Simplified prospectus for the admission to trading of 80,906,149 new ordinary shares of the Company, without a nominal value, on the Luxembourg Stock Exchange’s Regulated Market (Bourse de Luxembourg) and on the other regulated markets indicated below ARCELORMITTAL a société anonyme incorporated under the laws of the Grand Duchy of Luxembourg having its registered office at 24-26 boulevard d’Avranches, L-1160 Luxembourg, Grand Duchy of Luxembourg, and registered with the Registre de Commerce et des Sociétés, Luxembourg, under number B82.454 (the “Company” or the “Issuer”) This document constitutes a simplified prospectus (the “Prospectus”) for the purposes of the admission to trading on the regulated market of the Luxembourg Stock Exchange, and on Euronext Amsterdam, Euronext Paris and the Bolsas de Valores of Madrid, Barcelona, Bilbao and Valencia, of 80,906,149 new ordinary shares (the “New Shares”) placed with institutional investors globally on 11 May 2020 pursuant to applicable private placement exemptions (except in the United States where the placement was conducted as a registered public offering). This Prospectus has been prepared in the form of a single document within the meaning of Article 6(3) of Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market, and repealing Directive 2003/71/EC (the “Prospectus Regulation”), supplemented by the Commission Delegated Regulation (EU) 2019/980 of 14 March 2019. This Prospectus has been filed with and approved by the Commission de Surveillance du Secteur Financier (“CSSF”), the financial sector supervisory authority in the Grand Duchy of Luxembourg, on 14 May 2020 as competent authority for approving a prospectus within the meaning of Article 6(3) of the Prospectus Regulation for the purpose of giving information relating to the admission to trading of the New Shares. The CSSF has only approved this Prospectus as meeting the standards of completeness, comprehensibility and consistency imposed by the Prospectus Regulation. Such an approval should not be considered as an endorsement of the Issuer that is the subject of this Prospectus nor as an endorsement of the quality of any New Shares. In accordance with Article 6(4) of the Luxembourg Law of 16 July 2019 on prospectuses for securities, the CSSF does not make any representation as to the economic or financial opportunity of the New Shares nor as to the quality and solvency of the Issuer. Investors should make their own assessment as to the suitability of investing in the New Shares. The Prospectus has been drawn up as a simplified prospectus in accordance with Article 14 of the Prospectus Regulation. This Prospectus has not been approved in respect of the Notes (as defined below). This Prospectus is valid until 14 May 2021. In case of significant new factors, material mistakes or material inaccuracies relating to the information contained in this Prospectus that may affect an assessment of the securities and occurs or will be discovered following the approval of this Prospectus but before the admission to trading of the New Shares, these updates must be disclosed in a prospectus supplement without undue delay. The obligation to supplement this Prospectus in the event of significant new factors, material mistakes or material inaccuracies does not apply when a prospectus is no longer valid. This Prospectus will be published in electronic form together with any supplement thereto and all documents incorporated by reference herein on the website of the Luxembourg Stock Exchange (www.bourse.lu) and on the website of the Issuer (https://corporate.arcelormittal.com/investors/). PROSPECTUS DATED 14 MAY 2020 TABLE OF CONTENTS SUMMARY .................................................................................................................................................... 1 RISK FACTORS ............................................................................................................................................ 8 INFORMATION ON THE NEW SHARES ................................................................................................. 30 Type, Class and Dividend Entitlement ........................................................................................... 30 Applicable Law and Jurisdiction .................................................................................................... 30 Currency ......................................................................................................................................... 30 Form ............................................................................................................................................... 30 Rights Attached to the New Shares ................................................................................................ 31 Restrictions on Transferability of the New Shares ......................................................................... 31 Placing and Underwriting ............................................................................................................... 32 Offer Price and Total Amount of the Issue ..................................................................................... 32 Mandatorily Convertible Notes....................................................................................................... 32 Admission to Trading of the New Shares ....................................................................................... 32 Use of proceeds............................................................................................................................... 32 Dilution ........................................................................................................................................... 33 Costs of the Admission to Trading ................................................................................................. 33 Interest of Natural and Legal Persons involved in the Admission to Trading ................................ 33 National Legislation on Takeovers ................................................................................................. 33 MAJOR SHAREHOLDERS ......................................................................................................................... 35 REASONS FOR ADMISSION TO TRADING ........................................................................................... 36 RECENT DEVELOPMENTS AND OUTLOOK ......................................................................................... 37 PROFIT FORECASTS OR ESTIMATES .................................................................................................... 40 CAPITALIZATION AND INDEBTEDNESS ............................................................................................. 41 Capitalization and Indebtedness ..................................................................................................... 41 Working Capital Statement ............................................................................................................. 42 SELECTED FINANCIAL INFORMATION ............................................................................................... 43 TAXATION .................................................................................................................................................. 44 Luxembourg Taxation .................................................................................................................... 44 REGULATORY DISCLOSURE .................................................................................................................. 47 INFORMATION INCORPORATED BY REFERENCE ............................................................................. 49 GENERAL INFORMATION ....................................................................................................................... 53 The Issuer ....................................................................................................................................... 53 Dividend Policy .............................................................................................................................. 53 Board of Directors .......................................................................................................................... 53 Responsibility ................................................................................................................................. 53 Subject Matter of the Prospectus .................................................................................................... 54 Forward-Looking Statements ......................................................................................................... 54 Financial Information ..................................................................................................................... 54 Statutory Auditors ........................................................................................................................... 54 Documents on Display .................................................................................................................... 54 Other Information ........................................................................................................................... 55 SUMMARY 1 – INTRODUCTION CONTAINING WARNINGS This summary should