ROADSHOW

Focussed on sustainable value

creation

February 2023

© ArcelorMittal 2022 - All rights reserved for all countries

Cannot be disclosed, used, or reproduced without prior written specific authorization by ArcelorMittal
CONFIDENTIAL - Privileged Information - ArcelorMittal proprietary information
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
Table of Contents

Progress overview 4-12

Balanced Capital Allocation 13-22
Sustainable Development 23-28
Macro 29-34
Progress overview
Safety is our priority: committed to reach zero harm
Health and safety performance (LTIF)*
▪ Following full review of every aspect of safety a multi-pronged
action plan has been deployed, building on and supporting the 3.5
considerable policies and processes already in place
3.0
▪ Global H&S team strengthened

▪ Group’s H&S policy, standards and golden rules updated: 2.5

comprehensive and effective dissemination throughout the
Company has been rolled out 2.0

▪ Safety training & mentoring upgraded: leadership presence on the 1.5

shop floor now mandatory and central to day-to-day performance
reviews 1.0
0.70
▪ Instituted a “quarantine” for operations that have experienced a 0.5
serious incident or deemed at risk of such an incident
0.0
▪ Remuneration links to H&S strengthened: 50% increase in the STI

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2022
link to safety performance (with fatalities acting as a circuit
breaker). STIP safety target 15% and LTIP to 10%

Focussed on detecting and reducing precursors of fatalities and severe injuries to eradicate harm across the Group

Page 5 * 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/her next scheduled shift or work period. Figures presented for LTIF rates exclude ArcelorMittal Italia in its entirety and
from 2021 onwards exclude ArcelorMittal USA following its disposal in December 2020. (Prior period figures have not been recast for the ArcelorMittal USA disposal); STI/LT refers to
short term / long term incentive plan
2022 another year of strategic progress

Key FY’22 figures: Decarbonization leadership: Strategic growth: Capital returns:

▪ $14.2bn EBITDA 2030 targets set (25% CO2e reduction Recent acquisitions estimated to add 2022 share buy backs completed
globally, 35% for Europe) normalized EBITDA of ~$0.5bn, including: represented 11% of diluted equity; total
purchases since Sept’20 of 30% at an
▪ $6.4bn FCF $0.6bn investment in 1GW renewable - Texas HBI plant acquired to facilitate
decarbonization average share price of €24.34
energy project in India underway
- Acquisition of CSP (Brazil): high quality Further buybacks will be allocated to the
▪ $10.6bn Adj. net 1st smart carbon project inaugurated in
asset, with strong synergies in low-cost 2023 capital return (targeting 50% of
Ghent (Belgium)
income* renewable zone and further value post-dividend FCF as per the policy)
4 specialist scrap metal recyclers creation in LATAM (expected completion
Board proposes to increase annual base
1Q’23)
▪ $11.65 Adj. EPS* acquired in Europe dividend to shareholders to $0.44****
Projects underway to significantly expand
The Company is progressing on key
capacity through JVs in India (to 15Mt by
▪ $62/sh book value decarbonization projects***
2026) and the US (Calvert)
XCarb™ Innovation Fund investments in $4.2bn strategic capex envelope
▪ 20% ROE** six technology partnerships estimated to generate $1.3bn additional
EBITDA

▪ Record low net

debt of $2.2bn

Focussed on creating sustainable value

* Adjusted net income for FY’22 exc. $1.0bn impairment charges and $0.3bn exceptional item; ** ROE (Return on Equity) is calculated as trailing twelve-month net income period (excl.
impairment charges and exceptional items) attributable to equity holders of the parent divided by the average equity attributable to the equity holders of the parent over the period; ***Key sites
in Belgium, Canada, France, Germany and Spain; **** to be paid in 2 equal instalments in June 2023 and December 2023, subject to the approval of shareholders at the 2023 AGM
Page 6
Our results demonstrate greater resilience
Despite the acute destocking environment, energy prices and specific challenges faced by the CIS operations in 4Q 2022, the Group
profitability is higher than previous crisis environments, demonstrating the benefits of our strengthened asset portfolio and improvements
made to the cost base in recent periods

ArcelorMittal EBITDA/t 2015-2022 ($/t) Free cash flow ($bn)

450 3.0

300 2.1
1.7 1.6 1.7
1.5
1.1
150 100
0.3
0
1Q 15

4Q 22
2Q 15
3Q 15
4Q 15
1Q 16
2Q 16
3Q 16
4Q 16
1Q 17
2Q 17
3Q 17
4Q 17
1Q 18
2Q 18
3Q 18
4Q 18
1Q 19
2Q 19
3Q 19
4Q 19
1Q 20
2Q 20
3Q 20
4Q 20
1Q 21
2Q 21
3Q 21
4Q 21
1Q 22
2Q 22
3Q 22
1Q’21 2Q’21 3Q’21 4Q’21 1Q’22 2Q’22 3Q’22 4Q’22

▪ EBITDA/t in 4Q’22 comfortably higher than recent low points of ▪ FCF in 2022 of $6.4bn was very similar to the level
the cycle achieved in 2021

▪ Demonstrating greater resilience to challenging market ▪ Quarterly profile of FCF has been consistently positive
environment following improvements to the asset portfolio and since 3Q’20
cost base

Page 7
Unique global presence
JV (100% basis)
Europe*** Group

Calvert 50%. Includes hot strip mill

5.8 CIS
NAFTA shipments
Includes:;

0.6 Asia AMNS India 60%

VAMA 50%
30.2 4.2 0.2
4.2
6.0
0.6 Shipments EBITDA
9.6 Shipments EBITDA 7.6
3.1
1.5
Shipments EBITDA Total group & key JVs
Shipments EBITDA (100% basis)*

17.7
Brazil
0.1 2.8
0.1
Africa 55.9
14.2
11.5
3.0
2.2 0.3 Shipments EBITDA
Shipments EBITDA Mt $bn**
Shipments EBITDA

* Not an exhaustive list of JVs ; ** 2022 Group EBITDA includes Mining segment EBITDA of $1.7bn with operations in AMMC (Canada) and Liberia; *** European investees includes
Page 8 Acciaierie d'Italia, Rozak and Borcelik. For shipment analysis specifically, estimate for Acciaierie d'Italia presented
Leading the industry towards low-carbon emissions steel

• Plans aligned with the Company’s 2030 GHG emission reduction targets + net zero by 2050*
• The Company is progressing on key European decarbonisation projects
Plans • Broad innovation portfolio of smart carbon and Innovative DRI technologies

• Texas HBI plant acquired, securing high-quality metallics for low-carbon steelmaking
• $0.6bn investment in renewable energy project in India, to supply 20% of AMNS India requirements
Progress • 1st Smart Carbon project in Ghent (Belgium) inaugurated Dec-2022
• Completed acquisition of 4 specialist scrap metal recyclers in Europe
• Low- carbon emissions steel making project in Dofasco (Canada)

• Demand across all segments shows customer appetite for low-carbon solutions***
• Since launch, the Innovation Fund investments has made investments of $158.5m in six companies – Heliogen,
XCarb™ Form Energy, LanzaTech, H2Pro, TerraPower and Boston Metal
• ArcelorMittal is an anchor partner in Breakthrough Energy’s Catalyst Program

• Continued advocacy on state aid approvals and design of EU Fit for 55 package → competitive landscape for
European steel
Policy • SBTi steel sector project ongoing with public consultation closed on Jan 23, 2023. Public launch of guidance
expected in 2Q 2023
• ArcelorMittal Poland obtains ResponsibleSteel™ certification in first for Eastern Europe

Page 9 * Both Europe and groupwide targets are for CO2 equivalent (scope 1 + 2, steel and mining) per tonne crude steel; ** Planned Hamburg project dependent on
funding; *** CO2 savings certificates, verified by an independent auditor, directly relate to CO2 savings from the Group’s investments in decarbonization
technologies implemented across a number of its European sites; GSC refers to green steel certificates; SBTI refers to Science Based Targets Initiative
Value plan: Progress in a challenging year
$1.5bn 3Yr value plan* (2022-2024) Additional temporary actions taken in 2022
▪ Focussed on creating value through well defined initiatives: Commercial (vol & mix in response to energy crisis
improvements) and operational improvements (primarily in variable cost) ▪ In response to the rapidly changing market in
▪ Targeted outcomes → Protect EBITDA against rising inflationary pressures; improve relative Europe, actions were taken to optimize gas
competitive position; and supports sustainably higher profits consumption
▪ Reduced natural gas consumption in the BFs;
oxygen enrichment within reheating furnaces
▪ Leading to a 21% reduction in natural gas
➢ Plan is on track → Actions taken in 2022 yielded improvements of $0.4bn. Examples of the usage per tonne of steel in 2022 vs 2021
initiatives undertaken are as follows:
• Commercial: Projects to improve cost to manufacture value-added products; and increase higher
Europe gas consumed per tonne of steel
added value mix (e.g. Magnelis products, AHSS) shipped 1Q’21-4Q’22 (Base 100=1Q’21)
• Operational: Improvement of fuel rates in BFs; substitution of purchased coke through improved
105
performance of COB; purchasing gains through local sourcing initiatives 100
95
90
Value plan progress ($bn) 85
80
75
1.5 70
65

5
1.1 0

1Q21

2Q21

3Q21

4Q21

1Q22

2Q22

3Q22

4Q22
0.4

2022 2023-2024 Target

Page 10 * Plan excluded the impact of strategic projects which are measured separately; AHSS refers to advanced high strength steels; BF refers to blast furnace; COB refers to coke
oven batteries
Market conditions showing early signs of improvement
ArcelorMittal weighted PMI* chart
60
58
▪ 2022 a year of two halves – a strong 1H’22 followed by a weaker 56
2H’22 due inflationary pressures and negative sentiment leading 54
52
to slowing real demand exacerbated by destocking 50
48
▪ During 4Q’22 steel prices have declined, at a faster rate than raw 46
44
materials leading to compression in spreads 42 Jan-2023, 48.7
40
38 (latest data point: Jan-2023)
▪ 4Q’22 was the peak of the destocking environment; whilst risks 36
to the economic outlook remain, apparent demand is improving 34
2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

▪ Unsustainably low steel spreads observed in 4Q’22 have begun US, Euro and Chinese HRC prices and the RM basket $/t
to recover
2050
▪ Energy prices have reduced significantly from multi-year highs 1950
1850
US domestic EXW Indiana $/t

observed in 2H’22 1750

1650
N.Europe domestic EXW Ruhr $/t
Raw material basket $/t
1550
1450 China domestic (incl. 13% vat) $/t
▪ China outlook improving following relaxation of COVID-19 1350
1250
restrictions 1150
1050
950
▪ Structural improvements to the industry, support sustainably 850
750
650
higher market spreads 550
450
350
250
150
50

Page 11 * ArcelorMittal weighted PMI (purchase managers index) is an aggregation of individual country’s PMI, weighted by ArcelorMittal’s deliveries of finished steel each year;
** As at Jan 30, 2023 QTD
Constructive outlook for 2023
▪ Demand: World ex-China ASC is expected to recover in 2023 by +2.0% to +3.0% as Forecast ASC growth 2023F vs. 2022***
compared to 2022
▪ Shipment growth: ArcelorMittal FY’23 steel shipments are expected to increase ~+5% vs.
FY’22* US**** +1.5% to +3.5%

▪ Positive FCF generation in 2023:

– The Company expects positive FCF generation in 2023 → capex is expected to increase EU27 +0.5% to +2.5%
to within the $4.5bn-$5.0bn range, interest costs are expected to increase to ~$0.4bn,
and lower cash taxes (including non-recurrence of timing related payments made in 2022
of $0.7bn)
China -1.0% to +1.0%
– The Company expects working capital will follow the normal seasonal patterns (including
an investment in 1Q 2023) but expects a release for the full year 2023
▪ Capital returns: Brazil +3.0% to +5.0%
– Base dividend: Board proposes to increase the annual base dividend to shareholders to
$0.44/sh (to be paid in 2 equal instalments in June 2023 and December 2023), subject to
the approval of shareholders at the AGM in May 2023 CIS -2.0% to 0%
– Share buy back**: Share buybacks will continue as per the Company's defined policy to
return 50% of post-dividend FCF to shareholders. The Company will request the
customary authorizations from shareholders at the AGM in May 2023 to continue to India +6.0% to +8.0%
repurchase shares

Global ex China +2.0% to +3.0%

* Shipments on a like for like basis and exclude CSP; ** Share buy backs in 2022 represented 49% of the post-dividend FCF in 2022. There remains (~$0.1bn) of post-
dividend FCF to be returned to shareholders as per the capital return policy, and this is expected to be completed in 1Q 2023. The remaining amounts under the existing buy
back program will be allocated to the 2023 capital return (targeting 50% of post-dividend FCF as per the policy); *** Latest ArcelorMittal estimates of apparent steel
Page 12 consumption (“ASC”); **** US includes pipes and tubes.
Balanced Capital Allocation
Balance sheet a strong foundation for strategic continuity

Liquidity* at December 31, 2022 ($bn) Debt maturities at December 31, 2022 ($bn)

Other loans Commercial paper Bonds

14.9 0.9
0.6
Cash 9.4
0.8 0.5
0.6 0.2 2.5
0.3
Unused credit lines 5.5 1.2 0.9 1.0 1.0 1.2

Liquidity 2023 2024 2025 2026 2027 ≥2027

Liquidity lines Debt**: Ratings:

▪ $5.5bn lines of credit refinanced ▪ Continued strong liquidity ▪ S&P: BBB-, stable outlook
– $5.4bn maturity Dec 19, 2025 and $0.1bn maturity Dec ▪ Average debt maturity → 5.7 Years ▪ Moody’s: Baa3, stable outlook
19, 2023
– On April 30, 2021, ArcelorMittal amended its $5.5bn RCF
to align with its sustainability and climate action strategy

Page 14 * Liquidity is defined as cash and cash equivalents and restricted funds plus available credit lines excluding back-up lines for the commercial paper program; ** there are no
longer financial covenants in ArcelorMittal debt financings
Our balance sheet is a strong foundation for growth and shareholder returns

Balance sheet has never been as strong Debt adjusted FCF* ($billion)
(Net debt, $bn)
7.0 FCF
6.0 Debt-adjusted FCF**
5.0
4.0 $2.6bn
32.5 average
21.8 3.0 adjusted FCF
10.1
2.2 2.0
3Q’08 2012 2017 2022 1.0
0.0
-1.0
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Lower interest cost supports FCF
conversion (annual interest cost, $bn)

• Adjusting historical reported FCF for FY’22 interest expense***: Business

would have been FCF positive in all years since 2012
1.9 • Average annual FCF would have been $2.6bn
0.8
0.2 • ~$19.9bn cumulative FCF since 2012 increases to $28.0bn adjusted with
2012 2017 2022 FY’22 interest expense

* Free cash flow defined as cash from operations less capex less dividends to minorities; ** Annualized; *** Historical FCF adjusted to reflect FY’22 interest expense and includes
Page 15
dividends paid to minority shareholders.
Progressive steps in base dividend
▪ Having achieved its balance sheet targets, ArcelorMittal adopted a prudent and flexible capital allocation and return policy
▪ Fixed component: Conservative base dividend to be progressively increased over time
▪ Variable component: 50% of post-dividend free cash flow returned to shareholders (50% retained as strategic capital)

Base dividend per share $/sh

Maintain strong
Balance Sheet

0.44
0.38
Invest for
growth 0.30

0.20 0.44
0.38
0.30
Supporting higher 0.10
returns to 0.20
shareholders 0.10
Nil
2018 2019 2020 2021 2022 2023*

Page 16 * Subject to shareholder approval at the AGM in May 2023; DPS refers to dividend per share
Post dividend FCF split between strategic investment and returns

50% of post-dividend FCF provides basis for strategic

~50% returned to shareholders
investments

▪ SBB totalling $2.9bn returned in 2022 ▪ CSP in Brazil: World class asset,
producing the highest quality slab at a
▪ 106.4m shares repurchased in 2022 at an average price of €26.25 globally competitive cost; significant
synergies identified; Brazil State of Ceará
▪ 313m share buy backs since Sept’20 at an average share price of
investing heavily to be globally
€24.34* competitive in renewables and green
hydrogen
Diluted no. of shares (outstanding** & MCN) (millions)
▪ Texas HBI: 2Mt of high quality HBI
-30% capacity with options for further site
-11% development & industrial expansion; HBI
1,224
can feed Calvert EAF with high quality
135 967
862 metallics it requires
56
57
1,089 911 ▪ Scrap recycling/metallics: 4
805
acquisitions in 2022 with purchases in UK
(John Lawrie), Germany (ALBA);
Sept 30, 2020 Dec 31, 2021 Dec 31, 2022 Netherlands (Riwald) and Poland
(Zlomex) to increase sufficient and
Mandatory convertible notes (MCN) security of supply
Number of shares outstanding (issued shares less treasury shares)

Page 17
* Average share buy back price of €24.82 including partial MCN conversion of December 23, 2021; ** Issued shares less treasury shares. MCN 57m equivalent shares is considering the $608
million aggregate principal amount of the MCNs remained outstanding as of December 31, 2022, divided by the maximum conversion price of $10.64 per share (post June 2022 dividend); SBB
refers to share buy back
 Strategic capex envelope → to drive significant incremental value

Strategic capex* 2021 – 2024 ($bn) Potential EBITDA impacts***** ($bn)

4.2 0.10 1.3

0.20
0.5
0.5 0.25
Completed 0.8
4Q’21: Ramp 3.3 0.07
0.07
up progressing 0.6 0.07
Outstanding spend 0.05
0.3 0.10
0.3 0.10
0.2 0.25
0.4
0.4 Spent up to date 31.12.22 0.9
0.4
Mexico Vega Serra Las Barra Ukraine India Liberia*** Monlevade Electrical Mexico Vega Serra Las Barra Ukraine India Liberia*** Monlevade Electrical
HSM (BRA) Azul Truchas Mansa pellet renewables (BRA)**** steels HSM (BRA) Azul Truchas Mansa pellet renewables (BRA)**** steels
(BRA) (MEX) (BRA) plant** (FRA) (BRA) (MEX) (BRA) plant** (FRA)

Ongoing projects Recommenced projects New project

* Capex excludes the anticipated upward revisions to Liberia and Monlevade capex due to be communicated in 1H 2023; ** On hold due to the Russian invasion of Ukraine with revised completion date and
Page 18 budget dependent on when the project can be effectively resumed; *** Liberia: Capex required to conclude the project is currently under review given impact of enlarged scope and inflation; **** Monlevade:
capex required to complete the project is currently under review; ***** Estimate of additional contribution to EBITDA, based on assumptions once ramped up to capacity and assuming prices/spreads
generally in line with the averages of the period 2015-2020.
AMNS India JV advancing its growth plans

Improved business performance

▪ Established status as a service and quality leader → Premium supplier of high-quality steel
▪ Enhanced profitability profile – higher earnings from growing core asset base (steel,
mining), supplemented with contribution from stable ancillary assets
▪ Strong cashflow: Cash needs of ~$0.3bn → business able to consistently generate
significant FCF
Growth: Business to fund its own growth plans in steel & mining
▪ Approved investment plan of $7.4bn* to expand capacity, increase value added capabilities
and leverage infrastructure
– Investing $1bn in state-of-the-art downstream facilities at Hazira to supply growing
automotive demand; CGL4 to be commissioned in Jul’23; (CRM2 complex on track for
commission in July 2024)
– Upstream expansion of Hazira plant (phase 1A) to ~15Mt capacity by early 2026
underway
– Enhancing iron ore capabilities: Setting up slurry pipelines to connect mines to
beneficiation plants in Thakurani & Sagasahi and beneficiation of ore in Odisha
– Approved investments expected to increase EBITDA capacity by 2.5X
▪ Completed acquisition of Essar Group port, power and other logistics and infrastructure
assets in India for ~$2.4bn
▪ Options: capacity expansion to 20Mt at Hazira; additional 12Mt greenfield project in Odisha

Page 19
Calvert: construction of 1.5Mt EAF
Construction of new 1.5Mt EAF & caster HSM production (Mt) Steel shipments (Mt)
▪ JV to invest $775m for an on-site steelmaking facility (produce slabs for the existing
operations, replacing part of purchased slabs)
-10%
▪ Secures a reliable slab supply (USMCA compliant) → On-demand casting to meet customer -7%
orders within competitive lead times 4.8
4.3 4.5 4.2
▪ Enhanced mill performance: hot charging of steel slabs into HSM
▪ Plan includes option to add further capacity at lower capex intensity
Profitability and net debt in FY’22
▪ 2022 profitability impacted by weaker demand
FY’21 FY’22 FY’21 FY’22
▪ Business generating healthy FCF – cash to be reinvested to fund EAF. Cash needs of $0.1bn
▪ Working capital (WC) investment (slab prices) → new EAF to structurally reduce WC needs
New product development EBITDA ($bn) Net debt* ($bn)
▪ Auto: Launched Usibor 2000GA product - first commercialization on a SUV B-Pillar.
Usibor2000 Al-Si coating approved by 1 OEM and under qualification with other OEMs +0.2
▪ Energy: expanding capabilities on heavy gauge line-pipe to meet new specification demands 0.9
for line pipe projects -46% 0.7
1.1
0.6

FY’21 FY’22 FY’21 FY’22

Page 20 * FY’21 net debt of $0.7bn excludes $0.8bn of working capital as compared to FY’20 net debt of $0.8bn excluding $0.5bn working capital; FY’22 net debt of $0.9bn excludes
$0.6bn of working capital as compared to FY’21 net debt of $0.7bn excluding $0.8bn working capital
Proposed acquisition of CSP: a key for further value creation in LATAM and beyond
Companhia Siderúrgica do Pecém. (3Mt)
Steelmaking assets Capacity Mt
▪ Agreement reached with Vale (50%), Dongkuk (30%), Posco AM Brasil Flat 7.5
(20%) to acquire Companhia Siderúrgica do Pecém (CSP) AM Brasil Long 4.4
for an enterprise value of $2.2bn AM Argentina long 1.4
CSP 3.0
▪ CSP is a world class asset, producing the highest quality Total AM including CSP 16.3
slab at a globally competitive cost
▪ The addition of CSP will yield significant benefits for 1 BF and 2 BOFs with 3Mt annual slab capacity

customers in fast growing environment ArcelorMittal Tubarao

▪ Significant synergies identified

▪ Brazil State of Ceará investing heavily to be globally
competitive in renewables and green hydrogen
▪ Providing interesting optionality for low-CO2 steelmaking at
Monlevade
CSP at competitive cost Juiz de Fora
Piracicaba Barra Mansa
3BFs and 3 BOFs; 7.5Mt of annual slab
▪ Further downstream development optionality for domestic capacity; HSM with 4.3Mt capacity

and export markets ArcelorMittal Vega do Sul

▪ Antitrust final clearance has now been obtained and

transaction is expected to close in 1Q 2023

ArcelorMittal Flat Product facilites

ArcelorMittal Long Product facilites
Finishing facility currently under expansion; post
expansion, 1Mt of capacity

Page 21
Decarbonization of NAFTA footprint accelerated following Texas HBI plant acquisition
State of the art 5.3Mt
▪ HBI plant acquisition completed in 2Q’22 finishing facility, with
1.5Mtpa EAF under
▪ 2Mt of high quality HBI capacity with options construction at Calvert,
for further site development & industrial Alabama
expansion
▪ Potential to generate > $130 million EBITDA
AMMC converting 10Mt/y pellet
p.a.
production to DRI pellets by end 2025
▪ HBI from Corpus Christi facility can ultimately Canada

feed Calvert EAF with high quality metallics it

requires
▪ EAF at Calvert under construction and due
for completion in 2023; studying 2nd EAF at
Calvert that would take slab capacity to 3Mt USA

▪ Dofasco transition to fully DRI-EAF steel Dofasco, Canada, transitioning

making underway 2.5Mt of capacity to DRI and 2.4Mt
HBI 2Mt plant in Corpus Christi, to EAF by 2028
▪ Successfully tested partial replacement of Texas
natural gas with green hydrogen to produce
DRI in Contrecoeur
▪ AMMC converting pellet capacity to DRI- NAFTA HRC Capacity (Mt) Mexico

grade to supply Canada/Texas

12.3
▪ Mexico: Flat production already DRI-EAF Mexico 2.5
based. 4.5Mt DRI capacity supporting its new 4.5 Mexico: 4.5Mt DRI capacity
Dofasco
2.5Mt HSM and Calvert HSM
AMNS Calvert 5.3

Page 22
Sustainable Development
Sustainability governance
Sustainable development underpins ArcelorMittal’s purpose

Our 10 SD outcomes
▪ Board oversight of SD progress each 1. Safe, healthy, quality working
quarter by the Board Sustainability lives for our people
Committee → three independent directors, 2. Products that accelerate more
chaired by Clarissa Lins sustainable lifestyles
3. Products that create
▪ Five sustainability themes used to ensure sustainable infrastructure
4. Efficient use of resources and
Board focus on all key aspects of
high recycling rates
sustainability over the year, via dashboards, 5. Trusted user of air, land and
progress reports water
6. Responsible energy user that
▪ 10 SD outcomes provide framework for SD helps create a lower carbon
planning by business operations future
7. Supply chains that our
▪ Accountability for SD is led by the Executive customers trust
Vice President, Business Optimisation, 8. Active and welcomed member
reporting directly to the Executive Office of the community
9. Pipeline of talented scientists
▪ ResponsibleSteel and IRMA certification and engineers for tomorrow
program to drive strong, consistent ESG 10. Our contribution to society
measured, shared and valued
management systems across business
Underpinned by transparent good
governance

10 SD outcomes = ArcelorMittal’s equivalent of 17 UN SDGs

Page 24
ArcelorMittal Net-zero roadmap
Updated to show announced projects in Europe and Canada

Key

A. Steelmaking transformation (footprint change, energy efficiency, pellets)

B. Energy transformation (CCUS, hydrogen, bioenergy)
C. Increased scrap use
D. Sourcing clean electricity
Page 25 E. Offsetting residual emissions

The waterfall chart 2030-2050 breakdown displayed on this slide is for illustrative purposes only.
We are helping to define the low-carbon emissions steel standard
Supports the creation of market demand for physical steel products which would be classified as lower, and
ultimately near-zero, carbon emissions steel
3 core principles:
A dual-score approach
1. Dual score system incentivises decarbonisation
progress and provides a
▪ Decarbonisation progress rating system comparable and transparent
values for embodied carbon
▪ LCA value for finished products (EPD for construction products) emissions of steel products

2. Sliding scale based on the % of scrap used in production

▪ Focuses decarbonisation on technology shifts rather than just
increasing scrap rates with existing technology
▪ Aligns with ResponsibleSteel™ and International Energy Agency
(‘IEA’) low-carbon emissions steel models
The graph demonstrates the
concept of how the
decarbonisation rating system
3. Clearly defined system boundary for decarbonisation rating, would work. A banded scoring
including system that largely neutralises
the effect of scrap as the main
▪ All iron and steelmaking processes up to hot rolled product decarbonisation method will
incentivise technology shifts.
▪ Upstream material inputs, excluding ferroalloys
Similar to ResponsibleSteel™
and the IEA, the threshold for
near-zero steel should be set at
Complements methods to reward virtual low-carbon steel, at least until a level which supports all
significant amounts of physical low-carbon steel are available potential decarbonisation
routes.

Page 26
Global ResponsibleSteel site certification in France, Spain, Brazil and Poland;
following progress in the Americas
Reduces our SD risk, improves our SD performance and meets our stakeholders’ rising SD requirements

▪ Unique multistakeholder ESG standard for

steel industry
▪ Value to customers, investors and
steelmakers
▪ Site certification requires independent
assurance of management systems,
governance and disclosure across broad
▪ ArcelorMittal Tubarao, March 2022: first site in the Americas to receive certification against the range of ESG aspects:
ResponsibleSteel™ site standard
➢ human rights and labour rights
▪ As of December 2022, thirty of ArcelorMittal’s European steelmaking sites have been certified against
ResponsibleSteel: ➢ water stewardship and biodiversity
➢ ArcelorMittal Belgium (Geel, Genk, Gent, Liège) ➢ climate change and greenhouse gas
➢ Luxembourg (Belval, Differdange and Rodange) emission
➢ Germany (Bremen and Eisenhüttenstadt)
➢ community relations and business
➢ Spain (Avilés-Gijón, Sagunto, Lesaka-Legasa and Etxebarri integrity
➢ France (Dunkerque, Mardyck, Desvres, Montataire, Florange, Mouzon, Basse Indre, Fos-sur-Mer and
Saint-Chély-d’Apcher) ▪ Steel certification standard published Sept
➢ Poland (Dąbrowa Górnicza, Kraków, Zdzieszowice, Świętochłowice, Sosnowiec, and Chorzów)
2022 drives demanding performance
requirements on GHG performance levels and
➢ Brazil (Tubarão, Monlevade)
responsible sourcing conditions
▪ Further sites in Europe, Brazil and N America have commenced the rigorous independent audit process. Goal is
to see steelmaking sites in 50% ArcelorMittal operating countries to be certified by 2025

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Climate Leadership: ArcelorMittal role in multiple initiatives to define carbon standards
for the steel industry
We aim to drive alignment as far as possible between different initiatives

Demand signal for near- Standards and methodologies to

zero/net-zero steel assess GHG performance and 1.5-
alignment

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Guidance for investment in near-zero/net-zero steel
Macro
Beyond 2022 – Energy transition to be a key demand driver
Europe: Steel intensity in energy sector is increasing with the transition to
low carbon sources of energy generation
▪ Steel will play an important role in the energy transition
▪ Steel intensity of renewables-based power infrastructure is significantly higher than Equivalent to additional ~4%
traditional carbon-based power infrastructure to 5% of European flat steel
▪ EU wind and solar power capacity is expected to increase rapidly over the next 10 years
demand annually
triggered by the REPowerEU Plan
▪ ArcelorMittal estimates that the annual steel consumed in Europe to build wind and solar
capacity will increase 4x fold in the period 2021-2030 relative to 2016–2020

US: IRA in the US

▪ Electric Vehicles: $7,500 tax credit for purchase of new EV ($4,000 for used); Must be Preliminary analysis shows
assembled in North America; Extended through 2032 the way tax credits are
▪ Commercial EVs: $7,500 or $40,000 tax credit cap depending on gross vehicle weight structured could significantly
▪ Renewable energy: 30% tax credit for 10 years for qualified renewable energy investments improve the attractiveness of
different USA steelmaking
▪ Solar demand outlook has increased over 10 years based upon higher tax credits
decarbonization investment
▪ Household energy efficiency: Tax credits and discounts for homeowners including items options
such as heat pumps and electrical panels

Page 30
Trade policy in core markets EU/NA to provide protection
ArcelorMittal continues to support action to address unfair trade
Europe: United States:
▪ All key flat rolled steel products AD/CVD measures have been
• Anti-dumping (AD) duties in place since 2017 - HRC against China, Ukraine*,
implemented; 5-year reviews conducted in 2022 – measures continued
Brazil, Russia, Iran and anti-subsidy (AS) duties against China. These measures
on corrosion-resistant, cold-rolled, and hot-rolled steel, and cut-to-length
are currently the subject of expiry reviews initiated by the Commission
steel plate
• On Jul 1, 2022, the European Commission (EC) implemented a number of small
▪ Section 232 implemented March 23, 2018; 25% tariffs and/or
technical changes to the safeguard measures and adjusted the quota
quotas/tariff-rate quotas on all steel product categories on most
liberalisation from 3% to 4%, following a review. On Dec 2, 2022, the EC initiated
countries (except Canada, Mexico, Australia)
a new fundamental review into the safeguard measures. The Commission is
looking into whether to maintain the measures until the originally foreseen end ▪ On Jan. 1, 2022, the US replaced the existing Section 232 tariffs on
date of June 30, 2024, or if they should be terminated a year early on June 30, EU steel with a Tariff-rate Quota (TRQ.) The total annual import
2023. Due to European sanctions on Russia and Belarus, the quotas for the two volume under the TRQ is set at 3.3Mt allocated by product category
countries have already been redistributed across other third countries. and on an EU member state basis. Only steel “melted and poured” in
the EU is eligible for duty-free treatment. Imports above the TRQ
• Feb 25, 2022, Commission opened an expiry review into Chinese Heavy Plate
volumes will continue to be subject to the 25% tariff. An additional
imports
1.1Mt of products previously excluded from Section 232 tariffs will
• Jun 15, 2022, Commission opened an expiry review into Belarusian Rebar also be allowed to continue duty-free.
imports
▪ Tariff-rate quotas arrangements with Japan and the UK were also
• On Aug 12, 2022, the EU imposed AD duties on imports of Turkish & Russian agreed and implemented in 2Q 2022
HDG coils (non-auto)
Canada:
• On Oct 12, 2022, Member States agreed to continue AD measures against CRC
from China and Russia for a further 5 years, following an expiry review ▪ Thirteen cold-rolled and corrosion-resistant AD/CVD measures
implemented 2018-2020
• On Oct 12, 2022, Member States agreed on the implementation of AD duties
against ECCS from China ▪ Hot-rolled AD/CVD 5-year review initiated in 2H’21 (China, Brazil,
Ukraine, India); measures continued on all countries except Ukraine

Page 31 * On December 21, 2022 the EC proposed removing Ukraine from the investigation, and therefore from the measures if they are renewed. A final decision on this is pending and Ukraine
currently remains part of the investigation. Anti-dumping (AD); Countervailing duties (CVD)
Regional inventory

German inventories (000 Mt)* US service centre steel inventories (000 Mt)
(latest data point: Dec 2022) 5.0
Germany Stocks in Kt (latest data point: Dec-2022) 3.6
1,400 USA (MSCI)
Monthly supply (RHS) 12,000 3.4
1,200 4.0 Months Supply (RHS)
10,000 3.2
1,000 3.0
3.0 8,000 2.8
800 2.6
2.0 6,000
600 2.4
4,000 2.2
1.0
400 2.0
2,000
200 0.0 1.8
0 1.6

Brazil service centre inventories (000 Mt) China steel inventories (warehouse)** (Mt/mth) with ASC%
Flat stocks at service centres (latest data point: Dec-2022)
1,400 7.0 Flat and long % of ASC (RHS) (latest data point: Dec-2022)
Months Supply (RHS) 30 45%
1,200 6.0 40%
25
1,000 35%
5.0 20 30%
800 25%
4.0 15
600 20%
3.0 10 15%
400
10%
200 2.0 5
5%
0 1.0 0 0%

Page 32
* German inventories seasonally adjusted
**Source: WSA, Mysteel, ArcelorMittal strategy estimates
China net exports

China net trade exports* million Mt

(latest data point: Dec-2022)

▪ Dec’22 finished steel net exports of 4.7Mt vs.
12
Exports of finished steel products
4.8Mt Nov’22 (-3% MoM)
10
Imports of finished steel products ▪ 4Q’22 finished steel net exports of 14.0Mt vs
Net-trade
15.2Mt 3Q’22 (-8% QoQ)
8
▪ Dec’22 finished steel net exports of 4.7Mt vs.
6 4.0Mt Dec’21 (+17% YoY)

4 ▪ FY’22 finished steel net exports of 56.9Mt vs.

52.2Mt in FY’21 (+9% YoY)
2
Policy:
0
▪ China has cancelled the 13% export tax
-2 rebate on commodity grades of steel (HRC,
rebar) as of May 1, 2021 → less incentive to
-4 export
2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022

Page 33 * Excluding semi finished trade data

ArcelorMittal contacts

Daniel Fairclough – Global Head Investor Relations Maureen Baker – Fixed Income/Debt Investor Relations
daniel.fairclough@arcelormittal.com +44 207 543 1105 maureen.baker@arcelormittal.com +33 1 71 92 10 26

Hetal Patel – General Manager Investor Relations Victoria Irving – ESG Investor Relations
hetal.patel@arcelormittal.com +44 207 543 1128 victoria.irving@arcelormittal.com +44 7435 192206

Page 34