ArcelorMittal : 3Q'22 IR Slides

3Q'22 Financial Results

November 10, 2022

Genuino Christino, Chief Financial Officer

Daniel Fairclough, Head of Investor Relations

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.

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Positioned to navigate challenging market conditions whilst remaining focussed on long term objectives

• Market conditions are challenging  we are experiencing the peak of the destocking cycle, which is not sustainable
• We are responding effectively  Optimizing energy consumption and adapting production to addressable demand; working to reduce fixed cost of idled capacity while variable costs (raw materials and energy) are expected to move lower
• We are a stronger and more resilient business  Excluding the impacts of energy, our results are significantly stronger than other crisis environments
• Working capital has peaked  $10bn working capital investment over the last 7 quarters. Working capital will now begin to unwind, supporting FCF and continuous capital returns to shareholders
• FCF has been consistently positive, and this is expected to continue
• We will continue to execute our strategy  investment plans are unchanged, strategic growth projects are gaining momentum, we are strengthening the asset portfolio

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"Real demand headwinds are being exacerbated by destocking through the value chain. This gives us confidence that the apparent demand conditions will improve once the destocking phase reaches maturity.

In the meantime, we are responding effectively by adapting our capacity for the 4Q 2022, and reducing fixed costs on the impacted tonnes. At current spot levels, variable costs (raw materials and energy) per tonne are expected to decline in 4Q 2022.

The improvements we have made in recent periods are being tested by this difficult market environment, but we expect results to demonstrate that our business is stronger and more resilient.

Significant cash has been allocated to working capital investment in recent quarters. This is now at a peak, and the expected working capital unwind will support free cash flow in a lower EBITDA environment.

Our balance sheet strength and expectation of consistently positive free cash flow underpin the continued execution of our strategy: to grow and develop the business, to be a leader in low-carbon steel, and capture the growth opportunities in faster growing markets."

Safety and sustainability

Safety is our priority: committed to reach zero harm

• Following full review of every aspect of safety a multi-prongedaction plan has been deployed, building on and supporting the considerable policies and processes already in place
• Global H&S team strengthened
• Group's H&S policy, standards and golden rules updated: comprehensive and effective dissemination throughout the Company has been rolled out
• Safety training & mentoring upgraded: leadership presence on the shop floor now mandatory and central to day-to-dayperformance reviews
• Instituted a "quarantine" for operations that have experienced a serious incident or deemed at risk of such an incident
• Remuneration links to H&S strengthened: 50% increase in the STI link to safety performance (with fatalities acting as a circuit breaker); STIP safety target increased to 15%, and LTIP to 10%; ESG objectives included in LT incentive plans

Health and safety performance (LTIF)*

3.5
3.0
2.5
2.0
1.5
1.0															0.63
0.5
0.0
2007	2008	2009	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	9M 22

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