Luxembourg, November 7, 2024 - ArcelorMittal (referred to as "ArcelorMittal” or the "Company” or the "Group") (MT (New York, Amsterdam, Paris, Luxembourg), MTS (Madrid)), the world's leading integrated steel and mining company, today announced results1 for the three-month and nine-month periods ended September 30, 2024.

3Q 2024 key highlights:

Safety focus: The Company-wide audit of safety by dss+ is now complete. It has provided the Group with a clear set of 6 recommendations which the Company is committed to implement. LTIF2 rate of 0.88x in 3Q 2024 and 0.68x in 9M 2024

Structurally higher margins and resilient operating results: Despite the challenging market environment, the Company continues to demonstrate resilient performance benefiting from regional diversification. Operating income of $0.7bn in 3Q 2024 (vs $1.0bn in 2Q 2024); EBITDA of $1.6bn in 3Q 2024 (vs. $1.9bn in 2Q 2024) with EBITDA/t of $118/t in 3Q 2024 ($133/t in 9M 2024) and well above the Group's long-term historical average18, reflecting structural improvements

Financial strength: Following the acquisition of c.28.4% stake in Vallourec6 for $1.0bn and $0.3bn share buybacks, net debt increased to $6.2bn at the end of the quarter (gross debt of $11.3bn and cash and cash equivalents of $5.1bn as of September 30, 2024) from $5.2bn as of June 30, 2024

Cash flow being reinvested for growth and shareholder returns: Over the past 12 months, the Company has generated investable cash flow7 of $2.8bn with a net $0.6bn allocated to M&A, $1.5bn invested on strategic growth capex projects8 and $2.0bn returns to ArcelorMittal shareholders while maintaining a strong balance sheet

Consistent shareholder returns: The Company will continue to return a minimum 50% of post-dividend FCF to shareholders through its share buyback programs. The Company repurchased 1.5% of its outstanding shares during 3Q 2024 (5.7% during the 9M 2024) bringing the total reduction in fully diluted share count to 37% since September 20209. To date, 73m shares from the current 85m share buy-back program have been repurchased

Outlook

Positive free cash flow outlook in 2024 and beyond: FY 2024 capex is expected to be within the previously communicated guidance range ($4.5bn-$5.0bn). The Company expects the year to date investment in working capital to reverse by year end, supporting the outlook for free cash flow generation. The completion of the Company's strategic growth projects is expected to generate additional EBITDA and investable cash flow in the coming periods10,16. ArcelorMittal continues to optimize its decarbonization pathway to ensure that the Company can remain competitive and achieve an appropriate return on investment

Company believes current market conditions are unsustainable: China's excess production relative to demand is resulting in very low domestic steel spreads (with the majority of producers loss making) and aggressive exports; steel prices particularly in Europe are well below the marginal cost curve. The Company expects apparent demand in our aggregate markets to be higher in 2H 2024 vs. 2H 2023 (reflecting no repeat of the destock that impacted Europe ASC in 2H 2023 and YoY demand growth in India and Brazil). As absolute inventory levels remain low, particularly in Europe, the Company remains optimistic that restocking activity will occur once real demand begins to recover

Positive on medium/long term outlook: Through its global asset portfolio, ArcelorMittal is uniquely positioned to capture the anticipated growth in steel demand over the medium/long-term; the Company's strategic focus is on safety, delivering its growth projects, and consistently returning capital to shareholders whilst maintaining a strong balance sheet

Recently completed strategic projects are performing well: The Group's portfolio of approved strategic growth projects is estimated to increase EBITDA potential (relative to historical normalized levels) by $1.8bn10

Vega CMC (Brazil): Increase galvanized and cold rolled coil capacity: 1st continuous annealed commercial coil delivered in June 2024; 1st coated coil produced in July 2024 and Magnelis® coil in September 2024India renewables: Project combining solar and wind power (1GW) began commissioning in June 2024, and commenced supply of power to AMNS India as of September 2024, with the JV benefiting from green power at a lower cost than accessing the gridMexico HSM is performing well and expected to achieve targeted profitability in 2024 ($0.3bn EBITDA), despite the disruptions caused by the illegal blockade that impacted 2Q/3Q 2024 operations Financial highlights (on the basis of IFRS1):

(USDm) unless otherwise shown3Q 242Q 243Q 239M 249M 23Sales15,19616,24916,61647,72753,723Operating income6631,0461,2032,7814,320Net income attributable to equity holders of the parent2875049291,7293,885Adjusted net income attributable to equity holders of the parent114886779291,9223,885Basic earnings per common share (US$)0.370.631.112.184.59Adjusted basic earnings per common share (US$)110.630.851.112.424.59      Operating income/tonne (US$/t)50758868102EBITDA31,5811,8622,1505,3997,288EBITDA /tonne (US$/t)118134157133172      Crude steel production (Mt)14.814.715.243.944.4Steel shipments (Mt)13.413.913.740.742.3Total Group iron ore production (Mt)10.19.510.729.832.0Iron ore production (Mt) (AMMC and Liberia only)6.65.96.719.019.8Iron ore shipment (Mt) (AMMC and Liberia only)6.36.26.318.820.3      Weighted average common shares outstanding (in millions)778794838794847 Commenting, Aditya Mittal, ArcelorMittal Chief Executive Officer, said:

"A key milestone during Q3 was the completion of the comprehensive dss+ workplace safety audit. We are now working to define the implementation plan for the six recommendations in an accelerated manner and will provide updates on the progress.

"Economic sentiment remains subdued, but we have delivered a resilient financial performance, reinforcing the structural strength of the Group. Apparent demand is expected to be stronger in the second half of this year compared with 2023, and inventory levels are low, indicating that re-stocking will occur when real demand recovers. The increased level of imports into Europe is a concern and stronger trade measures are urgently required to address this. Similarly, the CBAM needs further strengthening to ensure it fulfills its aim of ensuring European steelmakers can remain competitive versus higher-emissions imports.

"Our free cash flow generation enables us to continue to invest in the business for strategic growth and return capital to shareholders. Our first renewables project is now operating and started supplying power to AMNS India in September. The Vega CMC project is also fully up and running and produced its first Magnelis® coil in September.

"Globally, the medium to long-term outlook for steel is positive, and we are confident that ArcelorMittal will continue to harness its unique geographic presence and strong research and development capability to meet our stakeholders needs and produce smarter steels for people and planet.”

Safety and sustainable development

Health and Safety focus:

Protecting employee health and safety remains the overarching priority of the Company. LTIF rate of 0.88x in 3Q 2024 (vs. 0.57x in 2Q 2024 and 0.94x in 3Q 2023).

The Company-wide independent safety audit by dss+ is complete. It is a comprehensive independent safety audit, providing ArcelorMittal with a clear set of recommendations which the Company is committed to implement. See website for more details: dss+ safety audit recommendations

The Company is now defining the most effective ways to implement these recommendations in an accelerated manner. The first phase includes taking these recommendations to build customized, business unit- specific work plans, to be incorporated into their five-year planning cycle.

Own personnel and contractors - Lost Time Injury Frequency rate

 3Q 242Q 243Q 239M 249M 23North America0.430.310.090.260.15Brazil0.330.150.220.200.28Europe1.471.061.501.251.42Sustainable Solutions1.231.090.651.060.85Mining0.140.150.190.150.14Others1.200.471.450.800.92Total0.880.570.940.680.78 Sustainable development highlights12:

ArcelorMittal is progressing the engineering of its decarbonization projects globally to ensure that it delivers economic decarbonization. Whilst engineering is ongoing, the Company is engaging with the European Commission and member states on the measures required to support a low carbon competitive steel sector in Europe including more robust trade defences and an effective carbon border adjustment mechanism.ArcelorMittal continues to build its portfolio of renewable energy projects to secure and decarbonize its future electricity needs. In August 2024, ArcelorMittal Brasil signed contracts for the development of two solar energy projects with a combined capacity of 465MW, equivalent to 14% of its current electricity requirements in Brazil. ArcelorMittal will partner through JVs with two different renewable companies; Casa dos Ventos and Atlas Renewable Energy for the projects. This builds on the 554MW capacity wind power project in Brazil that is set to be commissioned in 2025. The total 1GW Brazil renewable projects are estimated to add ~$0.1 billion EBITDA benefit to ArcelorMittal. Group renewable portfolio is now 2.1GW (including India and investments in Brazil and Argentina17). Analysis of results for 3Q 2024 versus 2Q 2024

Sales in 3Q 2024 declined by 6.5% to $15.2 billion as compared to $16.2 billion in 2Q 2024.

Operating income of $0.7 billion in 3Q 2024 was 36.6% lower as compared 2Q 2024 largely reflecting lower steel prices (-3.7%), seasonally lower steel shipments (-3.6%), impairments of $36 million related to the closure of the coke oven battery in Krakow (Poland) and exceptional items of $74 million due to restructuring costs at the same site.

EBITDA in 3Q 2024 decreased by 15.1% to $1,581 million as compared to $1,862 million in 2Q 2024, primarily due to weaker results in North America (negative price-cost effect) and Europe (seasonally lower steel shipments) offset in part by an improvement in the Brazil segment primarily due to higher volumes and lower costs.

Net interest cost of $8 million in 3Q 2024 is broadly stable as compared to $7 million in 2Q 2024 and continues to benefit from the capitalization of the interest cost related to certain long term capex investments.

ArcelorMittal recorded net income in 3Q 2024 of $287 million, lower as compared to $504 million in 2Q 2024. ArcelorMittal recorded an adjusted net income11 (i.e., excluding the impairments and exceptional items discussed above as well as mark-to-market loss on purchase of Vallourec shares6) in 3Q 2024 of $488 million as compared to $677 million in 2Q 2024.

ArcelorMittal's basic earnings per common share for 3Q 2024 was $0.37 (adjusted earnings per common share of $0.63) as compared to $0.63 in 2Q 2024 (adjusted earnings per common share of $0.85).

Net cash provided by operating activities during 3Q 2024 amounted to $1.4 billion, and includes a $0.1 billion release of working capital. Capex for the quarter amounted to $1.1 billion (including $0.3 billion spent on strategic growth projects), leading to a free cashflow of $0.3 billion. Cash outflows for the purchase of the c.28.4% stake in Vallourec for $1.0 billion and ongoing share buybacks ($0.3 billion), led to an increase in net debt to $6.2 billion on September 30, 2024, as compared to $5.2 billion on June 30, 2024.

Analysis of operations3

North America

(USDm) unless otherwise shown3Q 242Q 243Q 239M 249M 23Sales2,7623,1623,1889,27110,036Operating income2293385201,1521,637Depreciation(129)(129)(125)(378)(378)EBITDA3584676451,5302,015Crude steel production (Kt)1,6521,8232,1225,6556,542- Flat shipments (Kt)1,9601,8651,9386,0706,192- Long shipments (Kt)5407196671,9252,025Steel shipments* (Kt)2,4082,4682,5277,6727,974Average steel selling price (US$/t)9551,0401,0431,0141,049 * North America steel shipments include slabs sourced by the segment from Group companies (mainly the Brazil segment) and sold to the Calvert JV (eliminated in the Group consolidation). These shipments can vary between periods due to slab sourcing mix and timing of vessels: 3Q'24 577kt; 2Q'24 476kt; 3Q'23 393kt, 9M'24 1,534kt and 9M'23 1,227kt.

Sales in 3Q 2024 decreased by 12.7% to $2.8 billion, as compared to $3.2 billion in 2Q 2024 primarily on account of 8.3% decrease in average steel selling prices and 2.4% decrease in steel shipments.

As previously communicated on July 19, 2024, ArcelorMittal Mexico announced that it had reached a settlement with unions with an agreement to end an illegal blockade at the site. The electric arc furnace EAF (for slab production) and hot strip mill resumed normal operations in August 2024. As a result, 3Q 2024 performance was impacted by ~0.4Mt production and EBITDA by $0.1 billion (same impacts as 2Q 2024).

Operating income in 3Q 2024 decreased by 32.2% to $229 million as compared to $338 million in 2Q 2024, primarily due to a negative price-cost impact.

EBITDA in 3Q 2024 of $358 million was 23.5% lower as compared to $467 million in 2Q 2024.

Brazil13

(USDm) unless otherwise shown3Q 242Q 243Q 239M 249M 23Sales3,2183,2433,5609,51210,454Operating income4143254141,0411,290Depreciation(83)(88)(87)(265)(264)EBITDA4974135011,3061,554Crude steel production (Kt)3,8423,6073,66911,01310,453- Flat shipments (Kt)2,4642,4412,3287,0426,431- Long shipments (Kt)1,3351,2151,2833,6113,734Steel shipments (Kt)3,7873,6373,59910,60410,119Average steel selling price (US$/t)787826932830970 Sales in 3Q 2024 remained broadly stable at $3.2 billion as compared to 2Q 2024, primarily due to a 4.1% increase in steel shipments largely offsetting a 4.7% decline in average steel selling prices.

Operating income in 3Q 2024 of $414 million was 27.3% higher as compared to $325 million in 2Q 2024, due to higher shipments and a positive price-cost effect (lower costs more than offsetting lower selling prices).

EBITDA in 3Q 2024 increased by 20.3% to $497 million as compared to $413 million in 2Q 2024.

Europe

(USDm) unless otherwise shown3Q 242Q 243Q 239M 249M 23Sales7,1417,8227,30222,81025,068Operating income12194139275883Depreciation(281)(268)(278)(823)(811)Impairment items(36)--(36)-Exceptional items(74)--(74)-EBITDA4034624171,2081,694Crude steel production (Kt)7,8708,0417,39823,51521,906- Flat shipments (Kt)4,8975,2064,483