Post 4Q 2019 Roadshow Presentation

February 2020 Disclaimer

Forward-Looking Statements This document may contain forward-looking information and statements about ArcelorMittal and its subsidiaries. These statements include financial projections and estimates and their underlying assumptions, statements regarding plans, objectives and expectations with respect to future operations, products and services, and statements regarding future performance. Forward-looking statements may be identified by the words “believe”, “expect”, “anticipate”, “target” or similar expressions. Although ArcelorMittal’s management believes that the expectations reflected in such forward-looking statements are reasonable, investors and holders of ArcelorMittal’s securities are cautioned that forward-looking information and statements are subject to numerous risks and uncertainties, many of which are difficult to predict and generally beyond the control of ArcelorMittal, 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. These risks and uncertainties include those discussed or identified in the filings with the Luxembourg Stock Market Authority for the Financial Markets (Commission de Surveillance du Secteur Financier) and the United States Securities and Exchange Commission (the “SEC”) made or to be made by ArcelorMittal, including ArcelorMittal’s latest Annual Report on Form 20-F on file with the SEC. ArcelorMittal undertakes no obligation to publicly update its forward-looking statements, whether as a result of new information, future events, or otherwise.

Non-GAAP/Alternative Performance Measures This document includes supplemental financial measures that are or may be non-GAAP financial/alternative performance measures, as defined in the rules of the SEC or the guidelines of the European Securities and Market Authority (ESMA). They may exclude or include amounts that are included or excluded, as applicable, in the calculation of the most directly comparable financial measures calculated in accordance with IFRS. Accordingly, they should be considered in conjunction with ArcelorMittal's consolidated financial statements prepared in accordance with IFRS, including in its annual report on Form 20-F, its interim financial reports and earnings releases. Comparable IFRS measures and reconciliations of non-GAAP/alternative performance measures thereto are presented in such documents, in particular the earnings release to which this presentation relates.

Page 2 Focused on creating sustainable value 2019 a challenging year for the steel industry yet ArcelorMittal delivered cash, debt reduction and strategic growth

Global Steel Industry ArcelorMittal Balance sheet ArcelorMittal Portfolio

▪ Macro headwinds + ▪ Lowest net debt since ▪ Enhanced Action2020 supply chain destocking merger improvement plans ▪ Ineffective safeguard ▪ On track to achieve ▪ ILVA renegotiation measures $7bn NFD by end 2020 ▪ Essar completed ▪ Production cuts ▪ Dividend progressively reflected in reduced ▪ Asset divestment growing inventory levels program underway

Challenged Strengthened Strengthened

Page 3 Safety is our priority We remain committed to the journey towards zero harm

Health & Safety performance

• 4Q’19 LTIF rate of 1.25x (including ArcelorMittal 3.1 Italia)** vs 1.36x in 3Q’19

• The Company’s efforts to improve the Group’s Health and Safety record will continue 2.5 • The Company is focused on further reducing the rate of severe injuries and fatality prevention 1.9 1.8 ArcelorMittal including ArcelorMittal Italia 1.4 1.21 1.0 0.85 0.85 0.81 0.82 0.78 0.69

ArcelorMittal 0.75 excluding ArcelorMittal Italia

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

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* LTIF = Lost time injury frequency defined as Lost Time Injuries per 1.000.000 worked hours; based on own personnel and contractors; A Lost Time Injury (LTI) is an incident that causes an injury that prevents the person from returning to his next scheduled shift or work period. ** ArcelorMittal Italia previously known as ILVA. LTIF excluding ArcelorMittal Italia of 0.84x in 4Q’19 vs. 0.82x in 3Q’19 and 0.70x in 4Q’18. From 1Q’19 onwards, the methodology and metrics used to calculate health and safety figures for ArcelorMittal Italia have been harmonized with those of ArcelorMittal. Sustainable Development – key to our resilience Driven by our vision to make steel the material of choice for the low carbon and circular economy

• The ResponsibleSteel™ site standard was publicly launched in December 2019, the first multi-stakeholder ESG standard for the steel industry. ArcelorMittal has played a leading role in developing ResponsibleSteel and has committed certifying 100% Europe Flat sites by the end of 2020

• ArcelorMittal announced a new target of reducing its CO2 emissions in Europe by 30% by 2030 over a baseline of 2018. This further details its ambition announced in May 2019 of 30% being carbon neutral in Europe by 2050

• ArcelorMittal reached CDP climate leadership level with an ‘A-‘ grade for the first time, following its comprehensive response to the CDP Climate Change survey, which is now aligned with the TCFD recommendations

• ArcelorMittal continues to drive its approach to low emissions steelmaking by pursuing a full range of possible technology pathways, based on three basic routes: Circular carbon, using sustainable bio-energy in place of coal, and valorising the carbon gas emitted into bio materials (CCU); Clean power to fuel hydrogen-based ironmaking, direct electrolysis ironmaking; Carbon capture and storage (CCS) to negate the remaining CO2

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5/ xx 2019 operating results reflect weak market conditions Steel divisions impacted by compressed steel spreads partially offset by improved mining performance

2018 to 2019 EBITDA by segment ($bn)

10.3 Europe: NAFTA: -2.0 EBITDA -70.3% to $1.1bn EBITDA -67.2% to $0.8bn Shipments +3.2% to 42.4Mt Shipments -5.1% to 20.9Mt EBITDA/t -71.3% to $27/t EBITDA/t -65.4% to $39/t -0.6 ACIS: BRAZIL: -1.7 EBITDA -63.2% to $0.5bn EBITDA -27.2% to $1.1bn 12-15 Shipments -1.7% to 11.5Mt Shipments -2.4% to 11.2Mt EBITDA/t -62.6% to $45/t EBITDA/t -25.4% to $100/t -0.9 0.4 0.1 5.2 Mining: -0.4 EBITDA +30.1% to $1.7bn Iron ore shipments -1.4% to 37.1Mt; Coal shipments +13.2%

FY18 Europe AM NAFTA ACIS Brazil Mining Others FY19 (excl. Italia* ILVA)

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* For the purposes of comparison with previous periods, it should be noted that the EBITDA contribution of ArcelorMittal Italia (former ILVA assets) for 12M 2019 deteriorated by $0.6 billion compared to the final 2 months of 2018 (ILVA consolidated as from November 1, 2018). Challenged price environment showing recent signs of improvement Steel spreads compressed to unsustainably low levels in 2H 2019

US, European and Chinese HRC prices and the raw material basket $/t Challenging steel backdrop in 4Q’19 driven 1000 400 by unsustainable factors 800 300 • Exceptionally low steel spreads across core 600 markets in 2H’19 200 400 • Lower average steel selling prices in core US domestic EXW Indiana $/t (LHS) N.Europe domestic EXW Ruhr $/t (LHS) 100 200 markets in 4Q’19 due to order book lags China domestic (incl. 13% vat) $/t (LHS) Raw material basket $/t (RHS) • Recent spot HRC prices in the US have 0 0 improved following period of destocking • European HRC prices further deteriorated during 4Q’19 as destocking continued Southern Europe-China price differential $/t (HRC) 120 • Southern Europe-China price differential 100 remains unusually low despite the safeguard 80 measures now in place 60 • Signs that European HRC prices are now 40 responding to improved supply/demand 20 0

• Raw material basket moderated during -20

Spot*

2015 Q3 2015 Q3 2017 2015 Q2 2015 Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q4 2017 Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019 Q2 2019 Q3 2019 Q4 2019 2H’19 but has subsequently increased Q1 2015

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* Spot prices at 13/1/20 2019 demand environment further impacted by destocking Exiting 2019 with a far more favourable inventory situation

Inventory situation 2019 key region Flat products ASC YoY % • 2019 impacted by global destock particularly in our core Destock impact markets of NAFTA, Europe and Brazil Real demand • With the end of destock apparent demand conditions in 2020 should be more favourable

-1.9 2019 ASC -2.9 • Two thirds of US Flat ASC decline (-4.7%) accounted for by a destock (-2.9%) • Approx. half of Europe Flat ASC decline (-4.0%) accounted for by a destock (-1.9%) -2.1

-1.8 -4.0

-4.7 US Flat Europe Flat

Page 8 Capital allocation Capital allocation to support strategic goals Building strong foundations for future returns

Building the strongest platform for consistent capital returns to shareholders

Targeting $7bn net debt*– a level of debt Resilient Robust balance sheet that should support positive FCF** and IG credit metrics at all points of the cycle platform

Whilst investing in high-return To grow FCF Invest in strengths opportunities with focus and strict discipline potential

Progressively increase base dividend with Returns to Consistently a commitment to returning a percentage shareholders of FCF on attainment of debt target return cash

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* Previous target of $6bn adjusted to reflect impact of IFRS 16 ** Free cash flow refers to cash flow from operations less capex Capital deployment in 2019 reflects strategic priorities Net debt reduction and investment in high-return opportunities

Capital deployment in 2018 Capital deployment in 2019

Investment in ~$4.4bn Release of ~$2.2bn working working capital capital

Net M&A $0.4bn Net M&A $0.2bn

$0.3bn Growth capex Growth capex $0.6bn

Dividends/ $0.3bn Dividends/ buybacks buybacks $0.4bn

Net debt increase $0.1bn Net debt decrease* $2.0bn

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* Reported net debt as of December 31, 2019 was $9.3bn the lowest level since the ArcelorMittal merger (down $2.0bn vs 2018 after adjusting for IFRS 16 “Leases”).

11/ xx Strong track record of consistent free cash flow generation FCF debt adjusted averaged $1.5bn annually since 2012

Debt FCF* ($billion) FCF Debt-adjusted FCF* • $2.4bn FCF delivered in 2019

• $6.4bn cumulative FCF since 2012 $6.4bn cumulative FCF since 2012 increases to $11.5bn • A lower cost balance sheet will continue adjusting for 2019 interest expense to enhance our ability to translate 2.5 EBITDA into free cash flow to generate 2.0 value for our investors 1.5 • Adjusting historicals for the 2019 1.0 interest expense: 0.5 0.0 ➢ Business FCF positive in all years since 2010 environments -0.5 -1.0 ➢ Average annual FCF of $1.5bn 2012 2013 2014 2015 2016 2017 2018 2019

Page 12 * Historical FCF adjusted to reflect 2019 interest expense of $0.6bn Completion of Essar Steel acquisition JV partnership with Nippon Steel

60% 40%

Current* performance: ✓ Production running at 7.4Mt annualised ✓ EBITDA $0.6bn run rate ✓ Clearly cash flow positive

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*Jan 2020 estimates annualised

13/ xx $2bn asset portfolio optimization underway Progress made towards unlocking up to $2bn of value by June 2021

• In May 2019, the Company announced plans to unlock up to $2bn of value from its asset portfolio over the next 2 years

• Good progress made to date with $0.6bn of value unlocked since announcement:

• Gerdau stake sale: remaining 2.6% stake sold for $116m with cash collected in 3Q’19 – Shipping JV formed: net debt to be reduced by $530m o Sale of 50% of ArcelorMittal’s shipping business (incl. a fleet of leased and owned ships) to DryLog Ltd o New JV provides access to the shipping business of DryLog (contacts with shipyards, technical management, Japanese shipowners etc) o Net debt reduced by $0.4bn in 4Q’19 with further $0.1bn benefit expected in early 2020

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14/ xx Balance sheet progress: on track to achieve targets by end 2020 Net debt decreased further with WC release offset in part by M&A outlay

Net debt $bn Post IFRS 16 impact 15.7 Pre IFRS 16 impact • Net debt of $9.3bn at end of 2019, the lowest level since the ArcelorMittal merger ($2.0bn lower vs Dec 31, 2018 adjusted for IFRS 16) Adoption of IFRS 16 Leases 11.1 11.4 on 1st Jan 2019 added $1.2 • Progress achieved despite strategic billion to net debt 10.1 1.2 growth investments (M&A and growth 9.3 capex)

• Our strong financial position provides for 7.0 strategic continuity whilst navigating 10.2 market challenges

• Targeting achievement of the $7bn net debt objective by end of 2020 Dec 31, Dec 31, Dec 31, Dec 31, Dec 31, Net debt 2015 2016 2017 2018 2019 target

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15/ xx Cash needs adapted Further moderation of capex (without impacting key projects)

Below-EBITDA cash needs ($ billions) • 2019 Cash needs* of $5.0bn vs. initial guidance of $6.4bn, reflecting flexibility and adaptability to -0.5 operating environment 5.0 4.5 • FY 2019 working capital release of $2.2bn (vs Taxes**, pension 0.8 $4.4bn investment in 2018) with a further $1bn and other 0.8 0.6 potential if current market conditions continue Net interest throughout 2020 0.5 1.0 2020 cash needs of $4.5bn

• Whilst maintaining its core growth projects, the 3.6 Company maintains the ability to adapt its capex Capex 3.2 plans to the operating environment  FY 2020 capex expected to be $3.2bn

• Cash taxes and others** of $0.8bn stable YoY 2019 2020F • Interest costs reduced to $0.5bn (vs. $0.6bn in 2019)

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* Cash needs of the business consisting of capex, cash paid for interest and other cash payments primarily for taxes and excluding for these purposes working capital investment ** Estimates for cash taxes are based on current Q419 EBITDA rate as reported in Feb 2020 Strategic actions Action2020: New enhanced plans to achieve targets Additional $1bn gains in cost improvements identified to offset lack of volume gains savings

Action2020 cumulative EBITDA improvement ($bn) • Action2020 improvement plan launched end-2015 to structurally improve EBITDA by $3.0bn by end-2020 • $2.0bn of annual improvement achieved to date, including Volume $0.4bn of incremental cost/mix improvement in 2019 Cost/Mix • Progress towards targeted 5Mt of volume gains has been 3.0 constrained by the market environment

• Further $1bn cost improvement identified to replace the 1.0 probable lack of volume gains and ensure full 2.0 achievement of the Action2020 targets by end 2020 ➢ Fixed costs improvements (1/3) include logistic 1.5 1.6 savings and structural improvements (I.e. Saldanha 0.3 closure in South Africa) 0.9 2.0 2.0 ➢ Variable costs improvements (2/3) including 1.6 1.2 purchasing gains, yield, fuel rate and energy 0.9 consumption improvements mainly in US and Europe 2016 2017 2018 2019 2020F Target

Page 18 AM Investco (Italy): Ongoing negotiations with Italian government to find a sustainable long term solution for the plant

• On December 20, 2019, AM Investco signed a non-binding agreement with the Ilva commissioners to continue negotiations on a new industrial plan for Ilva: • Discussions on a substantial equity investment by a government-controlled entity • New industrial plan would contemplate investments in green technology, including through a new company funded by Progress in coverage of iron ore and coal yards public and private investors • Constructive meetings have been held with Government representatives to discuss solutions for the ex-Ilva steelworks  with the aim of reaching an agreement as soon as possible to support sustainable steel-making in Taranto

License to operate: Legal action relating to shutdown of BF#2 • In Jan 2020, the Court of Appeals of Taranto granted the authorization for BF#2 at the Ilva site to continue operations, provided that the outstanding prescriptions (mainly the automation of the casting floor operations) are fulfilled within a year Reduction of dust emissions at Coke Oven Battery #9 • Current 4Q’19 annualised crude steel production rate of 4.1Mt

Page 19 Outlook Global steel demand Global Apparent Steel Consumption (ASC) grew +1.1% in 2019; expected growth in 2020 of +1.0% to +2.0%*

Forecast ASC growth 2018 v 2019** Forecast ASC growth 2020F v 2019**

US -1.7% US +0% to +1.0%

EU28 -4.3% EU28 +1.0% to +2.0%

China +3.2% China* +0% to +1.0%

Brazil -2.6% Brazil +4.0% to +5.0%

CIS 4.0% CIS +0.0% to +1.0%

Global ex China -0.8% Global ex China +2.0% to +2.5%

Global +1.1% Global* +1.0% to +2.0%

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* The China and global ASC forecast represent the Companies base case view of the impact of Coronavirus. Absent a degradation of the situation and/or a further extension of the holiday period, we believe the impact of the Coronavirus will likely have a short-term negative impact in China and to a lesser degree elsewhere. Our current view is that the vast majority of the lost output in 1Q 2020 is expected to be recovered throughout the remainder of the year and the fundamentals of the Chinese steel market remain unchanged. ** Latest ArcelorMittal estimates of apparent steel consumption (“ASC”). Positioned to deliver value Global diversified industry leader focussed on maximising per-share value

ArcelorMittal • Unique global portfolio Secure position in mature developed markets High-growth, with attractive Access to (with growth exposure e.g. Mexico) with market structure and gradual growth emphasis on HAV leadership evolution towards HAV markets • Industry leader in product and process innovation • Enhanced Action2020 plan to structurally

improve profitability

ACIS

INDIA

NAFTA BRAZIL • Investing with focus and discipline in EUROPE high return opportunities • Investment grade balance sheet

• Progressively returning cash Mining (capturing the full value-in-use chain)

Investment Grade Balance Sheet

Page 22 Appendix

• SECTION 1 | Trade 24

• SECTION 2 | Financial results 28

• SECTION 3 | Steel investments 35

• SECTION 4 | Macro highlights 43

• SECTION 5 | AM/NS India 49

• SECTION 6 | Climate action 58

• SECTION 7 | Industry leadership 64

• SECTION 8 | Group highlights 74

Page 23 Trade US trade Trade cases and S232 addressing import challenges

Trade cases: • All key flat rolled steel products AD/CVD cases have been implemented • Anti-circumvention petitions filed in September 2016 by the US industry and initiated by DOC for CRC and CORE imports from China (via Vietnam); final affirmative determination received May 17, 2018 • In June 2018, the US industry filed anti-circumvention petitions with DOC for CRC and CORE imported from Korea and Taiwan (through Vietnam); DOC initiated the investigation on August 2, 2018. On December 13, 2019, Commerce reached affirmative final decisions in the inquiries, with duties applied based on the exporters’ certification of the source of the substrate • On July 30, 2019, the US ITC voted in favor of extending AD/CVD duties on HRC imports from China, India, Indonesia, Taiwan, Thailand and Ukraine for another 5 years. This is the third 5-year review with these orders having been in place since 2001 • In August 2019, Commerce self-initiated anti-circumvention cases involving CORE imported from Costa, Rica, Guatemala, Malaysia, South Africa, and UAE that use Korean or Taiwanese substrate

Section 232: • March 23, 2018: 25% tariffs on all steel product categories most countries • June 1, 2018: 25% tariffs imposed on steel products in Europe, Canada & Mexico with the following exceptions: • South Korea: Quota of 70% 2015-2017 average export volumes into US • Brazil: Quota of 2015-2017 av. export volumes into US-70% for finished products; 100% for semi-finished • Argentina: Quota of 135% of 2015-2017 average exports • Australia completely exempt from tariffs and quotas • Turkey: May 16, 2019, duties lowered back to 25% after having been at 50% since August 2018 • Canada/Mexico: May 17, 2019 tariffs removed for Canada & Mexico as well as retaliatory tariffs against the US Page 25 Creating a low-carbon world: the case for a carbon border equalization New European Commission is working on the details of a border equalization as part of ‘Green Deal’

Rationale The proposal

• ETS (Emission Trade System) growing • Introducing an efficient carbon border restriction to CO2 allocations access equalization in addition to free allocation is a significantly increasing price and affecting solution companies’ costs • It would mean that when steel comes into the • European steel players cannot pass-on their EU, the carbon price that European producers cost as it would cause lack of competitiveness pay would be added to the imported steel vs. Non-EU players which do not have carbon • This would motivate other regions in the world cost to implement a carbon price and avoid • With higher costs, European players will circumnavigation, create a fair market and increase acquisition of slabs only, relocating crucially, encourage investment in lower- steel production to non-EU countries where emissions steel production carbon emissions legislation is often less strict, • Sustainable financing measures will be undermining efforts to combat climate change. necessary to support the financing of the development and the industrial application of new technologies

Page 26 EU trade Comprehensive solution for unfairly trade imports required

Trade cases (Flat steel): • All key flat rolled steel products Anti-dumping and countervailing duty cases have been implemented • Monitoring for unfairly traded imports ongoing Safeguard duties: • Safeguard measures effective from February 2, 2019 through June 2021 • Safeguards have been marginally strengthened: o From October 1, 2019, single countries limited to 30% of the HRC global quota o Quota levels reduced to 3% from 5% across all product categories Eurofer position: • Quotas should have been readjusted by abolishing the 5% increase from February 2019 o 5% quota increase in February 2019 and 3% quota liberalization in July 2019 & July 2020 are too high; leave quota levels out of step with flat-lining market demand • 30% cap in last quarter of the residual quota for all product groups o It is already very lenient to allow countries that have exhausted their quota to tap into the residual quota. In order to avoid abuse and further crowding out, this should be capped at 30% in all cases • Remaining residual quota balance should be wiped at the end of each quarter o Safeguards are designed to maintain regular trade flows in a non-distorting way, which cannot be the case when imports are allowed to be so volatile

Page 27 Financial results 4Q 2019 EBITDA to net results Net loss in 4Q 2019 driven by impairments and exceptional items

($million) BASIC EPS 4Q’19 Weighted Av. No. of shares (in millions) 1,012 Primarily include inventory related charges Loss per share $(1.86) in NAFTA and Europe following a period of exceptionally weak pricing 925 (802)

Includes FOREX gain of $130m and non-cash MTM (830) losses of $52m related to the mandatory convertible bonds call option

Related to impairment of the (1,535) fixed assets of ArcelorMittal (1,772) USA ($0.7bn) following (1,882) impairment assessments, primarily resulting from a (828) decrease in the near term ASP assumption and $0.1bn in South Africa 20 (140) (117) (110) EBITDA D&A Impairment Exceptional Operating Income Net interest Forex Pre-tax Taxes and Net loss charges items loss from expense and other income non- investments fin. result controlling interests Page 29 12M 2019 EBITDA to net results Net loss in 12M 2019 driven by impairments and exceptional items

($million) BASIC EPS 12M’19 Related to impairment of the fixed assets of Weighted Av. No. of shares (in millions) 1,013 ArcelorMittal USA ($1.3bn) primarily resulting from a decrease in the near term Loss per share $(2.42) ASP assumptions, remedy asset related to ArcelorMittal Italia acquisition ($0.5bn) and $0.1bn impairment costs in South Africa Includes non-cash MTM losses of $356m related to the (3,067) mandatory convertible bonds Primarily include call option inventory related charges 5,195 in NAFTA and Europe Includes contribution from following a period of Chinese investees and exceptionally weak Calvert and Erdemir pricing dividend (1,927)

(828) (627) 347 (607) (1,932) (1,045) (2,454) (522) EBITDA D&A Impairment Exceptional Operating Income Net interest Forex Pre-tax Taxes and Net loss charges items loss from expense and other income non- investments fin. result controlling interests

Page 30 12M 2019 EBITDA to free cashflow FCF positive despite weak earnings

($million)

(1,375) 2,197

(3,572)

6,017 5,195

2,445

EBITDA Change in Net financial cost, Cash flow from Capex Free cash flow working capital* tax and others operations

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* Change in working capital: cash movement in trade accounts receivable plus inventories less trade and other accounts payable 12M 2019 net debt analysis Excluding IFRS 16 impacts, net debt lower primarily due to positive FCF

($million)

Includes payment for Essar Steel acquisitions, ILVA lease 1,172 instalments, offset in part by proceeds from remedy asset sales, sale of Gerdau, sale of Mainly paid to intangible assets and sale of 50% ArcelorMittal of ArcelorMittal's shipping shareholders and by business to form a JV 2,445 AMMC to POSCO

10,196 201 90 201 332 9,345

Net debt at IFRS 16 impact* Free cash flow M&A Dividends Share buy back Forex and other Net debt at Dec 31, 2018 Dec 31, 2019

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* IFRS 16 impacts excluding the leases scope out for ArcelorMittal Italia remedies 2019 capital market transactions Significant activity which positively impacted liquidity, reduced average cost and extended maturities

Debt capital market raised in 2019 • In 2019, we continued to strengthen our funding profile Type of funding Amount Currency Tenor Cost EUR BOND 0.75 EUR 5 2.25% while taking advantage of attractive market conditions Q1 US BOND 0.75 USD 7 4.55% • During the year, the Company raised $4.8bn from the US BOND 0.75 USD 5 3.60% Q3 US BOND 0.50 USD 10 4.25% debt capital markets. Tap EUR BOND 0.25 EUR 5 2.25% EUR BOND 0.75 EUR 3.5 1.00% Q4 • Proceeds were used for: EUR BOND 0.75 EUR 6 1.75% Capital Markets (USD) 4.8

• Remaining equity injection of ESIL ($0.6bn) Debt reimbursed in 2019

• $1bn repayment of the bridge financing entered Type of funding Amount Currency Tenor Cost Q1 EUR BOND 0.75 EUR 5 3.00% in connection with the proposed acquisition of US BOND 0.32 USD 5 5.13% Q3 US BOND 0.68 USD 10 5.25% ESIL EUR BOND 0.32 EUR 6 2.88% EUR BOND 0.21 EUR 6 3.00% Q4 • Early repayment of 2020-21 maturities ($2.3bn) US BOND 0.76 USD 10 5.50% Capital Markets (USD) 3.2 • ArcelorMittal has successfully extended its average debt Debt maturities (Yrs) maturity from 4.0 to 5.3 years by the end of 2019 +1.3Y

4.0 5.3

2018 2019 Page 33 Liquidity and debt maturity Investment grade rated by all three rating agencies

Liquidity* at Dec 31, 2019 ($bn) Debt maturities at Dec 31, 2019 ($bn) 10.5 Other loans Commercial paper 0.6 Bonds Cash 5.0

1.1 0.2 0.4 0.8 3.7 Unused credit lines 5.5 1.2 1.9 0.7 1.5 1.4 0.5 0.3 Liquidity at 2020 2021 2022 2023 2024 ≥2024 Dec 31, 2019 Liquidity lines Debt Maturity: Ratings:

• $5.5bn lines of credit refinanced • Continued strong liquidity • S&P: BBB-, negative outlook • $5.4bn maturity Dec 19, 2024 • Average debt maturity → • Moody’s: Baa3, negative outlook • $0.1bn maturity Dec 19, 2023 5.3 years • Fitch: BBB-, negative outlook

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* Liquidity is defined as cash and cash equivalents plus available credit lines excluding back-up lines for the commercial paper program. Steel investments Kryvyi Rih – New LF&CC 2&3 Kryvyi Rih investments to ensure sustainability & improve productivity

• Facilities upgrade to switch from ingot to continuous casting route; LF&CCLF&CC #3 #3 additional billets capacity of up to 290kt/y • Industrial target: o Step-by-step steel plant modernization with state-of-art technology o Product mix development • Additional benefits: LF&CC #3 LF&CC #3 o Cost reduction o Billet quality improvement for sustaining customers o Better yield and productivity • LF&CC #3 was commissioned in mid 2019, ramp-up is ongoing with reaching full capacity expected in the course of 1Q’20 • LF&CC #2 commissioning is ongoing, first heat at LF in Dec 2019. LF&CC #2 First cast in Jan 2020. Commercial production expected in 1Q’20. • Potential to add up to $60 million in EBITDA

Page 36 Dofasco - Hot strip mill modernization Investments to modernize strip cooling & coiling flexibility to produce full range of target products

• Replace existing three end of life coilers with two state of the art coilers, new coil inspection, new coil evacuation and replace runout tables and strip cooling • Benefits of the project will be: o Improved safety o Increased product capability to produce higher value products and o Cost savings through improvements to coil quality, unplanned delay rates, yield and efficiency • Expected full project completion in 2021 • Projected EBITDA benefit of ~$25 million

December 2019 – New #4 & 5 Coiler Progress Page 37 Burns Harbour – Walking beam furnaces Expands surface capability to provide sustained automotive footprint

• Install 2 latest generation walking beam furnaces, including recuperators & stacks, building extension & foundations for new units • Benefits associated to the project: o Hot rolling quality and productivity o Sustaining market position o Reducing energy consumption • Project completion expected in 2021 • Potential to add ~$45 million in EBITDA

Page 38 ArcelorMittal Poland Sosnowiec Wire Rod Mill Long products strategy to grow HAV

• Sosnowiec is a double strand rolling mill located in Sosnowiec, Poland. • The investment is introducing new and innovative techniques for the production of high quality wire rod for high demanding applications (automotive app., steel cords, welding wires, cold heading screws, suspension springs, special ropes) • Phase 1 modernization: o Completed during the Nov 2018 stoppage. Further fine-tuning done during the ramp-up phase completed with better product quality capability (narrow geometry dispersion and narrow mechanical properties dispersion) • Phase 2 modernization: o Completed in Oct 2019 with focus on volume productivity and reliability via intermediate stands and motors controlled by new automation system o Stable ramp-up to date. Mill’s provisional acceptance planned in 1Q’20 • Potential to add ~$25 million in EBITDA Page 39 Mexico: HSM project High return project to optimize capacity and improve mix

Project summary: • New hot strip mill project to optimize capacity and improve mix o $1bn project initiated in 4Q’17; HSM expected completion 2021 o 2.5Mt HSM to increase share of domestic market (domestic HRC spreads are significantly higher vs. slab exports) Reheat Furnace erection o Includes investments to sustain the competitiveness of viewed from discharge side Finishing Mill Stands mining operations and modernizing its existing asset base • ArcelorMittal Mexico highly competitive  low-cost domestic slab • Growth market, with high import share o Mexico is a net importer of steel (50% flat rolled products import share) o ASC estimated to grow 2.0% CAGR 2015-25; growth in Reheat Furnace Area / Hot Skin Pass Mill non-auto +2.2% supported by industrial production and Chimney public infrastructure investment • Potential to add ~$250 million in EBITDA on full completion

Page 40 Reheat furnace Brazil: Vega high added value capacity expansion High return mix improvement in one of the most promising developing markets

Project summary: 3Yr investment to expand rolling capacity → increase Coated • HAV expansion project to improve mix / CRC capacity and construction of a new 700kt continuous annealing line (CAL) and continuous galvanising combiline o Completion now expected end 2022 with total capex spend (CGL) of ~$0.3bn John Deere India o Increase Galv/CRC capacity through construction of 700kt continuous annealing and continuous galvanising combiline o Optimization of current facilities to maximize site capacity and competitiveness; utilizing comprehensive digital/automation technology o To enhance 3rd generation AHSS capabilities and support our growth in automotive market and value added products to construction • ArcelorMittal Vega highly competitive on quality and cost, with strategic location and synergies with ArcelorMittal Tubarão

• Investment to sustain ArcelorMittal Brazil growth strategy in cold rolled and coated flat products to serve domestic and broader Latin American markets

• Strengthening ArcelorMittal’s position in key markets such as automotive and construction through value added products

• Potential to add >$100 million in EBITDA

Page 41 Votorantim consolidates our position in Brazil longs Multi-year acquisition project concluded in April 2018

Creating the new market leader in Brazil longs • Culmination of a multi-year process that began 2014 • Consolidating the Brazil long products market • ArcelorMittal now the #1 long products producer with Minas Gerais annual crude steel capacity of 5.1Mt • Acquired production facilities are geographically Monlevade

complementary, enabling higher service level to Juiz de Fora customers, economies of scale, higher utilization and Rio de Janeiro Sao Paulo efficiencies Piracicaba • ~$125m of identified synergies captured in 2019 Resende plant Barra Mansa plant o Synergies coming from headcount reduction,

operational KPIs improvements and procurement Resende Barra Mansa renegotiation

Page 42 Macro highlights Regional inventory Inventory levels in key regions in line with historical averages

German inventories (000 Mt)* US service centre total steel inventories (000 Mt) (latest data point: Dec-2019) Germany Stocks 5.0 13,000 (latest data point: Dec-2019)3.4 1,400 Months supply (RHS) USA (MSCI) 3.2 1,200 4.0 11,000 Months Supply (RHS) 3.0 1,000 3.0 2.8 800 9,000 2.0 2.6 600 2.4 1.0 7,000 400 2.2

200 0.0 5,000 2.0

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

Brazil service centre inventories (000 Mt) China service centre inventories** (Mt/mth) with ASC% Flat stocks at service centres Flat and long 1,400 Months Supply (RHS) (latest data point: Dec- 7.0 (latest data point: Dec- 25 % of ASC (RHS) 50% 1,200 6.0 20 40% 1,000 5.0 15 30% 800 4.0 600 3.0 10 20% 400 2.0 5 10%

200 1.0 0 0%

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020

2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 Page 44

* German inventories seasonally adjusted **Source: WSA, Mysteel, ArcelorMittal Strategy estimates China Chinese inventory lower YoY; Exports down Y-o-Y

CISA’s mill steel inventory data Chinese exports Mt (2nd 10-day period as of 31 Dec 2019) 12 Exports of steel products (latest data point: Dec- 20 10 Imports of steel products 18 Net-trade 16 8 14 6 12 10 4 8 2 6 2015 2016 2017 2018 2019 4 0 2 Dot on curves indicates timing of CNY 0 -2 -4

• 2019 CISA mill steel inventory at low levels • Dec’19 finished steel exports of 4.7Mt +2.4% MoM as compared to historical levels • Dec’19 exports down 15.8% vs Dec’18 • FY 2019 exports (64Mt) down 7.5% vs 2018 (70Mt)

Page 45 China focused on capacity issues Global overcapacity still a concern

• Chinese government committed to tackle overcapacity and environmental issues  Permanent and illegal capacity targets in 2018 met  though overcapacity still exists Permanent and illegal • Steel replacement policy in favour of EAF v BF; no new capacity to be built  ratio 1:1 capacity cuts for EAF and 1:1.25 for BF-BOF* achieved by end of • Central government asked local governments to suspend any new approvals of 2018 → overcapacity steel capacity replacement projects effective from 24th January  check all the compliance of approved projects and shut down non-complied replacement still exists projects. • Stronger domestic fundamentals plus global trade restrictions  reduced incentive to 2019 export steel exports • 3yr Blue Sky Campaign (2018-2020) - stringent emissions standards (winter season down YoY policy and ultra-low emissions standard for steel); Hebei still targeting end of 2020 with most other regions’ targets pushed back to 2025

• Winter capacity constraints supporting fundamentals through seasonally weaker Constraints restarted demand period from Oct’19-Mar’20 on 2019 one-mill-one policy; moderately less • Winter capacity constraints started Oct’19 – Mar’20 - based on ‘one-mill-one-policy’ principle (less impactful as more steel mills achieve the ultra-low emission standard impactful and become exempted).

• Emissions targets have been increased whilst the central government allow more enforcement at local provisional level

Page 46

* In the key regions (e.g. Jing-Jin-Ji, Fen-Wei area and Yangtze Delta Area, which take account 55% of overall crude steel capacity in China), 1:1 BF-BOF for non-key regions; ratio 1:1 for EAF no matter where the facilities are located Automotive growth in developed world North American production at healthy levels, EU28 & Turkey production continue to drop in 2020

• North American production: North America and EU28 + Turkey vehicles production • Modest decline in the short million units term but still healthy production levels • Driven by population growth, portfolio expansion and localization • EU28 & Turkey production: • Expect a small decrease with uncertainty linked to Brexit an US Tariffs and ramp up to electrification.

Page 47 Automotive emerging market growth Strong growth expected in India, China and Brazil

China vehicle production (‘000s) • China production to grow by ~16% by 2026 (from 27mvh in 2018 level 31mvh by 2026 • Coronavirus impact under assessment by LMC/IHS with scenarios, 1 Million vehicles most probable.

• India production to increase 26% by 2026 (from 4.7mvh in 2018 to 5.9mvh Brazil, India & Russia vehicle production (‘000’s) in 2026) • Brazil production growth expected to continue and reach 3.5mvh in 2026 (25%) • Russia production is expected to recover and reach 2.0mvh in 2026 (16%)

Source: IHS Page 48 ArcelorMittal Nippon Steel India JV Completion of Essar Steel acquisition JV partnership with Nippon Steel

ArcelorMittal and Nippon Steel formed JV ArcelorMittal Nippon Steel India Limited (‘AMNS India’)

• Essar Steel India Limited (‘ESIL’) has been acquired and transferred to “AMNS India”, a JV formed between ArcelorMittal and 60% 40% Nippon Steel • ArcelorMittal and Nippon Steel financed What ArcelorMittal and Nippon Steel bring: AMNS India through a combination of • Combined leadership and experience in steel partnership equity (1/3) and debt (2/3) • Research and development capabilities • ArcelorMittal equity contribution of $1.6bn • Strong balance sheets to facilitate turnaround • ArcelorMittal's investment in AMNS India • Joint desire to invest in Indian steel sector will be equity accounted • AMNS India to reinvest cash to finance AMNS already performing well: turnaround and growth plans • Jan’20 run-rate EBITDA of ~$0.6bn • Annualised Jan’20 crude steel production 7.4Mt

Page 50 Attractive market opportunity India is a high growth market with attractive market structure

• Current per-capita steel consumption 1/3 global India population growth (bn) 1.7 average levels 1.3 • National Steel Policy 2017 aims to increase domestic Growth 1.0 steel capacity from c. 90Mtpa to 200Mtpa by 2023 • To be matched by steel demand growth at current rates of economic development 2000 2015 2020 2030 2040 2050

• 4 key flat steel producers: AMNS India, JSW, SAIL and Tata • Anti-dumping duties imposed by Government to protect Steel demand per capita in India Structure domestic industry from unfair trade  minimum import price vs other markets (Kg) • Government policy such as “Make in India” to boost 590 domestic demand 514

• Access to iron ore 100 132 Cost • Highly-competitive fixed cost base 71 • Competitive natural gas pricing India Brazil Asean Japan China Page 51 Adding a new high-growth pillar for ArcelorMittal AMNS India brings scale, turnaround opportunity and growth optionality

• Largest steel company in Western India (a focal area for investment and economic development) Scale • 9.6Mtpa crude steel capacity • Complete range of flat rolled steel products, including value added products • Significant iron ore pellet capacity  expansion potential providing optionality

• Main steel manufacturing strategically located in Hazira, Gujarat in Western India Strategic location • Proximity and direct access to iron ore fines (via slurry pipelines) • Within close distance to ports with deep draft for efficient movement of raw materials and finished goods

• Self sufficient pellet production in Eastern area Iron ore pelletising • 14Mtpa iron ore pellet capacity • Currently being expanded to 20Mtpa

Page 52 Strategically located Modern integrated steel making facilities

1 3 Access to high quality iron ore Among India’s largest single fines and proximity to large location flat steel producer quantities of low grade fines

2 4 Raw material security with largest Complete basket of flat steel pellet capacity in India products

5 Access to port infrastructure enabling ease of movement for Service centers situated in steel raw material and finishedgoods intensive competitive locations

Page 53 Strategically located Modern integrated steel making facilities

Plants Process Particulars Locations Capacities (MTPA) • Low grade iron ores extracted from mines are refined/ beneficiated to reduce unwanted gangue mineralcontent Dabuna 8.0 Beneficiation The input iron ore is 63-64% Fe (iron), whichafter • Kirandul 8.0 beneficiation is improved to 66-67%Fe • Process involves converting loose iron ore fines into pellets which can be directly fed to the BF Paradip 6.0* Pelletization The intermediate processes include mixing of proportionate • Vizag 8.0 ore, binder and water, balling to form green pellets,etc.

• HBI / DRI: The process converts iron oxides, in the form of Hazira: Blast Furnace BF: 1.7 lumps or pellets, to DRI using natural gas and COREX gas as Hazira: COREX Corex: 1.7 Hot metal / a source of fuel. AMNS has 6 modules of HBI / DRI Sponge • Blast furnace (BF): Iron bearing materials (pellets andsinter) Hazira: HBI / DRI HBI / DRI: 6.8 iron are converted to hot metal / liquid iron throughreduction • COREX technology: COREX is a smelting-reduction process which converts pellets to hot metal • EAF: DRI along with steel scrap is converted to crude steel in an EAF and slabcaster EAF: 4.6 Crude steel • Conarc: combination of processes of BO conversion and Hazira EAF to produce crude steel from hotmetal and DRI Conarc: 5.0

• HRC is manufactured from slabs in the HSM and compact strip HSM and CSP: 7.5 Hot rolled coils and production mill (CSP) Hazira plates • Plate mill manufactures HR plates, heat treatedplates and Plate Mill: 1.5 shot blasted and paintedplates

• HRC -> Submerged Arc Welded (SAW)pipes Hazi Hazir Pun a 0.6 e Downstrea • HRC -> HRPO 1.9 NA m HRC -> Cold rolled coil ra • 0.7 0.7 products Cold rolled coil -> Galvanized coil • and 0.5 0.1^ • Galvanized coil -> Color coated coil NA 0.5 Pun 0.4

Page 54 * Additional unit of 6.0 MTPA capacity under construction (completion end 2020); ^ Cold rolled closed annealed e Plant layout – Hazira operations

Overview • Steel Complex is connected by a sophisticated inter-plant logistics network comprising rail and specialised carriers to transport materials and finished products in an efficient manner • Imported raw materials are unloaded in a fully mechanised port handling facility and conveyed mainly through conveyors to a raw material yard managed by AMNS India on port land • The product from DRI/HBI is in solid form, corex and blast furnace produce molten iron or hot metal

1.7 MTPA Blast Furnace 1.7 MTPA Corex 6.8 MTPA HBI / DRI

• AMNS India operates a single unit blast furnace • AMNS India operates a two unit corex plant • AMNS India operates 6 modules of HBI/DRI. This with technology acquired from MCC, China with technology acquired from Siemens VAI technology has been acquired from MIDREX • The blast furnace requires input from sinter • The input iron ore pellets to the corex plant • Two Modules of DRI (i.e. MOD V and MOD plant which is transported to the blast furnace are transported via conveyer systems VI) have capability to use corex gas and have using a conveyor belt been fitted with Vacuum Pressure Swing • The output from corex plant in the form of hot Adsorption system (VPSA) • The output from blast furnace in the form of hot metal is transported to the conarc furnace metal is transported to the EAF through a ladle through a ladle • Use of hot DRI by the in-house developed technology has resulted in reduction in power consumption and time required

Page 55 Completion of Essar Steel acquisition JV partnership with Nippon Steel

Dabuna-Paradeep system: • 8Mtpa beneficiation plant in Dabuna and a 6.0Mtpa pelletisation plant in Paradeep • Plants are connected by a 253km, 12Mtpa slurry pipeline which commenced operations in 2014 • Paradeep Port, is one of the largest ports on the East Coast of India and has excellent connectivity to the East Coast Railway network

Expansion potential: • The Paradeep pelletisation plant is currently being expanded by 6Mtpa – this will take the overall AMNS India pellet capacity to c.20Mtpa by 2021-22 • Captive pellet consumption of AMNS India by then will account for ~70% of this production providing export opportunities for the remainder

Kirandul-Vizag system • Additionally there is optionality in Paradeep to pursue further upside by an additional 3-6Mtpa • 8.0Mtpa beneficiation plant in Kirandul and a 8.0Mtpa pelletisation plant in Vizag of capacity • The two plants are connected by a 267km slurry pipeline having a capacity of 8.0Mtpa

Page 56 Wide range portfolio of flat steel products

Pellets Hot Rolled Cold Rolled Galvanized Color Coated Plates Pipes

Across the entire value of flat rolled products

FY17 Sales volume (MTPA)

1.5 3.1 0.8 0.6 0.3 0.4 0.1

Specifications (mm) LSAW & HSAW* Thickness: 0.8-25 Thickness: 0.4-3.2 Thickness: 0.18-3 Thickness: 0.25-1.2 Thickness: 5-150 Diameter: 406- Size: 9-16 1524 / 3048 Width: 800-2,000 Width: 200-1,600 Width: 200-1,340 Width: 600-1,310 Width: 1,100-4,900 Thickness: 6-65/35 Product Range • DR grade • Deep drawing • Commercial quality Galvanized plain • Color coated sheets • Heavy plates • Submerged arc • BF grade • Corrosion resistance • Drawing • (GP) • Shot blasted and welded • Boiler quality • Deep drawing Galvanized primer coated plates - Longitudinal • Pipes & tubes • Extra deep drawing • corrugated (GC) - Helical % of FY17 Revenue

4% 48% 14% 12% 8% 7% 2%

Page 57 Climate action Our ambition ArcelorMittal is committed to the objectives of the Paris Agreement

• ArcelorMittal’s stated ambition is to significantly reduce our carbon footprint by 2050

• ArcelorMittal’s European business targets carbon neutrality by 2050

• ArcelorMittal announced a new target of reducing its CO2 emissions in Europe by 30% by 2030 over a baseline of 2018.

• We continue to progress an extensive innovation programme with a series of industrial pilot projects, as well as evaluating the opportunity from off-setting

Page 59 Our low-emission innovation program Low-emissions steelmaking will be achieved through three technology pathways

No ‘one size fits all’ solution  Pursue full range of possible technology pathways, depending on which becomes viable in the countries/ regions we operate.

• Clean power to fuel hydrogen-based ironmaking, direct electrolysis ironmaking, and to contribute to other low-emissions technologies.

• Circular carbon energy sources including bio- based/ plastic wastes from municipal and industrial sources and agricultural and forestry residues.

• Fossil fuels with carbon capture and storage (CCS) to transform existing iron and steelmaking processes into low-emissions pathways.

Page 60 Carbalyst® Capturing carbon gas and recycling into chemicals

• Working with LanzaTech in Ghent, Belgium, to build Carbalyst® technology first industrial-scale demonstration plant to capture carbon off-gases from the blast furnace and convert into a range of Carbalyst® recycled carbon products

• Investment started in 2018 and once completed in 2021 will capture ~15% of available waste gases and convert into 80mn litres of ethanol annually

• LCA studies predict a CO2 reduction of up to 87% from Carbalyst® bio-ethanol compared with fossil transport fuels

• This alone has the potential to reduce CO2 equivalent to 100,000 electrical vehicles on the road or 600 transatlantic flights annually

Page 61 Torero Reducing iron ore with waste carbon

• Developing our first large-scale Torero demonstration plant in Ghent, Belgium Torero technology • Target the production of ‘circular carbon’ inputs, such as bio-coal from waste wood to displace the fossil fuel coal currently injected into the blast furnace

• Aims to convert 120,000 tonnes of waste agricultural and forestry residues into bio-coal annually

• Future projects would see expansion of sources of circular carbon to other forms of bio- and plastic waste

Page 62 H2 Hamburg Reducing iron ore with hydrogen

• An industrial-scale experimental DRI installation on Reducing iron ore with hydrogen 100% pure hydrogen for the direct reduction of iron ore in the steel production process

• Installation will generate the hydrogen from gas separation of the waste gases at the existing plant and demonstrate the technology with an annual production of 100,000 tonnes of iron per year

• In the future, the plant should also be able to run on green hydrogen (generated from renewable sources) when it is available in sufficient quantities at affordable prices.

Page 63 Industry leadership Leadership through innovation continues R&D strength to drive innovation and maintain industry leadership position

• Global R&D spend ~$0.3bn (Automotive ~1/3); 1,300 full time researchers; 11 research centres EU/Americas • Majority EU/NAFTA OEMs rank ArcelorMittal #1 in Technology: Steel to remain material for body structure application • Leader in AHSS in both EU & NAFTA with the broadest portfolio of AHSS grades

Page 65 ArcelorMittal S-in motion® Demonstrating the weight saving potential of new products

• S-in motion® is a set of steel solutions developed by ArcelorMittal for carmakers who wish to create lighter, safer and more environmentally friendly vehicles • ArcelorMittal generic steel solutions include BIW, closures, chassis parts and seats dedicated to different power trains (ICE, PHEV, BEV)

S-in motion® S-in motion® Battery pack Battery Elec. Veh.

Steel Saving weight Saving costs Twist beam Suspension Control arms Front Pick-up frame NA rear Front seat Sustainability subframes subframe Safety Service Solutions

• Whatever the powertrain, steel offers carmakers the optimal balance of strength, performance, and mass reduction with the least impact on the environment

Page 66 Continuous innovation Steel to remain material of choice for automotive

Jet Vapor Deposition (JVD) line: Jetgal® Steel remains material of choice JVD line is a breakthrough technology to produce Jetgal®, a new coating for AHSS steels for automotive industry

New press hardenable steels (PHS) Usibor®2000 & Ductibor®1000 Bring immediate possibilities of 10% weight saving on average compared to conventional coated PHS produced by ArcelorMittal • Electric vehicles (EV) to favour 3rd Generation AHSS products lightweight designs (similar to traditional (CR/GI/GA) vehicles) 980HF & 1180HF • EV employ AHSS to achieve range goals HF / Fortiform® provide additional weight reduction due to enhanced mechanical properties compared to conventional AHSS The mass-market Tesla Model 3 body and chassis is a blend of steel and aluminium, Electrical steels unlike the Tesla Model S which is an iCARe®, 2nd Generation aluminium body (Source: Tesla website+) Family of electrical steels for electrified powertrain optimization and enhanced + https://www.tesla.com/compare machine performance, Save*, Torque** and Speed*** are specifically designed for http://automotive.arcelormittal.com/ElectricVehiclesImpactOnSteel a typical electric automotive application.

Page 67 * Save (Steels with very low losses): Ideal for the efficiency of the electrical machine. Their key role is maximize the use of the current coming from the battery. ** Torque (Steels with high permeability): They achieve the highest levels of mechanical power output for a motor or current supply for a generator *** Speed (Steels for high speed rotors): Specific high strength electrical steels which maintain high level of magnetic performance. They allow the machine to be more compact and have a higher power density Canoo 2021 Canoo – designed for sharing

Canoo uses the latest generation of steel to achieve ambitious weight and safety targets. • The skateboard chassis and cabin structures are comprised of around 90 percent steel • More than 70 percent of the steel used is AHSS/UHSS and has a tensile strength above 500 MPa • The cabin serves as a safety cage for occupants utilizing high amounts of advanced steel products dominated by roll-formed martensitic, cold-formed Dual Phase and hot-stamped boron Press Hardenable steels (PHS). “We promised a truly different approach for EVs, and our canoo design proves that we can deliver on that vision. Using a significant amount of advanced Canoo has created a and ultra high strength steels (AHSS/UHSS) allowed BEV with the highest us to meet stringent strength, safety, cost, and level of steel content overall performance requirements.” ever used. Alexi Charbonneau, In Charge of Skateboard and Cabin for Canoo

Page 68 Audi e-tron 2019 e-tron is first BEV to earn Top Safety Pick+ award

• The e-tron makes extensive use of UHSS and laser welded blanks from ArcelorMittal to achieve its safety performance. • Key components made of UHSS include the A- and B-pillars, roof members, centre tunnel, interior sills, floor cross-members, and rear longitudinal members. • These components comprise the strong backbone of the occupant cell, enabling it to absorb the forces of a front-end collision.

“We want to become a leading CO2-neutral premium supplier. This clearly includes 60 percent of the body is made from steel with hot-formed steels responsibility for our products throughout accounting for 17 percent of the total and cold-formed steels accounting their lifecycles.” for 43 percent. Bram Schot, CEO of Audi

Page 69 2020 Chrysler Voyager 72% of Voyager body structure is high strength steel

• The Voyager’s crashworthiness benefits from thoughtful application of steel shaping technologies such as hydroforming. The result: intricately molded load beams that afford greater strength and stiffness than welded components. • The new minivan’s door ring is assembled from laser welded blanks. This strategy helps maintain structural integrity in certain crashes. • Cradle and front rails use AHSS and are configured to steer crash energy away from the passenger compartment.

• The 2020 Chrysler Voyager earns five- “High-strength steel accounts for 72 percent of the star overall rating from the US National new Voyager’s body structure. Its cradle and front Highway Traffic Administration (NHTSA) rails are made of Advanced High-Strength Steel (AHSS) and are configured to help steer crash energy away from the passenger compartment.” Chrysler statement

Page 70 Automotive Industry Leadership Audi switched back to steel for its new A8 model

Audi switched back to steel for its 2018 A8 model, with a body structure made up of more than 40% steel including 17% PHS

New Audi A8 2018 model

“There will be no cars made of aluminium alone in the future.

Press hardened steels (PHS) will play a special role in this development. PHS grades are at the core of a car’s occupant cell, which protects the driver and passengers in case of a collision. If you compare the stiffness-weight ratio, PHS is currently ahead of aluminium.”

Dr Bernd Mlekusch, Head of Audi’s Leichtbauzentrum

Page 71 Volvo XC40 2018 European Car of the Year

Makes use of AHSS and boron steels for safety Hot-formed boron steel accounts for 20% of the XC40’s total body weight

• The safety cage around the occupants of Volvo’s • The steel cage provides maximum occupant new XC40 is almost entirely made from steel protection in all types of crash scenarios including hot-formed boron grades

Volvo Car Group President & CEO Håkan Samuelsson at AHSS makes up most of the XC40’s safety cage the European Car of the Year award ceremony [Images courtesy Volvo Car Group]

Page 72 VAMA greenfield JV facility in China Well positioned to supply growing Chinese auto market

• State-of-the-art production facility capacity of 1.5Mt VAMA: Valin ArcelorMittal Automotive target • Well-positioned to serve growing automotive market areas and markets • VAMA has successfully completed homologation on FAW-VW & UHSS/AHSS with most key auto OEMs BMW Latest developments: Daimler & Nissan • VAMA top products (Usibor® 1500, Ductibor®500, DP980 and DP780) are approved by large number of end users and Beijing sold to Tier 1 stamper market. • Overall positive progress in product development and homologation by auto OEMs. VAMA started series supply of BYD, Changan, Geely, VW, GM, KIA, exposed products since 2017Q4 Suzuki, CFMA & SAIC & Chery • VAMA has started development of Usibor®2000 and CP800. FAW-VW Shanghai • VAMA received Best Supplier award from International & Changfeng, Fiat, DPCA, Dongfeng, local stamper Honda, JMC & Suzuki Loudi

SAIC, Toyota, GM, Honda, Nissan & BYD Guangzhou

Central office in Changsha with satellite offices in proximity to decision making centers of VAMA’s customers Furnace of CGL and CAL on both sides VAMA HQ in Loudi city, Hunan Province

Page 73 VAMA HQ in Loudi city, Hunan Province BYD: Build Your Dreams; CFMA: Changan Ford Mazda Automobile; SAIC: Shanghai Automotive Industry Corporation; JMC: Jiangling Motors Corporation Group highlights Key Financial KPIs Segment wise Steel shipments and EBITDA in 2019

Shipments Kt* EBITDA*

ACIS NAFTA NAFTA 13.4% 15.5% 24.3% Mining 31.7%

21.4% Brazil 13.0% Brazil 49.2% 9.9% ACIS Europe 21.5% Europe

Page 75 * Note: Percentage figures are calculated based on total steel shipments and EBITDA excluding segment others/eliminations Group performance 12M’19 v 12M’18

EBITDA ($ Millions) and EBITDA/t

• Crude steel production declined by 2.9% 12M’19 to 89.8Mt: $96/t $53/t $47/t $122/t $61/t decreases in NAFTA (-2.9%), Brazil (-10.3%), Europe (1.7%) & ACIS (-0.2%). -13.0% -49.4% • Total steel shipments for 12M’19 were 84.5Mt representing an 1,951 increase of 0.8%, primarily due to higher shipments in Europe 1,063 925 10,265 (+3.2%) due to the impact of the AM Italia consolidation as 5,195 from Nov 1, 2018, offset in part by the remedy asset sales 4Q’18 3Q’19 4Q’19 12M’18 12M’19 related to AM Italia acquisition (completed June 30, 2019). Weaker domestic apparent demand conditions led to lower shipments in NAFTA (-5.1%), while weaker export markets led Average steel selling price $/t to lower shipments in ACIS (-1.7%) and Brazil (-2.4%). -7.0% -9.6% • Sales for 12M’19 decreased by 7.1% to $70.6bn, primarily due to lower ASP (-9.6%) offset in part by higher steel shipments (+0.8%) and higher marketable iron ore selling price (+34.3%). 768 692 644 775 700 • Impairment charges for 12M’19 were $1.9bn related to impairment of the fixed assets of ArcelorMittal USA ($1.3bn), resulting from a decrease in the near term ASP assumption, 4Q’18 3Q’19 4Q’19 12M’18 12M’19 remedy asset sales for the ArcelorMittal Italia acquisition Steel shipments (000’t) ($0.5bn) and $0.1bn impairment costs in South Africa. Exceptional items for 12M’19 were charges of $828m primarily including inventory related charges in NAFTA and Europe -2.3% +0.8% following a period of exceptionally weak pricing. • EBITDA decreased by 49.4% primarily reflects the impact of negative price-cost effect, lower volumes in most regions and 20,236 20,185 19,727 83,854 84,511 the negative contribution from ArcelorMittal Italia ($0.7bn).

4Q’18 3Q’19 4Q’19 12M’18 12M’19 Page 76 Group performance 4Q’19 v 3Q’19

• Crude steel production declined by 11.1% to 19.8Mt with EBITDA ($ Millions) and EBITDA/t decreases in NAFTA (-7.0%), Brazil (-6.7%), Europe $96/t $53/t $47/t $122/t $61/t (13.4%) and ACIS (13.8%) -13.0% • Total steel shipments in 4Q’19 were 2.3% lower at 19.7Mt -49.4% primarily due to lower steel shipments in Europe (-4.2%), 1,951 1,063 925 10,265 NAFTA (-2.1%) and Brazil (-3.3%), offset in part by an 5,195 improvement in ACIS (+9.8%, across Ukraine and Kazakhstan). 4Q’18 3Q’19 4Q’19 12M’18 12M’19 • Sales in 4Q 2019 were $15.5bn as compared to $16.6bn for 3Q’19. Sales in 4Q’19 were 6.7% lower as compared Average steel selling price $/t to 3Q’19 primarily due lower ASP (-7.0%) and lower steel -9.6% shipments (-2.3%), lower realized iron ore pricing -7.0% following lower seaborne reference prices and the reduced premia for high grade product including pellet, 768 775 offset in part by higher market-priced iron ore shipments 692 644 700 (+14.8%). • Impairment charges for 4Q’19 were $830m and related to 4Q’18 3Q’19 4Q’19 12M’18 12M’19 impairment of the fixed assets of ArcelorMittal USA Steel shipments (000’t) ($0.7bn) following impairment assessments, resulting from a decrease in the near term average selling prices assumption and $0.1bn in South Africa. Exceptional items -2.3% +0.8% for 4Q’19 of $828m primarily include inventory related charges in NAFTA and Europe following a period of exceptionally weak pricing. 20,236 20,185 19,727 83,854 84,511 • EBITDA was 13.0% lower primarily due negative price cost effect and lower steel shipment volumes. 4Q’18 3Q’19 4Q’19 12M’18 12M’19

Page 77 NAFTA performance 4Q’19 v 3Q’19

• Crude steel production decreased by 7.0% to 5.3Mt in EBITDA ($ Millions) and EBITDA/t 4Q’19, partly due to planned outages both in flat and long product operations. $96/t $24/t $28/t $112/t $39/t • Steel shipments in 4Q’19 decreased by 2.1% to 5.0Mt, -67.2% primarily due to a 2.9% decline in flat steel shipments. 497 +13.6% 2,471 • Sales in 4Q’19 decreased by 8.5% to $4.0bn, primarily due 123 140 811 to a 7.8% decline in ASP (with flat and long products down 4Q’18 3Q’19 4Q’19 12M’18 12M’19 7.4% and 6.8%, respectively) and the ongoing supply chain destock resulting in lower steel shipments. Average steel selling price $/t

• Impairment charges for 4Q’19 were $700m related to -7.8% -4.9% impairment of the fixed assets of ArcelorMittal USA ($0.7bn) following impairment assessments, resulting from a decrease in the near term average selling prices 882 792 731 852 810 assumption. 4Q’18 3Q’19 4Q’19 12M’18 12M’19 • Exceptional items for 4Q’19 of $200m and primarily include inventory related charges following a period of exceptionally Steel shipments (000’t) weak pricing. -2.1% -5.1% • Operating loss in 4Q’19 was $912m and impacted by the impairment and exceptional items as discussed above. 22,047 20,921 • EBITDA in 4Q’19 increased by 13.6% to $140m. Negative 5,173 5,135 5,029 impact from lower ASP and steel shipment volumes offset by lower costs following the decline in raw material costs 4Q’18 3Q’19 4Q’19 12M’18 12M’19 including lower iron ore pellet premiums. Page 78 NAFTA Leading producer with 28.1Mt /pa installed capacity

Crude steel achievable capacity (million Mt) Geographical footprint and logistics

16.3 100%

Flat 82% Flat 6.2 5.6

Long Long 18%

USA Canada Mexico NAFTA

Number of facilities (BF and EAF)

NAFTA No. of BF No. of EAF USA 7 2 Canada 3 4 Mexico 1 4 Total 11 10

Page 79

Note: IH Bar facility closed in June 2015; Georgetown wire rod facility closed in August 2015, Vinton and LaPlace sold in 2Q 2016 Brazil performance 4Q’19 v 3Q’19

EBITDA ($ Millions) and EBITDA/t

• Crude steel production decreased by 6.7% to 2.5Mt $92/t $92/t $88/t $134/t $100/t in 4Q’19, primarily due to decline in long products. -6.9% Flat steel production remained stable following the -27.2% ongoing stoppage of ArcelorMittal Tubarão's blast furnace #2 in response to deteriorating export 280 258 240 1,538 market conditions. 1,120 4Q’18 3Q’19 4Q’19 12M’18 12M’19 • Steel shipments in 4Q’19 decreased by 3.3% to 2.7Mt as compared to 2.8Mt in 3Q 2019, primarily due to seasonality and lower exports of long Average steel selling price $/t products. Overall long products shipments -7.2% -5.5% decreased by 10.4% while flat products improved by 2.6%. 687 676 628 719 679 • Sales in 4Q’19 remained stable at $1.9bn. Sales in 4Q’19 was impacted by a 7.2% decline in ASP and 4Q’18 3Q’19 4Q’19 12M’18 12M’19 lower steel shipments while 3Q’19 turnover was negatively impacted by exchange rate effect in Steel shipments (000’t) Argentina. -3.3% -2.4% • EBITDA in 4Q’19 decreased by 6.9% to $240m primarily due to lower steel shipments. 3,053 2,810 2,717 11,464 11,192

4Q’18 3Q’19 4Q’19 12M’18 12M’19 Page 80 Brazil Brazil leading producer with 13.7t /pa installed capacity

Crude steel achievable capacity (million Mt) Geographical footprint and logistics

12.3 100%

Flat Flat 54%

Monlevade

Long 46% Long Tubarao 1.4 Votorantim Juiz de Flora Vega Brazil Argentina Brazil

Number of facilities (BF and EAF)

Acindar

No. of BF No. of EAF BRAZIL facilities

Flat 3 - Flat

Long 3 7 Long

Total 6 7 The map is showing primary facilities excl. Pipes and Tubes.

Page 81 Note: The figures in the tables include Votorantim Europe performance 4Q’19 v 3Q’19

EBITDA ($ Millions) and EBITDA/t • Crude steel production decreased by 13.4% to 9.0Mt in $93/t $27/t 4Q’19. As previously announced in May 2019, the 4.2Mt $74/t $15/t $17t -70.3% annualized flat steel production curtailments to bring supply in line with addressable demand that took effect in part in 3Q’19 was completed as scheduled in 4Q’19 including 749 +10.7% 3,810 curtailments at Krakow (flat production down 16.0% vs 143 158 1,130 prior quarter). 4Q’18 3Q’19 4Q’19 12M’18 12M’19 • Steel shipments in 4Q’19 decreased by 4.2% primarily driven by lower flat steel shipments (-5.5%) driven by Average steel selling price $/t ongoing weak demand driven by macro headwinds -11.7% including declines in automobile production. -4.7%

• Sales in 4Q’19 were $8.0bn, 8.6% lower, with 4.7% lower 771 787 ASP (flat and long products prices down 4.7% and 6.1%, 686 654 696 respectively) and lower steel shipments. 4Q’18 3Q’19 4Q’19 12M’18 12M’19 • Impairment charges for 4Q 2019 were $28m. Exceptional items for 4Q 2019 were $456m primarily include inventory Steel shipments (000’t) related charges following a period of exceptionally weak pricing. -4.2% +3.2%

• EBITDA in 4Q’19 increased by 10.7% to $158m Negative impact from lower ASP and steel shipment volumes offset 10,098 9,698 9,290 41,020 42,352 by lower costs following the decline in raw material costs including lower iron ore pellet premiums. 4Q’18 3Q’19 4Q’19 12M’18 12M’19 Page 82 Europe Leading producer with 51.4Mt /pa installed capacity*

Crude steel achievable capacity (million Mt) Geographical footprint and logistics

51.4 100%

Duisburg Hamburg Bremen EHS Dabrowa

Flat Ghent Krakow Flat 76% Dunkirk Liège

Florange Belval; Differdange Zenica

Asturias Fos Long Long 24% ArcelorMittal Italia* Europe Number of facilities (BF and EAF)*

EUROPE No. of BF No. of EAF

Flat* 21 5

EUROPE facilities Long 1 8 Flat

Total* 21 13 Long

The map is showing primary facilities excl. Pipes and Tubes. Flat and Long (*) Excludes 2BF’s in Florange

Page 83 ArcelorMittal Italia consolidated from 1.11.18. Number of BF/EAF table and crude steel achievable capacity include ArcelorMittal Italia and exclude remedy assets * On Nov 4, 2019, AM InvestCo Italy (“AM InvestCo”) sent to the Commissioners of Ilva S.p;A. a notice to withdraw from, or terminate, the agreement (the “Agreement”) for the lease and subsequent conditional purchase of the business of Ilva S.p.A. and certain of its subsidiaries (“Ilva”), that had closed on 31 Oct 2018. Figures in tables and capacities include ArcelorMittal Italia ACIS performance 4Q’19 v 3Q’19

• ACIS segment crude steel production in 4Q 2019 EBITDA ($ Millions) and EBITDA/t decreased by 13.8% to 3.0Mt primarily due to lower $74/t $47/t $15/t $120/t $45/t production in Ukraine and South Africa following weak market conditions. -65.1% -63.2%

• Steel shipments in 4Q 2019 increased by 9.8% to 3.0Mt as 198 compared to 2.7Mt as at 3Q 2019, due to improvements in 128 1,405 45 517 Kazakhstan following maintenance of the hot strip mill and timing of shipments in Ukraine, offset in part by lower 4Q’18 3Q’19 4Q’19 12M’18 12M’19 shipments in South Africa due to weaker demand. Average steel selling price $/t • Sales in 4Q 2019 decreased marginally by 1.3% to $1.6bn -13.6% -13.6% primarily due to lower average steel selling prices (-13.6%), offset in part by higher steel shipments. 561 532 598 • Impairment charges for 4Q 2019 was $102m primarily 460 517 related to the fixed assets of Newcastle Works in South Africa following lower domestic volumes. 4Q’18 3Q’19 4Q’19 12M’18 12M’19

• Exceptional items for 4Q 2019 were $76m and primarily Steel shipments (000’t) include closure costs related to Saldanha and retrenchments costs in relation to announced Section 189 +9.8% -1.7% process in South Africa.

• EBITDA decreased by 65.1% to $45m in 4Q’19 as 2,669 2,718 2,985 11,741 11,547 compared to $128m in 3Q’19 primarily due to negative price-cost effect offset in part by higher steel shipment volumes. 4Q’18 3Q’19 4Q’19 12M’18 12M’19

Page 84 ACIS Leading producer with 19.0Mt /pa installed capacity

Crude steel achievable capacity (million Mt) Geographical footprint and logistics

7.7 100%

6.4 Flat 43% 4.9 Kryviy Rih Temirtau

Flat Long 57%

Long

Kazaksthan Ukraine S Africa ACIS 4 Number of facilities (BF and EAF)

ACIS No. of BF No. of EAF Vanderbijlpark Saldanha Kazakhstan 3 - Vereeniging Newcastle Ukraine 5 - South Africa 4 2 ACIS facilities Flat Total 12 2 The map is showing primary facilities excl. Pipes and Tubes Long

Flat and Long Page 85 Mining performance 4Q’19 v 3Q’19

EBITDA ($ Millions) and EBITDA/t

• Own iron ore production in 4Q’19 increased by 9.5% to -19.1% 14.8Mt, primarily due to higher production at AMMC +30.1% following an electrical failure in 3Q’19 which led to a temporary stoppage of the concentrator and a seasonal 343 372 recovery in production at ArcelorMittal Liberia (following 301 1,663 rainy season during 3Q’19). 1,278

• Market-priced iron ore shipments in 4Q’19 increased by 4Q’18 3Q’19 4Q’19 12M’18 12M’19 14.8% to 9.6Mt, primarily driven by higher shipments in AMMC following production constraints during the 3Q’19 Iron ore (Mt) as discussed above.

• Market-priced iron ore shipments for 12M 2019 declined by 10.0 8.4 9.6 37.6 37.1 1.4% as compared to 12M 2018, marginally below the stable year on year guidance due to slow ramp-up of the 5.7 6.2 5.8 20.6 22.2 concentrator in AMMC. 4Q’18 3Q’19 4Q’19 12M’18 12M’19 • Market-priced iron ore shipments for FY 2020 are expected Coal (Mt) to be stable as compared to FY 2019.

• EBITDA in 4Q’19 decreased by 19.1% to $301m, primarily 0.7 0.7 0.7 2.5 2.8 due to the impact of lower seaborne iron ore reference price (-12.8%), lower iron ore quality premia, as well as the 0.7 0.8 0.7 3.3 2.9 impact of lower seaborne marketable coking coal prices (- 13.5%), offset in part by higher market-priced iron ore 4Q’18 3Q’19 4Q’19 12M’18 12M’19 shipments (+14.8%). Own production Shipped at market price Shipped at cost plus

Page 86 Mining Addressing Group steel needs and external market

Key assets and projects

Ukraine Iron Ore Bosnia 95.13% Iron Ore 51%

Canada Kazakhstan Iron AMMC 85% Ore 4 mines 100% Kazakhstan USA Coal USA Iron Ore Coal 100% Minorca 100% 8 mines 100% Hibbing 62.3%*

Mexico Iron Ore Las Truchas & Volcan 100%; Pena 50%* Liberia Iron ore mine Iron Ore 85% Coal mine Brazil Iron Ore 100%

Page 87

* Represents share of production 1. During 2017, ArcelorMittal lost joint control but maintained significant influence over Baffinland and as such the investment was classified as an associate; During 2018, ArcelorMittal’s shareholding in Baffinland decreased from 31.07% to 28.76% following capital calls exclusively fulfilled by NIO. Baffinland owns Mary River Project, which has direct shipping, high grade iron ore on Baffin Island in Nunavut. (not shown on map) Industry Leadership: Steligence® A radical new approach to meet the construction market

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Page 88 ArcelorMittal IR Tools and Contacts

ArcelorMittal investor relations app available free for download on IOS or android devices

2018 Factbook & Climate Action report available to download online

Team contacts London Team contacts Global

Daniel Fairclough – Global Head Investor Relations (London) Maureen Baker – Fixed Income/Debt IR (Paris) daniel.fairclough@arcelormittal.com +44 207 543 1105 [email protected] +33 1 71 92 10 26

Hetal Patel – UK/European Investor Relations (London) Lisa Fortuna – US Investor Relations (Chicago) [email protected] +44 207 543 1128 [email protected] +1 312 899 3985

Donna Pugsley– Investor Relations Assistant (London) [email protected] +44 203 214 2893

Page 89