ArcelorMittal : 2Q22 Analyst Slides

2Q'22 and 1H'22 Financial Results and Strategic update

July 28, 2022

Aditya Mittal, Chief Executive Officer

Genuino Christino, Chief Financial Officer

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

Sustainable value creation

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);
  • Safety target in STIP increased to 15%, and LTIP to 10%;
  • ESG objectives included in LT incentive plans

Health and safety performance (LTIF)*

3.2
3.0
2.8
2.6
2.4
2.2
2.0
1.8
1.6
1.4
1.2
1.0															0.68
0.8
0.6
0.4
0.2
0.0
2007	2008	2009	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019	2020	2021	1H 22

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); STI/LT refers to short term / long term incentive plan

Progress on all strategic fronts

Key 1H'22 figures:

• $10.2bn EBITDA
• $3.2bn FCF
• $8.0bn net income
• $8.53 EPS
• $60/sh book value
• 34% ROE*

Decarbonization leadership:

2030 targets set (25% CO2e reduction globally, 35% for Europe)

1st Smart Carbon projects to start production end-2022

1st hydrogen based DRI project scheduled to start production in 2025 (Hamburg)

Plans announced to transform 4 integrated sites to DRI/EAF

XCarb™ Innovation Fund investments in five technology partnerships

Strategic growth:

$3.65bn strategic capex envelope to generate $1.2bn additional EBITDA

Recent acquisitions add normalized EBITDA of ~$0.5bn, including:

• Completed acquisition of Corpus Christi HBI plant to facilitate decarbonization
• Proposed acquisition of CSP (Brazil): high quality asset, with strong synergies and further value creation in LATAM and beyond

Plans underway to significantly expand capacity through JVs in India and the US (Calvert)

Capital returns:

Balanced capital allocation including a net $1.3bn inflow from M&A over the last 18 months

$9.5bn capital returned to shareholders since Sept'20

Base dividend of $0.38/sh paid

New buy back to purchase 60m shares ($1.4bn at current share price**) to be completed by end of May 2023

Fully diluted share count reduced to 904m at end of June 2022 (-26% lower than 3Q'20)

Focussed on creating sustainable value

Page 5	* ROE (Return on Equity) is calculated as trailing twelve-month net income attributable to equity holders of the parent divided by the average equity attributable to the
equity holders of the parent over the period; ** share price as at 26.07.22 of $22.90/sh