ArcelorMittal : 4Q'21 Analyst Slides

4Q 2021 and FY 2021

Financial Results and Strategic update

February 10th 2022

Lakshmi Mittal, Executive Chairman

Aditya Mittal, Chief Executive Officer

Genuino Christino, Chief Financial Officer

Mexico:

Hot Strip mill complex

1

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

2

Contents

4Q'21 and FY 2021

EXECUTIVE SUMMARY | page 4 SUSTAINABLE DEVELOPMENT | page 8

COST | page 13

STRATEGIC GROWTH | page 16 CAPITAL ALLOCATION| page 27 APPENDIX| page 34

Page 3

3

Safety is our priority: committed to reach zero harm

Health and Safety is paramount

• Board and senior management priority - renewed focus, redoubling of H&S training, focus on shop floor and promotion of safety first culture
• Corporate governance and accountability strengthened
• H&S Council of busines COOs (chaired by segment CEO), prioritising support for underperforming units
• Thorough review of safety standards  drive safety culture

Remuneration links to H&S strengthened

• Safety target in STIP increased to 15%, and LTIP to 10%
• ESG objectives included in long term incentive plans
• Regular performance review of individual actions

Health and safety performance (LTIF)*

3.5 H&S performance has

3.0			deteriorated in 2021
		Lack of in-person training during
2.5
		COVID-19 restrictions identified
2.0			as one of the root causes
1.5
1.0
0.5

0.0

2006 2008 2010 2012 2014 2016 2018 2020 2021

Strengthened governance and operational efforts to drive absolute focus on eradicating fatalities

Page 4	* 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).

We begin with ArcelorMittal's number one priority, the health, safety and wellbeing of our employees and contractors.

Over the course of 2021, the Company undertook comprehensive reviews of its efforts to eradicate accidents and fatalities. A succession of actions have been taken: Corporate oversight of safety has been strengthened; peer to peer mentoring between sites has been introduced, prioritizing support for underperforming units; and, we have mandated a focused review and communication/training intensification period for sites that have experienced a severe accident.

To put it simply we are intensifying shop floor engagement and training to enact change and instill a true safety‐first culture.

These actions have been reinforced through increasing the link between safety performance and performance evaluation and rewards.

Let us be clear: our safety performance is not where we want it to be; Management and the whole Company are absolutely focused on eradicating fatalities ‐ together we are committed to reaching zero harm.

4

2021 a year of excellent performance and strategic progress

The key figures:

• $19.4bn EBITDA
• $6.6bn FCF
• $15bn net income
• $13.53 EPS
• $51/sh book value
• 34% ROE*

Decarbonization leadership:		Strategic growth:		Capital returns:
2030 targets set (25% CO2e		First coils from Mexico HSM		$6.7bn capital returned to
reduction globally, 35% for Europe)		$3.1bn strategic capex plan to		shareholders in 2021
1st Smart Carbon projects to start		generate estimated $1.1bn EBITDA		Share count reduced by 19%***
production end-2022		benefit**		Proposed dividend increase to
1st Hydrogen reduction project to		Record performance from AMNS		$0.38/sh (from $0.30/sh)
start production 2024-25		India - cash to be reinvested for
		brownfield expansion		New $1bn capital return launched
Plans announced to transform 4		Balance sheet headroom provides		for 1H 2022
integrated sites to DRI/EAF
		strategic optionality to consider
XCarb Innovation Fund investments		M&A in support of strategic targets
in five technology partnerships

Focussed on creating sustainable per share value

Page 5	* ROE is calculated as net income attributable to equity holders of the parent divided by average Equity attributable to the equity holders of the parent;
	** Estimate of additional contribution to EBITDA, based on assumptions as to selling prices and input costs in particular. Mining EBITDA assumptions
	based on conservative long term iron ore prices; *** Considering fully diluted shares of 1,189m at the end 2020 and 967m at end of 2021

2021 was a very strong year in which we accelerated progress on all fronts.

Against the positive market backdrop, ArcelorMittal delivered outstanding results, with EBITDA of $19.4bn and FCF of $6.6bn. Our JV & Associate investments performed well, making a valuable contribution to our record net income of $15.0bn.

ArcelorMittal has never been stronger. We are leading the industry on decarbonization. Our pipeline of growth projects will drive higher profitability. And we are delivering on our commitments to return capital to shareholders.

5