ArcelorMittal intends to repurchase, between September 28, 2020 and March 31, 2021, shares for an aggregate maximum amount of $500 million.

On August 12, 2020, ArcelorMittal announced its intention to build an Electric Arc Furnace (EAF) steel making facility at AMNS Calvert. Once completed the planned facility will be capable of producing 1.5Mt of steel slabs for the Hot Strip Mill and producing a broad spectrum of steel grades required for Calvert’s end user markets. Construction is expected to take 24 months and the new facility is anticipated to create 300 additional jobs in the community. Whilst the finished steel capacity at Calvert remains unchanged at 5.2Mt, the EAF will reduce the requirement to maintain slab inventory (significantly reduced working capital needs) and optimize slab supply and satisfying the “melt and poured” procurement requirements under the United States-Mexico-Canada Agreement (USMCA).

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 also 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. The Company’s guidance as to its working capital release (or the change in working capital included in net cash provided by operating activities) for the full year 2020 is based on the same accounting policies as those applied in the Company’s financial statements prepared in accordance with IFRS. ArcelorMittal also presents Adjusted net (loss) / income as it believes it is a useful measure for the underlying business performance excluding impairment items, exceptional items and derecogniton 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 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.

Excluding the impact of ArcelorMittal Italia, the LTIF was 0.56x for 3Q 2020 as compared to 0.50x for 2Q 2020 and 0.82x for 3Q 2019.

Impairment items for 3Q 2020 were gains of $556 million, consisted of partial reversal of previously recorded impairment charges following the announced sale of ArcelorMittal USA ($660 million) and an impairment charge of $104 million related to the permanent closure of a blast furnace and steel plant in Krakow (Poland). In accordance with IFRS, immediately before the initial classification as held for sale, the Company ensured that the carrying amount of the divested business is measured in accordance with the applicable IFRS as of September 30, 2020. Therefore, the Company determined the recoverable amount of tangible assets based on the Fair Value Less Cost of Disposal (“FVLCD”), which was calculated using the market approach. As a result, the Company identified a reversal of $660 million of impairment losses recognized in the prior fiscal year. Exceptional items for 3Q 2020 and 3Q 2019 were nil. Exceptional items in 2Q 2020 of $221 million include inventory related charges in NAFTA. Impairment net reversals for 9M 2020 were $464 million and primarily relate to the partial reversal of previously recorded impairment charges following the announced sale of ArcelorMittal USA ($660 million), offset in part by impairment charges of $104 million following of permanent closure of a blast furnace and steel plant in Krakow (Poland) and the permanent closure of the coke plant in Florange (France), at the end of April 2020 ($92 million). Impairment charges for 9M 2019 were $1.1 billion related to the remedy asset sales for the ArcelorMittal Italia acquisition ($0.5 billion) and impairment of the fixed assets of ArcelorMittal USA ($0.6 billion).

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. The facility may be further extended for an additional year in December 2020. As of September 30, 2020, the $5.5 billion revolving credit facility was fully available. On May 5, 2020, ArcelorMittal and a syndicate of banks signed a credit facility with tranches of $0.7 billion and €2.1 billion (the “New Credit Facility”). Subsequently, the Company’s share offering, which closed on May 14, 2020, and the mandatorily convertible notes offering, which closed on May 18, 2020, resulted in the cancellation of commitments of an equivalent amount under the New Credit Facility that ArcelorMittal had entered into on May 5, 2020. Subsequently, on July 17, 2020, ArcelorMittal sent a cancellation notice for all unused amounts under the New Credit Facility. The cancellation notice was effective on July 22, 2020. As of such date, the facility was terminated.

Assets and liabilities held for sale, as of September 30, 2020 include the assets and liabilities of ArcelorMittal USA (as well as Princeton and Monessen and certain other entities within the scope of the sale of ArcelorMittal USA).

AMNS India key performance indicators for 3Q 2020 are as follows: AMNS India’s operations were impacted by the COVID-19 pandemic during 2Q 2020 with lockdown measures (in particular impacting April 2020). Since then lock down measures have been lifted, demand has improved and the assets are currently running at higher utilization levels. 3Q 2020 crude steel production was 1.8Mt (vs 1.2Mt in 2Q 2020) and EBITDA was $176 million (with 9M 2020 EBITDA of $423 million). Maintenance capital expenditures, interest expenses and cash tax expense for 2020 are expected to total less than $250 million per annum.

On September 29, 2020, ArcelorMittal South Africa issued an announcement stating: On July 16, 2020, shareholders were informed that, having reassessed it strategic asset footprint for 2020, ArcelorMittal South Africa had decided to idle Blast Furnace C (“BF C”) at Vanderbijlpark and the Vereeniging Electric Arc Furnace until demand recovered. In terms of the recent assessment of the market, an increase in demand is evident resulting from construction projects in process of being completed, retail outlets responding to higher demand and destocking (running at lower stock levels) in the steel value chain prior to lockdown. Responding to the increased demand, ArcelorMittal South Africa has taken the decision to restart the second blast furnace at its Vanderbijlpark site in January 2021. This will add around 600 000 tons of additional annual flat steel production volumes. The additional volumes are the minimum that can be added through the restart of BF C and given the current demand expectations for 2021, exports will be required for certain of the additional volumes.

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.

For the balance sheet carrying values please refer to the financial statements included in ArcelorMittal’s 2019 annual report on Form 20-F.