Leadership presentation Journey to Zero Fatalities: Implementation of the audit recommendations is underway Business specific plans have been developed to implement the recommendations of the Company-wide safety audit Key highlights include: Q2 and 1H 2023 financial results 4Q 2024 and FY 2024 Financial Results February 6, 2025 Aditya Mittal, Chief Executive Officer Genuino Christino, Chief Financial Officer 27th July 2023 1. EBITDA is defined as operating income plus depreciation, impairment items and exce ...

Financial Data and Key Metrics Changes - EBITDA for 2024 was $7.1 billion, translating to $130 of EBITDA per ton shipped, nearly double the previous cycle lows, indicating a structural transformation in the business [17][18] - Adjusted net income reached $2.3 billion, representing a 4.4% return on book value of equity, with return on capital employed at 6% [18] - Generated over $2 billion of investable cash flow in 2024, totaling $21 billion since 2021 [19] Business Line Data and Key Metrics Changes - The company expects a structural EBITDA impact of $1.9 billion from high-return strategic projects, with $400 million to be captured in 2025 and $600 million in 2026 [9][10] - Recent projects, including the Vega coal mill complex in Brazil and a new hot strip mill in Mexico, are performing well and contributing to incremental EBITDA [10] Market Data and Key Metrics Changes - The company anticipates slightly positive apparent demand growth in the market, positioning itself to benefit from any recovery [21] - The automotive market in North America is stable, while Europe is expected to see a modest decline in production [115] Company Strategy and Development Direction - The company is focused on safety improvements and achieving a culture of being fatality and injury-free [6][7] - A commitment to decarbonization is evident, with absolute carbon emissions reduced to approximately half of 2018 levels [12] - The company aims to maintain a capital expenditure envelope between $4.5 billion to $5 billion, with flexibility in allocation based on market conditions [31] Management's Comments on Operating Environment and Future Outlook - Management acknowledges challenges in the current cycle but emphasizes resilient results and confidence in future cash flow generation [8][21] - The company is optimistic about the potential for recovery in demand and is well-positioned to capitalize on it [21] Other Important Information - The dividend has increased to $0.55 per share, reflecting a 10% increase from the previous year and an 80% increase since 2020 [21] - The company has returned significant cash to shareholders through buybacks, reducing share count by 37% over the last four years [11] Q&A Session Summary Question: Impact of the non-green steel plant in Calvert - Management confirmed that the commissioning of the new electric furnace in Calvert is on track and will not materially delay the second electric arc furnace [28][30] Question: CapEx expectations - The company plans to keep overall CapEx between $4.5 billion to $5 billion, with flexibility to adjust based on market conditions [31] Question: EBITDA potential from Liberia's volume increase - Management explained that the EBITDA potential increase is limited due to quality considerations of the products being produced [34] Question: Potential tariffs on Canadian and Mexican steel - Management noted that while tariffs could impact operations, the revenue impact would likely offset costs, and they are focused on strengthening the NAFTA trading block [42][44] Question: Electrical steel market outlook - The non-grain-oriented electrical steel market is currently in deficit, with strong growth expected due to demand from both electric and hybrid vehicles [50][52] Question: European performance and margin stability - Management highlighted strong cost performance in Europe, contributing to stable margins despite challenging market conditions [123] Question: Future of Vallourec stake - Management expressed satisfaction with the current 28% stake in Vallourec and has no immediate plans to increase it [140]

ARCELORMITTAL 6-K Exhibit 99.1 ArcelorMittal reports third quarter 2024 results Luxembourg, November 7, 2024 - ArcelorMittal (referred to as "ArcelorMittal" or the "Company" or the "Group") (MT (New York, Amsterdam, Paris, Luxembourg), MTS (Madrid)), the world's leading integrated steel and mining company, today announced results for the three-month and nine-month periods ended September 30, 2024. 3Q 2024 key highlights: Safety focus: The Company-wide audit of safety by dss+ is now complete. It has provided ...

| --- | --- | |------------------------------------------------------------------------------------------|-------| | | | | Q2 and 1H 2023 financial results Leadership presentation 3Q 2024 Financial Results | | | 27th July 2023 November 7, 2024 | | | 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 st ...

ArcelorMittal S.A. (NYSE:MT) Q3 2024 Earnings Conference Call November 7, 2024 9:30 AM ET Company Participants Daniel Fairclough – Investor Relations Genuino Christino – Group Chief Financial Officer Conference Call Participants Ephrem Ravi – Citi Alain Gabriel – Morgan Stanley Tom Zhang – Barclays Patrick Mann – Bank of America Andrew Jones – UBS Dominic O’Kane – JPMorgan Boris Bourdet – Boris Bourdet Tristan Gresser – BNP Paribas Matt Greene – Goldman Sachs Max Kogge – Oddo Bastian Synagowitz – Deutsche B ...

[Report Highlights](index=1&type=section&id=Report%20Highlights) [Q2 2024 Key Highlights](index=1&type=section&id=2Q%202024%20Key%20Highlights) ArcelorMittal reported resilient Q2 2024 results with $1.9 billion EBITDA, $0.5 billion net income, and $5.2 billion net debt Q2 2024 Key Financial and Operational Metrics | Metric | Value | Quarter | Note | | :--- | :--- | :--- | :--- | | **EBITDA** | $1.9 billion | 2Q 2024 | vs. $2.0 billion in 1Q 2024 | | **EBITDA/tonne** | $134/tonne | 2Q 2024 | Reflects structural improvements | | **Steel Shipments** | +3.2% | 2Q 2024 | vs. 1Q 2024 | | **Net Income** | $0.5 billion | 2Q 2024 | vs. $0.9 billion in 1Q 2024, impacted by non-cash mark-to-market on Vallourec shares | | **Net Debt** | $5.2 billion | End of Q2 | Gross debt of $11.1 billion, Cash of $5.9 billion | | **LTIF Rate** | 0.57 | 2Q 2024 | Improved safety performance | - Over the past 12 months, the company generated **$2.6 billion** in investable cash flow, investing **$1.5 billion** in strategic growth projects and returning **$1.8 billion** to shareholders[2](index=2&type=chunk) [Strategic Objectives Progress](index=1&type=section&id=Key%20Developments%20Towards%20Strategic%20Objectives) The company advances strategic objectives via organic growth, portfolio optimization, and shareholder returns, with projects adding $1.8 billion EBITDA potential by 2026 and share count reduced by 36% since 2020 - Strategic growth projects are estimated to add **$1.8 billion** to the Company's EBITDA potential by the end of 2026. Key projects nearing completion include Calvert EAF (US), Serra Azul (Brazil), electrical steel (France), and capacity expansion in Liberia[3](index=3&type=chunk) - The Sustainable Solutions segment is progressing towards **doubling its EBITDA** in the next 5 years. The acquisition of Italpannelli and the investment in Vallourec are estimated to add a further **$0.2 billion** to EBITDA potential in 2025[3](index=3&type=chunk) - The company maintains a commitment to shareholder returns, with a base dividend of **$0.50/share** in 2024 and a policy to return a minimum of **50%** of post-dividend free cash flow through share buybacks. The fully diluted share count has been reduced by **36%** since September 2020[3](index=3&type=chunk) [CEO Commentary](index=2&type=section&id=CEO%20Commentary) - CEO Aditya Mittal highlighted good progress in H1 2024, emphasizing the near completion of a comprehensive safety audit which will be instrumental in achieving safety goals[6](index=6&type=chunk) - Strategic growth projects and recent acquisitions have an estimated potential to increase EBITDA by **$2.0 billion**, with several projects like Vega CMC and the India renewables project now coming online[7](index=7&type=chunk) - Demand for low-carbon steel products like XCarb® is growing, and the company is expanding its climate solutions portfolio with new brands like HyMatch® for hydrogen pipelines and acquisitions in the insulation panel market[8](index=8&type=chunk) - Financial performance in Q2 was similar to Q1, reflecting subdued economic sentiment. However, low inventory levels are expected to support apparent steel demand growth ex-China of **2.5% to 3%** this year[9](index=9&type=chunk) [Safety and Sustainable Development](index=4&type=section&id=Safety%20and%20Sustainable%20Development) [Health and Safety](index=4&type=section&id=Health%20and%20Safety%20Focus) Employee health and safety remain top priority, with an improved LTIF rate of 0.57 in Q2 2024 and a comprehensive safety audit nearing completion Lost Time Injury Frequency (LTIF) Rate | LTIF Rate | 2Q 24 | 1Q 24 | 2Q 23 | | :--- | :--- | :--- | :--- | | **Total** | 0.57 | 0.61 | 0.73 | - A company-wide safety audit by dss+ is progressing on schedule, covering fatality prevention, process risk management, and safety governance. The groundwork, completed in July, included **155 onsite audits**, **14 risk assessments**, and **~300 interviews** with leadership and personnel[11](index=11&type=chunk)[15](index=15&type=chunk) [Sustainable Development](index=4&type=section&id=Sustainable%20Development%20Highlights) ArcelorMittal advances decarbonization with new EAF and 1GW renewables, expanding low-carbon products like HyMatch® and aiming to double XCarb® sales in 2024 - Construction has started on a **1.1 million tonne** Electric Arc Furnace (EAF) at the Gijón plant in Spain, a key part of the European decarbonization program[16](index=16&type=chunk) - The **1GW** renewables project in India has begun commissioning, which will supply over **20%** of the AMNS India Hazira plant's energy needs[16](index=16&type=chunk) - The company launched the HyMatch® steel brand for hydrogen transport pipelines and acquired Italpannelli to expand its exposure to insulation panels for low-carbon buildings[17](index=17&type=chunk) - Sales of XCarb® recycled and renewably produced (RRP) low-carbon steel products are on track to **double in 2024** compared to 2023[17](index=17&type=chunk) [Financial Performance Analysis](index=6&type=section&id=Financial%20Performance%20Analysis) [H1 2024 vs H1 2023 Analysis](index=6&type=section&id=Analysis%20of%20results%20for%20the%20six%20months%20ended%20June%2030%2C%202024%20versus%202023) ArcelorMittal's H1 2024 performance declined, with sales down 12.3% to $32.5 billion, EBITDA down 25.7% to $3.8 billion, and a $1.3 billion free cash outflow H1 2024 vs H1 2023 Financial Summary | Metric | 1H 2024 | 1H 2023 | Change | | :--- | :--- | :--- | :--- | | **Sales** | $32.5 billion | $37.1 billion | -12.3% | | **Operating Income** | $2.1 billion | $3.1 billion | -32.1% | | **EBITDA** | $3.8 billion | $5.1 billion | -25.7% | | **Net Income** | $1.4 billion | $3.0 billion | -51.2% | | **Basic EPS** | $1.80 | $3.47 | -48.1% | - The decline in performance was driven by a negative price-cost effect from lower steel selling prices and reduced shipment volumes, including the impact of an illegal blockade at Mexican operations[19](index=19&type=chunk)[20](index=20&type=chunk) - Net debt increased to **$5.2 billion** from **$2.9 billion** at year-end 2023, following a **$1.3 billion** free cash outflow which included a **$1.6 billion** working capital investment and **$1.1 billion** in shareholder returns[22](index=22&type=chunk) [Q2 2024 vs Q1 2024 Analysis](index=6&type=section&id=Analysis%20of%20results%20for%202Q%202024%20versus%201Q%202024) Q2 2024 sales were stable at $16.2 billion, but EBITDA decreased 4.8% to $1.9 billion, with net income falling to $504 million due to non-cash items Q2 2024 vs Q1 2024 Financial Summary | Metric | 2Q 2024 | 1Q 2024 | Change | | :--- | :--- | :--- | :--- | | **Sales** | $16.2 billion | $16.3 billion | -0.2% | | **Operating Income** | $1.0 billion | $1.1 billion | -2.4% | | **EBITDA** | $1.9 billion | $2.0 billion | -4.8% | | **Net Income** | $0.5 billion | $0.9 billion | -46.3% | | **Basic EPS** | $0.63 | $1.16 | -45.7% | - The decrease in EBITDA was primarily due to weaker results in North America, India, and the Mining segment, partially offset by improved performance in Europe[24](index=24&type=chunk) - Net income was significantly impacted by a non-cash mark-to-market loss of **$173 million** on Vallourec shares, reversing a gain of **$181 million** from the previous quarter[25](index=25&type=chunk) [Segment Performance Analysis](index=7&type=section&id=Analysis%20of%20operations) [North America](index=7&type=section&id=North%20America) North America's Q2 2024 performance was severely impacted by a Mexican blockade, resulting in a 33.7% EBITDA decrease to $467 million and 0.4 million tonnes volume loss North America Segment Performance | Metric (million USD) | 2Q 24 | 1Q 24 | Change | | :--- | :--- | :--- | :--- | | **Sales** | 3,162 | 3,347 | -5.5% | | **EBITDA** | 467 | 705 | -33.7% | | **Steel Shipments (kilotonnes)** | 2,468 | 2,796 | -11.7% | - An illegal blockade at the Lázaro Cárdenas plant in Mexico, which began on May 24, 2024, caused the company to halt its blast furnace and mining operations. This resulted in an estimated loss of **~0.4 million tonnes** in volume and **~$0.1 billion** in EBITDA for Q2 2024[31](index=31&type=chunk) [Brazil](index=7&type=section&id=Brazil) Brazil's segment EBITDA increased 4.3% to $413 million in Q2 2024, driven by a strong 14.4% rise in steel shipments Brazil Segment Performance | Metric (million USD) | 2Q 24 | 1Q 24 | Change | | :--- | :--- | :--- | :--- | | **Sales** | 3,243 | 3,051 | +6.3% | | **EBITDA** | 413 | 396 | +4.3% | | **Steel Shipments (kilotonnes)** | 3,637 | 3,180 | +14.4% | [Europe](index=9&type=section&id=Europe) Europe's segment EBITDA recovered significantly in Q2 2024, increasing 34.8% to $462 million due to positive price-cost effects and higher shipments Europe Segment Performance | Metric (million USD) | 2Q 24 | 1Q 24 | Change | | :--- | :--- | :--- | :--- | | **Sales** | 7,822 | 7,847 | -0.3% | | **EBITDA** | 462 | 343 | +34.8% | | **Steel Shipments (kilotonnes)** | 7,407 | 7,236 | +2.4% | - The increase in operating income and EBITDA was primarily due to a positive price-cost effect, as lower costs offset the decline in average steel selling prices[38](index=38&type=chunk) [India and JVs](index=9&type=section&id=India%20and%20JVs) Income from India and JVs decreased to $181 million in Q2 2024, mainly due to lower contributions from AMNS India and Calvert - Income from associates, joint ventures, and other investments was **$181 million** in Q2 2024, down from **$242 million** in Q1 2024, mainly due to lower contributions from AMNS India and Calvert[40](index=40&type=chunk) [AMNS India](index=9&type=section&id=AMNS%20India) AMNS India's EBITDA declined to $237 million in Q2 2024 due to negative price-cost effects and a 6.2% reduction in shipments AMNS India Performance (100% basis) | Metric (100% basis) | 2Q 24 | 1Q 24 | Change | | :--- | :--- | :--- | :--- | | **Sales (million USD)** | 1,580 | 1,815 | -12.9% | | **EBITDA (million USD)** | 237 | 312 | -24.0% | | **Shipments (kilotonnes)** | 1,892 | 2,016 | -6.2% | [Calvert](index=9&type=section&id=Calvert) Calvert's EBITDA decreased 11.6% sequentially to $166 million in Q2 2024, primarily due to a negative price-cost effect Calvert Performance (100% basis) | Metric (100% basis) | 2Q 24 | 1Q 24 | Change | | :--- | :--- | :--- | :--- | | **Sales (million USD)** | 1,244 | 1,236 | +0.6% | | **EBITDA (million USD)** | 166 | 188 | -11.6% | | **Shipments (kilotonnes)** | 1,145 | 1,131 | +1.2% | [Sustainable Solutions](index=11&type=section&id=Sustainable%20Solutions) Sustainable Solutions segment EBITDA increased 36.6% to $95 million in Q2 2024, driven by seasonal strength and strategic project advancements Sustainable Solutions Segment Performance | Metric (million USD) | 2Q 24 | 1Q 24 | Change | | :--- | :--- | :--- | :--- | | **Sales** | 2,891 | 2,889 | +0.1% | | **EBITDA** | 95 | 70 | +36.6% | - The **1GW** India renewables project has begun commissioning and is expected to add **$0.1 billion** to Group EBITDA after full ramp-up[49](index=49&type=chunk) - The acquisition of Italpannelli's Italian and Spanish businesses was completed, **doubling** ArcelorMittal Construction's panel capacity and providing access to new markets[50](index=50&type=chunk) [Mining](index=11&type=section&id=Mining) Mining segment EBITDA fell 30.4% to $216 million in Q2 2024, due to lower iron ore prices and reduced shipments from Canadian wildfires Mining Segment Performance | Metric (million USD) | 2Q 24 | 1Q 24 | Change | | :--- | :--- | :--- | :--- | | **Sales** | 641 | 729 | -12.1% | | **EBITDA** | 216 | 311 | -30.4% | | **Iron Ore Production (million tonnes)** | 5.9 | 6.5 | -9.2% | - Performance was driven down by lower iron ore reference prices and reduced shipment volumes. Production was impacted by wildfires in Canada and maintenance activities[52](index=52&type=chunk) [Outlook](index=2&type=section&id=Outlook) - The company believes current market conditions, characterized by low steel spreads and aggressive exports from China, are unsustainable. With low inventory levels, particularly in Europe, a rebound in apparent demand is expected once real demand recovers[4](index=4&type=chunk)[56](index=56&type=chunk) - The forecast for 2024 World ex-China apparent steel consumption (ASC) growth has been revised down to a range of **+2.5% to +3.0%** from the previous **+3.0% to +4.0%**[56](index=56&type=chunk) 2024 Apparent Steel Consumption Growth Forecast by Region | Region | 2024 Apparent Steel Consumption Growth Forecast | Previous Forecast | | :--- | :--- | :--- | | **US (Flat)** | +1.0% to +3.0% | +1.5% to +3.5% | | **Europe (Flat)** | +0.0% to +2.0% | +2.0% to +4.0% | | **Brazil** | +1.0% to +3.0% | +0.5% to +2.5% | | **India** | +7.5% to +9.5% | +6.5% to +8.5% | | **China** | -1.0% to +1.0% | +0.0% to +2.0% | - Capex for 2024 is expected to be within the **$4.5-$5.0 billion** range, including **$1.4-$1.5 billion** for strategic growth projects[4](index=4&type=chunk)[58](index=58&type=chunk) - The company anticipates a reversal of the **$1.6 billion** working capital investment from H1 2024 by year-end, which will support free cash flow generation[4](index=4&type=chunk) [Financial Statements](index=14&type=section&id=Financial%20Statements) [Condensed Consolidated Statements of Financial Position](index=14&type=section&id=ArcelorMittal%20Condensed%20Consolidated%20Statements%20of%20Financial%20Position) ArcelorMittal's total assets were $90.8 billion as of June 30, 2024, with total liabilities at $36.5 billion and net debt at $5.2 billion Condensed Consolidated Statements of Financial Position | (In millions of U.S. dollars) | Jun 30, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | **Total Current Assets** | 31,008 | 33,240 | | **Total Assets** | 90,847 | 93,917 | | **Total Current Liabilities** | 20,306 | 21,769 | | **Total Liabilities** | 36,548 | 37,849 | | **Total Equity** | 54,299 | 56,068 | | **Total Liabilities and Shareholders' Equity** | 90,847 | 93,917 | [Condensed Consolidated Statements of Operations](index=15&type=section&id=ArcelorMittal%20Condensed%20Consolidated%20Statements%20of%20Operations) Q2 2024 sales were $16.2 billion, with net income of $504 million; H1 2024 sales reached $32.5 billion, net income $1.4 billion Condensed Consolidated Statements of Operations | (In millions of U.S. dollars) | Three months ended Jun 30, 2024 | Six months ended Jun 30, 2024 | | :--- | :--- | :--- | | **Sales** | 16,249 | 32,531 | | **Operating income** | 1,046 | 2,118 | | **Net income attributable to equity holders** | 504 | 1,442 | | **Basic earnings per common share ($)** | 0.63 | 1.80 | | **EBITDA** | 1,862 | 3,818 | [Condensed Consolidated Statements of Cash Flows](index=16&type=section&id=ArcelorMittal%20Condensed%20Consolidated%20Statements%20of%20Cash%20flows) H1 2024 net cash from operations was $973 million, down from $3.0 billion, resulting in a $1.3 billion free cash outflow after $2.2 billion capex Condensed Consolidated Statements of Cash Flows | (In millions of U.S. dollars) | Six months ended Jun 30, 2024 | Six months ended Jun 30, 2023 | | :--- | :--- | :--- | | **Net cash provided by operating activities** | 973 | 3,036 | | **Purchase of property, plant and equipment** | (2,221) | (1,998) | | **Net cash used in investing activities** | (2,004) | (3,884) | | **Net cash used by financing activities** | (546) | (2,839) | | **Free cash flow** | (1,332) | 973 | [Supplementary Information](index=16&type=section&id=Supplementary%20Information) [Capital Expenditures and Strategic Projects](index=16&type=section&id=Capital%20Expenditures%20and%20Strategic%20Projects) H1 2024 capital expenditures totaled $2.2 billion, supporting key strategic growth projects expected to significantly contribute to future EBITDA Capital Expenditures by Segment | Capex by Segment (million USD) | 1H 2024 | 1H 2023 | | :--- | :--- | :--- | | North America | 211 | 237 | | Brazil | 414 | 382 | | Europe | 718 | 633 | | Sustainable Solutions | 240 | 139 | | Mining | 497 | 372 | | **Total** | **2,221** | **1,998** | - Recently completed projects include the ArcelorMittal Vega Do Sul expansion in Brazil and the commissioning of the **1GW** renewables project in India, together expected to contribute **$0.2 billion** to EBITDA[64](index=64&type=chunk) - Ongoing strategic projects, such as the Liberia mine expansion and AMNS India debottlenecking, are forecasted to be completed between 2H 2024 and 2H 2026[65](index=65&type=chunk) [Debt Profile](index=18&type=section&id=Debt%20Profile) As of June 30, 2024, ArcelorMittal's gross debt was $11.1 billion and net debt $5.2 billion, with an average maturity of 6.9 years and a 0.7x Net debt to LTM EBITDA ratio Gross Debt Maturity Profile | (USD billion) | 2024 | 2025 | 2026 | 2027 | ≥2028 | Total | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **Total gross debt** | 1.6 | 1.8 | 1.3 | 1.9 | 4.5 | 11.1 | Net Debt Reconciliation | (million USD) | Jun 30, 2024 | Dec 31, 2023 | | :--- | :--- | :--- | | **Gross debt** | 11,127 | 10,681 | | **Cash and cash equivalents** | (5,903) | (7,783) | | **Net debt** | 5,224 | 2,898 | - The average debt maturity as of June 30, 2024, is **6.9 years**[66](index=66&type=chunk)

1Q 2024 Results May 2, 2024 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 expectationswith respect to future operations, products and services, and statements regarding future perfor ...

[Management Report](index=5&type=section&id=Management%20report) ArcelorMittal, a global steel and mining leader, manages market volatility and regulatory risks through strategic growth, asset optimization, and ambitious decarbonization initiatives [Introduction](index=5&type=section&id=Introduction) ArcelorMittal, a global integrated steel and mining leader, adapts to market changes through strategic acquisitions, cost control, and ambitious decarbonization goals, while managing economic, geopolitical, and regulatory risks [Company Overview](index=5&type=section&id=Company%20overview) ArcelorMittal is a global integrated steel and mining leader with operations in 15 countries, focusing on diversified, high-value steel and mineral products - ArcelorMittal is a global integrated steel and mining company with significant presence in Europe, the Americas, and Asia, including the AMNS India joint venture[8](index=8&type=chunk) - As of December 31, 2023, the company operated **37 integrated and mini-mills** in **15 countries**, employing approximately **126,756 people**[9](index=9&type=chunk) - The company produces a wide range of high-quality finished and semi-finished steel products (including flat, long, and tubular products) and mineral products like iron ore and coking coal, sold in approximately **140 countries**[9](index=9&type=chunk) 2023 Crude Steel Production Geographical Distribution | Region | Crude Steel Production Share | | :------------- | :--------------------------- | | Americas | 39% | | Europe | 50% | | Other Countries | 11% | 2023 Raw Material Self-Sufficiency | Raw Material | Consumption (million tonnes) | Supply from Own Mines/Facilities (million tonnes) | Self-Sufficiency (%) | | :------------- | :--------------------------- | :---------------------------------------------- | :------------------- | | Iron Ore | 74.1 | 42.0 | 57% | | PCI & Coal | 29.9 | 2.0 | 7% | | Coke | 17.3 | 17.0 | 98% | | Scrap & DRI | 26.1 | 15.5 | 59% | - In 2023, the company's achievable annual crude steel capacity was approximately **81.0 million tonnes**, with steel shipments totaling **55.6 million tonnes**[16](index=16&type=chunk) - The company holds a leading market share in the automotive industry (approximately **15% of the global market**) and is a leader in advanced high-strength steels (AHSS)[17](index=17&type=chunk) - The value plan implemented in 2022 and 2023 has generated cumulative benefits of **$0.8 billion**, targeting **$1.4 billion** in structural improvements by 2024[18](index=18&type=chunk) - In 2022, the company acquired an **80% stake** in voestalpine's HBI plant, and in 2023, completed the acquisition of Companhia Siderúrgica do Pecém (now ArcelorMittal Pecém) in Brazil, along with Riwald Recycling and Italpannelli Germany[19](index=19&type=chunk) [History and Development of the Company](index=5&type=section&id=History%20and%20development%20of%20the%20Company) ArcelorMittal, formed in 2007, grew through acquisitions and leverages its global scale, technical expertise, diversified portfolio, and financial strength to lead the steel value chain - The company was formed in 2007 through the merger of Mittal Steel Company N.V. and Arcelor[11](index=11&type=chunk) - The company successfully built upon core values of sustainability, safety, quality, and leadership, becoming the first truly global steel and mining company with an entrepreneurial spirit[11](index=11&type=chunk) - The company's strategy aims to achieve a leading position in the steel industry value chain by leveraging its global scale, technical capabilities, diversified steel and related businesses (including mining), and financial strength[11](index=11&type=chunk) [Cautionary Statement Regarding Forward-Looking Statements](index=9&type=section&id=Cautionary%20Statement%20regarding%20forward-looking%20statements) This annual report contains forward-looking statements based on estimates and assumptions, subject to known and unknown risks, with no guarantee of actual results or updates unless legally required - This annual report contains forward-looking statements based on estimates and assumptions regarding the company's business, future financial condition, operating results, and prospects[28](index=28&type=chunk) - Forward-looking statements involve known and unknown risks and uncertainties, and actual results may differ materially from expectations[28](index=28&type=chunk) - The company is under no obligation to publicly update or revise any forward-looking statements, unless required by securities and other applicable laws and regulations[28](index=28&type=chunk) [Key Transactions and Events in 2023](index=10&type=section&id=Key%20transactions%20and%20events%20in%202023) In 2023, ArcelorMittal executed share buybacks, strategic acquisitions, and asset disposals, while exiting Acciaierie d'Italia, incurring a **$1.4 billion** impairment charge - In April 2023, the company completed a share buyback program announced in July 2022, repurchasing **60,431,380 shares**[30](index=30&type=chunk) - In May 2023, the company announced a new share buyback program for up to **85 million shares** and delivered **57,057,991 treasury shares** for the conversion of mandatory convertible subordinated notes[30](index=30&type=chunk) - Following an accident at the Kostenko coal mine in Kazakhstan in October 2023, which resulted in **46 fatalities**, the company completed the sale of ArcelorMittal Temirtau (Kazakhstan steel and mining operations) in December 2023 for **$286 million** consideration, plus repayment of **$250 million** and **$450 million** in intercompany debt[30](index=30&type=chunk)[32](index=32&type=chunk) - In January and March 2023, the company acquired Riwald Recycling and Italpannelli Germany, respectively, for a total cash consideration of **€144 million** (**$154 million**)[32](index=32&type=chunk) - In March 2023, the company completed the acquisition of Companhia Siderúrgica do Pecém (now ArcelorMittal Pecém) in Brazil, with an enterprise value of approximately **$2.2 billion**[32](index=32&type=chunk) - In February 2024, the Italian government placed Acciaierie d'Italia SpA (ADI) under special administration, ending ArcelorMittal's involvement and resulting in a **$1.4 billion** impairment charge recognized in the 2023 financial statements[32](index=32&type=chunk)[56](index=56&type=chunk) [Sustainable Development Highlights – Striving to be a Leader in Steel Decarbonization](index=11&type=section&id=Sustainable%20development%20highlights%20-%20striving%20to%20be%20a%20leader%20in%20the%20decarbonization%20of%20the%20steel%20industry) ArcelorMittal aims for **25% global CO2 intensity reduction by 2030** and net-zero by 2050, investing in green technologies, carbon capture, and innovative steel production methods - The company is committed to reducing CO2 emissions intensity by **25% globally** (and **35% for European operations**) by 2030, aiming for net-zero emissions by 2050[20](index=20&type=chunk) - In January 2023, the company invested **$36 million** in Boston Metal through its XCarb® Innovation Fund to support decarbonization technologies[33](index=33&type=chunk) - In May 2023, ArcelorMittal Brasil formed a joint venture with Casa dos Ventos, Ventos de Santo Antonio Comercializadora de Energia S.A., to develop a **554 MW** wind power project, expected to meet **38%** of ArcelorMittal Brasil's electricity needs by 2030[35](index=35&type=chunk) - In June 2023, the company successfully commissioned the Steelanol Carbon Capture and Utilization (CCU) facility in Ghent, Belgium, capable of producing **80 million liters of ethanol annually** and reducing **125,000 tonnes of carbon emissions**[35](index=35&type=chunk) - In June 2023, the company and John Cockerill announced plans to develop an industrial-scale low-temperature iron electrolysis plant (Volteron™), targeting annual production of **40,000 to 80,000 tonnes of steel plates** by 2027[35](index=35&type=chunk) - In November 2023, the company announced its entry into the Additive Manufacturing (AdM) market, constructing an industrial-scale inert gas atomizer in Avilés, Spain, with an annual capacity of **1,000 tonnes** for steel powder production[36](index=36&type=chunk) - In November 2023, the company partnered with Schneider Electric to supply XCarb® recycled and renewably produced steel for its electrical cabinets and enclosures, reducing carbon emissions by nearly **70%** compared to conventional products[36](index=36&type=chunk) - In December 2023, ArcelorMittal Belgium commissioned the Torero plant, converting waste wood into bio-coke for blast furnaces, reducing **112,500 tonnes of carbon emissions annually**[37](index=37&type=chunk) - In January 2024, the company established a partnership with Vestas to introduce low-carbon emission steel, significantly reducing carbon emissions from wind turbine tower production[37](index=37&type=chunk) [Risk Factors and Control](index=15&type=section&id=Risk%20Factors%20and%20Control) ArcelorMittal faces diverse risks from global economic volatility, geopolitical conflicts, operational disruptions, acquisition challenges, financial exposures, and stringent environmental and trade regulations - Global economic and steel industry risks: Prolonged low steel and iron ore prices, volatile raw material and energy supply and prices, steel industry overcapacity, and unfair trade practices (e.g., dumping and government subsidies) could adversely affect the company's operating results[40](index=40&type=chunk)[42](index=42&type=chunk)[44](index=44&type=chunk)[46](index=46&type=chunk) - Geopolitical conflict risks: The Russian invasion of Ukraine significantly impacted the company's operations in Ukraine, leading to a **$1 billion** impairment charge in 2022, with AMKR's mining and steel facilities operating at **45%** and **30%** capacity, respectively[47](index=47&type=chunk) - Operational risks: Labor disputes, equipment failures, natural disasters, accidents (e.g., the October 2023 Kostenko coal mine explosion in Kazakhstan resulting in **46 fatalities**), epidemics, and extreme weather events could disrupt operations and affect financial performance[50](index=50&type=chunk)[52](index=52&type=chunk) - Decarbonization target risks: The company's 2030 carbon emissions intensity reduction target is estimated to require approximately **$10 billion** in total capital costs and relies on government and societal support; a lack of support could hinder target achievement and impact competitiveness[48](index=48&type=chunk)[50](index=50&type=chunk) - Cybersecurity risks: The company's operations rely on the secure and reliable performance of information technology systems, facing risks of data breaches, theft, unauthorized access, or successful cyberattacks; in 2023, malicious activity was detected in Spain, Brazil, Germany, and Venezuela[53](index=53&type=chunk)[78](index=78&type=chunk) - Acquisition and investment risks: Failure to effectively manage external growth, difficulties in integrating acquired companies, joint ventures (e.g., ADI placed under special administration by the Italian government, leading to a **$1.4 billion** impairment in 2023), and significant capital projects (e.g., AMNS India's **$7.4 billion** expansion plan) could adversely affect future performance[53](index=53&type=chunk)[55](index=55&type=chunk)[56](index=56&type=chunk)[59](index=59&type=chunk) - Financial risks: As of December 31, 2023, the company's total debt was **$10.7 billion**, with cash and cash equivalents of **$7.8 billion**; debt may impact operating results and financial position, and credit rating downgrades could increase borrowing costs; the utilization of deferred tax assets (**$9.5 billion**) depends on future profitability; exchange rate fluctuations and foreign exchange controls (e.g., Argentina, Brazil, China, India, South Africa, Ukraine, and Venezuela) may also affect performance[60](index=60&type=chunk)[62](index=62&type=chunk)[63](index=63&type=chunk)[214](index=214&type=chunk)[215](index=215&type=chunk)[216](index=216&type=chunk)[217](index=217&type=chunk)[218](index=218&type=chunk) - Legal and regulatory risks: The company is subject to extensive, complex, and evolving environmental, health, and safety laws and regulations (e.g., EU IED, CSRD, CBAM), as well as investigations and litigation related to antitrust and compliance matters, which could lead to increased costs, fines, and reputational damage[63](index=63&type=chunk)[64](index=64&type=chunk)[65](index=65&type=chunk)[66](index=66&type=chunk)[67](index=67&type=chunk)[68](index=68&type=chunk) - Material weakness in internal control: As of December 31, 2023, the company identified a material weakness in internal control at a Canadian subsidiary, related to IT general controls over user access and program change management, which could lead to material inaccuracies in the consolidated financial statements[69](index=69&type=chunk) [Business Overview](index=37&type=section&id=Business%20overview) ArcelorMittal's strategy, centered on safety and sustainability, leverages global scale, technology, and financial strength to lead the steel industry, investing heavily in R&D, decarbonization, and responsible operations [Business Strategy](index=37&type=section&id=Business%20strategy) ArcelorMittal's strategy, guided by safety and sustainability, aims for steel value chain leadership through global scale, technical excellence, diversified operations, and financial strength, while pursuing decarbonization - Company's strategic core values: safety, sustainability, quality, and leadership[81](index=81&type=chunk) - Four unique strategic advantages: global scale and reach, superior technical capabilities, diversified steel and related businesses (especially mining), and financial strength[81](index=81&type=chunk) - Steel business: Expanding leadership in high-value markets and segments like automotive, energy, and infrastructure through technical capabilities and global scale, while actively addressing decarbonization challenges[83](index=83&type=chunk) - Mining business: Creating value from world-class mining operations through selective expansion, cost control, and supplying high-value products, while supporting the steel business's decarbonization efforts with raw materials[83](index=83&type=chunk) - All operations: Achieving industry-leading competitiveness through operational excellence, health and safety, asset optimization, continuous improvement, and innovation[83](index=83&type=chunk) - Five strategic enablers: clear license to operate, strong balance sheet, decentralized organization, active portfolio management, and best-in-class talent[83](index=83&type=chunk) [Research and Development](index=39&type=section&id=Research%20and%20development) ArcelorMittal's R&D, with **$299 million** spent in 2023, drives sustainable success through continuous product and process innovation, focusing on automotive, non-automotive, decarbonization, and digital transformation R&D Expenses (million USD) | Year | R&D Expenses (million USD) | | :--- | :------------------------- | | 2023 | 299 | | 2022 | 286 | | 2021 | 270 | - In 2023, the company conducted **63 Life Cycle Assessment (LCA) studies** to analyze the environmental impact of products and processes[84](index=84&type=chunk) - Automotive sector: Continuous development of S-in Motion® solutions (including BEV battery protection and lightweighting) and launch of the Multi Part Integration™ (MPI) project, aiming to simplify automotive manufacturing processes, reduce robot count, shop floor area, and labor hours per vehicle by **30%**[85](index=85&type=chunk) - Non-automotive sector: Developing innovative products for energy transition (e.g., corrosion-resistant steels Magnelis®, Hyper® for wind towers, solar supports, Hymatch® steels for the hydrogen economy), packaging (chrome-free passivated tinplate, high-strength thin gauge steels), and construction (Amstrong® ultra-high strength steels, EcoSheetPile™ Plus low-carbon steels)[87](index=87&type=chunk)[88](index=88&type=chunk) - Process innovation: Committed to achieving cost reduction, sustainability benefits (including carbon reduction, air/water quality improvement), and new product development through breakthrough process innovations; for example, utilizing slag as construction material and fertilizer, and recycling dust and sludge[88](index=88&type=chunk) - Air pollution control: In 2023, the company used advanced Artificial Intelligence (AI) tools at its Tubarão plant to analyze sensor data for better understanding emission sources and mitigation factors, and tested laser and AI-driven video monitoring technologies at four plants[90](index=90&type=chunk) - Decarbonization technology R&D: Continuously developing the H2 DRI-EAF steel production route, analyzing blast furnace decarbonization technology routes, and strengthening research in carbon capture and CO2 conversion[90](index=90&type=chunk) - Digital transformation: Committed to becoming a data-driven company, receiving multiple external recognitions in AI, and developing solutions such as ArcelorMittal Primary Portal, advanced scrap management models, and GPQS solutions[94](index=94&type=chunk)[95](index=95&type=chunk) - Additive manufacturing: The company is constructing an industrial-scale inert gas atomizer in Avilés, Spain, with an annual capacity of **1,000 tonnes** for additive manufacturing steel powder, and has established the ArcelorMittal Powders business unit[95](index=95&type=chunk) [Sustainable Development](index=44&type=section&id=Sustainable%20development) ArcelorMittal prioritizes safety and climate change, targeting **25% global carbon intensity reduction by 2030** and net-zero by 2050 through decarbonization investments, while addressing safety incidents and enhancing environmental and social governance - Sustainable development governance: Overseen by Board committees (Audit & Risk, Appointments, Remuneration & Corporate Governance, Sustainable Development) and management committees (Management, Corporate Finance & Tax, Investment Allocation, Global Health & Safety, Climate Change, Sustainable Development, Diversity & Inclusion)[95](index=95&type=chunk)[97](index=97&type=chunk)[98](index=98&type=chunk)[99](index=99&type=chunk)[100](index=100&type=chunk) - Safety performance: In 2023, there were **61 fatal accidents** (of which **57 occurred in the CIS region**), prompting the company to commission an independent audit of global safety practices by DSS+, expected to be completed by September 2024; the company has linked executive Short-Term Incentive Plan (STIP) to the frequency of proactively identified Potential Serious Injury and Fatality (PSIFs) events, with a **122% year-on-year increase** to **12,820 PSIFs detected** in 2023[104](index=104&type=chunk)[108](index=108&type=chunk)[111](index=111&type=chunk) 2023 Safety Performance | Metric | LTIFR 2022 | LTIFR 2023 | Fatal Accidents 2022 | Fatal Accidents 2023 | PSIFs 2022 | PSIFs 2023 | | :------------------- | :--------- | :--------- | :------------------- | :------------------- | :--------- | :--------- | | Mining | 0.84 | 0.10 | 2.00 | 0.00 | 12.06 | 13.17 | | NAFTA | 0.25 | 0.22 | 0.00 | 1.00 | 13.86 | 15.76 | | Brazil | 0.10 | 0.26 | 1.00 | 0.00 | 18.19 | 22.02 | | Europe | 1.11 | 1.30 | 2.00 | 2.00 | 14.02 | 15.28 | | CIS & South Africa | 0.74 | 1.43 | 17.00 | 58.00 | 11.44 | 18.78 | | **Total** | **0.70** | **0.92** | **22.00** | **61.00** | **12.76** | **16.64** | - Climate change and decarbonization: The company targets a **25% reduction in global carbon emissions intensity** (**35% in Europe**) by 2030, and net-zero emissions by 2050; total capital costs are estimated at approximately **$10 billion**, with an expectation of **50% public funding support**; decarbonization pathways include transforming steelmaking assets (DRI-EAF, CCU/CCS), increasing scrap utilization, investing in clean electricity, and offsetting residual emissions[111](index=111&type=chunk) - Decarbonization project progress: DRI/EAF projects in Canada, Spain, France, Belgium, and Germany are in the FEED stage and have received funding approval from the European Commission; the company launched the Torero bio-coke plant and Steelanol CCU plant in Ghent, and initiated a carbon capture pilot project in Dunkirk[111](index=111&type=chunk)[114](index=114&type=chunk)[116](index=116&type=chunk)[117](index=117&type=chunk)[118](index=118&type=chunk)[119](index=119&type=chunk)[120](index=120&type=chunk)[121](index=121&type=chunk) - Clean electricity investment: Investing **$600 million** in a **975 MW** renewable energy project in India, developing a **554 MW** wind power project in Brazil with Casa dos Ventos, and leveraging the XCarb® brand to promote low-carbon solutions[122](index=122&type=chunk)[124](index=124&type=chunk) - Carbon performance: In 2022, the company's adjusted global carbon emissions intensity KPI was **2.00 tonnes CO2e/tonne crude steel**, a **4.3% decrease** since 2018; Europe's adjusted KPI was **1.67 tonnes CO2e/tonne crude steel**, an **1.8% improvement** since 2018[144](index=144&type=chunk)[145](index=145&type=chunk) - Environment and biodiversity: In 2023, **26 environmental projects** (**$291 million** capital expenditure) and **46 energy projects** (**$1.716 billion** capital expenditure, including **$729 million** for decarbonization) were approved; the company updated its environmental policy, strengthened environmental data management systems, and published **24 Environmental Product Declarations (EPDs)**[148](index=148&type=chunk)[150](index=150&type=chunk)[153](index=153&type=chunk)[155](index=155&type=chunk)[192](index=192&type=chunk) - Responsible value chain: Strengthening human rights policies, with **33 steel production sites** certified by ResponsibleSteel™ by the end of 2023; iron ore operations in Canada, Liberia, Brazil, and Mexico are pursuing IRMA certification; the company actively addresses supply chain due diligence legislation (e.g., German Supply Chain Due Diligence Act and EU CS3D)[160](index=160&type=chunk)[161](index=161&type=chunk)[162](index=162&type=chunk)[163](index=163&type=chunk) - Community and just transition: Investing in local communities through improved stakeholder engagement, needs assessments, and grievance management; the company developed a "Just Transition" management framework to ensure an effective and inclusive transition to a low-carbon economy[164](index=164&type=chunk)[165](index=165&type=chunk)[169](index=169&type=chunk)[170](index=170&type=chunk)[171](index=171&type=chunk)[172](index=172&type=chunk)[173](index=173&type=chunk) [Products](index=70&type=section&id=Products) ArcelorMittal offers a diverse range of steel products, including flat and long products, alongside iron ore, utilizing various steelmaking processes and a global raw material sourcing strategy for efficiency - The company boasts a highly diversified product portfolio, producing a wide range of finished and semi-finished steel products, including complex and high-tech items[174](index=174&type=chunk) - Key steel products include: semi-finished flat products (slabs), finished flat products (heavy plates, hot/cold rolled coils, hot-dip galvanized/electro-galvanized coils, tinplate, color-coated coils), semi-finished long products (blooms, billets), finished long products (bars, wire rods, sections, rails, sheet piles, wire rod products), and seamless and welded tubes[174](index=174&type=chunk) - Primary mineral products include iron ore lump, fines, concentrate, pellets, and sinter feed; coking coal operations were sold with the Kazakhstan business on December 7, 2023[174](index=174&type=chunk)[179](index=179&type=chunk) - Steelmaking processes include: integrated mills (blast furnace-basic oxygen furnace route), mini-mills (electric arc furnace route, primarily relying on scrap), and integrated mini-mills (mini-mills producing their own high-quality metallic raw materials, such as direct reduced iron)[179](index=179&type=chunk) - Raw material supply strategy: Acquiring and expanding raw material production (especially iron ore), leveraging global procurement advantages for cost control and value optimization, and utilizing local and low-cost advantages[179](index=179&type=chunk) - Iron ore self-sufficiency: Most iron ore demand is met by own mines in Ukraine, Bosnia, Canada, Mexico, Liberia, and Brazil[180](index=180&type=chunk) - Other raw materials and energy: Scrap (primarily procured through spot markets and short-term contracts), alloys, base metals (zinc, tin, aluminum, nickel), electricity (via tariff systems, direct market purchases, or bilateral contracts), natural gas (spot markets or short-term contracts), and industrial gases (long-term contracts)[181](index=181&type=chunk) - Shipping: ArcelorMittal Shipping arranged transportation for approximately **49.19 million tonnes of raw materials** and **7.31 million tonnes of finished products** in 2023[181](index=181&type=chunk) [Sales and Marketing](index=74&type=section&id=Sales%20and%20marketing) In 2023, ArcelorMittal sold **55.6 million tonnes of steel products**, managing domestic sales through decentralized units and global sectors with unified functions, supported by an international export network and regional marketing - In 2023, ArcelorMittal sold **55.6 million tonnes of steel products**[184](index=184&type=chunk) - Domestic market sales: Primarily managed through decentralized business or production units[184](index=184&type=chunk) - Global industry sales: For global sectors like automotive, the company has established customized sales and service functions, coordinating contracts, prices, and payment terms at the group level[185](index=185&type=chunk) - Export sales: Conducted through an international network of sales agents to ensure cost-effectiveness and a coordinated market presence[184](index=184&type=chunk) - Marketing strategy: Focuses on regional marketing capabilities, providing forecasts and pricing guidance to sales, and sharing global marketing intelligence to identify new opportunities[185](index=185&type=chunk) [Intellectual Property](index=74&type=section&id=Intellectual%20property) ArcelorMittal maintains a vast patent portfolio of over **12,870 patents** across **831 families**, alongside trademarks and proprietary know-how, with robust systems to protect its confidential information - The company owns and maintains a patent portfolio covering steel processes, products, and their uses and applications[186](index=186&type=chunk) - The patent portfolio includes over **12,870 patents and patent applications**, covering **831 patent families**, with **103 new inventions** added in 2023[186](index=186&type=chunk) - The company continuously develops technical know-how and other non-patented proprietary information, including decarbonization solutions for steel production and the use of high-quality steel products[188](index=188&type=chunk) - The company has licensed third-party technologies to provide comprehensive steel solutions to customers[188](index=188&type=chunk) - The company has policies and systems in place to monitor and protect the confidentiality of its proprietary information and has not identified any intellectual property infringement lawsuits that could materially harm its business[186](index=186&type=chunk)[188](index=188&type=chunk) [Government Regulations](index=75&type=section&id=Government%20regulations) ArcelorMittal navigates complex and evolving environmental, trade, and currency regulations, including stringent EU Green Deal policies and CBAM, incurring significant compliance costs and facing trade policy impacts and foreign exchange controls - Environmental laws and regulations: Company operations are subject to extensive laws and regulations concerning air emissions, water protection, hazardous material handling, waste management, and pollution remediation; increasingly stringent regulations like the EU Green Deal and Industrial Emissions Directive (IED) require significant resource investment for compliance[189](index=189&type=chunk) - Supply chain due diligence: The German Supply Chain Due Diligence Act 2022 came into effect in January 2023, and a provisional political agreement on the EU Corporate Sustainability Due Diligence Directive (CS3D) was announced in December 2023, requiring companies to identify, prevent, mitigate, and report human rights and environmental impacts in their value chains[190](index=190&type=chunk)[191](index=191&type=chunk) - Environmental and energy capital expenditures: In 2023, the company approved **26 environmental projects** with capital expenditures of **$291 million**; **46 energy projects** with capital expenditures of **$1.716 billion** (including **23 decarbonization projects** with capital expenditures of **$729 million**); actual capital expenditure for decarbonization initiatives in 2023 was **$200 million**, projected to increase to **$300-400 million** in 2024 (net of government support)[192](index=192&type=chunk)[278](index=278&type=chunk)[280](index=280&type=chunk) - Air emissions: Regulations in Canada, Ukraine, and Fos-sur-Mer, France, among others, require significant company investments to comply with emission limits and implement advanced monitoring and reduction technologies[193](index=193&type=chunk)[194](index=194&type=chunk)[158](index=158&type=chunk) - Water resource management: Water laws and regulations in Ukraine, South Africa, Mexico, and Canada are continuously revised, requiring the company to enhance wastewater treatment, water conservation, and monitoring; water usage fees in Quebec significantly increased from January 1, 2024[196](index=196&type=chunk)[197](index=197&type=chunk)[198](index=198&type=chunk) - Climate change regulations: Countries globally (e.g., EU, South Africa, Canada, Brazil, Argentina, Mexico, Ukraine) are implementing or revising carbon pricing mechanisms, Emissions Trading Systems (ETS), Renewable Energy Directives (RED), and Carbon Border Adjustment Mechanisms (CBAM) to achieve climate targets; free allowances under the EU ETS will be phased out, and CBAM's transitional period began in October 2023, with payments starting in 2026[198](index=198&type=chunk)[200](index=200&type=chunk)[201](index=201&type=chunk)[202](index=202&type=chunk)[203](index=203&type=chunk)[204](index=204&type=chunk) - Foreign trade: US Section 232 tariffs, EU safeguard measures, anti-dumping and safeguard measures on steel imports in countries like Turkey and Canada, and Eurasian Economic Union safeguard measures continue to affect the company's steel import and export operations[206](index=206&type=chunk)[207](index=207&type=chunk)[208](index=208&type=chunk)[210](index=210&type=chunk)[211](index=211&type=chunk)[212](index=212&type=chunk)[214](index=214&type=chunk) - Key currency regulations and foreign exchange controls: Foreign exchange controls and monetary policies in countries such as Argentina, Brazil, China, India, South Africa, Ukraine, and Venezuela may affect fund repatriation and foreign exchange transactions[214](index=214&type=chunk)[215](index=215&type=chunk)[216](index=216&type=chunk)[217](index=217&type=chunk)[218](index=218&type=chunk) - Iran Threat Reduction and Syria Human Rights Act (ITRA): In 2023, neither ArcelorMittal nor any of its affiliates engaged in Iran-related activities, transactions, or dealings triggering Section 13(r) disclosure[219](index=219&type=chunk) [Organizational Structure](index=88&type=section&id=Organizational%20structure) ArcelorMittal, a holding company, operates through indirectly held subsidiaries across five reporting segments, with a revised structure from 2024 adding "India and Joint Ventures" and "Sustainable Solutions" segments - ArcelorMittal is a holding company, with all significant operating subsidiaries indirectly held through intermediate holding companies[221](index=221&type=chunk) - As of 2023, the company's operations were divided into five reporting segments: NAFTA, Brazil, Europe, ACIS, and Mining[223](index=223&type=chunk) 2023 Crude Steel Production by Process and Segment (million tonnes) | Segment | Basic Oxygen Furnace | Electric Arc Furnace | Total | | :----------------- | :------------------- | :------------------- | :---- | | NAFTA | 3.1 | 5.6 | 8.7 | | Brazil | 10.3 | 3.7 | 14.0 | | Europe | 23.2 | 5.6 | 28.8 | | CIS & South Africa | 6.5 | — | 6.5 | | **Total** | **43.1** | **14.9** | **58.1** | 2023 Number of Blast Furnace and Electric Arc Furnace Facilities by Segment | Segment | Blast Furnaces | Electric Arc Furnaces | | :----------------- | :------------- | :-------------------- | | NAFTA | 3 | 8 | | Brazil | 7 | 8 | | Europe | 15 | 13 | | CIS & South Africa | 10 | 1 | | **Total** | **35** | **30** | - Effective January 1, 2024, the company will adjust its organizational structure: adding "India and Joint Ventures" operating segment (including AMNS India, VAMA, and Calvert joint ventures), adding "Sustainable Solutions" operating segment, renaming the NAFTA segment to "North America," and reclassifying the remaining parts of the former ACIS segment into "Other"[223](index=223&type=chunk)[224](index=224&type=chunk) [Properties and Capital Expenditures](index=90&type=section&id=Properties%20and%20capital%20expenditures) ArcelorMittal owns extensive global steel and iron ore assets, with **$4.6 billion** in capital expenditures in 2023, projected to be **$4.5-5.0 billion** in 2024, focusing on decarbonization, capacity expansion, and modernization, supported by **3.937 billion tonnes** of iron ore reserves [Property, Plant and Equipment](index=90&type=section&id=Property%2C%20plant%20and%20equipment) ArcelorMittal operates extensive global steel and iron ore facilities, including **50 coke ovens** and **35 blast furnaces**, with significant investments in low-carbon steel production, capacity expansion, and decarbonization projects across continents - ArcelorMittal owns steel production facilities and iron ore mining operations globally, primarily located in North America, South America, Europe, Asia, and Africa[225](index=225&type=chunk) 2023 Key Steel Production Facility Capacity and Production | Facility Name | Capacity (million tonnes/year) | 2023 Production (million tonnes) | | :-------------------------------- | :----------------------------- | :------------------------------- | | Coke Ovens | 26.5 | 17.0 | | Sinter Plants | 79.6 | 42.4 | | Blast Furnaces | 66.1 | 41.3 | | Basic Oxygen Furnaces | 70.0 | 43.8 | | DRI/HBI Plants | 10.6 | 7.8 | | Electric Arc Furnaces | 24.9 | 15.4 | | Continuous Casters—Slab | 62.6 | 40.4 | | Hot Rolling Mills | 53.8 | 32.8 | | Pickling Lines | 24.6 | 10.6 | | Cold Rolling Mills | 28.3 | 16.8 | | Annealing Lines (Continuous/Batch) | 12.4 | 5.3 | | Temper Mills | 11.2 | 4.1 | | Plate Mills | 1.7 | 0.9 | | Continuous Casters—Bloom/Billet | 31.5 | 17.4 | | Blooming Mills (Primary/Slab Mills) | 6.0 | 0.3 | | Billet Mills | 2.6 | 1.0 | | Section Mills | 12.2 | 5.1 | | Bar Mills | 7.8 | 5.5 | | Wire Rod Mills | 10.5 | 5.8 | | Hot Dip Galvanizing Lines | 15.6 | 12.1 | | Electro Galvanizing Lines | 1.6 | 0.8 | | Tinplate Mills | 2.4 | 0.8 | | Color Coating Lines | 2.6 | 1.4 | | Seamless Tubes | 0.4 | 0.1 | | Welded Tubes | 4.1 | 1.0 | - NAFTA: ArcelorMittal Dofasco (Canada) is investing **CAD 1.8 billion** to build low-carbon steel production facilities, including a **2.4 million tonne DRI facility** and one Electric Arc Furnace; ArcelorMittal Texas HBI (USA) holds an **80% stake** in a plant with an annual capacity of **2 million tonnes of HBI**; the new hot strip mill project at ArcelorMittal Mexico's Lázaro Cárdenas plant has reached approximately **60% capacity utilization**[234](index=234&type=chunk)[235](index=235&type=chunk)[236](index=236&type=chunk) - Brazil: ArcelorMittal Brasil's Monlevade upstream expansion project restarted in late 2021; the company completed the acquisition of Companhia Siderúrgica do Pecém (now ArcelorMittal Pecém) in March 2023, with the plant producing **2.5 million tonnes** in 2023; the Serra Azul mine is investing **$350 million**, targeting **4.5 million tonnes of DRI-grade pellets** by H2 2024[244](index=244&type=chunk)[247](index=247&type=chunk)[276](index=276&type=chunk) - Europe: ArcelorMittal France plans to build a **2.5 million tonne DRI unit** and two Electric Arc Furnaces in Dunkirk, and a new electrical steel production unit in Mardyck; ArcelorMittal Belval & Differdange (Luxembourg) is investing **€67 million** to build a new Electric Arc Furnace, increasing crude steel capacity by nearly **15% to 2.5 million tonnes per year**[251](index=251&type=chunk)[254](index=254&type=chunk)[255](index=255&type=chunk)[256](index=256&type=chunk) - Joint ventures: AMNS India (India) is undergoing an expansion project, targeting an increase in rolled product output at the Hazira plant to **15 million tonnes** by H1 2026; AMNS Calvert (USA) plans to invest **$1 billion** in an on-site steelmaking facility (a **1.5 million tonne Electric Arc Furnace**), expected to commence operations in H2 2024; VAMA (China)'s capacity expansion project is expected to increase capacity by **40% to 2 million tonnes** by H2 2024[269](index=269&type=chunk)[271](index=271&type=chunk)[272](index=272&type=chunk) [Capital Expenditures](index=105&type=section&id=Capital%20expenditures) ArcelorMittal's capital expenditures reached **$4.6 billion** in 2023, projected to be **$4.5-5.0 billion** in 2024, with **$1.4-1.5 billion** allocated for strategic growth, primarily funded internally for decarbonization and capacity expansion Capital Expenditures (billion USD) | Year | Amount (billion USD) | | :--- | :------------------- | | 2023 | 4.6 | | 2022 | 3.5 | | 2021 | 3.0 | - Capital expenditures for 2024 are projected to be between **$4.5 billion and $5.0 billion**, with **$1.4 billion to $1.5 billion** allocated for strategic growth capital expenditures[274](index=274&type=chunk) - The company expects to primarily fund these capital expenditures through internal sources[274](index=274&type=chunk) - In 2023, the company approved **26 multi-year projects** with environmental benefits, involving capital expenditures of **$291 million**; **46 multi-year projects** with energy benefits, involving capital expenditures of **$1.716 billion** (including **23 projects specifically for decarbonization**, involving capital expenditures of **$729 million**)[278](index=278&type=chunk) - Capital expenditures related to decarbonization initiatives in 2023 were **$200 million**, projected to increase to **$300 million to $400 million** in 2024 (net of government support)[278](index=278&type=chunk)[280](index=280&type=chunk) - Key ongoing projects include: Brazil's Vega Do Sul expansion, Monlevade upstream expansion, Serra Azul mine pellet plant, Barra Mansa section mill; Europe's Mardyck new electrical steel production facility, Gijón Electric Arc Furnace project; North America's Las Truchas mine modernization and capacity upgrade; Liberia Phase 2 high-end product expansion project; India's Andhra Pradesh renewable energy project; and expansion projects for joint ventures AMNS India and AMNS Calvert[276](index=276&type=chunk) [Mineral Reserves and Resources](index=107&type=section&id=Mineral%20reserves%20and%20resources) ArcelorMittal's vital iron ore mining operations span multiple continents, with **3.937 billion tonnes** of iron ore reserves as of 2023, supporting **98.4 million tonnes** of raw iron ore production, estimated per S-K 1300 guidelines - ArcelorMittal's iron ore mining operations are crucial to its business, with facilities in Canada, Mexico, South America, Europe, Africa, Ukraine, and India (through AMNS India)[279](index=279&type=chunk)[282](index=282&type=chunk) Run-of-Mine (ROM) Iron Ore and Coal Total Production (million tonnes) | Commodity | 2023 Production (million tonnes) | 2022 Production (million tonnes) | 2021 Production (million tonnes) | | :-------- | :------------------------------- | :------------------------------- | :------------------------------- | | Iron Ore | 98.4 | 102.5 | 115.1 | | Coal | 5.8 | 7.0 | 8.3 | Iron Ore Mineral Reserves as of December 31, 2023 (ArcelorMittal Ownership) | Country | Proved Reserves (million tonnes) | Probable Reserves (million tonnes) | Total Reserves (million tonnes) | | :--------- | :------------------------------- | :--------------------------------- | :------------------------------ | | Canada | 1,881 | 104 | 1,985 | | Mexico | 46 | 176 | 222 | | Brazil | 176 | 251 | 427 | | Bosnia | 4 | 2 | 6 | | Ukraine | 70 | 444 | 514 | | Liberia | 39 | 660 | 699 | | India | 6 | 78 | 84 | | **Total** | **2,222** | **1,715** | **3,937** | Iron Ore Mineral Resources (Measured+Indicated, ArcelorMittal Ownership) as of December 31, 2023 | Country | Measured Resources (million tonnes) | Indicated Resources (million tonnes) | Total Measured+Indicated Resources (million tonnes) | Inferred Resources (million tonnes) | | :--------- | :---------------------------------- | :----------------------------------- | :-------------------------------------------------- | :---------------------------------- | | Canada | 1,524 | 1,569 | 3,093 | 1,617 | | Mexico | 17 | 86 | 103 | 20 | | Brazil | 89 | 187 | 276 | 105 | | Bosnia | — | 3 | 3 | 2 | | Ukraine | 80 | 405 | 485 | 42 | | South Africa | — | 38 | 38 | 43 | | Liberia | — | 1,116 | 1,116 | 767 | | India | 1 | 57 | 58 | 56 | - Mineral reserves and resources estimates are prepared by qualified persons in accordance with SEC S-K 1300 guidelines, considering economic viability and long-term iron ore reference prices (**$70 per tonne for 62% Fe fines**)[330](index=330&type=chunk)[331](index=331&type=chunk)[333](index=333&type=chunk)[334](index=334&type=chunk) - Key mine service lives: AMMC (**28 years**), Baffinland (**24 years**), Las Truchas (**15 years**), Peña Colorada (**16 years**), Serra Azul (**34 years**), Andrade (**31 years**), Liberia (**30 years**)[337](index=337&type=chunk)[338](index=338&type=chunk) - The company's mining and exploration assets employ rigorous quality control and quality assurance processes, with established ore body knowledge and management frameworks to ensure the validity and integrity of mineral resource and reserve estimation data[341](index=341&type=chunk)

ArcelorMittal S.A. (NYSE:MT) Q4 2023 Earnings Conference Call February 8, 2024 9:30 AM ET Company Participants Daniel Fairclough – Investor Relations Lakshmi Mittal – Executive Chairman Aditya Mittal – Chief Executive Officer Genuino Christino – Chief Financial Officer Conference Call Participants Alain Gabriel – Morgan Stanley Tristan Gresser – BNP Paribas Myles Allsop – UBS Tom Zhang – Barclays Maxime Kogge – Oddo Moses Ola – JP Morgan Timna Tanners – Wolfe Research Patrick Mann – Bank of America Bastian ...

ARCELORMITTAL 6-K Exhibit 99.1 ArcelorMittal reports first quarter 2024 results On May 2, 2024 - ArcelorMittal (referred to as “ArcelorMittal” or the “Company” or the "Group") (MT (New York, Amsterdam, Paris, Luxembourg), MTS (Madrid)), the world’s leading integrated steel and mining company, announced results for the three-month period ended March 31, 2024 (“1Q 2024”). 1Q 2024 key highlights: ● Health and safety focus: Protecting employee health and wellbeing remains the overarching priority of the Company ...