<SEC-DOCUMENT>0001140361-21-004272.txt : 20210211
<SEC-HEADER>0001140361-21-004272.hdr.sgml : 20210211
<ACCEPTANCE-DATETIME>20210211130116
ACCESSION NUMBER:		0001140361-21-004272
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20210211
FILED AS OF DATE:		20210211
DATE AS OF CHANGE:		20210211

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ArcelorMittal
		CENTRAL INDEX KEY:			0001243429
		STANDARD INDUSTRIAL CLASSIFICATION:	STEEL WORKS, BLAST FURNACES  ROLLING MILLS (COKE OVENS) [3312]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-35788
		FILM NUMBER:		21618242

	BUSINESS ADDRESS:	
		STREET 1:		24-26, BOULEVARD D?AVRANCHES
		STREET 2:		L-1160 LUXEMBOURG
		CITY:			GRAND DUCHY OF LUXEMBOURG
		STATE:			N4
		ZIP:			00000
		BUSINESS PHONE:		35247922151

	MAIL ADDRESS:	
		STREET 1:		24-26, BOULEVARD D?AVRANCHES
		STREET 2:		L-1160 LUXEMBOURG
		CITY:			GRAND DUCHY OF LUXEMBOURG
		STATE:			N4
		ZIP:			00000

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ARCELOR
		DATE OF NAME CHANGE:	20030618
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>brhc10020138_6k.htm
<DESCRIPTION>6-K
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Broadridge
         Document created using EDGARfilings PROfile 7.3.2.0
         Copyright 1995 - 2021 Broadridge -->
  </head>
<body bgcolor="#ffffff" style="font-family: Arial; font-size: 9pt; text-align: left; color: #000000;">
  <div>
    <hr align="center" style="border: none; border-bottom: 1px solid black; border-top: 4px solid black; height: 10px; color: #ffffff; background-color: #ffffff; text-align: center; margin-left: auto; margin-right: auto;"></div>
  <div>
    <div style="text-align: center; font-family: 'Times New Roman',serif; font-size: 11pt; font-weight: bold;">UNITED STATES</div>
    <font style="font-size: 11pt;"> </font>
    <div style="text-align: center; font-family: 'Times New Roman',serif; font-size: 11pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</div>
    <div style="text-align: center; font-family: 'Times New Roman',serif; font-size: 11pt; font-weight: bold;">Washington, D.C. 20549</div>
    <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 11pt; font-weight: bold;"><br>
    </div>
    <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 11pt; font-weight: bold;">
      <hr noshade="noshade" align="center" style="background-color: #000000; border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0px auto; height: 1px; width: 15%; color: #000000;"></div>
    <div style="text-align: center; font-family: 'Times New Roman',serif; font-size: 11pt; font-weight: bold;">FORM 6-K</div>
    <div style="font-family: 'Times New Roman', serif; font-size: 11pt; font-weight: bold; text-align: center;"> <br>
    </div>
    <div style="font-family: 'Times New Roman', serif; font-size: 11pt; font-weight: bold; text-align: center;">REPORT OF FOREIGN PRIVATE ISSUER</div>
    <div style="font-family: 'Times New Roman', serif; font-size: 11pt; font-weight: bold; text-align: center;">PURSUANT TO RULE 13a-16 OR 15d-16</div>
    <div style="font-family: 'Times New Roman', serif; font-size: 11pt; font-weight: bold; text-align: center;">UNDER THE SECURITIES EXCHANGE ACT OF 1934</div>
    <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 11pt; font-weight: bold;"><br>
    </div>
    <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 11pt; font-weight: bold;">
      <hr noshade="noshade" align="center" style="background-color: #000000; border-bottom: medium none; border-left: medium none; border-right: medium none; border-top: medium none; margin: 0px auto; height: 1px; width: 15%; color: #000000;"></div>
    <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 11pt;">Dated February 11, 2021</div>
    <div><br>
    </div>
    <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 11pt;">Commission File Number: 001-35788</div>
    <div><br>
    </div>
    <div style="text-align: center; font-family: 'Times New Roman',serif; font-size: 11pt;">ARCELORMITTAL</div>
    <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 11pt;">(Translation of registrant&#8217;s name into English)</div>
    <div><br>
    </div>
    <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 11pt;">24-26, Boulevard d&#8217;Avranches</div>
    <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 11pt;">L-1160 Luxembourg</div>
    <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 11pt;">Grand Duchy of Luxembourg</div>
    <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 11pt;">(Address of principal executive office)</div>
    <div><br>
    </div>
    <div style="text-indent: 36pt; font-family: 'Times New Roman', serif; font-size: 11pt;">Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" align="center" style="border-collapse: collapse; width: 40%; color: #000000; font-family: Arial; font-size: 9pt; text-align: left;" id="z0218115f938943779722ca2c00d697a8">

        <tr>
          <td style="width: 17%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif; font-size: 11pt;">Form 20-F &#9746;</div>
          </td>
          <td colspan="1" style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 18%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif; font-size: 11pt;">Form 40-F &#9744;</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-indent: 36pt; font-family: 'Times New Roman', serif; font-size: 11pt;">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): &#9744;</div>
    <div><br>
    </div>
    <div style="text-indent: 36pt; font-family: 'Times New Roman', serif; font-size: 11pt;">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): &#9744;</div>
    <div><br>
    </div>
    <div>
      <hr align="center" style="border: none; border-bottom: 4px solid black; border-top: 1px solid black; height: 10px; color: #ffffff; background-color: #ffffff; text-align: center; margin-left: auto; margin-right: auto;"></div>
    <div style="clear: both; margin-top: 9pt; margin-bottom: 9pt;" id="DSPFPageBreakArea">
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; text-indent: 36pt; font-family: 'Times New Roman', serif; font-size: 11pt;"><font style="color: #000000;">On </font>February 11, 2021<font style="color: #000000;">, ArcelorMittal published the press releases attached
        hereto as Exhibit 99.1 and Exhibit 99.2 and hereby incorporated by reference into this report on Form 6-K.</font></div>
    <div><br>
    </div>
    <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 11pt; font-weight: bold;">Exhibit List</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: Arial; font-size: 9pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z18334d59a3fa45aa89c7489163d081e3">

        <tr>
          <td style="width: 11%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',serif; font-size: 11pt;"><u>Exhibit No.</u></div>
          </td>
          <td style="width: 89%; vertical-align: top;">
            <div style="text-align: center; font-family: 'Times New Roman',serif; font-size: 11pt;"><u>Description</u></div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 11%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 89%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 11%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',serif; font-size: 11pt;">Exhibit 99.1</div>
          </td>
          <td style="width: 89%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',serif; font-size: 11pt;">Press release, dated February 11, 2021, Lakshmi N. Mittal to become Executive Chairman, Aditya Mittal appointed Chief Executive Officer</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 11%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 89%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 11%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',serif; font-size: 11pt;">Exhibit 99.2</div>
          </td>
          <td style="width: 89%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',serif; font-size: 11pt;">Press release, dated February 11, 2021, ArcelorMittal reports fourth quarter 2020 and twelve months 2020 results</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 9pt; margin-bottom: 9pt;" id="DSPFPageBreakArea">
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 11pt; font-weight: bold;">Exhibit Index</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: Arial; font-size: 9pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z9c491c3d6ec34ff98e0d5e1b971ed02e">

        <tr>
          <td style="width: 11%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',serif; font-size: 11pt;"><u>Exhibit No.</u></div>
          </td>
          <td style="width: 89%; vertical-align: top;">
            <div style="text-align: center; font-family: 'Times New Roman',serif; font-size: 11pt;"><u>Description</u></div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 11%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 89%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 11%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',serif; font-size: 11pt;"><a href="brhc10020138_ex99-1.htm">Exhibit 99.1</a></div>
          </td>
          <td style="width: 89%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',serif; font-size: 11pt;">Press release, dated February 11, 2021, Lakshmi N. Mittal to become Executive Chairman, Aditya Mittal appointed Chief Executive Officer</div>
          </td>
        </tr>
        <tr>
          <td rowspan="1" style="width: 11%; vertical-align: top;">&#160;</td>
          <td rowspan="1" style="width: 89%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 11%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',serif; font-size: 11pt;"><a href="brhc10020138_ex99-2.htm">Exhibit 99.2</a></div>
          </td>
          <td style="width: 89%; vertical-align: top;">
            <div style="font-family: 'Times New Roman',serif; font-size: 11pt;">Press release, dated February 11, 2021, ArcelorMittal reports fourth quarter 2020 and twelve months 2020 results</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 9pt; margin-bottom: 9pt;" id="DSPFPageBreakArea">
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: center; font-family: 'Times New Roman', serif; font-size: 11pt; font-weight: bold;">SIGNATURES</div>
    <div><br>
    </div>
    <div style="text-indent: 36pt; font-family: 'Times New Roman', serif; font-size: 11pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned,
      thereunto duly authorized.</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: Arial; font-size: 9pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);" id="zb3150863e73344e1a6ff83d86121f149">

        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td colspan="2" style="vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif; font-size: 11pt;"><br>
            </div>
          </td>
          <td style="vertical-align: top; width: 50%;">
            <div style="font-family: 'Times New Roman', serif; font-size: 11pt;">ARCELORMITTAL</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td colspan="2" style="vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td colspan="3" rowspan="1" style="vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif; font-size: 11pt;">Date 11 February 2021</div>
          </td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td colspan="2" style="vertical-align: top;">&#160;</td>
          <td style="width: 50%; vertical-align: top;">&#160;</td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top; padding-bottom: 2px;">
            <div style="font-family: 'Times New Roman', serif; font-size: 11pt;">By:</div>
          </td>
          <td style="border-bottom: 1px solid #000000; vertical-align: top; width: 30%;">
            <div style="font-family: 'Times New Roman', serif; font-size: 11pt;"><font style="font-variant: small-caps;">/</font>s/ Henk Scheffer</div>
          </td>
          <td style="width: 15%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
          <td style="width: 50%; vertical-align: top; padding-bottom: 2px;">&#160;</td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" border="0" style="font-family: Arial; font-size: 9pt; width: 100%; border-collapse: collapse; text-align: left; color: rgb(0, 0, 0);">

        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif; font-size: 11pt;">Name:</div>
          </td>
          <td style="width: 90%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif; font-size: 11pt;">Henk Scheffer</div>
          </td>
        </tr>
        <tr>
          <td style="width: 5%; vertical-align: top;">&#160;</td>
          <td style="width: 5%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif; font-size: 11pt;">Title:</div>
          </td>
          <td style="width: 90%; vertical-align: top;">
            <div style="font-family: 'Times New Roman', serif; font-size: 11pt;">Company Secretary &amp; Group Compliance &amp; Data Protection Officer</div>
          </td>
        </tr>

    </table>
    <div> <br>
    </div>
    <div> <br>
    </div>
    <div>
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"> </div>
  </div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>brhc10020138_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Broadridge
         Document created using EDGARfilings PROfile 7.3.2.0
         Copyright 1995 - 2021 Broadridge -->
  </head>
<body bgcolor="#ffffff" style="font-family: Arial; font-size: 9pt; text-align: left; color: #000000;">
  <!--PROfilePageNumberReset%Num%1%Page % of 2%-->
  <div>
    <hr noshade="noshade" align="center" style="height: 4px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
  <div style="text-align: right;"><font style="font-weight: bold;">Exhibit 99.1</font><br>
  </div>
  <div><br>
  </div>
  <div style="text-align: right;"><img src="image00001.jpg"></div>
  <div>
    <div><br>
    </div>
    <div style="margin-bottom: 14pt;"><img src="image00002.jpg"></div>
    <div style="font-size: 14pt; font-weight: bold;">Lakshmi N. Mittal to become Executive Chairman</div>
    <div><br>
    </div>
    <div style="font-size: 14pt; font-weight: bold;">Aditya Mittal appointed Chief Executive Officer</div>
    <div><br>
    </div>
    <div style="color: rgb(64, 64, 64); font-size: 10.5pt; font-weight: bold;">11 February 2021, 07:00 CET</div>
    <div><br>
    </div>
    <div style="font-size: 10.5pt;">The Board of Directors of ArcelorMittal today announces that Aditya Mittal, currently President, CFO and CEO ArcelorMittal Europe, will become Chief Executive Officer of the company.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-size: 10.5pt;">Lakshmi N. Mittal, who founded the company in 1976 and is currently Chairman and CEO, will become Executive Chairman. In this position he will continue to lead the Board of
      Directors and work together with the CEO<font style="font-weight: bold;">&#160;</font>and management team.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-size: 10.5pt; font-weight: bold;">Commenting, Lakshmi Mittal said:</div>
    <div style="text-align: justify;"><font style="font-size: 10.5pt; font-weight: bold;"> </font><br>
    </div>
    <div style="text-align: justify; font-size: 10.5pt; font-style: italic;">&#8220;Despite the obvious challenges of 2020, ArcelorMittal starts 2021 in a position of comparative strength. Having achieved some key strategic targets, this
      seems like the right moment to transition to Executive Chairman and the Board unanimously agree that Aditya Mittal is the natural and right choice to be the company&#8217;s Chief Executive. We have worked closely together since he joined the company in
      1997, indeed in recent years we have effectively been managing the company together.&#160; He has an unrivalled knowledge of the business and a keen sense of how the company must continue to transform to remain the world&#8217;s leading steel company. As Chief
      Executive, he will be taking on the effective day to day running of the company, but we will continue to work very closely together and I remain as fascinated, engaged and committed to the company&#8217;s long-term success as ever. I am looking forward to
      this next chapter.&#8221;</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-size: 10.5pt; font-weight: bold;">Aditya Mittal said:</div>
    <div><br>
    </div>
    <div style="font-size: 10.5pt; font-style: italic;">&#8220;It is an honour to be appointed Chief Executive of ArcelorMittal. Mr Mittal built ArcelorMittal from a greenfield rolling mill in Indonesia to become the world&#8217;s
      leading steel company. It is an extraordinary achievement and I am privileged to have witnessed and been part of so much of that journey. I&#8217;m excited about what lies ahead. ArcelorMittal is full of incredible people, a company with excellent
      knowledge and capabilities and a company with tremendous potential.</div>
    <div><br>
    </div>
    <div style="font-size: 10.5pt; font-style: italic;">&#8220;The world is transforming at a very rapid pace and this change brings challenges but also many opportunities for ArcelorMittal. The biggest challenge, but also
      the biggest opportunity, will be to demonstrate that steel can decarbonise and indeed is the perfect material for a circular economy. This will undoubtedly be a critical driver of our strategy in the coming years and decades. That Mr Mittal will
      remain very involved as Executive Chairman is a great advantage &#8211; his wisdom, knowledge and insight will be invaluable and I look forward to us continuing to work very closely together for many years to come.&#8221;</div>
    <div><br>
    </div>
    <div id="DSPFPageBreakArea" style="clear: both; margin-top: 9pt; margin-bottom: 9pt;">
      <div id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 1 of 2</font></div>
      <div id="DSPFPageBreak" style="page-break-after:always;">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; font-size: 10.5pt; font-weight: bold;">Bruno Lafont, Lead Independent Non-Executive Director, said:</div>
    <div style="text-align: justify;"><font style="font-size: 10.5pt; font-weight: bold;"> </font><br>
    </div>
    <div style="text-align: justify; font-size: 10.5pt; font-style: italic;">&#8220;This is a well-planned transition and I would expect it be very smooth.&#160; Aditya Mittal is without a doubt the right candidate to be the next Chief Executive
      of ArcelorMittal.&#160; His knowledge and experience of the company is second-to-none and this step reflects the role he has increasingly performed in recent years. He has impressed the Board with his forensic knowledge of the business, his leadership
      skills in all market conditions and his knowledge of the sustainability trends that are shaping and changing the way the global economy operates. We are delighted that Lakshmi Mittal wants to remain fully involved. Over 45 years he created the
      world&#8217;s leading steel company from scratch and has arguably played a more influential role in driving progress in the industry than any other individual. With Mr Mittal as Executive Chairman and Aditya Mittal as Chief Executive, supported by strong
      segment and function leaders, ArcelorMittal is well positioned to succeed in the coming decade and beyond.&#8221;</div>
    <div style="text-align: justify;"><font style="font-size: 10.5pt; font-style: italic;"> </font><br>
    </div>
    <div style="text-align: justify; font-size: 10.5pt;">As a result of these developments, Genuino Christino will become Chief Financial Officer. Mr Christino joined the company in 2003 and has held the position of Head of Finance
      since 2016.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-size: 10.5pt; font-weight: bold;">BACKGROUND</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-size: 10.5pt;">Lakshmi Mittal founded what became ArcelorMittal in 1976 when he built a greenfield rolling mill in Indonesia. An early believer in the benefits consolidation could bring to the
      steel industry, he took his first international step in 1989 with the lease and subsequent acquisition of a steel company in Trinidad &amp; Tobago. This was followed by expansion into Mexico, the USA, Germany, Kazakhstan and multiple eastern European
      countries. In 2004 Mr Mittal combined his two steel businesses, Ispat International and LNM Holdings to form Mittal Steel, while at the same time agreeing to merge with International Steel Group of the United States. This combination meant Mittal
      Steel became the world&#8217;s largest steel company, a position that was further reinforced in 2006 when Mittal Steel and Arcelor agreed to merge to create ArcelorMittal.&#160; Mr Mittal is widely recognized for his entrepreneurial and business success and has
      received numerous awards.&#160; He sits on the board of Goldman Sachs.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-size: 10.5pt;">Aditya Mittal joined Ispat International in 1997 from Credit Suisse where he worked in the investment banking division.&#160; His first task was to oversee the IPO of Ispat
      International on the New York Stock Exchange.&#160; He subsequently became Head of M&amp;A, leading the company&#8217;s expansion into Eastern Europe.&#160; As CFO of LNM Holdings he led the combination of Ispat International with LNM to form Mittal Steel, of which
      he became CFO.&#160; He identified the opportunity of combining Arcelor and Mittal Steel and led the merger offer which culminated in the creation of ArcelorMittal.&#160; As well as being CFO of ArcelorMittal he took up operational responsibilities, first as
      CEO ArcelorMittal Americas and then as CEO of ArcelorMittal Europe.&#160; He was named President in 2018.</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-size: 10.5pt;">Genuino Christino joined Cia. Belgo Mineira in Brazil (currently ArcelorMittal Brazil) in 2003 from KPMG where he worked as an external auditor and consultant for over 10 years in
      Brazil and in the UK. He was transferred to our head office in Luxembourg in 2009 and has progressively taken over additional responsibilities within finance becoming Head of Finance in 2016. He has been working closely with Aditya on developing and
      executing the Group's financial strategy.</div>
    <div><br>
    </div>
    <div style="text-align: center; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold;">ENDS</div>
    <div><br>
    </div>
  </div>
  <div><br>
  </div>
  <div>
    <div id="DSPFPageNumberArea"><font style="font-size: 8pt; font-weight: normal; font-style: normal;" id="DSPFPageNumber">Page 2 of 2</font></div>
  </div>
  <div>
    <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>brhc10020138_ex99-2.htm
<DESCRIPTION>EXHIBIT 99.2
<TEXT>
<html>
  <head>
    <title></title>
    <!-- Licensed to: Broadridge
         Document created using EDGARfilings PROfile 7.3.2.0
         Copyright 1995 - 2021 Broadridge -->
  </head>
<body bgcolor="#ffffff" style="font-family: Arial; font-size: 9pt; text-align: left; color: #000000;">
  <div>
    <hr noshade="noshade" align="center" style="height: 4px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"></div>
  <div style="text-align: right;"><font style="font-weight: bold;">Exhibit 99.2</font><br>
  </div>
  <div><br>
  </div>
  <div>
    <div style="color: rgb(255, 0, 0); font-size: 14pt; font-weight: bold;">ArcelorMittal reports fourth quarter 2020 and twelve months 2020 results</div>
    <div style="font-size: 12pt;"><font style="font-size: 10pt; font-weight: bold;"> <br>
      </font></div>
    <div style="font-size: 12pt;"><font style="font-size: 10pt; font-weight: bold;">Luxembourg, February 11, 2021 </font><font style="font-size: 10pt;">- ArcelorMittal (referred to as &#8220;ArcelorMittal&#8221; or the &#8220;Company&#8221;) (MT (New York, Amsterdam, Paris,
        Luxembourg), MTS (Madrid)), the world&#8217;s leading integrated steel and mining company, today announced results</font><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup><font style="font-size: 10pt;"> for the three-month and twelve-month periods ended December 31, 2020.</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; color: rgb(255, 0, 0); font-size: 12pt; font-weight: bold;">2020 Key highlights:</div>
    <div> <br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 9pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zbcddfd2a78f94d0fa899eb3e713b5313">

        <tr>
          <td style="width: 13.5pt; vertical-align: top; color: rgb(0, 0, 0); font-size: 10pt;">&#8226;</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-size: 10pt;">Health and safety performance: Protecting the health and wellbeing of employees remains the Company&#8217;s overarching priority; LTIF rate of 0.61x in 2020 vs. 0.75x in FY 2019<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">2</sup></div>
          </td>
        </tr>

    </table>
    <div> <br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 9pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4c15c5ff018f4950a538f65d60b98240">

        <tr>
          <td style="width: 13.5pt; vertical-align: top; color: rgb(0, 0, 0); font-size: 10pt;">&#8226;</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-size: 10pt;">Despite the challenging market environment that saw steel shipments decline in 2020 by 18.2% and a net loss of $0.7bn, the Company delivered $1.5bn of free cash flow (&#8220;FCF&#8221;, net cash provided by operating
              activities of $4.1bn less capex of $2.4bn less dividends paid to minorities of $0.2bn)</div>
          </td>
        </tr>

    </table>
    <div> <br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 9pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z872c175cdc084d1e8961cfba832a1347">

        <tr>
          <td style="width: 13.5pt; vertical-align: top; color: rgb(0, 0, 0); font-size: 10pt;">&#8226;</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-size: 10pt;">FY 2020 operating income of $2.1bn<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">4,5</sup> vs. $0.6bn operating loss<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">4,5</sup> in FY 2019. FY 2020 EBITDA of $4.3bn with 4Q'20 EBITDA of $1.7bn (almost double 4Q'19 level) reflecting recovering
              fundamentals and providing good momentum into 2021; 4Q 2020 adjusted net income<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">18 </sup>of $0.2bn vs. adjusted net loss of $0.2bn in 3Q 2020</div>
          </td>
        </tr>

    </table>
    <div> <br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 9pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za5bb304e95424634b0a06357c3cf8e98">

        <tr>
          <td style="width: 13.5pt; vertical-align: top; color: rgb(0, 0, 0); font-size: 10pt;">&#8226;</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-size: 10pt;">The Company ended 2020 with gross debt of $12.3 billion and net debt of $6.4 billion, the lowest level since the 2006 merger, allowing the Company to transition to a new capital allocation policy prioritizing
              returns to shareholders</div>
          </td>
        </tr>

    </table>
    <div> <br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 9pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze25d65d985d14813b3ae2d7b755fbbea">

        <tr>
          <td style="width: 13.5pt; vertical-align: top; color: rgb(0, 0, 0); font-size: 10pt;">&#8226;</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-size: 10pt;">Repositioned its North American footprint through the completed sale of ArcelorMittal USA to Cleveland Cliffs, unlocking value and significantly reducing liabilities</div>
          </td>
        </tr>

    </table>
    <div> <br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 9pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2c5546a7ba6c489c99b4aac1de569e80">

        <tr>
          <td style="width: 13.5pt; vertical-align: top; color: rgb(0, 0, 0); font-size: 10pt;">&#8226;</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-size: 10pt;">Reinforced its European footprint through the agreed investment by the Italian government in ArcelorMittal Italia (expected to be deconsolidated in 1Q 2021)</div>
          </td>
        </tr>

    </table>
    <div> <br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 9pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc787f4d6d84344548abc6678776c7668">

        <tr>
          <td style="width: 13.5pt; vertical-align: top; color: rgb(0, 0, 0); font-size: 10pt;">&#8226;</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-size: 10pt;">ArcelorMittal sold its first certified green steel products<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">9</sup> to customers in December 2020, reflecting its leadership position in technology and innovation and commitments to decarbonize</div>
          </td>
        </tr>

    </table>
    <div style="text-indent: -13.5pt; margin-left: 13.5pt; color: rgb(255, 0, 0); font-size: 12pt; font-weight: bold;"> <br>
    </div>
    <div style="text-indent: -13.5pt; margin-left: 13.5pt; color: rgb(255, 0, 0); font-size: 12pt; font-weight: bold;">Priorities &amp; Outlook:</div>
    <div style="text-indent: -13.5pt; margin-left: 13.5pt; color: rgb(255, 0, 0); font-size: 12pt; font-weight: bold;"> <br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 9pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc038a6e9f0cc4f18a71266a2daf101e0">

        <tr>
          <td style="width: 13.5pt; vertical-align: top; color: rgb(0, 0, 0); font-size: 10pt;">&#8226;</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-size: 10pt;"><font style="font-weight: bold;">Global climate change leadership: </font>Whilst policy support remains crucial to the development of decarbonization in the steel industry, the Company is focused on progressing
              towards its 2050 net zero group carbon emissions target. A range of innovative technology options are advancing, including the Group&#8217;s first Smart Carbon projects (Carbalyst) to start production in Ghent, Belgium (in 2022) and first Hydrogen
              reduction project in Hamburg to start production (estimated 2023-2025)</div>
          </td>
        </tr>

    </table>
    <div> <br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 9pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zb68e04c151a4463198dde307895c0dc0">

        <tr>
          <td style="width: 13.5pt; vertical-align: top; color: rgb(0, 0, 0); font-size: 10pt;">&#8226;</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-size: 10pt;"><font style="font-weight: bold;">Cost advantage - New $1.0bn fixed cost reduction program </font>in progress to ensure that a significant portion of fixed cost savings achieved during the COVID-19 crisis is
              sustained; expected completion by the end of 2022 (savings from a FY 2019 base)</div>
          </td>
        </tr>

    </table>
    <div> <br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 9pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze323aea599c14d9b8a9b22cec451733d">

        <tr>
          <td style="width: 13.5pt; vertical-align: top; color: rgb(0, 0, 0); font-size: 10pt; font-weight: bold;">&#8226;</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-size: 10pt;"><font style="font-weight: bold;">Strategic growth: </font>The Company is focused on organic growth, cost improvement, product portfolio and margin enhancing projects in emerging growth markets, including: Mexico
              HSM project (completion expected in 2021); Brazil cold rolling mill complex project (recommenced, with startup targeted 2023); and Liberia phase II expansion (first concentrate targeted in 4Q 2023)</div>
          </td>
        </tr>

    </table>
    <div> <br>
    </div>
    <div style="clear: both; margin-top: 9pt; margin-bottom: 9pt;" id="DSPFPageBreakArea">
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 9pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z81194d9238a445cb821559ecc3ca9091">

        <tr>
          <td style="width: 13.5pt; vertical-align: top; color: rgb(0, 0, 0); font-size: 10pt;">&#8226;</td>
          <td style="width: auto; vertical-align: top;">
            <div style="font-size: 10pt;"><font style="font-weight: bold;">Consistent returns to shareholders</font>: The Company initiated its capital return to shareholders with a $500m share buyback<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">10</sup> in 2H 2020 following the announced
              agreement to sell ArcelorMittal USA to Cleveland Cliffs. This process continues with a further $650m to be returned via a share buyback<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">19</sup> following the partial sell-down of the Company&#8217;s equity stake in Cleveland Cliffs announced
              on February 9, 2021. In addition, and in accordance with the new capital return policy, the Board proposes to restart the base dividend to shareholders at $0.30/sh (to be paid in June 2021, subject to the approval of shareholders at the AGM
              in May 2021), and return $570m of capital to shareholders through a further share buyback program in 2021</div>
          </td>
        </tr>

    </table>
    <div> <br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 9pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z655cac79c3ab4af7ad5d2ad2c5b56ed5">

        <tr>
          <td style="width: 13.5pt; vertical-align: top; color: rgb(0, 0, 0); font-size: 10pt;">&#8226;</td>
          <td style="width: auto; vertical-align: top; text-align: justify;">
            <div style="font-size: 10pt;"><font style="font-weight: bold;">Recovery in steel shipments: </font>Recovery in apparent steel demand (growth of +4.5% to +5.5% is currently forecast in 2021 vs. 2020); steel shipments are expected to increase
              YoY (on a scope adjusted basis i.e. excluding the impacts of the ArcelorMittal USA sale and the deconsolidation of ArcelorMittal Italia<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">12</sup> (expected in 1Q 2021))</div>
          </td>
        </tr>

    </table>
    <div> <br>
    </div>
    <div style="color: rgb(255, 0, 0); font-size: 11pt; font-weight: bold;">Financial highlights (on the basis of IFRS<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup>):</div>
    <div> <br>
    </div>
    <table cellspacing="0" cellpadding="1" border="0" style="font-family: Arial; font-size: 9pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zc5a3e9de53364d939846c294e422460f">

        <tr>
          <td style="width: 55%; vertical-align: middle; background-color: rgb(92, 127, 146); border-top: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">(USDm) unless otherwise shown</div>
          </td>
          <td colspan="2" style="vertical-align: middle; background-color: rgb(92, 127, 146); border-top: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">4Q 20</div>
          </td>
          <td colspan="2" style="vertical-align: middle; background-color: rgb(92, 127, 146); border-top: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">3Q 20</div>
          </td>
          <td colspan="2" style="vertical-align: middle; background-color: rgb(92, 127, 146); border-top: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">4Q 19</div>
          </td>
          <td colspan="2" style="vertical-align: middle; background-color: rgb(92, 127, 146); border-top: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">12M 20</div>
          </td>
          <td colspan="2" style="vertical-align: middle; background-color: rgb(92, 127, 146); border-top: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">12M 19</div>
          </td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">Sales</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">14,184</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">13,266</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">15,514</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">53,270</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">70,615</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">Operating income / (loss)</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">1,998</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">718</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(1,535)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">2,110</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(627)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">Net income / (loss) attributable to equity holders of the parent</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">1,207</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(261)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(1,882)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(733)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(2,454)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">Basic earnings / (loss) per common share (US$)</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">1.01</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(0.21)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(1.86)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(0.64)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(2.42)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">Operating income/ (loss) / tonne (US$/t)</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">116</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">41</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(78)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">31</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(7)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">EBITDA</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">1,726</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">901</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">925</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">4,301</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">5,195</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">EBITDA/ tonne (US$/t)</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">100</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">52</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">47</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">62</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">61</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">Steel-only EBITDA/ tonne (US$/t)</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">58</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">23</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">32</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">35</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">42</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">Crude steel production (Mt)</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">18.8</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">17.2</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">19.8</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">71.5</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">89.8</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">Steel shipments (Mt)</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">17.3</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">17.5</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">19.7</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">69.1</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">84.5</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">Own iron ore production (Mt)</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">15.3</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">14.8</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">14.8</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">58.0</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">57.1</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">Iron ore shipped at market price (Mt)</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">10.6</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">9.8</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">9.6</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">38.2</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">37.1</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; font-size: 10pt; font-weight: bold;">Commenting, Mr. Lakshmi N. Mittal, ArcelorMittal Executive Chairman, said:</div>
    <div><br>
    </div>
    <div>&#8220;2020 was a year of enormous challenge as countries, societies and businesses across the world grappled with the disruption caused by the COVID-19 pandemic. The impact on the steel industry was significant, but I am very proud of the resilience
      and enterprise shown by our people across the business which enabled ArcelorMittal to deliver a solid operating performance in times of adversity. We have fantastic teams across our operations.</div>
    <div><br>
    </div>
    <div>Indeed, 2020 was a milestone year for the Company. Achieving our $7 billion net debt target marked the end of a long-term deleveraging program, and the start of a new phase which will allow the Company to focus on delivering sustainable
      shareholder returns as we continue to transform for the future. This process will be supported by changes we made to our portfolio, increasing the quality of its earnings potential, and by the investments we are making in high-growth projects and
      markets, such as those in India, Mexico, Brazil and Liberia.</div>
    <div><br>
    </div>
    <div>Initiatives are also underway to ensure that we take the lessons from our swift and comprehensive COVID-19 response actions and embed these across the business, with a target of delivering more than $1 billion of sustained savings by 2022. This
      effort is complemented by an improvement in market conditions which supported a significantly improved performance in the fourth quarter.</div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 9pt; margin-bottom: 9pt;" id="DSPFPageBreakArea">
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div>The combination of our stronger balance sheet, targeted growth profile and competitive cost positioning underpin our commitment to delivering more consistent returns across the cycle. They also position the Company favorably to lead the industry&#8217;s
      transition to low-emissions steelmaking as part of our 2050 net zero commitment.</div>
    <div><br>
    </div>
    <div>2020 was a year in which we saw further acceleration in the drive to decarbonize the global economy. We have identified two main routes to achieve net zero target by 2050, both leveraging one or more clean energy infrastructures &#8211; one that
      utilizes biomass/bioenergy with carbon capture utilization and storage and the other which harnesses green electricity to power a hydrogen-based direct reduced iron process. We will continue to trial and pilot both routes while simultaneously
      promoting the policies that are a crucial component of success if these technologies are to be scaled up and commercially viable in the long-term. Ahead of COP26 an increasing number of countries have now made net zero commitments &#8211; it is imperative
      these commitments are now accompanied by policy to enable success.</div>
    <div><br>
    </div>
    <div>Although we must continue to navigate the COVID-19 challenge, I expect 2021 to be another year of progress for the Company, and look forward to working closely with Aditya our new CEO."</div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 9pt; margin-bottom: 9pt;" id="DSPFPageBreakArea">
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="color: rgb(255, 0, 0); font-size: 11pt; font-weight: bold;">Sustainable development and safety performance</div>
    <div><br>
    </div>
    <div style="text-align: justify; font-size: 10pt; font-weight: bold;">Health and safety - Own personnel and contractors lost time injury frequency rate</div>
    <div><br>
    </div>
    <div style="margin-bottom: 6pt;">Protecting the health and wellbeing of employees remains the Company&#8217;s overarching priority with ongoing strict adherence to World Health Organization guidelines and specific government guidelines have been followed and
      implemented. We continue to ensure extensive monitoring, with stringent sanitary practices and social distancing measures at all operations, and have implemented remote working wherever possible and provided essential personal protective equipment to
      our people.</div>
    <div style="margin-bottom: 6pt;">Health and safety performance (inclusive of ArcelorMittal Italia (previously known as Ilva)), based on own personnel and contractors lost time injury frequency (LTIF) rate was 0.93x in the fourth quarter of 2020 ("4Q
      2020") as compared to 0.95x in third quarter of 2020 ("3Q 2020") and 1.25x in fourth quarter of 2019 ("4Q 2019"). Excluding the impact of ArcelorMittal Italia, the LTIF was 0.65x for 4Q 2020 as compared to 0.56x for 3Q 2020 and 0.84x for the 4Q 2019.</div>
    <div style="margin-bottom: 6pt;">Health and safety performance (inclusive of ArcelorMittal Italia), based on own personnel and contractors lost time injury frequency (LTIF) rate was 0.92x for the twelve months of 2020 ("12M 2020") as compared to 1.21x
      in for the twelve months of 2019 ("12M 2019"). Health and safety performance (excluding the impact of ArcelorMittal Italia) for 12M 2020 was 0.61x as compared to 0.75x for 12M 2019.</div>
    <div>The Company&#8217;s efforts to improve its health and safety record, aims to strengthen the safety of its workforce with an absolute focus on eradicating fatalities.</div>
    <div><br>
    </div>
    <div style="margin-bottom: 6pt; font-size: 10pt; font-weight: bold;">Own personnel and contractors - Frequency rate</div>
    <table cellspacing="0" cellpadding="1" border="0" style="font-family: Arial; font-size: 9pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z9fd068b19e4c401eacd6c43fe670a1d1">

        <tr>
          <td style="width: 55%; vertical-align: middle; background-color: rgb(92, 127, 146); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">Lost time injury frequency rate</div>
          </td>
          <td colspan="2" style="vertical-align: middle; background-color: rgb(92, 127, 146); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">4Q 20</div>
          </td>
          <td colspan="2" style="vertical-align: middle; background-color: rgb(92, 127, 146); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">3Q 20</div>
          </td>
          <td colspan="2" style="vertical-align: middle; background-color: rgb(92, 127, 146); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">4Q 19</div>
          </td>
          <td colspan="2" style="vertical-align: middle; background-color: rgb(92, 127, 146); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">12M 20</div>
          </td>
          <td colspan="2" style="vertical-align: middle; background-color: rgb(92, 127, 146); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">12M 19</div>
          </td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">Mining</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">0.68</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">0.35</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">1.27</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">0.61</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">0.97</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">NAFTA</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">0.44</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">0.32</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">0.63</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">0.53</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">0.58</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">Brazil</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">0.17</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">0.36</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">0.32</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">0.29</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">0.36</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">Europe</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">1.35</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">1.04</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">1.06</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">1.08</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">1.00</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">ACIS</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">0.59</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">0.66</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">0.83</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">0.61</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">0.69</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">Total Steel</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">0.65</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">0.60</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">0.78</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">0.62</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">0.73</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">Total (Steel and Mining) excluding ArcelorMittal Italia</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 2px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">0.65</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 2px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">0.56</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">0.84</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 2px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">0.61</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 2px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">0.75</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">ArcelorMittal Italia</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">9.16</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">12.15</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">10.61</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">9.46</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">11.13</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">Total (Steel and Mining) including ArcelorMittal Italia</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">0.93</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">0.95</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">1.25</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">0.92</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">1.21</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; font-size: 10pt; font-weight: bold;">Key sustainable development highlights for 4Q 2020:</div>
    <div><br>
    </div>
    <div style="text-align: justify;">During 4Q 2020, the Company highlighted:</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 9pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zabca9e92a2174fe9a15069568e2996ad">

        <tr>
          <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">&#9702;</td>
          <td style="width: auto; vertical-align: top;">
            <div>The Company maintained its &#8216;A-&#8217; CDP grade, putting it within the top quartile of all metal smelting, refining and forming companies and the top 10% of the steel industry. It was notable that the Company achieved A grade scores for climate
              governance, disclosure of climate related financial risk and opportunities, strategy and planning and emissions reduction initiatives.</div>
          </td>
        </tr>

    </table>
    <div> <br>
    </div>
    <div style="clear: both; margin-top: 9pt; margin-bottom: 9pt;" id="DSPFPageBreakArea">
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <!--PROfilePageNumberReset%Num%5%Page %%-->
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 9pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9ba7d38c6ade439698821dd5e4e152a1">

        <tr>
          <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">&#9702;</td>
          <td style="width: auto; vertical-align: top;">
            <div>The Company&#8217;s new Grade 80 steel was used for the first time in the USA in the 51-story Union Station Tower located at 320 S. Canal in Chicago. The superior 80 kip-per-square-inch strength of this steel enabled the design team to reduce
              the amount of steel used in the tower&#8217;s columns by almost 20%, which resulted in reduction to project costs and the embodied CO2 of the building. In addition, the column&#8217;s slimmer profiles allowed the developer-owner Riverside Investment and
              Development to offer more open space on upper floors to tenants.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 9pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z9e908119354f4dbd9546d3e7bd6ccf68">

        <tr>
          <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">&#9702;</td>
          <td style="width: auto; vertical-align: top;">
            <div>ArcelorMittal continued to advance its leadership in providing sustainability solutions for the automotive sector, enabling lightweight yet stronger and safer vehicles. The Global Automotive division rolled out its latest e-mobility
              solution to customers in October 2020 with its S-in motion&#174; Rear chassis solutions for electric vehicles, which enable carmakers to design vehicles with extended range and enhanced safety at reduced cost. ArcelorMittal Dofasco announced a
              $24M CAD investment that will enable it to become the only Canadian producer of Alusi&#174;-coated Usibor&#174;. Alusi&#174; coating is able to withstand high temperatures as well as being highly corrosion-resistant. The first product from this coating
              addition at the Hamilton hot dip galvanizing line no. 5 is expected in 2H 2022. This investment complements additional strategic North America developments announced previously, including a new electric arc furnace (EAF) at AM/NS Calvert in
              the US and a new hot strip mill in Mexico.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 9pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze94334890d9348859ba815e871dd0900">

        <tr>
          <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">&#9702;</td>
          <td style="width: auto; vertical-align: top;">
            <div>ArcelorMittal Long Products announced a collaboration with Vow subsidiary ETIA to build the first dedicated industrial scale biogas plant for the steel industry at Rodange, Luxembourg, with the aim of starting production in 2022. The plant
              will convert sustainable biomass into biogas to replace the use of natural gas at the plant&#8217;s rolling mill reheating furnace, so reducing CO<sub style="vertical-align: bottom; line-height: 1; font-size: smaller;">2</sub> emissions from the production of steel, including Rodange&#8217;s specialized grooved rails for
              major rail projects around the world.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 9pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf0e4a273985e415fb1d235b74996dc0f">

        <tr>
          <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">&#9702;</td>
          <td style="width: auto; vertical-align: top;">
            <div>The Company has strengthened its Code for Responsible Sourcing to reflect its alignment with its 10 sustainable development outcomes, its commitment to the ResponsibleSteel standards and the expectations it has of its suppliers on their
              sustainability standards.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 9pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zc0db795914b34d1e997e1a8f43b36505">

        <tr>
          <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">&#9702;</td>
          <td style="width: auto; vertical-align: top;">
            <div>Group-wide CO<sub style="vertical-align: bottom; line-height: 1; font-size: smaller;">2</sub> reduction 2030 target to be announced early 2Q 2021, reflecting segment by segment reduction plans.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 9pt; margin-bottom: 9pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">Page 5</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="color: rgb(255, 0, 0); font-size: 11pt; font-weight: bold;">Analysis of results for the twelve months ended December 31, 2020 versus results for the twelve months ended December 31, 2019</div>
    <div> <br>
    </div>
    <div>Total steel shipments for 12M 2020 were 69.1 million metric tonnes (Mt) representing a decrease of 18.2% as compared to 84.5Mt in 12M 2019. On a comparable basis, adjusting for the impact of the remedy asset sales related to the ArcelorMittal
      Italia acquisition in 2019 and ArcelorMittal USA sale in December 2020, steel shipments for 12M 2020 declined by 15.8% to 60.1Mt as compared to 71.3Mt in 12M 2019, primarily due to the impact of the COVID-19 pandemic and the slowdown that occurred in
      1H 2020. Shipments were lower in Europe (-22.4%, down -18.6% excluding the impact of the remedy asset sales related to the ArcelorMittal Italia acquisition for 12M 2019), Brazil (-15.9%), NAFTA (-14.4%, -8.7% excluding ArcelorMittal USA) and ACIS
      (-14.4%).</div>
    <div><br>
    </div>
    <div>Sales for 12M 2020 decreased by 24.6% to $53.3 billion as compared with $70.6 billion for 12M 2019, primarily due to the impacts of the COVID-19 pandemic on lower steel shipments (as discussed above) and average steel selling prices (-8.7%).</div>
    <div><br>
    </div>
    <div>Depreciation of $3.0 billion for 12M 2020 was broadly stable as compared with $3.1 billion for 12M 2019. FY 2021 depreciation is expected to be approximately $2.7 billion following the sale of ArcelorMittal USA in December 2020 and anticipated
      deconsolidation of ArcelorMittal Italia in early 2021 (assuming current exchange rates).</div>
    <div><br>
    </div>
    <div>Net impairment gain for 12M 2020 amounted to $133 million included the partial reversal of impairment charges (recorded in 2019) following the sale of ArcelorMittal USA ($660 million), offset in part by impairment charges of $331 million related
      to revised future cashflows of plate assets in Europe, charges of $104 million following the permanent closure of a blast furnace and steel plant in Krakow (Poland) in 3Q 2020 and charges related to the permanent closure of the coke plant in Florange
      (France) in 1Q 2020 of $92 million. Impairment charges for 12M 2019 were $1.9 billion related to impairment of the fixed assets of ArcelorMittal USA ($1.3 billion), remedy asset sales for the ArcelorMittal Italia acquisition ($0.5 billion) and
      impairment charges in South Africa ($0.1 billion).</div>
    <div><br>
    </div>
    <div>Net exceptional items for 12M 2020 were gains of $636 million related to the gain on disposal of ArcelorMittal USA ($1.5 billion) partially offset by site restoration and termination charges following the permanent closure of a blast furnace and
      steel plant in Krakow (Poland) totaling $146 million and inventory related charges in NAFTA and Europe ($0.7 billion). Exceptional expense for 12M 2019 of $828 million primarily included inventory related charges in NAFTA and Europe</div>
    <div><br>
    </div>
    <div>Operating income for 12M 2020 of $2.1 billion was positively impacted by impairment and exceptional net gains totaling $0.8 billion as discussed above. Excluding these items, operating income for 12M 2020 of $1.3 billion was impacted by weaker
      operating conditions as compared to 2019, including a negative price-cost effect in steel segments and lower steel shipments due to the COVID-19 pandemic offset in part by improved mining performance. Operating loss of $627 million in 12M 2019 was
      negatively impacted by impairment and exceptional items as discussed above. Excluding these items operating income for 12M 2019 was $2.1 billion.</div>
    <div><br>
    </div>
    <div>Income from associates, joint ventures and other investments for 12M 2020 was $234 million as compared to $347 million for 12M 2019. 12M 2020 income from associates, joint ventures and other investments<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">14 </sup>includes positive
      contributions from AMNS India<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">8 </sup>offset in part by the negative impact of the COVID-19 pandemic on investees including a $211 million impairment of the Company's investment in DHS (Germany). In addition, in 12M 2020 the annual dividend
      income from Erdemir was lower at $12 million as compared to $93 million in 12M 2019.</div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 9pt; margin-bottom: 9pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">Page 6</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div>Net interest expense in 12M 2020 was lower at $421 million (below the Company's previous $0.5bn guidance) as compared to $607 million in 12M 2019 following debt repayments and liability management transactions. The Company expects full year 2021
      net interest expense to be approximately $0.3 billion.</div>
    <div><br>
    </div>
    <div>Foreign exchange and other net financing losses were $835 million for 12M 2020 as compared to losses of $1,045 million for 12M 2019. Losses in 12M 2020 are lower on account of a foreign exchange gain of $107 million as compared to a foreign
      exchange gain of $4 million in 12M 2019. 12M 2020 also includes non-cash mark-to-market losses of $68 million related to the mandatory convertible bonds call option (versus $356 million in 12M 2019) and $178 million non-cash expenses related to the
      extension of the mandatory convertible bond. 12M 2020 also includes early bond redemption premium expenses of $120 million as compared to $71 million in 12M 2019.</div>
    <div><br>
    </div>
    <div>ArcelorMittal recorded an income tax expense of $1,666 million for 12M 2020 as compared to $459 million for 12M 2019. The deferred tax expense for 12M 2020 mainly includes derecognition of deferred tax assets recorded in Luxembourg following the
      sale of ArcelorMittal USA ($624 million), due to anticipated lower intra-group income from ArcelorMittal USA (primarily lower branding, R&amp;D fees and interest income).</div>
    <div><br>
    </div>
    <div>ArcelorMittal&#8217;s net loss for 12M 2020 was $0.7 billion, or $0.64 basic loss per common share, as compared to a net loss in 12M 2019 of $2.5 billion, or $2.42 basic loss per common share.</div>
    <div><br>
    </div>
    <div style="color: rgb(255, 0, 0); font-size: 11pt; font-weight: bold;">Analysis of results for 4Q 2020 versus 3Q 2020 and 4Q 2019</div>
    <div> <br>
    </div>
    <div>Total steel shipments in 4Q 2020 were 17.3Mt, 1% lower as compared with 17.5Mt in 3Q 2020. On a comparable basis, excluding ArcelorMittal USA (following its sale to Cleveland Cliffs on December 9, 2020), steel shipments in 4Q 2020 increased by
      1.5% to 15.5Mt as compared 15.3Mt in 3Q 2020, as economic activity continued to gradually recover following the severe impacts of the COVID-19 pandemic earlier in the year, with all segments except ACIS experiencing quarter-on-quarter shipment growth
      (Europe +4.7%, Brazil +6.1% and NAFTA +4.9% (on a scope adjusted basis following the sale of ArcelorMittal USA) offset by ACIS -5.0%). Despite the sequential improvement, steel demand remains well below pre-crisis levels, with total steel shipments
      in 4Q 2020 of 17.3Mt, 12.4% lower than 19.7Mt in 4Q 2019 (down 9.2% on a scope adjusted basis excluding ArcelorMittal USA sale) with Europe -7.8%, Brazil -5.2%, NAFTA -1.4% (scope adjusted) and ACIS -20.5% (primarily due to South Africa).</div>
    <div><br>
    </div>
    <div>Sales in 4Q 2020 were $14.2 billion as compared to $13.3 billion for 3Q 2020 (+6.9%) and $15.5 billion for 4Q 2019 (-8.6%). This 6.9% increase was primarily due a better sales mix (higher automotive volumes share) and 7.1% higher realized selling
      prices (only partially capturing the significant increase in global steel prices due to lag effects), and increased mining sales revenue (+24.9%) due in part to higher market-priced iron ore shipments (+7.9%) and higher seaborne iron ore reference
      prices (+13.0%). Sales in 4Q 2020 were 8.6% lower as compared to 4Q 2019 primarily due to the ongoing impact of the COVID-19 pandemic on overall steel demand (shipments down 12.4%) offset in part by higher average steel selling prices (+5.5%),
      significantly higher seaborne iron ore reference prices (+49.9%) and higher market-priced iron ore shipments (+9.8%).</div>
    <div><br>
    </div>
    <div>Depreciation for 4Q 2020 was lower at $711 million as compared to $739 million for 3Q 2020 and $802 million in 4Q 2019.</div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 9pt; margin-bottom: 9pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">Page 7</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div>Impairment expenses in 4Q 2020 were $331 million following the revised future cashflow expectations of plate assets in Europe. Net impairment gain in 3Q 2020 amounted to $556 million, consisting of the partial reversal of impairment charges
      recorded following the announced sale of ArcelorMittal USA ($660 million) and an impairment charge of $104 million related to the permanent closure of a blast furnace and steel plant in Krakow (Poland). Impairment charges for 4Q 2019 were $830
      million and related to the fixed assets of ArcelorMittal USA ($0.7 billion) and in South Africa ($0.1 billion).</div>
    <div><br>
    </div>
    <div>Exceptional items in 4Q 2020 of $1.3 billion related to gain on the sale of ArcelorMittal USA<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">5 </sup>offset by site restoration and termination charges related to the closure of the steel shop and blast furnace at Krakow (Poland).
      Exceptional items for 3Q 2020 were nil. Exceptional items for 4Q 2019 of $828 million primarily include inventory related charges in NAFTA and Europe following a period of exceptionally weak steel pricing.</div>
    <div><br>
    </div>
    <div>Operating income for 4Q 2020 was $2.0 billion as compared to $718 million in 3Q 2020 and an operating loss of $1.5 billion in 4Q 2019, impacted by the impairments and exceptional items as discussed above. Operating income for 4Q 2020 as compared
      to 3Q 2020 reflects a positive price-cost effect in the steel business and improved mining performance driven by higher iron ore prices.</div>
    <div><br>
    </div>
    <div>Income from associates, joint ventures and other investments for 4Q 2020 was $7 million compared to $100 million for 3Q 2020 and an income of $20 million in 4Q 2019. Income in 4Q 2020 includes the positive contribution from AMNS India<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">8</sup>
      offset by a $211 million impairment of the Company's investment in DHS (Germany).</div>
    <div><br>
    </div>
    <div>Net interest expense in 4Q 2020 was lower at $88 million as compared to $106 million in 3Q 2020 and $140 million in 4Q 2019, mainly due to savings following the repayments of bonds.</div>
    <div><br>
    </div>
    <div>Foreign exchange and other net financing losses in 4Q 2020 were $270 million as compared to losses of $150 million in 3Q 2020 and losses of $117 million in 4Q 2019. Foreign exchange gain in 4Q 2020 was $78 million compared to $17 million in 3Q
      2020 and $130 million in 4Q 2019. 4Q 2020 includes $178 million non-cash expenses related to the extension of the mandatory convertible bond and non-cash mark-to-market gains of $59 million related to the mandatory convertible bonds call option, and
      amounted to $52 million loss in 4Q 2019.</div>
    <div><br>
    </div>
    <div style="margin-bottom: 6pt;">ArcelorMittal recorded an income tax expense of $358 million in 4Q 2020 as compared to $784 million for 3Q 2020 and $125 million for 4Q 2019. The tax expense for 3Q 2020 included a $624 million deferred tax expense as
      discussed above.</div>
    <div>ArcelorMittal recorded a net income for 4Q 2020 of $1,207 million (or $1.01 basic earnings per common share), as compared to a net loss for 3Q 2020 of $261 million (or $0.21 basic loss per common share), and a net loss for 4Q 2019 of $1,882
      million (or $1.86 basic loss per common share).</div>
    <div> <br>
    </div>
    <div style="clear: both; margin-top: 9pt; margin-bottom: 9pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">Page 8</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; color: rgb(255, 0, 0); font-size: 11pt; font-weight: bold;">Analysis of segment operations</div>
    <div style="font-weight: 400;"> <br>
    </div>
    <div style="text-align: justify; font-size: 10pt; font-weight: bold;">NAFTA</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="1" border="0" style="font-family: Arial; font-size: 9pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z61f3637a4f844c0f90153f13413e07e3">

        <tr>
          <td style="width: 55%; vertical-align: middle; background-color: rgb(92, 127, 146); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">(USDm) unless otherwise shown</div>
          </td>
          <td colspan="2" style="vertical-align: middle; background-color: rgb(92, 127, 146); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">4Q 20</div>
          </td>
          <td colspan="2" style="vertical-align: middle; background-color: rgb(92, 127, 146); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">3Q 20</div>
          </td>
          <td colspan="2" style="vertical-align: middle; background-color: rgb(92, 127, 146); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">4Q 19</div>
          </td>
          <td colspan="2" style="vertical-align: middle; background-color: rgb(92, 127, 146); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">12M 20</div>
          </td>
          <td colspan="2" style="vertical-align: middle; background-color: rgb(92, 127, 146); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">12M 19</div>
          </td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">Sales</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(192, 192, 192); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">3,196</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(192, 192, 192); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">3,329</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">4,020</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(192, 192, 192); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">13,597</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(192, 192, 192); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">18,555</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">Operating income / (loss)</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(192, 192, 192); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">1,507</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(192, 192, 192); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">607</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(912)</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(192, 192, 192); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">1,667</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(192, 192, 192); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(1,259)</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">Depreciation</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(192, 192, 192); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(61)</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(192, 192, 192); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(126)</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(152)</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(192, 192, 192); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(449)</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(192, 192, 192); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(570)</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">Impairment items</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(192, 192, 192); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">&#8212;</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(192, 192, 192); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">660</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(700)</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(192, 192, 192); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">660</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(192, 192, 192); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(1,300)</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">Exceptional items</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(192, 192, 192); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">1,460</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(192, 192, 192); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">&#8212;</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(200)</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(192, 192, 192); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">998</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(192, 192, 192); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(200)</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">EBITDA</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(192, 192, 192); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">108</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(192, 192, 192); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">73</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">140</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(192, 192, 192); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">458</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(192, 192, 192); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">811</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">Crude steel production (kt)</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(192, 192, 192); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">4,180</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(192, 192, 192); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">4,432</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">5,261</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(192, 192, 192); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">17,813</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(192, 192, 192); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">21,897</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">Steel shipments (kt)</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(192, 192, 192); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">4,134</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(192, 192, 192); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">4,435</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">5,029</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(192, 192, 192); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">17,902</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(192, 192, 192); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">20,921</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">Average steel selling price (US$/t)</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(192, 192, 192); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">714</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(192, 192, 192); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">701</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">731</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(192, 192, 192); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">702</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(192, 192, 192); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">810</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="margin-bottom: 6pt;">NAFTA segment crude steel production decreased by 5.7% to 4.2Mt in 4Q 2020, as compared to 4.4Mt in 3Q 2020 following the sale of ArcelorMittal
      USA to Cleveland Cliffs on December 9, 2020. On a scope adjusted basis (i.e. excluding ArcelorMittal USA), crude steel production increased by 2.8% to 2.1Mt following the gradual improvement in demand.</div>
    <div style="margin-bottom: 6pt;">Steel shipments in 4Q 2020 decreased by 6.8% to 4.1Mt, as compared to 4.4Mt in 3Q 2020, largely on account of the sale of ArcelorMittal USA. On a scope adjusted basis (excluding ArcelorMittal USA), steel shipments in 4Q
      2020 increased by 4.9% to 2.3Mt following the gradual improvement in demand. Steel shipments were 17.8% lower in 4Q 2020 as compared to 5Mt in 4Q 2019 (-1.4% on a scope adjusted basis for ArcelorMittal USA sale).</div>
    <div style="margin-bottom: 6pt;">Sales in 4Q 2020 decreased by 4.0% to $3.2 billion, as compared to $3.3 billion in 3Q 2020, primarily due to the decrease in steel shipments offset in part by a 1.9% increase in average steel selling prices.</div>
    <div style="margin-bottom: 6pt;">Operating income in 4Q 2020 was $1.5 billion as compared to $607 million in 3Q 2020 and an operating loss of $912 million in 4Q 2019. 4Q 2020 operating income includes $1.5 billion exceptional gain<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">5</sup> on the
      completed sale of ArcelorMittal USA. 3Q 2020 operating income included a $660 million gain related to the partial reversal of impairments recorded in ArcelorMittal USA following the announced sale.</div>
    <div>EBITDA in 4Q 2020 of $108 million was higher as compared to $73 million in 3Q 2020, primarily due to a positive price-cost effect. EBITDA in 4Q 2020 was lower as compared to $140 million in 4Q 2019 driven primarily by lower steel shipments and
      negative price cost effect partially offset by lower fixed costs.</div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 9pt; margin-bottom: 9pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">Page 9</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; font-size: 10pt; font-weight: bold;">Brazil</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="1" border="0" style="font-family: Arial; font-size: 9pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z8b64dc721d4a48dbb22e447ae88891d9">

        <tr>
          <td style="width: 55%; vertical-align: middle; background-color: rgb(92, 127, 146); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">(USDm) unless otherwise shown</div>
          </td>
          <td colspan="2" style="vertical-align: middle; background-color: rgb(92, 127, 146); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">4Q 20</div>
          </td>
          <td colspan="2" style="vertical-align: middle; background-color: rgb(92, 127, 146); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">3Q 20</div>
          </td>
          <td colspan="2" style="vertical-align: middle; background-color: rgb(92, 127, 146); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">4Q 19</div>
          </td>
          <td colspan="2" style="vertical-align: middle; background-color: rgb(92, 127, 146); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">12M 20</div>
          </td>
          <td colspan="2" style="vertical-align: middle; background-color: rgb(92, 127, 146); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">12M 19</div>
          </td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">Sales</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(192, 192, 192); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">1,884</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(192, 192, 192); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">1,603</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">1,902</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(192, 192, 192); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">6,271</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(192, 192, 192); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">8,113</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">Operating income</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(192, 192, 192); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">290</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(192, 192, 192); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">197</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">177</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(192, 192, 192); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">754</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(192, 192, 192); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">846</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">Depreciation</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(192, 192, 192); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(49)</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(192, 192, 192); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(55)</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(63)</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(192, 192, 192); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(224)</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(192, 192, 192); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(274)</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">EBITDA</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(192, 192, 192); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">339</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(192, 192, 192); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">252</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">240</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(192, 192, 192); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">978</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(192, 192, 192); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">1,120</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">Crude steel production (kt)</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(192, 192, 192); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">2,868</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(192, 192, 192); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">2,300</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">2,489</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(192, 192, 192); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">9,539</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(192, 192, 192); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">11,001</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">Steel shipments (kt)</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(192, 192, 192); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">2,575</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(192, 192, 192); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">2,425</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">2,717</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(192, 192, 192); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">9,410</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(192, 192, 192); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">11,192</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">Average steel selling price (US$/t)</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(192, 192, 192); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">702</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(192, 192, 192); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">625</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">628</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(192, 192, 192); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">634</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(192, 192, 192); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">679</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="margin-bottom: 6pt;">Brazil segment crude steel production increased by 24.7% to 2.9Mt in 4Q 2020 as compared to 2.3Mt for 3Q 2020 with increases in both flat (restart of BF#3 at ArcelorMittal Tubarao in 4Q 2020) and long products given the
      ongoing recovery in demand.</div>
    <div style="margin-bottom: 6pt;">Steel shipments in 4Q 2020 increased by 6.1% to 2.6Mt as compared to 2.4Mt in 3Q 2020, with 26.4% increase in flat product shipments (primarily due to improved export demand), offset in part by lower domestic long
      products shipments following an exceptionally strong third quarter. Steel shipments were 5.2% lower in 4Q 2020 as compared to 2.7Mt in 4Q 2019 primarily due to lower flat products exports.</div>
    <div style="margin-bottom: 6pt;">Sales in 4Q 2020 increased by 17.6% to $1.9 billion as compared to $1.6 billion in 3Q 2020, with a 6.1% increase in steel shipments and a 12.3% increase in average steel selling prices (buoyed by improvements for both
      domestic and export flat and long products).</div>
    <div style="margin-bottom: 6pt;">Operating income in 4Q 2020 of $290 million was higher as compared to $197 million in 3Q 2020 and $177 million in 4Q 2019.</div>
    <div style="margin-bottom: 6pt;">EBITDA in 4Q 2020 increased by 34.7% to $339 million as compared to $252 million in 3Q 2020, primarily due to a positive price-cost effect and higher steel shipments offset in part by negative mix impact on account of
      exports. EBITDA in 4Q 2020 was 41.1% higher as compared to $240 million in 4Q 2019 primarily due to a positive price-cost effect.</div>
    <div style="text-align: justify; font-size: 10pt; font-weight: bold;">Europe</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="1" border="0" style="font-family: Arial; font-size: 9pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z6924ccd8569343a2a4b874d6c7d3ba7e">

        <tr>
          <td style="width: 55%; vertical-align: middle; background-color: rgb(92, 127, 146); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">(USDm) unless otherwise shown</div>
          </td>
          <td colspan="2" style="vertical-align: middle; background-color: rgb(92, 127, 146); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">4Q 20</div>
          </td>
          <td colspan="2" style="vertical-align: middle; background-color: rgb(92, 127, 146); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">3Q 20</div>
          </td>
          <td colspan="2" style="vertical-align: middle; background-color: rgb(92, 127, 146); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">4Q 19</div>
          </td>
          <td colspan="2" style="vertical-align: middle; background-color: rgb(92, 127, 146); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">12M 20</div>
          </td>
          <td colspan="2" style="vertical-align: middle; background-color: rgb(92, 127, 146); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">12M 19</div>
          </td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">Sales</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">7,604</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">7,013</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">8,035</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">28,071</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">37,721</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">Operating loss</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(447)</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(342)</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(649)</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(1,444)</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(1,107)</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">Depreciation</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(355)</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(356)</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(323)</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(1,413)</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(1,256)</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">Impairment items</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(331)</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(104)</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(28)</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(527)</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(525)</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">Exceptional items</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(146)</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">&#8212;</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(456)</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(337)</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(456)</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">EBITDA</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">385</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">118</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">158</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">833</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">1,130</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">Crude steel production (kt)</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">9,110</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">7,908</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">9,030</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">34,004</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">43,913</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">Steel shipments (kt)</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">8,569</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">8,187</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">9,290</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">32,873</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">42,352</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">Average steel selling price (US$/t)</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">695</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">651</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">654</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">655</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">696</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div>Europe segment crude steel production increased by 15.2% to 9.1Mt in 4Q 2020 as compared to 7.9Mt in 3Q 2020 as demand and activity levels gradually improved, particularly automotive and manufacturing activity. Although the Company has restarted
      capacity, some steel-making capacity during the quarter remained idled, including a blast furnace at Ghent, Belgium that is due to restart mid-February 2021 following a planned major reline.</div>
    <div> <br>
    </div>
    <div style="clear: both; margin-top: 9pt; margin-bottom: 9pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">Page 10</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 6pt;">Steel shipments in 4Q 2020 improved by 4.7% to 8.6Mt as compared to 8.2Mt in 3Q 2020 driven by higher flat steel shipments (+3.1%) and long products (+8.0%). Steel shipments were 7.8% lower in 4Q 2020 as compared to
      9.3Mt in 4Q 2019 (across both flat and long products) primarily due to the impacts of the COVID-19 pandemic on demand.</div>
    <div style="margin-bottom: 6pt;">Sales in 4Q 2020 were $7.6 billion, 8.4% higher as compared to $7.0 billion in 3Q 2020, primarily due to higher shipment volumes (as discussed above) and 6.8% higher average selling prices (flat products +7.2% and long
      products +4.8%).</div>
    <div>Impairment charges for 4Q 2020 were $331 million following the revised future cashflow expectations of plate assets as compared to impairment charges of $104 million in 3Q 2020 related to the closure of the blast furnace and the steel plant in
      Krakow (Poland). Impairment charges net of purchase gains for 4Q 2019 were $28 million.</div>
    <div><br>
    </div>
    <div>Exceptional items for 4Q 2020 were $146 million related to site restoration and termination charges following the closure of the blast furnace and the steel plant in Krakow (Poland). Exceptional items for 3Q 2020 were nil. Exceptional items for 4Q
      2019 were $456 million and primarily included inventory related charges.</div>
    <div><br>
    </div>
    <div style="margin-bottom: 6pt;">Operating loss in 4Q 2020 was $447 million as compared to an operating loss of $342 million and $649 million for 3Q 2020 and 4Q 2019, respectively.</div>
    <div style="margin-bottom: 6pt;">EBITDA<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#160;</sup>in 4Q 2020 of $385 million was significantly higher as compared to $118 million in 3Q 2020, primarily due to a positive price-cost effect and higher steel shipment volumes. EBITDA in 4Q 2020 increased
      by 144% as compared to $158 million in 4Q 2019 primarily due to lower fixed costs and improved ArcelorMittal Italia performance offset in part by lower steel shipments (-7.8%).</div>
    <div style="font-size: 10pt; font-weight: bold;">ACIS</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="1" border="0" style="font-family: Arial; font-size: 9pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zdb17fae6a24e48718f55dc09bcf40aab">

        <tr>
          <td style="width: 55%; vertical-align: middle; background-color: rgb(92, 127, 146); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">(USDm) unless otherwise shown</div>
          </td>
          <td colspan="2" style="vertical-align: middle; background-color: rgb(92, 127, 146); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">4Q 20</div>
          </td>
          <td colspan="2" style="vertical-align: middle; background-color: rgb(92, 127, 146); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">3Q 20</div>
          </td>
          <td colspan="2" style="vertical-align: middle; background-color: rgb(92, 127, 146); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">4Q 19</div>
          </td>
          <td colspan="2" style="vertical-align: middle; background-color: rgb(92, 127, 146); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">12M 20</div>
          </td>
          <td colspan="2" style="vertical-align: middle; background-color: rgb(92, 127, 146); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">12M 19</div>
          </td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">Sales</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">1,477</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">1,400</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">1,632</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">5,507</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">6,837</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">Operating income / (loss)</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">177</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">37</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(238)</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">84</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(25)</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">Depreciation</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(89)</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(82)</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(105)</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(332)</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(364)</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">Impairment</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">&#8212;</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">&#8212;</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(102)</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">&#8212;</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(102)</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">Exceptional items</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">&#8212;</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">&#8212;</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(76)</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(21)</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(76)</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">EBITDA</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">266</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">119</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">45</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">437</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">517</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">Crude steel production (kt)</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">2,673</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">2,544</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">2,973</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">10,171</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">12,998</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">Steel shipments (kt)</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">2,373</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">2,499</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">2,985</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">9,881</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">11,547</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">Average steel selling price (US$/t)</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">511</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">465</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">460</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">464</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">517</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>

    </table>
    <div style="margin-top: 6pt;"><br>
    </div>
    <div style="margin-bottom: 6pt;">ACIS segment crude steel production in 4Q 2020 increased by 5.1% to 2.7Mt as compared to 2.5Mt in 3Q 2020 primarily due to a recovery in volume in Ukraine following planned maintenance in the prior quarter. Crude
      production in 4Q 2020 was 10.1% lower as compared to 3.0Mt in 4Q 2019, including the impact of the permanent closure of the Saldanha facility.</div>
    <div style="margin-bottom: 6pt;">Steel shipments in 4Q 2020 decreased by 5.0% to 2.4Mt as compared to 2.5Mt as at 3Q 2020, mainly due to maintenance outages (planned and unplanned) in South Africa.</div>
    <div>Sales in 4Q 2020 increased by 5.5% to $1.5 billion as compared to $1.4 billion in 3Q 2020, primarily due to higher average steel selling prices (+9.9%) offset in part by lower steel shipments (-5.0%).</div>
    <div> <br>
    </div>
    <div style="clear: both; margin-top: 9pt; margin-bottom: 9pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">Page 11</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 6pt;">Operating income in 4Q 2020 was $177 million as compared to $37 million in 3Q 2020 and an operating loss of $238 million in 4Q 2019.</div>
    <div style="margin-bottom: 6pt;">EBITDA was $266 million in 4Q 2020 as compared to $119 million in 3Q 2020, primarily due to positive price-cost effect offset in part by lower steel shipments. EBITDA in 4Q 2020 was significantly higher as compared to
      $45 million in 4Q 2019, primarily due to positive price-cost effect.</div>
    <div style="font-size: 10pt; font-weight: bold;">Mining</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="1" border="0" style="font-family: Arial; font-size: 9pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z326c703b423a4bed9ab5fa526e542290">

        <tr>
          <td style="width: 55%; vertical-align: bottom; background-color: rgb(92, 127, 146); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">(USDm) unless otherwise shown</div>
          </td>
          <td colspan="2" style="vertical-align: middle; background-color: rgb(92, 127, 146); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">4Q 20</div>
          </td>
          <td colspan="2" style="vertical-align: middle; background-color: rgb(92, 127, 146); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">3Q 20</div>
          </td>
          <td colspan="2" style="vertical-align: middle; background-color: rgb(92, 127, 146); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">4Q 19</div>
          </td>
          <td colspan="2" style="vertical-align: middle; background-color: rgb(92, 127, 146); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">12M 20</div>
          </td>
          <td colspan="2" style="vertical-align: middle; background-color: rgb(92, 127, 146); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">12M 19</div>
          </td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">Sales</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">1,499</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">1,200</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">1,105</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">4,753</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">4,837</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">Operating income</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">579</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">382</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">185</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">1,411</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">1,215</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">Depreciation</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(148)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(114)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(116)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(500)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(448)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">EBITDA</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">727</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">496</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">301</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">1,911</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">1,663</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">Own iron ore production (Mt)</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">15.3</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">14.8</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">14.8</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">58.0</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">57.1</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="font-size: 8pt;">Iron ore shipped externally and internally at market price<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;"> (a)</sup> (Mt)</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">10.6</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">9.8</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">9.6</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">38.2</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">37.1</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">Iron ore shipment - cost plus basis (Mt)</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">5.2</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">5.0</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">5.8</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">19.8</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">22.2</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="font-size: 8pt;">Own coal production<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#160;</sup>(Mt)</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">1.1</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">1.2</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">1.4</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">5.0</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">5.5</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="font-size: 8pt;">Coal shipped externally and internally at market price<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;"> (a)</sup> (Mt)</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">0.6</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">0.6</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">0.7</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">2.7</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">2.8</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">Coal shipment - cost plus basis (Mt)</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">0.6</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">0.6</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">0.7</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">2.4</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">2.9</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>

    </table>
    <div style="margin-top: 6pt; font-size: 8pt;">(a) Iron ore and coal shipments of market-priced based materials include the Company&#8217;s own mines and share of production at other mines</div>
    <div><br>
    </div>
    <div style="margin-bottom: 6pt;">Own iron ore production in 4Q 2020 increased by 4.2% to 15.3Mt as compared to 14.8Mt in 3Q 2020 primarily due to higher production at ArcelorMittal Mines Canada (AMMC)<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">3</sup>. On December 9, 2020, Princeton coal
      mines and Hibbing/Minorca iron ore mines were sold as part of the ArcelorMittal USA disposal to Cleveland Cliffs.</div>
    <div style="margin-bottom: 6pt;">Own iron ore production in 4Q 2020 increased by 3.5% to 15.3Mt as compared to 14.8Mt in 4Q 2019. Adjusted for the scope effect of the ArcelorMittal USA sale, own iron ore production in 4Q 2020 of 13.9Mt increased by
      7.9% as compared to 12.9Mt in 4Q 2019 primarily due to higher production in AMMC, Ukraine and Liberia.</div>
    <div style="margin-bottom: 6pt;">Market-priced iron ore shipments in 4Q 2020 increased by 7.9% to 10.6Mt as compared to 9.8Mt in 3Q 2020, primarily driven by higher shipments in AMMC, Liberia and Mexico. Market-priced iron ore shipments in 4Q 2020 were
      9.8% higher as compared to 4Q 2019 reflecting higher production levels in particular at AMMC and Ukraine. FY 2020 market priced shipments of 38.2Mt are up +2.9% YoY. FY 2021 market-priced iron ore shipments are expected to increase to approximately
      39Mt.</div>
    <div style="margin-bottom: 6pt;">Own coal production in 4Q 2020 of 1.1Mt decreased by 8.2% as compared to 1.2Mt in 3Q 2020 in part due to the disposal of the Princeton coal mines on December 9, 2020 as part of the ArcelorMittal USA disposal to
      Cleveland Cliffs. On a scope adjusted basis, own coal production increased +7.0% quarter on quarter. Own coal production in 4Q 2020 decreased by 18.8% to 1.1Mt as compared to 1.4Mt in 4Q 2019 due in part to Princeton coal mines disposal (stable year
      on year on a scope adjusted basis).</div>
    <div style="margin-bottom: 6pt;">Market-priced coal shipments in 4Q 2020 were stable at 0.6Mt as compared to 3Q 2020 but declined slightly compared to 4Q 2019.</div>
    <div>Operating income in 4Q 2020 increased to $579 million as compared to $382 million in 3Q 2020 and $185 million in 4Q 2019.</div>
    <div> <br>
    </div>
    <div style="clear: both; margin-top: 9pt; margin-bottom: 9pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">Page 12</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div>EBITDA in 4Q 2020 increased by 46.7% to $727 million as compared to $496 million in 3Q 2020, reflecting the positive impact of higher market-priced iron ore shipments (+7.9%) and seaborne market prices (+13.0%) and lower freight costs. EBITDA in
      4Q 2020 was significantly higher as compared to $301 million in 4Q 2019, primarily due to higher market-priced iron ore shipments (+9.8%), higher seaborne iron ore reference prices (+49.9%) and lower freight costs, offset in part lower coking coal
      reference prices (-21.1%).</div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 9pt; margin-bottom: 9pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">Page 13</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; color: rgb(255, 0, 0); font-size: 11pt; font-weight: bold;">Liquidity and Capital Resources</div>
    <div> <br>
    </div>
    <div style="margin-bottom: 6pt;">Net cash provided by operating activities for 4Q 2020 was $1,416 million as compared to $1,770 million in 3Q 2020 and $2,932 million in 4Q 2019. Net cash provided by operating activities includes a working capital
      release of $925 million driven by a significantly improved receivable rotation days (including historically low overdues) and higher accounts payables, which more than offset the planned increase in inventories as activity levels ramped up during the
      quarter. This compares to a working capital release of $1,072 million in 3Q 2020 and $2,600 million in 4Q 2019.<font style="color: rgb(13, 13, 13);"> Working capital needs in 2021 will be determined by the operating conditions towards the end of the
        year.</font></div>
    <div style="margin-bottom: 6pt;">Net cash used in investing activities during 4Q 2020 was $406 million as compared to $486 million during 3Q 2020 and $1,751 million in 4Q 2019. Capex of $668 million in 4Q 2020 compares to $520 million in 3Q 2020 and
      $815 million in 4Q 2019. Capex of $2.4 billion in FY 2020 (in line with previous guidance). Excluding the capex of ArcelorMittal USA and ArcelorMittal Italia, scope-adjusted capex in 2020 would have been $1.9 billion. As described previously, the
      Company expects demand conditions to improve in 2021 which is expected to result in a normalization of maintenance capex levels. In addition, the Company intends to spend on strategic projects to enhance future returns through investment in selective
      brownfield growth and product mix improvement projects, in Mexico and Brazil as well as developing the iron ore resource in Liberia. Accordingly, the Company expects FY 2021 capex to increase to $2.8 billion (broadly in line with FY 2019 capex of
      $2.9 billion excluding the impact of ArcelorMittal USA and ArcelorMittal Italia deconsolidation). Net cash provided by other investing activities in 4Q 2020 of $262 million compared to $34 million in 3Q 2020 and net cash used in other investing
      activities in 4Q 2019 of $936 million. 4Q 2020 cash inflow relates to $0.5 billion proceeds from the sale of ArcelorMittal USA offset in part by an investment in short term deposits related to such sale. Net cash used in other investing activities in
      4Q 2019 primarily included the final net $0.6 billion contribution to the AMNS India JV<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">11</sup>.</div>
    <div style="margin-bottom: 6pt;">Net cash used in financing activities in 4Q 2020 was $2,227 million as compared to $401 million in 3Q 2020 and net cash provided by financing activities in 4Q 2019 of $19 million. In 4Q 2020, net cash used in financing
      activities includes outflow of $1.5 billion primarily related to: $0.7 billion of bonds repurchased in October 2020 pursuant to cash tender offers; reimbursement of the Schuldschein entered into on October 9, 2017 and maturing in October 2021 for a
      total principal amount of &#8364;231.5 million ($0.3 billion); and $0.3 billion decrease of commercial paper portfolio. Net cash used in financing activities in 3Q 2020 of $270 million primarily included bond repayments.</div>
    <div style="margin-bottom: 6pt;">On November 2, 2020, ArcelorMittal announced it had completed the share buyback program launched on September 28, 2020. By market close on October 30, 2020, ArcelorMittal had repurchased 35,636,253 shares for a total
      cost of $0.5 billion ($487 million paid in the fourth quarter) at an approximate average price per share of &#8364;11.92. All details are available on the Company&#8217;s website at: <font style="color: rgb(0, 0, 0);">https://corporate.arcelormittal.com/investors/equity-investors/share-buyback-program</font>.</div>
    <div style="margin-bottom: 6pt;">During 4Q 2020 and 4Q 2019, the Company paid dividends of $16 million and $21 million, respectively, to minority shareholders in Bekaert (Brazil). During 3Q 2020, the Company paid dividends of $55 million to minority
      shareholders of ArcelorMittal Mines Canada<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">3 </sup>(AMMC) and Bekaert (Brazil).</div>
    <div>Outflows from lease payments and other financing activities (net) were $218 million for 4Q 2020 and includes $135 million paid to Banca Intesa<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">16</sup>, $63 million in 3Q 2020 and $86 million in 4Q 2019.</div>
    <div> <br>
    </div>
    <div style="clear: both; margin-top: 9pt; margin-bottom: 9pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">Page 14</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 6pt;">As of December 31, 2020, the Company&#8217;s cash and cash equivalents and restricted funds amounted to $6.0 billion as compared to $6.6 billion as of September 30, 2020 and $5.0 billion as of December 31, 2019. Gross debt
      decreased by $1.4 billion to $12.3 billion as of December 31, 2020, as compared to $13.7 billion as of September 30, 2020 and was $2 billion lower as compared to $14.3 billion as of December 31, 2019. As of December 31, 2020, net debt decreased to
      $6.4 billion as compared to $7.0 billion as of September 30, 2020 driven by working capital release offset in part by foreign exchange loss on debt (following a 4.8% depreciation of USD versus EUR). Net debt as of December 31, 2020 was $3.0 billion
      lower than net debt of $9.3 billion as of December 31, 2019.</div>
    <div style="margin-bottom: 6pt;">As of December 31, 2020, the Company had liquidity of $11.5 billion, consisting of cash and cash equivalents and restricted funds of $6.0 billion and $5.5 billion of available credit lines<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">6</sup>. After
      ArcelorMittal&#8217;s execution of the second option to extend the facility, the Company has been notified that banks have agreed a one-year extension with a new maturity of December 19, 2025. The $5.5 billion credit facilities contain a financial covenant
      not to exceed 4.25x Net debt / LTM EBITDA (as defined in the facilities).</div>
    <div>As of December 31, 2020, the average debt maturity was 5.2 years.</div>
    <div> <br>
    </div>
    <div style="text-align: justify; color: rgb(255, 0, 0); font-size: 11pt; font-weight: bold;">Key recent developments</div>
    <div> <br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 9pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;" class="DSPFListTable" id="zbcfcee7f48b946ceb713644038e9569b">

        <tr>
          <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">&#8226;</td>
          <td style="width: auto; vertical-align: top;">
            <div>On February 9, 2021, ArcelorMittal North America Holdings LLC, a wholly-owned subsidiary of the Company, announced an agreement to sell 40 million Cleveland-Cliffs common shares through a fully underwritten public market offering. The
              transaction is a part of a combined primary and secondary public offering of Cleveland-Cliffs&#8217; shares. This divestment crystallizes additional proceeds from the transaction with Cleveland-Cliffs announced on September 28, 2020 and completed
              on December 9, 2020. The proceeds from the sale of Cleveland-Cliffs common shares will be used for a new share buyback program of ArcelorMittal common shares. Following the sale of 40 million of Cleveland-Cliffs common shares ArcelorMittal
              North America Holdings LLC will continue to hold approximately 38 million common shares in addition to shares of non-voting preferred stock redeemable at Cleveland-Cliffs&#8217; option for approximately 58 million common shares or the equivalent
              value in cash.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 9pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;" class="DSPFListTable" id="z3bf0250b19d84302892eeb36a5c371e7">

        <tr>
          <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">&#8226;</td>
          <td style="width: auto; vertical-align: top;">
            <div>On December 23, 2020, ArcelorMittal Dofasco announced a coating addition to its No.5 Hot-Dipped Galvanizing Line in Hamilton, Ontario . With the investment, ArcelorMittal Dofasco will become the only Canadian producer of Alusi&#174; Coated
              Usibor&#174; (press hardenable steel for automotive structural and safety components). The total project cost is $24M CAD and the first Alusi&#174; Coated Usibor&#174; product is expected to come off the line in 2H 2022. No.5 Line is planned to produce up
              to 160,000-tons of Alusi&#174; coated steel.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 9pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;" class="DSPFListTable" id="z5de902a4f92c4e6182be107599bde73d">

        <tr>
          <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">&#8226;</td>
          <td style="width: auto; vertical-align: top;">
            <div>On December 23, 2020, ArcelorMittal announced that it had signed a definitive agreement with Nippon Steel Corporation (&#8216;Nippon Steel&#8217;) to build an electric arc furnace (&#8216;EAF&#8217;) at AM/NS Calvert in Alabama, USA, a 50:50 joint venture between
              ArcelorMittal and Nippon Steel. ArcelorMittal first announced its intention to build an EAF at AM/NS Calvert on August 12, 2020. Construction of the 1.5Mt capacity EAF, which will cost c. $775 million, will commence in 2021 and come onstream
              in the first half of 2023. The project will be funded by AM/NS Calvert. The plan includes an option to add further capacity at lower capex intensity.</div>
          </td>
        </tr>

    </table>
    <div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z7624c525f25243aca1e081c2fdc81624" style="width: 100%; font-family: Arial; font-size: 9pt;">

            <tr style="vertical-align: top;">
              <td style="vertical-align: top; width: 18pt;">
                <div>&#8226;</div>
              </td>
              <td style="align: left; vertical-align: top; width: auto;">
                <div>On December 22, 2020, ArcelorMittal announced the extension of the conversion date for the $1 billion privately placed mandatory convertible bond (MCB) issued on December 28, 2009 by one of its wholly-owned Luxembourg subsidiaries.
                  This amendment to the MCB, which is mandatorily convertible into preferred shares of such subsidiary, was executed on December 22, 2020. The mandatory conversion date of the bond has been extended to January 31, 2024. The other main
                  features of the MCB remain unchanged. The bond was placed privately with Credit Agricole Corporate and Investment Bank and is not listed. The subsidiary simultaneously executed amendments providing for the extension of the outstanding
                  notes into which it invested the proceeds of the bond issuance, which are linked to shares of the listed company China Oriental Group Company Limited, which is held by an ArcelorMittal subsidiary.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div> <br>
    </div>
    <div style="clear: both; margin-top: 9pt; margin-bottom: 9pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">Page 15</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 9pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;" class="DSPFListTable" id="z75e965900c4b4be8890dcc462ed7513e">

        <tr>
          <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">&#8226;</td>
          <td style="width: auto; vertical-align: top;">
            <div>On December 15, 2020, ArcelorMittal announced that the Company had entered into separate, privately negotiated exchange agreements with a limited number of holders of the Company&#8217;s 5.50% Mandatorily Convertible Subordinated Notes due 2023
              (the &#8220;Notes&#8221;). Pursuant to the exchange agreements, the Company exchanged $246.8 million in aggregate principal amount of the Notes, for an aggregate of (i) 22,653,933 shares (all existing shares held in treasury) of ArcelorMittal common
              stock (i.e. the minimum conversion ratio under the Notes) plus (ii) $25.4 million (including accrued interest on the exchanged Notes up to, but excluding, the settlement date). The Company did not receive any proceeds from the delivery of
              such shares of common stock. Following completion of the exchanges, approximately $1.0 billion aggregate principal amount of the Notes remained outstanding.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 9pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;" class="DSPFListTable" id="z802feacd313f49898163f8d9f56a3ae6">

        <tr>
          <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">&#8226;</td>
          <td style="width: auto; vertical-align: top;">
            <div>On December 11, 2020, ArcelorMittal announced that it had signed a binding agreement (the 'Investment Agreement') with Invitalia, an Italian state-owned company, forming a public-private partnership between the parties<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">13</sup>. The
              Investment Agreement will result in a recapitalization of AM InvestCo, ArcelorMittal&#8217;s subsidiary which signed the lease and obligation to purchase agreement for Ilva&#8217;s business. Invitalia will invest in AM InvestCo in two tranches:</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 9pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;" class="DSPFListTable" id="ze6e7fa33660047e79c5e51cbbc1cc87f">

        <tr>
          <td style="width: 18pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">&#9642;</td>
          <td style="width: auto; vertical-align: top;">
            <div>A first investment of &#8364;400 million, which is expected to be made in the second half of February 2021; in return, Invitalia will receive shares in ArcelorMittal Italia with 50% of the voting rights that, along with governance rights, will
              provide it with joint control over ArcelorMittal Italia (at which point ArcelorMittal Italia will be deconsolidated);</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 9pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;" class="DSPFListTable" id="z182dbde324e947b89f9eb94311e7e686">

        <tr>
          <td style="width: 18pt;"><br>
          </td>
          <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">&#9642;</td>
          <td style="width: auto; vertical-align: top;">
            <div>A second tranche (consisting of up to &#8364;680 million in equity and a shareholder loan of up to &#8364;25 million) is payable on closing of the purchase obligation of the former Ilva business units, which itself is subject to the satisfaction of
              various conditions precedent by May 2022.&#160;This second investment is expected to bring Invitalia&#8217;s shareholding in ArcelorMittal Italia to 60%. ArcelorMittal would need to invest up to &#8364;70 million to retain a 40% shareholding and equivalent
              voting rights.</div>
          </td>
        </tr>

    </table>
    <div style="margin: 6pt 0px 6pt 18pt;">Details of the updated industrial plan involves investment in lower-carbon steelmaking technologies, including the construction of a 2.5Mtpa EAF, which is expected to open in mid-2024, and the relining of BF #5,
      which is expected to begin production in 2024. This industrial plan, which targets reaching 8Mtpa of production in 2025 (crude steel production is limited to 6Mtpa until the environmental plan is completed), will become effective upon the closing of
      the first investment. It integrates a series of public support measures including ongoing government funded employment support and includes, for the period between 2021 and 2025, environmental capital expenditures of &#8364;0.3 billion and industrial
      capital expenditures of &#8364;1.1 billion as well as capital expenditures of &#8364;0.2 billion for the revamp of BF#5 and &#8364;0.3 billion for the construction of the EAF. Going forward, the joint venture will be responsible for funding the lease rentals (expected
      to terminate May 2022) and future capex payments.</div>
    <div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="z79b5d3f3a9dc489b8237ea6c815a1618" style="width: 100%; font-family: Arial; font-size: 9pt;">

            <tr style="vertical-align: top;">
              <td style="vertical-align: top; width: 18pt;">
                <div>&#8226;</div>
              </td>
              <td style="align: left; vertical-align: top; width: auto;">
                <div>On December 9, 2020, ArcelorMittal announced that the sale of ArcelorMittal USA to Cleveland-Cliffs for a combination of cash and stock had been completed on such day. Under the terms of the sale, ArcelorMittal received $505 million
                  cash, 78 million shares of Cleveland-Cliffs common stock and non-voting preferred stock which is redeemable for approximately 58 million shares of Cleveland-Cliffs common stock or an equivalent amount in cash<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">[1]</sup>. As agreed,
                  Cleveland-Cliffs has assumed the liabilities of ArcelorMittal USA, including net liabilities of approximately $0.5 billion and pensions and other post-employment benefit liabilities (&#8216;OPEB&#8217;)<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">[2]</sup>.</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div> <br>
    </div>
    <div style="clear: both; margin-top: 9pt; margin-bottom: 9pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">Page 16</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-left: 18pt; margin-bottom: 6pt;">[1] Cleveland-Cliffs Inc.&#8217;s share price closed on September 25, 2020 (the last day of trading prior to the transaction announcement) at $5.88; its closing price (December 8, 2020) was $13.04.</div>
    <div style="margin-left: 18pt; margin-bottom: 6pt;">[2] As a result of the transaction closing in December 2020, pension and OPEB liabilities with a carrying value of $3.2 billion were deconsolidated from the ArcelorMittal balance sheet as of December
      31, 2020.</div>
    <div style="text-align: justify; margin-bottom: 6pt; color: rgb(255, 0, 0); font-size: 11pt; font-weight: bold;">$1.0 billion fixed cost reduction program</div>
    <div>A fundamental part of the Company&#8217;s response at the onset of the COVID-19 pandemic was to align costs to the lower activity level. The comprehensive measures taken to &#8220;variabilise&#8221; fixed costs were critical to protecting profitability and cash
      flows.</div>
    <div><br>
    </div>
    <div>Throughout this period, the Company sought to identify and develop options for structural cost improvements to appropriately position the fixed cost base for the post-COVID-19 operating environment. These savings implemented are expected to limit
      the increase in fixed costs as activity and production levels recover, thus leading to lower fixed costs per-tonne. In total, $1.0 billion of structural cost improvements are identified within the program, (with the majority of savings expected in FY
      2021) and fully realized in FY 2022 relative to scope-adjusted FY 2019.</div>
    <div><br>
    </div>
    <div>The Company has already implemented a footprint optimization, including the permanent closure of a blast furnace and steel plant in Krakow (Poland), the permanent closure of the Florange coke oven battery and the closure of the Saldanha facility
      in South Africa. Productivity and logistics are expected to provide approximately 40% of the retained savings through continuous improvement programs, improvements in productivity and maintenance efficiency and the rationalization of support
      functions.</div>
    <div>Actions in repairs and maintenance are expected to provide approximately 35% of the savings, as the Company reduces contractors through insourcing and the reallocation of internal resources. Selling, general and administrative expenses (SG&amp;A)
      is expected to account for approximately 25% of the savings (including a 20% reduction in corporate office headcount), digital transformation and leveraging of shared services and centers of excellence.</div>
    <div><br>
    </div>
    <div>These improvements will augment those achieved under the Action2020 program, which was superseded at the onset of the COVID-19 pandemic.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: rgb(255, 0, 0); font-size: 11pt; font-weight: bold;">Capital return</div>
    <div style="text-align: justify;"> <br>
    </div>
    <div style="text-align: justify; margin-bottom: 6pt;">Following the achievement of the Group&#8217;s net debt target, and in line with its previous statements, the Board has approved a new capital return policy. Going forward, the Company expects to pay a
      base annual dividend (to be progressively increased over time). After paying this base dividend, 50% of the surplus free cash flow (i.e. free cash flow after payment of the base dividend) will be allocated to a share buyback program to be completed
      over the subsequent 12-month period. Should the ratio of net debt to EBITDA be greater than 1.5x then only the base dividend will be paid. According to this policy, the Board recommends a $0.30/share base dividend be paid in June 2021, subject to the
      approval of shareholders at the AGM in May 2021, and has approved a $570 million share buyback program to be completed within the 2021 calendar year.</div>
    <div style="text-align: justify; margin-bottom: 6pt;">This return is additional to the $650 million share buyback<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">19 </sup>to return the proceeds of the partial sell-down of the Company&#8217;s equity stake in Cleveland Cliffs announced on February 9,
      2021.</div>
    <div style="text-align: justify; margin-bottom: 6pt; color: rgb(255, 0, 0); font-size: 11pt; font-weight: bold;">Financial calendar for 2021</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 9pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;" class="DSPFListTable" id="z19c1cc07c7af4861ad5556dabfc4cc96">

        <tr>
          <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">&#8226;</td>
          <td style="width: auto; vertical-align: top;">
            <div>General meeting of shareholders: May 4, 2021: ArcelorMittal Annual General Meeting</div>
          </td>
        </tr>

    </table>
    <div>
      <div>
        <table cellspacing="0" cellpadding="0" class="DSPFListTable" id="zc88a939ba9024d919055833badbe1b67" style="width: 100%; font-family: Arial; font-size: 9pt;">

            <tr style="vertical-align: top;">
              <td style="vertical-align: top; width: 18pt;">
                <div>&#8226;</div>
              </td>
              <td style="align: left; vertical-align: top; width: auto;">
                <div>Earnings results announcements: May 6, 2021: Earnings release 1Q 2021; July 29, 2021: Earnings release 2Q 2021 and half year 2021; November 11, 2021: Earnings release 3Q 2021</div>
              </td>
            </tr>

        </table>
      </div>
    </div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 9pt; margin-bottom: 9pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">Page 17</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; color: rgb(255, 0, 0); font-size: 11pt; font-weight: bold;">Outlook</div>
    <div> <br>
    </div>
    <div>Based on the current economic outlook, ArcelorMittal expects global apparent steel consumption (&#8220;ASC&#8221;) in 2021 to grow between +4.5% to +5.5% (versus a contraction of 1.0% in 2020).</div>
    <div><br>
    </div>
    <div>Economic activity progressively improved during 2H 2020 as lockdown measures eased. Following a prolonged period of destocking, the global steel industry is now benefiting from a favorable supply demand balance, supporting increasing utilization
      as demand recovers. Given this positive outlook (and subject to pandemic-related macroeconomic uncertainties), the Company expects ASC to grow in 2021 versus 2020 in all our core markets. By region:</div>
    <div><br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 9pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;" class="DSPFListTable" id="ze89bb336c0eb47119453d7c046b5a51f">

        <tr>
          <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">&#8226;</td>
          <td style="width: auto; vertical-align: top;">
            <div>In the US, ASC is expected to grow within a range of +10.0% to +12.0% in 2021 (versus an estimated -16.0% contraction in 2020, when flat products declined by 12.0%), with stronger ASC in flat products particularly automotive while
              construction demand (non-residential) remains weak.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 9pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;" class="DSPFListTable" id="z0746e07b65bb42e79392d1ae60c2f0ea">

        <tr>
          <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">&#8226;</td>
          <td style="width: auto; vertical-align: top;">
            <div>In Europe, ASC is expected to grow within a range of +7.5% to +9.5% in 2021 (versus an estimated -10.0% contraction in 2020); with strong automotive demand expected to recover from low levels and continued support for infrastructure and
              residential demand.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 9pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;" class="DSPFListTable" id="z99faac8025be4a759aef78c2d358c913">

        <tr>
          <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">&#8226;</td>
          <td style="width: auto; vertical-align: top;">
            <div>In Brazil, ASC is expected to continue to expand in 2021 with growth expected in the range of +6.0% to +8.0% (versus estimated +1.0% growth in 2020) supported by ongoing construction demand and recovery in the end markets for flat steel.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 9pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;" class="DSPFListTable" id="z6c8be8f7ffed4afe806623b45fa601a4">

        <tr>
          <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">&#8226;</td>
          <td style="width: auto; vertical-align: top;">
            <div>In the CIS, ASC growth in 2021 is expected to recover to within a range of +4.0% to +6.0% (versus -5.0% estimated contraction in 2020).</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 9pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;" class="DSPFListTable" id="zf9b2bc76ad7a4cfb9107b0f758fccca1">

        <tr>
          <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">&#8226;</td>
          <td style="width: auto; vertical-align: top;">
            <div>In India, ASC growth in 2021 is expected to recover to within a range of +16% to +18% (versus 17.0% estimated contraction in 2020).</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 9pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;" class="DSPFListTable" id="z868129bb805549a7ae4d32769d5b72ce">

        <tr>
          <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">&#8226;</td>
          <td style="width: auto; vertical-align: top;">
            <div>As a result, overall World ex-China ASC in 2021 is expected to grow within the range of +8.5% to +9.5% supported by a strong rebound in India (versus -11.0% contraction in 2020).</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 9pt; width: 100%; text-align: left; color: #000000; margin-bottom: 6pt;" class="DSPFListTable" id="zafbaa8030c304eb49a4011b1637631a7">

        <tr>
          <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">&#8226;</td>
          <td style="width: auto; vertical-align: top;">
            <div>In China, overall demand is expected to continue to grow in 2021 to +1.0% to +3.0% (supported by ongoing stimulus) (versus estimated growth of +9.0% in 2020 which recovered well post the COVID-19 pandemic earlier in the year driven by
              stimulus).</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div>The FY 2020 cash needs of the business (including capex, interest, cash taxes, pensions and certain other cash costs but excluding working capital movements) total $4.1 billion (higher than the previous $3.7 billion guidance). This includes cash
      taxes, pensions and other cash costs of $1.3 billion ($0.5 billion higher than previous guidance largely on account of higher tax payments (including higher mining profitability)) and $0.1 billion premium on early repayment of bonds). Capex was $2.4
      billion (in line with guidance) and net interest expense of $0.4 billion ($0.1bn lower than previous guidance). The Company has provided capex guidance for FY 2021 of $2.8 billion and net interest expense of $0.3 billion for 2021. Taxes, pension and
      others will be determined by the level of profitability in FY 2021.</div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 9pt; margin-bottom: 9pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">Page 18</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; color: rgb(255, 0, 0); font-size: 11pt; font-weight: bold;">ArcelorMittal Condensed Consolidated Statement of Financial Position<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup></div>
    <div style="text-align: justify; color: rgb(255, 0, 0); font-size: 11pt; font-weight: bold;"><sup style="vertical-align: text-top; line-height: 1; font-size: smaller;"> <br>
      </sup></div>
    <table cellspacing="0" cellpadding="1" border="0" style="font-family: Arial; font-size: 9pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="za593db6f1a5a4d33bfb51a16e80de90a">

        <tr>
          <td style="width: 73%; vertical-align: bottom; background-color: rgb(92, 127, 146); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">In millions of U.S. dollars</div>
          </td>
          <td colspan="2" style="vertical-align: middle; background-color: rgb(92, 127, 146); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">Dec 31,</div>
            <div style="text-align: right; color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">2020</div>
          </td>
          <td colspan="2" style="vertical-align: middle; background-color: rgb(92, 127, 146); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">Sept 30,</div>
            <div style="text-align: right; color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">2020</div>
          </td>
          <td colspan="2" style="vertical-align: middle; background-color: rgb(92, 127, 146); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">Dec 31,</div>
            <div style="text-align: right; color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">2019</div>
          </td>
        </tr>
        <tr>
          <td style="width: 73%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">ASSETS</div>
          </td>
          <td style="width: 8%; vertical-align: middle; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 1%; vertical-align: middle; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 1%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td colspan="2" style="vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 73%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">Cash and cash equivalents and restricted funds</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">5,963</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">6,617</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">4,995</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 73%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">Trade accounts receivable and other</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">3,072</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">3,133</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">3,569</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 73%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">Inventories</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">12,328</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">12,327</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">17,296</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 73%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">Prepaid expenses and other current assets</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">2,281</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">2,094</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">2,756</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 73%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="font-size: 8pt;">Asset held for sale<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">7</sup></div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">4,329</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">6,069</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">&#8212;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 73%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">Total Current Assets</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">27,973</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">30,240</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">28,616</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 73%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 73%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">Goodwill and intangible assets</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">4,312</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">4,195</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">5,432</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 73%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">Property, plant and equipment</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">30,622</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">31,326</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">36,231</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 73%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">Investments in associates and joint ventures</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">6,817</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">6,488</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">6,529</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 73%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">Deferred tax assets</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">7,866</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">8,052</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">8,680</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 73%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="font-size: 8pt;">Other assets<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">15</sup></div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">4,462</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">2,224</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">2,420</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 73%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">Total Assets</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(51, 51, 51); font-size: 8pt; font-weight: bold;">82,052</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(51, 51, 51); font-size: 8pt; font-weight: bold;">82,525</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(51, 51, 51); font-size: 8pt; font-weight: bold;">87,908</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 73%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 73%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">LIABILITIES AND SHAREHOLDERS&#8217; EQUITY</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 73%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">Short-term debt and current portion of long-term debt</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">2,507</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">3,776</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">2,869</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 73%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">Trade accounts payable and other</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">11,525</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">9,389</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">12,614</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 73%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">Accrued expenses and other current liabilities</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">5,596</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">6,036</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">5,804</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 73%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="font-size: 8pt;">Liabilities held for sale<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">7</sup></div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">3,039</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">5,642</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">&#8212;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 73%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">Total Current Liabilities</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">22,667</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">24,843</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">21,287</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 73%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 73%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">Long-term debt, net of current portion</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">9,815</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">9,608</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">11,471</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 73%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">Deferred tax liabilities</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">1,832</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">1,928</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">2,331</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 73%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">Other long-term liabilities</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">7,501</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">8,510</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">12,336</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 73%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">Total Liabilities</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">41,815</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">44,889</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">47,425</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 73%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 73%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">Equity attributable to the equity holders of the parent</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">38,280</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">35,838</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">38,521</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 73%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">Non-controlling interests</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">1,957</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">1,798</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">1,962</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 73%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">Total Equity</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">40,237</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">37,636</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">40,483</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 73%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">Total Liabilities and Shareholders&#8217; Equity</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">82,052</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">82,525</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">87,908</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 9pt; margin-bottom: 9pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">Page 19</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; color: rgb(255, 0, 0); font-size: 11pt; font-weight: bold;">ArcelorMittal Condensed Consolidated Statement of Operations<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup></div>
    <div> <br>
    </div>
    <table cellspacing="0" cellpadding="1" border="0" style="font-family: Arial; font-size: 9pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="za113ba5010bb44ea8b88fe9df1438701">

        <tr>
          <td style="width: 55%; vertical-align: bottom; background-color: rgb(92, 127, 146); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td colspan="6" style="vertical-align: middle; background-color: rgb(92, 127, 146); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">Three months ended</div>
          </td>
          <td colspan="4" style="vertical-align: middle; background-color: rgb(92, 127, 146); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">Twelve months ended</div>
          </td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: middle; background-color: rgb(92, 127, 146); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">In millions of U.S. dollars unless otherwise shown</div>
          </td>
          <td colspan="2" style="vertical-align: middle; background-color: rgb(92, 127, 146); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">Dec 31,</div>
            <div style="text-align: right; color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">2020</div>
          </td>
          <td colspan="2" style="vertical-align: middle; background-color: rgb(92, 127, 146); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">Sept 30,</div>
            <div style="text-align: right; color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">2020</div>
          </td>
          <td colspan="2" style="vertical-align: middle; background-color: rgb(92, 127, 146); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">Dec 31,</div>
            <div style="text-align: right; color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">2019</div>
          </td>
          <td colspan="2" style="vertical-align: middle; background-color: rgb(92, 127, 146); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">Dec 31,</div>
            <div style="text-align: right; color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">2020</div>
          </td>
          <td colspan="2" style="vertical-align: middle; background-color: rgb(92, 127, 146); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">Dec 31,</div>
            <div style="text-align: right; color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">2019</div>
          </td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">Sales</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">14,184</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">13,266</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">15,514</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">53,270</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">70,615</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">Depreciation (B)</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(711)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(739)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(802)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(2,960)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(3,067)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="font-size: 8pt;">Impairment items<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">4</sup>(B)</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(331)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">556</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(830)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">133</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(1,927)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="font-size: 8pt;">Exceptional items<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">5 </sup>(B)</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">1,314</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">&#8212;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(828)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">636</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(828)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">Operating income / (loss) (A)</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">1,998</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">718</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">(1,535)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">2,110</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">(627)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">Operating margin %</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-style: italic;">14.1</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-style: italic;">%</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-style: italic;">5.4</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-style: italic;">%</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-style: italic;">(9.9)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-style: italic;">%</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-style: italic;">4.0</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-style: italic;">%</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-style: italic;">(0.9)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-style: italic;">%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">Income from associates, joint ventures and other investments</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">7</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">100</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">20</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">234</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">347</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">Net interest expense</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(88)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(106)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(140)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(421)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(607)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">Foreign exchange and other net financing loss</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(270)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(150)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(117)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(835)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(1,045)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">Income / (loss) before taxes and non-controlling interests</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">1,647</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">562</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">(1,772)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">1,088</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">(1,932)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">Current tax expense</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(373)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(204)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(260)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(839)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(786)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">Deferred tax benefit / (expense)</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">15</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(580)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">135</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(827)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">327</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">Income tax expense</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(358)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(784)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(125)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(1,666)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(459)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">Income / (loss) including non-controlling interests</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">1,289</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">(222)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">(1,897)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">(578)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">(2,391)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">Non-controlling interests (income)/ loss</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(82)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(39)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">15</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(155)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(63)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">Net income / (loss) attributable to equity holders of the parent</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">1,207</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">(261)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">(1,882)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">(733)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">(2,454)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td colspan="2" style="vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">Basic earnings / (loss) per common share ($)</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">1.01</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(0.21)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(1.86)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(0.64)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(2.42)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">Diluted earnings / (loss) per common share ($)</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">1.00</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(0.21)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(1.86)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(0.64)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(2.42)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">Weighted average common shares outstanding (in millions)</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">1,199</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">1,228</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">1,012</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">1,140</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">1,013</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">Diluted weighted average common shares outstanding (in millions)</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">1,204</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">1,228</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">1,012</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">1,140</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">1,013</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">OTHER INFORMATION</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">EBITDA (C = A-B)</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">1,726</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">901</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">925</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">4,301</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(51, 51, 51); font-size: 8pt; font-weight: bold;">5,195</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">EBITDA Margin %</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-style: italic;">12.2</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-style: italic;">%</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-style: italic;">6.8</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-style: italic;">%</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-style: italic;">6.0</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-style: italic;">%</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-style: italic;">8.1</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-style: italic;">%</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-style: italic;">7.4</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-style: italic;">%</div>
          </td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">Own iron ore production (Mt)</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">15.3</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">14.8</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">14.8</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">58.0</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">57.1</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">Crude steel production (Mt)</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">18.8</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">17.2</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">19.8</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">71.5</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">89.8</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: middle; border-bottom: 1px solid rgb(0, 0, 0); border-top: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">Steel shipments (Mt)</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-bottom: 1px solid rgb(0, 0, 0); border-top: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">17.3</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-bottom: 1px solid rgb(0, 0, 0); border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); border-top: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">17.5</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); border-top: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">19.7</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-bottom: 1px solid rgb(0, 0, 0); border-top: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">69.1</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-bottom: 1px solid rgb(0, 0, 0); border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); border-top: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">84.5</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0); border-top: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>

    </table>
    <div> <br>
    </div>
    <div style="clear: both; margin-top: 9pt; margin-bottom: 9pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">Page 20</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; color: rgb(255, 0, 0); font-size: 11pt; font-weight: bold;">ArcelorMittal Condensed Consolidated Statement of Cash flows<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">1</sup></div>
    <div> <br>
    </div>
    <table cellspacing="0" cellpadding="1" border="0" style="font-family: Arial; font-size: 9pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zf8d3226485ae433790cfbf8895e1328e">

        <tr>
          <td style="width: 55%; vertical-align: bottom; background-color: rgb(92, 127, 146); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td colspan="6" style="vertical-align: middle; background-color: rgb(92, 127, 146); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">Three months ended</div>
          </td>
          <td colspan="4" style="vertical-align: middle; background-color: rgb(92, 127, 146); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: center; color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">Twelve months ended</div>
          </td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: middle; background-color: rgb(92, 127, 146); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(255, 255, 255); font-size: 8pt;">In millions of U.S. dollars</div>
          </td>
          <td colspan="2" style="vertical-align: middle; background-color: rgb(92, 127, 146); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">Dec 31,</div>
            <div style="text-align: right; color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">2020</div>
          </td>
          <td colspan="2" style="vertical-align: middle; background-color: rgb(92, 127, 146); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">Sept 30,</div>
            <div style="text-align: right; color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">2020</div>
          </td>
          <td colspan="2" style="vertical-align: middle; background-color: rgb(92, 127, 146); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">Dec 31,</div>
            <div style="text-align: right; color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">2019</div>
          </td>
          <td colspan="2" style="vertical-align: middle; background-color: rgb(92, 127, 146); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">Dec 31,</div>
            <div style="text-align: right; color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">2020</div>
          </td>
          <td colspan="2" style="vertical-align: middle; background-color: rgb(92, 127, 146); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">Dec 31,</div>
            <div style="text-align: right; color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">2019</div>
          </td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(36, 36, 36); font-size: 8pt; font-weight: bold;">Operating activities:</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 1%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 1%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: middle; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 1%; vertical-align: middle; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 1%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(36, 36, 36); font-size: 8pt; font-weight: bold;">Income /(loss) attributable to equity holders of the parent</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">1,207</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">(261)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">(1,882)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">(733)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">(2,454)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(36, 36, 36); font-size: 8pt;">Adjustments to reconcile net income/ (loss) to net cash provided by operations:</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(36, 36, 36); font-size: 8pt;">Non-controlling interests loss / (gain)</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">82</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">39</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(15)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">155</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">63</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(36, 36, 36); font-size: 8pt;">Depreciation and impairment items<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">4</sup></div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">1,042</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">183</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">1,632</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">2,827</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">4,994</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(36, 36, 36); font-size: 8pt;">Exceptional items<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">5</sup></div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(1,314)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">&#8212;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">828</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(636)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">828</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(36, 36, 36); font-size: 8pt;">(Income) from associates, joint ventures and other investments</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(7)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(100)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(20)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(234)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(347)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(36, 36, 36); font-size: 8pt;">Deferred tax (benefit) / expense</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(15)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">580</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(135)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">827</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(327)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(36, 36, 36); font-size: 8pt;">Change in working capital</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">925</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">1,072</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">2,600</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">1,496</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">2,197</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(36, 36, 36); font-size: 8pt;">Other operating activities (net)</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(504)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">257</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(76)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">380</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">1,063</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(36, 36, 36); font-size: 8pt; font-weight: bold;">Net cash provided by operating activities (A)</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(51, 51, 51); font-size: 8pt; font-weight: bold;">1,416</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(51, 51, 51); font-size: 8pt; font-weight: bold;">1,770</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(51, 51, 51); font-size: 8pt; font-weight: bold;">2,932</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(51, 51, 51); font-size: 8pt; font-weight: bold;">4,082</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(51, 51, 51); font-size: 8pt; font-weight: bold;">6,017</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(36, 36, 36); font-size: 8pt; font-weight: bold;">Investing activities:</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(36, 36, 36); font-size: 8pt;">Purchase of property, plant and equipment and intangibles (B)</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(668)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(520)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(815)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(2,439)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(3,572)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(36, 36, 36); font-size: 8pt;">Other investing activities (net)</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">262</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">34</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(936)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">428</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(252)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(36, 36, 36); font-size: 8pt; font-weight: bold;">Net cash used in investing activities</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(51, 51, 51); font-size: 8pt; font-weight: bold;">(406)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(51, 51, 51); font-size: 8pt; font-weight: bold;">(486)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(51, 51, 51); font-size: 8pt; font-weight: bold;">(1,751)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(51, 51, 51); font-size: 8pt; font-weight: bold;">(2,011)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(51, 51, 51); font-size: 8pt; font-weight: bold;">(3,824)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(36, 36, 36); font-size: 8pt; font-weight: bold;">Financing activities:</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(36, 36, 36); font-size: 8pt;">Net (payments) / proceeds relating to payable to banks and long-term debt</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(1,506)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(270)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">126</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(2,395)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">1,262</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(36, 36, 36); font-size: 8pt;">Dividends paid to minorities (C)</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(16)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(55)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(21)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(181)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(129)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(36, 36, 36); font-size: 8pt;">Dividends paid to ArcelorMittal shareholders</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">&#8212;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">&#8212;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">&#8212;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">&#8212;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(203)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(36, 36, 36); font-size: 8pt;">Share buyback</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(487)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(13)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">&#8212;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(500)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(90)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(36, 36, 36); font-size: 8pt;">Common share offering</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">&#8212;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">&#8212;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">&#8212;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">740</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">&#8212;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(36, 36, 36); font-size: 8pt;">Proceeds from Mandatorily Convertible Notes</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">&#8212;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">&#8212;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">&#8212;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">1,237</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">&#8212;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(36, 36, 36); font-size: 8pt;">Lease payments and other financing activities (net)</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(218)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(63)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(86)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(399)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(326)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(36, 36, 36); font-size: 8pt; font-weight: bold;">Net cash (used in) / provided by financing activities</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(51, 51, 51); font-size: 8pt; font-weight: bold;">(2,227)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(51, 51, 51); font-size: 8pt; font-weight: bold;">(401)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(51, 51, 51); font-size: 8pt; font-weight: bold;">19</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(51, 51, 51); font-size: 8pt; font-weight: bold;">(1,498)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(51, 51, 51); font-size: 8pt; font-weight: bold;">514</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(36, 36, 36); font-size: 8pt;">Net (decrease) / increase in cash and cash equivalents</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(36, 36, 36); font-size: 8pt; font-weight: bold;">(1,217)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">883</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">1,200</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">573</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">2,707</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(36, 36, 36); font-size: 8pt;">Cash and cash equivalents transferred (to) / from assets held for sale</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">67</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(70)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">&#8212;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(3)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">10</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(36, 36, 36); font-size: 8pt;">Effect of exchange rate changes on cash</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">234</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">73</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">131</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">163</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(22)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(36, 36, 36); font-size: 8pt; font-weight: bold;">Change in cash and cash equivalents</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">(916)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">886</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">1,331</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">733</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">2,695</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(36, 36, 36); font-size: 8pt; font-weight: bold;">Free cash flow (D=A+B+C)<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">17</sup></div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(51, 51, 51); font-size: 8pt; font-weight: bold;">732</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">1,195</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">2,096</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(51, 51, 51); font-size: 8pt; font-weight: bold;">1,462</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">2,316</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 9pt; margin-bottom: 9pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">Page 21</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; color: rgb(255, 0, 0); font-size: 11pt; font-weight: bold;">Appendix 1: Product shipments by region<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
    <div> <br>
    </div>
    <table cellspacing="0" cellpadding="1" border="0" style="font-family: Arial; font-size: 9pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zd69655399e324e0bb9d6b3c7cc75c82c">

        <tr>
          <td style="width: 55%; vertical-align: middle; background-color: rgb(92, 127, 146); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">(000'kt)</div>
          </td>
          <td colspan="2" style="vertical-align: middle; background-color: rgb(92, 127, 146); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">4Q 20</div>
          </td>
          <td colspan="2" style="vertical-align: middle; background-color: rgb(92, 127, 146); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">3Q 20</div>
          </td>
          <td colspan="2" style="vertical-align: middle; background-color: rgb(92, 127, 146); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">4Q 19</div>
          </td>
          <td colspan="2" style="vertical-align: middle; background-color: rgb(92, 127, 146); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">12M 20</div>
          </td>
          <td colspan="2" style="vertical-align: middle; background-color: rgb(92, 127, 146); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">12M 19</div>
          </td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">Flat</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">3,462</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">3,779</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">4,325</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">15,422</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">18,261</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">Long</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">807</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">746</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">819</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">2,884</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">3,260</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">NAFTA</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">4,134</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">4,435</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">5,029</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">17,902</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">20,921</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">Flat</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">1,324</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">1,047</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">1,553</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">4,722</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">6,328</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">Long</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">1,268</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">1,393</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">1,176</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">4,740</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">4,918</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">Brazil</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">2,575</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">2,425</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">2,717</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">9,410</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">11,192</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">Flat</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">6,210</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">6,025</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">6,827</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">23,907</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">31,523</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">Long</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">2,246</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">2,080</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">2,323</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">8,550</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">10,360</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">Europe</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">8,569</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">8,187</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">9,290</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">32,873</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">42,352</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">CIS</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">1,912</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">1,914</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">2,087</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">7,685</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">7,425</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">Africa</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">458</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">585</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">890</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">2,190</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">4,112</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: middle; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">ACIS</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">2,373</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">2,499</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">2,985</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">9,881</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">11,547</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>

    </table>
    <div style="margin-top: 6pt; font-size: 8pt;">Note: &#8220;Others and eliminations&#8221; are not presented in the table</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: rgb(255, 0, 0); font-size: 11pt; font-weight: bold;">Appendix 2a: Capital expenditures<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(1)</sup></div>
    <div> <br>
    </div>
    <table cellspacing="0" cellpadding="1" border="0" style="font-family: Arial; font-size: 9pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zdad54a6e20784b0091d6d34477706290">

        <tr>
          <td style="width: 55%; vertical-align: middle; background-color: rgb(92, 127, 146); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">(USDm)</div>
          </td>
          <td colspan="2" style="vertical-align: middle; background-color: rgb(92, 127, 146); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">4Q 20</div>
          </td>
          <td colspan="2" style="vertical-align: middle; background-color: rgb(92, 127, 146); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">3Q 20</div>
          </td>
          <td colspan="2" style="vertical-align: middle; background-color: rgb(92, 127, 146); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">4Q 19</div>
          </td>
          <td colspan="2" style="vertical-align: middle; background-color: rgb(92, 127, 146); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">12M 20</div>
          </td>
          <td colspan="2" style="vertical-align: middle; background-color: rgb(92, 127, 146); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">12M 19</div>
          </td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">NAFTA</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">66</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">81</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">191</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">459</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">727</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">Brazil</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">64</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">48</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">96</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">208</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">328</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">Europe</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">326</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">222</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">273</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">1,039</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">1,353</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">ACIS</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">88</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">68</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">108</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">324</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">513</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">Mining</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">111</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">92</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">133</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">370</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">480</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">Total</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">668</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">520</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">815</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">2,439</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">3,572</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>

    </table>
    <div style="margin-top: 6pt; font-size: 8pt;">Note: &#8220;Others&#8221; are not presented in the table</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: rgb(255, 0, 0); font-size: 11pt; font-weight: bold;">Appendix 2b: Capital expenditure projects</div>
    <div style="margin-bottom: 6pt;">The following tables summarize the Company&#8217;s principal growth and optimization projects involving significant capex.</div>
    <div style="text-align: justify; margin-bottom: 7pt; font-size: 10pt; font-weight: bold;">Completed projects in the past year</div>
    <table cellspacing="0" cellpadding="1" border="0" style="font-family: Arial; font-size: 9pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zdf78dac8083746d58e0e58172873cf4d">

        <tr>
          <td style="width: 7.76%; vertical-align: middle; background-color: rgb(92, 127, 146); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">Segment</div>
          </td>
          <td style="width: 23.28%; vertical-align: middle; background-color: rgb(92, 127, 146); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">Site / unit</div>
          </td>
          <td style="width: 23.57%; vertical-align: middle; background-color: rgb(92, 127, 146); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">Project</div>
          </td>
          <td style="width: 35.58%; vertical-align: middle; background-color: rgb(92, 127, 146); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">Capacity / details</div>
          </td>
          <td style="width: 9%; vertical-align: middle; background-color: rgb(92, 127, 146); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">Completion</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.76%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">ACIS</div>
          </td>
          <td style="width: 23.28%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">ArcelorMittal Kryvyi Rih (Ukraine)</div>
          </td>
          <td style="width: 23.57%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">New LF&amp;CC 2</div>
          </td>
          <td style="width: 35.58%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">Facilities upgrade to switch from ingot to continuous caster route. Additional billets of up to 145kt over ingot route through yield increase</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">1Q 2020</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 9pt; margin-bottom: 9pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">Page 22</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-bottom: 7pt; font-size: 10pt; font-weight: bold;">Ongoing projects</div>
    <table cellspacing="0" cellpadding="1" border="0" style="font-family: Arial; font-size: 9pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z5c34db21f585423d8486244b506f0d00">

        <tr>
          <td style="width: 7.76%; vertical-align: middle; background-color: rgb(92, 127, 146); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">Segment</div>
          </td>
          <td style="width: 24%; vertical-align: middle; background-color: rgb(92, 127, 146); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">Site / unit</div>
          </td>
          <td style="width: 24%; vertical-align: middle; background-color: rgb(92, 127, 146); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">Project</div>
          </td>
          <td style="width: 35.58%; vertical-align: middle; background-color: rgb(92, 127, 146); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">Capacity / details</div>
          </td>
          <td style="width: 8%; vertical-align: middle; background-color: rgb(92, 127, 146); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">Key date / forecast completion</div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.76%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">NAFTA</div>
          </td>
          <td style="width: 24%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">Mexico</div>
          </td>
          <td style="width: 24%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">New Hot strip mill</div>
          </td>
          <td style="width: 35.58%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">Production capacity of 2.5Mt/year</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-size: 8pt;">2021 <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(a)</sup></div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.76%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">NAFTA</div>
          </td>
          <td style="width: 24%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">ArcelorMittal Dofasco (Canada)</div>
          </td>
          <td style="width: 24%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">Hot strip mill modernization</div>
          </td>
          <td style="width: 35.58%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">Replace existing three end of life coilers with two state of the art coilers and new runout tables</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(38, 38, 38); font-size: 8pt;">2021 <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(b)</sup></div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.76%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(36, 36, 36); font-size: 8pt;">NAFTA</div>
          </td>
          <td style="width: 24%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(36, 36, 36); font-size: 8pt;">ArcelorMittal Dofasco (Canada)</div>
          </td>
          <td style="width: 24%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(36, 36, 36); font-size: 8pt;">#5 CGL conversion to AluSi&#174;</div>
          </td>
          <td style="width: 35.58%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(36, 36, 36); font-size: 8pt;">Addition of up to 160kt/year Aluminum Silicon (AluSi&#174;) coating capability to #5 Hot-Dip Galvanizing Line for the production of Usibor&#174; steels</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(36, 36, 36); font-size: 8pt;">2H 2022 <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(c)</sup></div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.76%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">Brazil</div>
          </td>
          <td style="width: 24%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">ArcelorMittal Vega Do Sul</div>
          </td>
          <td style="width: 24%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">Expansion project</div>
          </td>
          <td style="width: 35.58%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">Increase hot dipped / cold rolled coil capacity and construction of a new 700kt continuous annealing line (CAL) and continuous galvanising line (CGL) combiline</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-size: 8pt;">4Q 2023 <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(d)</sup></div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.76%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">Mining</div>
          </td>
          <td style="width: 24%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">Liberia</div>
          </td>
          <td style="width: 24%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">Phase 2 premium product expansion project</div>
          </td>
          <td style="width: 35.58%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">Increase production capacity to 15Mt/year</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-size: 8pt;">4Q 2023<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;"> (e)</sup></div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.76%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">Brazil</div>
          </td>
          <td style="width: 24%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">Juiz de Fora</div>
          </td>
          <td style="width: 24%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">Melt shop expansion</div>
          </td>
          <td style="width: 35.58%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">Increase in melt shop capacity by 0.2Mt/year</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-size: 8pt;">On hold <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(f)</sup></div>
          </td>
        </tr>
        <tr>
          <td style="width: 7.76%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">Brazil</div>
          </td>
          <td style="width: 24%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">Monlevade</div>
          </td>
          <td style="width: 24%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">Sinter plant, blast furnace and melt shop</div>
          </td>
          <td style="width: 35.58%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">Increase in liquid steel capacity by 1.2Mt/year;</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; font-size: 8pt;">On hold <sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">(f)</sup></div>
          </td>
        </tr>

    </table>
    <div style="margin-top: 6pt;"><br>
    </div>
    <div style="color: rgb(36, 36, 36);">a) On September 28, 2017, ArcelorMittal announced a major $1.0 billion investment programme at its Mexican operations, which is focused on building ArcelorMittal Mexico&#8217;s downstream capabilities, sustaining the
      competitiveness of its mining operations and modernizing its existing asset base. The programme is designed to enable ArcelorMittal Mexico to meet the anticipated increased demand requirements from domestic customers, realize in full ArcelorMittal
      Mexico&#8217;s production capacity of 5.3 million tonnes and significantly enhance the proportion of higher added-value products in its product mix. The main investment will be the construction of a new hot strip mill. Upon completion, the project will
      enable ArcelorMittal Mexico to produce c. 2.5 million tonnes of flat rolled steel, long steel c. 1.8Mt and the remainder made up of semi-finished slabs. Coils from the new hot strip mill will be supplied to domestic, non-auto, general industry
      customers. The hot strip mill project commenced late 4Q 2017 and is expected to be completed at the end of 2021 (with capex of approximately $0.2 billion in 2021).</div>
    <div><br>
    </div>
    <div style="color: rgb(36, 36, 36);">b) Investment in ArcelorMittal Dofasco (Canada) to modernize the hot strip mill. The project is to install two new state of the art coilers and runout tables to replace three end of life coilers. The strip cooling
      system will be upgraded and include innovative power cooling technology to improve product capability. The project is expected to be completed in 2021.</div>
    <div><br>
    </div>
    <div style="color: rgb(36, 36, 36);">c) Investment to replace #5 Hot-Dip Galvanizing Line Galvanneal coating capability with 160kt/year Aluminum Silicon (AluSi<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#174;</sup>) capability for the production of ArcelorMittal&#8217;s patented Usibor<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#174;</sup>
      Press Hardenable Steel for automotive structural and safety components. With the investment, ArcelorMittal Dofasco will become the only Canadian producer of AluSi<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#174;</sup> coated Usibor<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">&#174;</sup>. This investment complements additional strategic
      North America developments, including a new EAF and caster at AM/NS Calvert in the US and a new hot strip mill in Mexico, and will allow to capitalize on increasing Auto Aluminized PHS demand in North America. The project is expected to be completed
      in 2022, with the first coil planned for 2H 2022.</div>
    <div><br>
    </div>
    <div style="color: rgb(36, 36, 36);">d) In February 2021, ArcelorMittal announced the resumption of the Vega Do Sul expansion to provide an additional 700kt of cold-rolled annealed and galvanized capacity to serve the growing domestic market. The
      ~$0.35 billion investment programme to increase rolling capacity with construction of a new continuous annealing line and CGL combiline (and the option to add a ca. 100kt organic coating line to serve construction and appliance segments), and upon
      completion, will strengthen ArcelorMittal&#8217;s position in the fast growing automotive and industry markets through Advanced High Strength Steel products. The investments will look to facilitate a wide range of products and applications whilst further
      optimizing current ArcelorMittal Vega facilities to maximize site capacity and its competitiveness, considering comprehensive digital and automation technology. The project is expected to be completed in 4Q 2023.</div>
    <div><br>
    </div>
    <div style="color: rgb(36, 36, 36);">e) ArcelorMittal Liberia has been operating a 5Mt direct shipping ore (DSO) since 2011 (Phase 1). In 2013, the Company had started construction of a Phase 2 project that envisaged the construction of 15 million
      tonnes of concentrate sinter fines capacity and associated infrastructure; this project was then suspended due to the onset of Ebola in West Africa and the subsequent force-majeure declaration by the onsite contracting companies. ArcelorMittal
      Liberia has now completed the revised detailed feasibility study (which was updated in 2019 to apply best available technology and replace wet with dry stack tailings treatment) for the modular build of a 15 million tonne concentrator (Phase 2), with
      aligned mine, concentrator, rail and port capacity. The plan is now to recommence the project in 2021, with first concentrate expected in 4Q 2023. The capex required to conclude the project is expected to total approximately $0.8 billion as the
      project is effectively a brownfield opportunity given that 85% of the procurement has already been done (with the equipment on site) and 60% of the civil construction complete.</div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 9pt; margin-bottom: 9pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">Page 23</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div>f) Although the Monlevade wire rod expansion project and Juiz de Fora rebar expansion were completed in 2015, both the melt shop expansion (in Juiz de Fora) and the sinter plant, blast furnace and meltshop (in Monlevade) projects are currently on
      hold and are expected to be completed upon Brazil domestic market recovery.</div>
    <div><br>
    </div>
    <div style="text-align: justify; color: rgb(255, 0, 0); font-size: 11pt; font-weight: bold;">Appendix 3: Debt repayment schedule as of December 31, 2020</div>
    <div> <br>
    </div>
    <table cellspacing="0" cellpadding="1" border="0" style="font-family: Arial; font-size: 9pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z000e3556ffde41b0817038dd73349839">

        <tr>
          <td style="width: 31.54%; vertical-align: middle; background-color: rgb(92, 127, 146); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">(USD billion)</div>
          </td>
          <td style="width: 9%; vertical-align: middle; background-color: rgb(92, 127, 146); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">2021</div>
          </td>
          <td colspan="2" style="vertical-align: middle; background-color: rgb(92, 127, 146); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">2022</div>
          </td>
          <td colspan="2" style="vertical-align: middle; background-color: rgb(92, 127, 146); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">2023</div>
          </td>
          <td colspan="2" style="vertical-align: middle; background-color: rgb(92, 127, 146); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">2024</div>
          </td>
          <td colspan="2" style="vertical-align: middle; background-color: rgb(92, 127, 146); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">2025</div>
          </td>
          <td colspan="2" style="vertical-align: middle; background-color: rgb(92, 127, 146); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">&gt;2025</div>
          </td>
          <td style="width: 9%; vertical-align: middle; background-color: rgb(92, 127, 146); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">Total</div>
          </td>
        </tr>
        <tr>
          <td style="width: 31.54%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">Bonds</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">0.4</div>
          </td>
          <td colspan="2" style="vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">0.6</div>
          </td>
          <td colspan="2" style="vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">1.4</div>
          </td>
          <td colspan="2" style="vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">2.0</div>
          </td>
          <td colspan="2" style="vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">1.1</div>
          </td>
          <td colspan="2" style="vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">2.3</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">7.8</div>
          </td>
        </tr>
        <tr>
          <td style="width: 31.54%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">Commercial paper</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">1.0</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">&#8212;</div>
          </td>
          <td style="width: 0.97%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 9%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">&#8212;</div>
          </td>
          <td style="width: 0.97%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 9%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">&#8212;</div>
          </td>
          <td style="width: 0.97%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 9%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">&#8212;</div>
          </td>
          <td style="width: 0.97%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 9%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">&#8212;</div>
          </td>
          <td style="width: 0.97%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 9%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">1.0</div>
          </td>
        </tr>
        <tr>
          <td style="width: 31.54%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">Other loans</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">1.1</div>
          </td>
          <td colspan="2" style="vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">0.4</div>
          </td>
          <td colspan="2" style="vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">1.1</div>
          </td>
          <td colspan="2" style="vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">0.2</div>
          </td>
          <td colspan="2" style="vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">0.2</div>
          </td>
          <td colspan="2" style="vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">0.5</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">3.5</div>
          </td>
        </tr>
        <tr>
          <td style="width: 31.54%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">Total gross debt</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">2.5</div>
          </td>
          <td colspan="2" style="vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">1.0</div>
          </td>
          <td colspan="2" style="vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">2.5</div>
          </td>
          <td colspan="2" style="vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">2.2</div>
          </td>
          <td colspan="2" style="vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">1.3</div>
          </td>
          <td colspan="2" style="vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">2.8</div>
          </td>
          <td style="width: 9%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">12.3</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: -13.5pt; margin-left: 13.5pt; color: rgb(255, 0, 0); font-size: 11pt; font-weight: bold;">Appendix 4: Reconciliation of gross debt to net debt</div>
    <div> <br>
    </div>
    <table cellspacing="0" cellpadding="1" border="0" style="font-family: Arial; font-size: 9pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="zb858bb2baea444518ed3eb4300e57782">

        <tr>
          <td style="width: 73%; vertical-align: middle; background-color: rgb(92, 127, 146); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">(USD million)</div>
          </td>
          <td colspan="2" style="vertical-align: middle; background-color: rgb(92, 127, 146); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">Dec 31, 2020</div>
          </td>
          <td colspan="2" style="vertical-align: middle; background-color: rgb(92, 127, 146); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">Sept 30, 2020</div>
          </td>
          <td colspan="2" style="vertical-align: middle; background-color: rgb(92, 127, 146); border-top: 2px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">Dec 31, 2019</div>
          </td>
        </tr>
        <tr>
          <td style="width: 73%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">Gross debt (excluding that held as part of the liabilities held for sale)</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 2px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">12,322</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 2px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">13,384</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">14,340</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 73%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">Gross debt held as part of the liabilities held for sale</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">24</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">292</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">&#8212;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 73%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">Gross debt</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 2px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">12,346</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 2px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">13,676</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">14,340</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 2px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 73%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">Less: Cash and cash equivalents and restricted funds</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(5,963)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(6,617)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(4,995)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 73%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">Less: Cash and cash equivalents and restricted funds held as part of the assets held for sale</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(3)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(70)</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">&#8212;</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 73%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">Net debt (including that held as part of assets and the liabilities held for sale)</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">6,380</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">6,989</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">9,345</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-top: 1px solid rgb(0, 0, 0); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 73%; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 73%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">Net debt / LTM EBITDA</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">1.5</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 1%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">1.8</div>
          </td>
          <td style="width: 1%; vertical-align: bottom; border-bottom: 2px solid rgb(0, 0, 0);">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: -13.5pt; margin-left: 13.5pt; color: rgb(255, 0, 0); font-size: 11pt; font-weight: bold;">Appendix 5: Adjusted net income / (loss)</div>
    <div> <br>
    </div>
    <table cellspacing="0" cellpadding="1" border="0" style="font-family: Arial; font-size: 9pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z98b9bf154c6f430dbd3935d35e186f26">

        <tr>
          <td style="width: 55%; vertical-align: middle; background-color: rgb(92, 127, 146); border-bottom: 1px solid rgb(0, 0, 0); border-top: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">(USDm)</div>
          </td>
          <td colspan="2" style="vertical-align: middle; background-color: rgb(92, 127, 146); border-bottom: 1px solid rgb(0, 0, 0); border-top: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">4Q 20</div>
          </td>
          <td colspan="2" style="vertical-align: middle; background-color: rgb(92, 127, 146); border-bottom: 1px solid rgb(0, 0, 0); border-top: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">3Q 20</div>
          </td>
          <td colspan="2" style="vertical-align: middle; background-color: rgb(92, 127, 146); border-bottom: 1px solid rgb(0, 0, 0); border-top: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">4Q 19</div>
          </td>
          <td colspan="2" style="vertical-align: middle; background-color: rgb(92, 127, 146); border-bottom: 1px solid rgb(0, 0, 0); border-top: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">12M 20</div>
          </td>
          <td colspan="2" style="vertical-align: middle; background-color: rgb(92, 127, 146); border-bottom: 1px solid rgb(0, 0, 0); border-top: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(255, 255, 255); font-size: 8pt; font-weight: bold;">12M 19</div>
          </td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">Net income / (loss)</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">1,207</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">(261)</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">(1,882)</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">(733)</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">(2,454)</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="font-size: 8pt;">Impairment items<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">4</sup></div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(331)</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">556</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(830)</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">133</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(1,927)</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="font-size: 8pt;">Exceptional items<sup style="vertical-align: text-top; line-height: 1; font-size: smaller;">5</sup></div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">1,314</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">&#8212;</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(828)</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">636</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(828)</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">Derecognition of deferred tax assets on disposal of ArcelorMittal USA</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">&#8212;</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(624)</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">&#8212;</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">(624)</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt;">&#8212;</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 55%; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">Adjusted net income / (loss)</div>
          </td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">224</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">(193)</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">(224)</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">(878)</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; background-color: rgb(182, 182, 182); border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 8%; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="text-align: right; color: rgb(0, 0, 0); font-size: 8pt; font-weight: bold;">301</div>
          </td>
          <td style="width: 0.98%; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: -13.5pt; margin-left: 13.5pt; color: rgb(255, 0, 0); font-size: 11pt; font-weight: bold;">Appendix 6: Terms and definitions</div>
    <div> <br>
    </div>
    <div>Unless indicated otherwise, or the context otherwise requires, references in this earnings release report to the following terms have the meanings set out next to them below:</div>
    <div><br>
    </div>
    <div><font style="font-weight: bold;">Adjusted net income / (loss): </font>refers to reported net income/(loss) less impairment items, exceptional items and derecognition of deferred tax assets on disposal of ArcelorMittal USA.</div>
    <div><font style="font-weight: bold;">Apparent steel consumption:</font> calculated as the sum of production plus imports minus exports.</div>
    <div><font style="font-weight: bold;">Average steel selling prices:</font> calculated as steel sales divided by steel shipments.</div>
    <div><font style="font-weight: bold;">Cash and cash equivalents and restricted funds</font>: represents cash and cash equivalents, restricted cash, restricted funds and short-term investments.</div>
    <div><font style="font-weight: bold;">Capex:</font> represents the purchase of property, plant and equipment and intangibles.</div>
    <div><font style="font-weight: bold;">Crude steel production: </font>steel in the first solid state after melting, suitable for further processing or for sale.</div>
    <div><font style="font-weight: bold;">EBITDA:</font> operating results plus depreciation, impairment items and exceptional items.</div>
    <div> <br>
    </div>
    <div style="clear: both; margin-top: 9pt; margin-bottom: 9pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">Page 24</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-right: 2.25pt;"><font style="font-weight: bold;">EBITDA/tonne:</font> calculated as EBITDA divided by total steel shipments.</div>
    <div style="margin-right: 2.25pt;"><font style="font-weight: bold;">Exceptional items: </font>income / (charges) relate to transactions that are significant, infrequent or unusual and are not representative of the normal course of business of the
      period.</div>
    <div><font style="font-weight: bold;">Foreign exchange and other net financing (loss):</font> include foreign currency exchange impact, bank fees, interest on pensions, impairment of financial assets, revaluation of derivative instruments and other
      charges that cannot be directly linked to operating results.</div>
    <div><font style="font-weight: bold;">Free cash flow (FCF)</font>: refers to net cash provided by operating activities less capex less dividends paid to minority shareholders</div>
    <div><font style="font-weight: bold;">Gross debt</font>: long-term debt and short-term debt (including that held as part of the liabilities held for sale).</div>
    <div><font style="font-weight: bold;">Impairment items: </font>refers to impairment charges net of reversals.</div>
    <div><font style="font-weight: bold;">Liquidity:</font> cash and cash equivalents and restricted funds plus available credit lines excluding back-up lines for the commercial paper program.</div>
    <div style="margin-right: 2.25pt;"><font style="font-weight: bold;">LTIF:</font> lost time injury frequency rate equals lost time injuries per 1,000,000 worked hours, based on own personnel and contractors.</div>
    <div><font style="font-weight: bold;">Mt: </font>refers to million metric tonnes.</div>
    <div><font style="font-weight: bold;">Market-priced tonnes:</font> represent amounts of iron ore and coal from ArcelorMittal mines that could be sold to third parties on the open market. Market-priced tonnes that are not sold to third parties are
      transferred from the Mining segment to the Company&#8217;s steel producing segments and reported at the prevailing market price. Shipments of raw materials that do not constitute market-priced tonnes are transferred internally and reported on a cost-plus
      basis.</div>
    <div><font style="font-weight: bold;">Mining segment sales:</font> i) &#8220;External sales&#8221;: mined product sold to third parties at market price; ii) &#8220;Market-priced tonnes&#8221;: internal sales of mined product to ArcelorMittal facilities and reported at
      prevailing market prices; iii) &#8220;Cost-plus tonnes&#8221; - internal sales of mined product to ArcelorMittal facilities on a cost-plus basis. The determinant of whether internal sales are reported at market price or cost-plus is whether the raw material
      could practically be sold to third parties (i.e. there is a potential market for the product and logistics exist to access that market).</div>
    <div><font style="font-weight: bold;">Net debt:</font> long-term debt and short-term debt less cash and cash equivalents and restricted funds (including those held as part of assets and liabilities held for sale).</div>
    <div><font style="font-weight: bold;">Net debt/LTM EBITDA:</font> refers to Net debt divided by EBITDA (as used in the Company&#8217;s financial reporting) over the last twelve months.</div>
    <div><font style="font-weight: bold;">Net interest expense: </font>includes interest expense less interest income</div>
    <div><font style="font-weight: bold;">On-going projects:</font> refer to projects for which construction has begun (excluding various projects that are under development), even if such projects have been placed on hold pending improved operating
      conditions.</div>
    <div><font style="font-weight: bold;">Operating results: </font>refers to operating income/(loss).</div>
    <div><font style="font-weight: bold;">Operating segments:</font> NAFTA segment includes the Flat, Long and Tubular operations of USA, Canada and Mexico. The Brazil segment includes the Flat, Long and Tubular operations of Brazil and its neighbouring
      countries including Argentina, Costa Rica and Venezuela. The Europe segment comprises the Flat, Long and Tubular operations of the European business, as well as Downstream Solutions. The ACIS segment includes the Flat, Long and Tubular operations of
      Kazakhstan, Ukraine and South Africa. Mining segment includes iron ore and coal operations.</div>
    <div><font style="font-weight: bold;">Own iron ore production:</font> includes total of all finished production of fines, concentrate, pellets and lumps and includes share of production.</div>
    <div style="font-size: 12pt;"><font style="font-size: 9pt; font-weight: bold;">Price-cost effect: </font><font style="font-size: 9pt;">a lack of correlation or an abnormal lag in the corollary relationship between raw material and steel prices, which
        can either have a positive (i.e., increased spread between steel prices and raw material costs) or negative effect (i.e., a squeeze or decreased spread between steel prices and raw material costs).</font></div>
    <div><font style="font-weight: bold;">Seaborne iron ore reference prices:</font> refers to iron ore prices for 62% Fe CFR China.</div>
    <div><font style="font-weight: bold;">Shipments:</font> information at segment and group level eliminates intra-segment shipments (which are primarily between Flat/Long plants and Tubular plants) and inter-segment shipments respectively. Shipments of
      Downstream Solutions are excluded.</div>
    <div style="margin-right: 2.25pt;"><font style="font-weight: bold;">Steel-only EBITDA:</font> calculated as EBITDA total less Mining segment EBITDA.</div>
    <div style="margin-right: 2.25pt;"><font style="font-weight: bold;">Steel-only EBITDA/tonne:</font> calculated as steel-only EBITDA divided by total steel shipments.</div>
    <div><font style="font-weight: bold;">Working capital change (working capital investment / release): </font>Movement of change in working capital - trade accounts receivable plus inventories less trade and other accounts payable.</div>
    <div><font style="font-weight: bold;">YoY</font>: refers to year-on-year.</div>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 9pt; margin-bottom: 9pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">Page 25</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="text-align: justify; text-indent: -13.5pt; margin-left: 13.5pt; color: rgb(255, 0, 0); font-size: 11pt; font-weight: bold;">Footnotes</div>
    <div> <br>
    </div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 9pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z3b513cdeb5f641a584f96a0f663b1af4">

        <tr>
          <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">1.</td>
          <td style="width: auto; vertical-align: top;">
            <div>The financial information in this press release has been prepared consistently with International Financial Reporting Standards (&#8220;IFRS&#8221;) as issued by the International Accounting Standards Board (&#8220;IASB&#8221;) and as adopted by the European
              Union. The interim financial information included in this announcement has also been also prepared in accordance with IFRS applicable to interim periods, however this announcement does not contain sufficient information to constitute an
              interim financial report as defined in International Accounting Standard 34, &#8220;Interim Financial Reporting&#8221;. The numbers in this press release have not been audited. The financial information and certain other information presented in a number
              of tables in this press release have been rounded to the nearest whole number or the nearest decimal. Therefore, the sum of the numbers in a column may not conform exactly to the total figure given for that column. In addition, certain
              percentages presented in the tables in this press release reflect calculations based upon the underlying information prior to rounding and, accordingly, may not conform exactly to the percentages that would be derived if the relevant
              calculations were based upon the rounded numbers. This press release also includes certain non-GAAP financial/alternative performance measures. ArcelorMittal presents EBITDA, and EBITDA/tonne, which are non-GAAP financial/alternative
              performance measures and calculated as shown in the Condensed Consolidated Statement of Operations, as additional measures to enhance the understanding of operating performance. ArcelorMittal believes such indicators are relevant to describe
              trends relating to cash generating activity and provides management and investors with additional information for comparison of the Company&#8217;s operating results to the operating results of other companies. Segment information presented in this
              press release are prior to inter-segment eliminations and certain adjustments made to operating result of the segments to reflect corporate costs, income from non-steel operations (e.g., logistics and shipping services) and the elimination of
              stock margins between the segments. ArcelorMittal also presents net debt and change in working capital as additional measures to enhance the understanding of its financial position, changes to its capital structure and its credit assessment.
              ArcelorMittal also presents Adjusted net income / (loss) as it believes it is a useful measure for the underlying business performance excluding impairment items, exceptional items and derecognition of deferred tax assets on disposal of
              ArcelorMittal USA. ArcelorMittal also presents free cash flow (FCF), which is a non-GAAP financial/alternative performance measure calculated as shown in the Condensed Consolidated Statement of Cash Flows, because it believes it is a useful
              supplemental measure for evaluating the strength of its cash generating capacity. The Company has revised the definition of free cash flow to include dividends paid to minority shareholders in order to reflect the measure it will use to
              determine dividends that will be paid under its new dividend policy. The Company also presents the ratio of net debt to EBITDA for the last twelve month period, which investors may find useful in understanding the Company's ability to service
              its debt. Such non-GAAP/alternative performance measures may not be comparable to similarly titled measures applied by other companies. Non-GAAP financial/alternative performance measures should be read in conjunction with, and not as an
              alternative for, ArcelorMittal's financial information prepared in accordance with IFRS.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 9pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf45e8cfb490a43c098e438ee51e13424">

        <tr>
          <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">2.</td>
          <td style="width: auto; vertical-align: top;">
            <div>Figures presented exclude ArcelorMittal Italia. LTIF figures Including the impact of ArcelorMittal Italia, was 0.92x for FY 2020 vs. 1.21x for FY 2019; 0.93x for 4Q 2020 vs. 0.95x in 3Q 2020 and 1.25x in 4Q 2019.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 9pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za9a7c7a009cd463e8b61b42529f40b1e">

        <tr>
          <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">3.</td>
          <td style="width: auto; vertical-align: top;">
            <div>ArcelorMittal Mines Canada, otherwise known as ArcelorMittal Mines and Infrastructure Canada.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 9pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="za48b033f4bfe464eb1e10df2fff8bc5e">

        <tr>
          <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">4.</td>
          <td style="width: auto; vertical-align: top;">
            <div>Net impairment gain for 12M 2020 amounted to $133 million included the partial reversal of impairment charges (recorded in 2019) following the sale of ArcelorMittal USA ($660 million), offset in part by impairment charges of $331 million
              related to revised future cashflows of plate assets in Europe, charges of $104 million following the permanent closure of a blast furnace and steel plant in Krakow (Poland) in 3Q 2020 and charges related to the permanent closure of the coke
              plant in Florange (France) in 1Q 2020 of $92 million. Impairment charges for 12M 2019 were $1.9 billion related to impairment of the fixed assets of ArcelorMittal USA ($1.3 billion), remedy asset sales for the ArcelorMittal Italia acquisition
              ($0.5 billion) and impairment charges in South Africa ($0.1 billion).</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 9pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z30284350b5da4d0693087573c78cf196">

        <tr>
          <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">5.</td>
          <td style="width: auto; vertical-align: top;">
            <div>Net exceptional items for 12M 2020 were gains of $636 million related to the gain on disposal of ArcelorMittal USA ($1.5 billion) partially offset by site restoration and termination charges following the permanent closure of a blast
              furnace and steel plant in Krakow (Poland) totaling $146 million and inventory related charges in NAFTA and Europe ($0.7 billion). Exceptional items for 12M 2019 primarily include inventory related charges in NAFTA and Europe. Exceptional
              $1.5 billion gain on ArcelorMittal USA disposal relates to the consideration of $2.2 billion following the increase of the Cleveland Cliff share price from $5.88/sh on September 25, 2020 to $13.04/sh on December 8, 2020 against a total
              carrying value of $0.7 billion of ArcelorMittal USA, ArcelorMittal Monessen and ArcelorMittal Princeton companies.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 9pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z5216a8ed7e6f4d00b69861f65818d5a2">

        <tr>
          <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">6.</td>
          <td style="width: auto; vertical-align: top;">
            <div>On December 19, 2018, ArcelorMittal signed a $5,500,000,000 Revolving Credit Facility, with a five-year maturity plus two one-year extension options. During the fourth quarter of 2019, ArcelorMittal executed the option to extend the
              facility to December 19, 2024. The extension was completed for $5.4 billion of the available amount, with the remaining $0.1 billion remaining with a maturity of December 19, 2023. In December 2020, ArcelorMittal executed the second option to
              extend the facility, and the new maturity is now extended to December 19, 2025. As of December 31, 2020, the $5.5 billion revolving credit facility was fully available. On May 5, 2020, ArcelorMittal and a syndicate of banks signed a credit
              facility with tranches of $0.7 billion and &#8364;2.1 billion (the &#8220;New Credit Facility&#8221;). Subsequently, the Company's share offering, which closed on May 14, 2020, and the mandatorily convertible notes offering, which closed on May 18, 2020,
              resulted in the cancellation of commitments of an equivalent amount under the New Credit Facility that ArcelorMittal had entered into on May 5, 2020.</div>
          </td>
        </tr>

    </table>
    <div> <br>
    </div>
    <div style="clear: both; margin-top: 9pt; margin-bottom: 9pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">Page 26</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="margin-left: 18pt;">Subsequently, on July 17, 2020, ArcelorMittal sent a cancellation notice for all unused amounts under the New Credit Facility. The cancellation notice was effective on July 22, 2020. As of such date, the facility was
      terminated.</div>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 9pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2c47eedead2c4f4c984b6202efee1d1c">

        <tr>
          <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">7.</td>
          <td style="width: auto; vertical-align: top;">
            <div>Assets and liabilities held for sale, as of December 31, 2020 include the assets and liabilities of ArcelorMittal Italia and heavy plate assets in Europe. Assets and liabilities held for sale, as of September 30, 2020 include the assets
              and liabilities of ArcelorMittal USA (as well as Princeton and Monessen and certain other entities within the scope of the sale of ArcelorMittal USA).</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 9pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zbb73ca5af6cb4bb994df499c30c323a8">

        <tr>
          <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">8.</td>
          <td style="width: auto; vertical-align: top;">
            <div>AMNS India key performance indicators for 4Q 2020 are as follows: AMNS India&#8217;s operations were impacted by the COVID-19 pandemic during 2Q 2020 with lockdown measures (in particular impacting April 2020). Since then lock down measures have
              been lifted, demand has improved and the assets are currently running at higher utilization levels. 4Q 2020 crude steel production was 1.9Mt (vs 1.8Mt in 3Q 2020, and FY 2020 at 6.6Mt) and EBITDA was $0.3 billion (with 12M 2020 EBITDA of $0.7
              billion). AMNS India has plans to debottleneck operations (steel shop and rolling parts) and achieve capacity of 8.6Mt per annum and medium term plans to expand and grow to 14Mt per annum. Its newly acquired Thakurani mines are expected to
              operate at full 5.5Mtpa capacity by the end of 1Q 2021, and the second Odisha pellet plant is expected to be completed by the end of 1Q 2021, adding 6Mtpa for a total 20Mtpa of pellet capacity.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 9pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zf8d8df99b0284d6882910aae99a33c7d">

        <tr>
          <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">9.</td>
          <td style="width: auto; vertical-align: top;">
            <div>The Company is offering green steel using a system of certificates. These will be issued by an independent auditor to certify tonnes of CO<sub style="vertical-align: bottom; line-height: 1; font-size: smaller;">2</sub> savings achieved through the Company&#8217;s investment in decarbonization technologies in
              Europe. Net-zero equivalence is determined by assigning CO<sub style="vertical-align: bottom; line-height: 1; font-size: smaller;">2</sub> savings certificates equivalent to CO<sub style="vertical-align: bottom; line-height: 1; font-size: smaller;">2</sub> per tonne of steel produced in 2018 as the reference. The certificates will relate to the tonnes of CO<sub style="vertical-align: bottom; line-height: 1; font-size: smaller;">2</sub> saved
              in total, as a direct result of the decarbonization projects being implemented across a number of its European sites.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 9pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z4c7ea5a2ec114d40b0bc445b2c22be8b">

        <tr>
          <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">10.</td>
          <td style="width: auto; vertical-align: top;">
            <div>On September 28, 2020, in connection with the announced sale of 100% of the shares of ArcelorMittal USA, ArcelorMittal announced its intention to repurchase, between September 28, 2020 and March 31, 2021, shares for an aggregate maximum
              amount of $500 million. By market close on October 30, 2020, ArcelorMittal had repurchased 35,636,253 shares for a total value of $0.5 billion ($487 million paid in the fourth quarter) at an approximate average price per share of &#8364;11.92. All
              details are available on the Company&#8217;s website at: https://corporate.arcelormittal.com/investors/equity-investors/share-buyback-program.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 9pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8a82bc96b6db4f2ab7f05e9713ac41cc">

        <tr>
          <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">11.</td>
          <td style="width: auto; vertical-align: top;">
            <div>Relates to the rollover of the Indian rupee hedge at market price which protects the dollar funds needed for the Essar Steel India transaction as per the resolution plan approved by the Committee of Creditors and the National Company Law
              Tribunal in Ahmedabad. The hedge was unwound on the closing of the acquisition in 4Q 2019. On October 17, 2018, the Company announced that it had approved a payment of 7,469 crore rupees (c. $1 billion, subsequently paid) to the financial
              creditors of Uttam Galva and KSS Petron to clear overdue debts in order that the offer it submitted for ESIL on April 2, 2018 would be eligible and considered by ESIL&#8217;s Committee of Creditors.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 9pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z8a1c8eaf5c56400781e661a8af57f63e">

        <tr>
          <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">12.</td>
          <td style="width: auto; vertical-align: top;">
            <div>ArcelorMittal Italia crude steel production in 4Q 2020 of 0.9Mt (FY 2020 3.4Mt); 4Q 2020 steel shipments of 1.0Mt (FY 2020 3.3Mt). Capex of approximately $0.3 billion per annum has been invested in ArcelorMittal Italia in 2019 and 2020.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 9pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zbf7ea1d91d4142fe98888a3080f4108e">

        <tr>
          <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">13.</td>
          <td style="width: auto; vertical-align: top;">
            <div>The conditions precedent to closing under the Ilva Agreement include: the amendment of the existing environmental plan for the Taranto plant to account for changes in the new industrial plan; the lifting of all criminal seizures on the
              Taranto plant; the absence of restrictive measures &#8211; in the context of criminal proceedings where Ilva is a defendant &#8211; being imposed against ArcelorMittal Italia; and a new agreement with trade unions. If these conditions precedent are not
              fulfilled by May 2022, ArcelorMittal Italia will not be required to purchase the business units and instead will be required to return them to Ilva, which in turn will be required to pay an end-of-lease adjustment determined on the basis of
              the equity capital injected by ArcelorMittal Italia&#8217;s shareholders and its net financial position. In turn, if the conditions precedent are not fulfilled, Invitalia will also not be required to make the second tranche of its investment.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 9pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zcfba72776a2a48c6a46116f0cbb52371">

        <tr>
          <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">14.</td>
          <td style="width: auto; vertical-align: top;">
            <div>In addition to the AM/NS India and Calvert joint ventures, the Company has important investments in China that provide valuable dividend streams and growth optionality. VAMA, our 50:50 joint venture with Hunan Valin, is a state-of-the-art
              facility focused on rolling steel for high-demanding applications in particular automotive. The business is performing well and plans to expend the current capacity by 40% to 2Mtpa over the next 2 years, financed from its own resources. The
              investment will allow VAMA to broaden its product portfolio and further enhance its competitiveness. This will in turn enable VAMA to meet the growing demand of high value add solutions from the Chinese automotive / NEV market and propel it
              to be among the top 3 automotive steel players in China by 2025. ArcelorMittal also owns a 37% interest in China Oriental, one of the largest H-Beam producers in China, which having recently upgraded its asset portfolio. China Oriental has a
              strong balance sheet and this investment could significantly increase the dividend potential in the future.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 9pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z6288cb116faf4c3987be592fba8e43e9">

        <tr>
          <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">15.</td>
          <td style="width: auto; vertical-align: top;">
            <div>As of December 31, 2020, other assets include the listed investment of Cleveland Cliffs (16%) at market value of $1,988 million and Erdemir (12%) at market value of $850 million.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 9pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z2c6195a4055b41d897c3bec78bdd68b7">

        <tr>
          <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">16.</td>
          <td style="width: auto; vertical-align: top;">
            <div>On November 1, 2018, ArcelorMittal Investco Italy Srl completed the acquisition of Ilva Spa (former name of ArcelorMittal Italia) and its subsidiaries. ArcelorMittal was the principal partner in AM Investco with 94.45% equity stake in the
              consortium, with Banca Intesa Sanpaolo holding 5.55%. ISP interest was subject to put and call option arrangement. The put option was exercised in December 2020 simultaneous to the signing of an investment agreement with Invitalia.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 9pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="ze8ccf0bc5a094a548e307df3319df223">

        <tr>
          <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">17.</td>
          <td style="width: auto; vertical-align: top;">
            <div>The Company has revised the definition of free cash flow to include dividends paid to minority shareholders in order to reflect the measure it will use to determine dividends that will be paid under its new dividend policy. The comparative
              figures for free cash flow under the prior definition of cash flow from operations less capex were: 4Q 2020 $748 million; 3Q 2020 $1,250 million; 4Q 2019 $2,117 million; 12M 2020 $1,643 million and 12M 2019 $2,445 million.</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 9pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="z5923c997786e44fa9738e773fc798666">

        <tr>
          <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">18.</td>
          <td style="width: auto; vertical-align: top;">
            <div>See Appendix 5 for reconciliation of adjusted net income /(loss).</div>
          </td>
        </tr>

    </table>
    <table cellspacing="0" cellpadding="0" style="font-family: Arial; font-size: 9pt; width: 100%; text-align: left; color: #000000;" class="DSPFListTable" id="zcb308bd0700f4553b2fe0c2a5e7cec13">

        <tr>
          <td style="width: 18pt; vertical-align: top; color: rgb(0, 0, 0);">19.</td>
          <td style="width: auto; vertical-align: top;">
            <div>Share buyback is expected to commence on February 15, 2021, and the significant shareholder has indicated that it intends to maintain its voting rights in ArcelorMittal issued shares.</div>
          </td>
        </tr>

    </table>
    <div><br>
    </div>
    <div style="clear: both; margin-top: 9pt; margin-bottom: 9pt;" id="DSPFPageBreakArea">
      <div id="DSPFPageNumberArea"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">Page 27</font></div>
      <div style="page-break-after:always;" id="DSPFPageBreak">
        <hr noshade="noshade" style="margin: 4px 0px; width: 100%; border-width: 0; height: 2px; color: #000000; background-color: #000000; clear: both;"></div>
    </div>
    <div style="color: rgb(255, 0, 0); font-size: 11pt; font-weight: bold;">Fourth quarter 2020 and full year 2020 earnings analyst conference call</div>
    <div><br>
    </div>
    <div>ArcelorMittal management (including Executive Chairman and Chief Executive Officer) will host a conference call for members of the investment community to present and comment on the three-month and twelve periods ended December 31, 2020 on: <font style="font-weight: bold;">Thursday February 11, 2021 at 9.30am US Eastern time; 14.30pm London time and 15.30pm CET.</font></div>
    <div> <br>
    </div>
    <table cellspacing="0" cellpadding="1" border="0" style="font-family: Arial; font-size: 9pt; width: 100%; border-collapse: collapse; text-align: left; color: #000000;" id="z0d9bb999b7df4858a26e71a9a5190966">

        <tr>
          <td colspan="2" style="width: 54.46%; vertical-align: middle; border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0);">The dial in numbers are:</div>
          </td>
          <td style="width: 27.09%; vertical-align: middle; border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
          <td style="width: 18.45%; vertical-align: middle; border-bottom: 1px solid rgb(0, 0, 0);">&#160;</td>
        </tr>
        <tr>
          <td style="width: 30.89%; vertical-align: middle; background-color: rgb(92, 127, 146); border-bottom: 1px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
            <div style="color: rgb(255, 255, 255); font-size: 8pt;">Location</div>
          </td>
          <td style="width: 23.57%; vertical-align: middle; background-color: rgb(92, 127, 146); border-bottom: 1px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
            <div style="color: rgb(255, 255, 255); font-size: 8pt;">Toll free dial in numbers</div>
          </td>
          <td style="width: 30.46%; vertical-align: middle; background-color: rgb(92, 127, 146); border-bottom: 1px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
            <div style="color: rgb(255, 255, 255); font-size: 8pt;">Local dial in numbers</div>
          </td>
          <td style="width: 15.08%; vertical-align: middle; background-color: rgb(92, 127, 146); border-bottom: 1px solid rgb(0, 0, 0); border-top: 2px solid rgb(0, 0, 0);">
            <div style="color: rgb(255, 255, 255); font-size: 8pt;">&#160;Participant</div>
          </td>
        </tr>
        <tr>
          <td style="width: 30.89%; vertical-align: middle; border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">UK local:</div>
          </td>
          <td style="width: 23.57%; vertical-align: middle; border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">0808 238 0676</div>
          </td>
          <td style="width: 30.46%; vertical-align: middle; border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">+44 (0)203 057 6900</div>
          </td>
          <td style="width: 15.08%; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">7995055#</div>
          </td>
        </tr>
        <tr>
          <td style="width: 30.89%; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">US local:</div>
          </td>
          <td style="width: 23.57%; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">+1 866 220 1433</div>
          </td>
          <td style="width: 30.46%; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">+1 347 903 0960</div>
          </td>
          <td style="width: 15.08%; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">7995055#</div>
          </td>
        </tr>
        <tr>
          <td style="width: 30.89%; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">France:</div>
          </td>
          <td style="width: 23.57%; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">0805 101 469</div>
          </td>
          <td style="width: 30.46%; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">+33 1 7070 6079</div>
          </td>
          <td style="width: 15.08%; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">7995055#</div>
          </td>
        </tr>
        <tr>
          <td style="width: 30.89%; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">Germany:</div>
          </td>
          <td style="width: 23.57%; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">0800 588 9185</div>
          </td>
          <td style="width: 30.46%; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">+49 69 2222 2624</div>
          </td>
          <td style="width: 15.08%; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">7995055#</div>
          </td>
        </tr>
        <tr>
          <td style="width: 30.89%; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">Spain:</div>
          </td>
          <td style="width: 23.57%; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">900 828 532</div>
          </td>
          <td style="width: 30.46%; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">+34 914 144 464</div>
          </td>
          <td style="width: 15.08%; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">7995055#</div>
          </td>
        </tr>
        <tr>
          <td style="width: 30.89%; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">Luxembourg:</div>
          </td>
          <td style="width: 23.57%; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">800 23 023</div>
          </td>
          <td style="width: 30.46%; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">+352 2786 0311</div>
          </td>
          <td style="width: 15.08%; vertical-align: bottom; border-bottom: 1px solid rgb(0, 0, 0);">
            <div style="color: rgb(0, 0, 0); font-size: 8pt;">7995055#</div>
          </td>
        </tr>

    </table>
    <div style="margin-top: 6pt;">Join the call via telephone using the participant code 7995055# or alternatively use the live audio webcast link</div>
    <div style="background-color: rgb(255, 255, 255);"><u>https://interface.eviscomedia.com/player/1131/</u></div>
    <div><br>
    </div>
    <div>Please visit the results section on our website to listen to the reply once the event has finished <font style="color: rgb(0, 0, 0);">https://corporate.arcelormittal.com/investors/results</font></div>
    <div><br>
    </div>
    <div style="text-align: justify; text-indent: -13.5pt; margin-left: 13.5pt; color: rgb(255, 0, 0); font-size: 11pt; font-weight: bold;">Forward-Looking Statements</div>
    <div> <br>
    </div>
    <div>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 &#8220;believe&#8221;, &#8220;expect&#8221;, &#8220;anticipate&#8221;, &#8220;target&#8221; or similar expressions.
      Although ArcelorMittal&#8217;s management believes that the expectations reflected in such forward-looking statements are reasonable, investors and holders of ArcelorMittal&#8217;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 &#8220;SEC&#8221;) made or to be made by ArcelorMittal, including ArcelorMittal&#8217;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.</div>
    <div> <br>
    </div>
    <div> <br>
    </div>
    <div>
      <div id="DSPFPageNumberArea"><font id="DSPFPageNumber" style="font-size: 8pt; font-weight: normal; font-style: normal;">Page 28</font></div>
    </div>
    <div>
      <hr noshade="noshade" align="center" style="height: 2px; color: #000000; background-color: #000000; text-align: center; margin-left: auto; margin-right: auto; border: none;"> </div>
  </div>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>image00001.jpg
<TEXT>
begin 644 image00001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  8$!08%! 8&!08'!P8("A *"@D)
M"A0.#PP0%Q08&!<4%A8:'24?&ALC'!86("P@(R8G*2HI&1\M,"TH,"4H*2C_
MVP!# 0<'!PH("A,*"A,H&A8:*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"@H
M*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"C_P  1" !F .P# 2(  A$! Q$!_\0
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M7HSEI97E2ES87%.$O\2_X#.@\2?"RY@@:[\.72ZE;=?*R/, ]B.&_2N<\/\
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M1N!;:I<N]X0&^SP)O< ]">@'XF@#L:HZIJVGZ5]G_M*\@M?M$@BB\UPN]ST
MSWKFO!GQ)\.^+KHVNF7,D=Y@L+>X38[ =2.H/X&N,_:+_P!9X0_Z_P _^R4
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M: +WB?\ Y-GM/^O2U_\ 1BUZ3\-_^2?^'?\ KPA_] %>:^)_^39[3_KTM?\
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3C 50, "BB@"6BBB@ HHHH __V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>image00002.jpg
<TEXT>
begin 644 image00002.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  8$!08%! 8&!08'!P8("A *"@D)
M"A0.#PP0%Q08&!<4%A8:'24?&ALC'!86("P@(R8G*2HI&1\M,"TH,"4H*2C_
MVP!# 0<'!PH("A,*"A,H&A8:*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"@H
M*"@H*"@H*"@H*"@H*"@H*"@H*"@H*"C_P  1" !: @@# 2(  A$! Q$!_\0
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M?AO3S>:U>Q6D&< N<ESZ*HY)]A7D^L?M!:3!(RZ3HUW> -C=-*L (]1@,?S
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M&P96'L17SSXV^ ]S86<EWX7O9+X1@LUK< "0C_988#'VP/Z5RGP?\>77@[Q
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M[:92DD;C(93V-3.+^94)):GRA\)/B6_@9KBUNK1KO3+A_,=8SB2-\8RN>#D
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MQNV-.S!/E4L<D GH#VKT?_A0'BG_ )_]$_[_ $O_ ,;IN_*D+JV>O_\ "X?
MO_0<_P#)2?\ ^(K"\<_$CP'XA\(ZKIAUD2/<0,(@;2?_ %@&4/*?W@*\]_X4
M!XI_Y_\ 1/\ O]+_ /&Z/^% >*?^?_1/^_TO_P ;J&KJQ2=G<Y'X0:FVE?$?
M0YE8A99Q;OCN'^7^H/X5]AZI86VJ:=<6-]&9+6X0QRH&*[E/!&001^%?/?AW
MX&^)=-\0:9?3WVCM%;7,<SA)I2Q56!.,Q]>*^A[VZ@L;.>ZNY%BMX4,DDC=%
M4#)-7)KD5_,F*?-H<+HGPE\+Z)K]EJVG174<]JS,B--O1B1@$@@GCM@C\:[V
M:6.&,R3.D:#JSG 'XU\O?$#XSZUK-U+;>'IGTO3 2JO'Q-*/4MU7Z#!'J:X6
MUT3Q/XFD2X@T_5M3+X43F-Y%ZGJYX SGJ?6I3;0VDF?7VI>-/#.FLR7NO:9%
M(IPT?VE2XXS]T'/Z5X%\>_'&@^+8M*@T*:2Y:U>1GE,+(N&"\#=@]O2L+3?@
MYXUOF&[2TM4.?GN)T4?D"6_2J_Q#^'%[X&TW3[C4;ZWN)[MW0QP*Q5-H!SN.
M">OH*F2[E1>NAZ?^RQ_R"=?_ .N\7_H+5Z-\5])FUOX>ZU96JEYS#YB*.K%"
M'P/<[<5YS^RQ_P @G7_^N\7_ *"U>YUI57-IY+\C.D^77S?YGQ+X"\577@WQ
M'%JMG$DVU3'+"YP)$/49['@<^U?16@_&_P ):D%6]ENM,E) Q<1%ES_O)GCW
M.*H?$'X)Z?K]Y-J&A7*Z;>RDO)$R;H9&]>.5)[XR/:O'-?\ A/XPT8L6TI[V
M%?\ EI9'SL_\!'S?^.U/-I9E<NMT?6>D:SIFLP^;I.H6M['W,$JOCZX/!^M8
MEM\//"5O<-.F@6+S-(TI:5/-^8G)/S9_+H.U?&W^FZ5? _Z197D1R/O1R)Q^
M!'!KU+X>?&?6-(O(+7Q).^I:6Q"M+(,S1#^\&ZM[@Y/O323>@FVEJ?4-?)G[
M0>JOJ'Q(NX-S&*QC2W0$\#C<?U;]*^L()8YX8YH7#Q2*'1E.0P/(-?&OQ>X^
M)?B#/_/R?Y"LY?&D_,N/PMH]@^%/C[P/X6\$6%A<:L(;T@RW(%I,3YC'G)"$
M' P.O:NN_P"%P^!?^@Y_Y*3_ /Q%>*Z/\#_$>JZ59ZA:W^C""ZA2:,/+*&"L
M,C/[OKS5O_A0'BG_ )_]$_[_ $O_ ,;K63=W<B*5M#U__A</@7_H.?\ DI/_
M /$5\V?%"[TC4/'&I7WAV<3Z?<L)@PC9/G(&_A@#][)Z=Z[3_A0'BG_G_P!$
M_P"_TO\ \;H_X4!XI_Y_]$_[_2__ !NHMK<I/2Q[A\)M3;5OAUH=U(Q:00>4
MQ/4E"4_]EHJ3X7^';OPIX,LM(U&2"2YA:0LT#%D.YRPP2 >A]**TJ-.3:(@K
M*QB?M _\DMU/_KI#_P"C%KPWX"^(8= \>PB\<1VU]&;5G)P%8D%2?Q 'XU[E
M^T#_ ,DMU/\ ZZ0_^C%KY;T#0[_7I[B#2X3//! UP8U^\RKC.T=SSTK.F[2;
M_K8N:O%+^MS[IHKY<\'?&[7- LTLM6M4U:&$;$:20QS*!V+8.?Q&?>KGB3X^
M:Q?V;P:-IL&ELXVF9I?/=?\ =^50#]0:;\A+S)/VF?$<-]K=AHEK('%@K23X
MZ"1L87Z@#_QZNS_9GT=[+P?>:E*A4W]Q\A/=$& ?^^BU>)> /!NJ^/->V)YO
MV;?OO+V3)"Y.3R>KGL/Z5]AZ586^E:;:V%E&([:VC6*-?10,4X+DB[[L4GS2
M5MD>?_M#?\DPO?\ KO#_ .ABO)OV9_\ DH-Q_P!>$G_H:5ZS^T-_R3"]_P"N
M\/\ Z&*\F_9G_P"2@W'_ %X2?^AI2H_%+Y_D.I\*_KJ?4=%%% 'QA\6-(?1/
MB%K-NRE4DG:XB)[J_P PQ^9'X5]0?"GQ-#XH\%V%RLBM=0QB"Y3/*R*,9/UZ
M_C7/_&[X>/XOTV._TI5_MBS4A5)QY\?79GU!Y'U/K7SEX;\0Z[X'UN273WDL
M[I#Y<]O,G#8_A=3_ /K':E3=H\C'45WSH^W*;+(D,3R2LJ1H"S,QP !U)KY\
MM/VB+A(%%YX<BEFQ\SQ7AC4_12C8_.N-\>?%O7?%EF]BJQ:=ITG#PP$EI!Z,
MYZCV 'OFAWZ K=3TX_M :.E]<0R:1>- DQ2.:&16\Q >&P<8)]/UKU:\U.2+
MPW-JD%G*\BVIN5M9"$<G;NV$C(![=Z^;?@E\.+GQ!JUOK.JP-'HMLXD42+C[
M2XY  /5?4].WKCZD(!4@@$$8(JI1M&W4E.\K]#P/1/CS=:CXBTVUN=+L[.PF
MG$<TAD9V56X!!X P<9)!XKWVOD/XP> [GPCX@FGMX7;1KIR]O*J_+&3SY9]"
M.WJ/QK5\&?&S7= L8K+4+>'5;6%0L9D<QRJH[;^<C'J,^]*+4H^8Y)J7D?4=
MQ!#<PM%<Q1RQ-U210P/X&OF;]HGPIH_A[4],NM&@CM#>K)YMO%P@*[<,J_PY
MW8P..*V;O]HBX:!A:>&XHINS2WAD4?@$7^=>5ZKJ7B#XA>)T>827NHSGRXH8
MEPJ+Z*.RCU/U)J>5MJQ2:2=SVO\ 9;>4^'=:1L^0MTI3_>*?-_):W/BQ\3[O
MP-JUI9PZ1'=)<0^:)Y)RH/)!7:%[<'.>]=/\,_"B>#O"=MINY7N23+<R+T:0
M]<>PP /I6/\ &KP2_C#PR#8J#JED3+;CIY@(^9,^^!CW JZKUNB:2TLRS\(_
M&[^-_#\]U=I;PWT$YCEBAR %/*G!)/(XSZ@UW-?$?AGQ%K7@G7'N-.9[6Z3,
M<\$R'#8/*NI_^L17K%K^T1.L*B[\-Q2S=VBO#&I_ HW\Z'9ZH2NG9GK_ (R\
M':%XGTZX35K* RE#MNE4++&<=0_7\#QQS7QWX>,D/B;33:G=,EW'Y9'<AQBN
M_P#''QHUOQ)I\NGV5O%I=G,"LOEN7D=3_#OXP/7 ']*N_ /P#<ZKKEOX@U&!
MH]+LV\R#>,>?*.F/93SGU 'K@I)J?-T05'>'+U/IVBBBD,**** /ACQ3_P C
M7J__ %^S?^C#7W#9_P#'G!_US7^5?#WBG_D:]7_Z_9O_ $8:^X;/_CS@_P"N
M:_RIT_X*_KH$_P")]Y-7S?\ M0:0\.OZ7JZJ?*N(#;LW8.A)'YAOTKZ0KG?'
MWA:V\8>&KG2KH^6S?/#+C)BD'1OZ'V)J)+JNA47T9YG^S/XFAGT:Z\/3R!;F
MWD,\"D_?C;[P'T//_ J]NKXBU?2]<\"^)%CN5FL=0MGWPS(<!L=&1NX/_P!8
M^E>F:'^T#JMK:K'K&D6]_*HQYL4Q@+>Y&UAGZ8K1R4E<A1<78^D:\M\;?&33
M/"WB>72&L);T0Q@RS0R@;)#_  ;2.PZG/MBO-_$WQZUK4;1X-&L(-*WC!E,A
MFD'^Z< #\C7"^!_"&K>.-=$%J)#&7WW5Y("5C!.22>['L.I_,U*3D[(;:2U/
MK7P/XHM_%^@IJMG:W5M [E MP%!8CJ1@G(SD9XZ'BO-/VI/^16T?_K]/_H!K
MUS0]+MM$T>TTVP39;6T8C0=SCN?<]3]:\C_:D_Y%;1_^OT_^@&IJVZ=U^8Z=
M^OF9?[*O_,R?]N__ +4KVKQ5IO\ ;/AK5-.[W5M)$/8E2!^M>*_LJ_\ ,R?]
MN_\ [4KWZM*JYM/+]"8.SOYGP]X5U2;POXNL-0=&$EC<@RQG@X!PZ_ED5]LZ
M=>V^HV,%Y92K-;3H)(W4Y#*>E?/WQW^&ES'J%QXET&!IK>8^9>01C+1MWD [
MJ>I]#STZ<%X!^)6N^#%^SV;QW.G%MS6DX)4'N5(Y4_I[4HRYH\KW'*-I<RV/
ML:L7QCXAM?"WAV\U:]PR0+\D>[:97/W5!]2:\7;]HF4PX3PT@EQ]XWQ*Y^GE
M_P!:\N\;^.-;\;WD1U.1?*0_N;6!2(U)]!R2?<YJ7?9#5MV>]^#_ (U:=XCU
MFQTM=&U"*[NF"#8R2*K=R3D':!DYQVZ5;_:(O9K3X;3I"S+]IN(X7(_NY+$?
M^.BL7X!_#J?0D;Q!KD)BOYX]EM X^:%#U9O1CZ=A]<#O_B9X:/BOP9?Z7$0+
MEE$D!)P/,4Y ^AZ?C3JJT;(5-^]<^;O@/H=CKOC^&+4XTF@MX7N!$XRKLI
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MKW@;Q(6C\_3=5MCM96'4>A!X93^(->JZ9^T+?16RKJ6@6]S.!@R0W)A!_P"
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L% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110!_]D!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
