ArcelorMittal : 2023 Half-Year Financials

Interim Management Report
Company overview	3
Message from the CFO	4
Business overview	6
Key transactions and events	34
Sustainable development	36
Corporate governance	41
Cautionary statement regarding forward-looking statements	45
Chief Executive Officer and Chief Financial Officer's responsibility statement	46

Interim condensed consolidated financial statements as of and for the six months ended June 30, 2023	47
Condensed consolidated statements of operations	48
Condensed consolidated statements of other comprehensive income	49
Condensed consolidated statements of financial position	50
Condensed consolidated statements of changes in equity	51
Condensed consolidated statements of cash flows	52
Notes to the interim condensed consolidated financial statements	53
Report of the Réviseur d'entreprises agréé - interim financial statements	73

Company overview

Company overview

ArcelorMittal including its subsidiaries ("ArcelorMittal" or the "Company") is one of the world's leading integrated steel and mining companies, with steel-making operations in 16 countries on four continents. ArcelorMittal had sales of $37.1 billion, steel shipments of 28.7 million tonnes, crude steel production of 29.2 million tonnes, iron ore production of 21.3 million tonnes (Mining segment iron ore production of 13.1 million tonnes) for the six months ended June 30, 2023 as compared to sales of $44.0 billion, steel shipments of 29.7 million tonnes, crude steel production of 30.9 million tonnes, iron ore production of 24.0 million tonnes (Mining segment iron ore production 14.2 million tonnes) for the six months ended June 30, 2022.

ArcelorMittal's steel-making operations include 38 integrated and mini-millsteel-making facilities. ArcelorMittal is the largest steel producer in Europe and among the largest in the Americas, second largest in Africa, the sixth largest steel producer in the CIS region and has a smaller but growing presence in Asia. ArcelorMittal produces a broad range of high-quality finished and semi-finished steel products ("semis"). Specifically, ArcelorMittal produces flat products, including sheet and plate, and long products, including bars, rods and structural shapes. It also produces pipes and tubes for various applications. ArcelorMittal sells its products primarily in local markets and to a diverse range of customers in approximately 150 countries, including the automotive, appliance, engineering, construction and machinery industries.

ArcelorMittal has a global portfolio of 12 operating units with mines in operation and development and is among the largest iron ore producers in the world. The Company has iron ore mining activities in Brazil, Bosnia, Canada, Kazakhstan, Liberia, Mexico, Ukraine, South Africa and through its joint venture in India and associate in Canada (Baffinland). The Company has coal mining activities in Kazakhstan. ArcelorMittal's main mining products include iron ore lump, fines, concentrate, pellets, sinter feed, metallurgical coals including hard and weak coals.

This report includes net debt, gearing and operating working capital, which are non-GAAP financial measures. ArcelorMittal believes net debt, gearing and operating working capital to be relevant to enhance the understanding of its financial position and provide additional information to investors and management with respect to the Company's operating cash flows, capital structure and credit assessment. The Company's guidance as to its working capital release (or the change in working capital included in net cash provided by operating activities) for 2023 is based on the same accounting policies as those applied in the Company's financial statements prepared in accordance with IFRS. Non-GAAP financial measures should be read in conjunction with and not as an alternative for, ArcelorMittal's financial information prepared in accordance with IFRS. Such

Interim Management Report 3

non-GAAP measures may not be comparable to similarly titled measures applied by other companies. The following discussion and analysis should be read in conjunction with the Company's consolidated financial statements and related notes appearing in the Company's annual report for the year ended December 31, 2022 and the unaudited interim condensed consolidated financial statements for the six months ended June 30, 2023 included in this report.

Corporate and other information

ArcelorMittal is a public limited liability company (société anonyme) that was incorporated for an unlimited period under the laws of the Grand Duchy of Luxembourg on June 8, 2001. ArcelorMittal is registered with the Luxembourg Register of Commerce and Companies (Registre du Commerce et des Sociétés) under number B 82.454.

Investors who have any questions or document requests may contact: [e-mail].

The mailing address and telephone number of ArcelorMittal's registered office are:

ArcelorMittal,

24-26 boulevard d'Avranches, L-1160 Luxembourg, Grand Duchy of Luxembourg, Telephone: [phone].

• Interim Management Report

Message from the CFO

Dear shareholders,

We are already half-way through 2023. I am pleased to be able to report that in many ways it has been a positive six months, particularly when framed against the second half of 2022.

Focus on safety comes first

Before I address financial performance, I must first comment on our safety results. We provide a full update on safety performance when we file our full year report and integrated annual review. At the half year however, I want to reassure you that our attention is very much focused on driving improvement. Having done a comprehensive analysis of all safety-related matters in 2022, all attention is now on ensuring rigorous, global implementation and execution of the policies, rules, standards, and training programs that we know can take us to sustained excellent results. There are signs this is beginning to deliver progress, although tragically we have experienced fatalities this year. I sincerely hope we will be able to demonstrate meaningful progress to you at the year end.

A strong first half to the year

Turning to financial results, after exceptionally strong market conditions in 2021 and the first half of 2022, conditions deteriorated in the second half. We are very used to the cyclical nature of our industries and were reasonably confident that the first half of 2023 would be comparatively stronger as de-stocking ended and apparent steel demand rebounded supporting an improvement in steel spreads.

That is exactly what we have seen, with EBITDA improving consecutively from the fourth quarter of 2022 to $1.8 billion in the first quarter of 2023 and then $2.6 billion in the second quarter of 2023. This takes EBITDA for the first half of 2023 to $4.4 billion compared with $3.9 billion in the second half of 2022. EBITDA per tonne reached a very health $183/tonne in the second quarter of 2023 as compared to $126/tonne in the first quarter of 2023.

As you know, much work has been done to strengthen the Company's ability to generate healthy levels of free cash flow through the cycle. The success of this effort is visible again in the first half of 2023 with the Company generating $1.0 billion of free cash flow.

This supported strong levels of net income, $1.9 billion in the second quarter of 2023, versus $1.1 billion in the first quarter of 2023. And $3.0 billion in the first half of 2023 compared with $1.3 billion in the second half of 2022. Net debt is sitting at a very comfortable $4.5 billion at the end of the first half of 2023. This takes into account the first installment of the $0.44/share base dividend and also the 24.8 million shares repurchased so far in 2023.

New acquisitions performing well

It is also very encouraging to see strong contribution already from our new acquisitions, specifically ArcelorMittal Pecém in Brazil and ArcelorMittal Texas HBI. Both these companies are important for our long-term decarbonization plans so it is pleasing they are making such an immediate positive contribution.

Internal growth projects are also demonstrating their ability to add value. The Mexico hot strip mill continues to ramp up and is also performing above expectations. This is the first of nine organic growth projects underway to have completed. Collectively they are expected to generate annual EBITDA of $1.3 billion.

Meanwhile the expansion at our joint venture, AMNS India continues to progress. Coated galvanizing line number 4 is on track to be finished in the third quarter of this year, which will enable AMNS India to launch Magnelis for the growing renewables sector.

Decarbonization momentum continues

The imperative to decarbonize will only intensify. Steel is a hard to abate sector, but it is crucial that it achieves net zero as steel will be at the heart of the net zero economy. While the transition is not straightforward, it is also an exciting opportunity and one that we want to ensure we are well positioned to capitalize on.

There has been progress on several fronts in the first half of the year. It is well known that we are pursuing two technology routes to decarbonize our operations - we call them smart carbon (essentially harnessing CCUS) and innovative DRI (essentially DRI-EAF with green hydrogen). There is also a third potential route - direct electrolysis which has the potential to be a game- changer for our industry. It is at a much earlier stage of development, but we have now announced the construction of what will be the world's first low temperature direct electrolysis plant. The decision on where this pilot plant will be constructed is still under deliberation, but it will be an important step forward in testing and trialing this technology.

In terms of progressing with our planned projects, we have now received the green light from the European Commission for the funding for Belgium, France and Spain. This is an important and positive milestone, and we will now be moving to the FEED phase, having concluded the pre-FEED. We are also focused on ensuring clean electricity will be available in the required volumes and at a competitive price.

From a product perspective, we see continued and growing demand from customers for low-carbon steel products. An important development during the first half of 2023 is General

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Message from the CFO

continued

Motor's decision to purchase steel from our XCarb™ recycled and renewably produced ("RRP") range.

XCarb RRP is also the steel that will make the torches for the Paris 2024 Olympic and Paralympic Games. Following our support for the London 2012 Games, we are delighted to have the opportunity to support Paris 2024 - and moreover that our steel will feature so prominently. It is a unique opportunity to showcase to the world the incredible flexibility of steel and the beautiful shapes it can be transformed into - and also that it can be low-carbon. We also hope it will be an occasion of great pride to our 15,000 employees in France and indeed all employees globally.

There is much about the values of the Olympic games that resonate with us. The relentless strive to achieve excellence and set new standards, but also the ambition to halve the carbon footprint compared with previous games and to embrace diversity. This will be the first Games where an equal number of male and female athletes compete.

At ArcelorMittal we continue to work hard to improve our diversity, recognizing that having access to a variety of backgrounds and thinking is very valuable in helping the Company adapt, progress and sustain long-term results leadership. On gender we have a target to double the number of women in management across the group by 2030. We have a lot of great female talent across the group in many functions, at both the corporate and operational level. Many who are an integral part of our efforts to decarbonize. It is important that we continue to attract women at all levels into the organization so we can grow and develop the talent pipeline. Our regular speak- up plus employee surveys helps us track this and other critical elements regarding our people, so we ensure we continue to adapt and meet their expectations for a rewarding, fulfilling working environment.

Turning to ESG more broadly, without a doubt this is becoming increasingly important as the world grapples to maintain its planetary boundaries in a stable condition. Climate change is the highest profile of these boundaries but others, such as biodiversity, are also increasingly a matter of concern. It is only natural therefore that our stakeholders have heightened expectations when it comes to how we are managing our environmental and social impact. This is being further reinforced in new regulation, for example the Corporate Sustainability Reporting Directive ("CSRD") which we are now preparing for. The CSRD is a significant step-change in ESG reporting but one that appropriately reflects the sustainability concerns of today's world. We continue to be committed to ensuring we manage our impact appropriately and thoroughly and deliver on our purpose of "smarter steels for people and planet."

Looking ahead to the second half of the year, as always, there will be challenges to navigate. The situation for our CIS operations remains tough, with the war in Ukraine still showing no signs of abating. I must commend the strength and resilience of our colleagues in Ukraine who have adapted to unimaginable circumstances and keep the plant running, albeit at reduced rates. Generally speaking the business is in good shape, supported by a strong balance sheet and clear on the strategy we need to execute to capture growth opportunities, while also reducing our carbon footprint and ensuring we can meet customers' evolving expectations for products.

I am confident we will continue to make further strategic progress in the remainder of the year.

Genuino Christino

Chief Financial Officer