May 5, 2022 - ArcelorMittal (referred to as “ArcelorMittal” or the “Company”), (MT (New York, Amsterdam, Paris, Luxembourg), MTS (Madrid)), the world’s leading integrated steel and mining company, announced results for the three-month period ended March 31, 2022.

1Q 2022 Highlights:

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

2. 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 furnaces

3. 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)

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

5. 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)

6. 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 2021)

7. 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)

8. 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

9. Continued progress in leading the industry in Climate Action:

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

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

3) Share of JV and associates net income in 3Q 2021 of $0.8bn including solid performance at AMNS India and AMNS Calvert

10. Delivering strategic growth in support of higher sustainable returns:

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

2) 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); FY 2022 capex guidance remains unchanged at $4.5 billion

Commenting, Aditya Mittal, ArcelorMittal Chief Executive Officer, said:

"Our first quarter performance was overshadowed by the war in Ukraine. Our focus has been on providing support to our 26,000 colleagues and their communities at a time of tragedy and hardship.

Notwithstanding this backdrop, further aggravated by rising inflationary pressures across the world, ArcelorMittal produced a strong first quarter performance. This is testimony to the resilience of our business model, characterized by diversity of geography, product category and vertical integration.Our performance continues to be supported by consistent execution against our strategy. We have approved targeted investments in support of our decarbonization plans and continue to fund high-return projects in growth markets. This has all been achieved without compromising our balance sheet strength or returns to shareholders - net debt is at the lowest level since the merger, and we have today announced a further $1.0 billion share buyback, bringing the 2022 buyback announced so far to $2.0 billion.

Market conditions are currently very strong although we are now anticipating apparent steel consumption to contract slightly this year compared with 2021. Nevertheless, it is clear that the longer-term fundamental outlook for steel is positive. China’s focus on decarbonization and removal of VAT-rebates on steel exports are encouraging; so too are the actions taken by governments to protect against the threats of unfair trade. And we know that steel will play a critical and vital role in the transition to a decarbonized and circular economy – there is no substitute.”